S&P Global rozšířila AI funkce platformy iLEVEL pro soukromé trhy, včetně integrace nástrojů Copilot a Claude při zachování stávajících přístupových oprávnění.
Enhancements span embedded and connected AI capabilities, integrated valuations, expanded analytics and greater connectivity across S&P Global's private markets ecosystem
, /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced expanded AI-powered capabilities across its private markets ecosystem, including new iLEVEL enhancements that embed AI directly into private markets workflows and enable customers to securely connect their iLEVEL data and capabilities to AI tools such as Copilot and Claude through iLEVEL's MCP server, while maintaining their existing access controls and permissions. These enhancements bring together native AI capabilities, including an iLEVEL Agent, with valuations, performance analytics and complementary S&P Global data and solutions. Together, these capabilities are designed to help asset managers and asset allocators work faster and smarter across the investment lifecycle.
At the center of this expansion is iLEVEL, S&P Global's private markets platform for portfolio monitoring, valuations, reporting and data management. Its latest enhancements build on AI capabilities embedded directly within iLEVEL, helping automate data-intensive workflows and enabling users to surface portfolio insights through natural-language search. In addition, iLEVEL's MCP server enables customers to connect their iLEVEL data and capabilities to AI tools such as Copilot and Claude, giving them greater flexibility to use iLEVEL within the AI tools and agentic workflows they choose while maintaining their existing iLEVEL permissions and access controls.
"Private markets firms increasingly need connected data, analytics and workflows that help them operate more efficiently and make decisions with confidence," said Kelly McGeehan, Head of Markets & Regulatory, Enterprise Solutions at S&P Global Market Intelligence. "We're bringing together capabilities across S&P Global's private markets ecosystem, with iLEVEL playing an important role in connecting customers' data and workflows to the analytics, valuations and AI capabilities they need to make better-informed decisions."
Key enhancements include:
AI embedded in iLEVEL and governed AI connectivity: iLEVEL combines AI capabilities embedded directly into the platform, including a native iLEVEL Agent, with AI-powered data ingestion, natural-language search and other intelligent workflows. Beyond iLEVEL, the platform's MCP server is designed to help users integrate governed, validated iLEVEL data and capabilities into third-party AI applications and agentic workflows. Together, these capabilities give customers flexibility to use AI directly within iLEVEL or bring trusted iLEVEL data into their preferred AI environments. Integrated valuations: Enhanced integration between iLEVEL and S&P Global Private Market Valuations simplifies the document and data exchanges needed for third-party valuation opinions and delivers results directly within iLEVEL. Clients can run valuations using self-service software or outsource the process to S&P Global experts. Private credit and covenant monitoring: iLEVEL supports private credit investment workflows, including covenant monitoring, helping investment teams monitor covenant compliance against credit agreement terms and identify potential signs of deterioration and emerging risks across their portfolios. Expanded performance analytics: Following the launch of S&P Global, Cambridge Associates and Mercer, a Marsh business, performance analytics earlier this year, the datasets have been expanded in collaboration with contributing GPs across private credit, real assets and private equity. iLEVEL plays an important role in powering the analytics by standardizing, aggregating and anonymizing contributing GP data. Expanded connectivity across S&P Global: iLEVEL continues to expand connections across complementary S&P Global data, analytics and solutions, enabling customers to extend private markets workflows beyond traditional monitoring and reporting. These connections span Capital IQ insights, WSO, Outreach360 stakeholder engagement, risk and reputational screening and CLM Pro deal lifecycle workflows. These enhancements advance S&P Global's broader private markets strategy, bringing together data, valuations, analytics, benchmarks and workflow solutions across the investment lifecycle.
With more than 15 years of experience serving more than 700 private markets firms worldwide, iLEVEL supports workflows across the private markets deal lifecycle, streamlining data collection, portfolio analytics, valuations, peer comparables, capital structure analysis and reporting. Its software capabilities are complemented by outsourced services ranging from data collection and resourcing to strategic projects.
To learn more about S&P Global's private markets insights and offerings, visit here.
Media Contacts:
Orla O'Brien
S&P Global
+1 857 407 8559
[email protected]
S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.
From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.
Roper Technologies zvýšila celoroční výhled upraveného zisku na akcii na 22,35–22,40 USD poté, co její tržby ve třetím čtvrtletí vzrostly o 8 % na 2,17 miliardy USD.
SARASOTA, Fla., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the third quarter ended September 30, 2026.
Third quarter 2026 highlights
Revenue increased 8% to $2.17 billion; organic revenue was +7% and acquisition contribution was +1%GAAP net earnings increased 22% to $485 million; adjusted net earnings increased 5% to $586 millionAdjusted EBITDA increased 7% to $864 millionGAAP DEPS increased 33% to $4.88; adjusted DEPS increased 15% to $5.89 “Roper delivered another solid quarter, with 8% total revenue growth, 7% organic revenue growth, 7% EBITDA growth, and 15% adjusted DEPS growth. During the quarter, we deployed $436 million toward three bolt-on acquisitions for our iPipeline, Procare, and Strata businesses, and we received $1.2 billion in proceeds from Indicor’s sale of its instrumentation businesses,” said Neil Hunn, Roper Technologies’ President and CEO.
“This quarter, our businesses again brought several AI launches to market, highlighted by PowerPlan, Strata, and Vertafore. We are embedding agentic solutions directly into the workflows our customers rely on every day, and we are also evolving how we build, with smaller teams closer to customers and increasingly agentic development processes. Given the depth of our customer relationships, our proprietary and unique data sets, and our embedded position inside mission-critical workflows, we are well positioned to create value for customers with AI. We are laser focused on scaling adoption while continuing to accelerate innovation.”
“Driven by third quarter adjusted DEPS that exceeded our expectations, we are raising our full year adjusted DEPS guidance. With more than $6 billion of capital deployment capacity, we will continue allocating capital with discipline to drive free cash flow per share compounding for our shareholders,” concluded Mr. Hunn.
Increasing 2026 guidance
Roper now expects full year 2026 adjusted DEPS of $22.35 - $22.40, compared to previous guidance of $22.15 - $22.30.
For the fourth quarter of 2026, the Company expects adjusted DEPS of $5.95 - $6.00.
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures, proceeds from Indicor's pending divestiture of its Cornell Pump and Roper Pump businesses, as well as potential share repurchases.
Conference call to be held at 8:00 AM (ET) today
A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, October 22, 2026. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 80101. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 80101 #.
Use of non-GAAP financial information
The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.
Minority interest
Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as "equity investment (gain) loss, net." Roper makes non-GAAP adjustments for the impacts associated with this investment.
Table 1: Revenue and adjusted EBITDA reconciliation ($M) Q3 2025 Q3 2026 V %GAAP revenue$2,017 $2,172 8% Components of revenue growth Organic 7%Acquisitions 1%Foreign exchange —%Total revenue growth 8% Adjusted EBITDA reconciliation GAAP net earnings$398 $485 Taxes 100 87 Interest expense 90 107 Depreciation 10 10 Amortization 221 225 EBITDA$819 $914 12% Transaction-related expenses for completed
acquisitions 4 6 Financial impacts associated with minority
investments (13) (56)A Adjusted EBITDA$810 $864 7%Adjusted EBITDA margin 40.2% 39.8% (40 bps) Table 2: Adjusted net earnings reconciliation ($M) Q3 2025 Q3 2026 V %GAAP net earnings$398 $485 22%Transaction-related expenses for completed
acquisitions 3 5 Financial impacts associated with minority
investments (10) (71)A Amortization of acquisition-related intangible
assets 165 167 B Adjusted net earnings C$557 $586 5% Table 3: Adjusted DEPS reconciliation Q3 2025 Q3 2026 V %GAAP DEPS$3.68 $4.88 33%Transaction-related expenses for completed
acquisitions 0.03 0.05 Financial impacts associated with minority
investments (0.09) (0.71)A Amortization of acquisition-related intangible
assets 1.53 1.68 B Adjusted DEPS C$5.14 $5.89 15% Table 4: Forecasted adjusted DEPS reconciliation Q4 2026 FY 2026 D Low end High end Low end High endGAAP DEPS E$4.27 $4.32 $25.60 $25.65 YTD transaction-related expenses for
completed acquisitions — — 0.05 0.05 YTD financial impacts associated with the
minority investment in Indicor ATBD TBD (9.86) (9.86)Amortization of acquisition-related
intangible assets B 1.68 1.68 6.56 6.56 Adjusted DEPS C$5.95 $6.00 $22.35 $22.40 Footnotes:
A.Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any future impacts associated with our minority investment in Indicor, as these future impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. Q3 2026A Q4 2026E FY 2026E YTD 2026 Pretax$(56) TBD TBD $(1,059) After-tax$(71) TBD TBD $(996) Per share$(0.71) TBD TBD $(9.86) B.Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). Q3 2026A Q4 2026E FY 2026E Pretax$212 $212 $839 After-tax$167 $168 $663 Per share$1.68 $1.68 $6.56 C.All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments. D.Full-year 2026 DEPS guidance will not equal the sum of the quarters due primarily to the impact of share repurchases on quarterly versus full-year weighted-average diluted shares outstanding. E.Forecasted GAAP DEPS do not include any future impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods. Note: Numbers may not foot due to rounding.
About Roper Technologies
Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 500. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and volatile interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Roper Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) (Amounts in millions) September 30, 2026 December 31, 2025ASSETS: Cash and cash equivalents$311.0 $297.4 Accounts receivable, net 981.1 1,001.0 Inventories, net 153.3 141.7 Income taxes receivable 56.7 128.2 Unbilled receivables 152.6 124.0 Prepaid expenses and other current assets 291.6 235.8 Total current assets 1,946.3 1,928.1 Property, plant and equipment, net 158.4 156.9 Goodwill 21,555.0 21,341.2 Other intangible assets, net 9,455.7 9,764.2 Deferred taxes 69.0 73.3 Equity investment 577.0 796.3 Other assets 576.9 517.0 Total assets$34,338.3 $34,577.0 LIABILITIES AND STOCKHOLDERS’ EQUITY: Accounts payable$176.3 $150.3 Accrued compensation 288.9 293.0 Deferred revenue 1,889.3 1,906.8 Other accrued liabilities 590.1 642.3 Income taxes payable 211.5 28.0 Current portion of long-term debt, net 1,415.1 705.2 Total current liabilities 4,571.2 3,725.6 Long-term debt, net of current portion 8,304.6 8,595.8 Deferred taxes 1,785.2 1,883.1 Other liabilities 504.7 491.0 Total liabilities 15,165.7 14,695.5 Common stock, 350.0 shares authorized; 109.5 shares issued and 99.0 outstanding at September 30, 2026 and 109.3 shares issued and 106.6 outstanding at December 31, 2025 1.1 1.1 Additional paid-in capital 3,473.3 3,292.2 Retained earnings 19,091.2 17,205.7 Accumulated other comprehensive loss (138.2) (101.4)Treasury stock, 10.5 shares at September 30, 2026 and 2.7 shares at December 31, 2025 (3,254.8) (516.1)Total stockholders’ equity 19,172.6 19,881.5 Total liabilities and stockholders’ equity$34,338.3 $34,577.0 Roper Technologies, Inc. Condensed Consolidated Statements of Earnings (unaudited) (Amounts in millions, except per share data) Three months ended
September 30, Nine months ended
September 30, 2026 2025 2026 2025 Net revenues$2,171.8 $2,017.5 $6,376.0 $5,843.9 Cost of sales 649.2 614.5 1,929.4 1,801.8 Gross profit 1,522.6 1,403.0 4,446.6 4,042.1 Selling, general and administrative expenses 899.4 830.0 2,669.1 2,395.0 Income from operations 623.2 573.0 1,777.5 1,647.1 Interest expense, net 106.7 89.7 317.4 231.7 Equity investment (gain) loss, net (56.2) (12.9) (1,058.7) 14.9 Other (income) expense, net 0.6 (2.0) 3.7 (1.0)Earnings before income taxes 572.1 498.2 2,515.1 1,401.5 Income taxes 87.4 99.7 353.0 293.6 Net earnings$484.7 $398.5 $2,162.1 $1,107.9 Net earnings per share: Basic$4.90 $3.70 $21.36 $10.31 Diluted$4.88 $3.68 $21.30 $10.23 Weighted average common shares outstanding: Basic 98.9 107.6 101.2 107.5 Diluted 99.4 108.4 101.5 108.3 Roper Technologies, Inc. Selected Segment Financial Data (unaudited) (Amounts in millions; percentages of net revenues) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Amount % Amount % Amount % Amount %Net revenues: Application Software$1,239.7 $1,161.0 $3,612.0 $3,324.1 Network Software 446.1 413.4 1,304.6 1,174.7 Technology Enabled Products 486.0 443.1 1,459.4 1,345.1 Total$2,171.8 $2,017.5 $6,376.0 $5,843.9 Gross profit: Application Software$865.5 69.8% $801.0 69.0% $2,511.8 69.5% $2,275.1 68.4%Network Software 378.0 84.7% 346.9 83.9% 1,101.8 84.5% 983.3 83.7%Technology Enabled Products 279.1 57.4% 255.1 57.6% 833.0 57.1% 783.7 58.3%Total$1,522.6 70.1% $1,403.0 69.5% $4,446.6 69.7% $4,042.1 69.2% Operating profit*: Application Software$357.6 28.8% $323.0 27.8% $1,000.8 27.7% $894.4 26.9%Network Software 189.6 42.5% 178.1 43.1% 540.0 41.4% 514.1 43.8%Technology Enabled Products 160.7 33.1% 150.2 33.9% 480.8 32.9% 467.9 34.8%Total$707.9 32.6% $651.3 32.3% $2,021.6 31.7% $1,876.4 32.1% * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $84.7 and $78.3 for the three months ended September 30, 2026 and 2025, respectively, and $244.1 and $229.3 for the nine months ended September 30, 2026 and 2025, respectively. Roper Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)(Amounts in millions) Nine months ended September 30, 2026 2025 Cash flows from operating activities: Net earnings$2,162.1 $1,107.9 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation and amortization of property, plant and equipment 30.4 29.9 Amortization of intangible assets 666.3 638.0 Amortization of deferred financing costs 9.3 8.6 Non-cash stock compensation 163.9 128.7 Equity investment (gain) loss, net (1,058.7) 14.9 Income tax provision 353.0 293.6 Changes in operating assets and liabilities, net of acquired businesses: Accounts receivable 22.9 (0.5)Unbilled receivables (28.2) (7.2)Inventories (12.6) (18.2)Prepaid expenses and other current assets (48.7) (27.9)Accounts payable 26.2 13.2 Other accrued liabilities (57.2) (48.9)Deferred revenue (36.9) 28.5 Cash taxes paid for gain on disposal of equity investment — (30.2)Cash income taxes paid, excluding tax associated with gain on disposal of equity investment (283.7) (307.6)Other, net (25.9) (20.5)Cash provided by operating activities 1,882.2 1,802.3 Cash flows from (used in) investing activities: Acquisitions of businesses, net of cash acquired (463.2) (3,280.4)Capital expenditures (35.4) (37.6)Capitalized software expenditures (46.8) (42.8)Distributions from equity investment 6.7 5.1 Proceeds from Indicor transaction 1,239.2 — Cash receipts on beneficial interest in sold receivables 15.2 — Other, net 0.3 1.7 Cash provided by (used in) investing activities 716.0 (3,354.0) Cash flows from (used in) financing activities: Proceeds from senior notes — 2,000.0 Payments of senior notes — (700.0)Borrowings under revolving credit facility, net 400.0 585.0 Debt issuance costs (3.9) (19.5)Cash dividends to stockholders (281.4) (266.0)Repurchases of common stock (2,726.7) — Proceeds from stock-based compensation, net 19.3 79.4 Treasury stock sales under employee stock purchase plan 12.7 17.4 Other, net 9.1 (42.0)Cash provided by (used in) financing activities (2,570.9) 1,654.3 Effect of exchange rate changes on cash (13.7) 29.2 Net increase in cash and cash equivalents 13.6 131.8 Cash and cash equivalents, beginning of period 297.4 188.2 Cash and cash equivalents, end of period$311.0 $320.0
Zcash se po týdenním růstu o 15 % obchodoval kolem 1 300 USD, podpořen přílivem 15,18 milionu USD do ETF společnosti Grayscale a růstem otevřeného zájmu na futures na 2,89 miliardy USD.
Zcash traded around $1,300 on Thursday, posting a three-day recovery that lifted the weekly gain to approximately 15%. The privacy-focused cryptocurrency hovered near $1,287 as of the latest trading session, supported by strong inflows into exchange-traded funds and increasing activity in the futures market.
ETF inflows surge on renewed demandGrayscale’s Zcash-oriented exchange-traded fund posted $15.18 million in net inflows on Wednesday, a sharp increase from the $1.61 million recorded a day earlier, according to data provided by SoSoValue. This marked the largest single-day inflow in about one month and followed three consecutive weeks characterized by net withdrawals.
The latest influx signals a potential turnaround in investor sentiment, though analysts noted that two positive sessions alone do not confirm a lasting end to the previous outflow trend. A more sustained recovery in ETF demand would be necessary to establish a clear shift in the market’s trajectory.
The rebound in ETF inflows points to improving demand through institutional investment products after a period of persistent net withdrawals, but longer-term confirmation is still required.
Rising ETF activity has contributed to Zcash’s recent price stabilization, particularly as the broader cryptocurrency market reacts to developments in macroeconomic policy and digital asset investment products.
Futures open interest nears $2.9 billionZcash futures open interest reached $2.89 billion, its highest reading since September 29, as reported by CoinGlass. This figure increased from $2.25 billion at the start of the week, signaling an approximate $510 million rise in outstanding positions.
Open interest captures the notional value of current futures contracts and may reflect the introduction of new long or short positions, increases in the token’s price, or a combination of these factors. The uptick in open interest aligns with the observed rebound, but it does not indicate whether market participants are predominantly bullish or bearish on the asset.
Broader engagement from both investors and traders is evident, but analysts warned that increased leverage could fuel higher volatility if sentiment shifts abruptly.
In a rapidly moving market where sudden ETF inflows or altcoin listings can influence prices within seconds, investors increasingly seek consolidated, privacy-focused solutions to monitor markets and manage their holdings efficiently. Privacy-first platforms like CryptoAppsy allow traders to access live charts, tailored alerts, asset-specific news, and key macro data without the need to create an account, improving decision-making under fast-changing conditions.
ZEC maintains momentum above support levelsOn technical charts, ZEC continues to trade above its 50-period Exponential Moving Average of $1,210 and its 200-period EMA at $1,235 on the four-hour timeframe. These moving averages currently serve as short-term support, reinforcing the recovery structure.
The Relative Strength Index stands at roughly 61, reflecting positive momentum while staying clear of overbought territory, which is typically considered at a reading of 70. The Moving Average Convergence Divergence indicator also remains supportive, suggesting sustained upside bias.
However, analysts observed that further upside would require ZEC to overcome additional obstacles. The September 26 peak near $1,698 serves as a reference point for an extended rally, representing a potential 30% advance from current prices. Achieving a breakout above this level would signal renewed strength, though the outlook remains contingent on ongoing price action and trading range developments throughout the year.
A continued defense of the $1,250 support area and the recently reclaimed moving averages will be needed for Zcash to sustain its gains and attempt further upside.
The first key support remains at the $1,250 level, while the 50- and 200-period EMAs between $1,210 and $1,235 provide a broader technical safety net. A firm hold above these lines would help maintain the recent breakout, but a reversal below them may indicate that momentum is fading.
Carrier během tří let investuje více než 600 milionů USD do závodu ve Fort Worth, kde od roku 2027 rozšíří výrobu komerčních chladicích zařízení a vytvoří 1 500 pracovních míst.
Investment supports record backlog levels driven by strong demand across data centers, healthcare, education, industrial markets and other key verticals
More than 1-million-square-foot facility will expand commercial chiller production and strengthen U.S. operations and supply chain footprint
Creates 1,500 jobs, advances highly skilled workforce development and establishes a new manufacturing and engineering center
, /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced plans to invest more than $600 million over the next three years in a new advanced manufacturing and engineering center in Fort Worth, Texas. Carrier has transformed its commercial HVAC business, leading to record backlog levels and a robust and growing pipeline across many key verticals. The new state-of-the-art site demonstrates Carrier's confidence in its growth in this business and furthers Carrier's commitment to domestic manufacturing as the largest U.S.-headquartered company in its industry.
Carrier to invest more than $600 million to expand advanced U.S. manufacturing and engineering capacity
Carrier to invest more than $600 million to expand advanced U.S. manufacturing and engineering capacity
"This investment reflects the strong demand we are securing for high-performance, energy-efficient solutions and underscores our confidence in the future of American manufacturing," said Carrier Chairman & CEO David Gitlin. "By expanding our U.S. manufacturing and engineering footprint, we are increasing capacity for critical technologies, strengthening supply chain resilience and creating high-quality jobs. We are proud to partner with the Fort Worth community and the State of Texas as we invest in the workforce, innovation and manufacturing capabilities needed to support our customers' growth for decades to come."
This investment supports Carrier's commercial momentum, expanding the company's U.S. manufacturing capacity for advanced thermal management systems, including air- and water-cooled commercial chillers, and helping customers meet growing demand for intelligent climate and energy solutions across data centers, healthcare, education, industrial markets and other key verticals.
Carrier is expected to begin operations in the more than 1-million-square-foot facility in 2027. The investment will create 1,500 advanced manufacturing, engineering and other jobs. Consistent with Carrier's 2030 Sustainability and Impact Goals, the new Fort Worth center is expected to pursue LEED® certification. Fort Worth was selected because of its highly skilled workforce, strong manufacturing base and strategic location that will support the facility's long-term growth and success.
"I'm proud that Fort Worth continues to be one of the top cities in the nation for advanced manufacturing, and this investment by Carrier is just the latest example of the momentum we're building," said Fort Worth Mayor Mattie Parker. "With the creation of 1,500 high-quality jobs, this project will add to Fort Worth's manufacturing hub at AllianceTexas while strengthening our energy and technology industries for years to come."
"The Fort Worth momentum continues. This new investment from Carrier is a powerful statement about what's possible in our city. It demonstrates that Fort Worth is rapidly becoming a center of choice for advanced manufacturing and engineering services — a destination where companies choose to come to invest, expand and grow," said President and CEO of Fort Worth Economic Development Partnership Robert Allen.
"Carrier's decision to invest in Fort Worth and create new jobs is a significant win for our region," said Ross Perot Jr., Chairman of Hillwood and The Perot Companies. "A global company of Carrier's scale choosing AllianceTexas underscores our region's momentum in advanced manufacturing and the strength of the workforce, infrastructure and supply chain connectivity that continue to attract major employers. We're proud to welcome Carrier and look forward to having them as part of this community."
"With nearly half a million manufacturing jobs open today in the U.S., building the workforce of tomorrow is just as important as building the facilities of tomorrow. By creating good-paying skilled jobs and workforce training opportunities, Carrier is making an investment not only for this community, but in America's long-term competitiveness and economic growth," said the National Association of Manufacturers.
This landmark facility represents the next chapter in Carrier's legacy of innovation, combining state-of-the-art engineering labs with dedicated workforce development organizations. Carrier will partner with local schools and colleges to help prepare the next generation of skilled talent.
For more information on Carrier's commitment to American manufacturing, community partnership and sustainability, visit https://www.carrier.com.
Note to Editors
Broadcast-quality B-roll and other media assets are available to download here.
Experience the full interactive Multichannel News Release here.
About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.
Carrier. For the World We Share.
CARR-IR
Contact:
Media Inquiries
Kristina Pantelides
561-236-4241
[email protected]
Investor Relations
Michael Rednor
561-365-2020
[email protected]
Diversify Advisory Services ve třetím čtvrtletí zvýšila svůj podíl ve společnosti Corning o 39,7 % nákupem 10 506 akcií, čímž její podíl vzrostl na 36 958 akcií v hodnotě 5,683 milionu USD.
Diversify Advisory Services LLC lifted its holdings in Corning Incorporated (NYSE:GLW – Free Report) by 39.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 36,958 shares of the electronics maker’s stock after purchasing an additional 10,506 shares during the quarter. Diversify Advisory Services LLC’s holdings in Corning were worth $5,683,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Atwood & Palmer Inc. bought a new position in Corning in the second quarter valued at approximately $26,000. Rogco LP bought a new stake in shares of Corning during the second quarter worth $27,000. Western Pacific Wealth Management LP bought a new stake in shares of Corning during the third quarter worth $25,000. Toth Financial Advisory Corp increased its position in shares of Corning by 130.7% during the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 98 shares in the last quarter. Finally, Cornerstone Financial Management LLC raised its holdings in shares of Corning by 63.3% during the second quarter. Cornerstone Financial Management LLC now owns 196 shares of the electronics maker’s stock worth $50,000 after acquiring an additional 76 shares during the period. 69.80% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.25% of the company’s stock.
Corning Trading Up 2.2%
NYSE:GLW opened at $135.15 on Thursday. The company has a market cap of $116.42 billion, a P/E ratio of 46.08, a price-to-earnings-growth ratio of 1.67 and a beta of 1.13. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78. The business has a 50 day moving average price of $152.49 and a two-hundred day moving average price of $168.76. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same period last year, the company earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, analysts expect that Corning Incorporated will post 3.29 EPS for the current fiscal year.
Corning Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning’s dividend payout ratio (DPR) is 51.14%.
Wall Street Analysts Forecast Growth
GLW has been the topic of a number of research analyst reports. Weiss Ratings lowered shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Morgan Stanley reduced their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Mizuho lowered their target price on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. Finally, Oppenheimer lowered their target price on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $177.25.
Check Out Our Latest Analysis on Corning
About Corning
(Free Report)
Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.
The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.
Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.
Recommended Stories
Five stocks we like better than Corning
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
Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW – Free Report).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.
Monero 22. října za 24 hodin vzrostlo o 12,17 % na 648,26 USD po průrazu úrovně odporu v pásmu 600 až 620 USD; denní objem stoupl o 39,77 % na 251,1 milionu USD.
Monero price is up more than 12% on October 22, climbing toward $650 as trading volumes jumped and renewed futures activity helped the privacy coin break through a key resistance level.
Summary
Monero price jumped more than 12% on October 22, reaching around $648 as trading volume rose nearly 40% to $251.1 million. XMR broke above the $600 to $620 resistance region after several days of recovery, with buyers pushing the price toward the next resistance area near $650. Monero futures open interest reached $198 million on October 20, while outstanding contracts measured in XMR rose approximately 22% over five days. Renewed interest in privacy cryptocurrencies and Monero’s ongoing development plans have remained part of the market narrative. According to data from crypto.news, XMR was trading at $648.26 as of 06:02 UTC, up 12.17% over the preceding 24 hours, while daily trading volume rose 39.77% to approximately $251.1 million.
The rally followed several days of price recovery that saw Monero move from around $550 on October 15 to above $600 earlier this week. Bitcoin, meanwhile, recorded a relatively modest 0.26% gain over the same 24-hour period, leaving XMR among the stronger performers in the cryptocurrency market.
Although no major project announcement has been confirmed as the immediate reason behind Thursday’s gains, the latest move coincided with rising trading activity, improving technical momentum and increased participation in Monero’s derivatives market.
One of the main developments behind Monero’s latest rally has been its move above the $600 to $620 resistance region, where buyers had previously struggled to maintain momentum.
Crypto analyst Ali Martinez identified an ascending triangle formation on XMR’s hourly chart on October 20 and suggested that a breakout above $602 could open the way toward $630.
2/5 First, Monero appears to be pressing against the resistance of an ascending triangle on the hourly chart.
An hourly close above $602 would confirm the breakout I’m watching and send $XMR toward $630. pic.twitter.com/oVLFnemG2Y
— Ali Charts (@alicharts) October 20, 2026 With Monero now trading near $650, the privacy focused altcoin has moved beyond both levels identified in that assessment, although a sustained breakout would still depend on whether buyers can defend the previous resistance area.
The move followed a volatile trading session on October 21, when XMR briefly slipped toward $570 before recovering above $600.
Monero had already been gaining ground in the days leading up to Thursday’s rally, with its price climbing from approximately $549.54 on October 15 to $621.91 by October 21, according to historical market data.
Trading activity picked up as the recovery continued, with daily volume reaching $251.1 million on Thursday as XMR approached the next resistance region.
Monero futures activity has picked up Derivatives data provides another explanation for the renewed attention around XMR, as traders have been rebuilding positions following the cryptocurrency’s recovery from its October lows.
According to Santiment Intelligence, Monero’s futures open interest reached $198 million on October 20, while the number of outstanding contracts measured in XMR rose approximately 22% between October 15 and October 20.
During the same five-day period, Monero’s price gained roughly 9%, indicating that futures participation was recovering alongside the cryptocurrency’s market value.
As crypto.news previously reported, the October 20 open interest reading remained below the September 5 peak of $208.8 million, despite claims that leveraged positioning had reached record levels.
Santiment’s figures showed approximately 329,000 XMR in outstanding contracts on October 20, compared with around 402,000 XMR on September 2.
Funding rates presented a somewhat different picture. The seven-day average funding rate during October 14 to October 20 stood at roughly 0.9 times its reference average, compared with 2.7 times during September 28 to October 4.
The readings suggested that futures positions were recovering without the same elevated funding conditions recorded earlier in October.
Thursday’s market report placed aggregate open interest at approximately $155.2 million and perpetual funding at 0.0117%, although the figures came from a different reporting snapshot and should not be directly compared with Santiment’s earlier totals.
Privacy coin interest and Monero’s recent developments Interest in privacy-focused cryptocurrencies has remained another part of Monero’s recent market narrative, although available evidence does not establish a direct connection between that interest and Thursday’s rally.
Monero developers released version 0.18.5.4 of the Fluorine Fermi software on October 16, introducing several maintenance fixes involving DNSSEC validation and remote procedure call functionality.
The update addressed checkpoint verification, blocklists and software update checks, while restoring certain string-to-integer conversions in JSON requests.
Developers described the release as a minor maintenance update, with no confirmed evidence that it directly triggered the latest price movement.
The project’s longer-term development plans include FCMP++, a proposed privacy upgrade intended to improve Monero’s transaction privacy architecture. No new implementation milestone has been established as the immediate catalyst behind October 22’s price gains.
Can Monero price hold above $650? With Monero now trading near $650, traders will be watching whether XMR can move past the $650 to $660 resistance region and hold above it. Breaking above that could support further gains, although analysts have yet to identify a clear upside target beyond these levels.
If buyers fail to maintain the current momentum, $620 could provide the first level of support, followed by $600, which had previously acted as a major resistance level. A drop below $600 could see XMR revisit $570, where buyers stepped in during the October 21 trading session.
Further down, analysts have identified the $540 to $550 range as another potential support area, while an earlier bearish chart pattern pointed to $520 as a possible target if Monero slipped below $575.
Meanwhile, derivatives data showed approximately $338,000 in liquidations, with perpetual funding rates remaining positive. The funding readings indicated that traders holding long positions were paying a modest premium to maintain their positions.
Diversify Advisory Services ve třetím čtvrtletí zvýšila svůj podíl ve společnosti Dell Technologies o 20,7 % na 7 560 akcií v hodnotě 4,067 milionu USD.
Diversify Advisory Services LLC increased its holdings in shares of Dell Technologies Inc. (NYSE:DELL – Free Report) by 20.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,560 shares of the technology company’s stock after buying an additional 1,297 shares during the period. Diversify Advisory Services LLC’s holdings in Dell Technologies were worth $4,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Blue Jean Financial LLC acquired a new position in Dell Technologies during the third quarter worth $1,682,000. Cornerstone National Bank & Trust Co acquired a new stake in shares of Dell Technologies in the third quarter valued at about $49,000. Prime Capital Investment Advisors LLC grew its position in shares of Dell Technologies by 20.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 22,371 shares of the technology company’s stock valued at $12,034,000 after purchasing an additional 3,721 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Dell Technologies by 2.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 46,977 shares of the technology company’s stock worth $25,271,000 after purchasing an additional 929 shares in the last quarter. Finally, CWA Asset Management Group LLC lifted its stake in Dell Technologies by 21.6% in the 3rd quarter. CWA Asset Management Group LLC now owns 1,697 shares of the technology company’s stock valued at $913,000 after buying an additional 302 shares in the last quarter. Institutional investors and hedge funds own 76.37% of the company’s stock.
Dell Technologies News Summary Here are the key news stories impacting Dell Technologies this week:
Positive Sentiment: Super Micro’s stronger outlook lifted the AI-server group. Super Micro raised its preliminary fiscal first-quarter revenue forecast to $18.5 billion-$19.5 billion, approximately $4 billion above its prior midpoint, and projected gross margins of 12%-12.5%. The update provided fresh evidence of robust AI infrastructure demand and supported Dell and other server makers. Why Is Dell Stock Surging Wednesday? Positive Sentiment: Dell expanded its AI Factory platform with NVIDIA. New offerings span deskside agentic-AI systems, workstations and data-center infrastructure designed to help enterprises move AI from testing into production. Dell said its AI Factory customer base has grown to more than 6,500 from 5,000 in the prior quarter, strengthening the investment case for its AI-server backlog and ecosystem. Dell Technologies Advances Enterprise Agentic AI from the Deskside to Data Center with NVIDIA Positive Sentiment: Management emphasized supply availability as a competitive advantage. Dell said that, in the tight AI market, access to components and delivery capacity may matter more than price, suggesting demand remains strong enough for customers to prioritize timely deployment. In a tight AI market, Dell says supply matters more than price Positive Sentiment: Dell reportedly raised its dividend by 20% for the fourth consecutive year, adding to shareholder-return support and signaling confidence in cash generation. Dell Technologies raises its dividend 20% for the fourth year running Neutral Sentiment: Former Dell CFO Yvonne McGill joined Sourceability’s board. The appointment highlights her industry experience but has limited direct financial impact on Dell. Sourceability Appoints Yvonne McGill to Its Board Negative Sentiment: Barclays recently downgraded Dell, arguing that its valuation has outpaced the pace of enterprise AI adoption. Investors also remain concerned about memory and other component shortages, as well as debt risks among AI infrastructure customers such as CoreWeave. Dell Stock Got Hit by a Downgrade Insider Buying and Selling at Dell Technologies In other news, Director Silver Lake Partners Iv, L.P. sold 91,191 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $517.34, for a total transaction of $47,176,751.94. Following the transaction, the director owned 64,209 shares of the company’s stock, valued at approximately $33,217,884.06. The trade was a 58.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Spv-2 L.P. Sl sold 83,006 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $517.34, for a total transaction of $42,942,324.04. Following the completion of the sale, the director directly owned 73,185 shares of the company’s stock, valued at $37,861,527.90. This represents a 53.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,817,628 shares of company stock worth $990,253,476. Insiders own 41.50% of the company’s stock. Dell Technologies Price Performance DELL opened at $486.29 on Thursday. The company’s 50 day simple moving average is $514.95 and its two-hundred day simple moving average is $401.21. Dell Technologies Inc. has a 1-year low of $110.22 and a 1-year high of $595.51. The firm has a market capitalization of $309.19 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 0.48 and a beta of 1.37.
Dell Technologies (NYSE:DELL – Get Free Report) last issued its earnings results on Tuesday, September 1st. The technology company reported $7.04 earnings per share for the quarter, topping the consensus estimate of $4.91 by $2.13. The business had revenue of $46.97 billion for the quarter, compared to analysts’ expectations of $44.89 billion. Dell Technologies had a negative return on equity of 578.85% and a net margin of 7.53%. The business’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.70 EPS. Dell Technologies has set its FY 2027 guidance at 25.500-25.500 EPS and its Q3 2027 guidance at 6.500-6.500 EPS. On average, equities analysts anticipate that Dell Technologies Inc. will post 25.13 earnings per share for the current fiscal year.
Dell Technologies Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, October 20th. Dell Technologies’s payout ratio is currently 14.63%.
Analyst Ratings Changes Several equities research analysts recently issued reports on DELL shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Dell Technologies in a report on Wednesday, August 12th. Sanford C. Bernstein increased their target price on Dell Technologies from $500.00 to $650.00 and gave the company an “outperform” rating in a report on Wednesday, September 2nd. Piper Sandler restated an “overweight” rating and issued a $558.00 target price (up from $497.00) on shares of Dell Technologies in a research report on Wednesday, September 2nd. Melius Research lifted their price target on Dell Technologies from $650.00 to $735.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Dell Technologies in a research note on Thursday, September 3rd. They issued a “hold” rating and a $480.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Dell Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $569.96.
Get Our Latest Stock Report on Dell Technologies
(Free Report)
Dell Technologies Inc is a global technology company that develops, sells and supports information technology hardware, software and services. Its portfolio includes personal computers, workstations, monitors, peripherals and other end-user devices, as well as servers, storage systems, networking equipment and related infrastructure solutions for businesses, governments and other organizations.
The company also provides consulting, deployment, support, managed and cybersecurity services designed to help customers build and operate their technology environments.
Featured Articles Five stocks we like better than Dell Technologies 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 Dell Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dell Technologies and related companies with MarketBeat.com's FREE daily email newsletter.
Ballard is targeting to become adj. EBITDA positive by the end of 2027 and full year 2028.
, /PRNewswire/ -- Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today held the Ballard Forum. Notable highlights included:
Expanded Business Model: Ballard's business model has grown to add Energy-as-a-Service to existing equipment sales and services. Accelerating Revenue Growth: Ballard is targeting a 30% Compound Annual Growth Rate (CAGR) in corporate revenue over the next two fiscal years. Expanding Margin Profile: The Company anticipates gross margins exceeding 20% in 2027, scaling to greater than 25% by 2028. Strategic Fleet Expansion: Ballard plans to allocate $80 million to $120 million in capital expenditures to expand its Hydrogen Power Unit (HPU) fleet, with optionality in pace of investment. This investment is expected to be financed through asset-backed finance at greater than 80% loan to value, minimizing the cash outlay. Prudent Capital Allocation and Cash Management: There is no immediate need to invest in manufacturing expansion or hydrogen production. Cash use for operating costs is expected to decrease over time as margins and revenue grow. Path to Profitability: Ballard is targeting Adjusted EBITDA profitability by the end of 2027, sustaining full-year profitability throughout 2028. About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) is a global leader in zero-emission hydrogen energy solutions and an integrated Energy-as-a-Service (EaaS) provider. Together, with its wholly owned subsidiary, GeoPura Ltd., Ballard delivers turnkey, vertically integrated hydrogen ecosystem solutions spanning hydrogen production, logistics, refueling, zero-emission fuel cell engines, and stationary Hydrogen Power Units.
Ballard powers critical off-grid, stationary applications - including construction, events, film sets, healthcare, defense, temporary power infrastructure, and supplies fuel cell engines for heavy-duty mobility applications such as bus, rail, and marine. With an EaaS model, combined with cutting-edge technology across the hydrogen value chain, Ballard decarbonizes mission-critical operations worldwide. To learn more about Ballard, visit www.ballard.com.
This release contains forward-looking statements concerning anticipated product and service attributes, product deliveries, and deployments. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.
These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.
Further Information
Sumit Kundu –Investor Relations +1.604.360.9714 or [email protected]
A $10,000 position in NEXO at this morning’s $0.82 buys roughly 12,200 tokens. The market is pricing that position as if October 22 never happened: NEXO begins spot trading on Kraken today, and the token has barely moved. That is either the cheapest re-rating setup in the top 100, or a signal that an exchange listing is no longer the catalyst it was three cycles ago. The data points to the second read, and the trade only works if you respect it.
NEXO changed hands at $0.8157 as of roughly 08:10 UTC on October 22, up 0.34% over 24 hours, per CoinGecko data. Bitcoin held $82,074 (−1.2%), Ethereum $2,421 (−1.3%), and Solana $104.16 (−2.4%) in the same snapshot. NEXO’s market capitalization sits near $816 million at rank 86 — a top-100 asset still trading 80% below its $4.07 all-time high from 2022.
Coming soon: $NEXO
@Nexo is a digital assets wealth platform offering crypto-backed Credit Lines, yield, exchange and card services. The $NEXO Token is the platform’s native token.
Trading starts Oct 22
Get ready → kraken.com/sign-up
— Kraken Listings (@krakenlistings) October 20, 2026
A Listing the Market Has Already Faded Kraken’s listing desk announced the token on October 20 with a terse, two-part post: “Coming soon: $NEXO” and “Trading starts Oct 22.” The exchange describes Nexo as “a digital assets wealth platform offering crypto-backed Credit Lines, yield, exchange and card services,” and identifies the token as “the platform’s native token.” That is the full extent of the official material — no trading-pair list, no regional carve-outs, no depth commitments.
Kraken’s broader listings page frames the venue as one that “carefully vet[s]” and lists “600+ tokens” across established and emerging projects. NEXO appears on that roadmap as a confirmed listing, which is what moved the price: the token touched $0.8401 intraday after the October 20 announcement and has since slid back to $0.8123. The seven-day band is $0.8013 to $0.8401 — roughly a 4.8% range that has not broken in either direction. The listing also fits a broader push: Kraken’s parent Payward is acquiring Lithuania’s Saldo Bank to secure an EU banking license, which makes the NEXO add one tile in a European expansion rather than an isolated listing.
That is the signal. A listing that once guaranteed a double-digit pop on announcement day is now a one-day blip that fades before trading even opens. In our last money-angle screen, the Aerodrome-Velodrome merger carried a six-percent pop because it changed a structural fact — unified liquidity across seven EVM chains. A listing changes access, not structure, and the market is pricing the difference.
Why Bitcoin Is Stuck in a Two-Percent Box The backdrop is a Bitcoin market that has stopped making decisions. BTC is trading at $82,074, down 1.2% on the day after giving back a run toward $84,808, the 24-hour high. Over the past week the coin has done nothing but chop between roughly $81,000 and $84,800 while its 24-hour moves rarely exceed one percent in either direction.
The next hard date is the Federal Reserve’s policy decision on October 28. A $1.65 trillion market capitalization does not re-rate on a product announcement; it waits on the central bank. Altcoins, by contrast, can still move on a discrete, dated event — which is precisely why a trader screens a listing like this one. The question is whether the event is big enough to move a $816 million token, and the first hour of trading on October 22 is the honest test.
The NEXO Math: 2x, 10x, and the Road Back to $4.07 The money angle gets concrete fast. At $816 million, a 2x on NEXO lands at roughly $1.63 billion — no displacement required, just a move into the middle of the DeFi and lending-token field. A 10x lands at $8.16 billion, which would put NEXO above almost every lending and exchange token outside the majors and would demand a re-rating of the entire Nexo platform’s revenue story, not just a venue addition.
The more useful benchmark is the all-time high. NEXO peaked at $4.07 in 2022 and now trades 80% below it. Reclaiming that level at the current circulating supply implies a market capitalization of roughly $4.07 billion — about five times today’s $816 million. Framed another way, the $10,000 position at $0.82 becomes roughly $49,900 if the token ever revisits its record. That is the entire bull case in one number, and it is also the reason the setup demands patience: the path from $0.82 to $4.07 is a 400% move that nothing in the Kraken announcement promises.
The seven-day chart lays the case out plainly. NEXO drifted from $0.8337 on October 16 to $0.8123 by October 22, and the October 20 listing announcement produced only a brief touch of $0.8401 that has since faded. That is not the shape of a market scrambling to front-run a major listing; it is the shape of a token whose holders have already seen this movie.
Where This Trade Breaks The skeptical case writes itself. First, a listing is access, not demand — the token is available, but nothing in Kraken’s post commits volume, market makers, or new fiat rails. Second, NEXO is down 80% from its record for reasons a listing does not touch: a lending platform’s token trades on yield, on regulatory standing, and on the health of its loan book, not on how many venues list it. Nexo has spent years rebuilding compliance in Europe, including its MiCA alignment work, and that is the story that will move the price or fail to.
Third, the supply mechanics matter. NEXO pays yield and incentives in its native token, so the float is not static. A buyer has to ask what the token’s circulating supply looks like a year from now, not just today. Finally, the invalidation is clean: if NEXO cannot hold $0.80 — the bottom of its seven-day range — the listing premium is already spent, and the trade thesis is broken. The re-rating case only opens above $0.84, where the announcement pop stalled.
Frequently Asked Questions What is the NEXO price today? NEXO traded near $0.82 on October 22, 2026, up about 0.34% over 24 hours, with a market capitalization of roughly $816 million and a rank near 86 by market cap.
When does NEXO start trading on Kraken? Kraken’s listing desk said “Trading starts Oct 22” in its October 20 announcement, with the NEXO token confirmed on Kraken’s asset listings roadmap.
Why is NEXO not moving more on the Kraken listing? The token popped to $0.8401 on the October 20 announcement and has since faded to about $0.81, because a listing changes access rather than the platform’s revenue, yield, or regulatory standing.
Can NEXO return to its all-time high of $4.07? A return to the 2022 record high of $4.07 would imply a market capitalization near $4.07 billion at current supply, roughly five times today’s level — a move that depends on platform fundamentals, not venue count.
What is Nexo? Nexo is a digital assets wealth platform offering crypto-backed credit lines, yield, exchange, and card services; the NEXO token is its native token.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
AUTHOR
Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.
Algorand ($ALGO) stablecoin market cap has risen almost 25% in a week to $97.07M, putting the $100M milestone within reach, per DefiLlama data.
Algorand ($ALGO) is closing in on a stablecoin milestone. The stablecoin market cap on the network has risen by nearly 25% over the past week, according to DefiLlama data, and now stands at $97.07M.
If that pace holds, the network will pass $100M in stablecoin supply in the coming days. That would place @Algorand among a group of only 26 other networks above that level.
What the data showsDefiLlama's Algorand dashboard, updated on Oct. 21, 2026, lists stablecoin market cap at $97.1M, with a 7-day change of +24.92%. USDC dominance is 98.51%, which means the increase is almost entirely driven by a single issuer's token.
That concentration is not new. In late September, a separate snapshot showed the supply at about $45M, with USDC making up nearly 96%. The latest figure is therefore more than double that level in under a month. A third-party report also pointed to a sharp rise in USDC on the network over 30 days, with total stablecoin supply reaching its highest level since July 2025.
Algorand is one of the chains where Circle issues USDC natively rather than through a bridge. Circle's Cross-Chain Transfer Protocol is also expanding the number of chains between which USDC can move, which can make it easier for liquidity to arrive on smaller networks.
Rankings and what to watchA move past $100M would be a symbolic step more than a structural one. Sitting alongside the broader ecosystem, Algorand's DeFi total value locked was $34.62M on the same DefiLlama page, and 24-hour DEX volume was around $188,522. Stablecoin supply alone does not show how actively the funds are being used.
If growth continues beyond the $100M mark, the chain could overtake networks such as @SonicLabs and @NEARProtocol in stablecoin supply rankings. Those comparisons depend on daily changes in supply on each chain, and positions can shift quickly.
For $ALGO, which DefiLlama lists with a market cap of about $1.03B, the stablecoin trend is one indicator of on-chain liquidity. It does not by itself point to price direction.
SourcesDefiLlama: Algorand chain metrics
Eco: How USDC works in 2026 (native chain list and CCTP V2, citing Circle)
Cantor Fitzgerald Investment Advisors ve třetím čtvrtletí nově získal podíl ve společnosti Veeva Systems v rozsahu 69 700 akcií v hodnotě zhruba 19,9 milionu USD.
Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Veeva Systems Inc. (NYSE:VEEV – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 69,700 shares of the technology company’s stock, valued at approximately $19,896,000. Veeva Systems accounts for about 0.9% of Cantor Fitzgerald Investment Advisors L.P.’s holdings, making the stock its 27th largest position.
A number of other hedge funds also recently made changes to their positions in VEEV. SHP Wealth Management acquired a new stake in Veeva Systems during the 4th quarter valued at approximately $26,000. Compass Financial Management LLC bought a new position in Veeva Systems during the second quarter worth $27,000. Burkett Financial Services LLC bought a new position in Veeva Systems during the third quarter worth $27,000. Arlington Trust Co LLC acquired a new position in Veeva Systems in the second quarter valued at $29,000. Finally, Field & Main Bank bought a new stake in Veeva Systems during the second quarter valued at $29,000. 88.20% of the stock is currently owned by institutional investors.
Veeva Systems Trading Up 0.5% Shares of Veeva Systems stock opened at $320.20 on Thursday. The stock has a fifty day simple moving average of $274.67 and a 200 day simple moving average of $211.23. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $322.99. The company has a market capitalization of $51.84 billion, a P/E ratio of 51.48, a price-to-earnings-growth ratio of 1.36 and a beta of 0.93.
Veeva Systems (NYSE:VEEV – Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The company had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. During the same period last year, the firm earned $1.99 earnings per share. The firm’s revenue was up 17.6% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, analysts predict that Veeva Systems Inc. will post 6.70 EPS for the current year. Wall Street Analyst Weigh In Several equities analysts have issued reports on the company. Robert W. Baird boosted their price target on Veeva Systems from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Oppenheimer reaffirmed an “outperform” rating and set a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, October 15th. Guggenheim lifted their price objective on shares of Veeva Systems from $276.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Truist Financial boosted their target price on shares of Veeva Systems from $262.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $330.00 target price on shares of Veeva Systems in a research note on Tuesday, September 8th. Nineteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $287.79.
View Our Latest Stock Report on Veeva Systems
Insider Transactions at Veeva Systems In related news, EVP Daniel Rizzo sold 4,841 shares of Veeva Systems stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the sale, the executive vice president owned 7,665 shares of the company’s stock, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total transaction of $195,780.00. Following the completion of the transaction, the director owned 3,242 shares of the company’s stock, valued at $846,291.68. The trade was a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 56,789 shares of company stock valued at $14,913,889. Corporate insiders own 10.60% of the company’s stock.
About Veeva Systems (Free Report)
Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva’s applications to manage commercial, clinical, regulatory, quality and operational processes.
The company’s Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.
See Also Five stocks we like better than Veeva Systems 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 Veeva Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems and related companies with MarketBeat.com's FREE daily email newsletter.
BioNTech a Gilead Sciences budou v pozdní fázi klinické studie u pokročilého triple-negativního karcinomu prsu testovat pumitamig v kombinaci s přípravkem Trodelvy.
Germany's BioNTech (22UAy.DE) said on Thursday it had teamed up with Gilead Sciences (GILD.O) to test its experimental cancer therapy in combination with the US drugmaker's approved treatment in patients with a form of advanced breast cancer.
Here are some details:
The late-stage trial will test BioNTech's pumitamig with Gilead's FDA-approved Trodelvy in patients with triple-negative breast cancer
BioNTech plans to update its late-stage study to compare the combination against treatment with Trodelvy alone, replacing its earlier plan to test pumitamig plus chemotherapy against chemotherapy
The safety and effectiveness of the combination has not been established, and the planned trial changes would require approval from health regulators, BioNTech said
Triple-negative breast cancer is an aggressive form of the disease that lacks common treatment targets and accounts for about 10% to 15% of breast cancer cases, according to BioNTech
The study will include patients with locally advanced or metastatic triple-negative breast cancer whose tumors have low or no levels of PD-L1, a biomarker used to guide treatment
BioNTech will sponsor and lead the trial, while Gilead will supply Trodelvy
Pumitamig is being developed by BioNTech and Bristol Myers Squibb (BMY.N) and is central to their $11.1 billion collaboratio signed in 2025
The drug is designed to help the immune system attack cancer cells and limit blood supply to tumors
Aave Labs navrhuje aktualizaci V3.8 s ochranou proti reentrantním útokům pro 16 sítí Aave V3. Změna zatím nebyla nasazena a čeká na připomínky komunity, audit a hlasování o AIP.
Aave Labs wants to change the locks before anyone tries the door. On October 21, 2026, the team published a proposal for Aave V3.8, an upgrade centered on adding a reentrancy guard to Pool accounting.
The proposal would cover 16 active Aave V3 instances, including deployments on Ethereum, Avalanche, BNB and Polygon. Nothing has shipped yet, and no exploit prompted it. Aave is patching a risk, not cleaning up after one.
What the V3.8 proposal actually does The core change is a reentrancy guard applied to Pool operations during external callbacks. That sounds dense, so start with an analogy.
Picture an ATM that hands over cash before it updates your balance. A clever customer could ask for more money in that tiny gap, while the machine still believes the account is full. Reentrancy works the same way in smart contracts.
A contract hands control to outside code, which calls back into the original contract before its records are settled. If the books are mid-update, the second call can see stale numbers. The result can range from accounting errors to drained funds.
Aave’s proposal targets exactly that gap. According to the research findings, the guard is meant to keep accounting consistent when a single transaction touches the Pool more than once.
The mechanism relies on EIP-1153, an Ethereum standard for transient storage. Transient storage is a scratchpad that lasts only for the length of a transaction, then wipes itself clean.
That matters for cost. A reentrancy guard needs to remember, briefly, that the Pool is already busy. Writing that note to permanent storage would be pricey, and transient storage lets Aave keep the protection while holding gas costs low.
Aave Labs describes V3.8 as a minor, non-invasive release. The stated goal is long-term robustness, not new features or a redesign of how lending and borrowing work.
Where the proposal stands in governance This is a proposal, not a finished upgrade. Aave Labs posted it to the Aave governance forum as an ARFC, short for Aave Request for Final Comment.
From here, the plan still has three hurdles to clear. It needs community feedback, security audits and an AIP vote, meaning a formal Aave Improvement Proposal decided onchain by token holders.
The scope is also notable. Rolling the same change across 16 networks means coordinating deployments on chains with different environments and validator sets. A uniform guard across all of them would give Aave a consistent security baseline, rather than a patchwork of versions.
A pattern of preemptive fixes V3.8 is not Aave’s first pass at this problem. The research findings note that the proposal follows earlier Aave V3 security work, including previous reentrancy fixes and updates to the protocol’s broader risk management framework.
The absence of a disclosed exploit is the key detail here. Aave Labs has not pointed to any vulnerability being used against the protocol. The guard is framed as defense in depth, an extra layer added because the cost of being wrong is high.
What this means for Aave users and DeFi For people supplying or borrowing on Aave, the near-term impact should be minimal if the upgrade passes. A non-invasive release that leans on transient storage is designed to avoid changing user flows or adding noticeable gas overhead.
What to watch next is straightforward. Track the forum discussion for objections or requested changes, then look for audit results and the timing of the AIP vote. If the proposal clears all three, the rollout across 16 networks will show whether Aave can ship a coordinated security release as cleanly as it planned one.
One more thing to keep an eye on: how the guard interacts with integrations that rely on callbacks into the Pool. Any protocol building on top of Aave will want to confirm that the new protection does not block legitimate multi-step transactions. That kind of edge case is exactly what the audit and feedback stages exist to catch.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Watsco uzavřela nový pětiletý nezajištěný revolvingový úvěrový rámec ve výši 750 milionů USD, jehož prostřednictvím splatila 69,7 milionu USD ze stávajícího úvěru.
MIAMI, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) today announced that it has signed a $750 million unsecured senior revolving credit facility led by Bank of America, N.A. as Joint Lead Arranger, Sole Bookrunner and Administrative Agent and JPMorgan Chase Bank, N.A., PNC Bank, N.A., Wells Fargo Bank, N.A., and U.S. Bank N.A. as Joint Lead Arrangers and Co-Syndication Agents, along with five other banks. The new facility amends and extends Watsco’s existing unsecured revolving credit facility.
Borrowings under the five-year $750 million unsecured credit facility were used to repay outstanding borrowings of $69.7 million under the prior credit facility. Any additional borrowings will be used for working capital, acquisitions, dividends and other general purposes and bear interest at different rates depending on the types of advances or loans the Company selects. Terms of the agreement include increased borrowing capacity, covenant flexibility and greater sensitivity to the seasonal nature of our working capital requirements.
Barry S. Logan, Watsco’s Executive Vice President said: “A committed source of low-cost debt is an important building block of our growth strategy. We appreciate the strong support and commitment from our relationship banks.”
About Watsco
Watsco is the largest distributor in the highly fragmented North American HVAC market. Since entering distribution in 1989, Watsco has achieved a 17% compounded annual total shareholder return through a combination of organic growth and the acquisition of more than 70 market-leading businesses.
Watsco maintains a solid balance sheet, enabling sustained investments in growth, including the Company’s industry-leading technologies. Today, more than 73,000 contractors and technicians engage digitally, empowering them to adopt and integrate Watsco’s tools into their daily operations. The Company is also introducing AI-driven initiatives to leverage its extensive data assets and enrich the customer experience. The Company believes its technology ecosystem represents a durable and widening competitive advantage in its highly fragmented industry.
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, the seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.
Barry S. LoganWatsco, Inc.Executive Vice President2665 S. Bayshore Drive, Suite 901(305) 714-4102Miami, FL 33133, USAe-mail: [email protected](305) 714-4100 www.watsco.com
Carnegie Investment Counsel raised its position in McKesson Corporation (NYSE:MCK – Free Report) by 56.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,242 shares of the company’s stock after acquiring an additional 1,525 shares during the quarter. Carnegie Investment Counsel’s holdings in McKesson were worth $3,622,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Secure Asset Management LLC raised its holdings in shares of McKesson by 484.8% during the second quarter. Secure Asset Management LLC now owns 2,123 shares of the company’s stock valued at $1,604,000 after acquiring an additional 1,760 shares in the last quarter. Royal London Asset Management Ltd. lifted its stake in McKesson by 1.1% in the second quarter. Royal London Asset Management Ltd. now owns 112,241 shares of the company’s stock worth $84,809,000 after acquiring an additional 1,216 shares during the period. Benchmark Investment Advisors LLC purchased a new stake in McKesson in the second quarter worth $441,000. Summit Global Investments purchased a new stake in McKesson in the second quarter worth $1,159,000. Finally, One Wealth Advisors LLC bought a new stake in McKesson in the second quarter valued at $1,494,000. 85.07% of the stock is owned by institutional investors.
Insider Buying and Selling In related news, Director Bradley E. Lerman sold 301 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 111 shares of McKesson stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the transaction, the chief accounting officer owned 521 shares of the company’s stock, valued at $464,445.45. The trade was a 17.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,212 shares of company stock worth $1,164,182 in the last 90 days. Insiders own 0.06% of the company’s stock.
Analyst Ratings Changes MCK has been the topic of a number of research analyst reports. Mizuho boosted their price objective on shares of McKesson from $905.00 to $1,020.00 and gave the company a “neutral” rating in a research report on Tuesday. Royal Bank Of Canada restated a “sector perform” rating and issued a $845.00 price objective on shares of McKesson in a report on Monday, September 14th. Morgan Stanley set a $977.00 target price on shares of McKesson in a research report on Tuesday, October 6th. Wells Fargo & Company raised their target price on shares of McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Leerink Partners lifted their target price on shares of McKesson from $1,030.00 to $1,070.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. Fifteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $997.12. Get Our Latest Analysis on McKesson
Key Headlines Impacting McKesson Here are the key news stories impacting McKesson this week:
Positive Sentiment: Analyst price-target increases supported the long-term outlook. UBS raised its target to $1,200, while Mizuho lifted its target to $1,020 from $905, although Mizuho maintained a neutral rating. The analyst actions followed McKesson’s recent strength and helped the stock reach a new one-year high. UBS raises target for McKesson Positive Sentiment: McKesson declared its regular quarterly dividend. The company will pay $0.94 per share on January 4, 2027, to shareholders of record on December 1. The dividend provides continuity for income-focused investors, though the annualized yield is modest at approximately 0.4%. McKesson declares quarterly dividend Neutral Sentiment: Investor attention remains elevated. McKesson was among the more-trending stocks on Zacks, but the article primarily reviews existing fundamentals rather than introducing a new catalyst. Its latest reported quarter showed earnings and revenue above estimates, with revenue up 7.7% year over year and fiscal 2027 EPS guidance of $44.20–$45.00. Is Trending Stock McKesson a Buy Now? Negative Sentiment: An executive sale may have added modest selling pressure. EVP Francisco Fraga sold 800 shares worth approximately $796,640. However, the transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, reducing its significance as a discretionary bearish signal. McKesson executive stock sale McKesson Price Performance Shares of NYSE MCK opened at $1,014.79 on Thursday. McKesson Corporation has a 1 year low of $723.68 and a 1 year high of $1,030.27. The firm has a 50-day moving average of $905.65 and a 200 day moving average of $840.38. The stock has a market cap of $118.31 billion, a P/E ratio of 25.24, a price-to-earnings-growth ratio of 2.05 and a beta of 0.30.
McKesson (NYSE:MCK – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, topping analysts’ consensus estimates of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business had revenue of $105.38 billion for the quarter, compared to analysts’ expectations of $103.88 billion. During the same quarter in the prior year, the company earned $8.26 earnings per share. The business’s revenue was up 7.7% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Research analysts expect that McKesson Corporation will post 44.71 earnings per share for the current fiscal year.
McKesson Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 1st will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, December 1st. McKesson’s payout ratio is currently 10.06%.
McKesson Profile (Free Report)
McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and medical products to pharmacies, hospitals, health systems, physicians and other healthcare providers. The company also provides technology, data and business solutions designed to support prescription management, pharmacy operations and patient care.
McKesson’s principal activities include pharmaceutical distribution, medical-surgical supply distribution, specialty pharmaceutical services and oncology care support.
See Also Five stocks we like better than McKesson 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 McKesson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McKesson and related companies with MarketBeat.com's FREE daily email newsletter.
Zakladatel DFINITY Dominic Williams zpochybnil soukromí služby NEAR Confidential Intents: síť FAR podle něj spoléhá na neznámé centralizované provozovatele a není open-source.
DFINITY founder Dominic Williams questions the privacy design of NEAR Protocol's Confidential Intents, citing a PhD engineer's review of its FAR network, open-source status and node operators.
DFINITY (@dfinity) founder Dominic Williams (@dominic_w) has publicly questioned the privacy design of Near (@NEARProtocol) Confidential Intents, citing a review by a PhD engineer. The criticism targets $NEAR's privacy layer for cross-chain trading and comes as the token trades higher on separate ecosystem news. Williams is the founder of the Internet Computer ($ICP), a competing blockchain network.
What Williams AllegesWilliams shared the engineer's assessment, which alleges the system relies on a separate permissioned network called FAR, where operators are trusted to protect private data. The review also questioned the privacy technology itself, the feature's open-source status and the fact that node operators have not been disclosed.
According to CoinPedia, Williams described the setup as running on unknown centralized nodes and not open source, and implied the network could be one of the overpromised Web3 projects. The same report says some supporters agreed with his doubts, while most replies came from critics who contrasted the weaker ICP price with NEAR's performance.
The claims are Williams' and the engineer's. NEAR has not been shown to have responded to the specific allegations in the material reviewed for this article.
How NEAR Describes Confidential IntentsNEAR positions Confidential Intents as a way to protect trading activity on its cross-chain system. In its product announcement, the project says users can toggle between a Main Account and a Confidential Account, opting into confidentiality across transfers, deposits and withdrawals. NEAR says the aim is to prevent MEV extraction, frontrunning and strategy copying.
On architecture, Glitchwire reports that transactions are routed through a dedicated NEAR private shard, described as a parallel execution environment run by a decentralized set of permissioned validators. The shard connects to NEAR's mainnet through a bridge built on Trusted Execution Environments. The same report says NEAR states the product is not a mixing or anonymization tool and includes selective disclosure for regulatory compliance.
The description of a permissioned validator set overlaps with part of Williams' critique, though the sources differ on how they characterize it. The dispute centres on how much users must trust those operators, and on what NEAR has disclosed about the validators and underlying technology.
Why It MattersPrivacy tooling is a growing area of cross-chain DeFi, and design choices such as who operates the infrastructure and whether the code is public bear directly on how much trust users place in it. The exchange also reflects ongoing competition between NEAR and Internet Computer, whose founders have traded technical criticism in the past.
Readers weighing the claims may want to look for independent audits, validator disclosures and published code from NEAR as the debate develops.
Sources:
CoinPedia: Near Protocol surges 5% despite DFINITY founder slamming its techNEAR: Confidential Intents announcementGlitchwire: Confidential Intents reaches general availability
Assenagon Asset Management S.A. bought a new position in Vicor Corporation (NASDAQ:VICR – Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,662 shares of the electronics maker’s stock, valued at approximately $2,792,000.
A number of other hedge funds have also added to or reduced their stakes in the stock. Andar Capital Management HK Ltd purchased a new stake in Vicor in the second quarter worth about $101,100,000. BlackRock Inc. purchased a new position in Vicor during the 2nd quarter valued at about $934,612,000. The Manufacturers Life Insurance Company boosted its position in Vicor by 39.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 603,364 shares of the electronics maker’s stock valued at $97,142,000 after acquiring an additional 171,175 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Vicor by 43.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 536,274 shares of the electronics maker’s stock valued at $86,340,000 after acquiring an additional 162,186 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Vicor in the 2nd quarter valued at $53,161,000. 47.45% of the stock is currently owned by institutional investors.
Analyst Ratings Changes VICR has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $350.00 price target on shares of Vicor in a research report on Tuesday. Wall Street Zen upgraded Vicor from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings downgraded Vicor from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Zacks Research raised Vicor from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Finally, Roth Capital set a $360.00 target price on Vicor in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $386.67.
Get Our Latest Stock Report on VICR Vicor Price Performance Shares of Vicor stock opened at $213.42 on Thursday. The stock has a market cap of $9.84 billion, a PE ratio of 55.87 and a beta of 2.37. Vicor Corporation has a 1 year low of $79.00 and a 1 year high of $382.65. The firm has a fifty day moving average price of $228.51 and a 200 day moving average price of $250.98.
Vicor (NASDAQ:VICR – Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The electronics maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.01. Vicor had a return on equity of 22.49% and a net margin of 32.15%. The company had revenue of $197.11 million during the quarter, compared to analysts’ expectations of $187.03 million. During the same period last year, the business earned $0.63 earnings per share. Vicor’s quarterly revenue was up 78.5% on a year-over-year basis. As a group, equities analysts expect that Vicor Corporation will post 4.07 EPS for the current year.
Key Headlines Impacting Vicor Here are the key news stories impacting Vicor this week:
Positive Sentiment: Third-quarter revenue rose 78.5% year over year to $197.1 million, while diluted EPS increased to $1.33 from $0.63. Revenue exceeded several analyst estimates, although the EPS result was slightly below some higher consensus figures. Vicor third-quarter results Positive Sentiment: AI demand is driving growth: royalty revenue reached $66.6 million, more than triple the year-earlier level, and Vicor granted its first VPD license to an AI OEM. Management expects at least $43 million of royalty revenue in the fourth quarter. Vicor fourth-quarter outlook Positive Sentiment: Management projects approximately 10% fourth-quarter product-revenue growth and highlighted strong demand for its VPD power technology from AI customers and hyperscalers. Backlog climbed 166% year over year to $406 million. Vicor earnings call highlights Positive Sentiment: Vicor is expanding manufacturing capacity by acquiring two nearby sites, targeting nearly five times the capacity of its existing Fab-1 footprint. Needham reaffirmed its Buy rating and assigned a $350 price target. Needham rating Neutral Sentiment: Gross margin expanded to 68.3%, and operating cash flow reached $69.7 million; however, operating expenses rose substantially, partly because of intellectual-property enforcement costs. Vicor financial results summary Negative Sentiment: Investors continue to face patent-litigation and ITC-investigation risks, while reported insider activity showed substantial selling and no purchases over the past six months. These factors could temper enthusiasm after the stock’s strong advance. Insiders Place Their Bets In other news, CEO Patrizio Vinciarelli sold 20,000 shares of Vicor stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $316.13, for a total transaction of $6,322,600.00. Following the completion of the transaction, the chief executive officer directly owned 8,307,390 shares of the company’s stock, valued at $2,626,215,200.70. The trade was a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Philip D. Davies sold 3,073 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $177.70, for a total transaction of $546,072.10. Following the completion of the transaction, the vice president owned 1,920 shares of the company’s stock, valued at approximately $341,184. This represents a 61.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 27,053 shares of company stock worth $7,745,984. Corporate insiders own 28.30% of the company’s stock.
Vicor Profile (Free Report)
Vicor Corporation (NASDAQ: VICR) designs, develops, manufactures and markets modular power components and systems. The company’s products convert, regulate and distribute electrical power for electronic equipment, with an emphasis on high-performance, compact and efficient power solutions.
Its portfolio includes AC-to-DC and DC-to-DC converters, regulators, power modules, power distribution components and complete power systems. Vicor’s technologies include its Factorized Power Architecture and high-density ChiP packaging, which are designed to help engineers manage power more efficiently while reducing the size and complexity of electronic systems.
Vicor serves customers in industries such as data centers and computing, telecommunications, automotive, aerospace and defense, industrial equipment, and consumer electronics.
Further Reading Five stocks we like better than Vicor 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 Want to see what other hedge funds are holding VICR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vicor Corporation (NASDAQ:VICR – Free Report).
Receive News & Ratings for Vicor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vicor and related companies with MarketBeat.com's FREE daily email newsletter.
CWA Asset Management Group ve třetím čtvrtletí otevřela pozici ve společnosti AES Corporation nákupem 94 708 akcií v hodnotě přibližně 1,411 milionu USD.
CWA Asset Management Group LLC acquired a new position in shares of The AES Corporation (NYSE:AES – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 94,708 shares of the utilities provider’s stock, valued at approximately $1,411,000.
Other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in AES in the 2nd quarter valued at about $722,429,000. HBK Investments L P bought a new position in AES in the second quarter worth approximately $162,298,000. Bank of New York Mellon Corp bought a new position in AES in the second quarter worth approximately $97,056,000. Bank of America Corp DE acquired a new stake in AES in the second quarter valued at approximately $80,584,000. Finally, Man Group plc acquired a new stake in AES in the second quarter valued at approximately $65,159,000. 93.13% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In Separately, Weiss Ratings upgraded AES from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, August 17th. Seven equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.83.
Get Our Latest Stock Report on AES AES Stock Performance AES opened at $14.96 on Thursday. The AES Corporation has a 1-year low of $13.21 and a 1-year high of $17.65. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 5.71 and a beta of 0.97. The company’s fifty day moving average price is $14.84 and its two-hundred day moving average price is $14.69. The company has a current ratio of 0.75, a quick ratio of 0.67 and a debt-to-equity ratio of 2.93.
AES (NYSE:AES – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.15. The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.11 billion. AES had a net margin of 14.30% and a return on equity of 20.69%. On average, analysts expect that The AES Corporation will post 2.02 EPS for the current fiscal year.
AES Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a $0.1759 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $0.70 annualized dividend and a yield of 4.7%. AES’s dividend payout ratio (DPR) is presently 26.72%.
AES Company Profile (Free Report)
AES Corporation is a global energy company that develops, owns and operates power generation and utility businesses. Its activities include generating and supplying electricity, developing renewable energy projects, and providing energy infrastructure and related services.
The company’s portfolio includes solar, wind, battery energy storage and hydroelectric facilities, as well as natural gas-fired generation and other conventional power assets. AES also works with businesses and other energy users to provide customized clean-energy solutions, including renewable power procurement and storage.
Founded in 1981 as Applied Energy Services, AES serves customers through operations and projects in the United States and international markets across North and South America, Europe and Asia.
Featured Stories Five stocks we like better than AES 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 AES Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AES and related companies with MarketBeat.com's FREE daily email newsletter.
Robinhood Chain generated about $51 million in network revenue in its first quarter of operation. Ethereum (ETH) brought in roughly $41 million over the same period.
ARK Invest reported the figures in its DeFi Quarterly covering the third quarter of 2026. Its data shows Ethereum’s network revenue fell about 35% from the second quarter.
Ethereum Missed Out on a Rebound QuarterAcross the networks in the report, revenue rose about 24% from the second quarter to roughly $349 million. The total sat about 47% below its level a year earlier.
ARK said the quarter marked the first increase in 5 quarters. It credited the rise to Solana’s (SOL) recovery and Robinhood Chain’s debut.
Ethereum also lost ground in tokenization. On public blockchains, its share of tokenized real-world asset value fell from about 50% in late June to 44%. It still hosted the most, at about $16.7 billion.
Follow us on X to get the latest news as it happens
Network Real Economic Value by Blockchain Source: ARK Invest Ethereum’s decentralized exchange (DEX) volume also fell about 27% from the second quarter, while Base’s dropped about 17%. ARK said trading volume shifted toward newer venues such as Robinhood Chain.
Robinhood’s Chain Faces Its First Earnings TestRobinhood opened the chain’s public mainnet on July 1, about 5 months after its testnet went live in February.
The network settles transactions on Ethereum and uses ETH as its gas token. That means Ethereum still collects a portion of the fees the chain generates.
In its debut quarter, the chain processed about $65 billion in DEX volume. That made it the fourth-largest network by DEX volume in ARK’s data.
Tokenized equities accounted for about $13.7 billion of that trading. Only BNB Chain hosted more, at roughly $16.5 billion.
For Robinhood shareholders, the revenue question lands on October 27, when the company reports third-quarter results. That release covers the chain’s first full quarter of operation.
Robinhood has tied the chain’s payoff to usage in its second-quarter filing with the Securities and Exchange Commission (SEC).
“Our ability to generate revenue from Robinhood Chain depends significantly on the level of adoption and developer activity on the network,” it said.
Coinbase offers a precedent. It noted in July that it books Base sequencer fees within other transaction revenue. That line fell about 11% from the first quarter to $47.4 million. CFO Alesia Haas tied the drop to lower instant transfer activity and Base revenue.
ARK also flagged a risk to those numbers.
“We do not expect to see Robinhood Chain continue to post such impressive revenue numbers, as a recent increase in gas on Robinhood Chain will eliminate high fees from congestion pricing,” the firm noted.
Robinhood shares traded at $101.9 at press time, down 11.5% in 2026 so far. The call will show whether management reports the chain’s contribution separately.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
Solana has announced that it has recorded $5 trillion in stablecoin volume this year, with more than two months remaining in 2026. This figure significantly surpasses the $3 trillion volume recorded by the blockchain in 2025. The volume increase indicates strong adoption and high transaction activity on Solana’s network. This development comes amid Solana’s growing share in the global stablecoin market, where it holds approximately 5% of the supply, yet processes a disproportionately high transaction volume.
Key Takeaways Solana’s report of $5 trillion in stablecoin volume appears consistent with increased network adoption and transaction activity. Market pricing suggests that the significant milestone could positively influence Solana’s price by indicating robust network use. The Solana price prediction market shows a current 66.5% YES for the question of whether Solana will dip to $100 by the end of October 2026. What to Watch Market participants will be observing whether Solana’s transaction volume will continue to escalate, potentially affecting its price. Key events such as regulatory decisions from the SEC or announcements from major partners like Samsung may also influence market dynamics. Observers are also likely to focus on the impact of Solana’s technological upgrades, such as the recent Alpenglow activation, on network performance and adoption rates.
Term Structure
Contract Odds Δ since publish Volume 24h November 1 2026 0.5% — — View market → November 1 2026 1.8% — — View market → November 1 2026 14% — — View market → November 1 2026 3.6% — — View market → November 1 2026 0.2% — — View market → November 1 2026 0.5% — — View market → November 1 2026 0.9% — — View market → November 1 2026 1.3% — — View market → November 1 2026 1.1% — — View market → November 1 2026 0.1% — — View market → November 1 2026 0.1% — — View market → November 1 2026 4% — — View market → November 1 2026 0.4% — — View market → November 1 2026 1.2% — — View market → November 1 2026 65.5% — — View market →
A stock’s digital twin is now busier than the stock itself. Tokenized shares of Vida Global, trading on Solana as VIDAx, logged 248% more volume than the company’s traditional shares over a 30-day window.
The data comes from SolanaFloor, which published the comparison on October 22, 2026.
The numbers behind the copy
The VIDAx figure covers the 30 days before October 22. During that stretch, the on-chain token traded well above the volume of Vida Global’s shares on the NYSE American.
Vida Global was not the only name in the data. The tokenized version of Trump Media & Technology Group, ticker DJT, reached 27% of its traditional finance volume over the same period.
The VIDAx token arrived shortly after Vida Global went public in May 2026. Since then, it has shown fast growth in both holders and trading volume.
Lyle Pratt, Vida Global’s CEO, has been vocal about that traction. He has repeatedly pointed to the token’s expanding holder base and rising volume as evidence the experiment is working.
A bigger wave on Solana
Tokenized equities on Solana hit $4.4 billion in volume in September 2026 alone.
Tokenized equity supply on the network reached a record $684 million, a 47% jump in just three weeks.
Solana’s tokenized equities crossed 1 million holder addresses around late September and early October.
Solana has consistently accounted for more than 95% of global on-chain equity volume in quarterly figures.
How tokenized stocks actually work
Issuers including xStocks, backed by Backed Finance, and Backpack Securities provide these tokens on a 1:1 basis. Each token is meant to correspond to one underlying share.
Those tokens trade on Solana decentralized exchanges such as Raydium. Because blockchains do not close, the trading does not stop when the NYSE closing bell rings.
What this means for traders and issuers
When a token outtrades its underlying stock, it becomes a primary venue rather than a mirror. If more trading happens on Solana than on the NYSE American for VIDA, the on-chain market may increasingly influence where the stock’s price is set, especially outside regular hours.
Percentages deserve some caution, though. A 248% gap describes a ratio, not a dollar amount, and ratios can look dramatic when the traditional baseline is modest.
There are risks worth tracking. Tokenized stocks depend on the issuer actually holding the underlying shares, so the 1:1 backing is only as solid as the custodian behind it.
Round-the-clock trading also cuts both ways. Markets that never close can react to news instantly, but they can also move sharply during hours when traditional venues are dark and less liquidity is available to absorb big orders.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Supermicro just booked a record order backlog while its stock sits near 52-week lows, trading at a fraction of what rivals Dell and Arista command. Whether that gap represents a rare opportunity or a value trap depends on one critical…
Shares of Super Micro Computer (NASDAQ:SMCI | SMCI Price Prediction) trade at $32.07 at midday. The 24/7 Wall St. price target for Supermicro is $40.06 over the next 12 months, which means 24.85% upside. Our model rates the stock a buy with high confidence.
24/7 Wall St. Price Target Summary Metric Value Current Price $32.07 Price Target from 24/7 Wall St. $40.06 Upside/Downside 24.85% Recommendation BUY Confidence Level 90% Management booked over $60 billion in new orders and guided fiscal 2027 revenue to $65 billion to $72 billion. Yet the stock trades at 10x forward earnings. I think the recent selloff leaves plenty of room for upside in one of the most direct ways to own the AI data center buildout.
A Sharp October Slide Follows a Record Order Book Supermicro is down 19.78% over the past week and 17.96% over the past month. Shares are still up 9.57% year to date. The stock sits about 42% below its 52-week high of $55.35 and about 65% above its low of $19.48.
The fiscal fourth quarter report, released August 11, 2026, came in light on revenue and strong on profit. Revenue rose 93.2% YoY to $11.12 billion, missing the $11.56 billion consensus. Management called the shortfall “purely a timing story” linked to customers’ power and cooling preparation. Non-GAAP EPS of $1.70 beat the $0.9575 estimate.
On August 20, 2026, Supermicro reported finishing an independent export compliance investigation, which found no evidence it directly sold export-controlled products to known restricted parties. In September, working with NVIDIA (NASDAQ:NVDA), it began shipping NVIDIA Vera Rubin NVL72 racks.
Why Bulls See $46 Within Reach In our bull scenario, SMCI reaches $46.31, a 44.33% return. That depends on converting the backlog into sales. Management expects greater than 80% of future revenue to come from AI. Manufacturing capacity is on track to exceed 6,000 racks per month.
Customer breadth is also improving: nine customers exceeded $1 billion in fiscal 2026 sales, up from four a year earlier. Enterprise and channel revenue rose 172% YoY.
Chief executive Charles Liang said the data center building block line “will be our long-term much better profit margin product line.”
Cash Burn Is What Could Go Wrong The bear case places the stock near $32 a year from now. Operations used $6.8 billion in fiscal 2026, and the cash conversion cycle extended to 149 days. One customer made up 28% of revenue.
Wall Street remains cautious, with 11 Hold ratings. Guidance for a Q1 non-GAAP gross margin of 10.4% to 10.8% also shows that Q4’s margin included non-recurring benefits.
Bulls would argue that the cash outflow paid for inventory needed to fill record orders. A $5.6 billion equity raise also cut net debt to $1.2 billion.
Supermicro Trades at a Steep Discount to Dell and Arista Dell Technologies (NYSE:DELL) is Supermicro’s most direct AI server rival. Shares trade at 21x forward earnings and 1.899x sales. That is a rich premium to SMCI for a company selling similar hardware.
Arista Networks (NYSE:ANET) depends on the same hyperscaler spending through data center switching. It commands 39x forward earnings, a premium that reflects its software-like margins. Together, these peers make our target look conservative (we covered seven more AI infrastructure suppliers, from power to networking, in a free report you can grab here).
Company Forward P/E Price-to-Sales Supermicro 10x 0.524x Dell 21x 1.899x Arista 39x 21.18x Valuation Tips the Scale Toward Upside Our 24/7 Wall St. price target of $40.06 carries a buy rating and 90% confidence. Valuation is what tips the scale.
The bull case strengthens if the next earnings report shows Q1 revenue within the $14.5 billion to $15.5 billion guide. The thesis weakens if shipments slip again. At this price, the potential reward outweighs the risk.
Beyond the near term, here is where our model projects Supermicro could trade if current trends hold.
Year Price Target from 24/7 Wall St. 2026 $33.60 2027 $41.48 2028 $47.31 2029 $51.25 2030 $57.43 Supermicro needs to keep executing on its AI rack strategy for these estimates to hold. Faster margin expansion or extended cash burn could move results well beyond this range.
Contact [email protected] for any questions or corrections.
Visteon ve 3. čtvrtletí zvýšil tržby meziročně o 6 % na 970 milionů USD, ale kvůli mimořádným záručním nákladům ve výši 77 milionů USD snížil výhled upravené EBITDA.
Sales of $970 million with Growth-over-Market of 10%[1]
Net income attributable to Visteon of $5 million
Adjusted EBITDA of $46 million, including $77 million of exceptional warranty charges
Operating cash flow of $81 million and adjusted free cash flow of $(4) million for the first nine months
Strong balance sheet with net cash of $136 million at quarter end
21 new product launches including the industry-first SmartCore(TM) High Performance Compute (HPC) system with Chery
New business wins of $0.9 billion driven by ongoing momentum in displays
Completed $200 million accelerated share repurchase program and paid $9 million quarterly dividend
Third Quarter Results
Visteon reported net sales of $970 million, compared to $917 million in the prior year, an increase of 6% year-over-year. Despite customer vehicle production declining by 5%, the Company delivered 10% growth-over-market1, driven by strong launch execution and robust customer demand.
Net income attributable to Visteon was $5 million or $0.19 per diluted share. Gross margin in the third quarter was $47 million and includes $77 million of exceptional warranty charges. Adjusted EBITDA, a non-GAAP measure defined below, was $46 million, reflecting underlying continued operational execution in a challenging supply chain environment.
For the nine months ended September 30, 2026, cash from operations was $81 million, capital expenditures were $103 million, and adjusted free cash flow, a non-GAAP measure defined below, was an outflow of $4 million. The Company ended the quarter with cash of $466 million and debt of $330 million. The Company's strong balance sheet, with a net cash position of $136 million, provides flexibility to continue investing in the business while returning capital to shareholders.
Visteon secured $0.9 billion in new business during the third quarter, reflecting continued momentum across display products and in India, a key growth market. Highlights included two driver display awards with a luxury Japanese OEM brand for vehicles in Japan and China, a center display for multiple vehicles with a high-volume Indian OEM, a display and infotainment system for multiple vehicle models with another Indian OEM, and a center display for the commercial vehicle market in Europe with a North American OEM. The quarter also included a number of strategic awards with North American OEMs and for the Asian two-wheeler market.
Visteon launched 21 new products during the third quarter across 14 customers. Most notably, the Company launched the industry-first High-Performance Compute system, with integrated AI capabilities, for the Chery Freelander 8 in the Chinese market. Other highlights included a follow-on launch of our fast-growing Audi Panorama program on the Audi A2 and A3, a cockpit domain controller for the BMW i3 in Europe, a two-wheeler digital cluster for the Royal Enfield Interceptor in India, and a driver display for the all-new Lexus TZ. These launches demonstrate demand for our next-generation products while providing the foundation for future sales performance.
"Our third quarter results highlight continued progress toward sustainable sales growth while delivering strong profitability in a challenging supply chain environment," said President and CEO Sachin Lawande. "Our HPC launch with Chery was a significant milestone for Visteon, demonstrating our ongoing position as a key supplier to support the transition to software and AI-defined vehicles."
Accelerated Share Repurchase Program
In the third quarter, the Company announced and completed a $200 million accelerated share repurchase ("ASR"), delivering on the Company's commitment to returning capital to shareholders while maintaining the flexibility to invest in future growth in a dynamic environment.
Revised Guidance
Based on year-to-date performance and our outlook for the fourth quarter, Visteon is raising its full-year 2026 sales guidance range to $3.80 – $3.85 billion, while lowering its full-year adjusted EBITDA range to $370 – $410 million, and its adjusted free cash flow range to $90 – $130 million. The adjusted EBITDA range reflects the impact of $77 million of exceptional warranty charges incurred in the quarter as well as cost pressures, while the adjusted free cash flow range takes into account year-to-date inventory build.
About Visteon
Visteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, with a global network of innovation centers and manufacturing facilities. For more information, visit visteon.com.
Conference Call and Presentation
Today, Thursday, October 22, at 9 a.m. ET, the Company will host a conference call for the investment community to discuss the quarter's results and other related items. The conference call is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
(Call approximately 10 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon's website.
__
Use of Non-GAAP Financial Information
Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.
Forward-looking Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries;
continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;
significant and prolonged shortages of, or unrecoverable price increases in, critical components, including but not limited to semiconductors such as DRAM, particularly where such components are sourced from sole or primary suppliers;
failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China;
conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;
our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
our ability to grow our business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China;
general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold;
disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;
increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;
changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; and
those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission).
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2026. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.
Visteon Contacts:
Media:
[email protected]
Investors:
[email protected]
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net sales
$ 970
$ 917
$ 2,884
$ 2,820
Cost of sales
(923)
(786)
(2,606)
(2,410)
Gross margin
47
131
278
410
Selling, general and administrative expenses
(46)
(53)
(146)
(148)
Restructuring, net
—
(3)
(17)
(4)
Interest income, net
(1)
3
4
6
Equity in net income (loss) of non-consolidated affiliates
4
1
8
5
Other income (expense), net
3
2
5
4
Income (loss) before income taxes
7
81
132
273
Provision for income taxes
(1)
(90)
(43)
(138)
Net income (loss)
6
(9)
89
135
Less: Net (income) loss attributable to non-controlling interests
(1)
(2)
(4)
(8)
Net income (loss) attributable to Visteon Corporation
$ 5
$ (11)
$ 85
$ 127
Comprehensive income (loss)
$ 6
$ (8)
$ 85
$ 193
Less: Comprehensive (income) loss attributable to non-controlling
interests
(6)
(3)
(8)
(15)
Comprehensive income (loss) attributable to Visteon Corporation
$ —
$ (11)
$ 77
$ 178
Basic earnings (loss) per share attributable to Visteon Corporation
$ 0.20
$ (0.40)
$ 3.24
$ 4.67
Diluted earnings (loss) per share attributable to Visteon Corporation
$ 0.19
$ (0.40)
$ 3.17
$ 4.60
Average shares outstanding (in millions)
Basic
25.4
27.3
26.2
27.2
Diluted
26.0
27.3
26.8
27.6
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
September 30,
December 31,
2026
2025
ASSETS
Cash and equivalents
$ 464
$ 771
Restricted cash
2
2
Accounts receivable, net
696
613
Inventories, net
359
269
Other current assets
174
130
Total current assets
1,695
1,785
Property and equipment, net
557
524
Intangible assets, net
239
222
Right-of-use assets
124
126
Investments in non-consolidated affiliates
29
29
Deferred tax assets
519
511
Other non-current assets
238
189
Total assets
$ 3,401
$ 3,386
LIABILITIES AND EQUITY
Short-term debt
$ 23
$ 18
Accounts payable
640
540
Accrued employee liabilities
91
122
Current lease liability
23
21
Other current liabilities
279
291
Total current liabilities
1,056
992
Long-term debt, net
307
283
Employee benefits
76
88
Non-current lease liability
106
109
Deferred tax liabilities
51
51
Other non-current liabilities
308
212
Stockholders' equity:
Common stock
1
1
Additional paid-in capital
1,409
1,398
Retained earnings
2,893
2,838
Accumulated other comprehensive loss
(248)
(240)
Treasury stock
(2,642)
(2,429)
Total Visteon Corporation stockholders' equity
1,413
1,568
Non-controlling interests
84
83
Total equity
1,497
1,651
Total liabilities and equity
$ 3,401
$ 3,386
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
OPERATING
Net income (loss)
$ 6
$ (9)
$ 89
$ 135
Adjustments to reconcile net income (loss) to net cash provided from
(used by) operating activities:
Depreciation and amortization
31
28
89
80
Non-cash stock-based compensation
11
11
35
34
Equity in net loss (income) of non-consolidated affiliates, net of
dividends remitted
(4)
(1)
(8)
(5)
Tax valuation allowance expense (benefit)
—
69
—
61
Other non-cash items
1
1
2
(3)
Changes in assets and liabilities:
Accounts receivable
(33)
46
(91)
43
Inventories
(31)
(17)
(94)
(13)
Accounts payable
—
(34)
86
6
Other assets and other liabilities
57
33
(27)
(46)
Net cash provided from operating activities
38
127
81
292
INVESTING
Capital expenditures, including intangibles
(42)
(22)
(103)
(88)
Acquisition of business, net of cash acquired
—
—
(20)
(50)
Net investment hedge transactions
1
1
(11)
3
Other
—
—
—
(1)
Net cash used by investing activities
(41)
(21)
(134)
(136)
FINANCING
Borrowing on debt
—
—
2
—
Principal repayment of term debt facility
(3)
(4)
(7)
(13)
Borrowings from revolving credit facility
179
—
179
—
Repayment of revolving credit facility
(153)
—
(153)
—
Other short-term debt, net
8
—
8
—
Dividend to shareholders
(9)
(8)
(29)
(8)
Dividends to non-controlling interests
—
(2)
(9)
(20)
Repurchase of common stock
(200)
—
(236)
(7)
Stock-based compensation tax withholding payments
—
—
(9)
(7)
Proceeds from the exercise of stock options
—
—
8
3
Contingent consideration payments
(6)
—
(13)
—
Other
—
—
(2)
—
Net cash used by financing activities
(184)
(14)
(261)
(52)
Effect of exchange rate changes on cash
3
2
7
35
Net increase (decrease) in cash, equivalents, and restricted cash
(184)
94
(307)
139
Cash, equivalents, and restricted cash at beginning of the period
650
671
773
626
Cash, equivalents, and restricted cash at end of the period
$ 466
$ 765
$ 466
$ 765
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, net restructuring, provision for (benefit from) income taxes, non-cash, stock-based compensation expense, net interest (income) expense, net income (loss) attributable to non-controlling interests, equity in net (income) loss of non-consolidated affiliates, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
Estimated
September 30,
September 30,
Full Year
Visteon:
2026
2025
2026
2025
2026
Net income (loss) attributable to Visteon Corporation*
$ 5
$ (11)
$ 85
$ 127
$ 140
Depreciation and amortization
31
28
89
80
120
Restructuring, net
—
3
17
4
20
Provision for (benefit from) income taxes*
1
90
43
138
65
Non-cash, stock-based compensation expense
11
11
35
34
50
Interest (income) expense, net
1
(3)
(4)
(6)
(5)
Net income (loss) attributable to non-controlling interests
1
2
4
8
5
Equity in net loss (income) of non-consolidated affiliates
(4)
(1)
(8)
(5)
(10)
Other, net
—
—
5
2
5
Adjusted EBITDA
$ 46
$ 119
$ 266
$ 382
$ 3902
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
Estimated
September 30,
September 30,
Full Year
Visteon:
2026
2025
2026
2025
2026
Cash provided from operating activities
$ 38
$ 127
$ 81
$ 292
$ 240
Capital expenditures, including intangibles
(42)
(22)
(103)
(88)
(150)
Free cash flow
$ (4)
$ 105
$ (22)
$ 204
$ 90
Restructuring related payments
3
5
18
11
20
Adjusted free cash flow
$ (1)
$ 110
$ (4)
$ 215
$ 1103
Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of net restructuring, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income (loss) attributable to Visteon*
$ 5
$ (11)
$ 85
$ 127
Diluted earnings (loss) per share:
Net income (loss) attributable to Visteon*
$ 5
$ (11)
$ 85
$ 127
Average shares outstanding, diluted
26.0
27.3
26.8
27.6
Diluted earnings (loss) per share
$ 0.19
$ (0.40)
$ 3.17
$ 4.60
Adjusted net income (loss) and adjusted earnings (loss) per share:
Net income (loss) attributable to Visteon*
$ 5
$ (11)
$ 85
$ 127
Restructuring, net
—
3
17
4
Other
—
—
5
2
Tax impacts of adjustments
—
—
(5)
(1)
Adjusted net income (loss)
$ 5
$ (8)
$ 102
$ 132
Average shares outstanding, diluted
26.0
27.3
26.8
27.6
Adjusted earnings (loss) per share
$ 0.19
$ (0.29)
$ 3.81
$ 4.78
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.
Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.
1
Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution.
2
Based on mid-point of the range of the Company's financial guidance
3
Based on mid-point of the range of the Company's financial guidance
Společnost Valero ve třetím čtvrtletí 2026 zvýšila čistý zisk na 6,8 miliardy USD, neboli 23,89 USD na akcii, z 1,1 miliardy USD ve stejném období předchozího roku.
SAN ANTONIO, Texas--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share, for the third quarter of 2026, compared to $1.1 billion, or $3.53 per share, for the third quarter of 2025. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the third quarter of 2026 was $6.8 billion, or $23.90 per share, compared to $1.1 billion, or $3.66 per share, for the third quarter of 2025.
“Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “We also completed the St. Charles FCC Unit optimization project, which increases the production capacity of higher value products, including alkylate and gasoline, further strengthening our ability to supply transportation fuels to the market.”
Refining
The Refining segment reported operating income of $8.8 billion for the third quarter of 2026, compared to $1.6 billion for the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $8.8 billion, compared to $1.7 billion for the third quarter of 2025. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2026.
Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported operating income of $353 million for the third quarter of 2026, compared to an operating loss of $28 million for the third quarter of 2025. Segment sales volumes averaged 3.4 million gallons per day in the third quarter of 2026.
Ethanol
The Ethanol segment reported operating income of $272 million for the third quarter of 2026, compared to $183 million for the third quarter of 2025. Ethanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026, setting a new quarterly record.
Corporate and Other
General and administrative expenses were $308 million in the third quarter of 2026. The effective tax rate for the third quarter of 2026 was 23 percent.
Investing and Financing Activities
Net cash provided by operating activities was $6.9 billion in the third quarter of 2026. Included in this amount was a $526 million unfavorable impact from working capital and $205 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $7.3 billion in the third quarter of 2026.
Capital investments totaled $432 million in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $429 million in the third quarter of 2026.
Valero stockholder cash returns resulted in a payout ratio of 52 percent of adjusted net cash provided by operating activities.
Liquidity and Financial Position
Valero repaid the outstanding principal balances of $100 million of its 7.65% Debentures that matured in July and $426 million of its 3.400% Senior Notes that matured in September. Valero ended the third quarter of 2026 with $8.6 billion of total debt, $2.4 billion of total finance lease obligations, and $9.8 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 4 percent as of September 30, 2026.
“Our third-quarter performance underscores the quality of our assets and our consistent operational, commercial, and financial performance,” said Riggs. “This is a result of the long-term strategy that we’ve been committed to for well over a decade.”
Strategic Update
During the third quarter, Valero completed the FCC Unit optimization project at the St. Charles Refinery on schedule and within budget. The project is now operational and is expected to enhance the refinery’s ability to produce higher-value products.
Conference Call
Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
Valero Contacts
Investors:
Brian Donovan, Vice President – Investor Relations, 210-345-1682
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Safe-Harbor Statement
Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “commitment,” “plans,” “forecast,” “guidance,” “evaluate,” “opportunity” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial, operational, or strategic statement impacts, future market and industry conditions, future operating and financial performance, including future capital expenditures and capital investments attributable to Valero, future production and manufacturing ability and size, expectations regarding our sources and uses of cash, future legal and regulatory developments, including those with respect to tariffs and low-carbon fuels, expectations and ongoing uncertainties related to our Port Arthur Refinery, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political, or regulatory developments that are adverse to tariffs, global geopolitical and other conflicts and tensions, the impact of inflation and crude oil and petroleum product market disruptions on margins and costs, economic activity levels, actions in response to supply and demand imbalances for refined petroleum products, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.
Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Refining operating expenses (excluding depreciation and amortization), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Statement of income data
Revenues
$
46,098
$
32,168
$
122,955
$
92,315
Cost of sales:
Cost of materials and other (a)
32,741
26,132
94,056
76,858
Taxes other than income taxes (b)
1,654
1,826
5,023
4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
1,627
1,614
4,728
4,659
Depreciation and amortization expense
669
824
2,220
2,290
Total cost of sales
36,691
30,396
106,027
88,787
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
11
5
61
13
General and administrative expenses (excluding depreciation and amortization expense reflected below)
308
246
826
727
Depreciation and amortization expense
15
12
41
51
Operating income
9,073
1,509
16,000
1,606
Other income, net
127
86
375
292
Interest and debt expense, net of capitalized interest
(144
)
(139
)
(429
)
(417
)
Income before income tax expense
9,056
1,456
15,946
1,481
Income tax expense
2,067
390
3,562
404
Net income
6,989
1,066
12,384
1,077
Less: Net income (loss) attributable to noncontrolling interests
161
(29
)
573
(137
)
Net income attributable to Valero Energy Corporation stockholders
$
6,828
$
1,095
$
11,811
$
1,214
Earnings per common share
$
23.90
$
3.54
$
40.30
$
3.89
Weighted-average common shares outstanding (in millions)
285
309
292
311
Earnings per common share – assuming dilution
$
23.89
$
3.53
$
40.29
$
3.89
Weighted-average common shares outstanding – assuming dilution (in millions)
285
309
292
312
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable
Diesel
Ethanol
Corporate
and
Other (f)
Total
Three months ended September 30, 2026
Revenues:
Revenues from external customers
$
44,369
$
664
$
1,065
$
—
$
46,098
Intersegment revenues
3
1,729
352
(2,084
)
—
Total revenues
44,372
2,393
1,417
(2,084
)
46,098
Cost of sales:
Cost of materials and other
31,988
1,883
962
(2,092
)
32,741
Taxes other than income taxes (b)
1,654
—
—
—
1,654
Operating expenses (excluding depreciation and amortization expense reflected below)
1,376
86
165
—
1,627
Depreciation and amortization expense
580
71
18
—
669
Total cost of sales
35,598
2,040
1,145
(2,092
)
36,691
Other operating expenses (e)
(8
)
—
—
19
11
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
308
308
Depreciation and amortization expense
—
—
—
15
15
Operating income by segment
$
8,782
$
353
$
272
$
(334
)
$
9,073
Three months ended September 30, 2025
Revenues:
Revenues from external customers
$
30,414
$
719
$
1,035
$
—
$
32,168
Intersegment revenues
1
484
259
(744
)
—
Total revenues
30,415
1,203
1,294
(744
)
32,168
Cost of sales:
Cost of materials and other
24,858
1,077
942
(745
)
26,132
Taxes other than income taxes (b)
1,826
—
—
—
1,826
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
1,388
78
148
—
1,614
Depreciation and amortization expense
728
76
21
(1
)
824
Total cost of sales
28,800
1,231
1,111
(746
)
30,396
Other operating expenses
5
—
—
—
5
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
246
246
Depreciation and amortization expense
—
—
—
12
12
Operating income (loss) by segment
$
1,610
$
(28
)
$
183
$
(256
)
$
1,509
See Operating Highlights by Segment.
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable
Diesel
Ethanol
Corporate
and
Other (f)
Total
Nine months ended September 30, 2026
Revenues:
Revenues from external customers
$
117,474
$
2,551
$
2,930
$
—
$
122,955
Intersegment revenues
7
3,938
965
(4,910
)
—
Total revenues
117,481
6,489
3,895
(4,910
)
122,955
Cost of sales:
Cost of materials and other (a)
91,434
4,798
2,678
(4,854
)
94,056
Taxes other than income taxes (b)
5,023
—
—
—
5,023
Operating expenses (excluding depreciation and amortization expense reflected below)
3,985
262
481
—
4,728
Depreciation and amortization expense
1,947
220
56
(3
)
2,220
Total cost of sales
102,389
5,280
3,215
(4,857
)
106,027
Other operating expenses (e)
34
—
—
27
61
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
826
826
Depreciation and amortization expense
—
—
—
41
41
Operating income by segment
$
15,058
$
1,209
$
680
$
(947
)
$
16,000
Nine months ended September 30, 2025
Revenues:
Revenues from external customers
$
87,495
$
1,777
$
3,043
$
—
$
92,315
Intersegment revenues
5
1,424
681
(2,110
)
—
Total revenues
87,500
3,201
3,724
(2,110
)
92,315
Cost of sales:
Cost of materials and other
73,015
3,016
2,962
(2,135
)
76,858
Taxes other than income taxes (b)
4,980
—
—
—
4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
3,986
228
446
(1
)
4,659
Depreciation and amortization expense
2,029
205
59
(3
)
2,290
Total cost of sales
84,010
3,449
3,467
(2,139
)
88,787
Asset impairment loss (d)
1,131
—
—
—
1,131
Other operating expenses
13
—
—
—
13
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
727
727
Depreciation and amortization expense
—
—
—
51
51
Operating income (loss) by segment
$
2,346
$
(248
)
$
257
$
(749
)
$
1,606
See Operating Highlights by Segment.
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders
Income tax expense related to the LIFO liquidation adjustment
—
—
10
—
LIFO liquidation adjustment, net of taxes
—
—
(34
)
—
Employee retention and separation costs (c)
—
50
—
50
Income tax benefit related to employee retention and separation costs
—
(11
)
—
(11
)
Employee retention and separation costs, net of taxes
—
39
—
39
Asset impairment loss (d)
—
—
—
1,131
Income tax benefit related to asset impairment loss
—
—
—
(254
)
Asset impairment loss, net of taxes
—
—
—
877
Port Arthur Refinery fire expenses (e)
4
—
19
—
Income tax benefit related to Port Arthur Refinery fire expenses
(1
)
—
(5
)
—
Port Arthur Refinery fire expenses, net of taxes
3
—
14
—
Total adjustments
3
39
(20
)
916
Adjusted net income attributable to Valero Energy Corporation stockholders
$
6,831
$
1,134
$
11,791
$
2,130
Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution
$
23.89
$
3.53
$
40.29
$
3.89
Adjustments:
LIFO liquidation adjustment (a)
—
—
(0.12
)
—
Employee retention and separation costs (c)
—
0.13
—
0.12
Asset impairment loss (d)
—
—
—
2.81
Port Arthur Refinery fire expenses (e)
0.01
—
0.05
—
Total adjustments
0.01
0.13
(0.07
)
2.93
Adjusted earnings per common share – assuming dilution
$
23.90
$
3.66
$
40.22
$
6.82
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment
Refining segment
Refining operating income
$
8,782
$
1,610
$
15,058
$
2,346
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
1,376
1,388
3,985
3,986
Depreciation and amortization expense
580
728
1,947
2,029
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
(8
)
5
34
13
Refining margin
$
10,730
$
3,731
$
20,980
$
9,505
Refining operating income
$
8,782
$
1,610
$
15,058
$
2,346
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Employee retention and separation costs (c)
—
50
—
50
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
(8
)
5
34
13
Adjusted Refining operating income
$
8,774
$
1,665
$
15,048
$
3,540
Renewable Diesel segment
Renewable Diesel operating income (loss)
$
353
$
(28
)
$
1,209
$
(248
)
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
86
78
262
228
Depreciation and amortization expense
71
76
220
205
Renewable Diesel margin
$
510
$
126
$
1,691
$
185
Ethanol segment
Ethanol operating income
$
272
$
183
$
680
$
257
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
165
148
481
446
Depreciation and amortization expense
18
21
56
59
Ethanol margin
$
455
$
352
$
1,217
$
762
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i)
U.S. Gulf Coast region
Refining operating income
$
5,246
$
940
$
9,479
$
2,123
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
838
740
2,389
2,197
Depreciation and amortization expense
397
391
1,179
1,154
Other operating expenses (e)
(9
)
2
25
9
Refining margin
$
6,472
$
2,073
$
13,072
$
5,483
Refining operating income
$
5,246
$
940
$
9,479
$
2,123
Adjustment: Other operating expenses (e)
(9
)
2
25
9
Adjusted Refining operating income
$
5,237
$
942
$
9,504
$
2,132
U.S. Mid-Continent region
Refining operating income
$
1,394
$
188
$
2,192
$
365
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
225
210
632
605
Depreciation and amortization expense
86
84
264
238
Other operating expenses
1
3
4
3
Refining margin
$
1,706
$
485
$
3,092
$
1,211
Refining operating income
$
1,394
$
188
$
2,192
$
365
Adjustment: Other operating expenses
1
3
4
3
Adjusted Refining operating income
$
1,395
$
191
$
2,196
$
368
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i) (continued)
North Atlantic region
Refining operating income
$
1,837
$
532
$
2,962
$
967
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
213
199
616
553
Depreciation and amortization expense
77
80
241
224
Refining margin
$
2,127
$
811
$
3,819
$
1,744
U.S. West Coast region (f)
Refining operating income (loss)
$
305
$
(50
)
$
425
$
(1,109
)
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
100
239
348
631
Depreciation and amortization expense (g)
20
173
263
413
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses
—
—
5
1
Refining margin
$
425
$
362
$
997
$
1,067
Refining operating income (loss)
$
305
$
(50
)
$
425
$
(1,109
)
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Employee retention and separation costs (c)
—
50
—
50
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses
—
—
5
1
Adjusted Refining operating income
$
305
$
—
$
386
$
73
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil
512
506
492
538
Medium/light sour crude oil
274
281
274
252
Sweet crude oil
1,594
1,661
1,572
1,577
Residuals
109
204
137
156
Other feedstocks
117
89
121
82
Total feedstocks
2,606
2,741
2,596
2,605
Blendstocks and other
366
346
350
342
Total throughput volumes
2,972
3,087
2,946
2,947
Yields (thousand barrels per day)
Gasolines and blendstocks
1,402
1,517
1,405
1,446
Distillates
1,162
1,201
1,146
1,130
Other products (j)
430
399
422
396
Total yields
2,994
3,117
2,973
2,972
Operating statistics (h) (k)
Refining margin
$
10,730
$
3,731
$
20,980
$
9,505
Adjusted Refining operating income
$
8,774
$
1,665
$
15,048
$
3,540
Throughput volumes (thousand barrels per day)
2,972
3,087
2,946
2,947
Refining margin per barrel of throughput
$
39.24
$
13.14
$
26.09
$
11.82
Less:
Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
5.03
4.71
4.96
4.89
Depreciation and amortization expense per barrel of throughput
2.12
2.57
2.42
2.53
Adjusted Refining operating income per barrel of throughput
$
32.09
$
5.86
$
18.71
$
4.40
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics (h) (k)
Renewable Diesel margin
$
510
$
126
$
1,691
$
185
Renewable Diesel operating income (loss)
$
353
$
(28
)
$
1,209
$
(248
)
Sales volumes (thousand gallons per day)
3,423
2,717
3,429
2,629
Renewable Diesel margin per gallon of sales
$
1.62
$
0.50
$
1.81
$
0.26
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales
0.28
0.31
0.28
0.32
Depreciation and amortization expense per gallon of sales
0.22
0.30
0.24
0.28
Renewable Diesel operating income (loss) per gallon of sales
$
1.12
$
(0.11
)
$
1.29
$
(0.34
)
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
ETHANOL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics (h) (k)
Ethanol margin
$
455
$
352
$
1,217
$
762
Ethanol operating income
$
272
$
183
$
680
$
257
Production volumes (thousand gallons per day)
4,799
4,635
4,695
4,562
Ethanol margin per gallon of production
$
1.03
$
0.83
$
0.95
$
0.62
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production
0.37
0.35
0.38
0.36
Depreciation and amortization expense per gallon of production
0.04
0.05
0.04
0.05
Ethanol operating income per gallon of production
$
0.62
$
0.43
$
0.53
$
0.21
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics by region (i)
U.S. Gulf Coast region (h) (k)
Refining margin
$
6,472
$
2,073
$
13,072
$
5,483
Adjusted Refining operating income
$
5,237
$
942
$
9,504
$
2,132
Throughput volumes (thousand barrels per day)
1,874
1,846
1,819
1,787
Refining margin per barrel of throughput
$
37.55
$
12.21
$
26.32
$
11.24
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
4.86
4.36
4.81
4.50
Depreciation and amortization expense per barrel of throughput
2.31
2.30
2.37
2.37
Adjusted Refining operating income per barrel of throughput
$
30.38
$
5.55
$
19.14
$
4.37
U.S. Mid-Continent region (h) (k)
Refining margin
$
1,706
$
485
$
3,092
$
1,211
Adjusted refining operating income
$
1,395
$
191
$
2,196
$
368
Throughput volumes (thousand barrels per day)
472
466
471
448
Refining margin per barrel of throughput
$
39.27
$
11.31
$
24.08
$
9.91
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
5.19
4.90
4.92
4.95
Depreciation and amortization expense per barrel of throughput
1.99
1.96
2.06
1.94
Adjusted refining operating income per barrel of throughput
$
32.09
$
4.45
$
17.10
$
3.02
See Notes to Earnings Release.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics by region (i) (continued)
North Atlantic region (h) (k)
Refining margin
$
2,127
$
811
$
3,819
$
1,744
Refining operating income
$
1,837
$
532
$
2,962
$
967
Throughput volumes (thousand barrels per day)
507
516
506
468
Refining margin per barrel of throughput
$
45.58
$
17.10
$
27.64
$
13.65
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
4.58
4.20
4.46
4.33
Depreciation and amortization expense per barrel of throughput
1.64
1.70
1.75
1.75
Refining operating income per barrel of throughput
$
39.36
$
11.20
$
21.43
$
7.57
U.S. West Coast region (f) (h) (k)
Refining margin
$
425
$
362
$
997
$
1,067
Adjusted Refining operating income
$
305
$
—
$
386
$
73
Throughput volumes (thousand barrels per day)
119
259
150
244
Refining margin per barrel of throughput
$
38.81
$
15.22
$
24.39
$
16.00
Less:
Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
9.10
7.94
8.50
8.72
Depreciation and amortization expense per barrel of throughput (g)
1.85
7.29
6.44
6.20
Adjusted Refining operating income (loss) per barrel of throughput
$
27.86
$
(0.01
)
$
9.45
$
1.08
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Refining
Feedstocks (dollars per barrel)
Brent crude oil
$
91.61
$
68.14
$
88.87
$
69.87
Brent less West Texas Intermediate (WTI) crude oil
5.37
3.11
5.06
3.08
Brent less WTI Houston crude oil
4.29
2.09
3.44
2.02
Brent less Dated Brent crude oil
(5.75
)
(0.91
)
(5.49
)
(0.91
)
Brent less Argus Sour Crude Index crude oil
6.07
3.46
4.71
2.68
Brent less Maya crude oil
13.37
7.14
10.97
8.35
Brent less Western Canadian Select Houston crude oil
16.49
6.93
14.66
6.81
WTI crude oil
86.24
65.03
83.81
66.79
Natural gas (dollars per million British thermal units)
2.47
2.70
2.68
2.97
Renewable volume obligation (RVO) (dollars per barrel) (l)
Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent
24.08
7.78
14.17
6.78
Ultra-low-sulfur (ULS) diesel less Brent
72.27
21.05
47.80
17.51
Polymer Grade Propylene less Brent (not RVO adjusted)
(17.02
)
(8.22
)
(13.22
)
(3.07
)
U.S. Mid-Continent:
CBOB gasoline less WTI
34.16
12.79
17.87
12.32
ULS diesel less WTI
73.54
26.16
46.49
21.09
North Atlantic:
CBOB gasoline less Brent
33.46
14.58
20.56
10.97
ULS diesel less Brent
77.12
24.64
53.72
21.44
U.S. West Coast:
California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent
50.89
26.69
40.62
28.94
California Air Resources Board diesel less Brent
81.83
29.83
56.98
23.47
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)
$
4.33
$
2.35
$
3.66
$
2.30
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)
2.23
1.13
1.93
1.00
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)
80.60
53.36
71.43
57.30
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)
0.76
0.62
0.74
0.56
USGC distillers corn oil (dollars per pound)
0.77
0.64
0.76
0.58
USGC fancy bleachable tallow (dollars per pound)
0.75
0.62
0.73
0.56
Ethanol
Chicago Board of Trade corn (dollars per bushel)
4.78
4.02
4.53
4.42
New York Harbor ethanol (dollars per gallon)
2.10
1.96
1.97
1.87
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars)
(unaudited)
September 30,
December 31,
2026
2025
Balance sheet data
Current assets
$
33,561
$
23,210
Cash and cash equivalents included in current assets
9,840
4,688
Inventories included in current assets
7,611
7,591
Current liabilities
19,469
14,109
Valero Energy Corporation stockholders’ equity
27,974
23,725
Total equity
31,084
26,605
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))
$
727
$
672
Debt, less current portion of debt (excluding VIEs)
7,849
7,566
Total debt (excluding VIEs)
8,576
8,238
Current portion of debt attributable to VIEs
3
23
Total debt
8,579
8,261
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)
233
228
Finance lease obligations, less current portion (excluding VIEs)
1,567
1,488
Total finance lease obligations (excluding VIEs)
1,800
1,716
Current portion of finance lease obligations attributable to VIEs
26
26
Finance lease obligations, less current portion attributable to VIEs
596
616
Total finance lease obligations attributable to VIEs
622
642
Total finance lease obligations
2,422
2,358
Total debt and finance lease obligations
$
11,001
$
10,619
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (h)
Net cash provided by operating activities
$
6,932
$
1,881
$
13,902
$
3,769
Exclude:
Changes in current assets and current liabilities
(526
)
325
(123
)
157
Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD
205
(86
)
696
(239
)
Adjusted net cash provided by operating activities
$
7,253
$
1,642
$
13,329
$
3,851
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of capital investments to capital investments attributable to Valero (h)
Capital expenditures (excluding VIEs)
$
272
$
171
$
654
$
504
Capital expenditures of VIEs:
DGD
(3
)
4
4
67
Other VIEs
1
2
3
5
Deferred turnaround and catalyst cost expenditures (excluding VIEs)
155
187
529
808
Deferred turnaround and catalyst cost expenditures of DGD
7
45
40
91
Investments in nonconsolidated joint ventures
—
—
—
1
Capital investments
432
409
1,230
1,476
Adjustments:
DGD’s capital investments attributable to the other joint venture member
(2
)
(25
)
(22
)
(79
)
Capital expenditures of other VIEs
(1
)
(2
)
(3
)
(5
)
Capital investments attributable to Valero
$
429
$
382
$
1,205
$
1,392
Dividends per common share
$
1.20
$
1.13
$
3.60
$
3.39
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES
(a)
Cost of materials and other for the nine months ended September 30, 2026 includes a benefit of $44 million resulting from the liquidation of certain LIFO inventory layers attributable to our Refining segment. Inventory levels for our West Coast refining operations decreased during 2026 due to the phased idling of processing units and cessation of refining operations at our Benicia Refinery, which was completed by the end of April 2026. Consequently, inventory levels at December 31, 2026 are expected to remain below those at December 31, 2025.
(b)
Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations.
(c)
Operating expenses (excluding depreciation and amortization expense) for the three and nine months ended September 30, 2025 includes employee retention and separation costs of $50 million related to the Benicia Refinery. In connection with our plan to cease refining operations at the Benicia Refinery, we implemented a transition plan for eligible employees that included retention incentive payments and separation benefits.
(d)
In March 2025, we approved a plan to idle the processing units and cease refining operations at our Benicia Refinery by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the nine months ended September 30, 2025.
(e)
Other operating expenses for the three and nine months ended September 30, 2026 includes $4 million and $19 million, respectively, of repair costs directly attributable to the March 2026 incident at our Port Arthur Refinery.
(f)
During the first quarter of 2026, we began idling the processing units through a phased approach and ceased operation of the fuel production units at our Benicia Refinery. In accordance with our plan, full idling of all processing units was completed in April 2026. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reported within Corporate and Other.
(g)
Depreciation and amortization expense includes incremental depreciation expense of approximately $133 million in the nine months ended September 30, 2026 and approximately $100 million and $200 million in the three and nine months ended September 30, 2025, respectively, related to the Benicia Refinery. In connection with our phased plan to idle the processing units and cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, the revised carrying value of the refinery’s long-lived assets was depreciated to the estimated salvage value.
(h)
We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures.
We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility.
Non-GAAP measures are as follows:
Adjusted net income attributable to Valero Energy Corporation stockholders is defined as net income attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect, as applicable. The income tax effect for the adjustments was calculated using a combined U.S. federal and state statutory rate of 22.5 percent. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below. LIFO liquidation adjustment – Generally, the LIFO inventory valuation method provides for the matching of current costs with current revenues. However, a LIFO liquidation results in a portion of our current-year cost of sales being impacted by historical costs, which obscures our current-year financial performance. Therefore, we have excluded the historical cost impact from adjusted net income attributable to Valero Energy Corporation stockholders. See note (a) for additional details. Employee retention and separation costs – The employee retention and separation costs related to the Benicia Refinery (see note (c)) are not indicative of our ongoing operations. Asset impairment loss – The asset impairment loss attributable to our Benicia and Wilmington refineries (see note (d)) is not indicative of our ongoing operations or our expectations about the profitability of our refining business. Port Arthur Refinery fire expenses – The expenses directly attributable to the March 2026 incident at our Port Arthur Refinery (see note (e)) are specific to that incident and are not indicative of our ongoing operations. Adjusted earnings per common share – assuming dilution is defined as adjusted net income attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution. Refining margin is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (d)), and other operating expenses. We believe Refining margin is an important measure of our Refining segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Renewable Diesel margin is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Renewable Diesel margin is an important measure of our Renewable Diesel segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Ethanol margin is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Ethanol margin is an important measure of our Ethanol segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Adjusted Refining operating income is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), employee retention and separation costs (see note (c)), the asset impairment loss (see note (d)), and other operating expenses. We believe adjusted Refining operating income is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance. Adjusted Refining operating expenses (excluding depreciation and amortization expense) is defined as Refining segment operating expenses (excluding depreciation and amortization expense) excluding employee retention and separation costs (see note (c)). We believe adjusted Refining operating expense (excluding depreciation and amortization expense) is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance. Adjusted Refining operating expenses (excluding depreciation and amortization expense) for the Refining segment and the U.S. West Coast region is calculated as follows (in millions): Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Refining segment
Operating expenses (excluding depreciation and amortization expense)
$
1,376
$
1,388
$
3,985
$
3,986
Adjustment: Employee retention and separation costs
—
(50
)
—
(50
)
Adjusted operating expenses (excluding depreciation and amortization expense)
$
1,376
$
1,338
$
3,985
$
3,936
U.S. West Coast region
Operating expenses (excluding depreciation and amortization expense)
$
100
$
239
$
348
$
631
Adjustment: Employee retention and separation costs
—
(50
)
—
(50
)
Adjusted operating expenses (excluding depreciation and amortization expense)
$
100
$
189
$
348
$
581
Adjusted net cash provided by operating activities is defined as net cash provided by operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below. Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities. DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by (used in) operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities. In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only a portion of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
DGD operating cash flow data
Net cash provided by (used in) operating activities
$
312
$
(263
)
$
551
$
(364
)
Exclude: Changes in current assets and current liabilities
(99
)
(90
)
(841
)
115
Adjusted net cash provided by (used in) operating activities
411
(173
)
1,392
(479
)
Other joint venture member’s ownership interest
50
%
50
%
50
%
50
%
DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD
$
205
$
(86
)
$
696
$
(239
)
Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD. In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.
(i)
The Refining segment regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reflected within Corporate and Other.
(j)
Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.
(k)
We use certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.
All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.
Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities.
(l)
The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.
Gentherm ve třetím čtvrtletí zvýšil tržby o 4,7 % na 405,1 milionu USD, ale vykázal čistou ztrátu ve výši 2,6 milionu USD oproti čistému zisku 14,9 milionu USD ve stejném období předchozího roku.
Delivered Revenue of $405 Million, up 4.4% (ex-FX) Year-over-Year
2026 Full Year Guidance Updated to Include Modine Performance Technologies
Repurchased $60 Million of Common Stock in October
NOVI, Mich., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global leader of innovative thermal and precision flow management technologies, today announced its financial results for the third quarter ended September 30, 2026.
“Our third quarter results were in line with expectations as we made continued progress on growth and operational excellence initiatives, while completing the Modine Performance Technologies combination on October 1,” said Bill Presley, the Company's President and CEO. “With the completion of the transaction, we are fundamentally a different company. We are entering an exciting new phase for Gentherm with industry leading platforms and I am increasingly confident in the significant value creation opportunities ahead.”
Third Quarter Highlights
Secured Automotive New Business Awards totaling $555 million in the quarter.Expanded portfolio of differentiated technologies with launch of ThermAffyx™ Patient Safety System and Puls.A™.Product revenues of $405.1 million increased 4.7% from $386.9 million in the prior year. Excluding the impact of foreign currency translation, product revenues increased 4.4%.Automotive Climate and Comfort Solutions revenue increased 8.8% year over year, or 8.5% excluding the impact of foreign currency translation, outperforming S&P Global’s mid-October light vehicle production report in our relevant markets by 12 percentage points.Gross margin was 23.3%, compared to 24.6% in the prior year. The decrease was primarily driven by foreign exchange, higher net material costs and inflation, partially offset by strong operating leverage.Net (loss) income was $(2.6) million, compared to $14.9 million in the prior year.Adjusted EBITDA was $45.0 million, or 11.1% of revenue, compared to $49.0 million, or 12.7% of revenue, in the prior year.GAAP diluted (loss) earnings per share was $(0.08), compared to $0.49 in the prior year.Adjusted diluted earnings per share was $0.33, compared to $0.73 in the prior year.Cash flow from operations was $36.0 million, compared to $87.8 million in the prior year.Adjusted free cash flow was $59.5 million, compared to $72.3 million in the prior year. The Company provides various non-GAAP financial measures in this release. See “Use of Non-GAAP Measures” below for additional information, including definitions, usefulness for investors and limitations, as well as reconciliations below to the most directly comparable GAAP financial measures.
Guidance
The Company updated its full year 2026 guidance to reflect the expected contribution from Modine Performance Technologies in the fourth quarter¹.
As of July 2026As of October 2026Product Revenues$1.55B – $1.65B$1.825B – $1.925BAdjusted EBITDA$185M – $200M$210M – $230MAdjusted Free Cash Flow$85M – $100M$100M – $120M ¹2026 guidance based on tariffs currently in effect as of today, our current forecast of customer demand and expectations of near-term conditions, light vehicle production in our relevant markets decreasing at a low single digit rate for full year 2026 versus 2025, and a EUR to USD exchange rate of $1.15/Euro.
Capital Allocation Update
On July 1, acquired Innovative Medical Equipment, LLC, provider of the ThermaZone® thermal therapy device, expanding thermal management product portfolio and providing strong cross-selling opportunities by leveraging complementary customer bases across additional healthcare channels.On October 1, completed combination with Modine’s Performance Technologies business.On October 7, returned $63.5 million to shareholders through a special cash dividend of $2.07 per share as part of the Modine transaction.In July, the Board of Directors authorized a new stock repurchase program of up to $400 million of the Company’s issued and outstanding common stock. Following the closing of the transaction with Modine in October, the Company repurchased $60 million of common stock. As of today, the program has approximately $340 million of stock repurchase authorization remaining.Third quarter ended with net leverage of ~0.4x and liquidity of $494.2 million. “As expected, following the combination with Modine Performance Technologies, we remain in a strong financial position and continue to have confidence in the ability to generate significant cash moving forward,” said Jon Douyard, the Company’s Chief Financial Officer. “We believe the current share price does not reflect the value of the Company. We previously communicated our intention to repurchase shares following the Modine transaction. Since closing, we have repurchased $60 million and we remain committed to returning capital to shareholders, particularly in times of value dislocation.”
Conference Call
As previously announced, Gentherm will conduct a conference call today at 8:00 am Eastern Time to review these results. The dial-in number for the call is 1-877-407-4018 (callers in the U.S.) or +1-201-689-8471 (callers outside the U.S.). The passcode for the live call is 13763267.
A live webcast and one-year archived replay of the call, as well as a copy of the supplemental materials that will be used during the conference call, can be accessed on the Events page of the Investor section of Gentherm's website at www.gentherm.com.
A telephonic replay will be available approximately two hours after the call until 11:59 pm Eastern Time on November 5, 2026. The replay can be accessed by dialing 1-844-512-2921 (callers in the U.S.), or +1-412-317-6671 (callers outside the U.S.). The passcode for the replay is 13763267.
About Gentherm
Gentherm (NASDAQ: THRM) is a global leader of innovative thermal and precision flow management technologies. The Company brings together industry leading products from Gentherm’s climate, comfort and valves businesses serving the light vehicle, medical, and home and office markets, with Modine’s highly engineered, mission-critical thermal solutions serving commercial vehicle, off-highway equipment, light vehicle and power generation markets. Gentherm has more than 18,000 employees in facilities across 17 countries. For more information, go to www.gentherm.com.
Forward-Looking Statements
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Gentherm Incorporated's goals, beliefs, plans and expectations about its prospects for the future and other future events. The forward-looking statements included in this release are made as of the date hereof or as of the date specified herein and are based on management's reasonable expectations and beliefs. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, third party information and projections from sources that management believes to be reputable, as well as other factors we consider appropriate under the circumstances. Such statements are subject to a number of important assumptions, significant risks and uncertainties (some of which are beyond our control) and other factors that may cause actual results or performance to differ materially from that described in or indicated by the forward-looking statements, including but not limited to:
macroeconomic, geopolitical and similar global factors in the cyclical Automotive industry;the impact of, and our ability to mitigate the effects of, global economic and trade policies, including increases in duties, tariffs and taxation on the import or export of our products related to U.S. trade disputes;increasing U.S. and global competition, including with non-traditional entrants;our ability to effectively manage new product launches and research and development, and the market acceptance of such products and technologies;the evolution and challenges of the automotive industry towards electric vehicles, autonomous vehicles and mobility on demand services, and related consumer behaviors and preferences;our ability to convert automotive new business awards into product revenues;the constraints in the supply chain environment, and inflationary and other cost pressures;the production levels of our major customers and OEMs in our relevant markets and sudden fluctuations in such production levels;our business in China, which is subject to unique operational, competitive, geopolitical, regulatory and economic risks;the impact of our global operations, including our cost structure and global manufacturing footprint, operations within Ukraine, and foreign currency and exchange risk;our product quality and safety and impact of product safety recalls and alleged defects in products;our ability to attract and retain highly skilled employees and wage inflation;a tightening labor market, labor shortages or work stoppages impacting us, our customers or our suppliers, such as recent labor strikes among certain OEMs and suppliers;our achievement of product cost reductions to offset customer-imposed price reductions or other pricing pressures;our ability to execute efforts to optimize our global supply chain and manufacturing footprint, including opening new facilities and transferring production;our ability to source, consummate, integrate and achieve planned benefits of strategic acquisitions, investments and, as applicable, exits;any security breaches and other disruptions to our information technology networks and systems, as well as privacy, data security and data protection risks, including risks associated with use of artificial intelligence capabilities in our business operations;any loss or insolvency of our key customers and OEMs, or key suppliers;our ability to project future sales volume based on third-party information, based on which we manage our business;the protection of our intellectual property in certain jurisdictions;our compliance with global anti-corruption laws and regulations;legal and regulatory proceedings and claims involving us or one of our major customers;the extensive regulation of our patient temperature management business;risks associated with our manufacturing processes;the effects of climate change and regulatory and stakeholder-imposed requirements to address climate change and other sustainability issues;our product quality and safety;our borrowing availability under our revolving credit facility, as well as the ability to access the capital markets, to support our planned growth; andour indebtedness and compliance with our debt covenants. Furthermore, important factors related to the combination with Modine Performance Technologies (the “Transaction”) could cause actual results to differ materially from those currently anticipated, including:
uncertainty of the expected financial performance of the combined company following completion of the Transaction;failure to realize the anticipated benefits of the Transaction;the ability of the combined company to implement its business strategy;difficulties and delays in the combined company achieving revenue and cost synergies;inability of the combined company to retain and hire key personnel;evolving legal, regulatory and tax regimes;changes in general economic and/or industry specific conditions or any volatility resulting from the imposition of and changing policies, including those policies with respect to tariffs; andactions by third parties, including government agencies. The foregoing risks should be read in conjunction with the Company's reports filed with or furnished to the Securities and Exchange Commission (the “SEC”), including “Risk Factors,” in its most recent Annual Report on Form 10-K and subsequent SEC filings, for a discussion of these and other risks and uncertainties. In addition, with reasonable frequency, we have entered into business combinations, acquisitions, divestitures, strategic investments and other significant transactions. Such forward-looking statements do not include the potential impact of any such transactions that may be completed after the date hereof, each of which may present material risks to the Company’s future business and financial results. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time.
Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its strategies or expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Use of Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP throughout this release, the Company has provided here or elsewhere information regarding: adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”); Adjusted EBITDA margin; Adjusted net income; Adjusted earnings per share (“Adjusted earnings per share” or “Adjusted EPS”); Quarter-to-date Operating Cash Flow; Free Cash Flow; Adjusted Free Cash Flow; Adjusted Free Cash Flow Conversion rate; net capital expenditures (“net CAPEX”); Net Debt; Liquidity; Net Leverage Ratio (“Net Leverage”); revenue, segment revenue and product revenue excluding foreign currency translation and other specified gains and losses; Adjusted operating expenses; Pro Forma Revenue; Pro Forma Adjusted EBITDA; and Pro Forma Adjusted EBITDA Margin, each a non-GAAP financial measure. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, deferred financing cost amortization, non-cash stock based compensation expenses, restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by product revenues. The Company defines Adjusted net income as earnings adjusted by restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EPS as Adjusted net income divided by the Company’s weighted average shares outstanding. The Company defines Quarter-to-date Operating Cash Flow as Net cash provided by/(used in) operating activities for the current period, less that of the immediately preceding period. The Company defines Free Cash Flow as Net cash provided by/(used in) operating activities plus Proceeds from the sale of property and equipment less Purchases of property and equipment. The Company defines net CAPEX as Purchases of property and equipment less Proceeds from the sale of property and equipment. The Company defines Adjusted Free Cash Flow as Net cash provided by/(used in) operating activities, excluding cash restructuring expenses, net and other gains and losses not reflective of the Company’s ongoing operations, less net CAPEX. The Company defines Adjusted Free Cash Flow Conversion rate as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company defines Net Debt as the principal amount of all Consolidated Funded Indebtedness (as defined in the Credit Agreement) less cash and cash equivalents. The Company defines Liquidity as the sum of cash and cash equivalents and availability under the Company’s revolving line of credit. The Company defines Net Leverage as Net Debt divided by Adjusted EBITDA for the trailing four fiscal quarters. The Company defines revenue, segment revenue or product revenue excluding foreign currency translation and other specified gains and losses as such revenue, excluding the estimated effects of foreign currency exchange on revenue by translating actual revenue using the prior period foreign currency exchange rates and excluding the other items specified. The Company defines Adjusted operating expenses as operating expenses excluding related non-cash stock based compensation, restructuring expenses, net, and other gains and losses not reflective of the Company’s ongoing operations. The Company defines Pro Forma Revenue as Gentherm’s product revenues for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Net sales for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure. The Company defines Pro Forma Adjusted EBITDA as Gentherm’s Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure and go-forward operational alignment. The Company defines Pro Forma Adjusted EBITDA Margin as Pro Forma Adjusted EBITDA divided by Pro Forma Revenue.
The Company’s reconciliations are included in this release or can be found in the supplemental materials for this reporting period on the Company’s website.
In evaluating its business, the Company considers and uses Quarter-to-date Operating Cash Flow, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Net Debt, Net Leverage and Liquidity as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management provides such non-GAAP financial measures so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing the Company's performance on a period-over-period basis by excluding matters not indicative of the Company’s ongoing operating or liquidity results and therefore enhance the comparability of the Company's results and provide additional information for analyzing trends in the business. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur revenues, expenses, and cash and non-cash obligations that are the same as or similar to some of the adjustments in our presentation of non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There also can be no assurance that we will not modify the presentation of our non-GAAP financial measures in the future, and any such modification may be material. Other companies in our industry may define and calculate these non-GAAP financial measures differently than we do and those calculations may not be comparable to our metrics. These non-GAAP measures have limitations as analytical tools, and when assessing the Company's operating performance or liquidity, investors should not consider these non-GAAP measures in isolation, or as a substitute for net income/(loss), revenue or other consolidated income/(loss) statement or cash flow statement data prepared in accordance with GAAP.
Non-GAAP measures referenced in this release and other public communications may include estimates of future Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Adjusted EPS, Pro Forma Revenue, Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin. The Company has not reconciled the non-GAAP forward-looking guidance included in this release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to taxes and non-recurring items, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
GENTHERM INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF (LOSS) INCOME
(Dollars in thousands, except per share data)
(Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Product revenues $405,102 $386,870 $1,214,974 $1,115,814 Cost of sales 310,798 291,722 927,016 844,439 Gross margin 94,304 95,148 287,958 271,375 Operating expenses: Net research and development expenses 23,465 24,429 71,480 71,203 Selling, general and administrative expenses 51,638 42,875 162,648 122,440 Restructuring expenses, net 4,838 3,986 17,493 10,608 Loss on sale of land and building, net — — — 2,196 Total operating expenses 79,941 71,290 251,621 206,447 Operating income 14,363 23,858 36,337 64,928 Interest expense, net (3,832) (3,313) (9,755) (10,911)Foreign currency gain (loss) 193 339 (1,104) (27,391)Other income (loss) 116 — 300 (1,124)Earnings before income tax 10,840 20,884 25,778 25,502 Income tax expense 13,430 5,935 19,730 10,204 Net (loss) income $(2,590) $14,949 $6,048 $15,298 Basic (loss) earnings per share $(0.08) $0.49 $0.20 $0.50 Diluted (loss) earnings per share $(0.08) $0.49 $0.19 $0.50 Weighted average number of shares – basic 30,672 30,480 30,613 30,619 Weighted average number of shares – diluted 30,672 30,748 31,078 30,802 GENTHERM INCORPORATED
REVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT
(Dollars in thousands)
(Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 % Change 2026 2025 % Change Climate Control Seats $215,603 $201,275 7.1% $639,656 $592,448 8.0%Lumbar and Massage Comfort Solutions 70,923 55,799 27.1% 205,772 153,642 33.9%Climate Control Interiors 51,939 52,638 (1.3)% 155,241 147,564 5.2%Climate and Comfort Electronics 7,925 8,599 (7.8)% 25,831 22,220 16.3%Automotive Climate and Comfort Solutions 346,390 318,311 8.8% 1,026,500 915,874 12.1%Valve Systems 21,596 24,487 (11.8)% 73,271 72,803 0.6%Other Automotive 22,611 31,413 (28.0)% 77,807 91,260 (14.7)%Subtotal Automotive segment 390,597 374,211 4.4% 1,177,578 1,079,937 9.0%Medical segment 14,505 12,659 14.6% 37,396 35,877 4.2%Total Company $405,102 $386,870 4.7% $1,214,974 $1,115,814 8.9% Foreign currency
translation impact(a) 1,025 — 20,617 — Total Company, excluding foreign
currency translation impact $404,077 $386,870 4.4% $1,194,357 $1,115,814 7.0% (a) Foreign currency translation impacts for the Automotive segment and Medical segment were $967 and $58 respectively, for the three months ended September 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions was $1,102 for the three months ended September 30, 2026. Foreign currency translation impacts for the Automotive segment and Medical segment were $20,107 and $510 respectively, for the nine months ended September 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions was $16,320 for the nine months ended September 30, 2026. GENTHERM INCORPORATED
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA
AND ADJUSTED EBITDA MARGIN
(Dollars in thousands)
(Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (loss) income $(2,590) $14,949 $6,048 $15,298 Add back: Depreciation and amortization 14,704 13,274 43,087 39,120 Income tax expense 13,430 5,935 19,730 10,204 Interest expense, net 3,832 3,313 9,755 10,911 Adjustments: Non-cash stock based compensation 2,925 3,980 10,371 10,569 Restructuring expenses, net 4,838 3,986 17,493 10,608 Unrealized currency loss 681 1,865 855 30,349 Merger and acquisition expenses 6,528 — 34,187 — Leadership transition expenses 328 777 1,738 2,935 Loss on sale of land and building, net — — — 2,196 Other(a) 328 928 (130) 2,055 Adjusted EBITDA $45,004 $49,007 $143,134 $134,245 Product revenues $405,102 $386,870 $1,214,974 $1,115,814 Net (loss) income margin (0.6)% 3.9% 0.5% 1.4%Adjusted EBITDA margin 11.1% 12.7% 11.8% 12.0% (a) Includes a $1,294 decrease in fair value of an equity investment for the nine months ended September 30, 2025. GENTHERM INCORPORATED
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME
AND ADJUSTED EARNINGS PER SHARE
(Dollars in thousands, except per share data)
(Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (loss) income $(2,590) $14,949 $6,048 $15,298 Amortization of acquisition related intangibles 2,427 1,676 5,802 4,873 Restructuring expenses, net 4,838 3,986 17,493 10,608 Unrealized currency loss 681 1,865 855 30,349 Merger and acquisition expenses 6,528 — 34,187 — Leadership transition expenses 328 777 1,738 2,935 Loss on sale of land and building, net — — — 2,196 Other (116) 928 (574) 2,055 Tax effect of above (2,089) (1,582) (6,550) (13,422)Adjusted net income $10,007 $22,599 $58,999 $54,892 Weighted average shares outstanding: Basic 30,672 30,480 30,613 30,619 Diluted 30,672 30,748 31,078 30,802 (Loss) Earnings per share, as reported: Basic $(0.08) $0.49 $0.20 $0.50 Diluted $(0.08) $0.49 $0.19 $0.50 Adjusted earnings per share: Basic $0.33 $0.74 $1.93 $1.79 Diluted $0.33 $0.73 $1.90 $1.78 GENTHERM INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited) September 30, 2026 December 31, 2025 ASSETS Current Assets: Cash and cash equivalents $252,098 $160,833 Accounts receivable, net 326,217 281,083 Inventory: Raw materials 127,403 128,314 Work in process 44,437 35,429 Finished goods 91,647 88,959 Inventory, net 263,487 252,702 Other current assets 85,678 82,332 Total current assets 927,480 776,950 Property and equipment, net 263,561 270,614 Goodwill 122,258 108,918 Other intangible assets, net 63,858 52,796 Operating lease right-of-use assets 48,674 56,524 Deferred income tax assets 93,853 93,552 Other non-current assets 42,615 37,075 Total assets $1,562,299 $1,396,429 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $298,183 $260,487 Current lease liabilities 7,846 9,646 Current maturities of long-term debt 912 73 Other current liabilities 144,999 134,104 Total current liabilities 451,940 404,310 Long-term debt, less current maturities 319,531 189,000 Non-current lease liabilities 42,469 48,105 Pension benefit obligation 3,281 3,748 Other non-current liabilities 23,760 30,943 Total liabilities $840,981 $676,106 Shareholders’ Equity: Common Stock: No par value; 110,000,000 shares authorized 30,710,902 and 30,526,231 issued and outstanding at September 30, 2026 and December 31, 2025, respectively 13,442 5,611 Paid-in capital 1,590 1,590 Accumulated other comprehensive loss (13,848) (964)Accumulated earnings 720,134 714,086 Total shareholders’ equity 721,318 720,323 Total liabilities and shareholders’ equity $1,562,299 $1,396,429 GENTHERM INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited) Nine Months Ended September 30, 2026 2025 Operating Activities: Net income $6,048 $15,298 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 44,201 39,478 Deferred income taxes (9,548) (12,836)Stock based compensation 10,371 10,573 Loss on disposition of property and equipment 121 2,671 Provisions for inventory 4,086 5,234 Other non-cash items, including unrealized foreign currency (gain) loss (1,018) 30,957 Changes in assets and liabilities: Accounts receivable, net (43,474) (20,543)Inventory (22,133) (20,136)Other assets (1,403) (22,325)Accounts payable 43,305 33,514 Other liabilities 5,451 25,935 Net cash provided by operating activities 36,007 87,820 Investing Activities: Purchases of property and equipment (22,558) (33,378)Proceeds from the sale of property and equipment 83 3,770 Acquisition of business, net of cash acquired (34,152) — Cost of technology investments (121) (915)Proceeds from deferred purchase price of factored receivables — 744 Net cash used in investing activities (56,748) (29,779)Financing Activities: — — Borrowings on debt 204,000 72,000 Repayments of debt (85,887) (103,112)Cash paid for financing new loans (2,761) — Taxes withheld and paid on employees' stock based compensation (2,540) (1,306)Cash paid for the repurchase of Common Stock — (10,015)Net cash provided by (used in) financing activities 112,812 (42,433)Foreign currency effect (806) 4,508 Net increase in cash and cash equivalents 91,265 20,116 Cash and cash equivalents at beginning of period 160,833 134,134 Cash and cash equivalents at end of period $252,098 $154,250 GENTHERM INCORPORATED
OTHER NON-GAAP RECONCILIATIONS
(Dollars in thousands)
(Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Total operating expenses $79,941 $71,290 $251,621 $206,447 Restructuring expense, net (4,838) (3,986) (17,493) (10,608)Non-cash stock based compensation (2,889) (3,979) (9,843) (10,211)Merger and acquisition expenses (6,528) — (34,187) — Leadership transition expenses (328) (777) (1,738) (2,935)Loss on sale of land and building, net — — — (2,196)Other — (927) — (927)Adjusted operating expenses $65,358 $61,621 $188,360 $179,570 September 30,
2026 September 30,
2025 Cash and cash equivalents $252,098 $154,250 Revolving line of credit availability 242,141 307,938 Total liquidity $494,239 $462,188 September 30,
2026 September 30,
2025 Current maturities of long-term debt $912 $109 Long-term debt, less current maturities 319,531 189,000 Total Debt 320,443 189,109 Cash and cash equivalents 252,098 154,250 Net Debt $68,345 $34,859 Adjusted EBITDA for the trailing four fiscal quarters $181,034 $175,620 Net Leverage 0.4 0.2 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities $33,735 $56,119 $36,007 $87,820 Purchases of property and equipment (8,355) (9,650) (22,558) (33,378)Proceeds from the sale of property and equipment 13 25 83 3,770 Free Cash Flow 25,393 46,494 13,532 58,212 Cash effect of adjustments: Restructuring expenses, net 5,352 2,308 11,970 6,648 Merger and acquisition expenses 11,915 15 32,967 15 Leadership transition expenses 989 650 1,015 6,711 Other — 2,103 — 704 Adjusted Free Cash Flow $43,649 $51,570 $59,484 $72,290
Comcast ve 3. čtvrtletí ztratil 144 000 předplatitelů širokopásmového internetu, což je více než trhem očekávaných 116 800, v důsledku cenové konkurence ze strany AT&T a menších poskytovatelů optického internetu.
Comcast (CMCSA.O) lost more broadband customers than expected in the third quarter as fierce competition chipped away at its core business, while NBCUniversal benefited from gains in theatrical and streaming ahead of its planned spinoff next year.
Aggressive price cuts by carriers such as AT&T and smaller fiber providers are making it harder for Comcast to retain broadband subscribers without offering heavy discounts.
Here are more details:
Broadband users decreased by 144,000 in the third quarter, the company said on Thursday. That is higher than the 116,800 losses estimated by analysts polled by FactSet and the 91,000 decrease reported in the year-ago period
The company is reportedly planning significant number of layoffs to restructure the connectivity business
Comcast's media businesses, including its studios, theme parks and Peacock streaming service, are set to separate from the company as part of the planned NBCUniversal spinoff by mid-2027
"The Odyssey" was a bright spot for Universal Studios, becoming the highest-grossing film in its history and helping drive pre-tax profit up 18.6% for the unit
The media division posted a 13% increase in third-quarter revenue to $5.36 billion, driven by soccer World Cup programming and "Love Island USA" on Peacock
Comcast shares rose about 2% in premarket trading
Peacock reported a quarterly pre-tax profit of $261 million, compared with a $217 million loss a year ago
NBCUniversal's theme park unit is seeing weaker demand in Orlando while geopolitical tensions continue to deter Chinese tourists from visiting Japan
The segment reported a 4.4% decline in revenue to $2.60 billion, missing analysts' average estimate of $2.71 billion, according to data compiled by LSEG
Comcast reported adjusted profit of $1.07 per share, above the estimate of 98 cents per share
DAYTONA BEACH, Fla., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE: BRO) (“the Company”) today introduced COMPASS, a connected intelligence ecosystem that brings together the Company’s data, analytics, specialized knowledge and AI-enabled capabilities to help customers better understand risk and make more informed insurance decisions.
Built specifically to enhance insurance strategy and portfolio optimization, Brown & Brown COMPASS brings together proprietary data, advanced analytics, specialized knowledge, and AI-powered capabilities. While many AI solutions in the market adapt a general-purpose model to a single workflow, COMPASS was built around the data, decisions and experience that drive the insurance business.
“Insurance organizations have access to more data and technology than ever before, but the industry’s greatest opportunity is to connect those capabilities around the decisions customers and insurance professionals make every day,” said Steve Hearn, president of Brown & Brown Retail. “COMPASS brings together capabilities that have traditionally operated separately, giving our teams a more complete view of a customer’s risks and opportunities and helping turn fragmented information into relevant insight. That broader context can support more informed recommendations, better decisions and stronger outcomes across the insurance value chain.”
The impact is already evident. In Employee Benefits, customers using Brown & Brown’s Health Plan Intelligence (HPI) capabilities have experienced an average five-year cost trend of less than 4%, compared with an industry and market norm of approximately 7% to 9%.
In Property & Casualty, COMPASS analytics helped a Fortune 50 company evaluate whether its insurance purchasing philosophy aligned with its appetite for hazard risk. The analysis informed a significant restructuring of the company’s insurance program, reducing premium spending by 65% while also substantially reducing potential risk volatility.
Brown & Brown COMPASS will also support digital quoting and servicing experiences that simplify how Personal Lines customers evaluate and manage coverage. For ultra-high-net-worth and single-family-office customers, it will deliver institutional-grade analytics to maximize buying power, evaluate risk transfer and optimize portfolios, capabilities rarely available in Personal Lines.
"One of our greatest strengths is the knowledge we've built across Brown & Brown over many years,” said Powell Brown, president and chief executive officer. “COMPASS helps connect that knowledge in new ways, making it easier for our teammates to turn insights into action for our customers. When we help our customers make more informed decisions, everybody wins."
COMPASS builds on the Company’s broader investment in data, analytics and AI, including the creation of its Digital Innovation and Insights Group and collaborations with Anthropic, McKinsey and Accenture.
“The innovation behind COMPASS is not one technology or tool, but the way we are bringing together Brown & Brown’s data, analytics, specialized knowledge and AI-enabled capabilities in a connected ecosystem,” said Arun Narayanan, chief innovation officer at Brown & Brown. “By building around the real-world decisions our teammates and customers make, we can develop solutions that are both practical and scalable, accelerate how insight is applied across our business and continually expand what COMPASS can deliver.”
By the end of 2026, the Company expects COMPASS-powered knowledge assistants and business intelligence solutions to be available to thousands of teammates, beginning in the U.S. and expanding to additional markets over time. An expanded suite of customer solutions across Property & Casualty, Employee Benefits and Personal Lines is planned for early 2027.
To learn more about COMPASS, visit https://us.bbrown.com/compass.
About Brown & Brown, Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specialization since 1939. With a global presence spanning 700+ locations and a team of approximately 23,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.
This press release may contain certain forward-looking statements relating to future results. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.
For more information:
Jenny Goco
Vice President of Public Relations & Communications
(386) 333-6066
[email protected]
Pool Corporation ve třetím čtvrtletí zvýšila tržby o 4 % na 1,5 mld. USD, zatímco provozní zisk klesl o 3 % na 172,2 mil. USD. Potvrdila celoroční výhled upraveného zředěného EPS na akcii ve výši 10,87–11,17 USD.
Net sales increased 4% to $1.5 billion, accelerating from 2% growth in the second quarter, supported by price, solid maintenance growth and continued improvement in building materialsOperating income decreased 3% to $172.2 million from $178.0 million in Q3 2025Diluted EPS consistent with Q3 2025 at $3.40; adjusted diluted EPS increased $0.01Confirms annual earnings guidance range of $10.66 to $10.96 per diluted share, and adjusted diluted earnings guidance range of $10.87 to $11.17 per share including $0.02 of year-to-date ASU 2016-09 tax benefits COVINGTON, La., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq: POOL) today reported results for the third quarter of 2026.
“Building on our performance through the first half of the year, we delivered solid results in the third quarter of 2026 as we moved through the end of the peak selling season. Our dedicated teams produced top-line growth by delivering to our customers when they needed it the most. At the same time, we remained committed to disciplined capital allocation, reducing inventory by 3% while growing sales. Through the first nine months of the year, we generated $419.8 million in operating cash flows, and in the third quarter alone we returned $158.7 million to shareholders through share repurchases and dividends. As the industry leader, we are focused on supporting our partners to collectively grow the outdoor living industry, efficiently bringing new products to market and offering the best value proposition to our customers,” said John B. Watwood, president and CEO.
Third quarter ended September 30, 2026 compared to the third quarter ended September 30, 2025
Net sales increased 4% to $1.5 billion in the third quarter of 2026. The increase primarily reflected 3% growth from price, coupled with stronger maintenance activity and building materials growth.
Gross profit increased 2% to $436.3 million. Gross margin decreased 60 basis points to 29.0% from 29.6% in the same period of 2025. The decrease was primarily driven by higher inbound freight costs and customer mix, as well as the comparison against the prior year benefit from mid-season price increases.
Selling and administrative expenses (operating expenses) increased 5% to $264.1 million from $251.2 million in the same period in 2025, reflecting higher performance-based compensation resulting from increased sales, increases in employee insurance and outside fees related to our strategic initiatives.
Operating income decreased 3% to $172.2 million compared to $178.0 million in the same period last year.
Net income decreased 3% to $123.0 million from $127.0 million in the third quarter of 2025.
Earnings per diluted share was $3.40, consistent with the third quarter of 2025. Adjusting for the impact from Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, earnings per diluted share was $3.40 in the third quarter of 2026 compared to $3.39 in the same period of 2025.
Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025
Net sales increased 4% to $4.5 billion from $4.3 billion in the nine months ended September 30, 2025. Gross margin declined 30 basis points to 29.3% from 29.6% in the same period last year.
Operating expenses increased 5% to $784.5 million compared to $748.5 million for the same period in 2025. Operating expenses for the nine months ended September 30, 2026 included $8.3 million of CEO transition costs, comprised of $6.3 million of non-cash share-based compensation expense for awards previously granted but not fully amortized and $2.0 million of cash transition costs. Adjusting for the impact of CEO transition costs, operating expenses increased 4%.
Operating income was $522.5 million compared to $528.2 million in the same period last year. Adjusted operating income was $530.7 million, in line with the same period of 2025.
Net income decreased 3% to $364.4 million compared to $374.8 million in the nine months ended September 30, 2025. We recorded a $0.7 million, or $0.02 per diluted share, tax benefit from ASU 2016-09 in 2026 compared to a $4.2 million, or $0.11 per diluted share, tax benefit in the same period of 2025. Adjusted net income for the nine months ended September 30, 2026 was $371.2 million compared to $370.6 million in the nine months ended September 30, 2025.
Earnings per diluted share increased 1% to $10.02 compared to $9.97 in the same period of 2025. Adjusted earnings per diluted share increased 4% to $10.21 from $9.86 in the first nine months of 2025.
Balance Sheet and Liquidity
Inventory decreased 3% at September 30, 2026 compared to September 30, 2025, while third quarter net sales increased 4% year over year. Total debt outstanding increased $104.9 million to $1.2 billion at September 30, 2026.
Net cash provided by operations increased 47% to $419.8 million in the first nine months of 2026 compared to $285.7 million in the first nine months of 2025. Year to date, we have returned $338.1 million to our shareholders through $140.1 million in dividends and $198.0 million in share repurchases. These returns were primarily funded by operating cash flows, after investing $49.8 million in the business and making $33.1 million in net debt repayments. We have also increased our quarterly dividend by 4% to $1.30 per share from $1.25 per share in the third quarter of 2025.
Outlook
“Based on our performance to date and outlook for the remainder of the year, we are confirming our full-year adjusted diluted EPS guidance range of $10.87 to $11.17. As we look forward to closing out 2026, I am proud of the POOLCORP team, whose dedication and execution are the true source of our success. Our unmatched network, solid operational performance and strong supplier relationships position us well to continue delivering exceptional value to our customers and the outdoor living industry,” said Watwood.
The table below further illustrates our current guidance:
(Unaudited) 2026 Guidance Range Floor Ceiling Diluted EPS(1) $10.66 $10.96 After-tax CEO transition costs 0.21 0.21 Adjusted diluted EPS(1) $10.87 $11.17 (1) Includes $0.02 of year-to-date ASU 2016-09 tax benefits.
Non-GAAP Financial Measures
This press release contains certain non-GAAP measures. See the addendum to this release for definitions of our non-GAAP measures and reconciliations of our non-GAAP measures to GAAP measures.
About Pool Corporation
POOLCORP is the world’s largest wholesale distributor of swimming pool and related backyard products. As of September 30, 2026, POOLCORP operated 454 sales centers in North America, Europe and Australia, through which it distributes more than 200,000 products to roughly 125,000 wholesale customers. For more information, please visit www.poolcorp.com.
Forward-Looking Statements
This news release includes “forward-looking” statements that involve risks and uncertainties that are generally identifiable through the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “should,” “will,” “may,” “outlook,” and other words and similar expressions and include projections of earnings. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the sensitivity of our business to weather conditions; changes in economic conditions, consumer discretionary spending, the housing market, inflation or interest rates; our ability to maintain favorable relationships with suppliers and manufacturers; competition from other leisure product alternatives or mass merchants; our ability to continue to execute our growth strategies; changes in the regulatory environment; new or additional taxes, duties or tariffs; excess tax benefits or deficiencies recognized under ASU 2016-09 and other risks detailed in POOLCORP’s 2025 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings filed with the Securities and Exchange Commission (SEC) as updated by POOLCORP’s subsequent filings with the SEC.
Kristin S. Byars
Director, Investor Relations and Finance
985.801.5153 [email protected]
POOL CORPORATION
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net sales $1,504,957 $1,451,131 $4,465,909 $4,307,187 Cost of sales 1,068,640 1,021,948 3,158,959 3,030,474 Gross profit 436,317 429,183 1,306,950 1,276,713 Percent 29.0% 29.6% 29.3% 29.6% Selling and administrative expenses 264,122 251,196 784,464 748,518 Operating income 172,195 177,987 522,486 528,195 Percent 11.4% 12.3% 11.7% 12.3% Interest and other non-operating expenses, net 11,762 12,004 38,402 35,387 Income before income taxes and equity in earnings 160,433 165,983 484,084 492,808 Provision for income taxes 37,449 38,985 119,774 118,048 Equity in earnings of unconsolidated investments, net 58 15 51 56 Net income $123,042 $127,013 $364,361 $374,816 Earnings per share attributable to common stockholders (1) Basic $3.41 $3.41 $10.03 $10.01 Diluted $3.40 $3.40 $10.02 $9.97 Weighted average common shares outstanding: Basic 35,881 37,090 36,108 37,272 Diluted 35,923 37,223 36,163 37,420 Cash dividends declared per common share $1.30 $1.25 $3.85 $3.70 (1) Earnings per share under the two-class method is calculated using net income attributable to common stockholders (net income reduced by earnings allocated to participating securities), which was $122.3 million and $126.4 million for the three months ended September 30, 2026 and September 30, 2025, respectively, and $362.3 million and $373.0 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. Participating securities excluded from weighted average common shares outstanding were 216,000 and 184,000 for the three months ended September 30, 2026 and September 30, 2025, respectively, and 206,000 and 184,000 for the nine months ended September 30, 2026 and September 30, 2025, respectively. POOL CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands) September 30, September 30, Change 2026 2025 $ % Assets Current assets: Cash and cash equivalents $105,657 $128,483 $(22,826) (18)%Receivables, net (1) 135,492 138,072 (2,580) (2) Receivables pledged under receivables facility 342,965 305,537 37,428 12 Product inventories, net (2) 1,185,177 1,223,809 (38,632) (3) Prepaid expenses and other current assets 52,365 53,138 (773) (1) Total current assets 1,821,656 1,849,039 (27,383) (1) Property and equipment, net 281,030 267,408 13,622 5 Goodwill 706,683 705,266 1,417 0 Other intangible assets, net 277,972 285,409 (7,437) (3) Equity interest investments 1,645 1,514 131 9 Operating lease assets 342,895 319,898 22,997 7 Other assets 53,588 72,137 (18,549) (26) Total assets $3,485,469 $3,500,671 $(15,202) (0)% Liabilities and stockholders’ equity Current liabilities: Accounts payable $423,865 $457,319 $(33,454) (7) Accrued expenses and other current liabilities 174,146 147,122 27,024 18 Short-term borrowings and current portion of long-term debt 20,952 12,881 8,071 63 Current operating lease liabilities 120,756 102,189 18,567 18 Total current liabilities 739,719 719,511 20,208 3 Deferred income taxes 93,984 79,101 14,883 19 Long-term debt, net 1,145,930 1,049,121 96,809 9 Other long-term liabilities 47,620 47,342 278 1 Non-current operating lease liabilities 231,098 225,706 5,392 2 Total liabilities 2,258,351 2,120,781 137,570 6 Total stockholders’ equity 1,227,118 1,379,890 (152,772) (11) Total liabilities and stockholders’ equity $3,485,469 $3,500,671 $(15,202) (0)% (1) The allowance for doubtful accounts was $10.3 million at September 30, 2026 and $8.3 million at September 30, 2025. (2) The inventory reserve was $24.9 million at September 30, 2026 and $29.0 million at September 30, 2025. POOL CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands) Nine Months Ended September 30, 2026 2025 Change Operating activities Net income $364,361 $374,816 $(10,455)Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 34,461 30,438 4,023 Amortization 6,750 6,598 152 Share-based compensation 22,437 17,385 5,052 Equity in earnings of unconsolidated investments, net (51) (56) 5 Other 3,489 459 3,030 Changes in operating assets and liabilities, net of effects of acquisitions: Receivables (134,083) (123,914) (10,169)Product inventories 264,883 77,407 187,476 Prepaid expenses and other assets 19,765 73,226 (53,461)Accounts payable (225,440) (69,794) (155,646)Accrued expenses and other liabilities 63,252 (100,822) 164,074 Net cash provided by operating activities 419,824 285,743 134,081 Investing activities Acquisition of businesses, net of cash acquired — (7,116) 7,116 Purchases of property and equipment, net of sale proceeds (49,772) (48,123) (1,649)Other investments, net 2,328 (508) 2,836 Net cash used in investing activities (47,444) (55,747) 8,303 Financing activities Proceeds from revolving line of credit 1,351,300 1,417,100 (65,800)Payments on revolving line of credit (1,496,400) (1,390,400) (106,000)Proceeds from term loan under credit facility — 125,000 (125,000)Payments on term loan under credit facility — (87,500) 87,500 Proceeds from asset-backed financing 390,300 437,600 (47,300)Payments on asset-backed financing (278,800) (370,400) 91,600 Payments on term facility — (19,938) 19,938 Proceeds from short-term borrowings and current portion of long-term debt 7,103 17,431 (10,328)Payments on short-term borrowings and current portion of long-term debt (6,555) (16,523) 9,968 Payments of deferred financing costs (359) (1,397) 1,038 Payments of excise tax on repurchases of common stock (2,974) — (2,974)Proceeds from stock issued under share-based compensation plans 5,018 9,203 (4,185)Payments of cash dividends (140,105) (138,664) (1,441)Repurchases of common stock (198,046) (163,884) (34,162)Net cash used in financing activities (369,518) (182,372) (187,146)Effect of exchange rate changes on cash and cash equivalents (2,168) 2,997 (5,165)Change in cash and cash equivalents 694 50,621 (49,927)Cash and cash equivalents at beginning of period 104,963 77,862 27,101 Cash and cash equivalents at end of period $105,657 $128,483 $(22,826) ADDENDUM
Base Business
When calculating our base business results, we exclude for a period of 15 months sales centers that are acquired, opened in new markets or closed. We also exclude consolidated sales centers when we do not expect to maintain the majority of the existing business and existing sales centers that are consolidated with acquired sales centers.
We generally allocate corporate overhead expenses to excluded sales centers on the basis of their net sales as a percentage of total net sales. After 15 months, we include acquired, consolidated and new market sales centers in the base business calculation including the comparative prior year period.
We have not provided separate base business income statement data within this press release as our base business results for the three and nine months ended September 30, 2026 closely approximated our consolidated results. Excluded sales centers contributed less than 1% to the change in our reported net sales.
The table below summarizes the changes in our sales centers during the first nine months of 2026.
December 31, 2025456New locations2Consolidated locations(4)September 30, 2026454 Reconciliation of Non-GAAP Financial Measures
The non-GAAP measures described below should be considered in the context of all of our other disclosures in this press release.
Adjusted EBITDA
We define Adjusted EBITDA as net income or net loss plus interest and other non-operating expenses, provision for income taxes, depreciation, amortization, share-based compensation, goodwill and other impairments, equity in earnings or loss of unconsolidated investments, and other items that management believes are not indicative of ongoing operating performance. Other companies may calculate Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.
Adjusted EBITDA is not a measure of performance as determined by generally accepted accounting principles (GAAP). We believe Adjusted EBITDA should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, net cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.
From time to time, we use Adjusted EBITDA as a supplemental disclosure because management uses it to monitor our performance, and we believe that it is widely used by our investors, industry analysts and others as a useful supplemental performance measure. We believe that Adjusted EBITDA, when viewed with our GAAP results and the accompanying reconciliations, provides an additional measure that enables management and investors to monitor factors and trends affecting our ability to service debt, pay taxes and fund capital expenditures.
The table below presents a reconciliation of net income to Adjusted EBITDA.
(Unaudited) Three Months Ended Nine Months Ended (In thousands) September 30, September 30, 2026 2025 2026 2025 Net income $123,042 $127,013 $364,361 $374,816 Adjustments to increase (decrease) net income: Interest and other non-operating expenses (1) 11,415 11,622 37,846 35,633 Provision for income taxes 37,449 38,985 119,774 118,048 Share-based compensation (2) 4,962 4,435 22,437 17,385 Equity in earnings of unconsolidated investments, net (58) (15) (51) (56)Depreciation 11,807 10,634 34,461 30,438 Amortization (3) 1,917 2,000 5,910 5,925 CEO cash transition costs (2) — — 1,962 — Adjusted EBITDA $190,534 $194,674 $586,700 $582,189 (1) Excludes loss (gain) on foreign currency transactions of $347 and $382 for the three months ended September 30, 2026 and September 30, 2025, respectively, and $556 and ($246) for the nine months ended September 30, 2026 and September 30, 2025, respectively. (2) CEO transition costs comprise $6.3 million included within share-based compensation for awards previously granted but not fully amortized and $2.0 million of cash transition costs for a total of $8.3 million included in Selling and administrative expenses on the Consolidated Statements of Income for the nine months ended September 30, 2026. (3) Excludes amortization of deferred financing costs of $290 and $286 for the three months ended September 30, 2026 and September 30, 2025, respectively, and $840 and $673 for the nine months ended September 30, 2026 and September 30, 2025, respectively. This non-cash expense is included in Interest and other non-operating expenses, net on the Consolidated Statements of Income. Adjusted Income Statement Information
We have included adjusted operating expenses, adjusted operating income, adjusted net income and adjusted diluted EPS, which are non-GAAP financial measures, in this press release as supplemental disclosures because we believe these measures are useful to management, investors and others in assessing our period-over-period operating performance. We believe these measures should be considered in addition to, not as a substitute for, operating expenses, operating income, net income and diluted EPS presented in accordance with GAAP and in the context of our other disclosures in this press release. Other companies may calculate these non-GAAP financial measures differently than we do, which may limit their usefulness as comparative measures.
The table below presents a reconciliation of operating expenses to adjusted operating expenses.
(Unaudited) Nine Months Ended (In thousands) September 30, 2026 Operating expenses $784,464 CEO transition costs (8,262)Adjusted operating expenses $776,202 The table below presents a reconciliation of operating income to adjusted operating income.
(Unaudited) Nine Months Ended (In thousands) September 30, 2026 Operating income $522,486 CEO transition costs 8,262 Adjusted operating income $530,748 The table below presents a reconciliation of net income to adjusted net income.
(Unaudited) Nine Months Ended (In thousands) September 30, 2026 2025 Net income $364,361 $374,816 CEO transition costs 8,262 — Tax impact (738) — ASU 2016-09 tax benefit (714) (4,181)Adjusted net income $371,171 $370,635 The table below presents a reconciliation of diluted EPS to adjusted diluted EPS.
(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Diluted EPS $3.40 $3.40 $10.02 $9.97 After-tax CEO transition costs — — 0.21 — ASU 2016-09 tax benefit — (0.01) (0.02) (0.11)Adjusted diluted EPS $3.40 $3.39 $10.21 $9.86
Cognizant debuts modular operating layer designed to accelerate value from AI—on infrastructure enterprises can own
, /PRNewswire/ -- Cognizant (Nasdaq: CTSH) announced the launch of Cognizant AI Nexus, a modular, multi-model operating layer designed to help enterprises more quickly turn AI investment into proven business value by metering AI spend, governing AI quality and documenting results across every team.
As frontier model capabilities converge and prices compress, the AI model an enterprise chooses is becoming less important in driving differentiation in the market. A more relevant question has emerged: how quickly can an enterprise turn AI investment into value it can measure and defend? That value velocity gap is the operational expression of a larger problem and a larger opportunity. Cognizant research found that the total unrealized annual value of AI across the Global 2000 could be as much as $4.7 trillion.1
Enterprises are moving past AI pilots, but many are still waiting for the returns. The same study found that two-thirds of Global 2000 leaders had yet to demonstrate measurable business productivity gains from AI, and one in four had paused or abandoned deployments. AI is also making technology spend both harder to see and harder to forecast. A new Cognizant survey of 250 FinOps leaders found that 72% of organizations exceeded their AI budget in the past 12 months, and 16% overshot by more than 25%.2
"Many enterprises have already made their AI commitments," said Ravi Kumar S, CEO, Cognizant. "What boards and finance leaders need now is evidence: what that spend returns, who is accountable for it and how to get more from every dollar. Cognizant AI Nexus gives them one governed place to answer those questions and a way to keep improving the answer."
Cognizant AI Nexus brings together five capabilities that enterprises can adopt independently, or together. Two of them, Engage and Orchestrate, change where work happens. The other three, Reveal, Coach and Route, govern how AI performs in that work. The expected functionality and potential benefits of these capabilities are as follows:
Where work happens
Cognizant AI Nexus Engage gives engineers, analysts and business leaders one governed workspace grounded in their own enterprise knowledge. A secure sandbox turns conversation into analysis, code and decisions, while persistent AI specialists, AI agents with their own context and memory, capture proven ways of working. Cognizant AI Nexus Orchestrate rebuilds business processes as agentic workflows, designed by Frontier Certified Engineers and run by Frontier Business Operators.3 Cognizant introduced both roles in June 2026 and aims to hold them accountable for results throughout the lifecycle of each workflow. How AI is governed
Cognizant AI Nexus Reveal maps every token, tool and dollar across AI vendors to the people, projects and outcomes behind them, so leaders can manage consumption budgets and prove impact. Cognizant AI Nexus Coach evaluates the context, approach and outcome of AI work as it happens and turns better practices into standards that raise quality across the enterprise. Cognizant AI Nexus Route matches each request to the model that offers the right balance of quality, cost and control, drawing on frontier, open-weight, small language and self-hosted models. Sensitive workloads stay inside the enterprise, policies apply to every route and traffic is designed to shift to healthy models when a provider slows or fails. Cognizant AI Nexus is designed to help enterprises build compounding value from their most effective processes. It distills proven practices into reusable assets that teams can share and AI specialists can apply, and each workflow run adds to the knowledge behind the next. Because the same layer meters spend and monitors quality, enterprises can track improvement in unit cost, quality and speed over time.
Cognizant's survey of FinOps leaders also found that 97% of organizations have had an AI agent session escalate beyond expected cost or activity, and 36% say the impact was material. Cognizant AI Nexus is designed with trust and control built into the operating layer itself.
Each AI specialist has its own identity, permissions and memory, and the enterprise decides what it can access. Every workflow carries a full audit trail, and human approval remains in place for critical decisions, compliance checks and customer-facing actions. Because Cognizant AI Nexus is designed to run inside the enterprise's own environment, the enterprise keeps control of the data, processes and institutional knowledge its AI depends on.
Cognizant's client work shows why that context matters. Across agentic AI engagements, the company has found that a lack of context readiness, more than any limit in model capability, is what keeps deployments out of production.4 As its own Client Zero, Cognizant runs Cognizant AI Nexus at scale across its operations before taking it to clients.
Learn more about Cognizant AI Nexus.
About Cognizant
Cognizant (Nasdaq: CTSH) is an AI Builder and technology services provider, bridging the gap between AI investment and enterprise value by building full-stack AI solutions for our clients. Our deep industry, process and engineering expertise enables us to build an organization's unique context into technology systems that amplify human potential, drive tangible outcomes and keep global enterprises ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant.
Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the unrealized value of AI and the anticipated functionality of and benefits from utilizing Cognizant AI Nexus' capabilities. These statements are neither promises nor guarantees, may reflect findings of the reports and surveys discussed above, and remain subject to a variety of risks and uncertainties, many of which are beyond Cognizant's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause outcomes to differ materially from those expressed or implied include general economic conditions, the impact of technological development and competition, the competitive and rapidly changing nature of the markets Cognizant competes in, our ability to successfully deploy and use AI-based technologies, and the other factors discussed in Cognizant's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
For more information, contact:
U.S.
Name Ben Gorelick
Email
[email protected]
Europe / APAC
Name Sarah Douglas
Email
[email protected]
India
Name Vipin Nair
Email
[email protected]
1 Cognizant, "Closing the AI Execution Gap: A $2 Billion Business Boost," survey of 1,100 senior business leaders at Global 2000 companies and 100 startups across 10 industries, announced June 15, 2026. https://news.cognizant.com/2026-06-15-New-Cognizant-Research-Reveals-4-7-Trillion-in-Untapped-AI-Value-Across-G2000
2 Cognizant FinOps survey of 250 FinOps leaders at director level or above at companies with $500M+ in annual revenue in the US (150), UK (50) and India (50), fielded Aug. 27–Sept. 5, 2026. Margin of error ±6.2 percentage points.
3 Frontier Certified Engineers combine industry domain expertise with AI engineering, breaking each business process into atomic tasks and compiling them into a workflow that reflects how the business actually runs. Frontier Business Operators own the operational result, directing people and AI specialists together toward an agreed objective. Cognizant introduced the roles on June 1, 2026 (https://news.cognizant.com/2026-06-01-Cognizant-Develops-Frontier-Certified-Engineer-and-Frontier-Business-Operator-Roles-to-Define-the-Next-Generation-of-AI-Powered-Work) and on July 9, 2026 committed to scale to 5,000 Frontier Certified Engineers and 10,000 Frontier Business Operators (https://news.cognizant.com/2026-07-09-Cognizant-to-scale-to-5,000-Frontier-Certified-Engineers-and-10,000-Frontier-Business-Operators).
4 Naveen Sharma and Satish Hegde, "Building the engineered context layer (Part 2)," Cognizant, July 16, 2026. https://www.cognizant.com/us/en/insights/insights-blog/how-to-build-engineered-context-layer-for-enterprise-agentic-ai
Is Huntington Bancshares Inc (HBAN) Undervalued After Q3 Earnings Miss? EPS at $0.33 vs. $0.35 Estimate; Revenue at $2.79B
Quarterly Summary vs Analyst Estimates
Huntington Bancshares Inc HBAN released its 8-K filing on October 22, 2026, detailing its financial performance for the third quarter of 2026. The company reported earnings per share (EPS) of $0.33, falling short of the analyst estimate of $0.35. Total revenue for the quarter reached $2.79 billion, down slightly from $2.84 billion in the previous quarter and reflecting a substantial increase compared to $2.13 billion a year prior.
Huntington Bancshares Incorporated is a U.S. regional bank holding company headquartered in Columbus, Ohio. It operates primarily through its subsidiary, The Huntington National Bank, serving various clients, including consumers, small businesses, and large corporations, across the Midwest, Mid-Atlantic, and Southeast regions. The company focuses on offering banking services through segments such as Consumer and Regional Banking, Commercial Banking, and Wealth Management and Private Banking.
Performance Summary and ChallengesDespite stability in EPS, Huntington faced challenges in the third quarter. Noninterest income decreased by 8% quarter-over-quarter, attributed mainly to lower capital markets fees and unfavorable equity valuation adjustments. This reduction in fee income can impact overall profitability and growth prospects, especially when weighed against rising competition and fluctuating market conditions.
Furthermore, average total loans and leases fell by 0.4% compared to the prior quarter. This decline was mainly driven by reductions in commercial real estate and total consumer loans, suggesting potential headwinds in loan demand. The challenges faced by the commercial segment could indicate economic pressures affecting clients' borrowing activities, which may lead to a cautionary outlook for future earnings stability.
Financial Achievements and Key MetricsHuntington maintained a robust capital position with a common equity tier 1 (CET1) risk-based capital ratio of 10.1% and total tangible equity (TCE) ratio of 6.9%. The solid capital metrics highlight the bank's ability to absorb losses and fund growth, presenting a relatively strong foundation, especially amidst uncertainties in the broader economic environment.
Performance AnalysisHuntington's net interest income rose by 1% quarter-over-quarter, driven by a slight increase in the net interest margin (NIM) to 3.25%. This improvement reflects the bank's capacity to generate income from its lending and investment activities, even while managing costs effectively. However, the combined effect of higher income versus lower loan growth could signal a cautious approach to future lending practices in an environment of rising rates and restricted credit availability.
Overall, while the bank reported steady earnings, the declining trend in loan volumes along with decreased noninterest income could pose challenges to long-term growth and earnings potential. The management's focus on optimizing costs, enhancing revenue through strategic partnerships, and maintaining disciplined execution will be instrumental in navigating these existing headwinds.
GuruFocus Valuation CheckAccording to GuruFocus's proprietary data, Huntington Bancshares Inc has a GF Score of 86/100, indicating a strong overall performance based on quality, momentum, and valuation metrics. The computed GF Value stands at $16.62, suggesting that the stock is currently undervalued compared to its current price of $15.72, translating to a 5.4% undervaluation.
The financial strength of Huntington scores 2/10, implying an area of concern regarding its sustainability under duress, while its profitability rank at 8/10 denotes a strong level of return on its equity and asset base. Moreover, a growth rank of 10/10 indicates significant potential for future growth driven by strategic acquisitions and organic expansion.
It's notable that insider activity shows a net selling trend over the past 12 months, with $8.0 million in sales compared to $0.9 million in purchases. This selling may suggest caution among insiders regarding the company’s future outlook. Such insider behavior can often be interpreted as a signal for investors to evaluate current valuations closely.
For a deeper dive, visit the Huntington Bancshares Inc stock page on GuruFocus.
Explore the complete 8-K earnings release (here) from Huntington Bancshares Inc for further details.
GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $16.62 (5.4% undervalued); its GF Score™ is 86/100; 9 gurus currently hold the stock, with 3 adding and 9 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full Huntington Bancshares Inc HBAN research.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Old Republic ve 3. čtvrtletí 2026 vykázala čistý zisk 243,2 mil. USD, což představuje meziroční pokles z 279,5 mil. USD; provozní zisk klesl o 7,8 % na 181,4 mil. USD.
, /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today reported the following results for the third quarter 2026:
Net income of $243.2 million, compared to $279.5 million last year.
Net operating income1 of $181.4 million, compared to $196.7 million last year.
Net operating income per diluted share of $0.73, compared to $0.78 last year.
Consolidated net premiums and fees earned of nearly $2.3 billion, compared to nearly $2.1 billion last year.
Net investment income of $185.4 million, compared to $182.6 million last year.
Consolidated combined ratio of 96.1%, compared to 95.3% last year.
Favorable loss reserve development of 1.1 points, compared to 2.5 points last year.
Book value per share of $24.65, inclusive of dividends declared up 5.7% since year-end 2025.
Annualized operating return on equity of 12.1%.
Total capital returned to shareholders of $190.2 million, including $113.8 million in share repurchases.
Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Net income
$ 243.2
$ 279.5
$ 895.6
$ 729.0
Net realized investment gains (losses)
(63.2)
82.7
232.5
121.3
Bargain purchase gain
124.9
—
124.9
—
Net operating income
$ 181.4
$ 196.7
(7.8) %
$ 538.1
$ 607.7
(11.5) %
Combined ratio
96.1 %
95.3 %
96.0 %
94.2 %
PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Net income
$ 0.99
$ 1.11
$ 3.62
$ 2.91
Net realized investment gains (losses)
(0.25)
0.33
0.95
0.49
Bargain purchase gain
0.51
—
0.50
—
Net operating income
$ 0.73
$ 0.78
(6.0) %
$ 2.17
$ 2.42
(10.3) %
SHAREHOLDERS' EQUITY (BOOK VALUE)
Sep. 30,
Dec. 31,
2026
2025
% Change
Total
$5,875.3
$5,914.0
(0.7) %
Per common share
$24.65
$24.21
1.8 %
1 Non-GAAP financial measure. See "Use of Non-GAAP financial measures" for additional information.
Use of Non-GAAP financial measures
Old Republic's business is managed for the long run. In this context, management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net operating income, a non-GAAP financial measure defined as net income excluding net investment gains (losses) and bargain purchase gain, in its evaluation of periodic and long-term results.
In management's opinion, excluding these gains and losses from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because sales are often highly discretionary, and changes in the value of equity securities can cause significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability.
FINANCIAL HIGHLIGHTS
Quarters Ended September 30,
Nine Months Ended September 30,
SUMMARY INCOME STATEMENTS:
2026
2025
% Change
2026
2025
% Change
Revenues:
Net premiums and fees earned
$ 2,269.3
$ 2,086.2
8.8 %
$ 6,339.4
$ 5,922.0
7.0 %
Net investment income
185.4
182.6
1.5
545.5
524.9
3.9
Other income
50.6
50.7
(0.2)
149.4
147.5
1.3
Total operating revenues
2,505.4
2,319.6
8.0
7,034.4
6,594.5
6.7
Pretax realized investment gains (losses)
(79.9)
104.7
294.3
152.4
Bargain purchase gain
124.9
—
124.9
—
Total revenues
2,550.5
2,424.3
7,453.8
6,746.9
Operating expenses:
Loss and loss adjustment expenses
943.9
856.9
10.2
2,681.0
2,465.3
8.8
Underwriting, acquisition, and other expenses
1,308.6
1,197.0
9.3
3,606.9
3,307.8
9.0
Interest and other charges
25.5
17.3
47.2
69.9
52.9
32.2
Total expenses
2,278.2
2,071.3
10.0 %
6,357.8
5,826.0
9.1 %
Pretax income
272.2
352.9
1,095.9
920.9
Income taxes
27.8
72.8
197.4
186.1
Total net income
244.4
280.1
898.4
734.7
Net income attributable to
noncontrolling interests
1.2
0.5
2.7
5.6
Net income attributable to shareholders
$ 243.2
$ 279.5
$ 895.6
$ 729.0
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net operating income
$ 0.75
$ 0.80
(5.7) %
$ 2.23
$ 2.48
(10.1) %
Net realized investment gains (losses)
(0.26)
0.34
0.96
0.50
Bargain purchase gain
0.52
—
0.52
—
Basic net income
$ 1.01
$ 1.14
$ 3.71
$ 2.98
Diluted net operating income
$ 0.73
$ 0.78
(6.0) %
$ 2.17
$ 2.42
(10.3) %
Net realized investment gains (losses)
(0.25)
0.33
0.95
0.49
Bargain purchase gain
0.51
—
0.50
—
Diluted net income
$ 0.99
$ 1.11
$ 3.62
$ 2.91
Dividends declared on common stock
$ 0.315
$ 0.290
8.6 %
$ 0.945
$ 0.870
8.6 %
The information presented in the following table highlights the most meaningful indicators of Old Republic's segmented and consolidated financial performance. The information underscores the performance of its operating companies, as well as the sound investment of their capital and underwriting cash flows.
Sources of Consolidated Income
Quarters Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Net premiums and fees earned:
Specialty Insurance
$ 1,444.6
$ 1,316.8
9.7 %
$ 4,060.3
$ 3,845.0
5.6 %
Title Insurance
823.3
767.0
7.3
2,273.9
2,070.0
9.8
Corporate & Other
1.4
2.3
(39.4)
5.1
6.9
(25.9)
Consolidated
$ 2,269.3
$ 2,086.2
8.8 %
$ 6,339.4
$ 5,922.0
7.0 %
Underwriting income (loss):2
Specialty Insurance
$ 58.5
$ 69.2
(15.4) %
$ 185.1
$ 315.3
(41.3) %
Title Insurance
32.3
27.8
15.9
69.3
22.5
207.0
Corporate & Other
(23.4)
(14.0)
(66.6)
(53.6)
(41.4)
(29.2)
Consolidated
$ 67.4
$ 83.0
(18.8) %
$ 200.9
$ 296.4
(32.2) %
Net investment income:
Specialty Insurance
$ 162.3
$ 154.6
4.9 %
$ 479.9
$ 454.6
5.6 %
Title Insurance
17.9
17.6
1.7
53.7
51.7
3.9
Corporate & Other
5.2
10.3
(49.5)
11.8
18.5
(36.2)
Consolidated
$ 185.4
$ 182.6
1.5 %
$ 545.5
$ 524.9
3.9 %
Interest and other charges (income):
Specialty Insurance
$ 17.0
$ 16.1
$ 53.5
$ 48.3
Title Insurance
(0.1)
(0.2)
—
(0.1)
Corporate & Other3
8.7
1.5
16.4
4.7
Consolidated
$ 25.5
$ 17.3
47.2 %
$ 69.9
$ 52.9
32.2 %
Pretax operating income (loss):
Specialty Insurance
$ 203.9
$ 207.7
(1.8) %
$ 611.6
$ 721.7
(15.3) %
Title Insurance
50.4
45.7
10.1
123.1
74.4
65.5
Corporate & Other
(27.0)
(5.2)
N/M
(58.2)
(27.6)
N/M
Consolidated
227.2
248.2
(8.5) %
676.5
768.4
(12.0) %
Income taxes
44.5
50.8
135.6
155.0
Net operating income
182.6
197.3
(7.4) %
540.9
613.4
(11.8) %
Consolidated pretax realized investment
gains (losses)
(79.9)
104.7
294.3
152.4
Income taxes (credits)
(16.7)
21.9
61.8
31.1
Net realized investment gains (losses)
(63.2)
82.7
232.5
121.3
Bargain purchase gain
124.9
—
124.9
—
Total net income
244.4
280.1
898.4
734.7
Net income attributable to
noncontrolling interests
1.2
0.5
2.7
5.6
Net income attributable to shareholders
$ 243.2
$ 279.5
$ 895.6
$ 729.0
2 Includes related services.
3 Includes consolidation/elimination entries.
Specialty Insurance Segment Operating Results
Quarters Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Revenues:
Net premiums written
$ 1,636.3
$ 1,481.1
10.5 %
$ 4,458.9
$ 4,114.3
8.4 %
Net premiums earned
1,444.6
1,316.8
9.7
4,060.3
3,845.0
5.6
Other income
50.4
50.6
(0.3)
148.9
147.1
1.2
Expenses:
Loss and loss adjustment expenses
924.1
835.9
10.6
2,618.9
2,406.7
8.8
Underwriting, acquisition, and other expenses
512.3
462.2
10.8
1,405.2
1,270.0
10.6
Segment underwriting income
58.5
69.2
(15.4)
185.1
315.3
(41.3)
Add: Net investment income
162.3
154.6
4.9
479.9
454.6
5.6
Less: Interest and other charges
17.0
16.1
5.1
53.5
48.3
10.9
Segment pretax operating income
$ 203.9
$ 207.7
(1.8) %
$ 611.6
$ 721.7
(15.3) %
Loss ratio:
Current year
64.8 %
66.9 %
65.2 %
65.8 %
Prior years
(0.8)
(3.4)
(0.7)
(3.2)
Total
64.0
63.5
64.5
62.6
Expense ratio
32.0
31.3
30.9
29.2
Combined ratio
96.0 %
94.8 %
95.4 %
91.8 %
Combined Ratio Analysis - Excluding Auto Warranty Write-Up to Retail
Loss ratio:
Current year
66.8 %
68.0 %
66.5 %
66.6 %
Prior years
(0.8)
(3.5)
(0.7)
(3.2)
Total
66.0
64.5
65.8
63.4
Expense ratio
29.9
30.2
29.6
28.3
Combined ratio
95.9 %
94.7 %
95.4 %
91.7 %
Specialty Insurance net premiums written continues to reflect significant growth in auto warranty programs which require net premiums written to include the retail selling price of service contracts. Excluding the write-up to retail pricing, Specialty Insurance net premiums written increased 7.1% and 4.0% for the quarter and first nine months, respectively, and net premiums earned increased 8.0% and 4.9% for the same periods. Growth in net premiums earned for the quarter was driven by a combination of premium rate increases and new business production (including an increasing contribution from start-up operating companies) and the acquisition of ECM Insurance Group. Earned premium growth was most pronounced within commercial auto, accident & health, property, and auto warranty coverages, while Canadian travel accident and trucking continued to decline.
The increase in net investment income was primarily driven by a higher invested asset base.
Specialty Insurance underwriting ratios reflect the impact of the write-up to retail pricing on certain auto warranty programs. Under these programs, as the retail premiums are earned a corresponding commission expense is recognized. The combined ratio analysis above illustrates the resulting increase in the expense ratios and corresponding decrease in the loss ratios.
Excluding the auto warranty write-up to retail, Specialty Insurance loss ratios increased due to a lower level of favorable prior year loss reserve development, partially offset by an improvement in the current year loss ratios. Favorable development was recognized in property, commercial auto, and workers' compensation, partially offset by unfavorable development in general liability and financial indemnity.
The expense ratio for the third quarter 2026 includes a $20 credit loss (1.4 points) from a guaranteed asset protection account. This was offset by lower acquisition costs from changes in mix, and the impact of a third quarter 2025 true-up of ceding commissions (0.9 points). In addition, the expense ratios continue to reflect investments in start-up operating companies which are not at scale, information technology modernization, data and analytics, and artificial intelligence, including the additional personnel costs to manage all of these key initiatives. Several of the information technology modernization efforts are entering a phase in which costs are being amortized while the systems being replaced are not yet decommissioned.
Old Republic's acquisition of ECM Insurance Group following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. Specialty Insurance recognized a gain on the acquisition of $124.9 and ECM Insurance Group's current period results were accretive to this quarter's operating earnings.
Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first nine months. For Specialty Insurance, combined ratios between 90% and 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly with long-tailed lines of coverage.
Title Insurance Segment Operating Results
Quarters Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Revenues:
Net premiums earned
$ 756.0
$ 699.5
8.1 %
$ 2,074.3
$ 1,876.3
10.6 %
Title, escrow, and other fees
67.2
67.5
(0.5)
199.5
193.6
3.0
Net premiums and fees earned
823.3
767.0
7.3
2,273.9
2,070.0
9.8
Other income
0.2
0.1
25.4
0.5
0.4
22.5
Expenses:
Loss and loss adjustment expenses
17.0
20.3
(16.3)
57.9
56.7
2.1
Underwriting, acquisition, and other expenses
774.2
719.0
7.7
2,147.1
1,991.1
7.8
Segment underwriting income
32.3
27.8
15.9
69.3
22.5
207.0
Add: Net investment income
17.9
17.6
1.7
53.7
51.7
3.9
Less: Interest and other charges (income)
(0.1)
(0.2)
31.2
—
(0.1)
55.0
Segment pretax operating income
$ 50.4
$ 45.7
10.1 %
$ 123.1
$ 74.4
65.5 %
Loss ratio:
Current year
3.7 %
3.5 %
3.7 %
3.5 %
Prior years
(1.6)
(0.8)
(1.2)
(0.8)
Total
2.1
2.7
2.5
2.7
Expense ratio
94.0
93.7
94.4
96.2
Combined ratio
96.1 %
96.4 %
96.9 %
98.9 %
Title Insurance net premiums and fees earned increased 7.3% for the quarter and 9.8% for the first nine months. Agency premiums, which are reported on a lag relative to direct premiums, experienced strong growth, while directly produced premiums were relatively flat as a result of the interest rate environment. Commercial premiums represented 23.6% of net premiums earned compared to 26.4% in the third quarter of last year.
Net investment income increased marginally in the quarter.
The Title Insurance loss ratios improved slightly compared to last year, primarily from a higher level of favorable prior year loss reserve development. The expense ratio for the quarter increased slightly due to commissions on a higher level of agency business, partially offset by continued expense management and scale. In addition, the expense ratio for the first nine months of 2025 included approximately $15 (0.7 points) in litigation settlement expenses; excluding this impact, the expense ratio improved 1.1 points for the first nine months.
Together, these factors produced higher pretax operating income for the quarter and first nine months. For Title Insurance, combined ratios between 90% to 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range. Although Title Insurance has been navigating a difficult real estate environment over the last few years resulting in ratios in excess of this range, Title Insurance continues to strive to come into range in the near term.
Corporate & Other Operating Results
Quarters Ended September 30,
Nine Months Ended September 30,
2026
2025
% Change
2026
2025
% Change
Net premiums earned
$ 1.4
$ 2.3
(39.4) %
$ 5.1
$ 6.9
(25.9) %
Net investment income4
5.2
10.3
(49.5)
11.8
18.5
(36.2)
Operating revenues
6.5
12.5
(47.6)
16.8
25.4
(33.6)
Operating expenses
33.6
17.8
88.6 %
75.0
53.1
41.4 %
Corporate & Other pretax operating loss
$ (27.0)
$ (5.2)
N/M
$ (58.2)
$ (27.6)
N/M
Corporate & Other includes a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries. Net investment income was impacted by a lower invested asset base due to the return of capital to shareholders and a higher allocation to short-term investments. Additionally, the Company's $550 Senior Notes matured in August 2026 and were repaid with proceeds from the $700 Senior Notes issued in May 2026. Operating expenses in 2026 include the increased interest costs associated with the May 2026 debt issuance and transaction costs associated with the closing of the ECM Insurance Group acquisition.
Consolidated Balance Sheets
September 30,
December 31,
2026
2025
Assets:
Fixed income securities (at fair value)
$ 12,136.2
$ 12,709.8
Equity securities (at fair value)
2,252.3
2,487.7
Short-term investments (at fair value which approximates cost)
2,258.5
1,613.6
Other investments
19.3
27.7
Cash
336.0
263.2
Accrued investment income
133.8
141.1
Accounts and notes receivable
3,153.1
2,782.2
Reinsurance balances and funds held
410.0
404.5
Reinsurance recoverable
8,702.8
7,740.2
Deferred policy acquisition costs
893.3
636.2
Other assets
1,175.8
1,055.9
Total assets
$ 31,471.7
$ 29,862.7
Liabilities and Equity:
Loss and loss adjustment expense reserves
$ 15,820.9
$ 14,775.7
Unearned premiums
4,815.1
3,982.5
Other policyholders' benefits and funds held
185.2
177.8
Commissions, expenses, fees, and taxes
585.5
601.8
Reinsurance balances and funds held
1,581.8
1,428.0
Federal income tax: Deferred
123.5
219.3
Debt
1,749.7
1,589.9
Other liabilities
718.8
1,158.7
Total liabilities
25,580.8
23,934.2
Total shareholders' equity
5,875.3
5,914.0
Noncontrolling interests
15.4
14.4
Total equity
5,890.8
5,928.4
Total liabilities and equity
$ 31,471.7
$ 29,862.7
4 Net of elimination entries.
Investments
As of September 30, 2026, the consolidated investment portfolio reflected an allocation of approximately 86% to fixed income securities (bonds and notes) and short-term investments, and 14% to equity securities (common and preferred stocks). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the operating companies. The equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.
The investment portfolio has extremely limited exposure to high risk or illiquid asset classes such as limited partnerships, derivatives, hedge funds or private equity investments. In addition, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities with values predicated on non-regulated financial instruments with unfunded counterparty risk attributes.
Shareholders' Equity Per Share
Changes in shareholders' equity per share are reflected in the following table. These changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividends to shareholders declared during the year. Both 2026 periods are also impacted by the bargain purchase gain realized by the Company as a result of its July 1, 2026 acquisition of ECM Insurance Group.
Quarter
Year
Ended
Ended
Sep. 30,
Nine Months Ended Sep. 30,
Dec. 31,
2026
2026
2025
2025
Beginning balance
$ 25.33
$ 24.21
$ 22.84
$ 22.84
Changes in shareholders' equity:
Net operating income
0.75
2.23
2.48
3.23
Net realized investment gains (losses)
(0.26)
0.96
0.50
0.59
Net unrealized investment gains (losses) on
fixed income securities
(1.29)
(1.90)
1.01
1.02
Total net realized and unrealized investment gains (losses)
(1.55)
(0.94)
1.51
1.61
Bargain purchase gain
0.52
0.52
—
—
Dividends declared
(0.315)
(0.945)
(0.870)
(3.660)
Other – net
(0.08)
(0.43)
0.23
0.19
Net change
(0.68)
0.44
3.35
1.37
Ending balance
$ 24.65
$ 24.65
$ 26.19
$ 24.21
Change for the period
(2.7) %
1.8 %
14.7 %
6.0 %
Change for the period, inclusive of dividends declared
(1.4) %
5.7 %
18.5 %
22.0 %
Total capital returned to shareholders during the quarter was $190.2, comprised of $76.3 in dividends and $113.8 in share repurchases. For the first nine months, total capital returned was $565.2, comprised of $229.7 in dividends and $335.4 in share repurchases.
Financial Supplement
A financial supplement to this news release is available on the Company's website: www.oldrepublic.com
Conference Call Information
Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m. CT) today to discuss its third quarter 2026 performance and to review major operating trends and business developments. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 833-461-5787, passcode 419723846. Interested parties may also listen to a replay of the call through October 29, 2026 by dialing 833-309-1852, passcode 419723846, or by accessing it on Old Republic's website.
About Old Republic
Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, Old Republic is a leader in underwriting and risk management services for business partners across the United States and Canada. Old Republic's specialized operating companies are experts in their fields, enabling them to provide tailored solutions that set them apart. For more information, please visit www.oldrepublic.com.
Forward-Looking Statements
Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as "expect," "predict," "estimate," "will," "should," "anticipate," "believe," and similar expressions. Any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance.
Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.
Old Republic's Specialty Insurance segment results can be affected by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors; general economic considerations, including the levels of investment yields, inflation rates, and the impacts of tariffs; periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, and work-related injuries; claims development and the impact on loss reserves; adequacy and availability of reinsurance; uncertainties in underwriting and pricing risks; and unanticipated external events. Old Republic's Title Insurance segment results can be affected by similar factors, and by changes in national and regional housing demand and values, the availability and cost of mortgage loans, and employment trends. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income, the levels of investments held, and period-to-period variations in the costs of administering the Company's widespread operations. In addition, results could be particularly affected by technology and security breaches or failures, including cybersecurity incidents.
A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2025 Form 10-K, and the various risks, uncertainties, and other factors that are included from time to time in other Securities and Exchange Commission filings.
Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.
At Old Republic:
At Financial Relations Board:
Craig R. Smiddy, President and Chief Executive Officer
Analysts/Investors: Joe Calabrese/[email protected]
Valley National Bancorp ve třetím čtvrtletí 2026 zvýšila čistý zisk na rekordních 206,3 milionu USD, neboli 0,36 USD na zředěnou akcii, ze 170,9 milionu USD v předchozím čtvrtletí.
NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2026 of $206.3 million, or $0.36 per diluted common share, as compared to the second quarter 2026 net income of $170.9 million, or $0.29 per diluted common share, and net income of $163.4 million, or $0.28 per diluted common share, for the third quarter 2025. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $206.4 million, or $0.36 per diluted common share, for the third quarter 2026, $172.8 million, or $0.30 per diluted common share, for the second quarter 2026, and $164.1 million, or $0.28 per diluted common share, for the third quarter 2025. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.
Ira Robbins, CEO, commented, “Our third quarter results demonstrate the continued improvement in Valley’s profitability. Strong revenue growth and disciplined expense management drove record quarterly net income for Valley and an efficiency ratio below 50 percent. We remain on track to achieve, and likely exceed, our previously stated return on average tangible common equity goal of 15 percent by the end of 2027. We believe that we are structurally well-positioned to navigate a range of potential interest rate scenarios while driving relative net interest margin outperformance. Combined with our strong capital and liquidity, this positioning gives us the flexibility to keep growing alongside our clients as we execute on our strategic priorities.”
Mr. Robbins continued, “Our pending acquisitions of Providence Financial Corporation and Bluevine Inc. are a natural extension of our strategy to further optimize our funding base. Providence will enhance our presence in the Chicagoland market, while Bluevine is expected to expand our ability to serve small businesses nationwide through differentiated digital capabilities. Together, these transactions will strengthen our core deposit franchise, broaden our growth opportunities and support sustainable long-term value creation for shareholders.”
Key financial highlights for the third quarter 2026:
Net Interest Margin and Income: Our net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points and 23 basis points from the second quarter 2026 and third quarter 2025, respectively. Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and third quarter 2025, respectively. The increases from the second quarter 2026 were mainly due to upward repricing of adjustable interest rate loans, higher yields on new loan originations, an increase in average loans and one additional day during the third quarter 2026, partially offset by higher average time deposits and an increase in the cost of certain non-maturity deposits. See additional details in the “Net Interest Income and Margin” and “Other Borrowings” sections below.Deposits: Total deposit balances increased $1.1 billion to $55.2 billion at September 30, 2026 as compared to $54.1 billion at June 30, 2026 primarily attributable to an increase in direct customer deposits during the third quarter 2026. The growth in direct customer deposits was mainly driven by inflows of non-maturity interest bearing deposits from commercial banking customers, as well as retail CD offerings during the third quarter 2026. See the “Deposits” section below for more details.Loan Portfolio: Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026 mostly due to increases of $363.0 million and $343.5 million in commercial and industrial (C&I) loans and total commercial real estate (CRE) loans, respectively. Loan originations from a range of relationship-driven small to midsize clients continued to drive C&I loan growth during the third quarter 2026, while new owner occupied loans and an uptick in construction loan activity were the primary drivers of the increase in CRE loans at September 30, 2026. Our CRE loan concentration ratio (defined as total CRE loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 312 percent at September 30, 2026 from 317 percent at June 30, 2026. See the “Loans” section below for more details.Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $600.5 million and $606.9 million at September 30, 2026 and June 30, 2026, respectively, representing 1.13 percent and 1.16 percent of total loans at each respective date. During the third quarter 2026, we recorded a provision for credit losses for loans of $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. See the “Credit Quality” section below for more details.Credit Quality: Total internally criticized and classified loans as a percentage of total loans declined to 7.1 percent at September 30, 2026 from 7.3 percent at June 30, 2026. Net loan charge-offs totaled $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and third quarter 2025, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026. The decrease was mainly due to migration of a few larger CRE loans to non-accrual category and, to a lesser extent, a decrease in early stage residential mortgage loan delinquencies. Non-accrual loans totaled $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. See the “Credit Quality” section below for more details.Non-Interest Income: Non-interest income increased $5.0 million to $78.7 million for the third quarter 2026 as compared to the second quarter 2026 largely due to a $6.4 million increase in other income primarily driven by recovery income from legal settlements and net valuation gains on certain fintech investments at September 30, 2026. Wealth management and trust fees also increased $4.5 million mainly due to a higher volume of transaction-related tax credit advisory fees. These increases were partially offset by lower bank owned life insurance and capital markets income.Non-Interest Expense: Non-interest expense decreased $1.2 million to $310.0 million for the third quarter 2026 as compared to the second quarter 2026. The overall decrease was largely driven by a $4.4 million decline in professional and legal fees due to lower business transformation-related consulting fees during the third quarter 2026, partially offset by higher amortization of tax credit investments. During the third quarter 2026, we recorded $3.1 million of merger related expenses (primarily reported within professional and legal fees and other expense) related to our pending acquisitions of Providence Financial Corporation (Providence) and Bluevine Inc. (Bluevine). See additional information below.Income Tax Expense: Income tax expense totaled $37.3 million and $49.6 million for the third and second quarters of 2026, respectively. Our effective tax rate was 15.3 percent for the third quarter 2026 as compared to 22.5 percent for the second quarter 2026. The decrease in income tax expense and the effective tax rate as compared to the linked second quarter 2026 was due to the availability and purchase of additional tax credits in excess of amounts previously anticipated during the third quarter 2026.Efficiency Ratio: Our efficiency ratio was 49.38 percent for the third quarter 2026 as compared to 52.11 percent and 53.37 percent for the second quarter 2026 and third quarter 2025, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.Performance Ratios: Annualized return on average assets (ROAA), shareholders’ equity (ROAE) and tangible common shareholders’ equity (ROATCE) were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. Annualized ROAA, ROAE, and ROATCE, adjusted for non-core income and charges, were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures. On August 25, 2026, Valley announced that it will acquire Providence, and its principal subsidiary, Providence Bank & Trust headquartered in South Holland, Illinois. We believe the acquisition of this high-performing commercial bank, with $1.6 billion in total assets and a 14-branch network as of June 30, 2026, will provide an established physical delivery channel in the Chicagoland area to supplement Valley’s existing commercial presence in the market. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, approval of Providence’s shareholders, and the satisfaction or waiver of other customary closing conditions.
On September 28, 2026, Valley also announced that it will acquire Bluevine, a leading nationwide digital banking platform for small businesses headquartered in Jersey City, New Jersey. Upon closing, Bluevine will bring Valley a scaled, high-growth digital small business platform; low-cost, digitally-sourced deposit relationships; and an established suite of integrated banking, payments, lending and financial-management solutions designed for small businesses across the country. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, and the satisfaction or waiver of other customary closing conditions.
Net Interest Income and Margin
Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and the third quarter 2025, respectively. Interest income on a tax equivalent basis increased $27.8 million to $858.5 million for the third quarter 2026 as compared to the second quarter 2026. The increase was primarily due to higher yields on adjustable interest rate loans, the origination of higher-yielding loans within the C&I and CRE loan portfolios, an overall increase in average loan balances and one additional day during the third quarter 2026 as compared to the second quarter 2026. Total interest expense increased $9.4 million to $351.7 million for the third quarter 2026 as compared to the second quarter 2026 mainly due to an increase in average time deposits during the third quarter 2026, as well as the higher cost of certain non-maturity deposits. See the “Deposits” and “Other Borrowings” sections below for more details.
Net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points from 3.20 percent for the second quarter 2026 and 23 basis points from 3.05 percent for the third quarter 2025. The yield on average interest earning assets increased by 11 basis points to 5.55 percent on a linked quarter basis largely due to the higher yields on new loan originations during the third quarter 2026 and upward repricing of adjustable interest rate loans. The overall cost of average interest bearing liabilities increased by 6 basis points to 3.16 percent for the third quarter 2026 as compared to the second quarter 2026 mostly due to the higher cost of both non-maturity and time deposits. Our cost of total average deposits was 2.33 percent for the third quarter 2026 as compared to 2.28 percent and 2.69 percent for the second quarter 2026 and third quarter 2025, respectively.
Loans, Deposits and Other Borrowings
Loans. Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026. C&I loans increased $363.0 million, or 12.1 percent on an annualized basis, to $12.3 billion at September 30, 2026 from June 30, 2026, primarily driven by new originations from relationship-driven small to midsize clients across several markets, with particularly strong loan production in New York, Florida, California, and Arizona. Total CRE (including construction) loans increased $343.5 million to $30.7 billion at September 30, 2026 from June 30, 2026 due, in large part, to continued momentum in new owner occupied CRE loan originations from our healthcare vertical and the Florida market, as well as an uptick in construction loan advances primarily in New York and Florida. Non-owner occupied loans decreased $145.7 million from June 30, 2026 mainly due to our continued targeted runoff of transactional/non-relationship loans, which outpaced limited new originations in this category during the third quarter 2026. Residential mortgage loans increased $101.5 million from June 30, 2026 mainly due to continued retention of most new loan origination activity and the modest levels of prepayments. Total consumer loans decreased $85.3 million from June 30, 2026 primarily due to a $118.1 million decrease in automobile loans as normal loan repayments outpaced consumer demand which was constrained by several factors, including gasoline prices and the high level of market interest rates.
Deposits. Actual ending balances for deposits increased $1.1 billion to $55.2 billion at September 30, 2026 from June 30, 2026 mainly due to a $730.9 million increase in the savings, NOW and money market deposits category and a $482.1 million increase in time deposits, partially offset by a $102.8 million decline in non-interest bearing deposits. The increase in savings, NOW and money market deposits from June 30, 2026 was mostly attributable to inflows from our commercial banking customers, partially offset by lower indirect customer money market deposit balances. The increase in time deposits was largely driven by higher indirect customer CD balances and deposits generated from our targeted retail CD offerings. Total indirect customer deposits (consisting of both brokered time and money market deposits) totaled $5.3 billion at both September 30, 2026 and June 30, 2026. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits at both September 30, 2026 and June 30, 2026.
Other Borrowings. Short-term borrowings decreased $383.2 million to $50.3 million at September 30, 2026 from June 30, 2026 mainly due to maturity and repayment of $375 million of short-term FHLB advances during the third quarter 2026. Long-term borrowings totaled $2.6 billion at September 30, 2026 and remained relatively unchanged as compared to June 30, 2026.
Credit Quality
Non-Performing Assets (NPAs). NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $46.0 million to $513.8 million at September 30, 2026 from June 30, 2026. Non-accrual loans increased $48.8 million to $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. The increase was primarily attributable to a $30.1 million construction loan that was placed on non-accrual status during the third quarter 2026, as well as higher levels of non-accrual C&I loans. The $30.1 million construction loan is considered well-secured and did not require a specific reserve within our allowance for credit losses for loans at September 30, 2026 based upon the estimated value of the underlying collateral. Non-accrual CRE loans decreased $3.0 million to $253.1 million at September 30, 2026 from June 30, 2026, primarily reflecting repayments and partial charge-offs, partially offset by the migration of three CRE loans previously reported as loans 30 to 59 days past due at June 30, 2026 to non-accrual status during the third quarter 2026.
Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026.
Loans 30 to 59 days past due decreased $41.7 million to $109.3 million at September 30, 2026 as compared to June 30, 2026 primarily due to the migration of three CRE loans totaling $24.7 million, net of partial charge-offs of $9.1 million during the third quarter 2026, to non-accrual loans at September 30, 2026, as well as lower residential mortgage loan delinquencies. Loans 60 to 89 days past due increased $14.8 million to $27.9 million at September 30, 2026 as compared to June 30, 2026 mainly due to one CRE loan relationship totaling $10.9 million and higher residential mortgage loans delinquencies. Loans 90 days or more past due and still accruing interest increased $1.3 million to $17.3 million at September 30, 2026 as compared to June 30, 2026 largely due to the third quarter 2026 migration of a $4.0 million CRE loan previously reported in the 30 to 59 days past due delinquency category at June 30, 2026, partially offset by lower residential mortgage and C&I loans delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.
Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2026, June 30, 2026, and September 30, 2025:
September 30, 2026 June 30, 2026 September 30, 2025 Allocation Allocation Allocation as a % of as a % of as a % of Allowance
Loan Allowance
Loan Allowance
Loan Allocation
Category Allocation
Category Allocation
Category ($ in thousands)Loan Category: Commercial and industrial loans $211,513 1.72% $198,910 1.66% $161,848 1.50%Commercial real estate loans: Commercial real estate 252,903 0.90 268,445 0.96 297,685 1.14 Construction 46,490 1.75 50,623 2.05 51,908 2.06 Total commercial real estate loans 299,393 0.98 319,068 1.05 349,593 1.22 Residential mortgage loans 47,376 0.78 48,905 0.82 51,094 0.88 Consumer loans: Home equity 4,341 0.58 4,333 0.59 3,735 0.57 Auto and other consumer 18,177 0.54 19,384 0.56 18,730 0.55 Total consumer loans 22,518 0.55 23,717 0.57 22,465 0.56 Allowance for loan losses 580,800 1.09 590,600 1.13 585,000 1.19 Allowance for unfunded credit commitments 19,700 16,320 13,604 Total allowance for credit losses for loans $600,500 $606,920 $598,604 Allowance for credit losses for loans as a % of total loans 1.13% 1.16% 1.21%
Our loan portfolio, totaling $53.2 billion at September 30, 2026, had net loan charge-offs totaling $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and the third quarter 2025, respectively. Gross loan charge-offs totaled $40.1 million for the third quarter 2026 and included (i) an $11.6 million partial charge-off of a C&I loan with $2.0 million of allocated reserves within our allowance for credit losses for loans at September 30, 2026 and (ii) partial charge-offs totaling $9.1 million related to the aforementioned three non-accrual CRE loans totaling $24.7 million, net of the charge-offs, with no related allocated reserves within our allowance for credit losses for loans at September 30, 2026.
The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.13 percent at September 30, 2026, 1.16 percent at June 30, 2026, and 1.21 percent at September 30, 2025. For the third quarter 2026, the provision for credit losses for loans totaled $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. The third quarter 2026 provision was mainly impacted by increases in (i) the economic forecast component of our reserve, (ii) non-economic qualitative reserves and (iii) specific reserves associated with certain collateral dependent loans, partially offset by (iv) a decline in quantitative reserves largely within certain CRE loan categories, including construction loans, at September 30, 2026.
Capital Adequacy
Valley’s total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.70 percent, 11.36 percent, 10.71 percent and 9.54 percent, respectively, at September 30, 2026 as compared to 13.77 percent, 11.37 percent, 10.71 percent and 9.49 percent, respectively, at June 30, 2026. During the third quarter 2026, we repurchased 2.5 million shares of our common stock at an average price of $13.86 under our current stock repurchase plan.
Investor Conference Call
Valley’s CEO, Ira Robbins, will host a conference call on Thursday, October 22, 2026 at 8:30 AM (ET) to discuss Valley’s third quarter 2026 earnings and related matters. Interested parties should pre-register using this link: https://register-conf.media-server.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com/ and archived on Valley’s website through Monday, November 23, 2026. Investor presentation materials will be made available prior to the conference call at www.valley.com.
About Valley
As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $67 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.
Forward-Looking Statements
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, the Transactions (as defined below) and other mergers or acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by forward-looking terminology such as “intend,” “should,” “expect,” “believe,” “position,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, but are not limited to:
risks and uncertainties relating to Valley’s pending acquisitions of Providence and Bluevine (together, the “Transactions”), including, but not limited to: the possibility that the Transactions may not be completed when expected or at all, including as a result of delays in obtaining, or the failure to obtain, required regulatory or other approvals or the failure to satisfy other closing conditions, including approval by Providence shareholders; the occurrence of any event that could give rise to the right of any party to terminate the merger or other agreement; the possibility that the anticipated benefits of the Transactions, including potential cost savings, synergies, and earnings accretion, will not be realized when expected or at all; the possibility that the Transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management and attention from ongoing business operations; costs or difficulties relating to integration matters might be greater than expected; the inability to retain customers and qualified employees of Providence and Bluevine; potential business disruption or adverse reactions or changes to business, customer or employee relationships as a result of the Transactions; and changes in estimates of non-recurring charges related to the Transactions;the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs/import fees and other trade policies and practices, any retaliatory actions, changes in energy commodity prices, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, any shutdown of the U.S. federal government, geopolitical instabilities or events, including ongoing conflicts in the Middle East, natural and other disasters, including severe weather events and other climate-related risks, health emergencies, acts of terrorism, or other external events;the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including FDIC insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;changes in the statutes, regulations, policies, enforcement priorities, or composition of the federal bank regulatory agencies;the loss of or decrease in lower-cost funding sources within our deposit base;investigations, damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment-related claims, and other matters;a prolonged downturn and contraction in the economy, as well as any decline in commercial real estate values collateralizing a significant portion of our loan portfolio;higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;the inability to grow customer deposits to keep pace with the level of loan growth;a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;increased competitive challenges and competitive pressure on pricing of our products and services;our ability to stay current with rapid technological changes and evolving legal and regulatory requirements in the financial services industry, including developments relating to the use of artificial intelligence, blockchain, and related regulatory developments, as well as our ability to effectively assess and monitor the effects of, and risks associated with, the implementation and use of such technology;cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our or our third-party service providers’ websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks and use of targeted tactics against the financial services industry;any disruption of our systems and network, or those of our third-party service providers, resulting from events that are wholly or partially beyond our control, including, for example, electrical, telecommunications, or other major service outages, or actions by employees, which may give rise to financial loss or liability;results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;application of heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather and other climate-related risks, pandemics or other public health crises, acts of terrorism or other external events;our ability to successfully execute our business plan and strategic initiatives; andunexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors. A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.
We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
–Tables to Follow–
VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL DATA Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30,($ in thousands, except for share data and stock price) 2026 2026 2025 2026 2025 FINANCIAL DATA: Net interest income – FTE (1) $506,794 $488,388 $447,473 $1,467,983 $1,302,525 Net interest income 505,451 487,024 446,224 1,464,000 1,298,737 Non-interest income 78,700 73,711 64,887 221,247 185,785 Total revenue 584,151 560,735 511,111 1,685,247 1,484,522 Non-interest expense 309,958 311,123 281,985 931,007 842,725 Pre-provision net revenue 274,193 249,612 229,126 754,240 641,797 Provision for credit losses 30,641 29,164 19,171 81,061 119,631 Income tax expense 37,252 49,563 46,600 132,081 119,586 Net income 206,300 170,885 163,355 541,098 402,580 Dividends on preferred stock 7,335 7,316 7,644 21,868 21,547 Net income available to common shareholders $198,965 $163,569 $155,711 $519,230 $381,033 Weighted average number of common shares outstanding: Basic 552,358,147 553,740,562 560,504,275 553,946,293 560,154,649 Diluted 556,266,986 556,958,049 563,636,933 557,405,979 563,905,535 Per common share data: Basic earnings $0.36 $0.30 $0.28 $0.94 $0.68 Diluted earnings 0.36 0.29 0.28 0.93 0.68 Cash dividends declared 0.11 0.11 0.11 0.33 0.33 Closing stock price – high 15.19 14.78 11.10 15.19 11.10 Closing stock price – low 12.62 12.42 9.18 11.66 7.87 FINANCIAL RATIOS: Net interest margin 3.27% 3.19% 3.04% 3.21% 3.00%Net interest margin – FTE (1) 3.28 3.20 3.05 3.22 3.01 Annualized return on average assets 1.24 1.04 1.04 1.10 0.86 Annualized return on average shareholders’ equity 10.36 8.65 8.58 9.12 7.13 NON-GAAP FINANCIAL DATA AND RATIOS: (2) Basic earnings per share, as adjusted $0.36 $0.30 $0.28 $0.95 $0.68 Diluted earnings per share, as adjusted 0.36 0.30 0.28 0.94 0.68 Annualized return on average assets, as adjusted 1.24% 1.05% 1.04% 1.12% 0.87%Annualized return on average shareholders’ equity, as adjusted 10.36 8.75 8.62 9.24 7.16 Annualized return on average tangible common shareholders’ equity 14.24 11.91 12.05 12.58 10.08 Annualized return on average tangible common shareholders’ equity, as adjusted 14.24 12.05 12.10 12.74 10.13 Efficiency ratio 49.38 52.11 53.37 51.49 54.79 AVERAGE BALANCE SHEET ITEMS: Assets $66,506,401 $65,584,823 $63,046,215 $65,435,632 $62,224,382 Interest earning assets 61,834,602 61,057,362 58,623,153 60,878,033 57,695,831 Loans 52,683,932 51,884,173 49,270,853 51,620,023 48,988,393 Interest bearing liabilities 44,550,998 44,160,202 42,677,630 44,025,506 41,947,670 Deposits 54,163,381 53,174,301 51,167,324 53,243,510 50,080,358 Shareholders’ equity 7,967,868 7,901,688 7,616,810 7,908,818 7,533,660 As ofBALANCE SHEET ITEMS: September 30, June 30, March 31, December 31, September 30,(In thousands) 2026 2026 2026 2025 2025 Assets $67,470,879 $66,318,308 $64,466,585 $64,132,725 $63,018,614 Total loans 53,189,984 52,467,251 50,828,820 50,136,728 49,272,823 Deposits 55,228,795 54,118,607 52,859,621 52,183,093 51,175,758 Shareholders’ equity 7,896,552 7,917,144 7,828,443 7,807,698 7,695,374 LOANS: (In thousands) Commercial and industrial $12,324,253 $11,961,242 $11,104,079 $10,961,519 $10,757,857 Commercial real estate: Non-owner occupied 11,001,011 11,146,663 11,503,874 11,571,127 11,674,103 Multifamily 9,024,673 9,034,186 8,588,462 8,571,713 8,394,694 Owner occupied 8,008,473 7,692,877 7,132,254 6,629,909 6,097,319 Total 28,034,157 27,873,726 27,224,590 26,772,749 26,166,116 Construction 2,658,202 2,475,109 2,485,387 2,471,233 2,517,258 Total commercial real estate 30,692,359 30,348,835 29,709,977 29,243,982 28,683,374 Residential mortgage 6,084,398 5,982,941 5,869,070 5,826,192 5,795,395 Consumer: Home equity 748,969 728,623 701,136 687,680 655,872 Automobile 2,031,983 2,150,089 2,198,102 2,184,600 2,191,976 Other consumer 1,308,022 1,295,521 1,246,456 1,232,755 1,188,349 Total consumer loans 4,088,974 4,174,233 4,145,694 4,105,035 4,036,197 Total loans $53,189,984 $52,467,251 $50,828,820 $50,136,728 $49,272,823 CAPITAL RATIOS: Book value per common share $13.70 $13.67 $13.48 $13.39 $13.09 Tangible book value per common share (2) 10.15 10.13 9.94 9.85 9.57 Tangible common equity to tangible assets (2) 8.53% 8.71% 8.82% 8.82% 8.79%Tier 1 leverage capital 9.54 9.49 9.56 9.63 9.52 Common equity tier 1 capital 10.71 10.71 10.91 10.99 11.00 Tier 1 risk-based capital 11.36 11.37 11.60 11.69 11.72 Total risk-based capital 13.70 13.77 13.66 13.77 13.83 Three Months Ended Nine Months EndedALLOWANCE FOR CREDIT LOSSES: September 30, June 30, September 30, September 30,($ in thousands) 2026 2026 2025 2026 2025 Allowance for credit losses for loans Beginning balance – Allowance for credit losses for loans $606,920 $599,800 $594,020 $596,100 $573,328 Loans charged-off: Commercial and industrial (17,656) (9,838) (2,745) (30,276) (56,390)Commercial real estate (19,075) (14,434) (11,776) (47,265) (38,659)Construction — — (541) — (1,704)Residential mortgage — — (26) — (72)Total consumer (3,327) (3,354) (1,478) (9,944) (5,831)Total loans charged-off (40,058) (27,626) (16,566) (87,485) (102,656)Charged-off loans recovered: Commercial and industrial 1,268 1,669 1,169 4,335 4,768 Commercial real estate 700 2,790 206 3,837 643 Construction — — — — 455 Residential mortgage 26 41 56 150 261 Total consumer 986 1,080 548 2,495 2,164 Total loans recovered 2,980 5,580 1,979 10,817 8,291 Total net charge-offs (37,078) (22,046) (14,587) (76,668) (94,365)Provision for credit losses for loans 30,658 29,166 19,171 81,068 119,641 Ending balance $600,500 $606,920 $598,604 $600,500 $598,604 Components of allowance for credit losses for loans: Allowance for loan losses $580,800 $590,600 $585,000 $580,800 $585,000 Allowance for unfunded credit commitments 19,700 16,320 13,604 19,700 13,604 Allowance for credit losses for loans $600,500 $606,920 $598,604 $600,500 $598,604 Components of provision for credit losses for loans: Provision for credit losses for loans $27,278 $28,146 $20,087 $74,068 $120,515 Provision (credit) for unfunded credit commitments 3,380 1,020 (916) 7,000 (874)Total provision for credit losses for loans $30,658 $29,166 $19,171 $81,068 $119,641 Annualized ratio of total net charge-offs to total average loans 0.28% 0.17% 0.12% 0.20% 0.26%Allowance for credit losses for loans as a % of total loans 1.13% 1.16% 1.21% 1.13% 1.21% As ofASSET QUALITY: September 30, June 30, March 31, December 31, September 30,($ in thousands) 2026 2026 2026 2025 2025 Accruing past due loans: 30 to 59 days past due: Commercial and industrial $6,990 $5,083 $5,285 $11,177 $912 Commercial real estate 72,568 106,034 69,494 72,810 26,371 Construction — 1,752 — — — Residential mortgage 14,221 22,154 20,534 21,615 23,556 Total consumer 15,488 15,974 13,112 14,420 12,728 Total 30 to 59 days past due 109,267 150,997 108,425 120,022 63,567 60 to 89 days past due: Commercial and industrial 990 2,748 1,015 1,274 1,061 Commercial real estate 10,869 — — — 6,033 Residential mortgage 11,927 6,495 4,285 10,181 5,040 Total consumer 4,127 3,904 3,506 5,269 4,023 Total 60 to 89 days past due 27,913 13,147 8,806 16,724 16,157 90 or more days past due: Commercial and industrial 2,505 3,527 3,499 — — Commercial real estate 10,295 5,454 — 212 — Residential mortgage 2,524 5,223 5,894 3,300 3,911 Total consumer 2,008 1,862 1,309 1,070 1,125 Total 90 or more days past due 17,332 16,066 10,702 4,582 5,036 Total accruing past due loans $154,512 $180,210 $127,933 $141,328 $84,760 Non-accrual loans: Commercial and industrial $168,080 $147,731 $145,804 $138,321 $92,214 Commercial real estate 253,088 256,081 225,417 236,221 235,754 Construction 39,257 9,139 9,148 9,140 48,248 Residential mortgage 44,858 42,992 45,988 44,424 38,949 Total consumer 6,107 6,686 6,289 5,832 6,324 Total non-accrual loans 511,390 462,629 432,646 433,938 421,489 Other real estate owned (OREO) 1,729 4,126 5,161 4,531 4,783 Other repossessed assets 675 1,020 1,758 1,286 1,065 Total non-performing assets $513,794 $467,775 $439,565 $439,755 $427,337 Total non-accrual loans as a % of loans 0.96% 0.88% 0.85% 0.87% 0.86%Total accruing past due and non-accrual loans as a % of loans 1.25% 1.23% 1.10% 1.15% 1.03%Allowance for losses on loans as a % of non-accrual loans 113.57% 127.66% 135.10% 134.44% 138.79% NOTES TO SELECTED FINANCIAL DATA (1)Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.(2)Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies. Non-GAAP Reconciliations to GAAP Financial Measures
Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30,($ in thousands, except for share data) 2026 2026 2025 2026 2025 Adjusted net income available to common shareholders (non-GAAP): Net income, as reported (GAAP) $206,300 $170,885 $163,355 $541,098 $402,580 Add: Merger related expenses (a) 3,094 — — 3,094 — Add: Restructuring charge (b) — 2,513 3,854 8,202 4,654 Add: Litigation reserve (c) — 230 1,012 1,492 1,012 Add: Loss on extinguishment of debt — — — — 922 Less: Litigation settlements (d) (3,051) — — (3,051) — Less: (Gains) losses on available for sale and held to maturity debt securities, net (e) (3) — (28) 7 (17)Less: FDIC special assessment (f) — — (3,817) — (3,817)Total non-GAAP adjustments to net income 40 2,743 1,021 9,744 2,754 Income tax adjustments related to non-GAAP adjustments (g) 26 (782) (288) (2,740) (765)Net income, as adjusted (non-GAAP) $206,366 $172,846 $164,088 $548,102 $404,569 Dividends on preferred stock 7,335 7,316 7,644 21,868 21,547 Net income available to common shareholders, as adjusted (non-GAAP) $199,031 $165,530 $156,444 $526,234 $383,022 __________ (a) Merger related expenses primarily include professional and legal fees and other expense.(b) Represents severance expense related to workforce reductions within salary and employee benefits expense.(c) Represents the change in legal reserves and settlement charges included in professional and legal fees.(d) Represents recoveries from legal settlements included in other income.(e) Included in gains on securities transactions, net.(f) Represents the change in estimated special assessment losses included in the FDIC insurance assessment expense.(g) Calculated using the appropriate blended statutory tax rate for the applicable period.Adjusted per common share data (non-GAAP): Net income available to common shareholders, as adjusted (non-GAAP) $199,031 $165,530 $156,444 $526,234 $383,022 Weighted average number of shares outstanding 552,358,147 553,740,562 560,504,275 553,946,293 560,154,649 Basic earnings, as adjusted (non-GAAP) $0.36 $0.30 $0.28 $0.95 $0.68 Weighted average number of diluted shares outstanding 556,266,986 556,958,049 563,636,933 557,405,979 563,905,535 Diluted earnings, as adjusted (non-GAAP) $0.36 $0.30 $0.28 $0.94 $0.68 Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30,($ in thousands, except for share data) 2026 2026 2025 2026 2025 Adjusted annualized return on average tangible common shareholders’ equity (non-GAAP): Net income available to common shareholders, as adjusted (non-GAAP) $199,031 $165,530 $156,444 $526,234 $383,022 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,239 4,247 5,112 13,232 15,851 Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP) 203,270 169,777 161,556 539,466 398,873 Average shareholders’ equity 7,967,868 7,901,688 7,616,810 7,908,818 7,533,660 Less: Average preferred shareholders equity 354,345 354,345 354,345 354,345 354,345 Less: Average goodwill (net of deferred tax liability) 1,858,851 1,858,851 1,859,614 1,858,851 1,859,614 Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights 46,027 51,387 62,905 51,457 69,431 Average tangible common shareholders’ equity $5,708,645 $5,637,105 $5,339,946 $5,644,165 $5,250,270 Annualized return on average tangible common shareholders’ equity, as adjusted (non-GAAP) 14.24% 12.05% 12.10% 12.74% 10.13%Adjusted annualized return on average assets (non-GAAP): Net income, as adjusted (non-GAAP) $206,366 $172,846 $164,088 $548,102 $404,569 Average assets $66,506,401 $65,584,823 $63,046,215 $65,435,632 $62,224,382 Annualized return on average assets, as adjusted (non-GAAP) 1.24% 1.05% 1.04% 1.12% 0.87%Adjusted annualized return on average shareholders’ equity (non-GAAP): Net income, as adjusted (non-GAAP) $206,366 $172,846 $164,088 $548,102 $404,569 Average shareholders’ equity $7,967,868 $7,901,688 $7,616,810 $7,908,818 $7,533,660 Annualized return on average shareholders’ equity, as adjusted (non-GAAP) 10.36% 8.75% 8.62% 9.24% 7.16%Annualized return on average tangible common shareholders’ equity (non-GAAP): Net income available to common shareholders $198,965 $163,569 $155,711 $519,230 $381,033 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,239 4,247 5,112 13,232 15,851 Net income available to common shareholders excluding intangible amortization (non-GAAP) 203,204 167,816 160,823 532,462 396,884 Average tangible common shareholders’ equity (non-GAAP) $5,708,645 $5,637,105 $5,339,946 $5,644,165 $5,250,270 Annualized return on average tangible common shareholders’ equity (non-GAAP) 14.24% 11.91% 12.05% 12.58% 10.08% Efficiency ratio (non-GAAP): Non-interest expense, as reported (GAAP) $309,958 $311,123 $281,985 $931,007 $842,725 Less: Merger related expenses (pre-tax) 3,094 — — 3,094 — Less: Amortization of tax credit investments (pre-tax) 19,904 16,157 8,147 52,075 26,601 Less: Restructuring charge (pre-tax) — 2,513 3,854 8,202 4,654 Less: Litigation reserve (pre-tax) — 230 1,012 1,492 1,012 Less: Loss on extinguishment of debt (pre-tax) — — — — 922 Add: FDIC special assessment (pre-tax) — — (3,817) — (3,817)Non-interest expense, as adjusted (non-GAAP) 286,960 292,223 272,789 866,144 813,353 Net interest income, as reported (GAAP) 505,451 487,024 446,224 1,464,000 1,298,737 Non-interest income, as reported (GAAP) 78,700 73,711 64,887 221,247 185,785 Less: (Gains) losses on available for sale and held to maturity securities transactions, net (pre-tax) (3) — (28) 7 (17)Less: Litigation settlements (pre-tax) (3,051) — — (3,051) — Gross operating income, as adjusted (non-GAAP) $581,097 $560,735 $511,083 $1,682,203 $1,484,505 Efficiency ratio (non-GAAP) 49.38% 52.11% 53.37% 51.49% 54.79% As of September 30, June 30, March 31, December 31, September 30,($ in thousands, except for share data) 2026 2026 2026 2025 2025 Tangible book value per common share (non-GAAP): Common shares outstanding 550,621,196 553,069,100 554,316,876 556,618,021 560,784,352 Shareholders’ equity (GAAP) $7,896,552 $7,917,144 $7,828,443 $7,807,698 $7,695,374 Less: Preferred stock 354,345 354,345 354,345 354,345 354,345 Less: Goodwill and other intangible assets 1,952,392 1,958,135 1,963,706 1,969,811 1,976,594 Tangible common shareholders’ equity (non-GAAP) $5,589,815 $5,604,664 $5,510,392 $5,483,542 $5,364,435 Tangible book value per common share (non-GAAP) $10.15 $10.13 $9.94 $9.85 $9.57 Tangible common equity to tangible assets (non-GAAP): Tangible common shareholders’ equity (non-GAAP) $5,589,815 $5,604,664 $5,510,392 $5,483,542 $5,364,435 Total assets (GAAP) 67,470,879 66,318,308 64,466,585 64,132,725 63,018,614 Less: Goodwill and other intangible assets 1,952,392 1,958,135 1,963,706 1,969,811 1,976,594 Tangible assets (non-GAAP) $65,518,487 $64,360,173 $62,502,879 $62,162,914 $61,042,020 Tangible common equity to tangible assets (non-GAAP) 8.53% 8.71% 8.82% 8.82% 8.79% VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data) September 30, December 31, 2026 2025 (Unaudited) Assets Cash and due from banks $339,682 $315,166 Interest bearing deposits with banks 785,320 1,268,399 Investment securities: Equity securities 92,700 82,774 Trading debt securities 26,749 — Available for sale debt securities 4,229,810 4,202,218 Held to maturity debt securities (net of allowance for credit losses of $727 at September 30, 2026 and $734 at December 31, 2025) 3,726,695 3,495,837 Total investment securities 8,075,954 7,780,829 Loans held for sale (includes fair value of $7,452 at September 30, 2026 and $8,212 at December 31, 2025 for loans originated for sale) 16,202 26,236 Loans 53,189,984 50,136,728 Less: Allowance for loan losses (580,800) (583,400)Net loans 52,609,184 49,553,328 Premises and equipment, net 311,548 330,757 Lease right of use assets 292,927 313,891 Bank owned life insurance 743,687 738,090 Accrued interest receivable 259,987 243,897 Goodwill 1,868,936 1,868,936 Other intangible assets, net 83,456 100,875 Other assets 2,083,996 1,592,321 Total Assets $67,470,879 $64,132,725 Liabilities Deposits: Non-interest bearing $12,446,761 $12,155,500 Interest bearing: Savings, NOW and money market 29,397,309 28,603,470 Time 13,384,725 11,424,123 Total deposits 55,228,795 52,183,093 Short-term borrowings 50,256 91,475 Long-term borrowings 2,607,639 2,908,579 Junior subordinated debentures issued to capital trusts 58,064 57,803 Lease liabilities 348,505 372,448 Accrued expenses and other liabilities 1,281,068 711,629 Total Liabilities 59,574,327 56,325,027 Shareholders’ Equity Preferred stock, no par value; 50,000,000 authorized shares: Series A (4,600,000 shares issued at September 30, 2026 and December 31, 2025) 111,590 111,590 Series B (4,000,000 shares issued at September 30, 2026 and December 31, 2025) 98,101 98,101 Series C (6,000,000 shares issued at September 30, 2026 and December 31, 2025) 144,654 144,654 Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at September 30, 2026 and December 31, 2025) 196,730 196,730 Surplus 5,467,999 5,464,845 Retained earnings 2,241,005 1,912,933 Accumulated other comprehensive loss (232,186) (74,379)Treasury stock, at cost (10,257,554 common shares at September 30, 2026 and 4,260,729 common shares at December 31, 2025) (131,341) (46,776)Total Shareholders’ Equity 7,896,552 7,807,698 Total Liabilities and Shareholders’ Equity $67,470,879 $64,132,725 VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data) Three Months Ended
Nine Months Ended September 30, June 30, September 30,
September 30, 2026 2026 2025 2026 2025 Interest Income Interest and fees on loans $764,546 $736,060 $733,191 $2,209,246 $2,157,082 Interest and dividends on investment securities: Taxable 78,028 76,113 70,211 227,949 201,273 Tax-exempt 4,969 5,048 4,611 14,735 13,994 Dividends 4,474 5,771 4,891 15,045 16,083 Interest on federal funds sold and other short-term investments 5,182 6,383 14,019 22,323 28,255 Total interest income 857,199 829,375 826,923 2,489,298 2,416,687 Interest Expense Interest on deposits: Savings, NOW and money market 196,272 190,973 210,921 578,030 614,532 Time 119,337 112,693 133,108 338,708 387,501 Interest on short-term borrowings 3,322 6,047 555 9,605 5,237 Interest on long-term borrowings and junior subordinated debentures 32,817 32,638 36,115 98,955 110,680 Total interest expense 351,748 342,351 380,699 1,025,298 1,117,950 Net Interest Income 505,451 487,024 446,224 1,464,000 1,298,737 (Credit) provision for credit losses for available for sale and held to maturity securities (17) (2) — (7) (10)Provision for credit losses for loans 30,658 29,166 19,171 81,068 119,641 Net Interest Income After Provision for Credit Losses 474,810 457,860 427,053 1,382,939 1,179,106 Non-Interest Income Wealth management and trust fees 22,178 17,655 16,134 55,839 45,221 Insurance commissions 3,015 3,770 2,914 9,652 9,746 Capital markets 9,996 12,933 9,814 33,310 26,521 Service charges on deposit accounts 19,156 18,728 16,764 56,088 44,195 Gains on securities transactions, net 259 50 28 330 73 Fees from loan servicing 3,089 3,268 3,405 9,575 10,291 Gains on sales of loans, net 1,254 1,742 740 6,086 4,962 Bank owned life insurance 3,675 5,913 4,657 15,423 15,453 Other 16,078 9,652 10,431 34,944 29,323 Total non-interest income 78,700 73,711 64,887 221,247 185,785 Non-Interest Expense Salary and employee benefits expense 150,080 150,432 146,820 456,227 434,860 Net occupancy expense 25,727 27,179 24,865 80,088 76,236 Technology, furniture and equipment expense 32,312 33,247 30,708 97,437 91,271 FDIC insurance assessment 10,802 11,691 8,357 32,969 33,416 Amortization of other intangible assets 6,319 6,268 7,544 19,506 22,990 Professional and legal fees 25,125 29,533 24,261 79,800 59,901 Loss on extinguishment of debt — — — — 922 Amortization of tax credit investments 19,904 16,157 8,147 52,075 26,601 Other 39,689 36,616 31,283 112,905 96,528 Total non-interest expense 309,958 311,123 281,985 931,007 842,725 Income Before Income Taxes 243,552 220,448 209,955 673,179 522,166 Income tax expense 37,252 49,563 46,600 132,081 119,586 Net Income 206,300 170,885 163,355 541,098 402,580 Dividends on preferred stock 7,335 7,316 7,644 21,868 21,547 Net Income Available to Common Shareholders $198,965 $163,569 $155,711 $519,230 $381,033 VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and
Net Interest Income on a Tax Equivalent Basis Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 Average Avg. Average Avg. Average Avg.($ in thousands) Balance Interest Rate Balance Interest Rate Balance Interest RateAssets Interest earning assets: Loans (1)(2) $52,683,932 $764,568 5.80% $51,884,173 $736,082 5.67% $49,270,853 $733,214 5.95%Taxable investments (3) 8,048,596 82,502 4.10 7,928,555 81,884 4.13 7,522,290 75,102 3.99 Tax-exempt investments (1)(3) 530,189 6,290 4.75 544,950 6,390 4.69 540,491 5,837 4.32 Interest bearing deposits with banks 571,885 5,182 3.62 699,684 6,383 3.65 1,289,519 14,019 4.35 Total interest earning assets 61,834,602 858,542 5.55 61,057,362 830,739 5.44 58,623,153 828,172 5.65 Other assets 4,671,799 4,527,461 4,423,062 Total assets $66,506,401 $65,584,823 $63,046,215 Liabilities and shareholders’ equity Interest bearing liabilities: Savings, NOW and money market deposits $28,982,923 $196,272 2.71% $28,920,057 $190,973 2.64% $27,005,791 $210,921 3.12%Time deposits 12,529,463 119,337 3.81 11,881,270 112,693 3.79 12,621,182 133,108 4.22 Short-term borrowings 373,156 3,322 3.56 674,094 6,047 3.59 89,147 555 2.49 Long-term borrowings (4) 2,665,456 32,817 4.92 2,684,781 32,638 4.86 2,961,510 36,115 4.88 Total interest bearing liabilities 44,550,998 351,748 3.16 44,160,202 342,351 3.10 42,677,630 380,699 3.57 Non-interest bearing deposits 12,650,995 12,372,974 11,540,351 Other liabilities 1,336,540 1,149,959 1,211,424 Shareholders’ equity 7,967,868 7,901,688 7,616,810 Total liabilities and shareholders’ equity $66,506,401 $65,584,823 $63,046,215 Net interest income/interest rate spread (5) $506,794 2.39% $488,388 2.34% $447,473 2.08%Tax equivalent adjustment (1,343) (1,364) (1,249) Net interest income, as reported $505,451 $487,024 $446,224 Net interest margin (6) 3.27% 3.19% 3.04%Tax equivalent effect 0.01 0.01 0.01 Net interest margin on a fully tax equivalent basis (6) 3.28% 3.20% 3.05%_____________________
(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2) Loans are stated net of unearned income and include non-accrual loans.
(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
(6) Net interest income as a percentage of total average interest earning assets.
INVESTOR RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Andrew Jianette, Investor Relations, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960 or by e-mail at [email protected]. Contact: Travis Lan Senior Executive Vice President and Chief Financial Officer 973-686-5007
MSC Industrial ve 4. čtvrtletí fiskálního roku 2026 zvýšila tržby o 10,3 % na 1,0792 mld. USD, zatímco upravený zisk na akcii vzrostl o 33 % na 1,45 USD.
Net sales of $1,079.2 million increased 10.3% YoY (8.6% on an average daily sales basis)Operating income of $72.8 million, or $117.8 million on an adjusted basis1Operating margin of 6.7%, or 10.9% on an adjusted basis1Diluted EPS of $0.85 vs. $1.01 in the prior fiscal year quarterAdjusted diluted EPS of $1.45 vs. $1.09 in the prior fiscal year quarter1FISCAL 2026 HIGHLIGHTS
Net sales of $4,009.7 million increased 6.4% YoY (6.0% on an average daily sales basis)Operating income of $320.6 million, or $379.3 million on an adjusted basis1Operating margin of 8.0%, or 9.5% on an adjusted basis1Diluted EPS of $3.98 vs. $3.57 in the prior fiscal yearAdjusted diluted EPS of $4.69 vs. $3.76 in the prior fiscal year1Generated operating cash flow conversion2 of 139% and free cash flow conversion1 of 102% of net incomeMELVILLE, NY AND DAVIDSON, NC / ACCESS Newswire / October 22, 2026 / MSC INDUSTRIAL SUPPLY CO. (NYSE:MSM), ("MSC", "MSC Industrial", or the "Company," "we", "us", or "our") a leading North American distributor of a broad range of metalworking and maintenance, repair and operations ("MRO") products and services, today reported financial results for its fiscal 2026 fourth quarter and full year ended August 29, 2026.
$1.45 4$1.09 5 33.0% $4.69 4$3.76 5 24.7%1 Represents a non-GAAP financial measure. An explanation and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented in the schedules accompanying this press release.
2 The Company defines Operating Cash Flow Conversion as Net cash provided by operating activities as a percentage of Net income. The Company's management uses Operating Cash Flow Conversion to evaluate the Company's operating performance, in particular how efficiently the Company turns its sales and profits into cash, and to assess the efficiency of the Company's use of working capital. The Company believes Operating Cash Flow Conversion is useful to investors for the foregoing reasons and as a measure of the rate at which the Company converts its net income reported in accordance with GAAP to cash inflows, which helps investors assess whether the Company is generating sufficient cash flow to provide an adequate return.
3 In millions except percentages and per share data or as otherwise noted.
4 Based on 56.1 million and 56.0 million weighted-average diluted shares outstanding for FY26 Q4 and FY26, respectively.
5 Based on 55.9 million weighted-average diluted shares outstanding for FY25 Q4 and FY25.
Martina McIsaac, President and Chief Executive Officer, said, "We had a strong finish to fiscal 2026, with fourth quarter results exceeding our expectations and sales achieving record quarterly levels. Underpinning this performance was core customer growth of approximately 10%-our strongest in more than three years-and accelerating growth in National Accounts. These results provide further evidence that MSC is heading in the right direction, and that the changes we have made to drive profitable growth are taking hold."
Rob Kuhns, Executive Vice President and Chief Financial Officer, added, "Average daily sales exceeded the high end of our guided range, driven by price benefits and stronger volumes that yielded year-over-year improvement of 8.6%. Further progress on our cost structure, combined with this better-than-expected growth, led to an adjusted operating margin of 10.9%-exceeding the high end of our outlook-and an adjusted incremental operating margin of roughly 27%."
McIsaac concluded, "While we remain mindful of inflationary headwinds and tougher comparisons looking ahead, we are confident that profitable growth will remain the trend. Our strategic execution is building momentum as our end markets continue to improve. This positions MSC well entering fiscal 2027, as demonstrated by first-quarter sales trends showing low double-digit growth to date."
First Quarter Fiscal 2027 Financial Outlook
ADS Growth (YoY)
9.5% to 10.5%
Adjusted Operating Margin1
9.5% to 10.1%
Full-Year Fiscal 2027 Outlook for Certain Financial Metrics
Depreciation and amortization expense of ~$100M-$105MInterest and other expense of ~$40M-$45MCapital expenditures of ~$90M-$100MFree cash flow conversion1 of ~80%-90%Effective tax rate of ~24.5%-25.5%(1) Guidance provided is a non-GAAP financial measure presented on an adjusted basis. For further details see the Non-GAAP financial measures information presented in the schedules accompanying this press release.
Conference Call Information
MSC will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2026 fourth quarter and full year results. The call, accompanying slides, and other operational statistics may be accessed at: https://investor.mscdirect.com. The conference call may also be accessed at 1-888-506-0062 (U.S.) or 1-973-528-0011 (international) and providing the access code 287054.
An online archive of the broadcast will be available until November 5, 2026. The Company's reporting date for the fiscal 2027 first quarter is scheduled for January 6, 2027.
Contact Information
Investors:
Media:
Ryan Mills, CFA
Leah Kelso
VP, Investor Relations & Business Development
VP, Communications & Sales Enablement
[email protected]
[email protected]
About MSC Industrial Supply Co.
MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of a broad range of metalworking, maintenance, repair and operations (MRO), and production fastener and hardware products and services. With approximately 2.5 million products, industry‑leading inventory management and supply chain solutions, and more than 80 years of experience, we help customers improve productivity, profitability, and operational performance.
Our team of over 7,000 associates partners closely with customers across industries to keep their operations running efficiently today while enabling them with insights and comprehensive solutions to continually rethink, retool, and optimize for a more productive tomorrow.
For more information on MSC Industrial, please visit mscdirect.com.
Statements in this press release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact, that address activities, events or developments that MSC expects, believes or anticipates will or may occur in the future, including statements about results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth and profitability, are forward-looking statements. The words "will," "may," "believes," "anticipates," "thinks," "expects," "estimates," "plans," "intends" and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In addition, statements which refer to expectations, projections or other characterizations of future events or circumstances, statements involving a discussion of strategy, plans or intentions, statements about management's assumptions, projections or predictions of future events or market outlook and any other statement other than a statement of present or historical fact are forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. In addition, new risks may emerge from time to time and it is not possible for management to predict such risks or to assess the impact of such risks on our business or financial results. Accordingly, future results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: general economic conditions in the markets in which we operate; changing customer and product mixes; volatility in commodity, energy and labor prices, and the impact of prolonged periods of low, high or rapid inflation; competition, including the adoption by competitors of aggressive pricing strategies or sales methods; industry consolidation and other changes in the industrial distribution sector; the applicability of laws and regulations relating to our status as a supplier to the U.S. government and public sector; the credit risk of our customers; our ability to accurately forecast customer demands; interruptions in our ability to make deliveries to customers; supply chain disruptions; our ability to attract and retain sales and customer service personnel; the risk of loss of key suppliers or contractors or key brands; changes to trade policies or trade relationships, including tariff policies; risks associated with opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; interruption of operations at our headquarters or customer fulfillment centers; products liability due to the nature of the products that we sell; impairments of goodwill and other indefinite-lived intangible assets; the impact of climate change; operating and financial restrictions imposed by the terms of our material debt instruments; our ability to access additional liquidity; the significant influence that our principal shareholders will continue to have over our decisions; our ability to execute on our E-commerce strategies and maintain our digital platforms; costs associated with maintaining our information technology ("IT") systems and complying with data privacy laws; disruptions or breaches of our IT systems or violations of data privacy laws, including such disruptions or breaches in connection with our E-commerce channels; risks related to online payment methods and other online transactions; the retention of key management personnel; litigation risk due to the nature of our business; failure to comply with environmental, health, and safety laws and regulations; and our ability to comply with, and the costs associated with, social and environmental responsibility policies. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the United States Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.
MSC INDUSTRIAL DIRECT CO., INC.
Consolidated Balance Sheets
(In thousands)
August 29,
2026 August 30,
2025 ASSETS
Current Assets:
Cash and cash equivalents
$65,028 $56,228 Accounts receivable, net of allowance for credit losses
451,550 423,306 Inventories
688,738 644,090 Prepaid expenses and other current assets
114,097 102,930 Total current assets
1,319,413 1,226,554 Property, plant and equipment, net
339,023 346,706 Goodwill
723,977 723,702 Identifiable intangibles, net
69,919 85,455 Operating lease assets
50,761 52,464 Other assets
5,922 27,183 Total assets
$2,509,015 $2,462,064 LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of debt including obligations under finance leases
$317,191 $316,868 Current portion of operating lease liabilities
23,642 22,236 Accounts payable
237,978 225,150 Accrued expenses and other current liabilities
161,475 165,092 Total current liabilities
740,286 729,346 Long-term debt including obligations under finance leases
- (228) (349) (299)Comprehensive income attributable to MSC Industrial
$47,826 $57,479 $223,684 $199,736 MSC INDUSTRIAL DIRECT CO., INC.
Consolidated Statements of Cash Flows
(In thousands)
Fiscal Years Ended August 29, 2026 August 30, 2025 Cash Flows from Operating Activities:
Net income
$219,910 $197,836 Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
101,395 90,627 Amortization of cloud computing arrangements
1,399 1,790 Non-cash operating lease cost
24,166 24,472 Stock-based compensation
19,017 12,551 Loss on disposal of property, plant and equipment
1,005 1,957 Asset Impairment and related charges
43,664 - Non-cash changes in fair value of estimated contingent consideration
(696) 293 Provision for credit losses
10,739 7,495 Expenditures for cloud computing arrangements
(5,107) (4,688)Deferred income taxes and tax uncertainties
7,768 (2,925)Changes in operating assets and liabilities, net of amounts associated with business acquired:
Accounts receivable
(37,982) (17,742)Inventories
(46,679) 1,719 Prepaid expenses and other current assets
(8,844) 482 Operating lease liabilities
(24,323) (23,819)Other assets
13 350 Accounts payable and accrued liabilities
1,055 43,319 Total adjustments
86,590 135,881 Net cash provided by operating activities
306,500 333,717 Cash Flows from Investing Activities:
Expenditures for property, plant and equipment
(81,344) (92,840)Cash used in acquisitions, net of cash acquired
(240) (790)Net proceeds from sale of property
1,057 30,336 Net cash used in investing activities
(80,527) (63,294)Cash Flows from Financing Activities:
Repurchases of Class A Common Stock
(13,967) (39,317)Payments of regular cash dividends
(194,338) (189,650)Proceeds from sale of Class A Common Stock in connection with Associate Stock Purchase Plan
4,014 4,253 Proceeds from exercise of Class A Common Stock options
- 8,123 Borrowings under credit facilities
406,000 253,498 Payments under credit facilities
(411,000) (254,998)Payments under Private Placement Debt
(100,000) (20,000)Proceeds from Private Placement Debt
100,000 - Purchase of noncontrolling interest
(8,195) - Other, net
403 (5,481)Net cash used in financing activities
(217,083) (243,572)Effect of foreign exchange rate changes on cash and cash equivalents
(90) (211)Net increase in cash and cash equivalents
8,800 26,640 Cash and cash equivalents-beginning of period
56,228 29,588 Cash and cash equivalents-end of period
$65,028 $56,228 Supplemental Disclosure of Cash Flow Information:
Net cash paid for income taxes
$77,907 $60,284 Cash paid for interest
$20,972 $23,891 Non-GAAP Financial Measures
To supplement MSC's unaudited selected financial data presented consistent with accounting principles generally accepted in the United States ("GAAP"), the Company discloses certain non-GAAP financial measures, including non-GAAP income from operations, non-GAAP operating margin, non-GAAP incremental operating margin, non-GAAP provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude asset impairments and related charges, restructuring and other costs, share reclassification litigation costs, employee retention credit ("ERC") tax benefit, loss on sale of property (prior year), and tax effects, as well as free cash flow conversion, which is a measure calculated using free cash flow, which is a non-GAAP measure.
These non-GAAP financial measures are not presented in accordance with GAAP or an alternative for GAAP financial measures and may be different from similar non-GAAP financial measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measure and should only be used to evaluate MSC's results of operations in conjunction with the corresponding GAAP financial measure.
This press release also includes certain forward-looking information that is not presented in accordance with GAAP. The Company believes that a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts because a reconciliation of these non-GAAP financial measures would require the Company to predict the timing and likelihood of potential future events such as restructurings, M&A activity, capital expenditures and other infrequent or unusual gains and losses. Neither the timing or likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided.
Incremental Operating Margin and Adjusted Incremental Operating Margin
The Company defines Incremental Operating Margin as the change in year-over-year Income from Operations as a percentage of the change in year-over-year Net Sales and Adjusted Incremental Operating Margin as Incremental Operating Margin adjusted to exclude such items listed above from Income from Operations. The Company's management believes that Incremental Operating Margin is useful because it shows the direction that operating profit margins are moving as a result of changes in net sales between periods, and that, by excluding the aforementioned items, Adjusted Incremental Operating Margin helps to show, on a comparable basis between periods, trends in the Company's underlying business and results of operations. The Company believes that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.
FCF is a non-GAAP financial measure. FCF is used in addition to and in conjunction with results presented in accordance with GAAP, and FCF should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review our financial statements and publicly-filed reports in their entirety and to not rely on any single financial measure. FCF, which we reconcile to "Net cash provided by operating activities," is cash flow from operations reduced by "Expenditures for property, plant and equipment". We believe that FCF, although similar to cash flow from operations, is a useful additional measure since capital expenditures are a necessary component of ongoing operations. Management also views FCF, as a measure of the Company's ability to reduce debt, add to cash balances, pay dividends, and repurchase stock. FCF has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. For example, FCF does not incorporate payments made on finance lease obligations or required debt service payments. In addition, different companies define FCF differently. Therefore, we believe it is important to view FCF as a complement to our entire consolidated statements of cash flows. FCF Conversion is useful to investors for the foregoing reasons and as a measure of the rate at which the Company converts its net income reported in accordance with GAAP to cash inflows, which helps investors assess whether the Company is generating sufficient cash flow to provide an adequate return. A reconciliation of cash provided by operating activities to FCF, operating cash flow conversion and FCF conversion for the fiscal quarters and years ended August 29, 2026 and August 30, 2025, respectively, is shown below.
Results Excluding Asset Impairments and Related Charges, Share Reclassification Litigation Costs, ERC Tax Benefit,
Restructuring and Other Costs, Loss on Sale of Property (prior year), and tax effects
In calculating certain non-GAAP financial measures, we exclude asset impairments and related charges, restructuring and other costs, share reclassification litigation costs, ERC tax benefit, loss on sale of property (prior year), and tax effects. Management makes these adjustments to facilitate a review of the Company's operating performance on a comparable basis between periods, for comparison with forecasts and strategic plans, for identifying and analyzing trends in the Company's underlying business and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.
MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Fiscal Quarters and Years Ended August 29, 2026 and August 30, 2025
(dollars in thousands, except percentages)
Fiscal Quarters Ended Fiscal Years Ended August 29, 2026 August 30, 2025 August 29, 2026 August 30, 2025 (a) Net cash provided by operating activities
$80,965 $80,256 $306,500 $333,717 (b) Expenditures for property, plant and equipment
133% 104% 102% 122%MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Fiscal Quarter Ended August 29, 2026
(In thousands, except percentages and per share data)
GAAP Financial Measure Items Affecting Comparability Non-GAAP Financial Measure Total MSC Industrial Restructuring and Other Costs Share Reclassification Litigation Costs Asset Impairments and Related Charges Adjusted Total MSC Industrial Net Sales
$1,079,162 $- $- $- $1,079,162 Cost of Goods Sold
640,579 - - - 640,579 Gross Profit
438,583 - - - 438,583 Gross Margin
40.6% -% -% -% 40.6% Operating Expenses
322,664 - 1,841 - 320,823 Operating Expenses as % of Sales
29.9% -% (0.2)% -% 29.7% Restructuring and Other Costs
1,355 1,355 - - - Asset impairment and related charges
(8,521) - - - (8,521) Income before provision for income taxes
64,269 (1,355) (1,841) (41,774) 109,239 Provision for income taxes
16,330 (344) (468) (10,605) 27,747 Net income
47,939 (1,011) (1,373) (31,169) 81,492 Net loss attributable to noncontrolling interest
- - - - - Net income attributable to MSC Industrial
$47,939 $(1,011)$(1,373)$(31,169)$81,492 Net income per common share:
Diluted
$0.85 $(0.02)$(0.02)$(0.56)$1.45 *Individual amounts may not agree to the total due to rounding.
MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Fiscal Year Ended August 29, 2026
(In thousands, except percentages and per share data)
GAAP Financial Measure Items Affecting Comparability Non-GAAP Financial Measure Total MSC Industrial Restructuring and Other Costs Share Reclassification Litigation Costs ERC Tax Benefit Asset Impairments and Related Charges Adjusted Total MSC Industrial Net Sales
$4,009,703 $- $- $- $- $4,009,703 Cost of Goods Sold
2,370,450 - - - - 2,370,450 Gross Profit
1,639,253 - - - - 1,639,253 Gross Margin
40.9% -% -% -% -% 40.9% Operating Expenses
1,266,344 - 6,381 - - 1,259,963 Operating Expenses as % of Sales
31.6% -% (0.2)% -% -% 31.4% Restructuring and Other Costs
8,679 8,679 - - - - Asset impairment and related charges
(28,521) - - 5,129 - (33,650) Income before provision for income taxes
292,045 (8,679) (6,381) 5,129 (43,664) 345,640 Provision for income taxes
72,135 (2,196) (1,614) 1,298 (11,072) 85,719 Net income
219,910 (6,483) (4,767) 3,831 (32,592) 259,921 Net loss attributable to noncontrolling interest
(2,679) - - - - (2,679)Net income attributable to MSC Industrial
$222,589 $(6,483)$(4,767)$3,831 $(32,592)$262,600 Net income per common share:
Diluted
$3.98 $(0.12)$(0.09)$0.07 $(0.58)$4.69 *Individual amounts may not agree to the total due to rounding
MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Fiscal Quarters Ended August 29, 2026 and August 30, 2025
(In thousands, except percentages and per share data)
GAAP Financial Measure Items Affecting Comparability Non-GAAP Financial Measure Total MSC Industrial Restructuring and Other Costs Share Reclassification Litigation Costs Asset Impairments and Related Charges Adjusted Total MSC Industrial Net Sales - quarter ended August 29, 2026
$1,079,162
$-
$-
$-
$1,079,162
Net Sales - quarter August 30, 2025
978,175 - - - 978,175 Income from Operations - quarter ended August 29, 2026
72,790 (1,355) (1,841) (41,774) 117,760 Income from Operations - quarter ended August 30, 2025
(11.4)% (3.2)% 0.4% 41.4% 27.2%*Individual amounts may not agree to the total due to rounding.
MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Fiscal Years Ended August 29, 2026 and August 30, 2025
(In thousands, except percentages and per share data)
GAAP Financial Measure Items Affecting Comparability Non-GAAP Financial Measure Total MSC Industrial Restructuring and Other Costs Share Reclassification Litigation Costs Asset Impairments and Related Charges Loss on Sale of Property Adjusted Total MSC Industrial Net Sales - year ended August 29, 2026
$4,009,703
$-
$-
$-
$-
$4,009,703
Net Sales - year ended August 30, 2025
3,769,521 - - - - 3,769,521 Income from Operations - year ended August 29, 2026
320,566 (8,679) (6,381) (43,664) - 379,290 Income from Operations - year ended August 30, 2025
301,563 (10,999) (2,094) - (1,167) 315,823 Incremental Operating Margin - year ended August 29, 2026
7.9% (1.0)% 1.8% 18.2% (0.5)% 26.4%*Individual amounts may not agree to the total due to rounding.
MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Fiscal Quarter Ended August 30, 2025
(In thousands, except percentages and per share data)
GAAP Financial Measure Items Affecting Comparability Non-GAAP Financial Measure Total MSC Industrial Restructuring and Other Costs Share Reclassification Litigation Costs Adjusted Total MSC Industrial Net Sales
$978,175 $- $- $978,175 Cost of Goods Sold
583,196 - - 583,196 Gross Profit
394,979 - - 394,979 Gross Margin
40.4% -% -% 40.4% Operating Expenses
306,108 - 1,450 304,658 Operating Expenses as % of Sales
31.3% -% (0.1)% 31.1% Restructuring and Other Costs
4,569 4,569 - - Income from Operations
84,302 (4,569) (1,450) 90,321 Operating Margin
8.6% 0.5% 0.1% 9.2% Total Other Expense
(8,153) - - (8,153) Income before provision for income taxes
76,149 (4,569) (1,450) 82,168 Provision for income taxes
20,015 (1,254) (399) 21,668 Net income
56,134 (3,315) (1,051) 60,500 Net loss attributable to noncontrolling interest
(412) - - (412)Net income attributable to MSC Industrial
$56,546 $(3,315) $(1,051) $60,912 Net income per common share:
Diluted
$1.01 $(0.06) $(0.02) $1.09 *Individual amounts may not agree to the total due to rounding.
MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Fiscal Year Ended August 30, 2025
(In thousands, except percentages and per share data)
GAAP Financial Measure Items Affecting Comparability Non-GAAP Financial Measure Total MSC Industrial Restructuring and Other Costs Loss on Sale of Property Share Reclassification Litigation Costs Adjusted Total MSC Industrial Net Sales
$3,769,521 $- $- $- $3,769,521 Cost of Goods Sold
2,233,386 - - - 2,233,386 Gross Profit
1,536,135 - - - 1,536,135 Gross Margin
40.8% -% -% -% 40.8% Operating Expenses
1,223,573 - 1,167 2,094 1,220,312 Operating Expenses as % of Sales
32.5% -% 0.0% (0.1)% 32.4% Restructuring and Other Costs
Výnosy francouzských desetiletých státních dluhopisů testují úrovně nad 5 %, naposledy zaznamenané v roce 2002, což spolu s politickou a dluhovou nejistotou tlačí na euro.
French bond yields are testing levels last seen in 2002, while momentum approaches overbought conditions last seen in 2022. French political and debt uncertainty are contributing to the move. However, as with German and US Treasury yields, a pullback may be on the horizon, with bearish-divergence signals and three-month overbought momentum risks emerging across the 2022–2026 period.
US 10-year Treasury yields are also showing a bearish momentum divergence after reaching overbought levels last seen in 2022 and 1980. The yield remains below 5.34% but is holding above 5%, supported by persistent US inflation near 3.7% and geopolitical uncertainty.
The Israeli election on October 27 and US midterm elections on November 3 may influence the geopolitical outlook and add to pressure on global economies. Against a backdrop of extreme fear sentiment and stretched bond-yield momentum, a pullback in yields could allow the euro to extend its recovery from the 1.11 support level and daily oversold conditions last seen in 2015.
US 10-Year Treasury Yield Outlook: Three-Month Time Frame – Log Scale
Source: TradingView
The latest pullback in US 10-year Treasury yields comes as the yield tests a historically significant resistance barrier dating back to the 1920s. Bearish-divergence risks have also emerged as momentum retreats from overbought levels last seen in 2022 and 1980. Together, these signals raise the possibility of a longer-term decline in yields, which could help set the stage for a sustained market uptrend.
The yield is currently testing support near 5%, while US inflation remains a concern at 3.7%. A break below this level could support risk appetite. By contrast, a move above 5.34% could support the dollar’s advance toward new 2026 highs and put pressure on markets, potentially exposing charts to fresh 2026 lows.
I cover these charts in my weekly webinars.
Register here
French 10-Year Bond Yield Outlook: Three-Month Time Frame – Log Scale
Source: TradingView
Like US bond yields, surging crude oil prices and geopolitical tensions are also contributing to the rise in French yields besides political and debt uncertainty in France, adding pressure to the euro and the broader European outlook.
French 10-year yields are testing elevated resistance levels above 5%, last seen in 2002. At the same time, bearish-divergence risks are emerging as momentum reaches overbought levels last seen between 2022 and 2026, keeping near term reversal risks in the picture.
German 10-Year Bond Yield Outlook: Three-Month Time Frame – Log Scale
Source: TradingView
The spread between French and German yields is widening, with 10Y German yields near 3.37%, adding further pressure to the European outlook. However, German 10-year yields are also showing a four-year bearish divergence between 2022 and 2026, with three-month momentum retreating from historically overbought levels. This also increases the potential for a near-term correlated pullback, possibly in line with upcoming elections and geopolitical negotiations. If not, the recent highs may turn into supports, allowing yields to climb higher and economic conditions to drop further.
DXY Outlook: Daily Time Frame – Log Scale
Source: TradingView
The DXY retains a neutral-to-bullish outlook after pulling back from 103, an eight-month up trending resistance level that had capped the index since March. The retreat followed overbought conditions last seen in 2023 and is now testing the 2026 uptrend near 101, facing the psychological 100 level as a key invalidation point. Daily RSI is also retesting the neutral 50 level from above.
A break below 100 would confirm selling pressure beneath the boundaries of the year-long contracting consolidation. This could ease pressure across currency markets, including on the euro.
Expectations of a Fed rate hold at next week’s October meeting, alongside weaker-than-expected labor-market data, are helping underpin the current outlook. However, escalating geopolitical tensions, higher crude oil prices and renewed inflation pressure could support a dollar rebound toward resistance at 102.60 and 103, raising the possibility of a bullish breakout.
EUR/USD Outlook: Weekly Time Frame – Log Scale
Source: TradingView
On the weekly chart, EUR/USD is still struggling to climb back above 1.1260, near the former descending trendline drawn through lower lows since August 2025. A daily or weekly close above 1.1260, followed by a break through the 1.1380–1.1400 zone, would likely reassert the bullish-reversal bias and reinforce the pair’s longer-term neutral-to-bullish outlook within the broadening formation that has been developing since July 2025.
On the downside, the rebound from psychological support at 1.11 aligns with the 78.6% extension of the January–June–August 2026 wave. A break below 1.11 would expose the 100% extension near 1.0950 before another potential dip-buying opportunity given the steep oversold momentum conditions.
Fluence has been sued for securities fraud after its stock plummeted 35% because Fluence allegedly misrepresented the status of its manufacturing operations and ability to achieve its revenue and EBITDA guidance.
New York, New York--(Newsfile Corp. - October 22, 2026) - Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Fluence Energy, Inc. (NASDAQ: FLNC) and certain of the company's senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.
If you invested in Fluence, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/fluence-class-action-lawsuit.
Key Details of the Fluence ($FLNC) Class Action:
Lead Plaintiff Deadline: November 27, 2026Alleged Misconduct: Securities fraud alleging Fluence misrepresented the status of its manufacturing operations and ability to achieve its revenue and EBITDA guidance Largest Alleged Stock Drop: February 5, 2026 – 34.6% Stock DropCourt: U.S. District Court for the Southern District of New YorkAction: Contact BFA Law to discuss your rightsInvestors have until November 27, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Fluence securities. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Hatweek v. Fluence Energy, Inc. et al., No. 26-cv-8475.
Why is Fluence Being Sued for Securities Fraud?
Fluence is a provider of energy storage systems and optimization software for the renewable energy and energy storage industries.
According to the complaint, Fluence provided record breaking fiscal year 2026 revenue guidance and significantly increased adjusted EBITA guidance based on its purported ability to capitalize on surging demand for data centers. Fluence assured investors that it had contracted with multiple key production facilities to fulfill demand.
As alleged, Defendants failed to disclose that several new contract manufacturing facilities were not completed, not operational, and/or not capable of producing at the volumes Fluence's guidance provided.
Why did Fluence's Stock Drop?
On February 4, 2026, Fluence reported a net loss of $62.6 million and a GAAP gross profit margin of 4.9%, a 6.5% decline year over year, due to "additional estimated costs on two projects" located outside the U.S.
On this news, Fluence's stock dropped $10.04 per share, or 34.6%, from a closing price of $28.99 per share on February 4, 2026, to $18.95 per share on February 5, 2026.
On August 5, 2026, Fluence reported "weaker than expected revenue" and slashed revenue and adjusted EBITDA guidance because of "production delays at new contract manufacturing facilities."
On this news, Fluence's stock dropped $1.02 per share, or 7.2%, from a closing price of $14.23 per share on August 5, 2026, to $13.21 per share on August 6, 2026.
On September 16, 2026, Fluence issued a mid-quarter guidance update and further slashed revenue and adjusted EBITDA guidance because of "delays in the ramp-up of our contract manufacturing facility."
On this news, Fluence's stock dropped $1.39 per share, or 15.4%, from a closing price of $9.05 per share on September 16, 2026, to $7.66 per share on September 17, 2026.
Click here for more information: https://www.bfalaw.com/cases/fluence-class-action-lawsuit.
What Can You Do?
If you invested in Fluence, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, "Litigation Stars" by Benchmark Litigation, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360, and "SuperLawyers" by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff's securities litigation law firm, with clients noting: "[t]here is no better service provider in the practice area," "[t]he interest of the client is always front and center," and "[t]here isn't a better firm in this space." One testimonial described the firm as "nimble and entrepreneurial," with a "relentless focus on adding value for clients."
BFA's notable successes include a recovery of over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
Darling Ingredients očekává za rok 2026 kombinovanou upravenou EBITDA ve výši 2,2 až 2,3 miliardy USD díky silnému tempu výsledků před čtvrtým čtvrtletím.
IRVING, Texas--(BUSINESS WIRE)--Darling Ingredients Inc. (NYSE: DAR) today issued the following statement regarding third quarter earnings.
Third quarter 2026 earnings for Darling Ingredients’ 50/50 joint venture known as Diamond Green Diesel (DGD) were released today by Darling Ingredients’ joint venture (JV) partner within its renewable diesel segment as part of its third quarter consolidated results.
The JV partner today reported that its renewable diesel segment earned approximately $350 million in operating income for the three months ended Sept. 30, 2026. For the nine months ended Sept. 30, 2026, the JV partner reported that its renewable diesel segment earned approximately $1.3 billion in operating income.
In the three months ended Sept. 30, 2026, DGD sold/shipped 314.9 million gallons of renewable fuels. For the nine months ended Sept. 30, 2026, DGD sold/shipped 936.1 million gallons of renewable fuels. As determined on a stand-alone basis by Darling Ingredients, DGD Adjusted EBITDA per gallon for the three months ended Sept. 30, 2026, was $1.30. As determined on a stand-alone basis by Darling Ingredients, DGD Adjusted EBITDA per gallon for the nine months ended Sept. 30, 2026, was $1.59.
“Diamond Green Diesel delivered a solid quarter. While results were impacted by the timing of renewable diesel sales and certain commercial activities, we expect those timing differences to benefit fourth-quarter results,” said Randall C. Stuewe, Chairman and Chief Executive Officer. “The fundamentals of our core business remain strong, and we remain focused on delivering on our objectives for the year. We have strong momentum into fourth quarter and expect that to continue into 2027.”
Supported by strong business fundamentals and a favorable run rate entering the fourth quarter, the company is providing fiscal year 2026 Combined Adjusted EBITDA guidance for Darling Ingredients of $2.2-$2.3 billion and expects to carry that momentum into 2027.
Darling Ingredients will host a conference call on Thursday, Oct. 29, 2026, at 9 a.m. Eastern Time (8 a.m. Central Time) to discuss third quarter 2026 financial results, which will be released after market on Wednesday, Oct. 28, 2026, and provide an update on company operations. A presentation with accompanying supplemental financial data will also be available at darlingii.com/investors.
To access the call as a listener, please register for the audio-only webcast.
To join the call as a participant to ask a question, please register in advance to receive a confirmation email with the dial-in number and meeting ID for immediate access on Oct. 29 or call +1 833-461-5787 (Toll Free) or +1 626-884-3620 using meeting ID 827556345. A replay of the call will be available online via the webcast registration link two hours after the call ends. A transcript will be posted at darlingii.com/investors within 24 hours.
Diamond Green Diesel Joint Venture
Consolidated Statements of Income
For the Three and Nine Months Ended September 30, 2026 and September 30, 2025
(in thousands)
Three Months Ended
Nine Months Ended
(unaudited)
(unaudited)
$ Change
(unaudited)
(unaudited)
$ Change
September 30,
September 30,
Favorable
September 30,
September 30,
Favorable
2026
2025
(Unfavorable)
2026
2025
(Unfavorable)
Revenues:
Operating revenues
$
2,392,927
$
1,203,732
$
1,189,195
$
6,488,972
$
3,201,472
$
3,287,500
Expenses:
Total costs and expenses excluding lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense
1,974,852
1,160,562
(814,290
)
5,072,649
3,257,113
(1,815,536
)
Lower of cost or market (LCM) inventory valuation adjustment
—
37,811
37,811
(96,720
)
(164,438
)
(67,718
)
Depreciation, amortization and accretion expense
70,289
75,398
5,109
219,237
204,399
(14,838
)
Total costs and expenses
2,045,141
1,273,771
(771,370
)
5,195,166
3,297,074
(1,898,092
)
Operating income/(loss)
347,786
(70,039
)
417,825
1,293,806
(95,602
)
1,389,408
Other income
2,881
1,621
1,260
8,092
7,504
588
Interest and debt expense, net
(10,593
)
(11,922
)
1,329
(32,488
)
(34,072
)
1,584
Income/(loss) before income tax expense
340,074
(80,340
)
420,414
1,269,410
(122,170
)
1,391,580
Income tax expense/(benefit)
(862
)
$
221
1,083
(534
)
$
1,365
1,899
Net income/(loss)
$
340,936
$
(80,561
)
$
421,497
$
1,269,944
$
(123,535
)
$
1,393,479
Reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA:
Net income/(loss)
$
340,936
$
(80,561
)
$
1,269,944
$
(123,535
)
Income tax expense/(benefit)
(862
)
221
(534
)
1,365
Interest and debt expense, net
10,593
11,922
32,488
34,072
Other income
(2,881
)
(1,621
)
(8,092
)
(7,504
)
Operating income/(loss)
347,786
(70,039
)
1,293,806
(95,602
)
Depreciation, amortization and accretion expense
70,289
75,398
219,237
204,399
DGD Adjusted EBITDA (Non-GAAP)
418,075
5,359
1,513,043
108,797
Less: Discount and Broker Fees
(9,666
)
(11,126
)
(23,886
)
(17,199
)
DGD Adjusted EBITDA (Non-GAAP) after Discount and Broker Fees
408,409
(5,767
)
1,489,157
91,598
Darling's Share 50%
50
%
50
%
50
%
50
%
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)
$
204,205
$
(2,884
)
$
744,579
$
45,799
About Diamond Green Diesel
Diamond Green Diesel (DGD) is a 50/50 joint venture between Darling Ingredients Inc. and Valero Energy Corporation. With capacity to produce more than 1.2 billion gallons annually, DGD is one of the world’s largest producers of renewable diesel and sustainable aviation fuel.
About Darling Ingredients
A pioneer in circularity, Darling Ingredients Inc. (NYSE: DAR) takes material from the animal agriculture and food industries, and transforms them into valuable ingredients that nourish people, feed animals and crops, and fuel the world with renewable energy. The company operates over 260 facilities in more than 15 countries and processes about 15% of the world’s animal agricultural by-products, produces about 30% of the world’s collagen (both gelatin and hydrolyzed collagen), and is one of the largest producers of renewable energy. To learn more, visit darlingii.com. Follow us on LinkedIn.
Use of Non-GAAP Financial Measures:
Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income, but rather as a measure of the Company's operating performance. Since EBITDA (generally, net income plus interest expense, taxes, depreciation and amortization) is not calculated identically by all companies, the presentation in this report may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated above and represents for any relevant period, net income/(loss) plus depreciation and amortization, restructuring and asset impairment charges, acquisition and integration costs, change in fair value of contingent consideration, foreign currency loss/(gain), net income/(loss) attributable to non-controlling interests, interest expense, income tax expense, loss on early retirement of debt, other income/(expense) and equity in net (income)/loss of unconsolidated subsidiaries. Management believes that Adjusted EBITDA is useful in evaluating the Company's operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA generally eliminates the effects of financing, income taxes, non-cash and certain other items that may vary for different companies for reasons unrelated to overall operating performance and also believes this information is useful to investors.
DGD Adjusted EBITDA is not a recognized accounting measure under GAAP; it should not be considered as an alternative to net income/(loss) or equity in net income/(loss) of Diamond Green Diesel, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity and is not intended to be a presentation in accordance with GAAP. The Company calculates DGD Adjusted EBITDA by taking DGD’s net income/(loss) plus income tax expense/(benefit), interest and debt expense, net, and DGD’s depreciation, amortization and accretion expense less other income. Management believes that DGD Adjusted EBITDA is useful in evaluating the Company’s operating performance because the calculation of DGD Adjusted EBITDA generally eliminates non-cash and certain other items at DGD unrelated to overall operating performance and also believes this information is useful to investors. The Company calculates Darling’s Share of DGD Adjusted EBITDA by taking DGD Adjusted EBITDA, net of discount and broker fees, and then multiplying by 50% to get Darling’s Share of DGD’s Adjusted EBITDA.
Combined Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income, but rather as a measure of the Company’s operating performance. Combined Adjusted EBITDA consists of Adjusted EBITDA plus DGD Adjusted EBITDA (Darling’s Share). Management believes that Combined Adjusted EBITDA is useful in evaluating the Company's operating performance compared to that of other companies in its industry because the calculation of Combined Adjusted EBITDA generally eliminates the effects of financing, income taxes, non-cash and certain other items that may vary for different companies for reasons unrelated to overall operating performance and also believes this information is useful to investors.
Information reconciling forward-looking Combined Adjusted EBITDA to net income is unavailable to the Company without unreasonable effort. The Company is not able to provide reconciliations of forward-looking Combined Adjusted EBITDA to net income because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted, such as the impact of volatile commodity prices on the Company’s operations, impact of foreign currency exchange fluctuations, depreciation and amortization and the provision for income taxes. Preparation of such reconciliations for Darling Ingredients Inc. would require a forward-looking balance sheet, statement of operations and statement of cash flows, prepared in accordance with GAAP for each entity, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. The Company provides guidance for its Combined Adjusted EBITDA outlook that it believes will be achieved; however, it cannot accurately predict all the components of the Combined Adjusted EBITDA calculation.
DGD Adjusted EBITDA per gallon is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income/(loss) or equity in net income/(loss) of Diamond Green Diesel, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity and is not intended to be a presentation in accordance with GAAP. DGD Adjusted EBITDA per gallon is presented here not as an alternative to net income/(loss) or equity in net income/(loss) of Diamond Green Diesel, but rather as a measure of Diamond Green Diesel's operating performance. Since DGD Adjusted EBITDA per gallon (generally, DGD Adjusted EBITDA less Discount and Broker Fees divided by total gallons sold) is not calculated identically by all companies, this presentation may not be comparable to Adjusted EBITDA per gallon presentations disclosed by other companies. Management believes that Adjusted EBITDA per gallon is useful in evaluating Diamond Green Diesel's operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA per gallon generally eliminates the effects of financing, income taxes and certain non-cash and other items presented on a per gallon basis that may vary for different companies for reasons unrelated to overall operating performance.
This media release includes “forward-looking” statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. Statements that are not statements of historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “guidance,” “outlook,” “project,” “planned,” “contemplate,” “potential,” “possible,” “proposed,” “intend,” “believe,” “anticipate,” “expect,” “may,” “will,” “would,” “should,” “could,” and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical facts included in this release are forward-looking statements. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. The Company cautions readers that any such forward-looking statements it makes are not guarantees of future performance and that actual results may differ materially from anticipated results or expectations expressed in its forward-looking statements as a result of a variety of factors, including many that are beyond the Company's control.
Important factors that could cause actual results to differ materially from the Company’s expectations include: existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; reduced demands or prices for biofuels, biogases or renewable electricity; global demands for grain and oilseed commodities, which have exhibited volatility, and can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering feedstock and selling prices for the Company’s products; reductions in raw material volumes available to the Company due to weak margins in the meat production industry as a result of higher feed costs, reduced consumer demand, reduced volume due to government regulations affecting animal production or other factors, reduced volume from food service establishments, or otherwise; reduced demand for animal feed; reduced finished product prices, including a decline in fat, used cooking oil, protein or collagen (including, without limitation, collagen peptides and gelatin) finished product prices; changes to government policies around the world relating to renewable fuels and greenhouse gas (“GHG”) emissions that adversely affect prices, margins or markets (including for the DGD Joint Venture), including programs like renewable fuel standards, low carbon fuel standards, renewable fuel mandates and tax credits for biofuels, or loss or diminishment of tax credits due to failure to satisfy any eligibility requirements, including, without limitation, in relation to the blenders tax credit or the Clean Fuels Production Credit (“CFPC”); climate related adverse results, including with respect to the Company’s climate goals, targets or commitments; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives or products which do not meet specifications, contract requirements or regulatory standards; the occurrence of 2009 H1N1 flu (initially known as “Swine Flu”), highly pathogenic strains of avian influenza (collectively known as “Bird Flu”), severe acute respiratory syndrome (“SARS”), bovine spongiform encephalopathy (or “BSE”), porcine epidemic diarrhea (“PED”) or other diseases associated with animal origin in the U.S. or elsewhere, such as the outbreak of African Swine Fever in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks; unanticipated costs and/or reductions in raw material volumes related to the Company’s compliance with the existing or unforeseen new U.S. or foreign (including, without limitation, China) regulations (including new or modified animal feed, Bird Flu, SARS, PED, BSE or ASF or similar or unanticipated regulations) affecting the industries in which the Company operates or its value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions and/or a decline in margins on the products produced by the DGD Joint Venture; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections by the U.S. or foreign countries; tax changes, such as global minimum tax measures, or issues related to administration, guidance and/or regulations associated with biofuel policies, including CFPC, and risks associated with the qualification and sale of such credits; difficulties or a significant disruption (including, without limitation, due to cyber-attack) in the Company’s information systems, networks or the confidentiality, availability or integrity of our data or failure to implement new systems and software successfully; risks relating to possible third-party claims of intellectual property infringement; increased contributions to the Company’s pension and benefit plans, including multiemployer and employer-sponsored defined benefit pension plans as required by legislation, regulation or other applicable U.S. or foreign law or resulting from a U.S. mass withdrawal event; bad debt write-offs; loss of or failure to obtain necessary permits and registrations; the potential for future terrorist attacks, responses to terrorist attacks and other acts of war or hostility, including the ongoing conflicts in the Middle East, Africa, North Korea and Ukraine; uncertainty regarding any administration changes in the U.S. or elsewhere around the world, including, without limitation, impacts to trade, tariffs and/or policies impacting the Company (such as biofuel policies and mandates); and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, inflation rates, climate conditions, currency exchange fluctuations, general performance of the U.S. and global economies, disturbances in world financial, credit, commodities and stock markets, and any decline in consumer confidence and discretionary spending, including the inability of consumers and companies to obtain credit due to lack of liquidity in the financial markets, among others, could cause actual results to vary materially from the forward-looking statements included in this media release or negatively impact the Company’s results of operations. Among other things, future profitability may be affected by the Company’s ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. The Company’s announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. For more detailed discussion of these factors and other risks and uncertainties regarding the Company, its business and the industries in which it operates, see the Company’s filings with the SEC, including the Risk Factors discussion in Item 1A of Part I of the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 2026. The Company cautions readers that all forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of changes in circumstances, new events or otherwise.
Canoe Financial LP ve třetím čtvrtletí nakoupila 779 005 akcií společnosti Equifax a zvýšila svůj podíl o 4 373,5 % na 796 817 akcií, což představuje 0,68 % společnosti.
Canoe Financial LP grew its holdings in shares of Equifax, Inc. (NYSE:EFX – Free Report) by 4,373.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 796,817 shares of the credit services provider’s stock after purchasing an additional 779,005 shares during the quarter. Canoe Financial LP owned approximately 0.68% of Equifax worth $111,339,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of EFX. Raiffeisen Bank International AG boosted its holdings in shares of Equifax by 1.5% during the 2nd quarter. Raiffeisen Bank International AG now owns 3,590 shares of the credit services provider’s stock worth $569,000 after purchasing an additional 53 shares during the last quarter. V Square Quantitative Management LLC increased its stake in shares of Equifax by 3.8% in the 1st quarter. V Square Quantitative Management LLC now owns 1,730 shares of the credit services provider’s stock worth $312,000 after acquiring an additional 64 shares during the last quarter. Droms Strauss Advisors Inc. MO ADV increased its stake in shares of Equifax by 1.9% in the 1st quarter. Droms Strauss Advisors Inc. MO ADV now owns 5,435 shares of the credit services provider’s stock worth $979,000 after acquiring an additional 100 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Equifax by 0.8% during the 1st quarter. Glenmede Trust Co. NA now owns 13,647 shares of the credit services provider’s stock worth $2,457,000 after acquiring an additional 102 shares during the period. Finally, Empirical Finance LLC raised its holdings in shares of Equifax by 3.4% during the 2nd quarter. Empirical Finance LLC now owns 4,314 shares of the credit services provider’s stock worth $685,000 after acquiring an additional 140 shares during the period. Hedge funds and other institutional investors own 96.20% of the company’s stock.
Insider Transactions at Equifax In related news, CEO Mark Begor sold 37,791 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $172.16, for a total transaction of $6,506,098.56. Following the transaction, the chief executive officer owned 271,890 shares in the company, valued at $46,808,582.40. This trade represents a 12.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John W. Gamble, Jr. sold 4,500 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $187.96, for a total transaction of $845,820.00. Following the completion of the sale, the executive vice president owned 69,055 shares of the company’s stock, valued at approximately $12,979,577.80. This trade represents a 6.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.70% of the stock is owned by corporate insiders.
Key Equifax News Here are the key news stories impacting Equifax this week: Positive Sentiment: Third-quarter earnings beat expectations: Equifax reported adjusted EPS of $2.26, above the $2.20 consensus estimate, while revenue reached $1.693 billion, up approximately 10% year over year and in line with forecasts. Growth was broad-based, with U.S. Information Solutions revenue up 13%, International revenue up 9%, and Workforce Solutions revenue up 7%. Equifax third-quarter results Positive Sentiment: Cost controls and capital returns supported the quarter: Lower selling, general and administrative expenses and AI-driven efficiency efforts helped profitability. Equifax also returned $158 million to shareholders through $92 million of stock repurchases and $66 million in dividends. Equifax earnings and lower SG&A expenses Positive Sentiment: Needham raised its price target: Needham lifted its target for EFX from $190 to $210 and reiterated a “Buy” rating, signaling confidence in the company’s longer-term growth prospects despite near-term mortgage weakness. Neutral Sentiment: Underlying markets remain mixed: Equifax said diversified markets revenue grew 8% and state-agency contract signings reached $550 million in annual contract value. Its credit trends data also indicated that U.S. millennials have surpassed Generation X in aggregate debt, a development that may increase demand for credit information while highlighting consumer-credit risks. Equifax global credit trends Negative Sentiment: Fourth-quarter guidance missed estimates: EFX forecast fourth-quarter EPS of $2.07-$2.17 versus the $2.21 consensus and revenue of about $1.6 billion versus $1.7 billion expected. Full-year EPS guidance of $8.45-$8.55 is near consensus, but revenue guidance of $6.6-$6.7 billion is below the $6.7 billion estimate. Negative Sentiment: Mortgage-market weakness is the main headwind: Rising interest rates caused U.S. mortgage transaction volumes to decline meaningfully late in the quarter, prompting Equifax to reduce its outlook. Management also warned that inflation is putting greater pressure on lower-income consumers. Analyst Ratings Changes Several research analysts have recently weighed in on the stock. BMO Capital Markets boosted their price target on shares of Equifax from $160.00 to $175.00 and gave the company a “market perform” rating in a research report on Wednesday. Citigroup cut their price objective on shares of Equifax from $238.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Robert W. Baird reduced their target price on shares of Equifax from $245.00 to $232.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 22nd. Wells Fargo & Company decreased their target price on shares of Equifax from $212.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday, September 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Equifax from $230.00 to $210.00 in a report on Wednesday, July 22nd. Fourteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $200.00.
View Our Latest Analysis on Equifax
Equifax Price Performance Shares of NYSE EFX opened at $175.46 on Thursday. The stock’s 50-day moving average is $166.87 and its two-hundred day moving average is $169.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.09 and a quick ratio of 0.60. Equifax, Inc. has a 1-year low of $137.01 and a 1-year high of $238.94. The company has a market cap of $20.61 billion, a price-to-earnings ratio of 28.35, a price-to-earnings-growth ratio of 1.85 and a beta of 1.35.
Equifax (NYSE:EFX – Get Free Report) last issued its quarterly earnings results on Tuesday, October 20th. The credit services provider reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.06. Equifax had a net margin of 11.27% and a return on equity of 22.48%. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the previous year, the firm earned $2.04 earnings per share. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts forecast that Equifax, Inc. will post 8.49 EPS for the current fiscal year.
Equifax Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, August 31st. Equifax’s payout ratio is currently 39.37%.
About Equifax (Free Report)
Equifax Inc (NYSE: EFX) is a global data, analytics and technology company that provides information and services to help businesses, governments and consumers make informed financial and workforce decisions. The company is best known for its credit reporting activities, but its offerings also include identity verification, fraud prevention, income and employment verification, marketing services and risk management solutions.
Equifax provides consumer and commercial credit information, credit reports and related analytics to lenders and other businesses.
Recommended Stories Five stocks we like better than Equifax 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 Equifax Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Equifax and related companies with MarketBeat.com's FREE daily email newsletter.
Spotify ve třetím čtvrtletí zvýšila počet platících předplatitelů o 2 % na 306 milionů, ale tržby z reklamy ve výši 482 milionů eur zaostaly za odhady.
Výsledky Spotify potvrdily stabilní růst služby i vysokou loajalitu uživatelů, ale zároveň naznačily, že firma stále hledá další významný zdroj příjmů mimo předplatné. Vedení proto sází na rozvoj audioknih, exkluzivních podcastů a nových AI nástrojů, které mají zvýšit zapojení uživatelů a posílit monetizaci platformy.
Spotify Technology navýšila ve třetím čtvrtletí počet měsíčních aktivních uživatelů oproti předchozímu kvartálu o 1 % na 788 milionů. Počet platících předplatitelů se zvýšil o 2 % na 306 milionů. Investoři očekávali 305 milionů platících zákazníků a celkem 788 milionů uživatelů, píše Bloomberg. Akcie v New Yorku rostou v pre-marketu přes 4 %.
Celkové tržby za tři měsíce končící v září vzrostly na 4,97 miliardy eur, to představuje meziroční nárůst o 16 %, což je o něco méně, než předpovídal trh (4,98 miliardy eur). Tržby z reklamy rostly pomaleji a dosáhly 482 milionů eur, čímž zaostaly za odhadem ve výši 484,8 milionu eur. Prodej reklamy je pro společnost dlouhodobě výzvou – firmě se nedaří tento segment proměnit v významný zdroj příjmů, a to přesto, že má více uživatelů využívajících bezplatnou verzi než platících předplatitelů. Hrubá marže ve třetím čtvrtletí dosáhla 33 %, což přesně odpovídá odhadům analytiků.
Pro čtvrté čtvrtletí společnost předpovídá tržby ve výši 5,2 miliardy eur a 818 milionů měsíčních uživatelů, kdy obě hodnoty víceméně odpovídají odhadům analytiků.
V uplynulém čtvrtletí Spotify oznámilo plány na rozšíření své nabídky audioknih. Audioknihy, které podle společnosti zvyšují tržby, zejména u velmi aktivních uživatelů („super users“), kteří si připlácejí za delší dobu poslechu, nyní přicházejí na nové trhy, včetně Španělska, Mexika a Norska.
Aktivity společnosti v oblasti podcastů, které se nyní stále více soustředí na omezený počet velkých pořadů, získaly nový impuls díky obnovení smlouvy s Joe Roganem. Spotify tím získalo práva na prodej reklamy v jeho podcastu, který zůstává nejpopulárnějším pořadem ve Spojených státech. Společnost rovněž spolupracuje s Amy Poehlerovou na jejím podcastu a uzavřela dohodu se společností Netflix o distribuci vybraných pořadů na této streamovací platformě.
Společnost pokračuje v uzavírání hudebních dohod s nahrávacími společnostmi a vydavateli, aby mohla vyvinout připravovaný nástroj pro remixování založený na umělé inteligenci. Ten uživatelům umožní si za příplatek upravovat skladby podle vlastních představ.
Third quarter revenues of $3.10 billion, up 10.0% from 2025, on strong organic revenue growth
Third quarter reported diluted earnings per share ("EPS") of $2.78, up 28.7% from 2025; and adjusted diluted EPS of $3.00, up 15.4% from 2025
Full year 2026 revenues now expected to be between $12.065 billion and $12.105 billion
Full year 2026 reported diluted EPS now expected to be between $10.21 and $10.31; and adjusted diluted EPS expected to be between $11.25 and $11.35
, /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the third quarter ended September 30, 2026.
"We delivered revenue growth of 10% and adjusted EPS growth of over 15% on continued strength across our physician, hospital and consumer channels, complemented by productivity gains from automation and AI," said Jim Davis, Chairman, CEO and President. "Our robust organic revenue growth demonstrates that our solutions are fulfilling the expanding clinical care needs of an aging population as well as the increasing number of people focused on prevention and wellness. With these growth trends and our strong performance, we are raising our revenue and EPS guidance for the full year."
Recent Highlights:
Announced the ability for iPhone and iPad users in the United States to conveniently purchase a tailored Quest laboratory test panel with over 50 biomarkers directly through the Apple Health app, available to the public later this year.
Finalized a definitive agreement to acquire select outreach lab assets from a leading health system and long-time Co-Lab Solutions customer in the Northeastern U.S. Continued to advance our Co-Lab Solutions implementation and joint venture lab with Corewell Health in Michigan.
Extended our AD-Detect® menu to include the FDA-cleared Roche Elecsys® Phospho-Tau (217P) Plasma (pTau217) blood test and launched a new AD-Detect test panel with pTau217, amyloid beta and APOE to help guide diagnosis and treatment decisions for Alzheimer's disease.
Advanced Project Nova from the design phase to the solutions-build phase and continue to expect to deploy Epic solutions in our first lab in the fall of 2027.
The company will hold its 2027 Investor Day on March 25, 2027, at the New York Stock Exchange. Additional information will be provided closer to the event.
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
Change
2026
2025
Change
(dollars in millions, except per share data)
Reported:
Net revenues
$ 3,097
$ 2,816
10.0 %
$ 9,035
$ 8,229
9.8 %
Diagnostic Information Services revenues
$ 3,035
$ 2,755
10.2 %
$ 8,845
$ 8,043
10.0 %
Revenue per requisition
(4.2) %
(2.8) %
Requisition volume
14.5 %
12.9 %
Organic requisition volume
14.4 %
12.8 %
Operating income (a)
$ 479
$ 386
24.2 %
$ 1,337
$ 1,170
14.3 %
Operating income as a percentage of net revenues (a)
15.5 %
13.7 %
1.8 %
14.8 %
14.2 %
0.6 %
Net income attributable to Quest Diagnostics (a)
$ 312
$ 245
27.6 %
$ 884
$ 747
18.4 %
Diluted EPS (a)
$ 2.78
$ 2.16
28.7 %
$ 7.86
$ 6.57
19.6 %
Cash provided by operations
$ 611
$ 563
8.8 %
$ 1,486
$ 1,421
4.6 %
Capital expenditures
$ 166
$ 144
15.0 %
$ 418
$ 369
13.2 %
Adjusted (a):
Operating income
$ 517
$ 458
13.0 %
$ 1,466
$ 1,330
10.3 %
Operating income as a percentage of net revenues
16.7 %
16.3 %
0.4 %
16.2 %
16.2 %
— %
Net income attributable to Quest Diagnostics
$ 338
$ 296
14.2 %
$ 969
$ 845
14.7 %
Diluted EPS
$ 3.00
$ 2.60
15.4 %
$ 8.62
$ 7.43
16.0 %
(a)
For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.
Updated Guidance for Full Year 2026
The company updates its full year 2026 guidance as follows:
Updated Guidance
Prior Guidance
Low
High
Low
High
Net revenues
$12.065 billion
$12.105 billion
$11.95 billion
$12.05 billion
Net revenues increase
9.3 %
9.7 %
8.3 %
9.2 %
Reported diluted EPS
$10.21
$10.31
$9.97
$10.17
Adjusted diluted EPS
$11.25
$11.35
$11.05
$11.25
Cash provided by operations
Approximately $1.90 billion
Approximately $1.80 billion
Capital expenditures
Approximately $550 million
Approximately $550 million
Note on Non-GAAP Financial Measures
As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments and other items.
Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.
Conference Call Information
Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor. We suggest participants dial in approximately 10 minutes before the call.
A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on October 22, 2026 until midnight Eastern Time on November 5, 2026, by phone at 866-388-5361 for domestic callers or 203-369-0416 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.
About Quest Diagnostics
Quest Diagnostics works across healthcare to create a healthier world, one life at a time. We help connect people, from clinicians to consumers, with laboratory insights that illuminate a path to better health. With a focus on delivering smarter, simpler testing, our insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics serves half the physicians and hospitals in the United States and one in three adult Americans each year, and our nearly 60,000 employees work together to deliver diagnostic insights that inspire actions to transform lives. www.QuestDiagnostics.com.
Forward Looking Statements
The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, the impact of the incident described in the Current Report on Form 8-K filed on October 22, 2026, uncertain and volatile economic conditions, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government policies, including related to trade, and regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions and other factors discussed in the company's most recently filed Annual Report on Form 10-K and in any of the company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those reports.
This earnings release, including the attached financial tables, is available online in the Newsroom section at www.QuestDiagnostics.com.
ADDITIONAL TABLES FOLLOW
Quest Diagnostics Incorporated and Subsidiaries
Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2026 and 2025
(in millions, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Net revenues
$ 3,097
$ 2,816
$ 9,035
$ 8,229
Operating costs and expenses and other operating income:
Cost of services
2,055
1,867
6,024
5,474
Selling, general and administrative
523
501
1,556
1,463
Amortization of intangible assets
37
39
112
117
Other operating expense, net
3
23
6
5
Total operating costs and expenses, net
2,618
2,430
7,698
7,059
Operating income
479
386
1,337
1,170
Other income (expense):
Interest expense, net
(61)
(66)
(187)
(200)
Other (expense) income, net
(2)
8
12
18
Total non-operating expense, net
(63)
(58)
(175)
(182)
Income before income taxes and equity in earnings of equity method investees
416
328
1,162
988
Income tax expense
(99)
(77)
(261)
(233)
Equity in earnings of equity method investees, net of taxes
9
8
23
35
Net income
326
259
924
790
Less: Net income attributable to noncontrolling interests
14
14
40
43
Net income attributable to Quest Diagnostics
$ 312
$ 245
$ 884
$ 747
Earnings per share attributable to Quest Diagnostics' common stockholders:
Basic
$ 2.82
$ 2.18
$ 7.97
$ 6.66
Diluted
$ 2.78
$ 2.16
$ 7.86
$ 6.57
Weighted average common shares outstanding:
Basic
110
112
110
112
Diluted
112
113
112
113
Quest Diagnostics Incorporated and Subsidiaries
Consolidated Balance Sheets
September 30, 2026 and December 31, 2025
(in millions, except per share data)
(unaudited)
September 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 797
$ 420
Accounts receivable, net
1,712
1,408
Inventories
218
189
Prepaid expenses and other current assets
390
361
Total current assets
3,117
2,378
Property, plant and equipment, net
2,275
2,203
Operating lease right-of-use assets
670
657
Goodwill
9,112
8,945
Intangible assets, net
1,634
1,636
Investments in equity method investees
139
136
Other assets
274
270
Total assets
$ 17,221
$ 16,225
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses
$ 1,643
$ 1,600
Current portion of long-term debt
10
504
Current portion of long-term operating lease liabilities
181
174
Total current liabilities
1,834
2,278
Long-term debt
5,540
5,167
Long-term operating lease liabilities
554
537
Other liabilities
1,262
957
Redeemable noncontrolling interest
81
80
Stockholders' equity:
Quest Diagnostics stockholders' equity:
Common stock, par value $0.01 per share; 600 shares authorized as of both September 30, 2026
and December 31, 2025; 162 shares issued as of both September 30, 2026 and December 31, 2025
2
2
Additional paid-in capital
2,397
2,381
Retained earnings
10,593
9,994
Accumulated other comprehensive loss
(66)
(27)
Treasury stock, at cost; 52 shares as of both September 30, 2026 and December 31, 2025
(5,294)
(5,180)
Total Quest Diagnostics stockholders' equity
7,632
7,170
Noncontrolling interests
318
36
Total stockholders' equity
7,950
7,206
Total liabilities and stockholders' equity
$ 17,221
$ 16,225
Quest Diagnostics Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2026 and 2025
(in millions)
(unaudited)
Nine Months Ended
September 30,
2026
2025
Cash flows from operating activities:
Net income
$ 924
$ 790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
440
425
Provision for credit losses
5
2
Deferred income tax expense
155
118
Stock-based compensation expense
63
63
Other, net
22
37
Changes in operating assets and liabilities:
Accounts receivable
(308)
(153)
Accounts payable and accrued expenses
244
113
Income taxes payable
(24)
(1)
Other assets and liabilities, net
(35)
27
Net cash provided by operating activities
1,486
1,421
Cash flows from investing activities:
Business acquisitions, net of cash acquired
(39)
(51)
Capital expenditures
(418)
(369)
Other investing activities, net
2
(20)
Net cash used in investing activities
(455)
(440)
Cash flows from financing activities:
Proceeds from borrowings
494
410
Repayments of debt
(504)
(1,011)
Purchases of treasury stock
(252)
(150)
Exercise of stock options
108
61
Employee payroll tax withholdings on stock issued under stock-based compensation plans
(40)
(44)
Dividends paid
(279)
(263)
Distributions to noncontrolling interest partners
(35)
(43)
Contributions from noncontrolling interest partners
25
—
Other financing activities, net
(169)
(61)
Net cash used in financing activities
(652)
(1,101)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(2)
3
Net change in cash and cash equivalents and restricted cash
377
(117)
Cash and cash equivalents and restricted cash, beginning of period
420
549
Cash and cash equivalents and restricted cash, end of period
$ 797
$ 432
Cash paid during the period for:
Interest
$ 151
$ 167
Income taxes
$ 142
$ 112
Notes to Financial Tables
1) The computation of basic and diluted earnings per common share is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
(in millions, except per share data)
Amounts attributable to Quest Diagnostics' common stockholders:
Net income attributable to Quest Diagnostics
$ 312
$ 245
$ 884
$ 747
Less: earnings allocated to participating securities
2
2
4
4
Earnings available to Quest Diagnostics' common stockholders - basic and diluted
$ 310
$ 243
$ 880
$ 743
Weighted average common shares outstanding - basic
110
112
110
112
Effect of dilutive securities:
Stock options and performance share units
2
1
2
1
Weighted average common shares outstanding - diluted
112
113
112
113
Earnings per share attributable to Quest Diagnostics' common stockholders:
Basic
$ 2.82
$ 2.18
$ 7.97
$ 6.66
Diluted
$ 2.78
$ 2.16
$ 7.86
$ 6.57
2) The following tables reconcile reported GAAP results to non-GAAP adjusted results:
Three Months Ended September 30, 2026
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 479
15.5 %
$ (99)
$ 9
$ 312
$ 2.78
Restructuring and integration charges (a)
3
0.1
—
—
3
0.02
Other charges (b)
4
0.1
—
—
4
0.03
Gains and losses on investments (c)
—
—
(1)
1
3
0.02
Other gains (d)
(6)
(0.2)
1
—
(5)
(0.04)
Amortization expense
37
1.2
(10)
—
27
0.24
ETB
—
—
(6)
—
(6)
(0.05)
As adjusted
$ 517
16.7 %
$ (115)
$ 10
$ 338
$ 3.00
Nine Months Ended September 30, 2026
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 1,337
14.8 %
$ (261)
$ 23
$ 884
$ 7.86
Restructuring and integration charges (a)
14
0.2
(3)
—
11
0.10
Other charges (b)
9
0.1
—
—
9
0.08
Gains and losses on investments (c)
—
—
(3)
7
7
0.06
Other gains (d)
(6)
(0.1)
1
—
(5)
(0.04)
Amortization expense
112
1.2
(29)
—
83
0.74
ETB
—
—
(20)
—
(20)
(0.18)
As adjusted
$ 1,466
16.2 %
$ (315)
$ 30
$ 969
$ 8.62
Three Months Ended September 30, 2025
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 386
13.7 %
$ (77)
$ 8
$ 245
$ 2.16
Restructuring and integration charges (a)
11
0.4
(2)
—
9
0.07
Other charges (b)
22
0.8
(6)
—
16
0.15
Amortization expense
39
1.4
(10)
—
29
0.25
ETB
—
—
(3)
—
(3)
(0.03)
As adjusted
$ 458
16.3 %
$ (98)
$ 8
$ 296
$ 2.60
Nine Months Ended September 30, 2025
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 1,170
14.2 %
$ (233)
$ 35
$ 747
$ 6.57
Restructuring and integration charges (a)
37
0.5
(9)
—
28
0.24
Other charges (b)
52
0.6
(12)
—
40
0.36
Gains and losses on investments (c)
—
—
1
(1)
(2)
(0.01)
Other gains (d)
(46)
(0.5)
14
(8)
(40)
(0.36)
Amortization expense
117
1.4
(30)
—
87
0.76
ETB
—
—
(15)
—
(15)
(0.13)
As adjusted
$ 1,330
16.2 %
$ (284)
$ 26
$ 845
$ 7.43
(a)
For each of the three and nine months ended September 30, 2026 and 2025, the pre-tax impact represents costs primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
(dollars in millions)
Cost of services
$ 1
$ 1
$ 3
$ 8
Selling, general and administrative
2
10
11
29
Operating income
$ 3
$ 11
$ 14
$ 37
(b)
The three and nine months ended September 30, 2026 and 2025 include pre-tax losses associated with the change in the fair value of the contingent consideration accrual associated with previous acquisitions, recorded in other operating expense, net. Additionally, both the three and nine months ended September 30, 2025 include a $15 million pre-tax charge to earnings related to legal matters, recorded in other operating expense, net. Also, the three and nine months ended September 30, 2025 include pre-tax impairment charges of $5 million and $29 million, respectively, on certain long-lived assets related to the exit of a business, also recorded in other operating expense, net.
(c)
For all periods presented, the pre-tax impact represents gains and losses associated with changes in the carrying value of our strategic investments, principally recorded in equity in earnings of equity method investees, net of taxes, and other (expense) income, net.
(d)
Both the three and nine months ended September 30, 2026 primarily include $4 million of pre-tax gains, recorded in selling, general and administrative expenses, related to insurance recoveries for certain legal matters. The nine months ended September 30, 2025 includes a $46 million pre-tax gain, recorded in other operating expense, net, from a payroll tax credit under the Coronavirus Aid, Relief, and Economic Security Act associated with the retention of employees. Additionally, the nine months ended September 30, 2025 includes an $8 million pre-tax gain, recorded in equity in earnings of equity method investees, net of taxes, representing a non-recurring gain related to a lease.
(e)
For restructuring and integration charges, other gains/charges, gains and losses on investments, and amortization expense, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of 25.5% for both 2026 and 2025. No income tax impact was recorded on losses associated with the change in the fair value of the contingent consideration accrual associated with previous acquisitions.
3)
The outlook for adjusted diluted EPS represents management's estimates for the full year 2026 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2026. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, which are difficult to predict. The following table reconciles our 2026 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS:
Low
High
Diluted EPS
$ 10.21
$ 10.31
Restructuring and integration charges (a)
0.13
0.13
Amortization expense (b)
0.99
0.99
Other charges (c)
0.11
0.11
Gains and losses on investments (d)
0.06
0.06
Other gains (e)
(0.04)
(0.04)
ETB
(0.21)
(0.21)
Adjusted diluted EPS
$ 11.25
$ 11.35
(a)
Represents estimated pre-tax charges of $20 million primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%.
(b)
Represents estimated pre-tax amortization expenses of $149 million. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%.
(c)
Principally represents estimated pre-tax net losses of $9 million associated with the increase in the fair value of the contingent consideration accrual associated with previous acquisitions. Such estimate is subject to the risks and uncertainties discussed in the "Forward Looking Statements" section above. No income tax benefits are recorded on the changes associated with the contingent consideration accrual.
(d)
Represents gains and losses associated with changes in the carrying value of our strategic investments. Income tax impacts were calculated using a combined statutory income tax rate of 25.5%.
(e)
Principally represents a pre-tax gain related to insurance recoveries for certain legal matters. Income tax impacts were primarily calculated using a combined statutory income tax rate of 25.5%.
Tržby společnosti Prada ve třetím čtvrtletí organicky vzrostly o 1 %, zatímco tržby skupiny včetně značky Versace činily 1,49 miliardy eur a maloobchodní tržby značky Miu Miu klesly o 3 %.
Italian luxury group Prada (1913.F) posted on Thursday a 1% organic growth in third-quarter revenue, in line with market expectations, showing resilience in a weak luxury sector and despite a slowdown at its smaller brand Miu Miu.
Miu Miu had driven the bulk of the group's growth in 2025.
The organic performance excludes Versace, which Prada acquired in December last year. The group said the integration of the brand was progressing "on track", ahead of the debut of the first collection by new creative director Pieter Mulier next year.
Including Versace, group revenue totalled €1.49 billion ($1.67 billion) in the quarter, matching an analyst consensus compiled by Visible Alpha.
The result was supported by continued growth in the Americas, albeit at a slower pace compared to the previous quarter.
Sales in the Asia-Pacific region were stable, as a subdued traffic environment in mainland China was offset by continued positive trends elsewhere in the region, the company said. Revenue in Europe remained weak.
Miu Miu's retail sales fell 3% in the quarter.
"The third quarter unfolded against a particularly challenging industry backdrop. In this context, the Group showed good resilience, underpinned by brand desirability and strong retail execution", Chief Executive Andrea Guerra said in a statement.
Kurz GBP/EUR v říjnu posílil téměř o 2 %, k čemuž přispěl pokles nezaměstnanosti ve Spojeném království na 4,7 % a stabilní meziroční růst pravidelných mezd o 3,7 %.
The Federal Reserve and the European Central Bank are both expected to hold rates in October, cushioning the pound against new onslaught.
Concerns about stagflation in the UK and high energy prices are an existential threat to the GBP
Upcoming UK budget announcement will reveal the level of success of fiscal management and could impact the pound
The British pound’s been on a strong run. On Wednesday, sterling traded near $1.339, almost hitting a one-month high. So far this October, it’s gained almost 2% against the euro and close to 1% against the US dollar.
The pound’s now trading above 1.3400 against the dollar and testing multi-month highs near 1.1850 against the euro. This climb largely comes from changing expectations around central bank interest rates. The GBP/EUR performance against the this month is the best since May 2023. But can this upward trend last?
Where Is GBP Getting Its Strength From?
The pound’s gains stem from solid economic data and high expectations for Bank of England (BoE) interest rate hikes.
UK unemployment fell to 4.7%, and annual regular wage growth held steady at a healthy 3.7%. Strong wage growth like this supports continued consumer spending, which makes the central bank’s job of controlling inflation harder.
Economic growth played a part too. An unexpectedly strong UK GDP report helped pull sterling up from its year-to-date low of 1.3137 against the dollar. The economy grew 0.1% in August, according to data from the Office for National Statistics, exceeding the consensus forecast 0.1%
Will the Pound Hold After Fed and ECB Decisions?
Upcoming central bank meetings could bring some volatility. Most economists expect the Federal Reserve to keep interest rates steady, likely between 3.75% and 4.00%, at its late October meeting, though another hike in December is not out of the question.
The Fed’s decision comes on October 28th. Since an October rate hike now seems improbable, the commentary released with it will matter more than the rate decision itself. A hawkish statement from them could really boost the dollar and pressure GBP/USD.
Similarly, the European Central Bank is also expected to keep rates steady on October 29th. They’ll likely wait to review more economic data before making any policy changes in December.
The pound might hold its ground better against the euro, especially if worries about Eurozone fiscal policy persist. But technical signals hint the currency could be overbought after its strong run in September and October, possibly setting up a short-term correction.
Just a pause in rate hikes from both the Fed and ECB shouldn’t slow sterling’s upward climb much. Still, if there’s any strong sign of more tightening in December, that could shrink the interest rate gap that has helped the pound.
Potential Risks for Sterling
Even with recent gains, big risks remain. The upcoming UK Budget announcement will be a significant focus. If it hints at poor fiscal management or more government borrowing than expected, that could hurt the gilt market and push the currency down. Investors are still wary about debt sustainability given the recent volatility in bond yields.
Concerns about stagflation also persist. Inflation is now outpacing the BoE’s forecasts, and a slowdown in UK economic activity could cap any more gains for the pound.
Persistent geopolitical tensions keep impacting energy prices and complicating the inflation outlook. A big jump in oil or gas costs might force the BoE to hike rates more aggressively, which could then slow economic growth. Conversely, if the BoE holds back, it might erode trust in its inflation-fighting capabilities.
Additionally, the Chancellor’s upcoming budget also brings policy risks. Big tax increases or surprisingly low government borrowing could slow down domestic economic activity. That might prompt the BoE to hit pause on its monetary tightening cycle sooner than expected.
What recent UK data has most supported the pound?
Lower-than-expected unemployment at 4.7% and stronger wage growth of 3.7% recently made a Bank of England rate hike next month feel more likely.
What are markets expecting for the upcoming Fed and ECB meetings?
Markets largely expect both the Fed and ECB to keep rates steady in late October. Any further action will probably wait until December, depending on new data.
Why does the UK Budget pose a risk to sterling?
If the UK Budget signals weaker fiscal discipline or bigger borrowing, it could rattle gilt markets. This might undo recent currency gains, especially because debt sensitivity is still high.
Společnost GE Vernova ve 2. čtvrtletí získala nové objednávky v hodnotě 16,7 mld. USD, což představuje meziroční nárůst o 134 %, zejména díky poptávce po plynových turbínách.
If you've been looking for an all-around industrial holding to add to your portfolio, there's a good chance you've come across GE Vernova (GEV +4.00%). And deservedly so. This company's equipment features prominently in the world's present and future power production. Namely, it manufactures wind turbines, natural gas turbines, and grid management solutions. It's even in the nuclear power business.
Being in the right place at the right time doesn't necessarily make a company's stock a buy, however. GE Vernova shares are up nearly 600% since being spun off from GE Aerospace back in 2024, driven higher by the proliferation of artificial intelligence data centers that, in turn, created an insatiable demand for electricity, however it can be produced. That's a tough act to follow.
Image source: Getty Images.
Don't be dissuaded, though. In fact, while it's been well up over the past two years, this stock's lull since April of this year may be the best buying opportunity you'll see for a while.
$925.92+$35.59 (+4.00%)
NYSE · As of 4:00 PM ET 10/21/26
Can't manufacture it fast enough If you've heard of it at all, it's almost certainly because of GE Vernova's natural gas turbines. Although initially intended for utility-scale power production (and perhaps the occasional installation at a major manufacturing facility), the company's gas turbines are being set up at artificial intelligence data centers as a quick and easy secondary or even primary source of electricity. Although its power division reported revenue growth of only 14% to $5.5 billion, for perspective, this same arm also took $16.7 billion in new orders during Q2 -- up 134% -- mostly due to demand for natural gas turbines.
What is GE Vernova's biggest bottleneck right now? Simply a lack of manufacturing capacity, though the company is addressing this matter.
Don't look past the impressive performance of GE Vernova's other important profit center, though. Its electrification arm, which makes and markets transformers, high-voltage substation equipment, and switchgear, also experienced 68% year-over-year revenue growth to $3.6 billion, while orders grew 93% to more than $6.3 billion. All told, the company's total backlog of business now stands at $176 billion. That's more than three times next year's analyst-expected top line of $53 billion (up 14%), and the backlog keeps growing.
Reliable growth ahead But is this bright future overly dependent on the continued spread of artificial intelligence data centers?
Not necessarily. As Scott Strazik commented during July's Q2 earnings conference call, "for our total gigawatts under contract, demand remains diverse with approximately 100 customers in 26 different countries, of which approximately 80% are traditional customers and 20% are for data centers." Or as the International Energy Agency predicts, global demand for electricity is poised to grow by 3.5% per year through 2030. That's a relatively small number, but it's an enormous one for the power-production industry, which is already operating near maximum capacity.
Connect the dots. Most of this company's past, present, and future growth reflects the world's growing need for power beyond the fickle artificial intelligence industry's need. As such, the bulk of GE Vernova's long-term growth outlook is durable regardless of the economic backdrop.
This might help: The vast majority of analysts rate GEV a strong buy, with a consensus price target of $1,199.47. That's not a bad way to start out a new trade.
Studie fáze III HARMONi-GI1 prokázala pozitivní výsledky v oblasti celkového přežití při podávání ivonescimabu v kombinaci s chemoterapií v první linii léčby pokročilých nádorů žlučových cest.
Highlights Include Phase II Data Supporting Clinical Development Expansion for Ivonescimab
MIAMI--(BUSINESS WIRE)--Summit Therapeutics Inc. (NASDAQ: SMMT) today announced that ivonescimab data will be featured in numerous presentations at the European Society for Medical Oncology 2026 Congress (ESMO 2026), taking place October 23-27, 2026, in Madrid, Spain.
Across 10 presentations at ESMO 2026, ivonescimab data will span a broad range of tumor types, led by positive overall survival findings from Akeso Inc.’s Phase III HARMONi-GI1 study of ivonescimab plus chemotherapy compared to durvalumab plus chemotherapy in first-line advanced biliary tract cancer, which is selected as a Late-Breaking Abstract for the Presidential Symposium. HARMONi-GI1 is a multi-center, Phase III study conducted in China and sponsored by Akeso, with all relevant data exclusively generated, managed, and analyzed by Akeso. On October 21, Summit and ECOG-ACRIN Cancer Research Group announced the initiation of the open-label Phase II/III EA2251 study, which plans to enroll patients in the U.S. who will be randomized to receive ivonescimab in combination with gemcitabine and cisplatin, or pembrolizumab or durvalumab in combination with gemcitabine and cisplatin as the established standard-of-care comparator regimen. Activation of clinical trial sites is expected to begin in the fourth quarter of 2026.
Additional data include findings from investigator-sponsored trials (ISTs). A rapid oral presentation and a proffered paper will feature ivonescimab-based regimens in first-line recurrent/metastatic thymic carcinoma and advanced renal cell carcinoma, respectively. The program also highlights emerging endometrial cancer (EC) data, alongside continued development in gastrointestinal cancers such as esophageal, gastric/GEJ, and pancreatic cancers; glioblastoma; and head and neck squamous cell carcinoma.
In a Phase II study in EC conducted at Memorial Sloan Kettering Cancer Center in New York, NY, ivonescimab monotherapy met the study’s primary endpoint for objective response rate with a manageable safety profile without new safety signals in previously treated patients with second-line and later EC. The strength of these results supported expansion of the IST led by Drs. Maria Rubinstein, MD, and Vicky Makker, MD, and provided a meaningful signal to inform opportunities for further development of ivonescimab in EC.
“The breadth of the ivonescimab data at ESMO underscores the expanding body of clinical evidence across a diverse range of tumor types and treatment settings,” said Dr. Maky Zanganeh, President and Co-Chief Executive Officer of Summit Therapeutics. “Our ambition for ivonescimab extends beyond any single indication. We are focused on advancing a rigorous clinical development program to determine where this novel IO bispecific antibody could make a meaningful difference for patients. We look forward to engaging with the global oncology community on these data at ESMO 2026.”
The ESMO 2026 ivonescimab presentations are listed below by tumor type:
Ivonescimab is an investigational therapy that is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe. Ivonescimab was initially approved for marketing authorization in China in May 2024.
About Ivonescimab
Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF.
This design is intended to differentiate ivonescimab as there is potentially higher expression (presence) of both PD-1 and VEGF in tumor tissue and the tumor microenvironment (TME) as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure (four binding sites) enables higher avidity (accumulated strength of multiple binding interactions) in the TME (Zhong, et al, iScience, 2025). This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of ivonescimab’s design, together with a half-life of 6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets.
Ivonescimab was invented by Akeso Inc. (HKEX Code: 9926.HK) and is currently utilized in multiple Phase III clinical trials. Over 5,000 patients have been treated with ivonescimab in clinical studies globally and over 100,000 patients when considering those treated in a commercial setting in China, as noted by Akeso.
There are currently 17 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, five of which are Summit-sponsored global studies, two of which are studies sponsored by cooperative groups, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in NSCLC and expanded its sponsored Phase III clinical development program into colorectal cancer (CRC) and urothelial carcinoma (bladder cancer).
About Summit Therapeutics Inc.
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.
For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.
Summit Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the risk that the private placement does not close on the anticipated timeline or at all, including because required regulatory clearances are not obtained or other closing conditions are not satisfied, dilution to existing stockholders, and potential adverse effects on the market price of the Company's common stock, including from future sales by AstraZeneca, the Company’s broad discretion over the use of proceeds, and the possibility that the proceeds will not be sufficient to fund operations as long as anticipated, AstraZeneca’s ownership and contractual rights, including Third Party acquisition participation, and registration rights, and potential conflicts of interest, the completion of the Private Placement does not depend on the parties entering into a definitive collaboration agreement, the Company's reliance on AstraZeneca for the supply of AstraZeneca’s products and other contributions to the clinical trials, the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.
Summit Therapeutics and the Summit Therapeutics logo are registered trademarks of Summit Therapeutics Inc. and/or its affiliates. Copyright 2026, Summit Therapeutics Inc. All Rights Reserved.
Relx NYSE: RELX reported 7% underlying revenue growth for the first nine months of the year, with CFO Nick Luff saying the company continued to see positive momentum across its portfolio as it shifts its business mix toward higher-growth analytics and decision tools.
The company maintained its full-year outlook, expecting another year of strong underlying growth in revenue and adjusted operating profit, as well as strong adjusted earnings-per-share growth on a constant-currency basis.
Get Relx alerts:
Risk and Legal lead growth
Risk, which accounts for about 40% of group profit, delivered 8% underlying revenue growth in the first nine months, in line with the first half. Luff said the division’s performance was supported by deeply embedded AI-enabled analytics and decision tools, with more than 90% of its revenue coming from machine-to-machine interactions.
Within Risk, Business Services continued to benefit from financial-crime compliance products and digital fraud and identity solutions, alongside strong new sales. Insurance growth was driven by further innovation and adoption of contributor databases and market-specific tools, also supported by new sales.
Luff said fraud and identity remains an important opportunity as customers confront threats such as synthetic identities and deepfakes. He said Relx is expanding its capabilities beyond identification of an individual to include device intelligence, behavioral biometrics and document authentication. The company has also integrated IDVerse, an acquired capability, into its platform.
Risk Insurance volumes remained high, although shopping and switching activity was not growing at the same pace seen over the prior two years. Luff said transaction-volume factors across Risk’s businesses generally balance over time, while innovation remains the primary driver of the division’s consistent high-single-digit growth.
Legal, which contributes up to 10% of group profit, posted 10% underlying revenue growth, matching the first-half rate and representing an acceleration from the prior year. Law firms and corporate legal, which account for approximately 70% of the division, continued to grow at a double-digit rate.
Luff said more than 50% of the U.S. Legal revenue base is now on the Lexis+ Protégé platform, while adoption outside the U.S. is lower because launches occurred later. The vast majority of new sales and a large majority of renewals are now moving to the platform, according to Luff.
He said customers that adopt the newer platform generate an uplift in spending compared with older products, though he said the company could not separate the contribution of AI-enabled functionality from the broader legal research offering. Relx said its legal strategy is based on a curated and continuously updated content set containing billions of documents, sourced from more than 3,000 courts and tens of thousands of other sources.
STM growth and AI product adoption
Scientific, Technical & Medical, or STM, which represents about one-third of group profit, grew underlying revenue 6% in the first nine months. Luff said databases, tools and electronic reference products benefited from the rollout and adoption of AI-enabled offerings built on trusted scientific content.
LeapSpace, Relx’s recently launched research-grade AI workspace, has received positive customer feedback and is experiencing rapid growth in usage, Luff said. The product’s user base doubled during the 90 days from March to June, and the rate of user growth has accelerated since then, he added.
At this stage, the company is prioritizing user adoption over monetization, and Luff said LeapSpace’s revenue contribution is not material. He described the product as a longer-term opportunity, citing customer feedback on research efficiency, time savings and trust in the platform’s outputs.
Relx said ScienceDirect AI has been incorporated into LeapSpace, with existing customers migrated to the new product. Scopus serves a different use case and continues to perform on trends similar to those reported earlier in the year, Luff said.
Primary research continued to benefit from strong submission volumes, with article submissions up more than 20% year-to-date. The company said it is being increasingly selective in publishing submitted work to maintain and improve the quality of its journal portfolio. Published article volumes continued to rise at roughly the 7% pace reported at the half-year stage, according to Luff.
Open-access, author-pay submission and publication volumes are growing faster than the overall average, he said, while both pay-to-read and pay-to-publish models continue to grow.
Exhibitions affected by Middle East disruption
Exhibitions, which also contributes up to 10% of group profit, posted 4% underlying revenue growth. Luff said strong ongoing growth in the business was reduced by about 3 percentage points due to Middle East disruption, including effects on regional events and travel-related exhibitions.
Excluding the Middle East impact, the Exhibitions portfolio continued to grow in the approximately 7% to 8% range established in recent years, he said. The company expects the fourth-quarter impact to be similar to the year-to-date effect.
On the competitive environment in Legal, Luff said Relx continues to evaluate new tools, models and integration opportunities based on customer value. The company has about 25 partnerships and integrations, including with Microsoft, and uses a technology-agnostic, multi-model approach. Relx also recently established an innovation lab that brings legal professionals together with product developers and engineers to develop practical workflow tools.
Relx plans to provide additional detail on STM’s growth opportunities and AI initiatives at an investor seminar scheduled for November 3.
About Relx (NYSE:RELX)RELX PLC is a global information-based analytics and decision tools company serving professional and business customers. The company provides data, software, research, and workflow solutions that help organizations make decisions, manage risk, improve productivity, and access specialized knowledge.
Its main business areas include scientific, technical, and medical information; risk and business analytics; legal information and technology; and industry-focused events. Products and services include research platforms such as ScienceDirect and Scopus, legal research and workflow solutions offered through LexisNexis, and risk-management, fraud-prevention, and identity solutions provided through LexisNexis Risk Solutions.
RELX serves customers internationally, including universities, researchers, law firms, government agencies, insurers, financial institutions, corporations, and healthcare professionals.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Relx Right Now?Before you consider Relx, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Relx wasn't on the list.
While Relx currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.
Get This Free Report
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Although the artificial intelligence (AI) revolution garners most of the credit for sending Wall Street's major stock indexes to new heights, don't overlook initial public offering (IPO) euphoria as a stock market catalyst in 2026.
A little over four months ago, on June 12, Elon Musk's Space Exploration Technologies (SPCX +7.80%), better known as SpaceX, rewrote Wall Street's record books. SpaceX went public at a $1.77 trillion valuation, raising $85.7 trillion from its IPO, including the underwriters' overallotment. This nearly tripled Saudi Aramco's $29.4 trillion IPO cash raise.
Image source: Getty Images.
But not all of SpaceX's history-making moments are worth celebrating. Today, Oct. 22, Musk's AI and space infrastructure goliath will make dubious history, with retail investors set to pay the price.
There wasn't much about the SpaceX IPO process that followed historic norms, including the company's insider lockup period. An insider is a high-ranking executive, board member, or early investor who may possess non-public information.
Usually, companies going public employ a 180-calendar-day lockup period that prevents insiders from selling their shares. This is done to ensure that insiders don't take advantage of retail investor euphoria shortly after a company debuts.
In SpaceX's May 2026 prospectus, the company outlined a staggered and accelerated share-unlock period for its early-release-eligible insiders. In simpler terms, Elon Musk wouldn't be able to sell his shares for 366 calendar days after SpaceX's IPO, but most of the company's other insiders would be given several opportunities to sell some of their shares before the traditional 180-calendar-day mark.
Great look at the SpaceX shares unlock schedule as well as the potential passive buying schedule from @JSeyff @FrancisSharoon Depending on the early post-IPO returns, this could really play with and disperse the returns of "passive" funds (which is why there's arguably no such thing as passive). $SPCX
— Eric Balchunas (@EricBalchunas) May 28, 2026
SpaceX's share-unlock events fall into two categories, of which the first is earnings-based events. On Aug. 6, two trading days after SpaceX reported its second-quarter operating results, roughly 911.5 million shares became eligible for sale by select insiders.
Today, Oct. 22, marks the second trading day after Space Exploration Technologies' third-quarter report and, therefore, the release of another 911.5 million shares by insiders. This could provide up to $133 billion in selling pressure.
In addition to earnings-based events, approximately 319 million shares become newly eligible for sale on calendar days 70, 90, 105, 120, 135, and 180. Given that the 135th calendar day lands on a weekend, this coming Monday, Oct. 26, will mark the release of another 319 million shares.
Image source: Getty Images.
We're witnessing the greatest wealth transfer in Wall Street's historyThis staggered and accelerated share lockup period for early-release-eligible insiders poses a significant problem for SpaceX's retail investors.
When the company went public, it sold approximately 555.6 million shares, or less than 5% of its outstanding shares (OS). Most companies going public sell 10% or more of their OS.
SpaceX gaining fast-track entry into the Nasdaq-100, Russell 1000, and Russell 3000 with its historically low float provided quite the boost to the company's share price for a few weeks after its debut. But with each new share-unlock event, SpaceX's float is rapidly climbing and threatening to weigh on its shares.
SPCX Space Exploration Technologies$159.31+$11.52 (+7.80%)
NASDAQ · As of 4:00 PM ET 10/21/26
These ongoing share lockups also allow eligible insiders their first opportunity in years, if not a decade, to cash in their chips. What we're witnessing is one of the greatest wealth transfers in the history of Wall Street, from retail investors to SpaceX's insiders.
This unique approach rewards SpaceX's early investors and can punish retail investors.
Elon Musk plánuje příští rok darovat každému americkému dítěti jednu akcii SpaceX; při ceně 147,92 USD by dar pro odhadem 72 milionů dětí stál asi 10,7 miliardy USD.
Elon Musk wants to give every American kid a piece of SpaceX. History shows what happens when millions become shareholders overnight.
By
You're currently following this author!
Click to unsubscribe from email alerts.
Elon Musk says he'll give every child in the US a piece of his space company, SpaceX.
Kent NISHIMURA / AFP via Getty Images
Christmas came early: Elon Musk wants American children to own stock in his space company, SpaceX, next year.
Musk wrote on X around 1 a.m. Monday that he planned to make the donation next year — "the first of many," he said. SpaceX went public this summer.
Giving one share to each of the estimated 72 million US children would cost roughly $10.7 billion at SpaceX's closing price of $147.92 on Friday. Musk's 4.77 billion SpaceX shares were worth about $706 billion at that price, so the gift would reduce his holdings by about 1.5%.
President Donald Trump said on Truth Social on Monday that the shares would be transferred through Trump Accounts, tax-advantaged investment accounts for eligible American kids launched this summer. Under temporary Treasury rules, donated shares generally cannot be sold for five years.
"This is exactly what was envisioned when we created TRUMP ACCOUNTS," Trump said. "Bringing together the GREAT PRIVATE SECTOR, Elon and so many more, to invest in our children."
The White House said nearly 70 million Trump Accounts have been created. Numerous entities have agreed to contribute, including a $6.25 billion donation from billionaire couple Michael and Susan Dell for children in lower-income zip codes. In July, SpaceX President Gwynne Shotwell and her husband pledged personal SpaceX shares worth at least $321 million, prioritizing lower-income communities.
The White House, Elon Musk, and SpaceX did not immediately respond to a request for comment from Business Insider.
Musk's plan to give away SpaceX stock raises questions about a new kind of billionaire philanthropy: Gifting people shares in a company instead of cash.
Giving millions of children a stake in SpaceX could give them money to use later in life — but the value is tied to a single company's stock. And history shows that efforts to spread corporate ownership can yield uneven results, from big investment returns to stakes being sold for quick cash.
Here are other historical efforts to share wealth or spread corporate ownership among everyday people.
US Sen. Mike Gravel's 1978 share proposal to Alaskans
Senator Mike Gravel (D) represented Alaska from 1969 to 1981. He ran for president in 2008 and 2020.
Original Caption
In 1978, US Sen. Mike Gravel proposed a statewide ownership corporation that would have given Alaskans, including children, stakes in major energy and other business projects. The Trans-Alaska Pipeline System was one potential investment.
The idea was that Alaskans would benefit from an economic boom and any rising asset values. However, the plan never materialized.
Alaska instead developed a dividend system that draws on its preexisting Permanent Fund, a state fund established in 1976 with oil royalties that invests in stocks, bonds, and other assets. It began paying annual cash dividends to eligible Alaskans in 1982.
The Permanent Fund still continues today, with a $1,200 dividend distributed to every eligible Alaskan adult and child who applied in 2026. The initial dividend this year was set at $1,000, but recipients also got an extra $200 energy-relief payment.
Eastern Europe's 1990s mass privatization experiment
In the early 1990s, governments across Central and Eastern Europe used voucher programs to turn citizens into shareholders of former state-owned companies.
MICHAEL EVSTAFIEV/AFP via Getty Images
Following the collapse of the Soviet Union in 1991, several countries in Central and Eastern Europe used voucher programs to transfer former state-owned companies into the hands of everyday people.
Russia began distributing privatization vouchers to roughly 144 million people in 1992. Russians could use them to buy shares in former state companies, exchange them for shares in investment funds, or sell them for cash.
Czechoslovakia used a similar system, allowing adults to buy low-cost voucher books and use the points to bid on company shares or invest through funds. After Czechoslovakia split in early 1993, the Czech Republic continued its voucher program, while Slovakia canceled its planned second wave of voucher privatization.
Other countries, including Poland, Romania, Bulgaria, and the Baltic states, adopted their own versions of mass privatization.
The programs were designed to rapidly create broad public ownership. But many recipients sold their vouchers for cash amid economic uncertainty, rather than retaining shares.
Evžen Kočenda, a professor at Charles University's Institute of Economic Studies, said that the program was a good idea at the time, given the region's poor economy, but that ultimately, the vouchers were not 'real money,' but rather a financial asset.
Kuwait's 2019 national stock exchange privatization
Kuwait privatized some of its national stock exchange, Boursa Kuwait, to its citizens throughout 2019.
YASSER AL-ZAYYAT/AFP via Getty Images
Kuwait privatized Boursa Kuwait, the operator of its national stock exchange, in 2019, and gave Kuwaitis the opportunity to purchase a stake in the company. The only requirement for registration was that the individual was a Kuwaiti citizen.
Those who participated — about 83,000 of the country's 4.4 million — were initially allocated up to 70 shares each. The initial public offering share price was set at 100 Kuwait fils, roughly $0.33 per share.
Following the privatization, Kuwaiti citizens and private-sector investors together owned roughly 94% of Boursa Kuwait. The Public Institution for Social Security held the remaining 6%.
The Kuwaitis who participated saw a huge return on investment: When Boursa Kuwait debuted on the public market in September 2020, its shares rose more than 10-fold from their 100-fils IPO price, closing at 1,055 fils, or about $3.41.
Today, the privatization is widely regarded as a major success in the investment world, and Boursa Kuwait has described it as the Middle East's only privately owned stock exchange.
Read next
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Tristin Hoffman
You're currently following this author!
Click to unsubscribe from email alerts.
Tristin Hoffman is a Life Fellow on Business Insider’s Editorial Partnerships team. Her reporting focuses on retail, travel, business, and more through a visual storytelling and lifestyle lens. She has previously reported on Oregon’s economy for The Oregonian and Pennsylvania litigation for Law.com. Her stories have inspired policy changes, shed light on public officials’ misconduct, and gained national awards. She graduated from the University of Oregon, where she studied journalism and law while serving as editor-in-chief of The Daily Emerald.
Meta and its social media platforms Facebook and Instagram are facing a class-action lawsuit in Australia over allegations addictive design features are harming children and teenagers.
The suit filed in the Federal Court on behalf of eight applicants seeks to recover compensation for Facebook and Instagram users who were exposed to harmful content or developed an addiction to social media, law firm Minter Ellison and Litigation Lending said in a statement.
The Federal Court in Sydney issued on Monday a suppression order stopping publication of details of the claim and the identity of the applicants, court documents show.
"We are aware of this claim and we will defend ourselves vigorously," a Meta spokesperson said in a statement.
Litigation Lending Services said it was funding the class action for Australian families who "would have no practical means of pursuing these claims against a global technology giant."
"This proceeding raises important questions about the design and operation of social media platforms and their impact on children and teenagers in Australia," Minter Ellison partner William Nolan said in a statement.
In August, Meta agreed to pay up to $17.7 billion in the United States to settle claims that it deliberately engineered its platforms to hook young users.
Who's behind this story?
Andrew Zinin
Master's in physics with research experience. Long-time science news enthusiast. Plays key role in Science X's editorial success.
Citation:
Meta sued in Australia class action alleging harm to children (2026, October 22)
retrieved 22 October 2026
from https://techxplore.com/news/2026-10-meta-sued-australia-class-action.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.
New York, New York--(Newsfile Corp. - October 22, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Alphabet Inc. ("Alphabet" or the "Company") (NASDAQ: GOOGL) (NASDAQ: GOOG) on behalf of investors that purchased or otherwise acquired Alphabet securities between May 19, 2026 and July 16, 2026 (the "Class Period").
CLICK HERE TO JOIN THE CASE
If you are an investor in Alphabet and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than December 1, 2026 for an opportunity to be lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On July 16, 2026, according to the complaint, Bloomberg reported that Google is "months behind schedule on delivering Gemini 3.5 Pro, its most powerful flagship AI model" due to the Company's ongoing coding efforts and that "[l]ate last month, Google updated the data being used to train Gemini in an attempt to improve [its] skills, but the results were disappointing."
On this news, the price of Alphabet's Class A and Class C common stock fell $16.46 per share and $16.39 per share, respectively, or 4.4%, on July 16, 2026.
The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose (1) that the Gemini 3.5 Pro was delivering disappointing training results, and (2) that, as a result, the launch of Gemini 3.5 Pro would be significantly delayed.
CLICK HERE TO LEARN MORE
WHY CONTACT KAPLAN FOX?
Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.
Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.
For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.
If you have any questions about this Notice, your rights, or your interests, please contact:
Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
Greg Abel očekává výrazné zlepšení v BNSF: každý procentní bod zvýšení provozní marže přidá Berkshire Hathaway zhruba 230 milionů USD provozního peněžního toku.
You likely know that Berkshire Hathaway (BRKA +0.22%) (BRKB -0.15%) is ultimately a massive insurance operation that owns a combination of publicly traded stocks and privately owned enterprises (like Duracell, Clayton Homes, and flooring company Shaw). What's less obvious is just how much cash these wholly owned businesses generate every year. In 2025, Berkshire's private companies produced $44.5 billion in operating earnings.
Even more surprising is where a sizable chunk of it comes from. Although insurance is (usually) its single-biggest cash cow, Berkshire Hathaway's railroad BNSF -- you may know it better as Burlington Northern Santa Fe -- accounts for more than 10% of the conglomerate's total operating income.
And CEO Greg Abel expects that number to grow for the foreseeable future.
Berkshire Hathaway CEO Greg Abel. Image source: Getty Images.
It's clearly on Abel's mind, and for good reason How do we know Abel is eyeing something bigger and better for BNSF? In his first-ever letter to Berkshire shareholders published in February, Warren Buffett's replacement plainly stated about the railroad, "The team recognizes the significance of this opportunity, and we will be disappointed if we do not deliver a substantial improvement over the next few years." He even offered specific numbers, explaining, "Each one-percentage-point improvement in operating margin generates approximately $230 million of incremental operating cash flow for our owners."
$538.99-$0.83 (-0.15%)
NYSE · As of 4:00 PM ET 10/21/26
For perspective on that figure, BNSF's 2025 revenue was $23.5 billion. With a 34.5% operating margin, that amounts to about $8.1 billion in operational cash flow from this one business.
And there's opportunity ahead to be sure. While intermediate-term growth outlooks for the entire domestic rail industry are only in the mid-single digits, more efficiency, like that BNSF began achieving last year, will translate into a better bottom line. These efforts are already making a positive impact.
Data source: Berkshire Hathaway. Chart by author.
Rival railroads point to what's possible As for what's realistic here, obviously nobody owns a functioning crystal ball. We do, however, know that rival railroad Union Pacific (UNP +0.09%) is turning roughly 40% of its revenue into operating earnings right now, while CSX's (CSX +0.67%) operating margin rate is in the ballpark of 38%, pointing to what's possible. If BNSF can pump up its operating margins on its current revenue by just three percentage points to CSX's levels, that's roughly $700 million in additional annual pretax income.
And that's without any revenue growth whatsoever. If revenue can also grow at a 3% annual rate, BNSF's contribution to Berkshire Hathaway's bottom line could approximately double within five years, putting it in the ballpark of $10 billion per year. That's not chump change.
Readily addressable opportunity with immediate impact Of course, the conglomerate's other privately owned businesses, such as Berkshire Hathaway Energy and the recently acquired homebuilder Taylor Morrison, are also being managed to maximize profit growth.
Improving BNSF's fiscal performance, however, looks like the low-hanging fruit to pick right now, with the most immediate potential for near-term impact. Don't be surprised to see more of the narrative regarding Berkshire focusing on this particular business for the foreseeable future.
It's another reason to be bullish on this conglomerate at this time, even if it's not the primary one.
Net sales were $11.3 billion, up 13% year-over-year, reflecting increases in all operating segments. Local price increased 14% versus the year-ago period, led by gains in Packaging & Specialty Plastics, with higher polyethylene prices in all regions. Currency was flat year-over-year. Volume decreased 1% year-over-year. This reflects higher volumes in all regions except Asia Pacific, where impacts from the Middle East conflict are most pronounced. GAAP net income was $525 million. Operating EBIT1 was $887 million, up $707 million year-over-year, primarily driven by higher prices as well as benefits from the Company's collective self-help actions, which more than offset higher raw materials and logistics costs. GAAP earnings per share (EPS) was $0.62; operating EPS1 was $0.71, compared to a loss of $0.19 in the year-ago period. Op. EPS excludes significant items totaling $0.09 per share, primarily driven by costs associated with the Company's collective self-help actions. Cash provided by operating activities – continuing operations was $1.8 billion, up $709 million year-over-year, reflecting improved earnings and working capital, and up $515 million sequentially, primarily reflecting working capital improvements. Free cash flow1 was $1.1 billion, with trailing twelve-month cash flow conversion1 of 84%. Returns to shareholders totaled $253 million of dividends in the quarter. CEO QUOTE
"Dow delivered a solid third quarter, driven by targeted downstream growth and disciplined execution against an evolving macro backdrop," said Karen S. Carter, Dow chief executive officer. "Our teams are delivering on our unique-to-Dow self-help commitments – including our 2025 $1 billion cost program, our European asset actions, and Transform to Outperform. Specific to the transformation, we are on track to achieve the upsized $700 million in growth and productivity benefits in 2026, as well as the approximately $2 billion in total uplift by the end of next year. In addition, we captured sequential gains from the first of our three European asset shutdowns, where the total benefits are expected to build through 2027. We also remain focused on cash, including releasing more than $400 million of working capital during the quarter and reducing debt by approximately $600 million year-to-date. Our near-term actions are building a Dow that delivers stronger, more consistent results and long-term value for our shareholders."
SUMMARY FINANCIAL RESULTS
Three Months Ended Sep 30
In millions, except per share amounts
3Q26
3Q25
vs. SQLY
[B / (W)]
Net Sales
$11,267
$9,973
$1,294
GAAP Income Net of Tax
$525
$124
$401
Op. EBIT¹
$887
$180
$707
Op. EBITDA¹
$1,553
$868
$685
GAAP Earnings Per Share
$0.62
$0.08
$0.54
Op. Earnings Per Share¹
$0.71
$(0.19)
$0.90
Cash Provided by Op. Activities – Cont. Ops
$1,839
$1,130
$709
1. Op. Earnings Per Share, Op. EBIT, Op. EBIT Margin and Op. EBITDA, Free Cash Flow and Cash Flow Conversion are non-GAAP measures. See appendix for further discussion.
®TM Trademark of The Dow Chemical Company or an affiliated company of Dow
SEGMENT HIGHLIGHTS
Packaging & Specialty Plastics
Three Months Ended Sep 30
In millions
3Q26
3Q25
vs. SQLY
[B / (W)]
Net Sales
$5,778
$4,891
$887
Op. EBIT
$585
$199
$386
Packaging & Specialty Plastics segment net sales in the quarter were $5.8 billion, up 18% versus the year-ago period. Local price increased 17% year-over-year, primarily driven by higher prices across both businesses in EMEAI and the U.S. & Canada. Currency was flat. Volume increased 1% year-over-year, primarily driven by increases in EMEAI in both businesses.
Op. EBIT was $585 million, an increase of $386 million compared to the year-ago period, driven by higher integrated margins as a result of higher polyethylene prices and tailwinds from the Company's self-help initiatives, which were partly offset by higher planned maintenance activity.
Packaging and Specialty Plastics business reported a net sales increase versus the year-ago period, driven by higher polyethylene and functional polymers prices in all regions. Polyethylene demand remained resilient, with year-over-year volume growth excluding supply constraints associated with the Middle East conflict.
Hydrocarbons & Energy business reported a year-over-year increase in net sales, with higher price and volume for Olefins and Aromatics in EMEAI, enabled by the restart of our previously idled cracker in the region.
Industrial Intermediates & Infrastructure
Three Months Ended Sep 30
In millions
3Q26
3Q25
vs. SQLY
[B / (W)]
Net Sales
$3,058
$2,834
$224
Op. EBIT
$176
$(47)
$223
Industrial Intermediates & Infrastructure segment net sales in the quarter were $3.1 billion, up 8% versus the year-ago period. Local price increased 16% year-over-year, reflecting gains in both businesses and in all regions. Currency decreased net sales by 1%. Volume decreased 7% year-over-year, as higher volumes in Industrial Solutions were more than offset by lower volumes in Polyurethanes & Construction Chemicals, including impacts from the Middle East conflict in both businesses.
Op. EBIT was $176 million, an increase of $223 million versus the year-ago period, driven by higher margins, tailwinds from the Company's self-help initiatives and the suspension of the recognition of equity losses from Sadara, all of which were partially offset by higher energy costs in EMEAI.
Polyurethanes & Construction Chemicals business reported an increase in net sales compared to the year-ago period, primarily driven by local price gains in propylene oxide derivatives in the U.S. & Canada and EMEAI. This was partially offset by lower volumes, which primarily reflect impacts from the Middle East conflict.
Industrial Solutions business reported an increase in net sales compared to the year-ago period, driven by local price gains in all regions. Volume growth was driven by increased demand for AI infrastructure and energy applications, as well as higher ethylene oxide project-related catalyst sales.
Performance Materials & Coatings
Three Months Ended Sep 30
In millions
3Q26
3Q25
vs. SQLY
[B / (W)]
Net Sales
$2,250
$2,082
$168
Op. EBIT
$154
$80
$74
Performance Materials & Coatings segment net sales in the quarter were $2.3 billion, up 8% versus the year-ago period. Local price increased 5% year-over-year in both businesses, led by Coatings & Performance Monomers. Currency was flat. Volume increased 3% year-over-year, driven by higher volumes in both businesses, led by growth in downstream silicones.
Op. EBIT was $154 million, an increase of $74 million versus the year-ago period, driven by tailwinds from the Company's self-help initiatives, including the closure of the Barry, U.K. siloxanes plant, as well as price and volume gains across both businesses.
Consumer Solutions business reported an increase in net sales versus the year-ago period, driven by downstream silicones volume gains in all regions, as growth in consumer, electronics and home care applications more than offset upstream volume declines following the recent shutdown of the Barry, U.K. siloxanes plant.
Coatings & Performance Monomers business reported an increase in net sales across all regions compared to the year-ago period, led by higher price and volume in both acrylic monomers and architectural coatings.
OUTLOOK
"We are building a more resilient and competitive Dow that is positioned to create long-term value through our continued focus on three priorities," said Carter. "First, driving growth and innovation in higher-value areas of our businesses where demand is growing well above GDP – including applications for AI infrastructure, home and personal care, electronics, flexible packaging and mobility. Second, we are taking action to strengthen the competitiveness of Dow's portfolio by investing in differentiated low-cost positions while shutting down higher-cost upstream capacity. And third, we're maintaining a disciplined and balanced approach to capital allocation that supports long-term shareholder value creation. These priorities are underpinned by our self-help actions, which are on track to deliver more than $1 billion of EBITDA uplift in both 2026 and 2027."
Conference Call
Dow will host a live webcast of its quarterly earnings conference call with investors to discuss its results, business outlook and other matters today at 8:00 a.m. ET. The webcast and slide presentation that accompany the conference call will be posted on the events and presentations page of investors.dow.com.
About Dow
Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, customer-focused innovation and leading business positions enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 29 countries and employed approximately 34,600 people as of year-end 2025. Dow delivered sales of approximately $40 billion in 2025. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us at www.dow.com.
Cautionary Statement about Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases.
Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow's control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow's products; Dow's expenses, future revenues and profitability; any supply chain, operational or other disruptions, sanctions, export restrictions, or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow's products and services and ability to compete in such markets; Dow's ability to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow's products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow's intellectual property in the United States and abroad; Dow's ability to realize expected benefits from Transform to Outperform on the contemplated timeframe; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow's significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions, tariffs and trade policies, or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business, logistics and supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow's information technology networks and systems, including the impact of cyberattacks; risks related to Dow's separation from DowDuPont Inc. such as Dow's obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities; and any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow's business.
Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the Company's subsequent reports filed with the U.S. Securities and Exchange Commission. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow's business. Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.
®TM Trademark of The Dow Chemical Company or an affiliated company of Dow
Non-GAAP Financial Measures
This earnings release includes information that does not conform to GAAP and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. Dow's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's GAAP disclosures and should not be viewed as alternatives to GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this release are defined below. Reconciliations for these non-GAAP measures to GAAP are provided in the Selected Financial Information and Non-GAAP Measures section starting on page 10. Dow does not provide forward-looking GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses and potential future asset impairments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP results for the guidance period.
Operating Earnings Per Share is defined as "Earnings (loss) per common share - diluted" excluding the after-tax impact of significant items.
Operating EBIT is defined as earnings (i.e., "Income (loss) before income taxes") before interest, excluding the impact of significant items.
Operating EBIT Margin is defined as Operating EBIT as a percentage of net sales.
Operating EBITDA is defined as earnings (i.e., "Income (loss) before income taxes") before interest, depreciation and amortization, excluding the impact of significant items.
Free Cash Flow is defined as "Cash provided by operating activities - continuing operations," less capital expenditures. Under this definition, Free Cash Flow represents the cash generated by the Company from operations after investing in its asset base. Free Cash Flow, combined with cash balances and other sources of liquidity, represent the cash available to fund obligations and provide returns to shareholders. Free Cash Flow is an integral financial measure used in the Company's financial planning process.
Cash Flow Conversion is defined as "Cash provided by operating activities - continuing operations," divided by Operating EBITDA. Management believes Cash Flow Conversion is an important financial metric as it helps the Company determine how efficiently it is converting its earnings into cash flow.
Operating Return on Capital (ROC) is defined as net operating profit after tax, excluding the impact of significant items, divided by total average capital, also referred to as ROIC.
Dow Inc. and Subsidiaries
Consolidated Statements of Income
In millions, except per share amounts (Unaudited)
Three Months Ended
Nine Months Ended
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Net sales
$ 11,267
$ 9,973
$ 33,153
$ 30,508
Cost of sales
9,889
9,242
28,968
28,523
Research and development expenses
180
191
568
579
Selling, general and administrative expenses
408
340
1,360
1,053
Amortization of intangibles
40
46
126
185
Restructuring and asset related charges - net
9
23
539
822
Equity in earnings (losses) of nonconsolidated affiliates
12
(72)
(255)
(122)
Sundry income (expense) - net
50
185
296
345
Interest income
50
47
130
114
Interest expense and amortization of debt discount
211
221
640
646
Income (loss) before income taxes
642
70
1,123
(963)
Provision (credit) for income taxes
117
(54)
241
4
Net income (loss)
525
124
882
(967)
Net income attributable to noncontrolling interests
67
62
236
113
Net income (loss) available for Dow Inc. common stockholders
$ 458
$ 62
$ 646
$ (1,080)
Per common share data:
Earnings (loss) per common share - basic
$ 0.63
$ 0.08
$ 0.88
$ (1.53)
Earnings (loss) per common share - diluted
$ 0.62
$ 0.08
$ 0.88
$ (1.53)
Weighted-average common shares outstanding - basic
725.5
711.8
723.4
709.4
Weighted-average common shares outstanding - diluted
Treasury stock at cost (2026: 68,045,325 shares; 2025: 73,065,152 shares)
(3,920)
(4,233)
Dow Inc.'s stockholders' equity
16,153
16,008
Noncontrolling interests
1,479
1,514
Total equity
17,632
17,522
Total Liabilities and Equity
$ 60,953
$ 58,538
Dow Inc. and Subsidiaries
Consolidated Statements of Cash Flows
In millions (Unaudited)
Nine Months Ended
Sep 30,
2026
Sep 30,
2025
Operating Activities
Net income (loss)
$ 882
$ (967)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
2,049
2,126
Credit for deferred income tax
(94)
(179)
Earnings of nonconsolidated affiliates less than dividends received
534
312
Net periodic pension benefit credit
(25)
(73)
Pension contributions
(138)
(145)
Net gain on sales of assets, businesses and investments
(48)
(211)
Restructuring and asset related charges - net
539
822
Other net loss
109
134
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable
(1,214)
(400)
Inventories
(429)
(132)
Accounts payable
1,014
(492)
Other assets and liabilities, net
1,108
(31)
Cash provided by operating activities - continuing operations
4,287
764
Cash provided by (used for) operating activities - discontinued operations
6
(16)
Cash provided by operating activities
4,293
748
Investing Activities
Capital expenditures
(1,841)
(1,911)
Proceeds from incentives related to capital expenditures
67
132
Cash flow hedging related to capital expenditures
(22)
—
Investment in gas field developments
(69)
(110)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested
60
135
Investments in and loans to nonconsolidated affiliates
(133)
(21)
Proceeds from sales of ownership interests in nonconsolidated affiliates
—
125
Purchases of investments
(1,090)
(523)
Proceeds from sales and maturities of investments
675
711
Other investing activities, net
61
5
Cash used for investing activities
(2,292)
(1,457)
Financing Activities
Changes in short-term notes payable
1
36
Proceeds from issuance of short-term debt greater than three months
20
50
Payments on short-term debt greater than three months
(92)
(46)
Proceeds from issuance of long-term debt
100
2,652
Payments on long-term debt
(577)
(1,207)
Collections on securitization programs, net of remittances
—
(3)
Transaction financing, debt issuance and other costs
(52)
(130)
Employee taxes paid for share-based payment arrangements
(15)
(16)
Distributions to noncontrolling interests
(232)
(93)
Proceeds from sale of noncontrolling interests
—
2,943
Dividends paid to stockholders
(758)
(1,239)
Other financing activities, net
—
(6)
Cash provided by (used for) financing activities
(1,605)
2,941
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(76)
259
Summary
Increase in cash, cash equivalents and restricted cash
320
2,491
Cash, cash equivalents and restricted cash at beginning of period
3,952
2,263
Cash, cash equivalents and restricted cash at end of period
$ 4,272
$ 4,754
Less: Restricted cash and cash equivalents, included in "Other current assets"
130
145
Cash and cash equivalents at end of period
$ 4,142
$ 4,609
Dow Inc. and Subsidiaries
Net Sales by Segment and Geographic Region
Net Sales by Segment
Three Months Ended
Nine Months Ended
In millions (Unaudited)
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Packaging & Specialty Plastics
$ 5,778
$ 4,891
$ 17,082
$ 15,226
Industrial Intermediates & Infrastructure
3,058
2,834
8,850
8,475
Performance Materials & Coatings
2,250
2,082
6,691
6,282
Corporate
181
166
530
525
Total
$ 11,267
$ 9,973
$ 33,153
$ 30,508
U.S. & Canada
$ 4,548
$ 3,914
$ 13,126
$ 12,129
EMEAI 1
3,637
3,090
10,751
9,636
Asia Pacific
1,781
1,838
5,336
5,433
Latin America
1,301
1,131
3,940
3,310
Total
$ 11,267
$ 9,973
$ 33,153
$ 30,508
Net Sales Variance by Segment and
Geographic Region
Three Months Ended Sep 30, 2026
Nine Months Ended Sep 30, 2026
Percent change from prior year
Local
Price &
Product
Mix
Currency
Volume
Total
Local
Price &
Product
Mix
Currency
Volume
Total
Packaging & Specialty Plastics
17 %
— %
1 %
18 %
12 %
1 %
(1) %
12 %
Industrial Intermediates & Infrastructure
16
(1)
(7)
8
8
1
(5)
4
Performance Materials & Coatings
5
—
3
8
2
1
4
7
Total
14 %
— %
(1) %
13 %
9 %
1 %
(1) %
9 %
Total, excluding the Hydrocarbons & Energy business
12 %
— %
(2) %
10 %
8 %
1 %
(1) %
8 %
U.S. & Canada
14 %
— %
2 %
16 %
8 %
— %
— %
8 %
EMEAI 1
17
(1)
2
18
10
4
(2)
12
Asia Pacific
9
—
(12)
(3)
5
1
(8)
(2)
Latin America
12
—
3
15
12
—
7
19
Total
14 %
— %
(1) %
13 %
9 %
1 %
(1) %
9 %
Europe, Middle East, Africa and India. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Operating EBIT by Segment
Three Months Ended
Nine Months Ended
In millions (Unaudited)
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Packaging & Specialty Plastics
$ 585
$ 199
$ 2,071
$ 612
Industrial Intermediates & Infrastructure
176
(47)
304
(360)
Performance Materials & Coatings
154
80
404
281
Corporate
(28)
(52)
(90)
(144)
Total
$ 887
$ 180
$ 2,689
$ 389
Depreciation and Amortization by Segment
Three Months Ended
Nine Months Ended
In millions (Unaudited)
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Packaging & Specialty Plastics
$ 369
$ 349
$ 1,112
$ 1,078
Industrial Intermediates & Infrastructure
147
158
432
457
Performance Materials & Coatings
145
174
484
566
Corporate
5
7
21
25
Total
$ 666
$ 688
$ 2,049
$ 2,126
Operating EBITDA by Segment
Three Months Ended
Nine Months Ended
In millions (Unaudited)
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Packaging & Specialty Plastics
$ 954
$ 548
$ 3,183
$ 1,690
Industrial Intermediates & Infrastructure
323
111
736
97
Performance Materials & Coatings
299
254
888
847
Corporate
(23)
(45)
(69)
(119)
Total
$ 1,553
$ 868
$ 4,738
$ 2,515
Equity in Earnings (Losses) of Nonconsolidated
Affiliates by Segment
Three Months Ended
Nine Months Ended
In millions (Unaudited)
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Packaging & Specialty Plastics 1
$ (3)
$ (6)
$ (47)
$ 40
Industrial Intermediates & Infrastructure 1
11
(68)
(216)
(165)
Performance Materials & Coatings
2
1
4
2
Corporate
2
1
4
1
Total
$ 12
$ (72)
$ (255)
$ (122)
Reconciliation of "Net income (loss)" to "Operating EBIT"
Three Months Ended
Nine Months Ended
In millions (Unaudited)
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Net income (loss)
$ 525
$ 124
$ 882
$ (967)
+ Provision (credit) for income taxes
117
(54)
241
4
Income (loss) before income taxes
$ 642
$ 70
$ 1,123
$ (963)
- Interest income
50
47
130
114
+ Interest expense and amortization of debt discount
211
221
640
646
- Significant items
(84)
64
(1,056)
(820)
Operating EBIT (non-GAAP)
$ 887
$ 180
$ 2,689
$ 389
Packaging & Specialty Plastics and Industrial Intermediates & Infrastructure include losses of $81 million and $211 million, respectively, in the nine months ended September 30, 2026, related to the Sadara guarantee liability adjustment, a significant item. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Three Months Ended Sep 30, 2026
In millions, except per share amounts (Unaudited)
Pretax 1
Net
Income 2
EPS 3
Income Statement Classification
Reported results
$ 642
$ 458
$ 0.62
Less: Significant items
Transform to Outperform 4
(69)
(54)
(0.08)
SG&A ($60 million); Restructuring and
asset related charges - net ($9 million)
2025 Restructuring Program
implementation costs
(31)
(24)
(0.03)
Cost of sales ($30 million);
SG&A ($1 million)
Litigation related charges, awards and
adjustments 5
69
56
0.08
Sundry income (expense) - net
Loss on early extinguishment of debt
(53)
(41)
(0.06)
Sundry income (expense) - net
Total significant items
$ (84)
$ (63)
$ (0.09)
Operating results (non-GAAP)
$ 726
$ 521
$ 0.71
Significant Items Impacting Results for the Three Months Ended Sep 30, 2025
In millions, except per share amounts (Unaudited)
Pretax 1
Net
Income 2
EPS 3
Income Statement Classification
Reported results
$ 70
$ 62
$ 0.08
Less: Significant items
2025 Restructuring Program severance
and related benefit costs and asset
related charges 6
(23)
(18)
(0.02)
Restructuring and asset related charges
- net
Implementation costs 7
(5)
(4)
(0.01)
Cost of sales ($4 million);
SG&A ($1 million)
Net gain on divestitures and asset sale 8
110
110
0.15
Sundry income (expense) - net
Loss on early extinguishment of debt
(18)
(14)
(0.02)
Sundry income (expense) - net
Income tax related items 9
—
120
0.17
Provision for income taxes
Total significant items
$ 64
$ 194
$ 0.27
Operating results (non-GAAP)
$ 6
$ (132)
$ (0.19)
"Income before income taxes." "Net income (loss) available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes costs to achieve of $60 million and severance and related benefit costs of $9 million associated with Transform to Outperform. Relates to a gain associated with a legal matter with Nova Chemicals Corporation ("Nova"). Includes severance and related benefit costs and impairment charges related to the write-down of certain manufacturing facilities, corporate assets, leased non-manufacturing facilities and other miscellaneous assets associated with the Company's 2025 Restructuring Program. Includes implementation costs associated with the Company's 2025 Restructuring Program and the sale of membership interests of the Company's formerly wholly owned subsidiary, Dow InfraCo, LLC. Relates to a gain on the sale of the Company's ownership interest in a nonconsolidated affiliate. Relates to a tax benefit stemming from the U.S. Tax Court's decision in Varian Medical Systems Inc. v. Commissioner and a tax basis adjustment related to the Company's consolidated infrastructure entity, Dow InfraCo, LLC. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Nine Months Ended Sep 30, 2026
In millions, except per share amounts (Unaudited)
Pretax 1
Net
Income 2
EPS 3
Income Statement Classification
Reported results
$ 1,123
$ 646
$ 0.88
Less: Significant items
Transform to Outperform 4
(675)
(535)
(0.75)
SG&A ($194 million); Restructuring and
asset related charges - net
($481 million)
2025 Restructuring Program asset
related charges and exit and disposal
costs 5
Litigation related charges, awards and
adjustments 7
95
77
0.11
Sundry income (expense) - net
Loss on early extinguishment of debt
(53)
(41)
(0.06)
Sundry income (expense) - net
Indemnification and other transaction
related credits 8
7
7
0.01
Sundry income (expense) - net
Total significant items
$ (1,056)
$ (829)
$ (1.14)
Operating results (non-GAAP)
$ 2,179
$ 1,475
$ 2.02
"Income before income taxes." "Net income available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes costs to achieve of $194 million and severance and related benefit costs of $481 million associated with Transform to Outperform. Includes impairment charges related to the write-down of certain manufacturing facilities and other miscellaneous assets and exit and disposal costs associated with the Company's 2025 Restructuring Program. Includes a charge due to a change in fair value of the estimated liability associated with the Company's guarantee of Sadara's project financing debt. Relates to a gain associated with a legal matter with Nova. Relates to credits associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Nine Months Ended Sep 30, 2025
In millions, except per share amounts (Unaudited)
Pretax 1
Net
Income 2
EPS 3
Income Statement Classification
Reported results
$ (963)
$ (1,080)
$ (1.53)
Less: Significant items
Restructuring, implementation and
efficiency costs, and asset related
charges - net 4
(51)
(39)
(0.05)
Cost of sales ($44 million);
R&D ($1 million); SG&A ($4 million);
Restructuring and asset related
charges - net ($1 million); Sundry
income (expense) - net ($1 million)
2025 Restructuring Program severance
and related benefit costs and asset
related charges 5
(821)
(653)
(0.92)
Restructuring and asset related charges
- net
Implementation costs 6
(10)
(8)
(0.02)
Cost of sales ($5 million);
SG&A ($5 million)
Net gain on divestitures and asset sale 7
213
187
0.26
Sundry income (expense) - net
Litigation related charges, awards and
adjustments 8
42
33
0.05
Cost of sales
Loss on early extinguishment of debt
(78)
(62)
(0.09)
Sundry income (expense) - net
Indemnification and other transaction
related costs 9
(115)
(93)
(0.13)
Cost of sales ($98 million); Sundry
income (expense) - net ($17 million)
Income tax related items 10
—
(33)
(0.05)
Provision for income taxes
Total significant items
$ (820)
$ (668)
$ (0.95)
Operating results (non-GAAP)
$ (143)
$ (412)
$ (0.58)
"Income (loss) before income taxes." "Net income (loss) available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings (loss) per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes restructuring implementation and efficiency costs associated with the Company's 2023 Restructuring Program and the write-down of certain manufacturing assets, partially offset by an asset related credit adjustment. Includes severance and related benefit costs and impairment charges related to the write-down of certain manufacturing facilities, corporate assets, leased non-manufacturing facilities and other miscellaneous assets associated with the Company's 2025 Restructuring Program. Includes implementation costs associated with the Company's 2025 Restructuring Program and the sale of membership interests of the Company's formerly wholly owned subsidiary, Dow InfraCo, LLC. Relates to a gain on the sale of the Company's soil fumigation product line and a gain on the sale of the Company's ownership interest in a nonconsolidated affiliate. Includes a gain associated with the reassessment of liabilities for certain accrued legacy agricultural products groundwater contamination matters, partially offset by the settlement of a separate claim related to water storage district legacy groundwater contamination matters. Includes a charge related to an arbitration settlement agreement for historical product claims from a divested business and charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Relates to valuation allowances on deferred tax assets in certain foreign jurisdictions, partially offset by a tax benefit stemming from the U.S. Tax Court's decision in Varian Medical Systems Inc. v. Commissioner and tax basis adjustments related to the Company's consolidated infrastructure entity, Dow InfraCo, LLC. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Reconciliation of Free Cash Flow
Three Months Ended
Nine Months Ended
In millions (Unaudited)
Sep 30,
2026
Sep 30,
2025
Sep 30,
2026
Sep 30,
2025
Cash provided by operating activities - continuing operations (GAAP)
$ 1,839
$ 1,130
$ 4,287
$ 764
Capital expenditures
(706)
(564)
(1,841)
(1,911)
Free Cash Flow (non-GAAP)
$ 1,133
$ 566
$ 2,446
$ (1,147)
Reconciliation of Cash Flow Conversion
Three Months Ended
In millions (Unaudited)
Dec 31,
2025
Mar 31,
2026
Jun 30,
2026
Sep 30,
2026
Cash provided by operating activities - continuing operations (GAAP)
$ 298
$ 1,124
$ 1,324
$ 1,839
Net income (loss) (GAAP)
$(1,477)
$ (445)
$ 802
$ 525
Cash flow from operations to net income (GAAP) 1
N/A
N/A
165.1 %
350.3 %
Cash flow from operations to net income - trailing twelve months (GAAP) 2
N/A
Operating EBITDA (non-GAAP)
$ 741
$ 873
$ 2,312
$ 1,553
Cash Flow Conversion (Cash flow from operations to Operating
EBITDA) (non-GAAP)
Cash flow from operations to net income is not applicable for the fourth quarter of 2025 and first quarter of 2026 due to a net loss for the period. Cash flow from operations to net income - trailing twelve months is not applicable due to a net loss for the trailing twelve months period. SOURCE The Dow Chemical Company
