United Parcel Service (UPS - Free Report) came out with quarterly earnings of $1.69 per share, beating the Zacks Consensus Estimate of $1.63 per share. This compares to earnings of $1.74 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.68%. A quarter ago, it was expected that this package delivery service would post earnings of $1.65 per share when it actually produced earnings of $1.76, delivering a surprise of +6.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
UPS, which belongs to the Zacks Transportation - Air Freight and Cargo industry, posted revenues of $22.85 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 2.70%. This compares to year-ago revenues of $21.42 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
UPS shares have added about 1.1% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for UPS?While UPS has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for UPS was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.74 on $25.52 billion in revenues for the coming quarter and $7.19 on $91.71 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Air Freight and Cargo is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
GXO Logistics (GXO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on November 3.
This contract logistics provider is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of +8.9%. The consensus EPS estimate for the quarter has been revised 0.1% lower over the last 30 days to the current level.
GXO Logistics' revenues are expected to be $3.56 billion, up 4.8% from the year-ago quarter.
Costco just posted its fifth straight earnings beat and rewarded shareholders with a strong monthly gain, yet its valuation leaves almost no room for anything less than flawless execution. Before adding shares near four figures, here is what the numbers…
Costco (NASDAQ:COST | COST Price Prediction) is a Hold at $1,005.16. The stock has gained 8.93% over the past month after a fifth consecutive quarterly beat, and that rally puts its premium valuation back under the microscope.
Costco runs 939 warehouses across 14 countries and territories, serves 150.4 million cardholders, and sells the Kirkland Signature private label. Fiscal 2026 revenue reached $303.15 billion, up 10.14%, with EPS of $20.76. Shares still trade below the $1,094.76 52-week high.
Sticky Memberships and Rising Estimates Power the Bull Case
Renewal rates reached 92.3% in the U.S. and Canada and 89.8% worldwide, while paid executive members grew 9.4% to 42.3 million. Digitally enabled comparable sales rose 19.5%, and free cash flow climbed 19.82% to $9.39 billion.
Analysts keep raising numbers. Fiscal 2027 EPS estimates drew 18 upward revisions versus 4 downward over 30 days, with consensus at $22.8083, roughly 9.9% growth. Costco plans 33 openings in fiscal 2027 and sees a path to roughly 30 new warehouses a year for the next five to ten years. The CFO added there is nothing that “prevents continued leverage if comps remain in the mid-single digits.”
A 48x Multiple Leaves Little Margin for Error
Costco trades at a trailing P/E of 48, a forward P/E of 40, and a PEG ratio of 4.381. That pricing assumes perfect execution. Fourth-quarter EPS included a $0.15 per share nonrecurring tariff refund benefit, and management plans to reinvest most future refunds in prices, which complicates fiscal 2027 comparisons.
Costs are rising too. Capex is expected to reach $7.5 billion in fiscal 2027, the quarterly LIFO charge jumped to $152 million from $43 million, and total paid members grew just 3.8%, a pace management called “probably typical.”
Elite Execution Meets a Full Price Tag
Traffic up 3.3% and record executive penetration rule out a Sell. The valuation and moderating membership growth rule out a Buy. Upside conviction would require faster membership growth from Asia openings or a decline toward the $840.35 52-week low. Comparable sales falling below the mid-single digits ex-gas would shift the call toward Sell. The fiscal first-quarter EPS consensus is $4.9097.
Shares Outpace the S&P 500 as Target Upside Narrows
Shares are currently priced at $1,005.16, against an average analyst target of $1,067.59, meaning 6.2% upside. Targets are only a rough guide and carry no guarantee. Among 39 analysts, ratings break down as:
Costco rose 8.93% over the past month while the S&P 500 slipped 0.78%. Year to date, Costco is up 17.08% versus 12.23% for the index. Over one year, the stock gained 8.46%, trailing the S&P 500’s 13%. Beta is 0.87.
Costco Earns a Hold Until Price or Growth Catches Up
At $1,005.16, Costco is a Hold.
The business keeps growing, yet the stock already prices in steady execution. With only 6.2% implied upside to consensus targets, the upside looks thin relative to multiple compression risk.
Over the next two to three quarters, the key signals are core comparable sales ex-gas, membership growth, and gross margin once tariff refunds roll off. A decline toward the 200-day moving average of $969.35 combined with steady comps would improve the valuation picture. The stock is supported by a forward dividend of $5.88 and Costco’s defensive profile.
Costco remains a top-tier retailer whose share price already reflects that quality, so further upside depends on a lower price or faster growth.
Contact [email protected] for any questions or corrections.
AbbVie podala FDA žádost o registraci etentamigu pro dospělé s relabujícím či refrakterním mnohočetným myelomem; ve studii CERVINO dosáhl 74,0% míry odpovědi oproti 45,7 % u standardní léčby.
– Etentamig is a second-generation BCMA-directed bispecific antibody T-cell engager with a clinical profile and dosing schedule that can potentially support treatment across a broad range of settings, including in community-based care
– In the Phase 3 CERVINO study, etentamig achieved statistically significant improvements in overall response rate (ORR) and progression-free survival (PFS) versus investigator's choice of standard available therapies
– Submission underscores AbbVie's ambition to advance a broad multiple myeloma portfolio that addresses disease complexity and supports patients' evolving care goals
, /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced the submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for etentamig, a second-generation BCMA x CD3 bispecific antibody T-cell engager administered intravenously for the treatment of adults with relapsed or refractory multiple myeloma.1
BCMA-directed bispecific antibodies and CAR-T therapies have significantly changed the treatment landscape for people living with multiple myeloma.2 However, their broader adoption may be limited by adverse events such as cytokine release syndrome, infections or neurotoxicity, as well as specialized administration and monitoring requirements.2,3,4 Additionally, as disease relapses, treatment options in later lines of therapy become increasingly limited. Together, these factors highlight the need for additional therapies that may address the biology of the disease and help support effective treatment delivery across diverse care environments.2,3,4
"Multiple myeloma is a chronic blood cancer that can reshape a person's life. Patients deserve therapeutic options that are not only effective, but also support the realities of when, where and how they receive treatment," said Daejin Abidoye, M.D., vice president and therapeutic area head, oncology, solid tumor and hematology, AbbVie. "This milestone brings us a step closer to potentially delivering a novel, patient-centered treatment option with a manageable safety profile and the convenience of a monthly dosing schedule that can help meet the needs of people living with multiple myeloma wherever they receive care."
The submission is supported by results from the global, Phase 3, multicenter, randomized CERVINO study evaluating etentamig versus investigator's choice of standard available therapies (SAT) in patients with triple-class exposed relapsed or refractory multiple myeloma who had received at least two prior lines of therapy.5 Topline results were announced earlier this year.
The findings indicated that etentamig achieved statistically significant improvements across the dual primary endpoints of overall response rate (74.0% vs. 45.7%) and progression-free survival (60% risk reduction) versus SAT.5The most common treatment-emergent adverse events (TEAEs) reported in the etentamig arm of the study (≥ 25%) included cytokine release syndrome (CRS), hypogammaglobulinemia, neutropenia and anemia.5Discontinuations related to TEAEs were low for etentamig vs. SAT (3.6% vs. 14%).5With monthly dosing from initiation, etentamig demonstrated a potentially differentiated safety profile.5Among patients receiving a single step-up dose, the incidence of CRS was low (28.3%), all being grade 1 (23.9%) or grade 2 (4.4%) and no grade 3 or higher events were reported.5 One patient experienced an immune effector cell-associated neurotoxicity syndrome (ICANS) event (grade 1).Among all etentamig patients, grade 3/4 infections occurred in 27.7% versus 19.2% in patients receiving SAT.5 Importantly, grade 5 infections were observed less frequently in patients treated with etentamig (1.5%) versus SAT (3.1%).About Multiple Myeloma
Multiple myeloma is a chronic blood cancer that affects white blood cells, called plasma cells, in the bone marrow.6 It causes these cells to grow and crowd out healthy cells that help fight infection.6 In 2025, an estimated 36,000 people were diagnosed with multiple myeloma in the U.S.7 The disease commonly presents with non-specific symptoms that may resemble other conditions, leading to delays in diagnosis and treatment.8 People living with multiple myeloma and their caregivers often face substantial physical, emotional and economic burden.9
About the Phase 3 CERVINO Study5
The Phase 3 CERVINO trial (NCT06158841) is a global, multicenter, randomized, open-label study evaluating etentamig versus investigator's choice of standard available therapies (SAT) in triple-class exposed patients with relapsed/refractory multiple myeloma (RRMM) who have received at least two prior lines of therapy, including exposure to a proteasome inhibitor, an immunomodulatory drug and an anti-CD38 monoclonal antibody. A total of 393 patients were randomized 1:1 to receive etentamig or SAT, including carfilzomib plus dexamethasone, elotuzumab plus pomalidomide and dexamethasone, or selinexor plus bortezomib and dexamethasone. Etentamig was administered using an optimized dosing strategy that incorporates a single step-up dose followed by monthly (Q4W) dosing from initiation.
The dual primary endpoints are overall response rate and progression-free survival. Key secondary endpoints include overall survival, depth of response, measurable residual disease (MRD) negativity, disease symptoms and physical functioning.
About Etentamig
Etentamig (ABBV-383) is an investigational, second-generation BCMA x CD3 bispecific antibody T-cell engager designed to combine meaningful anti-myeloma activity with a differentiated treatment experience for patients. Etentamig is composed of a low-affinity CD3 binding domain, designed to reduce cytokine release syndrome and infections, a high-affinity bivalent BCMA-binding domain, and retained FcRn binding enabling Q4W dosing after a single step-up dose. The direct connection between these structural findings and clinical effects is currently being investigated.10
BCMA is highly expressed on the surface of malignant plasma cells in multiple myeloma, making it a key target for therapy. BCMA plays a crucial role in the survival of myeloma cells by promoting their growth and inhibiting their apoptosis (programmed cell death).11
Several clinical studies are evaluating the potential of etentamig across diverse patient populations and treatment settings. To learn more about AbbVie's ongoing etentamig clinical trials, please visit clinicaltrials.gov.
About AbbVie in Oncology
AbbVie is committed to elevating standards of care and bringing transformative therapies to patients worldwide living with difficult-to-treat cancers. We are advancing a dynamic pipeline of investigational therapies across a range of cancer types in both blood cancers and solid tumors. We are focusing on creating targeted medicines that either impede the reproduction of cancer cells or enable their elimination. We achieve this through various, targeted treatment modalities and biology interventions, including small molecule therapeutics, antibody-drug conjugates (ADCs), immuno-oncology-based therapeutics, multispecific antibodies and novel CAR-T platforms. Our dedicated and experienced team joins forces with innovative partners to accelerate the delivery of potential breakthrough medicines.
Today, our expansive oncology portfolio comprises approved and investigational treatments for a wide range of blood cancers and solid tumors. We are evaluating more than 35 investigational medicines in multiple clinical trials across some of the world's most widespread and debilitating cancers. As we work to have a remarkable impact on people's lives, we are committed to exploring solutions to help patients obtain access to our cancer medicines. For more information, please visit http://www.abbvie.com/oncology.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
References
AbbVie. Data on file ABVRRTI83865.Hej-Ali S, Banwell K, Mohamed H, et al. Toxicities of CAR-T, bispecific antibodies, and antibody-drug conjugates in multiple myeloma: a practical approach to risk mitigation and management. Cancers (Basel). 2026;18(13):2083.Benda M, Reimann P, Willenbacher W, et al. Infectious toxicities associated with bispecific antibodies and CAR-T cells in multiple myeloma: a systematic review. Ann Hematol. Published online June 18, 2026.Graham T, Ackbarali T, Patel K, Richter J. Integrating bispecific antibodies into community myeloma care: challenges, insights, and educational impact. Blood. 2025;146(suppl 1):8134.Voorhees P, Manteca V, Costa L, et al. "CERVINO: Phase 3 Results of Etentamig vs. Investigator's Choice of Standard Available Therapies in Triple-Class Exposed Relapsed or Refractory Multiple Myeloma (RRMM)." Abstract presented at International Myeloma Society Annual Meeting, 2026. Glasgow, Scotland.Cleveland Clinic. Multiple Myeloma: Symptoms, Causes & Treatment. Updated August 18, 2025. Available at: https://my.clevelandclinic.org/health/diseases/6178-multiple-myeloma. Accessed October 2026.American Cancer Society. Key Statistics About Multiple Myeloma. Last revised January 13, 2026. Available at: https://www.cancer.org/cancer/types/multiple-myeloma/about/key-statistics.html. Accessed October 2026.Zorlu T, Kayer MA, Okumus N, et. al. Challenges, Difficulties, and Delayed Diagnosis of Multiple Myeloma. Diagnostics (Basel). 2025 Jul 4;15(13):1708.Gatopoulou X, Iraqi W, Morgan K, et. al. The Burden of a Multiple Myeloma Diagnosis on Patients and Caregivers in the First Year: Western European Findings. Clinicoecon Outcomes Res. 2022 Dec 17;14:731-753.D'Souza A, Shah N, Rodriguez C, et al. A phase I first-in-human study of ABBV-383, a B-cell maturation antigen × CD3 bispecific T-cell redirecting antibody, in patients with relapsed/refractory multiple myeloma. J Clin Oncol. 2022;40(31):3576-3586.Graham T, Ackbarali T, Patel K, Richter J. Integrating bispecific antibodies into community myeloma care: challenges, insights, and educational impact. Blood. 2025;146(suppl 1):8134. SOURCE AbbVie
Idaho Renters Can Now Get Fast, Affordable Coverage Starting at $5 Per Month
, /PRNewswire/ -- Lemonade (NYSE: LMND), the tech-first insurance company, today announced the availability of its renters insurance in Idaho. The expansion gives renters across the state a simple, fast way to get coverage that fits their lifestyles.
Lemonade Renters Insurance provides flexible coverage options via an app where Idaho residents can get quotes, purchase policies, update existing policies, and file claims, all in one place. More than 50% of claims are handled instantly, helping renters receive assistance more quickly after a covered loss. "We built Lemonade to cut through the complexity that makes traditional insurance painful. We offer simple quotes, instant claims, and rates that don't break the bank. Now we can deliver that to Idaho renters, too," said Dan Timsit, Head of Renters Insurance at Lemonade.
Coverage starts at just $5 per month, making it one of the more affordable renters insurance options available. Based on company and industry data, Lemonade's renters insurance rates are approximately 30% lower than the national average.
Customers may also be eligible for additional savings through policy bundling, having qualifying home safety devices, or choosing annual billing.
Lemonade currently serves more than 3 million active customers and has earned recognition from organizations and publications including Forbes, CNBC, and U.S. News & World Report for its insurance products and customer experience.
For a full list of Renters state availability, visit Lemonade.com.
About Lemonade
Lemonade's mission is to become the most loved insurance company in the world. As a customer-centric tech company, we created an insurance experience across Renters, Home, Pet, Car, and Life that is smart, instant, and delightful. Our team of 1,200+ Lemonade Makers make it possible for over 3M customers throughout the US, UK and Europe to get coverage instantly, with nearly half of claims paid in a matter of seconds. Powered by AI and social impact, Lemonade is a purpose-built, technology-first insurance carrier. A Certified B-Corp, our commitment to social impact is embedded in every aspect of the company, and our Giveback program, which donates a percentage of leftover premiums to nonprofits selected by our community, has donated over $10M to organizations in need.
SummaryPalantir (PLTR) is reiterated as a Strong Buy ahead of its November 2nd earnings, driven by robust AI enterprise adoption trends. PLTR's value proposition centers on linking AI spending to tangible ROI, with sovereignty, compliance, and auditability as key differentiators. US commercial growth remains exceptional at 149%, with net dollar retention at 157% and strong customer expansion expected to continue. Key risks include execution missteps, potential AI budget cuts, and a premium valuation that demands flawless performance to sustain momentum. 358 Followers
Analyst’s Disclosure: I/we have a beneficial long position in the shares of PLTR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Lyft před zveřejněním výsledků čelí tlaku na ziskovost kvůli propagačním akcím a makroekonomickým vlivům; akcie se obchodují při non-GAAP P/E 13,78 a poměru ceny k tržbám kolem 1.
SummaryLyft, Inc. remains fundamentally attractive, with a compelling valuation despite competitive and long-term autonomous vehicle threats.I maintain a Hold rating ahead of earnings, expecting profitability pressures from promotions and macro headwinds, but would consider buying on a post-earnings selloff.Expensive cars and a challenging job market may provide near-term tailwinds for LYFT’s rider and driver growth, though execution is crucial.LYFT trades at a non-GAAP TTM P/E of 13.78 and Price/Sales of ~1, offering a discount versus Uber, with active rider growth and profitability key to monitoring. Getty Images
In my opinion, Lyft, Inc. (LYFT) remains one of the more fundamentally attractive tech stocks. Yes, the company faces distinct long-term threats, including the rollout of robotaxis. Yet that threat, for now, lies beyond the horizon. Uber (
1.48K Followers
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Counterpoint očekává, že poptávka humanoidních robotů po DRAM do roku 2030 vzroste 20,7krát na 172 000 terabitů, zatímco Tesla snížila kapacitu paměti čipu AI5 na polovinu.
Counterpoint Research sees humanoid robot memory demand exploding this decade, but Elon Musk just cut memory on his own robot chips to hit production targets, and Micron investors are left wondering whether the 2030 forecast translates into revenue they can…
Elon Musk needed two words to dismiss a skeptic on X on October 26, 2026: “Silly analysis.” The Tesla (NASDAQ:TSLA | TSLA Price Prediction) chief executive posted the reply at 1:32 p.m. ET. It drew more than 1 million views and brought a memory forecast from earlier in the month back into discussion.
Counterpoint Research released that forecast on October 11, projecting that demand for DRAM from humanoid robots will rise about 20 times by 2030. DRAM is the working memory that holds data while a processor is using it.
Micron Technology (NASDAQ:MU) rose 2.98%, or $26.15, to $903.70 and traded at $913.25 after hours. Tesla gained 5.21% to $391.62 after Barclays (NYSE:BCS) upgraded it to Overweight with a $450 target, citing hopes for a SpaceX merger. For Micron shareholders, a very high growth rate on a small base can still barely register at a company that reported $54.23 billion of revenue in a single quarter.
What the Counterpoint Forecast Actually Measures Counterpoint Research projects humanoid DRAM demand rising from about 8,300 terabits in 2026 to about 172,000 terabits in 2030, an increase of 20.7x. Counterpoint Research also expects average DRAM per robot to grow from 19 gigabytes to 39 gigabytes.
Most of the growth therefore comes from building many more robots, each carrying somewhat more memory. The forecast covers DRAM only and leaves out storage chips.
X user @zephyr_z9 replied that the forecast implies annual production of about 550,000 humanoids and total robot DRAM demand of 21.5 petabytes. @zephyr_z9 put that at about 0.04% of roughly 48 exabytes of DRAM produced in 2026.
Musk’s Own Chip Cuts Weaken His Post Musk wrote that “Robot RAM needs will exceed everything else on Earth, as you need the robots to be on physical substates in order to shape atoms.” Musk added that “~100% of SI will be deep space compute,” which puts superintelligence memory off-planet.
On October 1, Musk said Tesla had cut memory on its AI5 chip in half, to 72GB, and on AI6 by a third, to 144GB. He called the cuts “the only way to get enough volume for Optimus production.” The company most eager to build humanoids is reducing memory per unit to reach volume, which shows that cost and supply limit how much memory each robot carries.
Micron’s Robot Upside Arrives Late in the Decade Micron’s chief executive, Sanjay Mehrotra, said on the September 30 earnings call that “humanoid robots will also require similar amounts of memory and storage as autonomous vehicles.” Highly autonomous vehicles typically carry more than 200GB of memory, well above Counterpoint’s per-robot figure for 2030.
Micron has begun sampling LPDDR6, a low-power DRAM, to physical AI customers. Low power draw matters in battery-powered machines. SK hynix is developing low-power memory for a major robotics computing platform, so Micron will have to compete for these orders.
Micron’s Automotive and Embedded segment, the business closest to robotics, produced $6.82 billion of fiscal fourth-quarter revenue, a small share of the total that robot orders would take years to move.
What Micron Investors Need to Watch Next Micron’s data center business supports the investment case, and robot demand is likely a long-dated addition on top of it. Micron forecast fiscal first-quarter 2027 revenue to $61.5 billion, and executives said more than 75% of shipments are committed for the year. The stock has fallen 16.49% over the past month.
The main risk is the memory cycle, because new clean rooms coming online in late ’28 and beyond could move pricing more than robot demand can offset.
Tesla offers less direct exposure to this theme because Optimus has not yet sold robots at commercial scale. Micron’s next report is estimated for December 16, though the company has not confirmed the date. If management names robot design wins at that report, the argument gains support. If it does not, Counterpoint Research’s 20-times robot DRAM forecast likely remains a 2030 story rather than a near-term revenue driver.
Contact [email protected] for any questions or corrections.
Ředitel Intuitive Surgical Craig Barratt prodal 1 150 akcií za 510 370 USD v rámci předem sjednaného plánu podle pravidla 10b5-1, čímž snížil svůj podíl o 50 %.
Intuitive Surgical, Inc. (NASDAQ:ISRG – Get Free Report) Director Craig Barratt sold 1,150 shares of the company’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $443.80, for a total value of $510,370.00. Following the completion of the transaction, the director directly owned 1,150 shares of the company’s stock, valued at approximately $510,370. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Intuitive Surgical Trading Down 0.1% NASDAQ:ISRG opened at $451.63 on Tuesday. The stock has a 50-day moving average price of $396.06 and a 200 day moving average price of $437.59. The stock has a market capitalization of $156.55 billion, a P/E ratio of 54.61, a P/E/G ratio of 3.12 and a beta of 1.46. Intuitive Surgical, Inc. has a 12-month low of $328.57 and a 12-month high of $603.88.
Intuitive Surgical (NASDAQ:ISRG – Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The medical equipment provider reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.35. Intuitive Surgical had a return on equity of 18.17% and a net margin of 25.54%. The company had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same period in the previous year, the firm earned $2.40 EPS. The firm’s revenue was up 21.7% compared to the same quarter last year. On average, research analysts predict that Intuitive Surgical, Inc. will post 9.37 earnings per share for the current fiscal year.
Analysts Set New Price Targets A number of brokerages have issued reports on ISRG. JPMorgan Chase & Co. lifted their price target on shares of Intuitive Surgical from $450.00 to $475.00 and gave the company an “overweight” rating in a report on Wednesday, October 21st. Barclays reiterated an “overweight” rating and issued a $500.00 price target (up from $485.00) on shares of Intuitive Surgical in a research note on Wednesday, October 21st. Raymond James Financial restated an “outperform” rating and set a $480.00 price objective on shares of Intuitive Surgical in a research report on Wednesday, October 21st. Stifel Nicolaus cut their price objective on Intuitive Surgical from $670.00 to $550.00 and set a “buy” rating for the company in a research report on Friday, July 17th. Finally, Mizuho reduced their target price on Intuitive Surgical from $415.00 to $400.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $493.54. Get Our Latest Stock Report on ISRG
Key Intuitive Surgical News Here are the key news stories impacting Intuitive Surgical this week:
Positive Sentiment: Analysts’ earnings estimates for ISRG are moving higher, suggesting improving expectations for the company’s near-term results and potentially supporting further gains. Earnings Estimates Moving Higher for Intuitive Surgical Positive Sentiment: Recent research continues to highlight Intuitive Surgical’s growth characteristics, including the potential for its robotic-surgery franchise to outperform the broader market over time. Intuitive Surgical Is an Incredible Growth Stock Neutral Sentiment: Intuitive Surgical remains a heavily watched stock, which may increase trading interest but does not by itself indicate a change in the company’s fundamentals. Intuitive Surgical Is a Trending Stock Neutral Sentiment: Reported short interest of zero shares and a zero-day days-to-cover ratio appears inconsistent with the description of a “significant increase,” making the data of limited value for gauging investor positioning. Negative Sentiment: Multiple insiders sold shares under pre-arranged Rule 10b5-1 plans. Director Gary Guthart sold about $9.1 million of stock, while other executives and a director sold additional shares. The transactions were planned and Guthart retained more than 1.2 million shares, but the sales may still create modest sentiment pressure. Negative Sentiment: Investors remain sensitive to valuation risk: with a high earnings multiple, ISRG may need continued strong growth and upward estimate revisions to justify its price. Institutional Inflows and Outflows Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in Intuitive Surgical by 3.3% during the first quarter. Bank of America Corp DE now owns 3,616,973 shares of the medical equipment provider’s stock worth $1,667,388,000 after acquiring an additional 116,292 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Intuitive Surgical during the second quarter valued at approximately $1,335,753,000. Amundi lifted its stake in shares of Intuitive Surgical by 8.6% in the 1st quarter. Amundi now owns 2,428,356 shares of the medical equipment provider’s stock valued at $1,119,448,000 after purchasing an additional 193,096 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Intuitive Surgical by 95.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,105,544 shares of the medical equipment provider’s stock valued at $970,635,000 after purchasing an additional 1,027,475 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of Intuitive Surgical by 3.7% in the 1st quarter. Janus Henderson Group PLC now owns 1,643,060 shares of the medical equipment provider’s stock valued at $757,489,000 after purchasing an additional 58,587 shares during the last quarter. Hedge funds and other institutional investors own 83.64% of the company’s stock.
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Intuitive Surgical, Inc develops and manufactures robotic-assisted systems and related technologies for minimally invasive surgery. Its products are designed to help surgeons perform procedures through small incisions while providing enhanced visualization, precision and control. The company’s primary platform is the da Vinci Surgical System, which is used across a range of specialties, including urology, gynecology, general surgery, cardiothoracic surgery and other procedures.
The company also offers the Ion endoluminal system, which is designed to support minimally invasive lung biopsy procedures.
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SummaryOn November 3, Amgen Inc. will report its results for Q3.As a reminder, its Q2 non-GAAP EPS rose 25.8% quarter-on-quarter to $6.29, primarily due to the strong performance of biosimilars, Blincyto, and Repatha.On October 24, Amgen released promising results from the DeLLphi-305 study evaluating Imdelltra+Imfinzi in the treatment of extensive-stage small-cell lung cancer.Meanwhile, Amgen yields about 2.3% and trades at 12.9x forward EV/EBITDA.In this article, I'll explain why Amgen offers an attractive risk/reward profile. Daniel Balakov/E+ via Getty Images
Amgen Inc. (AMGN) stock was up almost 18.4% since it reached the +1σ band formed from the VWAP, $376, on September 16th.
I believe this growth reflects its R&D success.
In particular, on October 24th, Amgen
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Medtronic just extended a nearly half-century dividend streak, but its raise barely outpaces inflation while rivals like Abbott and J&J grow payouts far faster. Whether explosive growth in cardiac ablation can close that gap is the real question for income…
Medtronic (NYSE:MDT | MDT Price Prediction) raised its quarterly dividend to $0.72 per share from $0.71, extending its run to 49 consecutive years of increases. The raise works out to about 1.4%. It lands as the company posts its strongest growth in years and finishes splitting off its diabetes unit. For retirees, the question is whether a 2.95% yield earns a spot in an income portfolio.
A Small Raise on a Long Streak Medtronic declared the higher payout on June 3, 2026, and kept it at $0.72 for the October 16, 2026 payment. That sets the forward annual dividend at $2.88. The pattern is steady but slow: $0.68 in 2022, $0.69 in 2023, $0.70 in 2024.
Peers raise faster. Abbott Laboratories (NYSE:ABT) raised its quarterly payout to $0.63 from $0.59, roughly 6.8%, and has increased it for 54 consecutive years. Johnson & Johnson (NYSE:JNJ) lifted its dividend 3.1% to $1.34 and has a 64-year run. Medtronic is nearing the 50-year Dividend King threshold.
Cash Flow Covers the Check With Room to Spare The payout ratio is the share of profit a company hands to shareholders. Medtronic raised its fiscal 2027 adjusted EPS guidance to $5.94-$6.00, so the $2.88 dividend takes about 48% of expected earnings. In the first quarter, free cash flow (cash left after capital spending) reached $1.29 billion, up 120.89%, against $921 million in dividends paid. Management pointed to a strong balance sheet and a 70% cash-conversion rate, with a path to 80%.
Cardiac Ablation Is Powering the Growth Story First-quarter revenue rose 13.7% to $9.76 billion, and adjusted EPS of $1.45 exceeded the $1.3874 consensus. An extra fiscal week added about $570 million. Cardiac Ablation Solutions grew 88% on the Affera system and Sphere-9 catheter. CEO Geoff Martha said:
“We’re only at the beginning for CAS. With a differentiated platform, a growing installed base, expanding indications and a strong innovation pipeline, we are well positioned to treat more patients.”
J&J’s electrophysiology sales grew just 4.4% in its latest quarter. Martha framed the momentum as broad:
“What gives us confidence is not simply the strength of the quarter, but importantly, the breadth of performance across our businesses.”
MiniMed Split and Margin Pressure Bring Risks Medtronic completed the separation of MiniMed Group (NASDAQ:MMED) on October 15, 2026. Management expected the exit to lift operating margin about 100 basis points while cutting revenue growth about 20 basis points. Current guidance assumed Diabetes stayed in through fiscal year-end, so expect revisions at the December 10 and 11th investor day. Tariffs cost roughly $185 million in fiscal 2026, and shares remain down 10.09% over five years.
Verdict: A Secure Dividend That Grows Slowly At $94.33, Medtronic trades at 14x forward earnings, with a beta of 0.567 indicating below-market volatility. Analysts’ average target is $104.62. The dividend looks well covered and durable, which suits retirees seeking stability. It trails Abbott and J&J, so the stronger case rests on ablation-driven earnings growth that could support bigger increases ahead.
Contact [email protected] for any questions or corrections.
Broadcom vydal 89 záplat pro nově objevené zranitelnosti v TrueSource Spring Enterprise určené zákazníkům s předběžným přístupem a provozovatelům kritické infrastruktury.
PALO ALTO, Calif., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops, and supplies semiconductor and infrastructure software solutions, today shipped fixes for 89 novel vulnerabilities in TrueSource Spring Enterprise to its critical infrastructure customers and others who qualify for early access, ahead of public disclosure. This brings the total number of vulnerabilities fixed across TrueSource offerings to 408.
Patches only secure an environment once deployed. To close that gap, Spring Enterprise adds TrueSource Hub to help enterprises assess application exposure, prioritize critical fixes, and track status. Additionally, build plugins for Application Advisor automate patching within existing Maven or Gradle workflows, generating update pull requests to streamline merging approved fixes.
A sustained investment in open source security
Building on its June 2026 open source commitment, Broadcom uses Frontier AI scanning and advanced research to find and fix vulnerabilities. TrueSource Spring Enterprise delivers simultaneous fixes across all supported versions, giving legacy releases immediate access, while providing security-only patches for current versions to speed deployment. Detailed vulnerability information will be published when fixes reach the community and CVEs are issued.
Scale & Impact: Reaching a massive footprint of downloads of Spring and Reactor libraries in 2026, Broadcom engineers fixed 406 new vulnerabilities, delivered over 1,090 fixes (including 798 backports), reviewed 2,600+ reports, and filtered out 3,000+ false alarms.
Key High/Critical Broadcom Fixes Earlier This Year:
Spring (June): Fixed a remote code execution vulnerability (CVE-2026-41855, CVSS 8.1) across four supported lines simultaneously.Netty Dependency (June): Discovered a DNS redirection vulnerability (CVE-2026-47691, CVSS 10.0) and addressed with the community maintainers and fixed for all supported Spring versions.RabbitMQ (July): Fixed a credential forgery vulnerability (CVE-2026-67404, CVSS 9.2) across four supported lines at once. “Security isn’t a one-time initiative; it’s an ongoing commitment. In June, we pledged to identify and resolve Spring vulnerabilities faster than ever, and today’s release demonstrates our continued momentum,” said Purnima Padmanabhan, general manager, Tanzu Division, Broadcom. “Our customers receive critical fixes early in a deployable format, with complete visibility into where patches belong and confirmation when they land. Crucially, fixes are contributed back to the open source community—because open source remains resilient only when businesses actively invest in ecosystem health.”
See it, prioritize it, fix it, prove it
Most enterprises know they run open source. Few can say exactly which applications run which versions, which are out of support, and which need a fix published this morning. TrueSource Spring Enterprise closes that gap with four capabilities that work together:
Assess every repository. TrueSource Hub connects to an organization’s code repositories and shows the security state of the open source components every application depends on, across Java, Python, and JavaScript libraries, container images, and data services, along with its patch status, in a live view rather than a one-time audit.Prioritize the fixes that matter. When Broadcom publishes a fix, Hub shows which applications need it and how exposed they are, so security and engineering leaders can direct effort to the applications that carry the most risk. TrueSource works with the vulnerability scanners that teams already use. Snyk, for example, is actively partnering with Broadcom so that customers can recognize Broadcom-patched Spring versions as fixed, with the goal of reducing unnecessary alerts and keeping teams from chasing alerts for already-resolved vulnerabilities.Apply patches in the build. For Spring applications, Spring Application Advisor plugins integrate directly into existing Maven and Gradle builds. Fixes and version upgrades arrive as reviewable pull requests built on deterministic recipes verified by TrueSource engineers. Additionally, the new integration with JFrog Zero-Touch Remediation delivers instant protection. By automatically delivering verified, backward-compatible TrueSource fixes to builds, security teams can stop waiting on manual pull requests and dependency overrides - keeping software secure with zero friction.Prove it through pipeline audits. Every build records its source and the libraries it contains and reports that to TrueSource, so security leaders can show their boards and leadership exactly which libraries shipped and where each fix was applied. The TrueSource portfolio
TrueSource by Broadcom is Broadcom’s portfolio of enterprise open source software, verified by engineers and delivered from one trusted source. It has three offerings:
TrueSource Spring Enterprise for the Spring framework Broadcom maintains, with CVE-only patches, the security fix and nothing else, delivered for every supported version at the same time so teams can apply them without an upgrade, plus the tooling announced today.TrueSource Trusted Artifacts for verified open source libraries in Java, Python, and JavaScript, and the Secure Images catalog of container images, covering the middleware, runtimes, and backing services applications depend on.TrueSource Data Services for the data engines applications rely on: PostgreSQL, MySQL, Valkey, and RabbitMQ, with self-service provisioning, fleet management across environments, and enterprise support for the engines themselves, including prescribed high availability and disaster recovery. Availability
TrueSource Spring Enterprise, featuring TrueSource Hub and build plugins, is generally available today. Its 87 fixes are accessible immediately to early-access and critical infrastructure customers, with public CVE release to follow. TrueSource Spring Enterprise, Trusted Artifacts, and Data Services are offered via tiered site licensing. Learn more at https://www.broadcom.com/products/software/truesource.
About Broadcom
Broadcom Inc. (NASDAQ: AVGO) is a technology leader that designs, develops, and supplies semiconductors and infrastructure software for global organizations’ complex, mission-critical needs. Broadcom combines long-term R&D investment with superb execution to deliver the best technology, at scale. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, visit www.broadcom.com.
Broadcom and the pulse logo are among the trademarks of Broadcom. Postgres and PostgreSQL are registered trademarks of the PostgreSQL Community Association of Canada. MySQL is a registered trademark of Oracle Corporation. Valkey is a trademark of The Linux Foundation. All other trademarks are the property of their respective owners. Broadcom is not affiliated with, endorsed by, or sponsored by any of the foregoing organizations.
Anthropic’s newly public IPO filing has made Broadcom (NASDAQ:AVGO | AVGO Price Prediction) the chip name most tightly bound to the AI lab’s compute expansion, and a fresh analyst upgrade now puts a higher price target on that link. Broadcom…
Anthropic’s newly public IPO filing has made Broadcom (NASDAQ:AVGO | AVGO Price Prediction) the chip name most tightly bound to the AI lab’s compute expansion, and a fresh analyst upgrade now puts a higher price target on that link. Broadcom stock is at $339.90, up 3% in early trade, a move that adds new weight to its custom chip business. The upgrade and a stronger semiconductor group are both feeding the gain.
Meanwhile, NVIDIA (NASDAQ:NVDA) shares are at $218.41, up 1%, a smaller advance that leaves Broadcom stock out in front. Chip stocks are broadly stronger, with the iShares Semiconductor ETF (NASDAQ:SOXX) up 2%. Large-cap tech is trailing that pace, as the Invesco QQQ Trust (NASDAQ:QQQ) is up 0.6%.
DA Davidson Upgrade Puts a Price on Anthropic Ties
DA Davidson upgraded Broadcom stock to Buy from Neutral and raised its price target to $400, arguing that Anthropic’s IPO filing signals the AI spending cycle still has room to run. Under that thesis, Anthropic raises capital first and OpenAI follows, giving Broadcom the funding pipeline it needs to meet its growth expectations. Anthropic’s IPO registration, made public a day before the upgrade, describes Broadcom as both a supplier and a lessor of its AI computing equipment under a non-cancelable lease.
Those leases run five years and give Anthropic access to compute capacity built on tensor processing units (TPUs), with a portion online in 2026 and more slated to start in 2027. In April, Anthropic also deposited cash into a restricted account for Broadcom’s benefit to secure compute capacity. Such terms ground the upgrade in signed, collateralized commitments that run well beyond a single quarter.
Broadcom’s Concentrated Model Sets It Apart From NVIDIA and AMD
Broadcom designs custom AI accelerators for a small number of large customers alongside its networking chips, so its growth turns on a few buyers’ spending plans. NVIDIA sells general-purpose AI processors and systems to a broad customer base, and Advanced Micro Devices (NASDAQ:AMD) offers chips and AI accelerators across data center and PC markets. Spreading revenue across many buyers gives NVIDIA and AMD a buffer when any single customer slows its spending. AMD shares are up 2% to $544.
Broadcom’s recent results show how far that concentration has already carried the company. In Q3 FY2026, Broadcom’s AI semiconductor revenue reached $16.7 billion, up 221% year over year, and its Q4 FY2026 outlook calls for $21.7 billion. On the September earnings call, the company put Anthropic on track to become its largest custom accelerator customer in 2027.
However, so much of Broadcom’s growth rides on customers whose funding isn’t yet secured, as Anthropic’s lease obligations can accelerate on certain unresolved payment or performance defaults, which ties the arrangement to the lab’s ability to stay current. For NVIDIA, a broad customer base limits its dependence on any single lab’s capital raise, though that same breadth leaves it with less direct leverage to Anthropic’s listing.
Broadcom’s Upside Hinges on Anthropic’s Listing
Broadcom now faces the question of whether Anthropic completes its IPO and converts the filing into fresh capital. OpenAI’s fundraising stands behind that step, since the upgrade’s thesis counts on both companies raising money.
Anyone sizing up their exposure should adjust their holdings carefully given how much of Broadcom’s growth rides on a few customers whose funding is still being raised. Measuring a position with that concentration in mind, rather than on the upgrade alone, can mitigate the risk of slower-than-anticipated AI spending.
Contact [email protected] for any questions or corrections.
, /PRNewswire/ -- S&P Global (NYSE: SPGI) today reported third quarter results. The Company's earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings.
Supplemental Information/Conference Call/Webcast Details: The Company's senior management will review the third quarter 2026 earnings results on a conference call scheduled for today, October 27, at 8:30 a.m. EDT. Additional information presented on the conference call, and the Company's supplemental slide content may be found on the Company's Investor Relations Website at http://investor.spglobal.com/Quarterly-Earnings.
The Webcast will be available live and in replay at http://investor.spglobal.com/Quarterly-Earnings.
About S&P Global
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.
Investor Relations: http://investor.spglobal.com
Contact:
Investor Relations:
Mark Grant
Senior Vice President, Investor Relations and Treasurer
Tel: +1 (347) 640-1521
[email protected]
BELVIDERE, NJ, Oct. 27, 2026 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), organic and sustainable produce, and developer of the Zero-Waste Inspired® mission and Farm-to-Formula® platform, today announced that it has secured a holiday fresh herb program with Kroger, one of the nation's largest grocery retailers, for the upcoming Thanksgiving through New Year holiday season. The program represents another step in Edible Garden's continued expansion with major national retailers, further strengthening its retail presence and supporting its strategy of capturing a greater share of the fresh herb market.
The Thanksgiving through New Year period is one of the most important selling seasons for fresh herbs, as holiday cooking drives increased demand for popular culinary ingredients such as rosemary, sage, thyme, parsley, and poultry-blend herbs. The Kroger program, together with previously announced holiday initiatives with Walmart and Target, positions Edible Garden to capitalize on increased seasonal demand, drive additional sales, and further expand its presence among the nation's leading retailers.
“This holiday program with Kroger represents another significant commercial win for Edible Garden and an important milestone for our Edible Garden Heartland operation in Grand Rapids, Michigan,” said Jim Kras, Chief Executive Officer of Edible Garden. “Our Heartland facility was strategically established to serve leading retailers throughout the Midwest, and this program demonstrates how our investment in regional production and distribution capabilities is translating into meaningful commercial opportunities. Kroger's decision to include Edible Garden in its holiday program reinforces the confidence major retailers are placing in our ability to deliver fresh, high-quality herbs reliably and at scale during periods of peak demand. Beyond the immediate revenue opportunity, we believe this program will increase utilization of our Heartland facility, strengthen our presence in the Midwest, and advance our Zero-Waste Inspired® mission by bringing locally grown products closer to consumers, while providing a foundation for continued growth.”
Edible Garden plans to support the Kroger holiday program through its established growing and distribution network, utilizing its proprietary GreenThumb 2.0 technology to align production with seasonal demand. By leveraging its existing infrastructure, the Company aims to efficiently manage increased order volumes, capitalize on new sales opportunities, and strengthen its position in the fresh produce market.
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), delivering organic, better-for-you, sustainable produce and products through its Zero-Waste Inspired® next-generation farming model. Available in over 6,000 retail locations across the United States, Caribbean, and South America, Edible Garden is at the forefront of the CEA and sustainability technology movement, distinguished by its advanced safety-in-farming protocols, sustainable packaging, patented GreenThumb software, and innovative Self-Watering in-store displays. The Company operates state-of-the-art, vertically integrated greenhouses and processing facilities, including Edible Garden Heartland in Grand Rapids, Michigan; Edible Garden Prairie Hills in Webster City, Iowa; and its headquarters at Edible Garden Belvidere in New Jersey. It also partners with a network of contract growers strategically located near major U.S. markets to ensure freshness and reduce environmental impact. The Company is also expanding its Prairie Hills facility in Webster City, Iowa, into a dedicated ready-to-drink (RTD) clean nutrition manufacturing hub, supporting its Farm-to-Formula® strategy and its transformation into higher-margin, shelf-stable nutrition categories.
Edible Garden’s proprietary GreenThumb 2.0 software—protected by U.S. Patents US 11,158,006 B1, US 11,410,249 B2, and US 11,830,088 B2—optimizes vertical and traditional greenhouse growing conditions while aiming to reduce food miles. Its patented Self-Watering display (U.S. Patent No. D1,010,365) is designed to extend plant shelf life and elevate in-store presentation. In addition to its core CEA operations, Edible Garden owns three patents in advanced aquaculture technologies: a closed-loop shrimp farming system (US 6,615,767 B1), a modular recirculating aquaculture setup with automated water treatment and feeding (US 10,163,199 B2), and a sensor-driven ammonia control method utilizing electrolytic chlorine generation (US 11,297,809 B1).
The Company has been recognized as a FoodTech 500 firm by Forward Fooding, is a multi-year participant in Walmart’s Project Gigaton and a Giga Guru designee and has received NRG’s Excellence in Energy Award for its commitment to measurable environmental performance and energy stewardship. Edible Garden also develops and markets a growing line of nutrition and specialty food products, including Vitamin Way® and Vitamin Whey®—plant and whey protein powders—and Kick. Sports Nutrition, a premium performance line for health-conscious athletes seeking cleaner, better-for-you options. The Company’s offerings further include fresh, sustainable condiments such as Pulp fermented gourmet and chili-based sauces, as well as Pickle Party, a collection of fermented fresh pickles and krauts.
Learn more at https://ediblegardenag.com.
For Pulp products, visit https://www.pulpflavors.com.
For Vitamin Whey® products, visit https://vitaminwhey.com.
For Kick. Sports Nutrition products, visit https://kicksportsnutrition.net/.
Watch the Company’s latest corporate video here.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “believe,” “expect,” “intend,” “plan,” “expand,” “advance,” “designed to,” “opportunity,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These statements include, without limitation, statements regarding the Company’s holiday fresh herb program with Kroger, the expected benefits of the Company’s recent Kroger distribution center awards, the Company’s ability to expand its presence and capture additional market share in its key markets, the Company’s available capacity and ability to service additional retail volume, the Company’s ability to deepen its relationship with Kroger and other major retailers, the development of the Company’s ready-to-drink manufacturing facility in Webster City, Iowa, and the Company’s Farm-to-Formula® strategy. There can be no assurance that the holiday program or the Company’s distribution center awards will result in the anticipated volume, revenue or market share gains. Forward-looking statements are based on the Company’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including those described in the “Risk Factors” section and other sections of the Company’s reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date on which they are made, and the Company undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Ares Capital vykázala za čtvrtletí zisk na akcii (EPS) ve výši 0,46 USD, oproti odhadu 0,48 USD, a tržby ve výši 763 mil. USD, tedy o 2,2 % pod očekáváním trhu.
Ares Capital (ARCC - Free Report) came out with quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.5 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -4.17%. A quarter ago, it was expected that this private equity firm would post earnings of $0.47 per share when it actually produced earnings of $0.47, delivering no surprise.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
Ares Capital, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $763 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 2.2%. This compares to year-ago revenues of $782 million. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Ares Capital shares have lost about 8% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Ares Capital?While Ares Capital has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ares Capital was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.49 on $793.81 million in revenues for the coming quarter and $1.91 on $3.1 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - SBIC & Commercial Industry is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Goldman Sachs BDC (GSBD - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 5.
This specialty finance company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of -7.5%. The consensus EPS estimate for the quarter has been revised 2.6% higher over the last 30 days to the current level.
Goldman Sachs BDC's revenues are expected to be $86.16 million, down 5.9% from the year-ago quarter.
, /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the third quarter ended September 30, 2026. All comparisons are to the third quarter of the prior year, unless otherwise noted.
SUMMARY
The Sherwin-Williams Company Reports 2026 Third Quarter Financial Results Consolidated Net sales increased 7.9% to $6.86 billion in the quarterNet sales from stores in the Paint Stores Group open more than twelve calendar months increased 3.9% in the quarterDiluted net income per share increased 0.9% to $3.38 per share in the quarter compared to $3.35 per share in the third quarter of 2025Adjusted diluted net income per share increased 1.1% to $3.63 per share in the quarter compared to $3.59 per share in the third quarter of 2025Net income decreased 1.5% in the quarter to $821.0 million, or 12.0% of Net salesEarnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the quarter increased 3.4% to $1.39 billion, or 20.3% of Net salesAdjusted EBITDA in the quarter increased 3.3% to $1.40 billion, or 20.5% of Net salesRevising full year 2026 diluted net income per share guidance in the range of $10.92 to $11.22 per share, including Valspar acquisition-related amortization expense of $0.82 per share and severance and other restructuring expenses of $0.11 per shareNarrowing full year 2026 adjusted diluted net income per share guidance in the range of $11.85 to $12.15 per share CEO REMARKS
"Sherwin-Williams third quarter performance demonstrated the resilience of our Company and the strength of our strategy in a challenging demand environment. Despite muted underlying market volumes, we continued to win new customers, increase share-of-wallet and deliver sales growth across all three reportable segments, at or above our guidance, supported by the differentiated value and productivity our solutions deliver to customers. At the same time, we took disciplined pricing and cost actions to address inflationary pressures, thoughtfully timed with our customers in mind," said Chair, President and Chief Executive Officer, Heidi G. Petz. "Gross margin was primarily impacted in the quarter by higher raw material and supply chain related costs and by mix, including dilution from Suvinil and higher growth in lower margin reportable segments. Excluding the dilutive impact of the Suvinil acquisition, our year-to-date gross margin is flat compared to the prior year. SG&A as a percent of sales decreased in the quarter, as we continue to identify and implement efficiencies throughout our Company. Adjusted EBITDA and adjusted diluted earnings per share both grew over last year's third quarter levels. We returned $749.0 million to shareholders in the quarter through dividends and share repurchases. Our team remains focused on serving our customers and controlling what we can control to continue top and bottom-line growth."
THIRD QUARTER CONSOLIDATED RESULTS
(in millions, except per share data)
Three Months Ended September 30,
2026
2025
$ Change
% Change
Net sales
$ 6,860.0
$ 6,358.2
$ 501.8
7.9 %
Income before income taxes
$ 1,063.5
$ 1,060.5
$ 3.0
0.3 %
Percent to Net sales
15.5 %
16.7 %
Net income per share - diluted
$ 3.38
$ 3.35
$ 0.03
0.9 %
Adjusted net income per share - diluted
$ 3.63
$ 3.59
$ 0.04
1.1 %
Consolidated Net sales increased primarily due to higher Net sales in all reportable segments, inclusive of the October 2025 acquisition of Suvinil, and selling price increases, which impacted Net sales by a mid-single digit percentage.
Income before income taxes increased slightly due to an increase in Net sales, partially offset by higher raw material and supply chain related costs, incremental selling, general and administrative (SG&A) expenses associated with Suvinil and higher costs in the Administrative function related to additional interest expense attributable to an increase in debt.
Diluted net income per share included a charge of $0.21 and $0.20 per share for Valspar acquisition-related amortization expense in the third quarter of 2026 and 2025, respectively. Diluted net income per share also included a charge of $0.04 per share related to severance and other restructuring expenses in both the third quarter of 2026 and 2025.
THIRD QUARTER SEGMENT RESULTS
(in millions)Paint Stores Group (PSG)
Three Months Ended September 30,
2026
2025
$ Change
% Change
Net sales
$ 4,015.8
$ 3,836.8
$ 179.0
4.7 %
Same-store sales (1)
3.9 %
3.6 %
Segment profit
$ 974.3
$ 954.3
$ 20.0
2.1 %
Reported segment margin
24.3 %
24.9 %
(1)
Same-store sales represents Net sales from stores open more than twelve calendar months.
Net sales in PSG increased primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, as well as low-single digit percentage sales volume growth. Net sales increased in all professional customer end markets, led by a double digit percentage increase in protective and marine, a high-single digit percentage increase in commercial and a mid-single digit percentage increase in residential repaint. Segment profit increased primarily due to higher Net sales, partially offset by higher raw material and supply chain related costs and increased costs to support higher sales, including investments in additional sales reps and stores.
Consumer Brands Group (CBG)
Three Months Ended September 30,
2026
2025
$ Change
% Change
Net sales
$ 937.4
$ 770.1
$ 167.3
21.7 %
Segment profit
$ 146.2
$ 157.3
$ (11.1)
(7.1) %
Reported segment margin
15.6 %
20.4 %
Adjusted segment profit (1)
$ 171.4
$ 179.3
$ (7.9)
(4.4) %
Adjusted segment margin
18.3 %
23.3 %
(1)
Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In CBG, Valspar acquisition-related amortization expense was $15.5 million and $15.6 million in the third quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $9.7 million and $6.4 million in the third quarter of 2026 and 2025, respectively.
Net sales in CBG increased primarily as a result of the acquisition of Suvinil, favorable foreign currency translation and a positive shift in mix, partially offset by soft demand in North America. Segment profit decreased primarily due to higher raw material and supply chain costs, incremental SG&A expenses associated with the Suvinil acquisition and unfavorable foreign currency transaction gains and losses, partially offset by higher Net sales. Adjusted segment profit decreased for these same reasons.
Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 170 and 200 basis points in the third quarter of 2026 and 2025, respectively. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 100 and 90 basis points in the third quarter of 2026 and 2025, respectively.
Performance Coatings Group (PCG)
Three Months Ended September 30,
2026
2025
$ Change
% Change
Net sales
$ 1,903.3
$ 1,750.0
$ 153.3
8.8 %
Segment profit
$ 255.2
$ 240.3
$ 14.9
6.2 %
Reported segment margin
13.4 %
13.7 %
Adjusted segment profit (1)
$ 308.7
$ 294.9
$ 13.8
4.7 %
Adjusted segment margin
16.2 %
16.9 %
(1)
Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In PCG, Valspar acquisition-related amortization expense was $49.8 million and $49.5 million in the third quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $3.7 million and $5.1 million in the third quarter of 2026 and 2025, respectively.
Net sales in PCG increased primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, and low-single digit percentage sales volume growth. Net sales increased in all businesses, led by General Industrial, Packaging and Coil, which each increased by a double digit percentage, and Industrial Wood and Automotive Refinish, which each increased by a low-single digit percentage. Segment profit increased primarily due to higher Net sales, partially offset by higher raw material and supply chain related costs and an increase in employee-related costs to support higher sales. Adjusted segment profit increased for these same reasons, including a slight decrease in the expenses associated with targeted restructuring actions in the third quarter of 2026.
Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 260 and 290 basis points in the third quarter of 2026 and 2025, respectively. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 20 and 30 basis points in the third quarter of 2026 and 2025, respectively.
LIQUIDITY AND CASH FLOW
The Company generated $2.59 billion in Net operating cash and returned cash of $2.98 billion to our shareholders in the form of dividends and repurchases of 7.1 million shares of its common stock during the first nine months of 2026. At September 30, 2026, the Company had remaining authorization to purchase 22.5 million shares of its common stock through open market purchases.
2026 GUIDANCE
Fourth Quarter
Full Year
2026
2026
Net sales
Up mid-single digit %
Up mid to high-single digit %
Effective tax rate
Low twenty percent
Diluted net income per share
$10.92
-
$11.22
Adjusted diluted net income per share (1)
$11.85
-
$12.15
(1)
Excludes $0.82 per share of Valspar acquisition-related amortization expense and $0.11 per share of severance and other restructuring expenses incurred through September 30, 2026.
"Customer sentiment and the leading indicators we track point to muted demand over the remainder of the year and into 2027. As we navigate this environment, our focus remains clear: win in the marketplace, serve our customers, offset inflation, reduce costs and continue to deliver profitable growth and shareholder value," said Ms. Petz.
"Against this backdrop, we expect fourth quarter 2026 consolidated Net sales to increase by a mid-single digit percentage compared to the fourth quarter of 2025, resulting in us maintaining our full year 2026 sales guidance where consolidated Net sales are expected to be up a mid to high-single digit percentage compared to full year 2025. Diluted net income per share is expected to be in the range of $10.92 to $11.22 per share, including acquisition-related amortization expense of $0.82 per share and severance and other restructuring expenses of $0.11 per share, compared to $10.26 per share in 2025. Full year 2026 adjusted diluted net income per share is expected to be in the range of $11.85 to $12.15 per share compared to $11.43 per share in 2025. We remain highly confident in our ability to deliver through current conditions while building an even stronger Sherwin-Williams for the future."
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss its financial results for the third quarter, and its outlook for the fourth quarter and full year 2026, at 10:00 a.m. EDT on Tuesday, October 27, 2026. Heidi G. Petz, Sherwin-Williams' Chair, President and Chief Executive Officer, along with other senior executives, will participate on the call.
The conference call will be webcast simultaneously in listen only mode. To listen to the webcast on the Sherwin-Williams website, click on https://investors.sherwin-williams.com/financials/quarterly-results/, then click on the webcast icon following the reference to the Q3 webcast. An archived replay of the webcast will be available at https://investors.sherwin-williams.com/financials/quarterly-results/ beginning approximately two hours after the call ends.
ABOUT THE SHERWIN-WILLIAMS COMPANY
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, Cabot®, Suvinil® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 5,400 Company-operated stores and branches, while the Company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based upon management's current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions and may relate to, among other things, anticipated future performance (including sales and earnings), expected growth, and future business plans. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "anticipate," "aspire," "believe," "could," "estimate," "expect," "goal," "intend," "may," "plan," "potential," "project," "seek," "should," "strive," "target," "will," or "would" or the negative thereof or comparable terminology.
Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control, that could cause actual results to differ materially from such statements and from our historical results, performance and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions in the United States and worldwide; inflation rates, interest rates, unemployment rates, labor costs, healthcare costs, recessionary conditions, geopolitical conditions, terrorist activity, armed conflicts and wars, public health crises, pandemics, outbreaks of disease and supply chain disruptions; shifts in consumer behavior driven by economic downturns in cyclical segments of the economy; shortages and increases in the cost of raw materials and energy; catastrophic events, adverse weather conditions and natural disasters (including those that may be related to climate change); disruptions to our information technology systems, including due to digitization efforts or cybersecurity incidents; our ability to attract, retain, develop and progress a qualified global workforce; the loss of any of our largest customers; increased competition or failure to keep pace with developments in key competitive areas of our business; our ability to successfully integrate past and future acquisitions, into our existing operations; risks and uncertainties associated with our expansion into and our operations in South America, Asia, Europe and other foreign markets; policy changes affecting international trade, including import/export restrictions and tariffs; our ability to achieve our strategies or expectations relating to sustainability considerations, including as a result of evolving legal, regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite suppliers, energy sources, or financing and changes in carbon markets and carbon accounting rules; damage to our business, reputation, image or brands due to negative publicity; the infringement or loss of our intellectual property rights or the theft or unauthorized use of our trade secrets or other confidential business information; a weakening of global credit markets or changes to our credit ratings; our ability to generate cash to service our indebtedness; fluctuations in foreign currency exchange rates and changing monetary policies; our ability to comply with a variety of complex U.S. and non-U.S. laws, rules and regulations; increases in tax rates, or changes in tax laws or regulations; our ability to comply with numerous, complex and increasingly stringent domestic and foreign health, safety and environmental laws, regulations and requirements; our liability related to environmental investigation and remediation activities at some of our currently- and formerly-owned sites; the nature, cost, quantity and outcome of pending and future litigation, including lead pigment and lead-based paint litigation; and the other risk factors discussed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other reports filed with the SEC.
Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Vice President, Global Corporate Communications
Sherwin-Williams
Direct: 216.515.8849
[email protected]
The Sherwin-Williams Company and Subsidiaries
Statements of Consolidated Income (Unaudited)
(in millions, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Net sales
$ 6,860.0
$ 6,358.2
$ 19,316.2
$ 17,978.4
Cost of goods sold
3,582.8
3,232.7
9,920.5
9,175.5
Gross profit
3,277.2
3,125.5
9,395.7
8,802.9
Percent to Net sales
47.8 %
49.2 %
48.6 %
49.0 %
Selling, general and administrative expenses
2,069.1
1,952.8
6,142.4
5,758.2
Percent to Net sales
30.2 %
30.7 %
31.8 %
32.0 %
Other general expense (income) - net
5.2
(4.7)
14.9
10.5
Interest expense
139.3
117.2
406.8
333.4
Interest income
(5.9)
(2.6)
(14.1)
(8.3)
Other expense (income) - net
6.0
2.3
(10.1)
9.9
Income before income taxes
1,063.5
1,060.5
2,855.8
2,699.2
Income taxes
242.5
227.4
656.5
607.5
Net income
$ 821.0
$ 833.1
$ 2,199.3
$ 2,091.7
Net income per common share:
Basic
$ 3.41
$ 3.38
$ 9.03
$ 8.43
Diluted
$ 3.38
$ 3.35
$ 8.95
$ 8.34
Weighted average shares outstanding:
Basic
240.7
246.2
243.5
248.0
Diluted
242.8
249.0
245.7
250.9
The Sherwin-Williams Company and Subsidiaries
Business Segments (Unaudited)
(millions of dollars)
2026
2025
Net
Segment
Net
Segment
Sales
Profit (Loss)
Sales
Profit (Loss)
Three Months Ended September 30:
Paint Stores Group
$ 4,015.8
$ 974.3
$ 3,836.8
$ 954.3
Consumer Brands Group
937.4
146.2
770.1
157.3
Performance Coatings Group
1,903.3
255.2
1,750.0
240.3
Administrative
3.5
(312.2)
1.3
(291.4)
Consolidated totals
$ 6,860.0
$ 1,063.5
$ 6,358.2
$ 1,060.5
Nine Months Ended September 30:
Paint Stores Group
$ 10,955.7
$ 2,490.7
$ 10,478.8
$ 2,412.0
Consumer Brands Group
2,829.2
556.3
2,341.7
453.4
Performance Coatings Group
5,522.9
760.9
5,153.1
698.1
Administrative
8.4
(952.1)
4.8
(864.3)
Consolidated totals
$ 19,316.2
$ 2,855.8
$ 17,978.4
$ 2,699.2
The Sherwin-Williams Company and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(millions of dollars)
September 30,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$ 264.2
$ 241.5
Accounts receivable, net
3,598.1
3,122.3
Inventories
2,547.0
2,276.3
Other current assets
618.1
506.0
Total current assets
7,027.4
6,146.1
Property, plant and equipment, net
4,225.6
3,913.2
Goodwill
7,975.5
7,794.1
Intangible assets
3,744.3
3,466.2
Operating lease right-of-use assets
2,101.5
1,989.5
Other assets
1,887.1
2,897.3
Total Assets
$ 26,961.4
$ 26,206.4
Liabilities and Shareholders' Equity
Current liabilities:
Short-term borrowings
$ 2,353.6
$ 1,846.9
Accounts payable
2,895.3
2,441.6
Compensation and taxes withheld
817.4
709.4
Accrued taxes
300.4
254.6
Current portion of long-term debt
1,498.8
350.5
Current portion of operating lease liabilities
487.6
479.8
Other accruals
1,495.8
1,390.7
Total current liabilities
9,848.9
7,473.5
Long-term debt
7,942.7
9,318.1
Postretirement benefits other than pensions
134.0
120.7
Deferred income taxes
742.4
657.2
Long-term operating lease liabilities
1,699.1
1,582.3
Other long-term liabilities
2,617.6
2,629.3
Shareholders' equity
3,976.7
4,425.3
Total Liabilities and Shareholders' Equity
$ 26,961.4
$ 26,206.4
Reconciliation of Non-GAAP Financial Measures
Management of the Company utilizes certain financial measures that are not in accordance with U.S. generally accepted accounting principles (US GAAP) to analyze and manage the performance of the business. Management provides non-GAAP information in reporting its financial results to give investors additional data to evaluate the Company's operations. Management does not, nor does it suggest investors should, consider such non-GAAP measures in isolation from, or in substitution for, financial information prepared in accordance with US GAAP.
Management believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of diluted net income per share excluding Valspar acquisition-related amortization and certain other adjustments. Valspar acquisition-related amortization expense is excluded from diluted net income per share due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company's revenue generation, the related revenue is not excluded. This adjusted diluted earnings per share measurement is not in accordance with US GAAP. It should not be considered a substitute for diluted earnings per share computed in accordance with US GAAP and may not be comparable to similarly titled measures reported by other companies. The following tables reconcile diluted net income per share computed in accordance with US GAAP to adjusted diluted net income per share.
Year Ending
Three Months Ended
Nine Months Ended
December 31, 2026
September 30, 2026
September 30, 2026
(after-tax guidance)
Pre-Tax
Tax
Effect (1)
After-
Tax
Pre-Tax
Tax
Effect (1)
After-
Tax
Low
High
Diluted net income per share
$ 3.38
$ 8.95
$ 10.92
$ 11.22
Acquisition-related amortization expense (2)
$ .27
$ .06
.21
$ .80
$ .19
.61
.82
.82
Severance and other restructuring expenses
.06
.02
.04
.15
.04
.11
.11
.11
Adjusted diluted net income per share
$ 3.63
$ 9.67
$ 11.85
$ 12.15
Three Months Ended
Nine Months Ended
Year Ended
September 30, 2025
September 30, 2025
December 31, 2025
Pre-Tax
Tax
Effect (1)
After-
Tax
Pre-Tax
Tax
Effect (1)
After-
Tax
Pre-Tax
Tax
Effect (1)
After-
Tax
Diluted net income per share
$ 3.35
$ 8.34
$ 10.26
Acquisition-related amortization expense (2)
$ .26
$ .06
.20
$ .77
$ .18
.59
$ 1.03
$ .25
.78
Severance and other restructuring expenses
.06
.02
.04
.37
.10
.27
.44
.10
.34
Trademark impairment
—
—
—
—
—
—
.07
.02
.05
Adjusted diluted net income per share
$ 3.59
$ 9.20
$ 11.43
(1)
The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted.
(2)
Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives.
Management believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of EBITDA, which is a non-GAAP financial measure defined as Net income before Interest expense, Income taxes, depreciation and amortization, as well as Adjusted EBITDA, which is a non-GAAP financial measure that excludes certain adjustments that management further believes enhances investors' understanding of the Company's operating performance. The reader is cautioned that the Company's EBITDA and Adjusted EBITDA should not be compared to other entities unknowingly. Further, EBITDA and Adjusted EBITDA should not be considered alternatives to Net income as an indicator of operating performance. The following table reconciles Net income computed in accordance with US GAAP to EBITDA and Adjusted EBITDA, as applicable.
(millions of dollars)
Three Months
Three Months
Three Months
Nine Months
Ended
Ended
Ended
Ended
March 31, 2026
June 30, 2026
September 30, 2026
September 30, 2026
Net income
$ 534.7
$ 843.6
$ 821.0
$ 2,199.3
Interest expense
131.6
135.9
139.3
406.8
Income taxes
145.1
268.9
242.5
656.5
Depreciation
98.3
98.5
99.2
296.0
Amortization
88.5
87.9
88.3
264.7
EBITDA
$ 998.2
$ 1,434.8
$ 1,390.3
$ 3,823.3
Severance and other restructuring expenses
—
23.8
13.1
36.9
Adjusted EBITDA
$ 998.2
$ 1,458.6
$ 1,403.4
$ 3,860.2
Three Months
Three Months
Three Months
Nine Months
Ended
Ended
Ended
Ended
March 31, 2025
June 30, 2025
September 30, 2025
September 30, 2025
Net income
$ 503.9
$ 754.7
$ 833.1
$ 2,091.7
Interest expense
103.8
112.4
117.2
333.4
Income taxes
149.1
231.0
227.4
607.5
Depreciation
79.9
79.3
82.8
242.0
Amortization
81.0
83.4
84.1
248.5
EBITDA
$ 917.7
$ 1,260.8
$ 1,344.6
$ 3,523.1
Severance and other restructuring expenses
19.3
59.0
14.4
92.7
Adjusted EBITDA
$ 937.0
$ 1,319.8
$ 1,359.0
$ 3,615.8
The Sherwin-Williams Company and Subsidiaries
Selected Information (Unaudited)
(millions of dollars, except store count data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Depreciation
$ 99.2
$ 82.8
$ 296.0
$ 242.0
Capital expenditures
128.7
196.4
375.4
567.2
Cash dividends
194.3
195.7
588.9
594.0
Amortization of intangibles
88.3
84.1
264.7
248.5
Significant components of Other general expense (income) - net:
Provisions for environmental related matters - net
$ (0.1)
$ 10.6
$ 3.3
$ 14.1
Loss (gain) on sale or disposition of assets
2.4
(23.8)
0.6
(27.2)
Other
2.9
8.5
11.0
23.6
Significant components of Other expense (income) - net:
Investment losses (gains)
$ —
$ 3.9
$ (6.4)
$ (5.6)
Foreign currency transaction related losses - net
16.6
6.6
11.1
29.7
Other (1)
(10.6)
(8.2)
(14.8)
(14.2)
Store Count Data:
Paint Stores Group - net new stores
12
23
—
61
Paint Stores Group - total stores
4,853
4,834
4,853
4,834
Consumer Brands Group - net new stores
2
(8)
3
(30)
Consumer Brands Group - total stores
310
304
310
304
Performance Coatings Group - net new branches
—
—
—
—
Performance Coatings Group - total branches
317
324
317
324
(1) Consists of items of revenue, gains, expenses and losses unrelated to the primary business purpose of the Company.
FortiLink SASE service brings cloud-delivered security and centralized management to wired and wireless devices | Source: Fortinet, Inc.
SUNNYVALE, Calif., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the FortiLink SASE Service, giving organizations a simpler way to secure small branch office, remote facilities, and other distributed locations without requiring a dedicated on-site firewall. By connecting local networks to FortiSASE, organizations can protect and manage wired and wireless devices through a simplified, cloud-delivered service while managing networking and security from a single console.
“Organizations need flexibility in how they secure distributed locations, particularly where dedicated security infrastructure or agents may not be practical,” said Anthony James, EVP of Marketing at Fortinet. “By extending FortiSASE to local networks, we're giving organizations a simpler way to protect users and devices while maintaining consistent security and centralized control.”
Simplifying Security Across Distributed Locations
Organizations operating small branch offices, remote facilities, and temporary sites often need to secure a mix of employee devices, printers, cameras, and IoT equipment with limited on-site IT resources. Many of these devices cannot run traditional endpoint security agents, while deploying dedicated firewalls at every location can introduce additional cost and complexity.
The FortiLink SASE Service addresses these challenges by connecting local networks to FortiSASE through supported Fortinet Wi-Fi access points and Ethernet switches. This gives organizations the flexibility to extend consistent security across distributed locations without requiring an on-site FortiGate firewall, while centralizing traffic inspection, policy enforcement, and management. Key benefits include:
Protect more devices: Secure wired and wireless devices, including those that cannot run FortiClient, through consistent cloud-delivered securitySimplify deployment: Connect entire LAN environments to FortiSASE without requiring endpoint agents on every device or dedicated security appliance at each locationCentralize management: Manage supported networking devices and security policies through a single console, reducing operational complexity across distributed environments
A Flexible Approach to Securing the Thin Edge
Built on Fortinet's unified networking and security architecture, the FortiLink SASE Service delivers consistent protection beyond individual endpoints to entire microbranch environments, giving organizations a simpler, scalable approach to securing distributed operations.
Learn more about simplifying security for microbranches and distributed locations in our blog.
Additional Resources
Learn how to secure thin edge deployments.Read about the Fortinet AI-Native Security Fabric.Learn about the Fortinet Open Ecosystem.Visit fortinet.com/trust to learn about Fortinet innovation, collaboration partners, product security processes, and enterprise-grade products.Read about how Fortinet customers are securing their organizations.Learn about Fortinet’s commitment to product security and integrity, including its responsible product development and vulnerability disclosure approach and policies.Follow Fortinet on X, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.
Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Over one million lifetime customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.
Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.
Pentair plc (PNR - Free Report) came out with quarterly earnings of $1.18 per share, beating the Zacks Consensus Estimate of $1.07 per share. This compares to earnings of $1.24 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +10.28%. A quarter ago, it was expected that this company would post earnings of $1.12 per share when it actually produced earnings of $1.14, delivering a surprise of +1.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Pentair, which belongs to the Zacks Waste Removal Services industry, posted revenues of $976.4 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.33%. This compares to year-ago revenues of $1.02 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Pentair shares have lost about 47% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Pentair?While Pentair has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Pentair was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.21 on $1.06 billion in revenues for the coming quarter and $4.63 on $3.97 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
GFL Environmental Inc. (GFL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on October 28.
This company is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of +17.7%. The consensus EPS estimate for the quarter has been revised 9.9% lower over the last 30 days to the current level.
GFL Environmental Inc.'s revenues are expected to be $1.49 billion, up 20.9% from the year-ago quarter.
Diversify Advisory Services LLC purchased a new stake in Devon Energy Corporation (NYSE:DVN – Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,098 shares of the energy company’s stock, valued at approximately $497,000.
Several other institutional investors and hedge funds also recently made changes to their positions in DVN. Sigma Planning Corp lifted its position in Devon Energy by 3.5% in the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock valued at $285,000 after acquiring an additional 233 shares in the last quarter. Retirement Planning Group LLC increased its holdings in Devon Energy by 4.5% during the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after purchasing an additional 243 shares in the last quarter. JFS Wealth Advisors LLC raised its stake in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares during the period. Titleist Asset Management LLC raised its stake in shares of Devon Energy by 5.7% in the 3rd quarter. Titleist Asset Management LLC now owns 5,556 shares of the energy company’s stock valued at $256,000 after purchasing an additional 298 shares during the period. Finally, Root Financial Partners LLC raised its stake in shares of Devon Energy by 33.2% in the 1st quarter. Root Financial Partners LLC now owns 1,219 shares of the energy company’s stock valued at $61,000 after purchasing an additional 304 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.
Insider Activity at Devon Energy In other news, CEO Clay Gaspar acquired 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares in the company, valued at $31,626,284.16. This represents a 0.64% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. The trade was a 8.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 4.58% of the company’s stock.
Devon Energy Stock Up 0.5% Devon Energy stock opened at $51.62 on Tuesday. The stock has a market cap of $56.79 billion, a P/E ratio of 12.26, a P/E/G ratio of 1.34 and a beta of 0.49. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a twelve month low of $31.65 and a twelve month high of $52.71. The company’s 50-day moving average price is $48.65 and its two-hundred day moving average price is $45.52. Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period last year, the business posted $0.84 earnings per share. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. As a group, analysts expect that Devon Energy Corporation will post 5.49 EPS for the current year.
Devon Energy Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.
Analyst Ratings Changes A number of research firms recently issued reports on DVN. Morgan Stanley increased their price objective on Devon Energy from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Argus restated a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th. Mizuho cut their target price on Devon Energy from $68.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, October 16th. Wells Fargo & Company reduced their price target on Devon Energy from $65.00 to $64.00 and set an “overweight” rating for the company in a research report on Monday, September 28th. Finally, Susquehanna raised their price target on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.72.
Get Our Latest Analysis on Devon Energy
About Devon Energy (Free Report)
Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.
Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.
Read More Five stocks we like better than Devon Energy Comfort Systems Earnings: AI Slowdown or More Growth Ahead? Bristol Myers Squibb’s Cancer Breakthrough Could Have Implications Beyond Its Own Stock 5 Beaten-Down Growth Stocks Trading Like Value Plays as Cash Chases Mega-Caps Anthropic’s IPO Filing Reveals a Massive Opportunity for AI Infrastructure Giants Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN – Free Report).
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Společnost Corning ve čtvrtletí končícím v září 2026 vykázala upravený zisk 0,91 USD na akcii a tržby ve výši 5,08 mld. USD, čímž překonala odhady analytiků.
Corning (GLW - Free Report) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.25%. A quarter ago, it was expected that this specialty glass maker would post earnings of $0.76 per share when it actually produced earnings of $0.78, delivering a surprise of +2.63%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Corning, which belongs to the Zacks Communication - Components industry, posted revenues of $5.08 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.04%. This compares to year-ago revenues of $4.27 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Corning shares have added about 45.9% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Corning?While Corning has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Corning was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.91 on $5.19 billion in revenues for the coming quarter and $3.30 on $19.09 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Communication - Components is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, ADTRAN Holdings (ADTN - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on November 2.
This networking equipment maker is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -40%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
ADTRAN Holdings' revenues are expected to be $285.07 million, up 2% from the year-ago quarter.
Citizens Financial Group Inc. RI raised its stake in Best Buy Co., Inc. (NYSE:BBY – Free Report) by 525.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,512 shares of the technology retailer’s stock after acquiring an additional 19,753 shares during the period. Citizens Financial Group Inc. RI’s holdings in Best Buy were worth $2,075,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Best Buy during the 2nd quarter valued at about $1,932,812,000. Bank of New York Mellon Corp acquired a new stake in shares of Best Buy during the second quarter worth approximately $174,893,000. KBC Group NV grew its stake in Best Buy by 50.5% in the first quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock valued at $101,745,000 after purchasing an additional 531,998 shares in the last quarter. Deutsche Bank AG acquired a new position in Best Buy during the second quarter worth $116,003,000. Finally, Renaissance Technologies LLC raised its position in shares of Best Buy by 113.4% in the first quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock valued at $93,054,000 after purchasing an additional 770,339 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.
Insider Buying and Selling at Best Buy In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the transaction, the executive vice president owned 116,173 shares in the company, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company’s stock.
Best Buy Stock Down 1.9% Shares of NYSE BBY opened at $97.94 on Tuesday. The company has a market cap of $20.54 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 2.50 and a beta of 1.26. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $89.27 and a two-hundred day moving average price of $74.63. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $100.58. Best Buy (NYSE:BBY – Get Free Report) last issued its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. During the same period last year, the company earned $1.28 earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.
Best Buy Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Shareholders of record on Thursday, September 17th were issued a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio (DPR) is presently 63.89%.
Wall Street Analysts Forecast Growth BBY has been the topic of several research analyst reports. UBS Group restated a “neutral” rating and issued a $90.00 price target (up from $86.00) on shares of Best Buy in a research report on Friday, August 28th. Truist Financial set a $100.00 target price on shares of Best Buy in a research report on Thursday, August 27th. Evercore set a $95.00 price target on shares of Best Buy in a research report on Tuesday, October 20th. Barclays increased their target price on shares of Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Finally, The Goldman Sachs Group raised their price objective on Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $85.90.
Get Our Latest Stock Report on Best Buy
About Best Buy (Free Report)
Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.
Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.
The company serves customers primarily in the United States and Canada.
Read More Five stocks we like better than Best Buy Comfort Systems Earnings: AI Slowdown or More Growth Ahead? Bristol Myers Squibb’s Cancer Breakthrough Could Have Implications Beyond Its Own Stock 5 Beaten-Down Growth Stocks Trading Like Value Plays as Cash Chases Mega-Caps Anthropic’s IPO Filing Reveals a Massive Opportunity for AI Infrastructure Giants
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Holiday shopping kicks off this Friday with a season full of weekly doorbusters, Black Friday deals, limited-time sales and gift ideas
MINNEAPOLIS--(BUSINESS WIRE)--The holiday season is just days away at Best Buy. The excitement officially starts this Friday, Oct. 30, with the return of DoorBOOsters™, kicking off a packed calendar of incredible deals. Shoppers can count on new Doorbusters dropping every week, major savings events through December and added rewards for My Best Buy Plus and Total™ members.
All season long, shoppers can find gifting inspiration in stores and online, whether that’s browsing the Holiday Gift Center, getting hands-on with store experiences or turning to the experts for advice. And with the Holiday Price Match Guarantee and an extended return window, they can check off their lists on their own time.
“Everyone does their holiday shopping a little differently. Some start in October and are done by Thanksgiving, and some don’t start until the last minute,” said Patrick McGinnis, chief revenue officer at Best Buy. “There are incredible gifts to give this year, so we wanted to make sure everyone has the right opportunities to find, choose, get and give the perfect gift, no matter their schedule.”
All the holiday deals
The holiday shopping season starts this weekend, and Best Buy is bringing shoppers more chances to save all season long.
DoorBOOsters: Halloween marks the official start of holiday savings at Best Buy, with doorbuster deals kicking off Oct. 30. It's customers’ first chance to get a jump on their holiday list, find something worth screaming about and maybe pick up a few treats while they're at it. Early Black Friday Deals and Doorbusters: The holiday savings pick up Nov. 6 with the arrival of Early Black Friday Deals and Doorbusters, giving shoppers an early jump on some of the season’s best offers. New deals will drop every Friday. Black Friday Doorbusters and Deals: Starting Nov. 19, Best Buy will offer 10 days of Black Friday Doorbusters and deals, giving shoppers plenty of time to find something for everyone on their lists. Cyber Sunday and Monday: The savings continue with our Cyber Sunday and Monday Sale Event, giving shoppers another opportunity to score a deal after Black Friday. Cyber Week Deals will run Dec. 1-6. Last-Minute Savings: Our Last-Minute Savings Event runs Dec. 18-24, so customers can make those final gift runs count. In addition, from Nov. 19 to Dec. 6, Plus and Total members earn double rewards on purchases.1 Members can also take advantage of exclusive offers throughout the season, including spend and get promotions, reward offers, and more
New tech to discover
The holidays are a great chance to discover what's next in tech. And there's plenty of new stuff hitting Best Buy stores this season.
From the latest Meta AI glasses to RGB LED TVs, there's always something new to see, try and experience. Add the latest gaming titles like Grand Theft Auto VI and The Legend of Zelda: Ocarina of Time; AI-powered Googlebooks and NVIDIA RTX Spark PCs; wearable tech like Oura Ring 5; and more. A trip to Best Buy can be as much about discovering what's new as it is about checking something off a list.
Simple holiday shopping
To ensure a seamless experience, Best Buy is bringing customers a variety of ways to shop, save and exchange all season long.
Holiday Gift Center: Our Holiday Gift Center makes gift shopping easy with curated gift guides, expert recommendations and inspiration for everyone on their list. Price Match: Our Holiday Price Match Guarantee makes sure customers don’t miss out on savings. If the price of a product sold by Best Buy drops during the holiday season, we’ll match it.2 Extended Store Hours: Starting Nov. 1, we’re making it even easier to discover the latest tech, shop deals and get expert advice with extended store hours. Customers can find updated hours on their local store page. Plus, they can take advantage of store pickup or 24/7 Pickup Lockers at select stores to grab their orders whenever it’s convenient. Returns and Exchanges: Easy returns allow customers to shop with peace of mind. Best Buy’s Extended Holiday Return and Exchange Policy means most purchases made Oct. 30 through Dec. 31 can be returned through Jan. 15, 2027, and Jan. 31, 2027 for Plus and Total members. 3 Stores will be closed on Thanksgiving Day, but as always, shoppers can take advantage of great deals in the Best Buy app and on BestBuy.com.
UiPath, Inc. (NYSE:PATH – Get Free Report) insider Raghavendra Malpani sold 29,565 shares of the stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $14.00, for a total transaction of $413,910.00. Following the completion of the sale, the insider owned 1,484,716 shares of the company’s stock, valued at $20,786,024. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Raghavendra Malpani also recently made the following trade(s):
On Friday, October 9th, Raghavendra Malpani sold 29,564 shares of UiPath stock. The stock was sold at an average price of $13.51, for a total transaction of $399,409.64. On Thursday, September 17th, Raghavendra Malpani sold 40,464 shares of UiPath stock. The shares were sold at an average price of $14.00, for a total transaction of $566,496.00. UiPath Trading Up 1.3% Shares of NYSE PATH opened at $14.32 on Tuesday. The stock has a market cap of $7.46 billion, a PE ratio of 21.37, a P/E/G ratio of 1.33 and a beta of 1.01. UiPath, Inc. has a 12-month low of $9.20 and a 12-month high of $19.84. The company has a 50-day moving average of $14.46 and a 200 day moving average of $12.50.
UiPath (NYSE:PATH – Get Free Report) last released its earnings results on Thursday, September 3rd. The company reported $0.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.15. UiPath had a net margin of 21.03% and a return on equity of 9.70%. The business had revenue of $410.26 million for the quarter, compared to analyst estimates of $397.77 million. During the same period last year, the company posted $0.15 EPS. The business’s revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts forecast that UiPath, Inc. will post 0.49 EPS for the current fiscal year. Analyst Upgrades and Downgrades A number of equities analysts recently commented on the company. Weiss Ratings upgraded UiPath from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, September 9th. BMO Capital Markets dropped their target price on UiPath from $18.00 to $15.00 and set a “market perform” rating for the company in a report on Thursday, September 24th. TD Cowen restated a “hold” rating and issued a $16.00 target price on shares of UiPath in a report on Wednesday, September 23rd. Barclays raised their target price on UiPath from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, September 4th. Finally, Mizuho lifted their price target on UiPath from $12.00 to $14.00 and gave the stock a “neutral” rating in a report on Friday, September 4th. Four investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, UiPath presently has a consensus rating of “Hold” and an average target price of $15.69.
Read Our Latest Stock Analysis on PATH
Institutional Trading of UiPath Several hedge funds have recently made changes to their positions in PATH. BlackRock Inc. raised its position in shares of UiPath by 7.2% during the 2nd quarter. BlackRock Inc. now owns 46,153,124 shares of the company’s stock valued at $501,684,000 after buying an additional 3,097,822 shares during the period. Squarepoint Ops LLC grew its position in UiPath by 8,065.7% in the second quarter. Squarepoint Ops LLC now owns 1,497,555 shares of the company’s stock worth $16,278,000 after acquiring an additional 1,516,355 shares during the period. Dimensional Fund Advisors LP grew its position in UiPath by 26.7% in the first quarter. Dimensional Fund Advisors LP now owns 6,831,288 shares of the company’s stock worth $75,818,000 after acquiring an additional 1,437,843 shares during the period. Bank of America Corp DE increased its stake in UiPath by 13.2% during the first quarter. Bank of America Corp DE now owns 10,046,699 shares of the company’s stock worth $111,518,000 after acquiring an additional 1,170,285 shares during the last quarter. Finally, Corient Private Wealth LP increased its stake in UiPath by 398.4% during the second quarter. Corient Private Wealth LP now owns 708,146 shares of the company’s stock worth $7,698,000 after acquiring an additional 566,074 shares during the last quarter. Hedge funds and other institutional investors own 62.50% of the company’s stock.
About UiPath (Get Free Report)
UiPath, Inc develops enterprise automation software that helps organizations automate repetitive, rules-based and increasingly complex business processes. Its platform combines robotic process automation with artificial intelligence, workflow orchestration, process mining, document processing and application integration capabilities.
The company’s products are designed to support the discovery, development, deployment and management of software robots and AI-powered automations across functions such as finance, customer service, human resources, information technology and operations.
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Broadcom získal financování ve výši 63 miliard USD na hardware pro AI, který bude účelově založená společnost nakupovat a pronajímat společnosti Anthropic; dodávky mají začít v roce 2027.
Broadcom Lands Massive $63 Billion AI Financing Deal After Tense Bank Talks Summary
Broadcom shares advanced after lenders backed a $63 billion financing package designed to fund AI hardware that Anthropic will lease
Broadcom AVGO shares rose 1.5% early Tuesday trading after a $63 billion financing deal to fund artificial intelligence equipment for Anthropic moved forward.
The financing will allow a newly formed special-purpose vehicle to purchase Broadcom's AI accelerators and networking equipment, then lease the hardware to Anthropic, the developer of the Claude AI assistant. Deliveries are expected to begin in 2027 under an existing computing-capacity agreement.
Bank of America BAC, Citigroup (C) and Morgan Stanley MS are arranging the senior, first-lien loans, while Blackstone (BX) will provide the committed second-lien financing. Broadcom will offer residual-value support for the senior portion, helping protect lenders if the equipment loses value.
The deal followed weeks of negotiations, with some lenders reportedly questioning whether the returns justified the risks. Broadcom Chief Executive Hock Tan held weekend discussions with bank executives and agreed to higher borrowing costs to secure their participation, The Wall Street Journal reported.
The agreement highlights how major AI developers are using debt financing to secure computing capacity as demand for advanced chips grows. Anthropic also filed for an initial public offering on Monday, adding another major funding milestone to its expansion plans.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Společnost Enphase Energy úspěšně předvedla transformátor IQ SST, který převádí střídavé napětí 13,8 kV na stabilní stejnosměrné napětí 800 V pro datová centra s AI.
FREMONT, Calif., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, today announced a major milestone in the development of its IQ® Solid-State Transformer (IQ SST), successfully demonstrating 13.8 kV AC to 800 VDC conversion at its research and development lab in Austin, Texas. The test system consisted of 132 power modules, with 44 connected in series on each of three phases, operating together as a single system. The system maintained a stable 800 VDC output through load steps simulating the fast-changing demands of AI compute racks.
"Over the past 20 years, we've built and shipped nearly 90 million microinverters, gaining extensive experience in designing and manufacturing reliable power electronics,” said Raghu Belur, co-founder and chief product officer at Enphase Energy. "IQ SST brings that same approach to AI data centers, moving us closer to delivering power more efficiently to AI compute racks."
By converting medium-voltage AC directly to 800 VDC, IQ SST is designed to eliminate multiple conversion stages in conventional data center power architectures, reducing conversion losses and making more power available for AI compute.
In the demonstration, each power module handled a few hundred volts, so no single module saw the full 13.8 kV. Enphase's distributed controls maintained balanced voltage sharing across all 132 modules and coordinated their response to rapid load changes, keeping the output within specification. Redundancy is also built into the architecture. IQ SST is designed to continue operating if an individual power module fails.
"The system performed exactly as designed," said Hans van Antwerpen, chief technology officer at Enphase Energy. "All 132 modules shared the voltage evenly, and the 800 V output held steady through every load step. The architecture scales by adding power modules in series, so 13.8 kV gives us a clear path to 34.5 kV."
Each 5.5 kW-rated power module combines gallium nitride (GaN) power switching, Enphase's fifth-generation Kestrel ASIC, and a proprietary high-frequency transformer developed by Enphase's in-house magnetics team. The modules use similar components and manufacturing processes to those used in Enphase IQ Microinverters, and the first IQ SST power modules are already being built at Enphase's manufacturing facility in Arlington, Texas.
Building on this achievement, Enphase plans to extend the demonstration to 34.5 kV in the coming weeks, leveraging the scalability of its modular architecture. We expect to demonstrate full-system IQ SST racks operating at megawatt scale and rated power before the end of 2026, with customer pilots planned for 2027. To learn more about IQ SST, visit the Enphase website.
About Enphase Energy, Inc.
Enphase Energy is a global energy technology company advancing intelligent power systems for homes, businesses, and next-generation AI data centers. The company designs semiconductor-based energy technologies spanning solar, batteries, EV charging, energy management, and virtual power plants, and is developing solid-state transformer technology to address the rapidly growing power demands of AI data centers. Based in Fremont, California, Enphase is the world’s leading supplier of microinverter-based solar and battery systems. The company revolutionized the solar industry with its microinverter technology and has shipped approximately 89.4 million microinverters, with approximately 5.3 million Enphase-based systems deployed in more than 165 countries. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. For more information, visit https://enphase.com/.
This press release contains forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy's IQ SST, including safety, quality, reliability, scalability, efficiency, redundancy, and medium-voltage power conversion capabilities; the expected benefits of IQ SST, including reduced power conversion losses, increased power available for AI compute, and support for AI data center applications; the expected performance and benefits of Enphase's distributed architecture, gallium nitride (GaN) technology, Kestrel ASIC, and power modules; the manufacture of IQ SST power modules at Enphase's U.S. manufacturing facilities; and the timing of future demonstrations, product development milestones, and customer pilot programs. These forward-looking statements are based on Enphase Energy's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Such risks include, but are not limited to, technological development and validation risks; market demand for AI data center infrastructure and related products; competitive developments; the ability to achieve anticipated performance, reliability, scalability, and efficiency objectives; manufacturing and supply chain availability and costs; the successful completion of future testing, demonstrations, and pilot programs; changes in regulatory or compliance requirements; and other factors discussed in Enphase Energy's filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy's most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
Travel + Leisure Co. vykázala za čtvrtletí EPS ve výši 2,21 USD, čímž překonala odhad 2,04 USD, a tržby ve výši 1,1 mld. USD oproti 1,04 mld. USD ve stejném období předchozího roku.
Travel + Leisure Co. (TNL - Free Report) came out with quarterly earnings of $2.21 per share, beating the Zacks Consensus Estimate of $2.04 per share. This compares to earnings of $1.8 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.33%. A quarter ago, it was expected that this company would post earnings of $1.93 per share when it actually produced earnings of $1.88, delivering a surprise of -2.59%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Travel Leisure Co., which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $1.1 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.09%. This compares to year-ago revenues of $1.04 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Travel Leisure Co. shares have lost about 7% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Travel Leisure Co.?While Travel Leisure Co. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Travel Leisure Co. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.23 on $1.08 billion in revenues for the coming quarter and $7.47 on $4.2 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Giftify, Inc. (GIFT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.
This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +75%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Giftify, Inc.'s revenues are expected to be $22.01 million, up 17.2% from the year-ago quarter.
MIAMI, Oct. 27, 2026 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) announced its operating results for the quarter and nine months ended September 30, 2026.
Watsco is the largest distributor in the highly fragmented North American HVAC/R market. Since entering distribution in 1989, Watsco has achieved a 17% compounded annual total shareholder return through a combination of organic growth, driven by the Company’s industry-leading technology platforms, and the acquisition of 74 market-leading businesses that have expanded scale, density, OEM relationships and customers.
Watsco recently welcomed Jackson Supply Company and The Granite Group to the Watsco family. These legendary companies are expected to bolster annual revenue by approximately 10% and broaden Watsco’s geographic reach, product mix, as well as end-market and customer mix. The Company’s philosophy is to build upon the success and legacies of successful businesses through investments in growth, continuity of leadership and culture, and through Watsco’s equity culture to align and reward long-term growth. As importantly, Jackson Supply and Granite Group expand Watsco’s community of talented leaders and provide future scale benefits to Watsco’s technology platforms. Highlights of the Company’s recent acquisitions include:
Jackson Supply Company, founded in 1972 with annual sales of approximately $230 million, was acquired in June 2026. Jackson is a diversified HVAC distributor providing HVAC equipment, parts and supplies to approximately 5,000 customers from 25 locations in high-growth Sunbelt markets.The Granite Group, founded in 1971 with annual sales of approximately $500 million, was acquired in October 2026. The Granite Group is a large and growing distributor of HVAC and plumbing products serving approximately 11,000 customers from 82 locations in the Northeast. The Granite Group marks the fourth business acquired by Watsco that serves dual-trade HVAC/plumbing contractors (currently 112 locations out of Watsco’s 804 locations offer both HVAC and plumbing products). Watsco’s balance sheet remains solid, enabling incremental investments in growth and the Company’s industry-leading technology platforms. Today, more than 73,000 contractors and technicians engage with the Company digitally, empowering them to integrate Watsco’s innovations into their daily operations. The Company is also introducing AI-driven initiatives to leverage Watsco’s extensive data assets and enrich the customer experience. The Company believes its technology ecosystem offers a durable and widening competitive advantage. Importantly, digitally-enabled customers continue to outperform broader industry and customer metrics, strengthening Watsco’s leadership position in the highly fragmented $74 billion HVAC/R distribution landscape.
Third Quarter Operating Performance
Revenues increased 7% to a record $2.22 billion (4% increase on a same-store basis)Gross profit increased 3% to a record $586 millionGross profit margin of 26.4% (26.5% on a same-store basis) versus 27.5% last yearSG&A increased 8%, including 30 new and acquired locations (5% increase on a same-store basis)Operating income decreased 4% to $225 million (operating margin of 10.1% versus 11.4% last year)Earnings per share decreased 5% to $3.77 Third Quarter Sales Trends (excluding acquisitions)
5% increase in HVAC equipment sales (67% of sales), reflecting a 7% increase in residential products and a 5% decline in commercial products2% increase in sales of other HVAC products (29% of sales)10% increase in commercial refrigeration products (4% of sales) Third quarter sales performance reflects continued stabilization of residential end-markets following the prior year transition to new A2L products. Residential equipment sales grew 7%, including 5% unit growth and a 2% increase in average selling price. Same-store sales growth rates have steadily improved throughout the selling season with further momentum thus far in the fourth quarter. Third quarter sales also reflect $78 million in sales from the acquired locations of Jackson Supply, a 16% increase over the comparable prior-year period.
Third quarter gross margin was impacted by customer mix (larger versus smaller customers), end-market mix (replacement versus residential new construction), the timing and lower magnitude OEM pricing actions in 2026 versus 2025 and the differing growth rate of equipment versus non-equipment products. The Company believes third quarter 2026 gross margin is also more in-line with historical seasonality and year to date gross margin levels are reflective of current market conditions (including more conventional OEM pricing actions). The Company further believes that its ongoing investments in technology, pricing optimization and non-equipment growth are supportive of long-term margin objectives.
Albert H. Nahmad, Chairman and CEO said: “Third quarter results and early fourth quarter sales trends are indicative of continued improvement in end-market demand. We are encouraged to see residential unit volumes return to growth and steadily improve throughout the season. Our technology-enabled customers also continue to outperform the broader contractor community. Looking ahead, Watsco today is a meaningfully larger company, having added 107 locations and $730 million in annualized revenue to our network through the acquisitions of Jackson and Granite. Our long-range objectives for sales, margin and cash flow generation remain fully intact.”
Mr. Nahmad added: “We welcome Jackson Supply and The Granite Group to the Watsco family, both high-performing distributors in their respective markets. Jackson Supply had a terrific quarter as part of Watsco, and we are excited that The Granite Group offers extended opportunities for us to expand into the growing community of HVAC and plumbing contractors. Both are wonderful companies that diversify our product mix, extend our reach and broaden our technology advantage. We look forward to supporting their ambitious growth plans.”
Nine-Month Operating Performance
Revenues increased 3% to $5.86 billionGross profit decreased 1% to $1.59 billion (gross profit margin of 27.2% versus 28.3% last year)SG&A increased 4% (2% increase on a same-store basis)Operating income decreased 7% to $574 million (operating margin of 9.8% versus 10.9% last year)Earnings per share decreased 7% to $9.72Operating cash flow increased 79% to $304 million Year to Date Sales Trends (excluding acquisitions)
2% increase in HVAC equipment sales (67% of sales), reflecting a 4% increase in residential products and a 4% decline in commercial products1% increase in sales of other HVAC products (29% of sales)14% increase in commercial refrigeration products (4% of sales) Cash Flow, Dividends, Financial Strength and Liquidity
Operating cash flow increased 79% to $304 million for the nine-month period ended September 30, 2026 ($325 million during the third quarter versus $355 million last year). Watsco’s objective is to maintain a healthy balance sheet and ample liquidity to fund virtually any strategic investment. The Company’s strong financial position has been key to delivering sustained long-term returns and enabling growth investments regardless of macroeconomic or industry conditions. Watsco’s stated goal is to generate annual operating cash flow in excess of net income.
In April 2026, the Company increased its annual cash dividend by 10% to $13.20 per share. Watsco has paid dividends to shareholders for 52 consecutive years. The Company’s philosophy is to share cash flow through dividends while maintaining a conservative balance sheet with continued capacity to build its distribution network. Future changes in dividends are considered in light of investment opportunities, cash flow, general economic conditions and Watsco’s overall financial condition.
In October 2026, Watsco announced that it signed a five-year $750 million unsecured senior revolving credit facility. The terms of the new agreement include increased borrowing capacity, covenant flexibility and greater sensitivity to the seasonal nature of our working capital requirements.
Innovation and Strategic Technology Initiatives
The Company’s continued investment in technology reflects a long-term strategic commitment to building capabilities that strengthen customer relationships, extend the Company’s competitive advantage, improve operating efficiency and support sustainable growth. Watsco has invested approximately $280 million in its digital platforms over the last five years (a current annual run rate of approximately $64 million). The breadth of those investments spans across customer-engagement and internal platforms to increase the speed and efficiency of our locations and emerging AI capabilities that help customers grow and deliver technical know-how quicker.
Watsco’s HVAC Pro+ Mobile Apps and E-Commerce platform have transformed the customer-experience by providing contractors with a seamless digital experience, including sourcing products, accessing technical help, real-time inventory, pricing, product information and more. These tools empower 24/7 self-service that benefit from advanced analytics, AI, technical knowledge and product recommendations. The result is a frictionless buying experience, increased convenience and higher customer satisfaction, which drives greater loyalty and repeat business with lower costs to serve. E-commerce sales increased 12% during the nine-month period ended September 30, 2026 (10% increase during the third quarter), outpacing overall revenue growth, and reached $2.75 billion for the 12-months ended September 30, 2026 (37% of revenues).OnCallAir® is Watsco’s digital sales platform enabling contractors to engage, present and quote solutions to homeowners. The gross merchandise value (GMV) of products sold through OnCallAir® reached $1.6 billion for the nine-months ended September 30, 2026, a 14% increase over the same period last year. For the 12-months ended September 30, 2026, contractors presented approximately 351,000 quotes and generated $2.0 billion GMV, a 14% increase versus the prior comparable 12-month period.Watsco’s pricing optimization platform has contributed to the Company’s gross margin performance since its launch in 2020. The platform is designed to manage and optimize the vast number of pricing records across our business. Examples include the sophisticated pricing rules and strategies for specific products, across various geographic markets and for a variety of customer segments. This data-driven approach also enables Watsco to react swiftly to changing market conditions and efficiently administer the multitude of vendor cost changes to sustain market pricing and underlying gross margins.Artificial Intelligence (AI) tools are gaining traction to further enhance the customer-experience, drive efficiency and extend our competitive advantage. These tools leverage Watsco’s industry leading data sets around customers, products and vendors that have been curated over the last 15 years. Highlights include: Watsco’s AI platform is anchored by “Ask.Watsco”, an internally focused AI engine designed to enhance productivity, decision-making and customer service. The platform integrates robust HVAC knowledge and streamlines processes for more than 2,700 current internal users. The platform’s rapid adoption and consistent engagement highlight its potential, providing opportunities to achieve efficiency gains and further enhance customer satisfaction at scale.Complementing its internal platform, Watsco has developed “AL.watsco”, a customer-facing AI model that delivers HVAC expertise directly to customers and partners. AL.watsco is trained on Watsco’s extensive pools of data, enabling it to provide accurate, real-time answers and recommendations on a vast array of HVAC products and solutions. The potential is to deliver highly customized, data driven customer service at scale, enhance customer loyalty and engagement and attract new customers to Watsco’s ecosystem. SupplySync is an innovative platform targeting the institutional channel for HVAC/R products. In recent years, large institutional customers have emerged, offering an incremental growth opportunity by further leveraging our market-leading scale, product depth, customer-facing technologies and financial strength. Watsco has launched a pilot program for SupplySync, which offers enterprise-wide solutions to institutional customers designed to deliver a seamless experience across sales, marketing, pricing, product assortment and order management. SupplySync is designed to provide a new level of service and expertise to institutional customers in a single platform across multiple markets and product categories.Initiatives to enhance sales of non-equipment products and enhance gross margins were launched in 2026. The Company estimates that 40% of the products sold in the HVAC/R marketplace represent non-equipment products. For the 12 months ended September 30, 2026, Watsco’s non-equipment purchases were approximately $1.7 billion from more than 1,500 vendors (30% of total purchases). Watsco is leveraging its product and pricing data to optimize and streamline sourcing across its supplier network. The Company is also investing in advanced logistics and distribution capabilities designed to improve inventory service levels, improve attachment rates, drive operating efficiency, enhance margins and increase inventory turns. A.J. Nahmad, Watsco’s President, added: “We believe that the growth in e-commerce, OnCallAir® and overall digital engagement across our network reflects the value these tools deliver to our customers. We have also progressed nicely with the various initiatives introduced at last year’s investor day, including the formal launch of SupplySync and the early scaling of the other initiatives. Our focus remains on advancing these unique capabilities – with AI enabling better and faster speed to market – in ways that help our customers grow.”
Use of Non-GAAP Financial Information and References to “Unit” Data
In this release, the Company discloses non-GAAP measures on a “same-store basis”, which exclude the effects of locations closed, acquired, or locations opened, in each case during the immediately preceding 12 months, unless such locations are within close geographical proximity to existing locations. The Company believes that this information provides greater comparability regarding its ongoing operating performance. These measures should not be considered an alternative to measurements presented in accordance with U.S. GAAP.
In addition, the Company references “unit” data, a key performance measure, in analyzing its results. For purposes of this analysis, a “unit” is a compressor-bearing air conditioning unit or heat pump (also generally referred to as “outdoor units”), a standard industry convention consistent with data published by the Air-Conditioning Heating and Refrigeration Institute (AHRI). More information is available at www.ahri.org.
Third Quarter Earnings Conference Call Information
Date and time: October 27, 2026 at 10:00 a.m. (EDT)
Webcast: http://investors.watsco.com (a replay will be available on the Company’s website)
Dial-in number: United States (844) 883-3908 / International (412) 317-9254
About Watsco
Watsco is the largest distributor in the highly fragmented North American HVAC/R market. Watsco’s solid financial position and culture of innovation has enabled investments in long-term growth, including the Company’s industry-leading technology platforms. Today, more than 73,000 contractors, installers and technicians engage digitally with the Company, resulting in improved growth and lower attrition. The Company is now advancing AI-driven initiatives to leverage its extensive data assets to enhance the customer experience and improve efficiencies. These investments position Watsco to capture market share as contractors increasingly adopt digital tools and incorporate data-driven solutions in their businesses.
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.
WATSCO, INC.Condensed Consolidated Results of Operations
(In thousands, except share and per share data)
(Unaudited)
Quarters Ended September 30, Nine Months Ended September 30, 2026
2025
2026
2025
Revenues $2,220,358 $2,067,005 $5,858,227 $5,660,533 Cost of sales 1,634,071 1,498,090 4,265,456 4,058,507 Gross profit 586,287 568,915 1,592,771 1,602,026 Gross profit margin 26.4% 27.5% 27.2% 28.3% Selling, general and administrative expenses 370,746 343,655 1,042,583 1,005,237 Other income 9,667 9,502 23,576 22,030 Operating income 225,208 234,762 573,764 618,819 Operating margin 10.1% 11.4% 9.8% 10.9% Interest income, net 4,596 3,733 14,552 11,479 Income before income taxes 229,804 238,495 588,316 630,298 Income taxes 46,961 49,265 121,230 129,760 Net income 182,843 189,230 467,086 500,538 Less: net income attributable to non-controlling interest 27,474 27,655 69,307 75,289 Net income attributable to Watsco, Inc. $155,369 $161,575 $397,779 $425,249 Diluted earnings per share: Net income attributable to Watsco, Inc. shareholders $155,369 $161,575 $397,779 $425,249 Less: distributed and undistributed earnings allocated to restricted common stock 10,197 10,703 26,166 28,109 Earnings allocated to Watsco, Inc. shareholders $145,172 $150,872 $371,613 $397,140 Weighted-average Common and Class B common shares and equivalent shares used to calculate diluted earnings per share 38,558,158 37,918,392 38,240,651 37,890,597 Diluted earnings per share for Common and Class B common stock $3.77 $3.98 $9.72 $10.48 WATSCO, INC.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
September 30,
2026 December 31,
2025
Cash and cash equivalents$498,698 $433,283 Short-term cash investments 150,000 300,000 Accounts receivable, net 1,008,554 796,181 Inventories, net 1,841,814 1,386,317 Other current assets 51,895 38,725 Total current assets 3,550,961 2,954,506 Property and equipment, net 148,709 136,012 Operating lease right-of-use assets 533,536 452,547 Goodwill, intangibles, net and other 1,000,606 871,740 Total assets$5,233,812 $4,414,805 Accounts payable and accrued expenses$1,002,091 $600,589 Current portion of lease liabilities 124,449 117,153 Total current liabilities 1,126,540 717,742 Operating lease liabilities, net of current portion 429,269 350,616 Deferred income taxes and other liabilities 142,522 124,386 Total liabilities 1,698,331 1,192,744 Watsco, Inc. shareholders' equity 3,029,082 2,781,376 Non-controlling interest 506,399 440,685 Total shareholders' equity 3,535,481 3,222,061 Total liabilities and shareholders' equity$5,233,812 $4,414,805 WATSCO, INC.Condensed Consolidated Statements of Cash Flows(Unaudited, in thousands) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net income$467,086 $500,538 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 33,973 32,680 Non-cash contribution to 401(k) plan 9,267 8,743 Share-based compensation 25,826 26,683 Provision for doubtful accounts 5,274 2,550 Other income from investment in unconsolidated entity (23,576) (22,030) Other, net 5,270 5,639 Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable, net (195,892) (60,234) Inventories, net (396,782) (204,479) Accounts payable and other liabilities 382,700 (108,318) Other, net (9,487) (11,925) Net cash provided by operating activities 303,659 169,847 Cash flows from investing activities: Net proceeds from short-term cash investments 150,000 55,669 Business acquisitions, net of cash acquired 7,663 (19,303) Capital expenditures, net (25,616) (22,887) Net cash provided by investing activities 132,047 13,479 Cash flows from financing activities: Dividends on common stock (392,013) (352,085) Distributions to non-controlling interest - (69,829) Proceeds from dividend reinvestment plan 11,388 21,661 Other, net 11,865 12,450 Net cash used in financing activities (368,760) (387,803) Effect of foreign exchange rate changes on cash and cash equivalents (1,531) 2,554 Net increase (decrease) in cash and cash equivalents 65,415 (201,923) Cash and cash equivalents at beginning of period 433,283 526,271 Cash and cash equivalents at end of period$498,698 $324,348
Barry S. Logan
Executive Vice President
(305) 714-4102
e-mail: [email protected]
EQT se dohodla na akvizici společnosti Range Resources v transakci výhradně za akcie v hodnotě přibližně 13 miliard USD. Vznikne tak největší producent zemního plynu v USA s hodnotou kolem 50 miliard USD.
EQT Corporation (NYSE:EQT – Get Free Report) shares crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $55.42 and traded as low as $52.29. EQT shares last traded at $54.8610, with a volume of 27,250,177 shares.
EQT News Roundup Here are the key news stories impacting EQT this week:
Positive Sentiment: EQT agreed to acquire Range Resources in an all-stock transaction valued at approximately $13 billion, creating a combined company with an estimated value of about $50 billion and making EQT the largest U.S. natural-gas producer. The enlarged scale could improve operating efficiency, strengthen marketing leverage and expand exposure to rising gas demand from data centers, LNG exports and power generation. EQT Agrees to Acquire Range Resources in All-Stock Transaction Positive Sentiment: Management says the combination should lower EQT’s free-cash-flow breakeven to below $2 per million British thermal units, potentially improving resilience if natural-gas prices remain volatile. The deal is being positioned as a way to capitalize on record U.S. gas demand and AI-related electricity consumption. EQT Is Building a $50 Billion Natural Gas Giant as AI Power Demand Surges Neutral Sentiment: Range Resources shares rose sharply following the announcement, indicating that the market views the takeover consideration favorably for Range holders. However, the initial reaction for EQT shareholders has been more cautious, suggesting investors are assessing how the benefits will be shared after the merger. Range Resources Soars on EQT’s All-Stock Takeover Negative Sentiment: Because the transaction is all-stock, EQT shareholders will face dilution and must wait for projected synergies and cost savings to materialize. The size of the acquisition also introduces integration, regulatory and commodity-price risks, which may explain the stock’s weaker reaction despite the company’s stronger strategic position. EQT to Buy Range Resources in Natural Gas Megadeal Analysts Set New Price Targets Several analysts recently issued reports on the company. Zacks Research upgraded EQT from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 27th. Freedom Capital upgraded shares of EQT to a “strong-buy” rating in a research report on Tuesday, June 30th. Mizuho dropped their price objective on EQT from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, October 15th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of EQT in a research report on Tuesday, October 20th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of EQT in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, EQT has an average rating of “Moderate Buy” and a consensus target price of $67.64.
Get Our Latest Stock Report on EQT EQT Stock Performance The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $34.32 billion, a PE ratio of 12.73 and a beta of 0.66. The firm has a 50-day moving average of $53.02 and a two-hundred day moving average of $55.42.
EQT Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Wednesday, November 4th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 4th. This is an increase from EQT’s previous quarterly dividend of $0.1650. EQT’s dividend payout ratio is currently 15.31%.
Insider Transactions at EQT In other EQT news, CEO Toby Rice sold 175,328 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.03, for a total value of $9,648,299.84. Following the sale, the chief executive officer directly owned 2,157,865 shares of the company’s stock, valued at approximately $118,747,310.95. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.72% of the company’s stock.
Institutional Inflows and Outflows Hedge funds have recently modified their holdings of the stock. Independence Bank of Kentucky raised its holdings in EQT by 1.7% in the 3rd quarter. Independence Bank of Kentucky now owns 21,083 shares of the oil and gas producer’s stock valued at $1,024,000 after acquiring an additional 356 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of EQT by 77.7% in the third quarter. Park Avenue Securities LLC now owns 35,945 shares of the oil and gas producer’s stock valued at $1,746,000 after purchasing an additional 15,720 shares during the period. Sunesis Advisors LLC purchased a new position in EQT in the third quarter valued at $211,000. Blume Capital Management Inc. increased its stake in shares of EQT by 62.9% during the third quarter. Blume Capital Management Inc. now owns 27,668 shares of the oil and gas producer’s stock worth $1,344,000 after buying an additional 10,683 shares during the period. Finally, Corecam Pte. Ltd. lifted its position in shares of EQT by 7.3% during the 3rd quarter. Corecam Pte. Ltd. now owns 6,870 shares of the oil and gas producer’s stock worth $334,000 after purchasing an additional 470 shares during the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock.
EQT Company Profile (Get Free Report)
EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company develops and operates unconventional oil and gas properties, with a primary focus on natural gas and natural gas liquids produced from shale formations.
EQT’s operations are concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations in Pennsylvania, West Virginia and Ohio. Its activities include drilling, completion, production and management of natural gas wells, along with related gathering and infrastructure operations that support the transportation of its products to market.
The company traces its roots to Equitable Gas, founded in 1878, and has evolved through multiple stages of expansion and restructuring in the U.S.
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Centene (CNC - Free Report) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.5 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +728.57%. A quarter ago, it was expected that this healthcare company would post earnings of $0.89 per share when it actually produced earnings of $2.51, delivering a surprise of +182.02%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Centene, which belongs to the Zacks Medical - HMOs industry, posted revenues of $50.65 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 7.63%. This compares to year-ago revenues of $49.69 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Centene shares have added about 65.3% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Centene?While Centene has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Centene was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$1.09 on $46.17 billion in revenues for the coming quarter and $4.89 on $196.29 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - HMOs is currently in the top 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Cigna (CI - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on November 5.
This health insurer is expected to post quarterly earnings of $7.46 per share in its upcoming report, which represents a year-over-year change of -4.7%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.
Cigna's revenues are expected to be $73.53 billion, up 5.7% from the year-ago quarter.
Výsledky Boeingu za třetí čtvrtletí naznačují, že nejhorší období má výrobce letadel pravděpodobně za sebou. Výrazné meziroční zlepšení hospodaření podpořily nové obranné zakázky, vyšší dodávky letadel a úspěchy v certifikaci modelů 737 MAX. Společnost však stále zůstává ve ztrátě a její komerční divize zatím nedokáže plně kompenzovat dopady předchozích krizí.
Americký výrobce letadel Boeing ve třetím čtvrtletí snížil čistou ztrátu na 116 milionů dolarů (zhruba 2,53 miliardy Kč) z 5,3 miliardy dolarů před rokem. Tržby vzrostly o čtyři procenta na 24,2 miliardy dolarů, oznámila dnes firma ve zprávě o hospodaření.
Loňské třetí čtvrtletí negativně ovlivnil odpis u programu letounu 777X. Provozní zisk v letošním třetím čtvrtletí činil 354 milionů dolarů, zatímco před rokem firma skončila s provozní ztrátou 4,8 miliardy dolarů.
"Mezi nedávné milníky patří certifikace modelů 737-7 a 737-10 a výběr k návrhu a výrobě stíhacího letounu šesté generace pro americké námořnictvo. Jsou to důležité kroky na naší cestě," uvedl šéf podniku Kelly Ortberg.
"Ještě jsme ale neskončili. Nadále se zaměřujeme na bezpečnost a kvalitu a zvyšujeme úsilí v oblasti štíhlé výroby a disciplinovaného řízení, abychom dostáli svým závazkům a dosáhli trvale dobrých výsledků, jaké od nás zainteresované strany očekávají," dodal.
Základní ztráta na akcii ve třetím čtvrtletí klesla na 34 centů ze 7,47 dolaru před rokem. Byla tak vyšší, než očekávali analytici. Ti podle průzkumu společnosti LSEG v průměru předpokládali ztrátu 21 centů na akcii.
Tržby divize komerčních tryskových letadel ve třetím čtvrtletí klesly o tři procenta na 10,7 miliardy dolarů. Divize dodala zákazníkům 161 letadel, tedy o jedno procento více než před rokem. Její provozní ztráta se výrazně snížila na 697 milionů dolarů z 5,4 miliardy před rokem.
Zbrojní a vesmírná divize zvýšila tržby o 15 procent na 7,9 miliardy dolarů a její provozní zisk vzrostl na 492 milionů dolarů ze 114 milionů, přičemž pomohl i zisk 252 milionů dolarů z prodeje společnosti HRL Laboratories.
Boeing měl problémy od dvou tragických havárií, které se týkaly jeho letadel 737 MAX a při kterých v letech 2018 a 2019 zahynulo dohromady 346 lidí. Letadla 737 MAX byla pak v důsledku nehod dočasně odstavena z provozu. Za nehodami byly problémy s asistenčním softwarem MCAS. Ten měl pilotům pomáhat stroj ovládat, místo toho je ale překvapil nečekaným a nepředvídatelným zásahem do řízení.
Boeing následně upravil software řídicího systému a po více než roce získal první povolení pro opětovné uvedení do provozu. V některých částech světa čekal na povolení déle. Americký soud loni v listopadu schválil dohodu vlády Spojených států s Boeingem, podle níž se podnik v případě těchto dvou nehod vyhne trestnímu stíhání. Součástí dohody v celkové výši přes 1,1 miliardy dolarů bylo i odškodné.
GXO otevřela strategické logistické centrum v Medini v Malajsii, ve zvláštní ekonomické zóně Johor–Singapore, aby rozšířila své působení v asijsko-pacifickém regionu.
Located in the Johor-Singapore Special Economic Zone, the Medini site expands GXO’s presence in Asia Pacific and provides enhanced flexibility across regional supply chains
GREENWICH, Conn., Oct. 27, 2026 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world's largest pure-play contract logistics provider, today announced the opening of a new, state-of-the-art strategic logistics hub in Medini, Malaysia, further expanding its footprint in Asia Pacific and reinforcing the company's commitment to one of its fastest-growing regions.
Located within the Johor-Singapore Special Economic Zone (SEZ), the new site offers the benefits of a Free Trade Zone (FTZ) alongside access to one of Southeast Asia’s most strategically positioned logistics corridors. Direct connectivity to major manufacturing centers, ports and airports enables companies to optimize inventory positioning, strengthen supply chain resilience and reduce operating costs.
"Asia Pacific continues to be one of the most dynamic growth markets for GXO," said Michael Jacobs, Chief Executive Officer of the Americas and Asia Pacific, GXO. "The opening of our Medini facility reflects our commitment to bringing world-class logistics solutions to high-growth markets. From its strategic location within the Johor-Singapore Special Economic Zone, the site will offer customers greater flexibility, resilience and speed while connecting them with some of the region’s most important manufacturing, technology and trade hubs.”
The Medini facility is designed to support customers across technology and advanced industrial sectors and currently serves as the regional hub for a leading global supplier of semiconductor manufacturing equipment.
GXO is evaluating additional capabilities for the site, including emerging warehouse technologies, that could further enhance supply chain visibility and strengthen collaboration with customers.
"As technology and advanced manufacturing continue to expand in Asia Pacific, companies are increasingly looking for ways to position inventory closer to regional demand," said Scott Copeland, Managing Director, Asia Pacific, GXO. "With access to Singapore and southern Malaysia's key ports and manufacturing hubs, our new Medini site gives customers a strategic base to scale efficiently and serve both regional and global markets."
About GXO
GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is positioned to capitalize on the rapid growth of ecommerce, automation and outsourcing. GXO has over 150,000 team members across more than 1,000 facilities, totaling more than 200 million square feet. The company serves the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut. Visit GXO.com for more information and connect with GXO on LinkedIn, X, Facebook, Instagram and YouTube.
Společnost Microchip potvrdila, že radiačně odolný procesor PIC64-HPSC1000-RH odolá celkové dávce záření 200 krad(Si), a úspěšně jej otestovala na SEL až do 78,2 MeV·cm²/mg.
CHANDLER, Ariz., Oct. 27, 2026 (GLOBE NEWSWIRE) -- As civil, commercial, scientific and defense spacecraft become more autonomous, software-defined and data intensive, mission developers need substantially greater onboard processing capability, combined with the resilience, security and reliability required for demanding space environments. Microchip Technology (Nasdaq: MCHP) today announces several important milestones for its PIC64-HPSC High-Performance Spaceflight Computing Series, a 64-bit multicore RISC-V computing platform designed specifically for spacecraft, satellites and other mission-critical space systems.
Early radiation characterization of the PIC64-HPSC1000-RH radiation-hardened variant has demonstrated Total Ionizing Dose (TID) performance to 200 krad(Si) and successful Single Event Latch-up (SEL) testing to 78.2 MeV·cm²/mg under specified operating conditions. Early testing also demonstrated robust system-controller operation during Single Event Effects (SEE) characterization, with no uncorrected errors or external resets required during the testing completed to date. These results provide developers with tangible evidence of the platform’s progress toward meeting radiation-tolerance requirements, helping enable future spaceflight systems from Low Earth Orbit to the Moon, Mars and beyond.
“Our vision for PIC64-HPSC was to develop a modern, high-performance computing platform capable of enabling the next generation of civil, commercial, scientific and defense space systems,” said Kevin So, vice president of Microchip’s communications business unit. “The combination of operational silicon, radiation-characterization results and customer evaluation activity demonstrates continued execution against that vision and marks an important step in the maturation of the platform.”
Through the PIC64-HPSC Early Access Program, participating customers have been evaluating silicon and development kits, and beginning application development with supporting software, tools, technical resources and direct engineering assistance from Microchip. A growing ecosystem of board partners is also developing PIC64-HPSC-based VPX and VNX+ computing platforms, providing additional paths for system developers to integrate the processor into future space systems. The Early Access Program can help space-system developers reduce program risk and advance application development.
Initial silicon performance measurements are in line with program objectives, providing a foundation for increasingly compute-intensive workloads such as onboard autonomy, high-performance payload processing, Earth observation and intelligence, secure communications, spacecraft control, scientific exploration and edge AI. By processing more sensor and mission data onboard, future spacecraft can reduce dependence on communications bandwidth, shorten decision-making latency and respond more rapidly to changing mission conditions. The importance of advanced onboard processing is also reflected in NASA’s FY26 Civil Space Shortfall Prioritization, which ranked advanced onboard computing for space operations as the third-highest civil space technology shortfall.
PIC64-HPSC is designed as a scalable computing foundation for a broad range of next-generation space systems. Its 64-bit multicore RISC-V architecture supports the industry’s move toward more open and scalable models for onboard autonomy, software-defined spacecraft, distributed processing, deterministic communications and heterogeneous computing.
PIC64-HPSC originated from NASA and JPL’s assessment of future spaceflight computing requirements and awarded the HPSC contract to Microchip in 2022. Today, operational silicon, customer evaluations and early radiation-characterization achievements reflect the program's progress to date.
The HPSC program helped establish the foundation for Microchip’s 64-bit computing portfolio, which the company has since expanded its portfolio of PIC64 MPUs addressing performance requirements across a broad range of markets.
Pricing and Availability
PIC64-HPSC evaluation and development kits are available to select customers, providing access to silicon, development platforms, software, tools and Microchip engineering support. To inquire about availability, contact a Microchip sales representative.
Resources
High-res images available through Flickr or editorial contact (feel free to publish):
• Application image: www.flickr.com/photos/microchiptechnology/55590867877/sizes/l
About Microchip Technology:
Microchip Technology Inc. is a broadline supplier of semiconductors committed to making innovative design easier through total system solutions that address critical challenges at the intersection of emerging technologies and durable end markets. Its easy-to-use development tools and comprehensive product portfolio supports customers throughout the design process, from concept to completion. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support and delivers solutions across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. For more information, visit the Microchip website at www.microchip.com.
Note: The Microchip name and logo and the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.
TransMedics vybaví všech 22 letounů Embraer Phenom 300E systémem Gogo Galileo HDX, který umožní nepřetržité monitorování přepravovaných orgánů během letu; dokončení se očekává do roku 2027.
BROOMFIELD, Colo., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Gogo (NASDAQ: GOGO) today announced that TransMedics, the global leader in organ transplantation technology, services and logistics, has selected Gogo Galileo to equip its growing fleet of 22 Embraer Phenom 300E aircraft operating across the United States.
The aircraft play a critical role in transporting donor organs for transplantation. During each mission, organs are continuously monitored in flight using TransMedics' Organ Care System (OCS), making reliable, high-performance and high-speed inflight connectivity an essential part of the company's operations. The Gogo Galileo HDX is now being installed on all TransMedics’ aircraft and the full fleet is expected to be equipped by 2027.
"Every flight we operate carries the potential to save a life, which makes continuous, real-time visibility into each organ’s status during transport mission-critical," says Andre Costa, VP of Global Logistics at TransMedics. "We are proud to pioneer this initiative. By mid-2027, Gogo Galileo will be operating across our entire fleet, making TransMedics the first and only organ transplant company to achieve this milestone, and we plan to extend this capability to our European fleet in 2028. We selected Gogo Galileo not only for the reliable, high-performance connectivity these critical missions demand, but also for the cybersecurity, system redundancy, and active monitoring that Gogo delivers to its customers."
Powered by Eutelsat OneWeb's enterprise-grade low Earth orbit (LEO) network, Gogo Galileo delivers global, high-speed, low-latency connectivity for business aviation. The Galileo HDX electronically steered antenna (ESA) provides a compact, lightweight and low-power solution capable of supporting multiple simultaneous applications, including cloud-based monitoring, video communications and operational data exchange.
"Business aviation supports far more than executive travel: it enables critical missions that communities rely on every day," says Chris Moore, Chief Executive Officer for Gogo. "TransMedics is a powerful example of that. When you're transporting donor organs, connectivity isn't a convenience; it's part of the mission. We're proud that Gogo Galileo will help provide the resilient, high-performance connectivity their flight crews and medical teams depend on to support lifesaving work while giving them peace of mind that their data is secure."
As the TransMedics fleet enters service with Gogo Galileo HDX, the operator will also benefit from Gogo's comprehensive suite of value-added services, including advanced cybersecurity protections, 24/7/365 multilingual customer support and future-ready technology designed to evolve alongside operational requirements.
Photo caption: TransMedics has selected Gogo Galileo to provide reliable, high-performance connectivity across its fleet of 22 Embraer Phenom 300E aircraft supporting time-critical organ transport missions.
About Gogo
Gogo has been the trusted connectivity infrastructure partner for business aviation and military/government for three decades. Rather than promoting a single network or technology, Gogo helps customers navigate an increasingly complex connectivity landscape by combining deep market knowledge, global aviation expertise and expert guidance to identify, integrate and support the connectivity solution best suited to their aircraft, mission and operational requirements.
Providing access to a complete network neutral connectivity ecosystem including onboard hardware, software, air-to-ground and multi-orbit, multi-band satellite connectivity, service plans, and 24/7/365 multilingual customer support, Gogo delivers customers the flexibility, choice and long-term partnership they need through a single trusted provider. Dedicated to its customer-first philosophy, the company combines long-standing customer relationships with a commitment to cybersecurity, data privacy, flexible financing, predictable long-term pricing, and future-proofed technology to help customers invest with confidence.
From light business aircraft to executive airliners and specialized government platforms, Gogo delivers secure, reliable connectivity that enables customers to fly, work and connect with confidence.
Certain disclosures in this press release and related comments by our management include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our business outlook, industry, business strategy, plans, goals and expectations concerning our market position, international expansion, future technologies, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release. Forward-looking statements are based on our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: our ability to continue to generate revenue from the provision of our connectivity and other service offerings; our development and fixed-price contracts; our reliance on our key OEMs and dealers for equipment sales; our dependence on single-source, third party satellite network providers; the impact of competition; our ability to maintain high-quality customer support; our reliance on third parties for equipment components and services; our participation in U.S. government contracts; our participation in non-U.S. government contracts; the finite useful life of satellites; the impact of global supply chain and logistics issues, tariffs and inflationary trends; the continued expansion of our business outside of the United States; foreign currency risk; our ability to recruit, train and retain highly skilled employees, and the loss of any key personnel; the impact of pandemics or other outbreaks of contagious diseases, and the measures implemented to combat them; the impact of adverse economic conditions; our ability to fully utilize portions of our deferred tax assets; the impact of attention to climate change, conservation measures and other sustainability-related matters; our ability to evaluate or pursue strategic opportunities; our ability to integrate Satcom Direct’s business, and the potential failure to realize or delay in realizing all of the anticipated benefits of the acquisition; the changes in executive management that occurred as part of the Satcom Direct acquisition; our ability to develop and deploy Gogo 5G, Gogo Galileo or other next generation technologies; our ability to maintain our rights to use our licensed 4Mhz of ATG spectrum in the United States and obtain rights to additional spectrum if needed; the impact of service interruptions or delays, cyberattacks, technology failures, equipment damage or system disruptions or failures; the impact of assertions by third parties of infringement, misappropriation or other violations; our ability to innovate and provide products and services; our ability to protect our intellectual property rights; risks associated with the use of artificial intelligence in our products and services; the impact of our use of open-source software; the impact of equipment failure or material defects or errors in our software; our ability to comply with applicable foreign ownership limitations; the impact of government regulation of communication networks, and the internet; the ongoing partial government shutdown; our possession and use of personal information; risks associated with participation in the FCC Reimbursement Program; our ability to comply with anti-bribery, anti-corruption and anti-money laundering laws; the extent of expenses, liabilities or business disruptions resulting from litigation; the impact of global climate change and legal, regulatory or market responses to it; the impact of the distribution of income among various jurisdictions in which we operate as well as changes in tax law or regulation on our U.S. and non-U.S. tax liabilities; the impact of changes in laws and regulations on U.S. government contractors; the impact of our substantial indebtedness; our ability to obtain additional financing to refinance or repay our existing indebtedness the impact of restrictions and limitations in the agreements and instruments governing our debt; the impact of an increase in interest rates; the impact of a substantial portion of our indebtedness being secured by substantially all of our assets; the impact of a substantial change in rating assigned by a rating agency; the volatility of our stock price; our ability to fully utilize our tax losses; the dilutive impact of future stock issuances; the impact of our stockholder concentration; our ability to fulfill the obligations of being a public company; the impact of an identified material weakness in our internal controls; the impact of certain provisions of our charter, bylaws, and Delaware law; and other factors listed under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2026 and in our subsequent quarterly reports on Form 10-Q as filed with the SEC.
Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/97035efa-0455-4da2-83d1-934c91d766f2
Invesco Announces Third Quarter Diluted EPS of $0.65; Adjusted Diluted EPS (1) of $0.72
, /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported financial results for the three months ended September 30, 2026.
$35.1 billion of net long-term inflows for the quarter, primarily driven by ETFs and Index, QQQ, Multi-Asset/Other and China JV, with ending AUM of $2.5 trillion23.3% operating margin in Q3 2026; 40.7% adjusted operating margin - an increase of 340 basis points and 320 basis points, respectively, from the prior quarter (1) Continued balance sheet strength - reduced net debt by $393 million during the quarter and increased common share buybacks to $65 million or 2.1 million shares (2)Repurchased $1.5 billion of the company's outstanding Series A Preferred Stock held by MassMutual on October 26, 2026, funded through a $1.5 billion five-year floating-rate bank term loanUpdate from Andrew Schlossberg, President and CEO
"We continue to execute against our strategic priorities and leverage our advantageous global market position to deliver for clients and shareholders. We generated 6% annualized organic growth, driven by $35 billion of net long-term inflows, alongside $47 billion of global liquidity net inflows. This marks our 13th consecutive quarter of net long-term inflows. On a sequential basis, net revenue increased 4% and operating expenses declined 1%, driving operating income growth of 13% and expanding operating margin by more than three percentage points to 40.7%.(1) Strong operating performance is enhancing our financial flexibility and supporting continued progress in strengthening the balance sheet. We have repurchased an additional $1.5 billion of the preferred stock held by MassMutual, bringing total repurchases to $3 billion over the past 18 months and leaving $1 billion outstanding. This ultimately enables reduced leverage, increases our balance sheet flexibility, and enhances earnings available to common shareholders. Our increasingly scaled platform and the exceptional talent across the organization are delivering profitable growth and supporting long-term value creation for clients and shareholders."
(1)
Includes non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
(2)
Net debt: Debt less Cash and cash equivalents
Net Flows:
Net long-term inflows were $35.1 billion for the third quarter of 2026 as compared to $45.1 billion in the second quarter.
Retail net long-term inflows were $41.7 billion while Institutional net long-term outflows were $6.6 billion. Net long-term flows by investment capability include net long-term inflows from ETFs and Index of $28.5 billion, QQQ of $6.7 billion, Multi-Asset/Other of $3.3 billion, and China JV of $1.5 billion, partially offset by net long-term outflows from Fundamental Fixed Income of $2.6 billion, Fundamental Equities of $1.9 billion and Private Markets of $0.4 billion. On a geographic basis, the EMEA, Americas, and Asia Pacific regions achieved net long-term inflows of $15.9 billion, $10.3 billion, and $8.9 billion, respectively.
Net market losses decreased AUM in the third quarter by $26.4 billion and foreign exchange rate movements increased AUM by $4.5 billion. We had inflows of $52.9 billion from money market funds during the quarter. Ending AUM increased 2.7% while average AUM increased 6.0% during the third quarter.
Summary of net flows (in billions)
Q3-26
Q2-26
Q3-25
Long-term inflows
$ 181.1
$ 202.1
$ 138.4
Long-term outflows
(146.0)
(157.0)
(109.5)
Net long-term flows (1)
35.1
45.1
28.9
Non-management fee earning AUM (1)
0.5
0.7
2.6
Money market
52.9
16.9
(5.4)
Total net flows
$ 88.5
$ 62.7
$ 26.1
Annualized long-term organic growth rate (2)
6.3 %
8.5 %
7.9 %
(1)
Non-management fee earning flows include QQQ's flows prior to its restructuring from an UIT to an open-end fund ETF on December 20, 2025. Net long-term flows include QQQ's flows beginning on December 20, 2025.
(2)
Annualized long-term organic growth rate is calculated using net long-term flows (annualized) divided by average long-term AUM for the period. Long-term AUM excludes money market and non-management fee earning AUM.
Third Quarter Highlights:
Financial Results
Q3-26
Q2-26
Q3-26 vs.
Q2-26
Q3-25
Q3-26 vs.
Q3-25
U.S. GAAP Financial Measures
Operating revenues
$1,873.2m
$1,825.6m
2.6 %
$1,640.4m
14.2 %
Operating income
$436.5m
$364.2m
19.9 %
$270.9m
61.1 %
Operating margin
23.3 %
19.9 %
16.5 %
Net income attributable to Invesco Ltd.
$294.5m
$345.3m
(14.7 %)
$301.3m
(2.3 %)
Diluted EPS
$0.65
$0.76
(14.5 %)
$0.66
(1.5 %)
Adjusted Financial Measures (1)
Net revenues
$1,381.7m
$1,329.1m
4.0 %
$1,186.3m
16.5 %
Adjusted operating income
$562.3m
$498.7m
12.8 %
$406.1m
38.5 %
Adjusted operating margin
40.7 %
37.5 %
34.2 %
Adjusted net income attributable to Invesco Ltd.
$326.4m
$322.3m
1.3 %
$275.4m
18.5 %
Adjusted diluted EPS
$0.72
$0.71
1.4 %
$0.61
18.0 %
Assets Under Management
Ending AUM
$2,537.8bn
$2,470.3bn
2.7 %
$2,124.8bn
19.4 %
Average AUM
$2,510.2bn
$2,368.8bn
6.0 %
$2,060.4bn
21.8 %
Headcount
7,416
7,405
0.1 %
8,368
(11.4 %)
(1)
Represents non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
U.S. GAAP Operating Results:
Third Quarter 2026 compared to Second Quarter 2026
Operating revenues and expenses: Operating revenues increased $47.6 million in the third quarter of 2026 compared to the second quarter. Investment management fees increased $50.4 million, primarily driven by higher average AUM, partially offset by a reduction in revenue due to the sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management ("Sale of the Canadian Management Agreements") in the second quarter of 2026. Service and distribution fees increased $3.3 million. Performance fees decreased $1.7 million to $2.0 million. Other revenues decreased $4.4 million as a result of lower real estate transaction fees.
Operating expenses decreased $24.7 million in the third quarter of 2026 compared to the second quarter. Third-party distribution, service and advisory costs increased $16.6 million primarily due to higher average AUM which was partially offset by a reduction in expense following the Sale of the Canadian Management Agreements. Employee compensation expenses decreased $52.9 million, primarily reflecting lower deferred compensation expense, driven by a $43.7 million decrease in the mark-to-market adjustment on deferred compensation liabilities and a $9.7 million decrease related to the timing of expense recognition for retirement-eligible employees. General and administrative expenses increased $15.9 million, primarily due to a net benefit of $11.7 million recorded in the second quarter of 2026 arising from the Sale of the Canadian Management Agreements and the restructuring of the company's Canadian operations.
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was $42.6 million, earned primarily from our China joint venture and private markets investments. Interest and dividend income was $9.8 million earned from cash and cash equivalents and seed capital investments. Other gains/(losses) were a net loss of $34.2 million, primarily driven by market value changes in deferred compensation and other investments. Other income/(expense) of consolidated investment products (CIP) was income of $29.5 million, primarily driven by net interest income which was partially offset by market losses on the underlying investments held by the funds.
The effective tax rate was 23.3% in the third quarter of 2026 as compared to 25.6% in the second quarter of 2026. The decrease was primarily due to the favorable impact of net income attributable to non-controlling interests in consolidated entities recognized during the third quarter of 2026, which was partially offset by the favorable discrete tax benefit recognized in the second quarter of 2026 related to the gain on the Sale of the Canadian Management Agreements.
Diluted earnings per common share: Diluted earnings per common share was $0.65 for the third quarter of 2026.
Third Quarter 2026 compared to Third Quarter 2025
Operating revenues and expenses: Operating revenues increased $232.8 million in the third quarter of 2026 compared to the third quarter of 2025. Investment management fees increased $327.5 million, primarily driven by management fees for QQQ following its conversion to an open-end fund ETF in the fourth quarter of 2025 and higher average AUM. Service and distribution fees decreased $87.5 million primarily due to the elimination of QQQ's pass-through service revenues after its conversion. Foreign exchange rate changes decreased operating revenues by $7.2 million.
Operating expenses increased $67.2 million in the third quarter of 2026 compared to the third quarter of 2025. Third-party distribution, service and advisory costs increased $85.4 million primarily due to higher third-party costs for QQQ and higher average AUM. Employee compensation expenses decreased $27.8 million primarily due to a $24.9 million decrease in the mark-to-market adjustment on deferred compensation liabilities and lower salaries of $13.1 million primarily due to the divestitures in the fourth quarter of 2025, partially offset by higher variable compensation costs. Marketing expenses increased $15.8 million, primarily due to advertising related to QQQ. Foreign exchange rate changes decreased operating expenses by $5.4 million.
The effective tax rate was 23.3% in the third quarter of 2026 as compared to (2.8%) in the third quarter of 2025. The increase in the effective tax rate was primarily due to the favorable resolution of a tax matter in the third quarter of 2025, including the benefit related to a reduction in the deferred income tax rate and the reversal of a reserve for uncertain tax positions.
Adjusted (1) Operating Results:
Third Quarter 2026 compared to Second Quarter 2026
Net revenues and adjusted operating expenses: Net revenues in the third quarter of 2026 increased $52.6 million compared to the second quarter primarily due to higher average AUM and higher performance fees earned by our China joint venture, partially offset by the impact of the Sale of the Canadian Management Agreements.
Adjusted operating expenses decreased $11.0 million compared to the second quarter.
Adjusted operating income increased $63.6 million compared to the second quarter. Adjusted operating margin increased to 40.7% from 37.5%.
Non-operating income and expenses: Equity in earnings of unconsolidated affiliates was a market loss of $1.0 million. Other gains/(losses) were a net loss of $23.8 million, primarily driven by market value changes in seed capital and other investments. Interest and dividend income was $12.9 million.
The effective tax rate on adjusted net income increased slightly to 25.1% in the third quarter of 2026 from 24.9% in the second quarter of 2026.
Adjusted diluted earnings per common share was $0.72 for the third quarter of 2026.
Third Quarter 2026 compared to Third Quarter 2025
Net revenues and adjusted operating expenses: Net revenues in the third quarter of 2026 increased $195.4 million compared to the third quarter of 2025 primarily driven by higher average AUM and the net revenues earned from QQQ.
Adjusted operating expenses in the third quarter of 2026 increased $39.2 million compared to the third quarter of 2025. Employee compensation increased $20.7 million primarily due to higher variable employee compensation of $29.3 million, partially offset by lower base salaries due to the divestitures in the fourth quarter of 2025. Marketing costs increased $15.1 million primarily due to advertising related to QQQ. General and administrative expenses increased $6.4 million primarily due to higher outsourced administration costs.
Adjusted operating income increased $156.2 million compared to the third quarter of 2025. Adjusted operating margin increased to 40.7% from 34.2%.
The effective tax rate on adjusted net income was 25.1% in the third quarter of 2026, compared to 11.2% in the third quarter of 2025. The increase in the effective tax rate was primarily due to the favorable resolution of a tax matter in the third quarter of 2025, including the reversal of a reserve for uncertain tax positions.
(1)
Represents non-GAAP financial measure. See the information on pages 8 through 11 for a reconciliation to the most directly comparable U.S. GAAP measure.
Capital Management:
Cash and cash equivalents: $965.5 million at September 30, 2026 ($915.4 million as of June 30, 2026).
Debt: $1,281.3 million at September 30, 2026 ($1,624.0 million at June 30, 2026). The credit facility balance was $393.0 million as of September 30, 2026 ($736.0 million at June 30, 2026).
Net Debt (2): $315.8 million at September 30, 2026 ($708.6 million at June 30, 2026)
(2)
Net debt: Debt less Cash and cash equivalents
Common share repurchases: During the third quarter of 2026, the company repurchased 2.1 million common shares for $65 million in the open market.
Common shares outstanding (end of period): 439.5 million
Diluted common shares outstanding (end of period): 451.4 million
Dividends paid: $98.4 million (common); $37.0 million (preferred).
Common dividends declared: The company is announcing a third quarter cash dividend of $0.215 per share to holders of common shares. The dividend is payable on December 2, 2026 to common shareholders of record at the close of business on November 13, 2026.
Preferred dividends declared: The company is announcing a preferred cash dividend of $14.75 per share representing the period from September 1, 2026 through November 30, 2026. The preferred dividend is payable on December 1, 2026.
About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of September 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.
Members of the investment community and general public are invited to listen to the conference call today, October 27, 2026, at 9:00 a.m. ET by dialing one of the following numbers: 1-866-803-2143 for U.S. and Canadian callers or 1-210-795-1098 for international callers, using the Passcode: Invesco. An audio replay of the conference call will be available until Wednesday, November 11, 2026 by calling 1-866-360-7726 for U.S. and Canadian callers or 1-203-369-0178 for international callers. A presentation highlighting the company's performance will be available during a live Webcast and on Invesco's Website at invesco.com/corporate.
This release, and comments made in the associated conference call today, may include "forward-looking statements." Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow, capital expenditures, and assets under management and could differ materially from events that actually occur in the future due to known and unknown risks and other important factors, including, but not limited to, industry or market conditions, geopolitical events including wars, global trade tensions, tariffs, natural disasters and pandemics or health crises and their respective potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products and other aspects of our business or general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would" as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. None of this information should be considered in isolation from, or as a substitute for, historical financial statements.
Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission. You may obtain these reports from the SEC's website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.
Investor Relations Contacts:
Greg Ketron
404-724-4299
Jennifer Church
404-439-3428
Media Relations Contact:
Andrea Raphael
212-323-4202
Invesco Ltd.
U.S. GAAP Condensed Consolidated Income Statements
(Unaudited, in millions, other than per share amounts)
Q3-26
Q2-26
% Change
Q3-25
% Change
Operating revenues:
Investment management fees
$ 1,512.2
$ 1,461.8
3.4 %
$ 1,184.7
27.6 %
Service and distribution fees
313.2
309.9
1.1 %
400.7
(21.8 %)
Performance fees
2.0
3.7
(45.9 %)
6.5
(69.2 %)
Other
45.8
50.2
(8.8 %)
48.5
(5.6 %)
Total operating revenues
1,873.2
1,825.6
2.6 %
1,640.4
14.2 %
Operating expenses:
Third-party distribution, service and advisory
643.7
627.1
2.6 %
558.3
15.3 %
Employee compensation
493.8
546.7
(9.7 %)
521.6
(5.3 %)
Marketing
35.9
36.7
(2.2 %)
20.1
78.6 %
Property, office and technology
105.9
109.3
(3.1 %)
109.2
(3.0 %)
General and administrative
149.4
133.5
11.9 %
151.3
(1.3 %)
Amortization of intangible assets
8.0
8.1
(1.2 %)
9.0
(11.1 %)
Total operating expenses
1,436.7
1,461.4
(1.7 %)
1,369.5
4.9 %
Operating income
436.5
364.2
19.9 %
270.9
61.1 %
Other income/(expense):
Equity in earnings of unconsolidated affiliates
42.6
35.1
21.4 %
34.8
22.4 %
Interest and dividend income
9.8
9.9
(1.0 %)
10.5
(6.7 %)
Interest expense
(20.3)
(23.6)
(14.0 %)
(25.7)
(21.0 %)
Other gains/(losses), net
(34.2)
105.8
N/A
(0.8)
4,175.0 %
Other income/(expense) of CIP, net
29.5
(36.0)
N/A
57.0
(48.2 %)
Income before income taxes
463.9
455.4
1.9 %
346.7
33.8 %
Income tax (provision)/benefit
(108.3)
(116.5)
(7.0 %)
9.7
N/A
Net income
355.6
338.9
4.9 %
356.4
(0.2 %)
Net (income)/loss attributable to noncontrolling
interests in consolidated entities
(24.1)
43.4
N/A
(10.7)
125.2 %
Less: Dividends declared on preferred shares
(37.0)
(37.0)
— %
(44.4)
(16.7 %)
Net income attributable to Invesco Ltd.
$ 294.5
$ 345.3
(14.7 %)
$ 301.3
(2.3 %)
Earnings per common share:
- basic
$ 0.66
$ 0.77
(14.3 %)
$ 0.67
(1.5 %)
- diluted
$ 0.65
$ 0.76
(14.5 %)
$ 0.66
(1.5 %)
Weighted average common shares outstanding:
- basic
449.1
451.3
(0.5 %)
452.4
(0.7 %)
- diluted
452.5
454.4
(0.4 %)
454.6
(0.5 %)
Invesco Ltd.
Non-GAAP Information and Reconciliations
We utilize the following non-GAAP performance measures: Net revenues (and by calculation, Net revenue yield on AUM), Adjusted operating income, Adjusted operating margin, Adjusted net income attributable to Invesco Ltd., and Adjusted diluted EPS. We believe the adjusted measures provide valuable insight into our ongoing operational performance and assist in comparisons to our competitors. These measures also assist management with the establishment of operational budgets and forecasts. The most directly comparable U.S. GAAP measures are Operating revenues (and by calculation, gross revenue yield on AUM), Operating income, Operating margin, Net income attributable to Invesco Ltd., and Diluted EPS.
The following are reconciliations of Operating revenues, Operating income (and by calculation, operating margin), and Net income attributable to Invesco Ltd. (and by calculation, diluted EPS) on a U.S. GAAP basis to a non-GAAP basis of Net revenues, Adjusted operating income (and by calculation, Adjusted operating margin), and Adjusted net income attributable to Invesco Ltd. (and by calculation, Adjusted diluted EPS). In addition, a reconciliation of Adjusted operating expenses is provided below, together with reconciliations of the U.S. GAAP Operating expense lines to provide further analysis of the non-GAAP adjustments. These non-GAAP measures should not be considered as substitutes for any U.S. GAAP measures and may not be comparable to other similarly titled measures of other companies. The tax effect of the reconciling items is based on the tax jurisdiction attributable to the transactions. These measures are described more fully in the company's Forms 10-K and 10-Q. Refer to these public filings for additional information about the company's non-GAAP performance measures.
Reconciliation of Operating revenues to Net revenues:
(in millions)
Q3-26
Q2-26
Q3-25
Operating revenues, U.S. GAAP basis
$ 1,873.2
$ 1,825.6
$ 1,640.4
Revenue adjustments (1)
Investment management fees
(401.7)
(385.2)
(236.8)
Service and distribution fees
(208.2)
(207.2)
(286.0)
Other
(33.8)
(34.7)
(35.5)
Total revenue adjustments
(643.7)
(627.1)
(558.3)
Invesco Great Wall (2)
141.6
121.8
94.3
CIP (3)
10.6
8.8
9.9
Net revenues
$ 1,381.7
$ 1,329.1
$ 1,186.3
Reconciliation of Operating income to Adjusted operating income:
(in millions)
Q3-26
Q2-26
Q3-25
Operating income, U.S. GAAP basis
$ 436.5
$ 364.2
$ 270.9
Invesco Great Wall (2)
91.2
76.7
68.0
CIP (3)
21.8
13.0
28.6
Amortization of intangible assets (4)
8.0
8.1
9.0
Compensation expense related to market valuation changes in deferred
compensation liabilities (5)
4.8
48.4
29.6
Canadian sale and restructuring (6)
—
(11.7)
—
Adjusted operating income
$ 562.3
$ 498.7
$ 406.1
Operating margin (7)
23.3 %
19.9 %
16.5 %
Adjusted operating margin (8)
40.7 %
37.5 %
34.2 %
Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.
(in millions)
Q3-26
Q2-26
Q3-25
Net income attributable to Invesco Ltd., U.S. GAAP basis
$ 294.5
$ 345.3
$ 301.3
Adjustments (excluding tax):
Amortization of intangible assets (4)
8.0
8.1
9.0
Deferred compensation net market valuation changes (5)
26.2
(26.8)
0.1
Canadian sale and restructuring (6)
—
(11.7)
—
Total adjustments to Income before income taxes
34.2
(30.4)
9.1
Impact of deferred income tax rate change (9)
—
—
(39.0)
Tax adjustment for amortization of intangible assets and goodwill (10)
3.9
4.0
4.0
Other tax effects of adjustments above
(6.2)
3.4
—
Adjusted net income attributable to Invesco Ltd.
$ 326.4
$ 322.3
$ 275.4
Weighted average common shares outstanding - diluted
452.5
454.4
454.6
Diluted EPS
$ 0.65
$ 0.76
$ 0.66
Adjusted diluted EPS (11)
$ 0.72
$ 0.71
$ 0.61
Reconciliation of Operating expenses to Adjusted operating expenses:
(in millions)
Q3-26
Q2-26
Q3-25
Operating expenses, U.S. GAAP basis
$ 1,436.7
$ 1,461.4
$ 1,369.5
Invesco Great Wall (2)
50.4
45.1
26.3
Third-party distribution, service and advisory expenses
(643.7)
(627.1)
(558.3)
CIP (3)
(11.2)
(4.2)
(18.7)
Amortization of intangible assets (4)
(8.0)
(8.1)
(9.0)
Compensation expense related to market valuation changes in deferred
compensation liabilities (5)
(4.8)
(48.4)
(29.6)
Canadian sale and restructuring (6)
—
11.7
—
Adjusted operating expenses
$ 819.4
$ 830.4
$ 780.2
Employee compensation, U.S. GAAP basis
$ 493.8
$ 546.7
$ 521.6
Invesco Great Wall (2)
37.8
31.8
14.1
Compensation expense related to market valuation changes in deferred
compensation liabilities (5)
(4.8)
(48.4)
(29.6)
Adjusted employee compensation
$ 526.8
$ 530.1
$ 506.1
Marketing, U.S. GAAP basis
$ 35.9
$ 36.7
$ 20.1
Invesco Great Wall (2)
3.2
3.7
3.9
Adjusted marketing
$ 39.1
$ 40.4
$ 24.0
Property, office and technology, U.S. GAAP basis
$ 105.9
$ 109.3
$ 109.2
Invesco Great Wall (2)
4.5
4.6
4.2
Adjusted property, office and technology
$ 110.4
$ 113.9
$ 113.4
General and administrative, U.S. GAAP basis
$ 149.4
$ 133.5
$ 151.3
Invesco Great Wall (2)
4.9
5.0
4.1
CIP (3)
(11.2)
(4.2)
(18.7)
Canadian sale and restructuring (6)
—
11.7
—
Adjusted general and administrative
$ 143.1
$ 146.0
$ 136.7
Amortization of intangible assets, U.S. GAAP basis
$ 8.0
$ 8.1
$ 9.0
Amortization of intangible assets (4)
(8.0)
(8.1)
(9.0)
Adjusted amortization of intangible assets
$ —
$ —
$ —
(1)
Revenue adjustments: The company calculates Net revenues by reducing Operating revenues to exclude fees that are passed through to external parties who perform functions on behalf of, and distribute, the company's managed funds. The Net revenue presentation assists in identifying the revenue contribution generated by the company, removing distortions caused by the differing distribution channel fees and allowing for a fair comparison with U.S. peer investment managers and within Invesco's own investment units. Additionally, management evaluates Net revenue yield on AUM, which is equal to Net revenues divided by Average AUM during the reporting period, as an indicator of the Net revenues we receive for each dollar of AUM we manage.
Investment management fees are adjusted by renewal commissions and certain administrative fees. Service and distribution fees are primarily adjusted by distribution fees passed through to broker dealers for certain share classes and pass through fund-related costs. Other revenues are primarily adjusted by transaction fees passed through to third parties.
(2)
Invesco Great Wall: The company reflects 100% of Invesco Great Wall in its Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin). The company's non-GAAP operating results reflect the economics of these holdings on a basis consistent with the underlying AUM and flows. Adjusted net income is reduced by the amount of earnings attributable to the noncontrolling interests.
(3)
CIP: The company believes that the CIP may impact a reader's analysis of our underlying results of operations and could result in investor confusion or the production of information about the company by analysts or external credit rating agencies that is not reflective of the underlying results of operations and financial condition of the company. Accordingly, the company believes that it is appropriate to adjust Operating revenues and Operating income for the impact of CIP in calculating the respective Net revenues and Adjusted operating income (and by calculation, Adjusted operating margin).
(4)
Amortization of intangible assets: The company removes amortization related to acquired assets in arriving at Adjusted operating income, Adjusted operating margin and Adjusted diluted EPS, as this will aid comparability of our results period to period, and aid comparability with peer companies that may not have similar acquisition-related charges.
(5)
Market valuation changes related to deferred compensation plan liabilities: Certain deferred compensation plan awards provide a return to the employee linked to the appreciation (depreciation) of specified investments. The company economically hedges the exposure to market movements on these deferred compensation liabilities. Since these liabilities are economically hedged, the company believes it is useful to remove the market movements related to the deferred compensation plan liabilities from the calculation of Adjusted operating income (and by calculation, Adjusted operating margin) and to remove the net impact of the economic hedge from the calculation of Adjusted net income (and by calculation, Adjusted diluted EPS) to produce results that will be more comparable period to period.
(6)
Canadian sale and restructuring: In the second quarter of 2026, the company removed the net benefit arising from the Sale of the Canadian Management Agreements and the restructuring of the company's Canadian operations. The company removed this benefit in arriving at Adjusted operating income, Adjusted operating margin, Adjusted net income, and Adjusted diluted EPS, as this will aid comparability of our results period to period and aid comparability with peer companies that may not have similar activities.
(7)
Operating margin is equal to Operating income divided by Operating revenues.
(8)
Adjusted operating margin is equal to Adjusted operating income divided by Net revenues.
(9)
Impact of deferred income tax rate change: In the third quarter of 2025, the company removed a non-cash income tax benefit of $39.0 million related to the revaluation of the deferred tax liabilities for indefinite-lived intangible assets as a result of a decrease in the tax rate. The company removed this discrete tax benefit in arriving at Adjusted net income and Adjusted diluted EPS as it does not have a cash flow impact and will aid comparability of our results period to period.
(10)
Tax adjustment for amortization of intangible assets and goodwill: The company reflects the tax benefit realized on the tax amortization of goodwill and intangibles in Adjusted net income. The company believes it is useful to include this tax benefit in arriving at the Adjusted diluted EPS measure.
(11)
Adjusted diluted EPS is equal to Adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding.
Invesco Ltd.
Assets Under Management
Three months ended
Nine months ended
(in billions)
September
30, 2026
June 30,
2026
% Change
September
30, 2025
September
30, 2026
September
30, 2025
% Change
Beginning Assets
$ 2,470.3
$ 2,159.5
14.4 %
$ 2,001.4
$ 2,169.9
$ 1,846.0
17.5 %
Long-term inflows
181.1
202.1
(10.4 %)
138.4
545.2
379.1
43.8 %
Long-term outflows
(146.0)
(157.0)
(7.0 %)
(109.5)
(443.2)
(317.0)
39.8 %
Net long-term flows
35.1
45.1
(22.2 %)
28.9
102.0
62.1
64.3 %
Net flows in non-management fee earning
AUM (a)
0.5
0.7
(28.6 %)
2.6
1.2
10.4
(88.5 %)
Net flows in money market funds
52.9
16.9
213.0 %
(5.4)
81.3
1.4
5,707.1 %
Total net flows
88.5
62.7
41.1 %
26.1
184.5
73.9
149.7 %
Reinvested distributions
0.9
1.6
(43.8 %)
1.0
3.4
3.0
13.3 %
Market gains and losses
(26.4)
256.8
N/A
99.0
187.9
183.2
2.6 %
Dispositions (b)
—
(11.0)
N/A
—
(11.0)
—
N/A
Foreign currency translation
4.5
0.7
542.9 %
(2.7)
3.1
18.7
(83.4 %)
Ending Assets
$ 2,537.8
$ 2,470.3
2.7 %
$ 2,124.8
$ 2,537.8
$ 2,124.8
19.4 %
Ending long-term AUM
$ 2,226.4
$ 2,212.6
0.6 %
$ 1,510.3
$ 2,226.4
$ 1,510.3
47.4 %
Average long-term AUM
$ 2,216.5
$ 2,124.4
4.3 %
$ 1,462.0
$ 2,108.5
$ 1,377.5
53.1 %
Average AUM
$ 2,510.2
$ 2,368.8
6.0 %
$ 2,060.4
$ 2,366.0
$ 1,946.2
21.6 %
Average QQQ AUM
$ 480.3
$ 452.3
6.2 %
$ 365.1
$ 443.7
$ 334.8
32.5 %
Three months ended September 30, 2026
Nine months ended September 30, 2026
By channel: (in billions)
Retail
Institutional
Retail
Institutional
Beginning Assets
$ 1,766.3
$ 704.0
$ 1,515.7
$ 654.2
Long-term inflows
142.2
38.9
410.9
134.3
Long-term outflows
(100.5)
(45.5)
(307.2)
(136.0)
Net long-term flows
41.7
(6.6)
103.7
(1.7)
Net flows in non-management fee earning AUM (a)
(0.1)
0.6
(0.2)
1.4
Net flows in money market funds
4.2
48.7
8.5
72.8
Total net flows
45.8
42.7
112.0
72.5
Reinvested distributions
0.9
—
3.4
—
Market gains and losses
(21.6)
(4.8)
171.3
16.6
Dispositions (b)
—
—
(9.9)
(1.1)
Foreign currency translation
2.0
2.5
0.9
2.2
Ending Assets
$ 1,793.4
$ 744.4
$ 1,793.4
$ 744.4
Three months ended September 30, 2026
Nine months ended September 30, 2026
By client domicile: (in billions)
Americas
Asia Pacific
EMEA
Americas
Asia Pacific
EMEA
Beginning Assets
$ 1,707.6
$ 366.5
$ 396.2
$ 1,492.4
$ 321.0
$ 356.5
Long-term inflows
87.7
57.8
35.6
261.4
182.9
100.9
Long-term outflows
(77.4)
(48.9)
(19.7)
(219.3)
(152.6)
(71.3)
Net long-term flows
10.3
8.9
15.9
42.1
30.3
29.6
Net flows in non-management fee earning AUM (a)
0.7
(0.2)
—
1.4
(0.2)
—
Net flows in money market funds
47.0
5.9
—
71.2
9.4
0.7
Total net flows
58.0
14.6
15.9
114.7
39.5
30.3
Reinvested distributions
0.8
—
0.1
3.2
—
0.2
Market gains and losses
(18.0)
(10.6)
2.2
149.9
8.0
30.0
Dispositions (b)
—
—
—
(11.0)
—
—
Foreign currency translation
—
4.9
(0.4)
(0.8)
6.9
(3.0)
Ending Assets
$ 1,748.4
$ 375.4
$ 414.0
$ 1,748.4
$ 375.4
$ 414.0
See the footnotes immediately following these tables.
Invesco Ltd.
Assets Under Management (continued)
Three months ended September 30, 2026
By investment capability (c):
(in billions)
ETFs and
Index (d)
Fundamental
Fixed Income
(e)
Fundamental
Equities (f)
Private
Markets
(g)
China JV
(h)
Multi-
Asset/Other (i)
Global
Liquidity
(j)
QQQ (k)
Beginning Assets
$ 753.5
$ 315.5
$ 318.1
$ 135.5
$ 163.2
$ 79.9
$ 214.5
$ 490.1
Long-term inflows
69.3
17.6
13.5
5.2
37.8
7.2
—
30.5
Long-term outflows
(40.8)
(20.2)
(15.4)
(5.6)
(36.3)
(3.9)
—
(23.8)
Net long-term flows
28.5
(2.6)
(1.9)
(0.4)
1.5
3.3
—
6.7
Net flows in non-management
fee earning AUM (a)
—
—
—
—
—
0.5
—
—
Net flows in money market funds
—
—
—
—
5.9
—
47.0
—
Total net flows
28.5
(2.6)
(1.9)
(0.4)
7.4
3.8
47.0
6.7
Reinvested distributions
—
0.5
0.2
0.1
—
—
0.1
—
Market gains and losses
(7.5)
(6.8)
(8.4)
(0.3)
(6.3)
0.8
—
2.1
Foreign currency translation
0.1
1.3
1.1
—
2.0
—
—
—
Ending Assets
$ 774.6
$ 307.9
$ 309.1
$ 134.9
$ 166.3
$ 84.5
$ 261.6
$ 498.9
Average AUM
$ 770.3
$ 314.5
$ 314.6
$ 135.8
$ 164.3
$ 83.5
$ 246.8
$ 480.4
Nine months ended September 30, 2026
By investment capability (c):
(in billions)
ETFs and
Index (d)
Fundamental
Fixed Income
(e)
Fundamental
Equities (f)
Private
Markets
(g)
China JV
(h)
Multi-
Asset/Other (i)
Global
Liquidity
(j)
QQQ (k)
Beginning Assets
$ 630.2
$ 311.5
$ 298.4
$ 130.7
$ 132.5
$ 69.7
$ 189.7
$ 407.2
Long-term inflows
199.3
59.4
42.5
18.3
135.4
20.5
—
69.8
Long-term outflows
(122.1)
(57.9)
(54.5)
(16.4)
(118.3)
(13.9)
—
(60.1)
Net long-term flows
77.2
1.5
(12.0)
1.9
17.1
6.6
—
9.7
Net flows in non-management
fee earning AUM (a)
—
—
—
—
—
1.2
—
—
Net flows in money market funds
—
—
—
—
9.5
—
71.8
—
Total net flows
77.2
1.5
(12.0)
1.9
26.6
7.8
71.8
9.7
Reinvested distributions
—
1.5
1.2
0.3
—
0.1
0.3
—
Market gains and losses
73.9
(5.9)
26.0
2.6
1.0
8.4
(0.1)
82.0
Dispositions (b)
(6.7)
—
(3.6)
—
—
(0.7)
—
—
Foreign currency translation
—
(0.7)
(0.9)
(0.6)
6.2
(0.8)
(0.1)
—
Ending Assets
$ 774.6
$ 307.9
$ 309.1
$ 134.9
$ 166.3
$ 84.5
$ 261.6
$ 498.9
Average AUM
$ 715.0
$ 314.4
$ 309.9
$ 134.1
$ 154.0
$ 78.9
$ 216.0
$ 443.7
Invesco Ltd.
Footnotes to the Assets Under Management Tables
(a)
Non-management fee earning AUM includes non-management fee earning UIT and product leverage. For the nine months ended September 30, 2025, non-management fee earning AUM include QQQ's flows.
(b)
Sale of the management agreements associated with Invesco's Canadian fund business to CI Global Asset Management on June 1, 2026 decreased AUM by $11.0 billion.
(c)
Investment capabilities are descriptive groupings of AUM by investment strategy.
(d)
ETFs and Index includes ETFs and Indexed Strategies and excludes Invesco QQQ.
(e)
Fundamental Fixed Income includes Fixed Income products, including certain ETFs managed within this capability.
(f)
Fundamental Equities includes Equity products.
(g)
Private Markets includes Private Credit and Real Estate investments comprised primarily of Real Estate, CLOs, Private Credit and listed real assets, including certain ETFs managed within this capability.
(h)
China JV includes AUM managed by Invesco Great Wall.
(i)
Multi-Asset/Other includes Global Asset Allocation, Invesco Quantitative Strategies, Global Targeted Returns, Solutions, UITs, including certain ETFs managed within this capability.
(j)
Global Liquidity is comprised mainly of Money Market funds.
(k)
QQQ includes only Invesco QQQ Trust.
Invesco Ltd.
Supplemental Information (1)
For the three months ended
September 30, 2026
For the three months ended
September 30, 2025
Cash flow information
(in millions)
U.S. GAAP
Impact of
CIP
Excluding
CIP
U.S. GAAP
Impact of
CIP
Excluding
CIP
Invesco and CIP cash and cash equivalents,
beginning of period
$ 1,610.3
$ (694.9)
$ 915.4
$ 1,491.9
$ (569.2)
$ 922.7
Cash flows from operating activities
475.0
179.6
654.6
606.2
(20.7)
585.5
Cash flows from investing activities
292.8
(344.3)
(51.5)
(254.8)
158.0
(96.8)
Cash flows from financing activities
(635.1)
81.7
(553.4)
(310.1)
(118.5)
(428.6)
Increase/(decrease) in cash and cash equivalents
132.7
(83.0)
49.7
41.3
18.8
60.1
Foreign exchange movement on cash and cash
equivalents
(4.7)
5.1
0.4
(9.4)
(0.3)
(9.7)
Cash and cash equivalents, end of the period
$ 1,738.3
$ (772.8)
$ 965.5
$ 1,523.8
$ (550.7)
$ 973.1
For the nine months ended
September 30, 2026
For the nine months ended
September 30, 2025
Cash flow information
(in millions)
U.S. GAAP
Impact of
CIP
Excluding
CIP
U.S. GAAP
Impact of
CIP
Excluding
CIP
Invesco and CIP cash and cash equivalents,
beginning of period
$ 1,979.8
$ (942.3)
$ 1,037.5
$ 1,496.0
$ (509.5)
$ 986.5
Cash flows from operating activities
1,421.8
(194.7)
1,227.1
1,069.5
(117.5)
952.0
Cash flows from investing activities
(1,145.9)
1,004.6
(141.3)
(622.2)
565.1
(57.1)
Cash flows from financing activities
(484.4)
(657.6)
(1,142.0)
(505.6)
(452.4)
(958.0)
Increase/(decrease) in cash and cash equivalents
(208.5)
152.3
(56.2)
(58.3)
(4.8)
(63.1)
Foreign exchange movement on cash and cash
equivalents
(33.0)
17.2
(15.8)
86.1
(36.4)
49.7
Cash and cash equivalents, end of the period
$ 1,738.3
$ (772.8)
$ 965.5
$ 1,523.8
$ (550.7)
$ 973.1
(1)
These tables include non-GAAP presentations. Cash held by CIP is not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt. The cash flows of CIP do not form part of the company's cash flow management processes, nor do they form part of the company's significant liquidity evaluations and decisions.
Invesco Ltd.
Supplemental Information (1)
September 30, 2026
December 31, 2025
Balance Sheet information
(in millions)
U.S. GAAP
Impact of
CIP
Excluding
CIP
U.S. GAAP
Impact of
CIP
Excluding
CIP
ASSETS
Cash and cash equivalents
$ 965.5
$ —
$ 965.5
$ 1,037.5
$ —
$ 1,037.5
Investments
1,366.1
584.4
1,950.5
1,381.1
397.1
1,778.2
Goodwill and intangible assets, net
12,295.3
—
12,295.3
12,404.4
—
12,404.4
Other assets (2)
2,323.2
9.4
2,332.6
2,121.2
11.2
2,132.4
Investments and other assets of CIP (3)
10,695.4
(10,695.4)
—
10,149.8
(10,149.8)
—
Total assets
$ 27,645.5
$ (10,101.6)
$ 17,543.9
$ 27,094.0
$ (9,741.5)
$ 17,352.5
LIABILITIES
Debt
$ 1,281.3
$ —
$ 1,281.3
$ 1,825.1
$ —
$ 1,825.1
Other Liabilities (4)
3,632.7
—
3,632.7
3,296.4
—
3,296.4
Debt and other liabilities of CIP
9,103.0
(9,103.0)
—
8,967.6
(8,967.6)
—
Total liabilities
$ 14,017.0
$ (9,103.0)
$ 4,914.0
$ 14,089.1
$ (8,967.6)
$ 5,121.5
EQUITY
Total equity attributable to Invesco Ltd.
$ 12,629.9
$ —
$ 12,629.9
$ 12,231.0
$ —
$ 12,231.0
Noncontrolling interests (5)
998.6
(998.6)
—
773.9
(773.9)
—
Total equity
13,628.5
(998.6)
12,629.9
13,004.9
(773.9)
12,231.0
Total liabilities and equity
$ 27,645.5
$ (10,101.6)
$ 17,543.9
$ 27,094.0
$ (9,741.5)
$ 17,352.5
(1)
This table includes non-GAAP presentations. Assets of CIP are not available for use by Invesco. Additionally, there is no recourse to Invesco for CIP debt.
(2)
Amounts include Accounts receivable, Property, equipment and software, and Other assets.
(3)
Amounts include Cash and cash equivalents of CIP.
(4)
Amounts include Accrued compensation and benefits, Accounts payable and accrued expenses, and Deferred tax liabilities.
(5)
Amounts include Redeemable noncontrolling interests in consolidated entities and Equity attributable to nonredeemable noncontrolling interests in consolidated entities.
Herc Holdings vykázala za čtvrtletí zisk na akcii (EPS) 3,91 USD, což je o 26,95 % více než odhady, a tržby ve výši 1,36 mld. USD oproti 1,3 mld. USD ve stejném období loňského roku.
Herc Holdings (HRI - Free Report) came out with quarterly earnings of $3.91 per share, beating the Zacks Consensus Estimate of $3.08 per share. This compares to earnings of $2.22 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +26.95%. A quarter ago, it was expected that this equipment rental supplier would post earnings of $0.76 per share when it actually produced earnings of $1.43, delivering a surprise of +88.16%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Herc Holdings, which belongs to the Zacks Transportation - Equipment and Leasing industry, posted revenues of $1.36 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.98%. This compares to year-ago revenues of $1.3 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Herc Holdings shares have lost about 14.3% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Herc Holdings?While Herc Holdings has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Herc Holdings was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.63 on $1.27 billion in revenues for the coming quarter and $7.30 on $4.96 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Equipment and Leasing is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Willis Lease Finance (WLFC - Free Report) , is yet to report results for the quarter ended September 2026.
This jet engine lessor is expected to post quarterly earnings of $1.40 per share in its upcoming report, which represents a year-over-year change of +29.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Willis Lease Finance's revenues are expected to be $202.76 million, up 10.6% from the year-ago quarter.
CenterPoint Energy vykázala za čtvrtletí zisk na akcii (EPS) ve výši 0,53 USD, oproti odhadu 0,50 USD, a tržby ve výši 2,19 mld. USD, což je o 1,89 % více než konsensus.
CenterPoint Energy (CNP - Free Report) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.5 per share. This compares to earnings of $0.5 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +6.00%. A quarter ago, it was expected that this energy delivery company would post earnings of $0.37 per share when it actually produced earnings of $0.4, delivering a surprise of +8.11%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
CenterPoint, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $2.19 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.89%. This compares to year-ago revenues of $1.99 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CenterPoint shares have added about 7.5% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for CenterPoint?While CenterPoint has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CenterPoint was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.45 on $2.59 billion in revenues for the coming quarter and $1.91 on $9.91 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Evergy Inc (EVRG - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 5.
This electric utility is expected to post quarterly earnings of $2.27 per share in its upcoming report, which represents a year-over-year change of +11.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Evergy Inc's revenues are expected to be $1.9 billion, up 4.7% from the year-ago quarter.
Commvault ve druhém fiskálním čtvrtletí zvýšil tržby z předplatného o 21 % ve srovnání se stejným obdobím předchozího roku na 269 milionů USD; čistý zisk dosáhl 29,1 milionu USD.
Subscription revenue1 climbs +21% year over year to $269 million
Subscription annualized recurring revenue (ARR)1,2 reaches $1,104 million, up +20% year over year
Operating cash flow of $75 million, with free cash flow3 of $71 million
, /PRNewswire/ -- Commvault (Nasdaq: CVLT) today announced its financial results for the fiscal second quarter ended September 30, 2026.
"With AI accelerating both innovation and risk in the enterprise, resilience continues to be a business imperative," said Sanjay Mirchandani, President and CEO, Commvault. "Enterprises globally are increasingly turning to Commvault to stay resilient as they navigate more data, more identities, and greater complexity. We believe our strong Q2 results reflect that momentum, driving durable growth and shareholder value."
Notes are contained at the end of this press release
Second Quarter Fiscal 2027 Highlights -
Subscription revenue was $269 million, up 21% year over year, inclusive of:SaaS revenue of $106 million, up 33% year over yearSubscription ARR grew to $1,104 million, up 20% year over yearConstant currency subscription ARR was $1,107 million, with fiscal Q2 net new subscription ARR of $51 million on a constant currency basis using March 31, 2026 spot ratesIncome from operations (EBIT) was $30 million, an operating margin of 9.7%Non-GAAP EBIT3 was $68 million, an operating margin of 21.9%Operating cash flow was $75 million, with free cash flow of $71 millionRecent Business Highlights -
Commvault introduced Commvault Active Directory Pre Recover, a new Identity Resilience innovation designed to reduce clean recovery of Active Directory from hours to minutes.Commvault expanded its FedRAMP High Authorized Cyber Resilience Services to managed services providers for protection and recovery of sensitive government data while supporting evolving federal cybersecurity requirements.Commvault integrated Threat Scan with Google Threat Intelligence to help organizations identify clean recovery points faster and accelerate recovery following cyberattacks.Financial Outlook for Third Quarter and Full Year Fiscal 20274 -
We are providing the following guidance for the third quarter of fiscal year 2027:
Subscription revenue is expected to be between $293 million and $297 millionNon-GAAP EBIT margin is expected to be between 20.5% and 21.0%We are providing the following updated guidance for the full fiscal year 2027:
Subscription revenue is expected to be between $1,127 million and $1,133 millionSubscription ARR is expected to be between $1,205 million and $1,215 millionNon-GAAP EBIT margin is expected to be between 21.0% and 21.5%Free cash flow is expected to be between $255 million and $265 millionDiluted shares outstanding are expected to be approximately 42 millionFinancial Outlook for Full Year Fiscal 2027 Subscription ARR -
($ in millions)
FY'27 guidance as of June 30, 2026 (midpoint)
$ 1,205
YTD currency impact using March 31, 2026 rates
(3)
Adjustment on revised annual outlook
8
FY'27 updated guidance as of September 30, 2026 (midpoint)
$ 1,210
The above guidance metrics contemplate current macroeconomic conditions. These statements are forward-looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results.
Conference Call Information
Commvault will host a conference call today, October 27, 2026 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. The live webcast and call dial-in numbers can be accessed by registering under the "News & Events" section of Commvault's website at ir.commvault.com under the "Investor Events" heading. An archived webcast of this conference call will also be available following the call.
About Commvault
Commvault (Nasdaq: CVLT) delivers continuous recovery for the AI era. We help organizations stay ready for constant disruption by returning critical data, applications, identities, and AI systems to a clean, trusted state. Our purpose-built recovery solutions span cloud-native and hybrid environments, leveraging AI to enable resilience at enterprise scale.
Safe Harbor Statement
This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as those related to our restructuring plans, competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault's business, see "Item 1A. Risk Factors" in our annual report on Form 10-K and "Item 1A. Risk Factors" in our most recent quarterly report on Form 10-Q. Statements regarding Commvault's beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements.
Overview
($ in thousands)
Q2'26
Q3'26
Q4'26
Q1'27
Q2'27
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Subscription:
Term-based license
$ 92,647
10 %
$ 118,950
22 %
$ 114,445
6 %
$ 110,420
1 %
$ 105,002
13 %
Term-based support
49,686
19 %
50,962
18 %
53,933
21 %
56,057
18 %
57,307
15 %
SaaS
80,018
61 %
87,379
44 %
93,139
43 %
100,550
39 %
106,203
33 %
Total subscription
222,351
26 %
257,291
28 %
261,517
20 %
267,027
16 %
268,512
21 %
Perpetual license
12,073
15 %
13,675
(17) %
10,129
(32) %
8,695
19 %
7,205
(40) %
Perpetual support
30,543
(15) %
29,309
(14) %
26,972
(15) %
25,475
(19) %
23,482
(23) %
Other services
11,221
2 %
13,557
25 %
13,074
26 %
12,934
(7) %
13,190
18 %
Total revenues
$ 276,188
18 %
$ 313,832
19 %
$ 311,692
13 %
$ 314,131
11 %
$ 312,389
13 %
Constant Currency - Revenue
($ in thousands)
The constant currency impact is calculated using the average foreign exchange rates from the prior year period and applying these rates to foreign-denominated revenues in the current corresponding period. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations. The non-GAAP financial measures presented in this press release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
Q2'26
Revenue as
Reported
(GAAP)
Q2'27
Revenue as
Reported
(GAAP)
Constant
Currency
Impact
% Change Y/Y
(GAAP)
% Change Y/Y
Constant
Currency
Subscription:
Term-based license
$ 92,647
$ 105,002
$ 430
13 %
14 %
Term-based support
49,686
57,307
136
15 %
16 %
SaaS
80,018
106,203
(1)
33 %
33 %
Total subscription
222,351
268,512
565
21 %
21 %
Perpetual license
12,073
7,205
128
(40) %
(39) %
Perpetual support
30,543
23,482
255
(23) %
(22) %
Other services
11,221
13,190
(14)
18 %
17 %
Total
$ 276,188
$ 312,389
$ 934
13 %
13 %
Disaggregation of Revenues
($ in thousands)
Our Americas region includes the United States, Canada, and Latin America. Our International region primarily includes Europe, the Middle East, Africa, Australia, India, and Southeast Asia.
Q2'26
Q3'26
Q4'26
Q1'27
Q2'27
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Revenue
Y/Y
Growth
Americas
$ 168,125
16 %
$ 178,852
15 %
$ 184,977
9 %
$ 186,779
9 %
$ 194,103
15 %
International
108,063
22 %
134,980
26 %
126,715
20 %
127,352
15 %
118,286
9 %
Total revenues
$ 276,188
18 %
$ 313,832
19 %
$ 311,692
13 %
$ 314,131
11 %
$ 312,389
13 %
Subscription ARR and SaaS ARR
($ in thousands)
Q2'26
Q3'26
Q4'26
Q1'27
Q2'27
Subscription ARR
918,130
966,260
1,014,729
1,054,311
1,103,909
SaaS ARR
335,669
363,732
400,157
424,337
454,406
Constant Currency - Subscription ARR
($ in thousands)
Constant currency ARR is calculated using the foreign exchange spot rates from March 31, 2026 and applying these rates to foreign-denominated results in the periods presented.
Q1'27
Q2'27
Constant Currency Subscription ARR
Term-based Software ARR
$ 630,864
$ 651,402
SaaS ARR
424,879
455,387
Constant Currency Subscription ARR
$ 1,055,743
$ 1,106,789
Constant Currency Subscription Net New ARR
Term-based Software ARR
$ 16,457
$ 20,538
SaaS ARR
24,827
30,508
Constant Currency Subscription Net New ARR
$ 41,284
$ 51,046
Additional Financial Information
During the six months ended September 30, 2026, we repurchased approximately 906,000 shares of common stock for $119 millionWeighted average diluted shares outstanding were approximately 42 million for the period ended September 30, 2026Cash and cash equivalents totaled $897 million as of September 30, 2026Subscription net dollar retention rate5 was 113%Commvault Systems, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
Six Months Ended
September 30,
2026
2025
2026
2025
Revenues:
Subscription:
Term-based license
$ 105,002
$ 92,647
$ 215,422
$ 201,929
Term-based support
57,307
49,686
113,364
97,268
Software-as-a-service
106,203
80,018
206,753
152,463
Total subscription
268,512
222,351
535,539
451,660
Perpetual license
7,205
12,073
15,900
19,408
Perpetual support
23,482
30,543
48,957
61,982
Other services
13,190
11,221
26,124
25,116
Total revenues
312,389
276,188
626,520
558,166
Cost of revenues:
Term-based license
3,465
2,414
7,708
4,656
Software-as-a-service
31,812
29,187
61,464
55,159
Perpetual license
228
194
399
439
Customer support
14,347
14,847
29,046
29,054
Other services
9,018
8,402
17,862
16,513
Total cost of revenues
58,870
55,044
116,479
105,821
Gross margin
253,519
221,144
510,041
452,345
Operating expenses:
Sales and marketing
135,529
122,240
275,324
244,719
Research and development
42,292
39,859
81,834
79,921
General and administrative
42,211
42,553
88,962
83,823
Depreciation and amortization
2,786
2,572
5,105
5,179
Restructuring
324
1,429
2,720
1,666
Change in contingent consideration
—
—
—
(545)
Total operating expenses
223,142
208,653
453,945
414,763
Income from operations
30,377
12,491
56,096
37,582
Interest income
8,439
3,087
16,126
5,096
Interest expense
(1,482)
(637)
(2,955)
(915)
Other income, net
1,420
159
1,689
220
Income before income taxes
38,754
15,100
70,956
41,983
Income tax expense
9,643
370
20,706
3,757
Net income
$ 29,111
$ 14,730
$ 50,250
$ 38,226
Net income per common share:
Basic
$ 0.71
$ 0.33
$ 1.22
$ 0.86
Diluted
$ 0.69
$ 0.33
$ 1.19
$ 0.84
Weighted average common shares outstanding:
Basic
41,261
44,406
41,303
44,366
Diluted
42,221
45,195
42,057
45,264
Commvault Systems, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
September 30,
March 31,
2026
2026
ASSETS
Current assets:
Cash and cash equivalents
$ 897,250
$ 899,987
Trade accounts receivable, net
280,575
330,483
Other current assets
62,295
56,040
Total current assets
1,240,120
1,286,510
Deferred tax assets, net
145,975
153,766
Property and equipment, net
13,479
9,750
Operating lease assets
35,956
34,920
Deferred commissions cost
113,437
103,892
Intangible assets, net
17,204
19,715
Goodwill
209,168
209,322
Other assets
99,723
68,430
Total assets
$ 1,875,062
$ 1,886,305
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 493
$ 651
Accrued liabilities
159,107
165,583
Current portion of operating lease liabilities
7,443
6,963
Deferred revenue
472,746
484,973
Total current liabilities
639,789
658,170
Convertible notes, net
882,989
880,863
Deferred revenue, less current portion
291,114
293,725
Deferred tax liabilities
1,134
1,565
Long-term operating lease liabilities
30,937
29,675
Other liabilities
16,565
14,813
Total stockholders' equity
12,534
7,494
Total liabilities and stockholders' equity
$ 1,875,062
$ 1,886,305
Commvault Systems, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Six Months Ended
September 30,
2026
2025
2026
2025
Cash flows from operating activities
Net income
$ 29,111
$ 14,730
$ 50,250
$ 38,226
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization
2,786
2,572
5,105
5,179
Amortization of debt issuance costs
1,166
409
2,330
494
Amortization of deferred commissions costs
15,835
11,221
30,417
22,210
Noncash stock-based compensation
35,780
32,224
71,070
62,404
Noncash operating lease expense
2,008
1,774
3,924
3,410
Noncash change in fair value of contingent consideration
—
—
—
(545)
Noncash adjustment on headquarters sale leaseback
—
—
—
495
Deferred income taxes
4,244
5,668
7,206
9,576
Other
67
(138)
(115)
(199)
Changes in operating assets and liabilities:
Trade accounts receivable, net
(9,599)
20,258
49,115
24,006
Other current assets and Other assets
(5,281)
(8,281)
(28,471)
(5,903)
Deferred commissions cost
(18,923)
(13,712)
(40,222)
(28,784)
Accounts payable
341
232
(165)
(88)
Accrued liabilities
18,072
2,030
(8,209)
(45,230)
Operating lease liabilities
(1,325)
(1,739)
(3,214)
(3,647)
Deferred revenue
169
10,513
(12,139)
27,953
Other liabilities
347
(992)
(414)
(1,107)
Net cash provided by operating activities
74,798
76,769
126,468
108,450
Cash flows from investing activities
Purchase of property and equipment
(3,932)
(3,187)
(4,501)
(5,066)
Purchase of investments
(144)
(482)
(8,039)
(6,626)
Proceeds from sale of headquarters, net
—
—
—
34,849
Business combination, net of cash acquired
—
(26,015)
—
(26,015)
Net cash used in investing activities
(4,076)
(29,684)
(12,540)
(2,858)
Cash flows from financing activities
Repurchase of common stock
(107,741)
(131,023)
(117,872)
(146,073)
Proceeds from stock-based compensation plans
6,585
6,974
6,585
6,974
Proceeds from issuance of convertible notes
—
900,000
—
900,000
Purchase of capped calls
—
(99,630)
—
(99,630)
Payment of debt issuance costs
—
(20,396)
—
(22,242)
Other
(113)
(18)
(188)
(30)
Net cash provided by (used in) financing activities
(101,269)
655,907
(111,475)
638,999
Effect of exchange rate changes on cash and cash equivalents
(2,040)
(2,671)
(5,190)
16,861
Net increase (decrease) in cash and cash equivalents
(32,587)
700,321
(2,737)
761,452
Cash and cash equivalents at beginning of period
929,837
363,234
899,987
302,103
Cash and cash equivalents at end of period
$ 897,250
$ 1,063,555
$ 897,250
$ 1,063,555
Supplemental disclosures of noncash activities
Operating lease liabilities arising from obtaining right-of-use assets
$ 4,262
$ 1,913
$ 5,194
$ 22,165
Debt issuance costs accrued but not paid, included in accrued liabilities
$ —
$ 984
$ —
$ 984
Share repurchases accrued but not paid, included in accrued liabilities
$ 1,419
$ —
$ 1,419
$ —
Commvault Systems, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
Six Months Ended
September 30,
2026
2025
2026
2025
Non-GAAP financial measures and reconciliation:
GAAP income from operations
$ 30,377
$ 12,491
$ 56,096
$ 37,582
Noncash stock-based compensation6
35,680
31,813
70,405
61,918
FICA and payroll tax expense related to stock-based compensation7
FICA and payroll tax expense related to stock-based compensation
712
838
1,589
2,637
Restructuring
324
1,429
2,720
1,666
Amortization of intangible assets
1,255
1,140
2,511
2,211
Business combination costs
—
1,890
—
1,890
Change in contingent consideration
—
—
—
(545)
Adjustment on headquarters sale leaseback
—
—
—
495
Non-recurring strategic pricing initiative costs
—
—
6,500
—
Other non-recurring charges
—
1,805
—
1,805
Non-GAAP provision for income taxes adjustment15
(8,771)
(12,593)
(16,417)
(23,617)
Non-GAAP net income
$ 58,311
$ 41,052
$ 117,558
$ 86,686
GAAP diluted earnings per share
$ 0.69
$ 0.33
$ 1.19
$ 0.84
Noncash stock-based compensation
0.85
0.70
1.67
1.37
FICA and payroll tax expense related to stock-based compensation
0.02
0.02
0.04
0.06
Restructuring
0.01
0.03
0.06
0.04
Amortization of intangible assets
0.03
0.03
0.06
0.05
Business combination costs
—
0.04
—
0.04
Change in contingent consideration
—
—
—
(0.01)
Adjustment on headquarters sale leaseback
—
—
—
0.01
Non-recurring strategic pricing initiative costs
—
—
0.15
—
Other non-recurring charges
—
0.04
—
0.04
Non-GAAP provision for income taxes adjustment
(0.22)
(0.28)
(0.37)
(0.52)
Non-GAAP diluted earnings per share
$ 1.38
$ 0.91
$ 2.80
$ 1.92
GAAP diluted weighted average shares outstanding
42,221
45,195
42,057
45,264
Three Months Ended
September 30,
Six Months Ended
September 30,
2026
2025
2026
2025
Non-GAAP free cash flow reconciliation:
GAAP net cash provided by operating activities
$ 74,798
$ 76,769
$ 126,468
$ 108,450
Purchase of property and equipment
(3,932)
(3,187)
(4,501)
(5,066)
Non-GAAP free cash flow
$ 70,866
$ 73,582
$ 121,967
$ 103,384
We monitor subscription annualized recurring revenue ("Subscription ARR"), SaaS ARR and subscription net dollar retention rate ("Subscription NRR") to help evaluate the state of our business. We believe these metrics are material to investors to understand the growth and performance of our business, as they help normalize certain variable factors and provide a consistent view of our recurring revenue profile. Subscription ARR and SaaS ARR exclude non-recurring elements and reflect the annualized value of active contracts, while subscription NRR measures net expansion within our existing subscription customer base. Together, we believe these metrics offer meaningful insight into the health and trajectory of our recurring revenue streams. Commvault has also provided its Subscription ARR on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations. Total ARR, which also included the annualized maintenance contract on perpetual licenses, is no longer disclosed.
Use of Non-GAAP Financial Measures
We have provided in this press release the following non-GAAP financial measures: non-GAAP income from operations (EBIT), non-GAAP EBIT margin, non-GAAP net income, non-GAAP diluted earnings per share, and non-GAAP free cash flow. This financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. Commvault believes that the use of these non-GAAP financial measures, when used as a supplement to GAAP financial measures, provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault's industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided its revenues on a constant currency basis. We analyze revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are included in this press release.
Non-GAAP EBIT and non-GAAP EBIT margin. These non-GAAP financial measures exclude noncash stock-based compensation expense and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault related to stock-based compensation. Commvault has also excluded restructuring costs, noncash amortization of intangible assets, business combination costs, the change in the estimated fair value of contingent consideration, adjustments from the sale and leaseback of headquarters, non-recurring strategic pricing initiative costs, and other non-recurring charges from its non-GAAP results. These adjustments are further discussed in the reconciliation of GAAP to non-GAAP financial measures. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault's core operating results over multiple periods. When evaluating the performance of Commvault's operating results and developing short- and long-term plans, Commvault does not consider such expenses.
Although noncash stock-based compensation expense and the additional FICA and related payroll tax expense are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expense allow investors to make meaningful comparisons between Commvault's operating results and those of other companies.
There are a number of limitations related to the use of non-GAAP EBIT and non-GAAP EBIT margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault's operating results. In addition, noncash stock-based compensation is an important part of Commvault's employees' compensation and can have a significant impact on their performance. The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development and general and administrative ($ in thousands):
Three Months Ended
September 30,
Six Months Ended
September 30,
2026
2025
2026
2025
Cost of revenues
$ 1,435
$ 1,323
$ 2,838
$ 2,572
Sales and marketing
14,642
12,757
28,810
25,343
Research and development
8,034
7,752
16,318
14,822
General and administrative
11,569
9,981
22,439
19,181
Stock-based compensation expense
$ 35,680
$ 31,813
$ 70,405
$ 61,918
The table above excludes stock-based compensation expense related to the Company's restructuring activities described below in Note 8.
The components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures. Due to the limitations related to the use of non-GAAP measures, Commvault's management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Commvault's management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.
Non-GAAP net income and non-GAAP diluted earnings per share (EPS). In addition to the adjustments discussed in non-GAAP EBIT, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 24%.
Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.
Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP EBIT and non-GAAP EBIT margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP net income and non-GAAP diluted EPS.
Non-GAAP free cash flow. Commvault defines this non-GAAP financial measure as net cash provided by operating activities less purchases of property and equipment. Commvault considers non-GAAP free cash flow a useful metric for Commvault management and its investors in evaluating Commvault's ability to generate cash from its business operations. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault's use of non-GAAP free cash flow.
Forward-looking non-GAAP measures. In this press release, Commvault presents non-GAAP EBIT margin and free cash flow on a forward-looking basis. The most directly comparable GAAP measures are not accessible on a forward-looking basis without unreasonable efforts, because certain items that impact these GAAP measures, cannot be reasonably predicted or quantified. The probable significance of these items may be material, and as a result, the corresponding GAAP measures and a quantitative reconciliation to those GAAP measures are not available on a forward-looking basis.
Notes
Beginning in fiscal 2027, Customer support revenue has been further disaggregated between support associated with term-based software license arrangements ("Term-based support") and support associated with perpetual software license arrangements ("Perpetual support"). Subscription revenue has also been reclassified to include Term-based support revenue, in addition to Term-based license and SaaS revenues. Prior period amounts have been reclassified to conform to the current period presentation. These reclassifications have no impact on total revenues, net income, or the underlying revenue recognition for these arrangements.In addition, Subscription ARR has been reclassified to include enterprise support, further aligning Subscription ARR with Subscription revenue. Enterprise support consists of recurring customer success services that provide our customers with enhanced support, strategic guidance and dedicated technical expertise, and is included in Term-based support. Prior to fiscal 2027, enterprise support was included only in Total ARR. Prior period amounts have been reclassified to conform to the current period presentation. Total ARR, which also included the annualized maintenance contract on perpetual licenses, is no longer disclosed.
Subscription ARR represents the annualized value of all active contracts as of the end of a reporting period attributable to term‑based licenses, maintenance and support services associated with term license arrangements, enterprise support, SaaS subscriptions, and consumption‑based arrangements, calculated by dividing the total active contract value by the number of days in the contract term and multiplying the result by 365. For consumption-based arrangements on a pay as you go model without a fixed commitment, the applicable ARR is calculated by annualizing the revenue contractually expected to be received in a given month based on actual monthly usage from a prior month. SaaS ARR includes only the cloud‑hosted portion of subscription ARR and is calculated using the same methodology. These metrics should be viewed independently of GAAP revenue, deferred revenue and unbilled revenue and are not intended to be combined with or to replace those items. These metrics are not a forecast of future revenues. Management believes that reviewing these metrics, in addition to GAAP results, helps investors and financial analysts understand the value of Commvault's recurring revenue streams presented on an annualized basis. There is no direct GAAP comparative to ARR.
A reconciliation of GAAP to non-GAAP results has been provided in the reconciliation of GAAP to non-GAAP financial measures included in this press release. An explanation of these measures is also included under the heading "Use of Non-GAAP Financial Measures."Commvault does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See "Forward-looking non-GAAP measures" for additional explanation.Subscription net dollar retention rate ("Subscription NRR") includes all contracts attributable to term‑based licenses, maintenance and support services associated with term license arrangements, enterprise support, SaaS subscriptions, and consumption‑based arrangements. Subscription NRR is calculated as the percentage of subscription ARR retained from existing customers at the start of an annual period after accounting for expansion revenue, churn, and downgrades, measured on an annualized basis using the trailing four quarter average. Acquired subscription ARR is excluded until the acquisition is fully integrated, which we generally expect to occur twelve months from the close date. We believe our subscription NRR offers valuable insight into the year-over-year expansion of our existing customer base, reflecting both increased utilization of current products and services as well as the adoption of additional offerings. There is no direct GAAP comparative to NRR.Represents noncash stock-based compensation expense, exclusive of stock-based compensation expense related to Commvault's restructuring activities described below in Note 8.Represents additional FICA and related payroll tax expense incurred by Commvault related to stock-based compensation.Restructuring charges relate to two plans designed to optimize our cost structure, enhance organizational agility, align resources with strategic priorities, and reorganize our business technology function. These initiatives include workforce reductions, technology transitions, office lease closures, and the exit of operations in certain jurisdictions. The related charges primarily consist of severance and associated employee termination costs, stock‑based compensation expense resulting from modification events, and office closure and exit charges. As of September 30, 2026, the majority of these costs have been incurred and the remaining activities are anticipated to be completed in fiscal 2027.Represents noncash amortization of intangible assets.These charges relate to acquisition and business development activities, including legal, accounting and advisory services. Management believes, when used as a supplement to GAAP results, that the exclusion of these costs will help investors and financial analysts understand Commvault's operating results and underlying operational trends as compared to other periods.Represents the change in the estimated fair value of the contingent consideration arrangement related to the acquisition of Appranix, Inc.During the first quarter of fiscal 2026, we finalized the sale of our corporate headquarters and entered into a lease for a portion of the premises. These noncash charges represent accounting adjustments for a $1.3 million loss associated with the related lease terms and a $0.8 million adjustment to reflect the final sale price of the assets resulting in a net charge of $0.5 million recorded in general and administrative expense on the Consolidated Statements of Operations.These charges relate to a non-routine business expense incurred during the first quarter of fiscal 2027 associated with strategic pricing and packaging initiatives. Given the non-recurring nature of the matter, these costs have been excluded from non-GAAP results as they are episodic in nature, directly tied to a discrete strategic initiative, and not reflective of ongoing operating performance.These primarily legal and consulting expenses are related to our response in the second quarter of fiscal 2026 to a one-time security matter from the first quarter of fiscal 2026. Given the non-recurring nature of the matter, these costs have been excluded from non-GAAP results to provide a clearer view of ongoing operating performance.The provision for income taxes is adjusted to reflect Commvault's estimated non-GAAP effective tax rate of 24%. SOURCE COMMVAULT
LIBERTY LAKE, Wash., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and water, announced today financial results for its third quarter ended September 30, 2026. Key results for the quarter include (compared with the third quarter of 2025):
Revenue of $599 million, increased 3%;Annual recurring revenue of $423 million, increased 25%;GAAP net income attributable to Itron, Inc. of $71 million, increased $6 million;GAAP diluted earnings per share of $1.61, increased $0.20 per share;Non-GAAP diluted EPS of $1.94, increased $0.40 per share;Adjusted EBITDA of $115 million, increased 18%; andFree cash flow of $96 million, decreased $18 million. “Itron delivered a strong third quarter, with revenue returning to growth at the top end of our outlook, record adjusted EBITDA, and earnings well ahead of our expectations — demonstrating the earnings leverage of our stronger operating model,” said Tom Deitrich, Itron’s President and CEO. “Utilities’ needs for capacity, reliability, resiliency, and affordability continue to drive demand for our technology, while our expanding software and services portfolio is supporting recurring revenue growth.”
Summary of Third Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)
Revenue
Total third quarter revenue of $599 million compared to $582 million in the prior year. The increase was driven primarily by growth in Outcomes and the contribution from Resiliency Solutions.
Device Solutions revenue decreased 2%, or 1% in constant currency due to lower legacy gas product sales.
Networked Solutions revenue decreased 1% due to the timing of project deployments.
Outcomes revenue increased 9% due to higher services revenue.
Resiliency Solutions revenue was $16 million.
Adjusted Gross Margin
Itron's third quarter adjusted gross margin of 41.3% increased 350 basis points from the prior year due to customer and product mix as well as operational efficiencies.
Operating Expenses and Operating Income
GAAP operating expenses of $149 million increased $12 million and non-GAAP operating expenses of $141 million increased $10 million from the prior year due to the Urbint and Locusview acquisitions.
GAAP operating income of $95 million was $14 million higher due to higher gross profit.
Non-GAAP operating income of $107 million was $18 million higher than the prior year due to higher gross profit, partially offset by higher operating expenses.
Net Income and Earnings per Share (EPS)
Net income attributable to Itron, Inc. for the quarter was $71 million, or $1.61 per diluted share, compared with net income attributable to Itron, Inc. of $66 million, or $1.41 per diluted share in 2025. The increase was driven by higher operating income.
Non-GAAP net income attributable to Itron, Inc., which excludes the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, loss on sale of business, strategic initiative expense, acquisition and integration related expenses, gain on the sale of equity method investments, and the tax effect of excluding these expenses, was $86 million, or $1.94 per diluted share, compared with $72 million, or $1.54 per diluted share, in 2025. The increase was driven by higher non-GAAP operating income and lower non-GAAP taxes.
Cash Flow
Net cash provided by operating activities was $102 million in the third quarter compared with $118 million in the prior year. Free cash flow was $96 million in the third quarter compared with $113 million in the prior year. The decrease in free cash flow was primarily due to changes in working capital, higher cash tax payments and lower interest income.
Other Measures
Total backlog at quarter end was $4.3 billion and bookings during the quarter totaled $482 million.
Q4 and Updated Full Year 2026 Outlook
Fourth Quarter 2026 financial outlook:
Revenue between $621 and $636 millionNon-GAAP diluted EPS between $1.70 and $1.80 Updated Full Year 2026 financial outlook:
Revenue between $2.37 and $2.385 billionNon-GAAP diluted EPS between $6.72 and $6.82 Earnings Conference Call
Itron will host a conference call to discuss the financial results contained in this release at 10:00 a.m. EDT on October 27, 2026. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.itron.com/events-presentations. Participants should access the webcast 10 minutes prior to the start of the call. A webcast replay of the conference call may be accessed on the company's website at https://investors.itron.com/events-presentations.
About Itron
Itron is a proven global leader in energy, water, smart city, IIoT and intelligent infrastructure services. For utilities, cities and society, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness. By safeguarding our invaluable natural resources today and tomorrow, we improve the quality of life for people around the world. Join us: www.itron.com
Itron® and the Itron Logo are registered trademarks of Itron, Inc. in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Cautionary Note Regarding Forward Looking Statements
This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws, regulations, tariffs, sanctions, trade policies and retaliatory responses, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including without limitation those resulting from extraordinary events or circumstances and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our Annual Report on Form 10-K for the year ended Dec 31, 2025 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update or revise any information in this press release.
Non-GAAP Financial Information
To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, free cash flow, adjusted gross profit, adjusted operating income, and constant currency. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. When providing future outlooks and/or earnings guidance, a reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring related expenses and their related tax effects without unreasonable effort. These costs are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in this press release.
For additional information, contact:
Itron, Inc.
Paul Vincent
Vice President, Investor Relations
(512) 560-1172
Stephanie Tarlton, CFA
Principal, Investor Relations
(512) 676-8365
[email protected]
Itron, Inc.
LinkedIn: https://www.linkedin.com/company/itronincX: https://x.com/ItronIncNewsroom: https://na.itron.com/newsroomBlog: https://blogs.itron.com ITRON, INC.CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share data) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Revenues Product revenues$489,002 $494,323 $1,420,265 $1,534,648 Service revenues 110,331 87,302 328,952 260,889 Total revenues 599,333 581,625 1,749,217 1,795,537 Cost of revenues Product cost of revenues 302,831 319,238 883,732 1,003,074 Service cost of revenues 51,632 42,842 153,656 132,081 Total cost of revenues 354,463 362,080 1,037,388 1,135,155 Gross profit 244,870 219,545 711,829 660,382 Operating expenses Sales, general and administrative 84,067 83,139 279,146 257,665 Research and development 56,957 50,032 168,097 153,932 Amortization of intangible assets 8,460 4,403 25,110 13,425 Restructuring (102) 188 345 872 Loss on sale of business — — — 79 Total operating expenses 149,382 137,762 472,698 425,973 Operating income 95,488 81,783 239,131 234,409 Other income (expense) Interest income 7,194 13,569 19,107 37,582 Interest expense (5,863) (5,647) (17,440) (16,888) Other income (expense), net 202 996 3,624 1,359 Total other income (expense) 1,533 8,918 5,291 22,053 Income before income taxes 97,021 90,701 244,422 256,462 Income tax provision (25,750) (24,478) (66,092) (56,137)Net income 71,271 66,223 178,330 200,325 Net income (loss) attributable to noncontrolling interests (98) 610 230 898 Net income attributable to Itron, Inc.$71,369 $65,613 $178,100 $199,427 Net income per common share - Basic$1.63 $1.43 $4.03 $4.38 Net income per common share - Diluted$1.61 $1.41 $3.97 $4.30 Weighted average common shares outstanding - Basic 43,812 45,746 44,210 45,574 Weighted average common shares outstanding - Diluted 44,411 46,660 44,827 46,405 ITRON, INC.SEGMENT INFORMATION (Unaudited, in thousands) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Product revenues Device Solutions$101,189 $103,097 $335,857 $340,423 Networked Solutions 359,581 365,378 989,929 1,119,381 Outcomes 27,276 25,848 92,031 74,844 Resiliency Solutions 956 — 2,448 — Total Company$489,002 $494,323 $1,420,265 $1,534,648 Service revenues Device Solutions$331 $525 $1,485 $1,830 Networked Solutions 29,921 28,324 89,474 85,987 Outcomes 64,965 58,453 192,519 173,072 Resiliency Solutions 15,114 — 45,474 — Total Company$110,331 $87,302 $328,952 $260,889 Total revenues Device Solutions$101,520 $103,622 $337,342 $342,253 Networked Solutions 389,502 393,702 1,079,403 1,205,368 Outcomes 92,241 84,301 284,550 247,916 Resiliency Solutions 16,070 — 47,922 — Total Company$599,333 $581,625 $1,749,217 $1,795,537 Adjusted gross profit Device Solutions$35,900 $32,007 $118,678 $103,351 Networked Solutions 162,685 154,761 450,912 460,718 Outcomes 36,902 32,777 114,306 96,313 Resiliency Solutions 11,953 — 35,568 — Total Company$247,440 $219,545 $719,464 $660,382 Adjusted segment operating income Device Solutions$28,851 $24,875 $97,264 $80,800 Networked Solutions 130,420 121,880 352,617 358,988 Outcomes 18,828 16,806 61,725 46,823 Resiliency Solutions 4,213 — 12,920 — Total Company$182,312 $163,561 $524,526 $486,611 Adjusted Gross Margin 41.3% 37.7% 41.1% 36.8% ITRON, INC.CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands)September 30, 2026 December 31, 2025ASSETS Current assets Cash and cash equivalents$840,323 $1,020,397 Accounts receivable, net 380,063 367,794 Inventories 280,972 242,886 Other current assets 182,972 191,241 Total current assets 1,684,330 1,822,318 Property, plant, and equipment, net 120,634 112,193 Deferred tax assets, net 258,787 265,183 Other long-term assets 61,870 63,352 Operating lease right-of-use assets, net 45,937 29,341 Intangible assets, net 255,052 83,337 Goodwill 1,690,417 1,344,983 Total assets$4,117,027 $3,720,707 LIABILITIES AND EQUITY Current liabilities Accounts payable$193,960 $156,288 Other current liabilities 40,568 58,864 Wages and benefits payable 104,800 122,245 Taxes payable 27,687 16,618 Current portion of debt, net — 459,522 Current portion of warranty 9,847 10,868 Unearned revenue 218,971 187,822 Total current liabilities 595,833 1,012,227 Long-term debt, net 1,577,039 788,805 Long-term warranty 7,200 7,350 Pension benefit obligation 59,804 61,998 Deferred tax liabilities, net 1,413 623 Operating lease liabilities 40,907 19,623 Other long-term obligations 115,519 91,885 Total liabilities 2,397,715 1,982,511 Equity Common stock 1,485,168 1,661,350 Accumulated other comprehensive loss, net (76,271) (56,505) Retained earnings 289,851 111,751 Total Itron, Inc. shareholders' equity 1,698,748 1,716,596 Noncontrolling interests 20,564 21,600 Total equity 1,719,312 1,738,196 Total liabilities and equity$4,117,027 $3,720,707 ITRON, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)Nine Months Ended September 30, 2026 2025 Operating activities Net income$178,330 $200,325 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of intangible assets 55,602 36,221 Non-cash operating lease expense 9,889 8,856 Stock-based compensation 44,527 47,819 Amortization of prepaid debt fees 5,765 5,401 Deferred taxes, net (5,062) 48,860 Loss on sale of business — 79 Restructuring, non-cash 462 (25) Other adjustments, net (3,248) (531)Changes in operating assets and liabilities, net of acquisition and sale of business: Accounts receivable (6,664) (12,127) Inventories (40,344) 19,828 Other current assets 5,705 (40,295) Other long-term assets 161 6,918 Accounts payable, other current liabilities, and taxes payable 27,932 (5,959) Wages and benefits payable (20,534) (30,801) Unearned revenue 32,960 34,320 Warranty (1,141) (2,404) Restructuring (8,345) (16,445) Other operating, net (450) (13,409) Net cash provided by operating activities 275,545 286,631 Investing activities Net proceeds related to the sale of business — 278 Acquisitions of property, plant, and equipment (19,540) (15,077) Business acquisitions, net of cash and cash equivalents acquired (514,888) — Other investing, net 3,098 (1,995) Net cash used in investing activities (531,330) (16,794) Financing activities Proceeds from borrowings 805,000 — Payments on debt (460,000) — Issuance of common stock 2,788 6,332 Payments on call spread for convertible offering (92,817) — Repurchase of common stock (152,234) — Prepaid debt fees (21,600) (2,207) Other financing, net (2,006) (2,288) Net cash provided by financing activities 79,131 1,837 Effect of foreign exchange rate changes on cash and cash equivalents (3,420) 9,033 Increase (decrease) in cash and cash equivalents (180,074) 280,707 Cash and cash equivalents at beginning of period 1,020,397 1,051,237 Cash and cash equivalents at end of period$840,323 $1,331,944 About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, adjusted gross profit, adjusted operating income, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For a reconciliation of each non-GAAP measure to the most comparable financial measure prepared and presented in accordance with GAAP, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.
We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and depreciation of property, plant, and equipment and certain discrete cash and non-cash charges, such as restructuring, loss on sale of business, strategic initiative expenses, or acquisition and integration related expenses. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.
Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative expenses, and acquisition and integration related expenses. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative expenses, and acquisition and integration related expenses. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees; certain employee retention and salaries related to integration; employee severance; contract terminations; travel costs related to knowledge transfer; system conversion costs; and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are not related to our core operating results. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.
Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, loss on sale of business, strategic initiative expenses, acquisition and integration related expenses, gain on sale of equity method investment, and the tax effect of excluding these expenses. We define non-GAAP diluted EPS as non-GAAP net income divided by diluted weighted-average shares outstanding during the period calculated on a GAAP basis and then reduced to reflect any anti-dilutive impact of the convertible notes hedge transactions. We consider these financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income. The same limitations described above regarding our use of non-GAAP operating income apply to our use of non-GAAP net income and non-GAAP diluted EPS. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP measures and evaluating non-GAAP net income and non-GAAP diluted EPS together with GAAP net income attributable to Itron, Inc. and GAAP diluted EPS.
For interim periods the budgeted annual effective tax rate (AETR) is used, adjusted for any discrete items, as defined in Accounting Standards Codification (ASC) 740 - Income Taxes. The budgeted AETR is determined at the beginning of the fiscal year. The AETR is revised throughout the year based on changes to our full-year forecast. If the revised AETR increases or decreases by 200 basis points or more from the budgeted AETR due to changes in the full-year forecast during the year, the revised AETR is used in place of the budgeted AETR beginning with the quarter the 200 basis point threshold is exceeded and going forward for all subsequent interim quarters in the year. We continue to assess the AETR based on latest forecast throughout the year and use the most recent AETR any time it increases or decreases by 200 basis points or more from the prior interim period.
Adjusted EBITDA – We define adjusted EBITDA as net income (a) minus interest income and gain on sale of equity method investment, (b) plus interest expense, depreciation and amortization, restructuring, loss on sale of business, strategic initiative expenses, acquisition and integration related expenses, and (c) excluding income tax provision or benefit. Management uses adjusted EBITDA as a performance measure for executive compensation. A limitation to using adjusted EBITDA is that it does not represent the total increase or decrease in the cash balance for the period and the measure includes some non-cash items and excludes other non-cash items. Additionally, the items that we exclude in our calculation of adjusted EBITDA may differ from the items that our peer companies exclude when they report their results. We compensate for these limitations by providing a reconciliation of this measure to GAAP net income.
Free cash flow – We define free cash flow as net cash provided by operating activities less cash used for acquisitions of property, plant and equipment. We believe free cash flow provides investors with a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. The same limitations described above regarding our use of adjusted EBITDA apply to our use of free cash flow. We compensate for these limitations by providing specific information regarding the GAAP amounts in the reconciliation.
Adjusted gross profit – We define adjusted gross profit as gross profit excluding the amortization expense of core-developed technology intangible assets.
Adjusted operating income – We define adjusted operating income as operating income excluding the amortization of core-developed technology intangible assets.
Constant currency – We refer to the impact of foreign currency exchange rate fluctuations in our discussions of financial results, which references the differences between the foreign currency exchange rates used to translate operating results from the entity's functional currency into U.S. dollars for financial reporting purposes. We also use the term "constant currency", which represents financial results adjusted to exclude changes in foreign currency exchange rates as compared with the rates in the comparable prior year period. We calculate the constant currency change as the difference between the current period results and the comparable prior period's results restated using current period foreign currency exchange rates.
The tables below reconcile the non-GAAP financial measures of operating expenses, operating income, net income, diluted EPS, adjusted EBITDA, and free cash flow with the most directly comparable GAAP financial measures.
ITRON, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES(Unaudited, in thousands, except per share data) TOTAL COMPANY RECONCILIATIONSThree Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 NON-GAAP OPERATING EXPENSES GAAP operating expenses$149,382 $137,762 $472,698 $425,973 Amortization of intangible assets(1) (8,460) (4,403) (25,110) (13,425) Restructuring 102 (188) (345) (872) Loss on sale of business — — — (79) Strategic initiative (133) (1,566) (608) (1,566) Acquisition and integration (245) (1,286) (7,474) (1,370) Non-GAAP operating expenses$140,646 $130,319 $439,161 $408,661 NON-GAAP OPERATING INCOME GAAP operating income$95,488 $81,783 $239,131 $234,409 Amortization of intangible assets 11,030 4,403 32,745 13,425 Restructuring (102) 188 345 872 Loss on sale of business — — — 79 Strategic initiative 133 1,566 608 1,566 Acquisition and integration 245 1,286 7,474 1,370 Non-GAAP operating income$106,794 $89,226 $280,303 $251,721 NON-GAAP NET INCOME & DILUTED EPS GAAP net income attributable to Itron, Inc.$71,369 $65,613 $178,100 $199,427 Amortization of intangible assets 11,030 4,403 32,745 13,425 Amortization of debt placement fees 1,956 1,777 5,711 5,271 Restructuring (102) 188 345 872 Loss on sale of business — — — 79 Strategic initiative 133 1,566 608 1,566 Gain on sale of equity method investment — — (3,249) — Acquisition and integration 245 1,286 7,474 1,370 Income tax effect of non-GAAP adjustments 1,702 (3,021) 3,018 (4,974) Non-GAAP net income attributable to Itron, Inc.$86,333 $71,812 $224,752 $217,036 Non-GAAP diluted EPS$1.94 $1.54 $5.01 $4.68 GAAP weighted average common shares outstanding - Diluted 44,411 46,660 44,827 46,405 Effect of call option transaction - 2021 Notes — (34) — (11) Non-GAAP weighted average common shares outstanding - Diluted 44,411 46,626 44,827 46,394 (1) Excludes amortization of core-developed technology intangible assets.
ITRON, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES(Unaudited, in thousands) TOTAL COMPANY RECONCILIATIONSThree Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 ADJUSTED EBITDA GAAP net income attributable to Itron, Inc.$71,369 $65,613 $178,100 $199,427 Interest income (7,194) (13,569) (19,107) (37,582) Interest expense 5,863 5,647 17,440 16,888 Income tax provision 25,750 24,478 66,092 56,137 Depreciation and amortization 18,440 12,039 55,602 36,221 Restructuring (102) 188 345 872 Loss on sale of business — — — 79 Strategic initiative 133 1,566 608 1,566 Acquisition and integration 245 1,286 7,474 1,370 Gain on sale of equity method investment — — (3,249) — Adjusted EBITDA$114,504 $97,248 $303,305 $274,978 FREE CASH FLOW Net cash provided by operating activities$101,953 $117,829 $275,545 $286,631 Acquisitions of property, plant, and equipment (6,408) (4,421) (19,540) (15,077) Free Cash Flow$95,545 $113,408 $256,005 $271,554 The tables below reconcile the non-GAAP financial measure of adjusted gross profit with the most directly comparable GAAP financial measure.
TOTAL COMPANY RECONCILIATIONS Three months ended September 30, 2026(Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Resiliency Solutions Segments SubtotalTotal revenues $101,520 $389,502 $92,241 $16,070 $599,333 Total cost of revenues 65,620 226,817 55,964 6,062 354,463 Gross profit 35,900 162,685 36,277 10,008 244,870 Gross margin 35.4% 41.8% 39.3% 62.3% 40.9%Amortization of core-developed technology intangible assets $— $— $625 $1,945 $2,570 Adjusted gross profit 35,900 162,685 36,902 11,953 247,440 Adjusted gross margin 35.4% 41.8% 40.0% 74.4% 41.3% Three Months Ended September 30, 2025 (Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Segments Subtotal Total revenues $103,622 $393,702 $84,301 $581,625 Total cost of revenues 71,615 238,941 51,524 362,080 Gross profit 32,007 154,761 32,777 219,545 Gross margin 30.9% 39.3% 38.9% 37.7% Amortization of core-developed technology intangible assets $— $— $— $— Adjusted gross profit 32,007 154,761 32,777 219,545 Adjusted gross margin 30.9% 39.3% 38.9% 37.7% TOTAL COMPANY RECONCILIATIONS Nine months ended September 30, 2026(Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Resiliency Solutions Segments SubtotalTotal revenues $337,342 $1,079,403 $284,550 $47,922 $1,749,217 Total cost of revenues 218,664 628,491 172,119 18,114 1,037,388 Gross profit 118,678 450,912 112,431 29,808 711,829 Gross margin 35.2% 41.8% 39.5% 62.2% 40.7%Amortization of core-developed technology intangible assets $— $— $1,875 $5,760 $7,635 Adjusted gross profit 118,678 450,912 114,306 35,568 719,464 Adjusted gross margin 35.2% 41.8% 40.2% 74.2% 41.1% Nine Months Ended September 30, 2025 (Unaudited, in thousands) Device Solutions Networked Solutions Outcomes Segments Subtotal Total revenues $342,253 $1,205,368 $247,916 $1,795,537 Total cost of revenues 238,902 744,650 151,603 1,135,155 Gross profit 103,351 460,718 96,313 660,382 Gross margin 30.2% 38.2% 38.8% 36.8% Amortization of core-developed technology intangible assets $— $— $— $— Adjusted gross profit 103,351 460,718 96,313 660,382 Adjusted gross margin 30.2% 38.2% 38.8% 36.8%
Polaris Inc (PII - Free Report) came out with quarterly earnings of $1.08 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.41 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +74.19%. A quarter ago, it was expected that this snowmobile and ATV maker would post earnings of $0.77 per share when it actually produced earnings of $1.97, delivering a surprise of +155.84%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Polaris Inc, which belongs to the Zacks Automotive - Domestic industry, posted revenues of $2.04 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 6.59%. This compares to year-ago revenues of $1.84 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Polaris Inc shares have lost about 12.8% since the beginning of the year versus the S&P 500's gain of 12.1%.
What's Next for Polaris Inc?While Polaris Inc has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Polaris Inc was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.53 on $1.9 billion in revenues for the coming quarter and $3.22 on $7.47 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Domestic is currently in the bottom 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Harley-Davidson (HOG - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on October 29.
This motorcycle maker is expected to post quarterly earnings of $0.43 per share in its upcoming report, which represents a year-over-year change of -86.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Harley-Davidson's revenues are expected to be $1.05 billion, down 2.6% from the year-ago quarter.
Euronet snížil výhled pro rok 2026 na tržby ve výši 4,375 mld. USD a upravenou EBITDA ve výši 725 mil. USD kvůli tlaku v oblasti přeshraničních plateb.
Highlights reflecting key achievements supporting the Company’s strategy and digital goals:
Revenue from the digital accelerators introduced at the Company’s Investor Day(*) increased 33% for the nine months ended September 30, 2026 and represented 26% of year-to-date revenues, demonstrating strong momentum for the continued investments in these strategic initiatives, such as Ria digital, merchant acquiring and the Ren product suite.Signed a letter of intent to collaborate globally with Diebold Nixdorf to transform ATM networksUnveiled OLON, a unified commerce ecosystem to accelerate merchant growthRepurchased $50 million of common stock, representing approximately 690,000 shares, during the quarter, reflecting disciplined capital allocation.Digital transactions within the Cross-Border Payments segment increased 34% in the third quarter of 2026 compared to the prior year period. * See the Investor Day presentation at http://ir.euronetworldwide.com.
LEAWOOD, Kan., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Euronet (“Euronet” or the “Company”) (Nasdaq: EEFT), a global leader in payment processing and cross-border transactions, announced today third quarter 2026 financial results.
Euronet reports the following consolidated results for the third quarter 2026 compared with the same period of 2025:
Revenues of $1,161.1 million, a 1% increase from $1,145.7 million (3% increase on a constant currency1 basis).Operating income of $171.6 million, a 12% decrease from $195.0 million (10% decrease on a constant currency basis).Adjusted operating income2 of $169.9 million, a 13% decrease from $195.0 million (11% decrease on a constant currency basis, 8% decrease after excluding $4.7 million of incremental non-cash purchase price amortization).Adjusted EBITDA3 of $226.1 million, an 8% decrease from $244.6 million (6% decrease on a constant currency basis).Net income attributable to Euronet of $113.6 million, or $2.53 diluted earnings per share, compared with $122.0 million, or $2.75 diluted earnings per share.Adjusted earnings per share4 of $3.55 decreased 2% from $3.62 in the prior year period. See the reconciliation of non-GAAP items in the attached financial schedules.
“Our third-quarter results reflect the continued impact of U.S. immigration policy and global economic pressures on the Cross Border Payments segment, which has persisted longer than we anticipated,” said Michael J. Brown, Chairman and Chief Executive Officer of Euronet Worldwide. “While these results are below our expectations and our historical performance, we continued to see growth in the digital accelerators we introduced during our Investor Day in May. Year-to-date, these accelerators have grown 33%, reflecting the benefit of our continued investment in these strategic initiatives.
The Payments Infrastructure segment benefitted from the acquisition of CoreCard, together with growth in merchant acquiring and Ren sales. The epay segment had a solid quarter from continued growth in digital content and promotional campaigns executed during the quarter. During the quarter, we also returned another $50 million to shareholders through share repurchases.
While we remain confident in the long-term growth opportunities across our businesses, the persistent pressures experienced this quarter in Cross-Border Payments, together with broader macroeconomic pressures and FX conversion rates changes, have caused us to revise our 2026 outlook from the targets provided during our Investor Day in May. We now expect approximately $4.375 billion of revenue, approximately $725 million of Adjusted EBITDA and adjusted EPS growth of approximately 10%. Although these near-term challenges are disappointing, our digital accelerator strategy continues to demonstrate the growth necessary to generate strong cash flow and create long-term shareholder value.”
Segment and Other Results
The Payments Infrastructure Segment (formerly EFT Processing Segment) reports the following results for the third quarter 2026 compared with the same period or date in 2025:
Revenues of $437.9 million, a 7% increase from $409.4 million (9% increase on a constant currency basis).Operating income of $128.2 million, or less than 1% increase from $128.1 million (2% increase on a constant currency basis).Adjusted operating income of $126.5 million, a 1% decrease from $128.1 million (no change on a constant currency basis).Adjusted EBITDA of $157.9 million, a 2% increase from $154.7 million (4% increase on a constant currency basis).Total of 59,688 installed ATMs as of September 30, 2026, a 4% increase from 57,534 as of September 30, 2025. Total of 58,420 active ATMs as of September 30, 2026, a 4% increase from 56,431 as of September 30, 2025. Constant currency revenue growth was driven by continued growth in merchant acquiring, Ren sales, and the fourth quarter 2025 acquisition of CoreCard, partially offset by continued economic pressures on discretionary travel spend which negatively affects international ATM cash withdrawals. Adjusted EBITDA and operating income were impacted by continued cost inflation. Third quarter 2026 adjusted operating income also includes $1.7 million of additional expense related to a timing difference between a cash rebate payment and the U.S. GAAP purchase accounting expense recognition related to a prior acquisition. Adjusted operating income includes a $4.7 million increase in non-cash purchase price amortization related to the CoreCard acquisition. Excluding this additional amortization, constant currency adjusted operating income would have increased 4%.
The epay Segment reports the following results for the third quarter 2026 compared with the same period or date in 2025:
Revenues of $294.7 million, a 3% increase from $286.5 million (5% increase on a constant currency basis).Operating income of $31.8 million, a 3% increase from $31.0 million (5% increase on a constant currency basis).Adjusted EBITDA of $33.4 million, a 3% increase from $32.5 million (6% increase on a constant currency basis).Transactions of 1,191 million, an 4% increase from 1,148 million.POS terminals of approximately 736,000 as of September 30, 2026, a 3% increase from approximately 712,000.Retailer locations of approximately 357,000 as of September 30, 2026, a 3% increase from approximately 346,000. Constant currency revenue and operating income each increased 5% and adjusted EBITDA increased 6% as a result of continued demand for higher-value digital content, merchant acquiring and promotional campaigns.
The Cross-Border Payments Segment (formerly known as Money Transfer Segment) reports the following results for the third quarter 2026 compared with the same period or date in 2025:
Revenues of $431.0 million, a 5% decrease from $452.4 million (4% decrease on a constant currency basis).Operating income of $37.3 million, a 37% decrease from $59.3 million (35% decrease on a constant currency basis).
Adjusted EBITDA of $43.6 million, a 34% decrease from $65.9 million (32% decrease on a constant currency basis).Total transactions of 45.3 million, a 2% decrease from 46.0 million.Total digital transactions of 8.1 million, a 34% increase from 6.1 million.Network locations of approximately 654,000 as of September 30, 2026, a 3% increase from approximately 638,000. Constant currency revenue was impacted by continued pressure from U.S. immigration policy and broader global economic uncertainty, partially offset by continued strength in the digital business, with digital transactions growing 34% and continued momentum in our Dandelion cross-border payments platform.
Declines in constant currency operating income and adjusted EBITDA were principally the result of the flow through of the revenue declines to the bottom line and approximately $6 million incremental investment in digital initiatives.
On a sequential quarterly basis, the third quarter constant currency revenue decline of 4% improved slightly over the second quarter decline of 5%. The sequential changes were the result of stable to improving trends in many of our international markets. Pressure persisted primarily in the U.S. market, but the last few months have shown stabilizing to modestly improving trends. While these trends are encouraging, we believe the market remains fragile in the context of the current geopolitical environment.
Corporate and Other reports $25.7 million of expense for the third quarter 2026 compared with $23.4 million for the third quarter 2025. The increase in corporate expenses was primarily driven by a $1.9 million increase in long-term share-based compensation.
Balance Sheet and Financial Position
Total cash, including ATM cash, unrestricted cash and cash equivalents and restricted cash, was $1,887.9 million as of September 30, 2026, compared to $2,220.7 million at June 30, 2026. Total indebtedness was $2,177.3 million, down from $2,654.0 million at June 30, 2026. Availability under the Company's revolving credit facilities was approximately $1.1 billion.
Total indebtedness decreased by $476.7 million during the quarter, reflecting the seasonal return of ATM cash following the peak European travel season and cash generated from operations, partially offset by $50 million of share repurchases.
The Company remains committed to reducing its debt balances in order to maintain its investment-grade credit rating.
Outlook
The Company is revising its 2026 outlook previously provided at its Investor Day in May to approximately $4.375 billion of revenue, approximately $725 million of Adjusted EBITDA and adjusted earnings per share growth of approximately 10% year-over-year. The revised outlook reflects immigration-related pressures within the Cross-Border Payments segment in several key corridors, broader global economic pressures and FX conversion rate changes. This outlook does not include any further changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.
Non-GAAP Measures
In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, adjusted EBITDA, adjusted operating income and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company's performance and overall results of operations. These non-GAAP measures are also an integral part of the Company's internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.
The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company's reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.
(1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company's results when compared to the prior period.
(2) Adjusted operating income is defined as operating income excluding, to the extent incurred in the period, a non-cash accrual adjustment. Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure.
(3) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.
(4) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash investment gain, (f) non-cash accrual adjustments, (g) non-cash impairment and (h) dilutive shares related to the Company's convertible notes. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure.
Conference Call and Slide Presentation
Euronet Worldwide will host an analyst conference call on October 27, 2026, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company's operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone, please register at Euronet Worldwide third quarter 2026 Earnings Call. The conference call and accompanying slide show presentation will be accessible via webcast by following the link posted on http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast.
Investors may also access the Company's Investor Day presentation, which provides additional information regarding Euronet's long-term strategy, growth accelerators, and financial objectives, through the Investor Relations section of the Company's website at http://ir.euronetworldwide.com.
A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.
About Euronet Worldwide, Inc.
Euronet (Nasdaq: EEFT) is a global leader in payment processing and cross‑border transactions, operating for more than 30 years and now serving clients in 200+ countries and territories. We support financial institutions, merchants and global brands with technology-driven solutions, while enabling businesses and consumers to send, receive and spend money seamlessly worldwide. By operating one of the world’s largest independent electronic payment networks spanning merchant acquiring, transaction processing and point‑of‑sale infrastructure, Euronet enables real‑time, digital and cross‑border movement of money at global scale. In 2025, Euronet processed more than 20 billion transactions across its network. Headquartered in Leawood, Kansas USA, Euronet operates from 74 offices worldwide. For more information, visit www.euronet.com.
Statements contained in this news release that concern Euronet's or its management's intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from pandemics or other disease outbreaks; inflation; military conflicts in Ukraine and the Middle East, and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments, including artificial intelligence affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; the impact of changes in U.S. immigration policy on remittance corridors; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions and digital assets; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.
EURONET WORLDWIDE, INC.
Condensed Consolidated Balance Sheets
(in millions)
As of September 30, As of 2026 December 31, (unaudited) 2025ASSETS Current assets: Cash and cash equivalents$955.4 $1,040.3ATM cash 912.7 650.3Restricted cash 19.8 23.2Settlement assets 1,385.1 1,910.4Trade accounts receivable, net 321.5 334.5Prepaid expenses and other current assets 367.9 311.5Total current assets 3,962.4 4,270.2 Property and equipment, net 365.3 375.3Right of use lease asset, net 139.6 153.9Goodwill and acquired intangible assets, net 1,252.1 1,303.5Other assets, net 334.7 385.8Total assets$6,054.1 $6,488.7 LIABILITIES AND EQUITY Current liabilities: Settlement obligations$1,385.1 $1,910.4Accounts payable and other current liabilities 885.0 905.2Current portion of operating lease obligations 51.6 54.9Short-term debt obligations 471.1 984.2Total current liabilities 2,792.8 3,854.7 Debt obligations, net of current portion 1,706.1 1,037.0Operating lease obligations, net of current portion 90.5 100.6Capital lease obligations, net of current portion 0.1 0.6Deferred income taxes 75.8 78.3Other long-term liabilities 88.5 95.0Total liabilities 4,753.8 5,166.2Total equity 1,300.3 1,322.5Total liabilities and equity$6,054.1 $6,488.7 EURONET WORLDWIDE, INC.
Consolidated Statements of Operations
(unaudited - in millions, except share and per share data)
Three Months Ended September 30, 2026 2025 Revenues$1,161.1 $1,145.7 Operating expenses: Direct operating costs, exclusive of depreciation 657.0 643.9 Salaries and benefits 194.0 187.4 Selling, general and administrative 99.0 84.6 Depreciation and amortization 39.5 34.8 Total operating expenses 989.5 950.7 Operating income 171.6 195.0 Other income (expense): Interest income 5.0 6.2 Interest expense (21.7) (22.5)Foreign currency exchange gain, net 3.3 0.1 Other income 1.3 1.4 Total other expense, net (12.1) (14.8)Income before income taxes 159.5 180.2 Income tax expense (45.7) (55.1) Net income 113.8 125.1 Net income attributable to noncontrolling interests (0.2) (3.1)Net income attributable to Euronet Worldwide, Inc.$113.6 $122.0 Add: Interest expense from assumed conversion of convertible notes, net of tax 2.0 1.0 Net income for diluted earnings per share calculation$115.6 $123.0 Earnings per share attributable to Euronet Worldwide, Inc. stockholders - diluted$2.53 $2.75 Diluted weighted average shares outstanding 45,761,882 44,809,457 EURONET WORLDWIDE, INC.
Reconciliation of Net Income to Operating Income (Expense) and Adjusted EBITDA
(unaudited - in millions)
Three months ended September 30, 2026 Payments
InfrastructureepayCross-
Border PaymentsCorporate
ServicesConsolidatedNet income $113.8 Add: Income tax expense 45.7 Add: Total other expense, net 12.1 Operating income (expense)$128.2 $31.8 $37.3 $(25.7) $171.6 Less: non-cash accrual adjustment (1.7) — — — (1.7)Adjusted operating income (expense) (1) 126.5 31.8 37.3 (25.7) 169.9 Add: Depreciation and amortization 31.4 1.6 6.3 0.2 39.5 Add: Share-based compensation — — — 16.7 16.7 Earnings before interest, taxes, depreciation, amortization, share-based compensation, non-cash accrual adjustment (Adjusted EBITDA) (1)$157.9 $33.4 $43.6 $(8.8) $226.1 .
Three months ended September 30, 2025 Payments InfrastructureepayCross-Border PaymentsCorporate ServicesConsolidatedNet income $125.1 Add: Income tax expense 55.1Add: Total other expense, net 14.8 Operating income (expense)$128.1 $31.0 $59.3 $(23.4) $195.0Add: Depreciation and amortization 26.6 1.5 6.6 0.1 34.8Add: Share-based compensation — — — 14.8 14.8Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1)$154.7 $32.5 $65.9 $(8.5) $244.6 (1)Adjusted operating income and adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not as a substitute for, operating income and net income computed in accordance with U.S. GAAP. EURONET WORLDWIDE, INC.
Reconciliation of Adjusted Earnings per Share
(unaudited - in millions, except share and per share data)
Three Months Ended September 30, 2026 2025 Net income attributable to Euronet Worldwide, Inc.$113.6 $122.0 Foreign currency exchange result (3.3) (0.1)Intangible asset amortization (1) 9.6 4.9 Share-based compensation (2) 16.7 14.8 Income tax effect of above adjustments (3) 0.5 (2.8)Non-cash investment gain (4) (1.3) — Non-cash accrual adjustment (5) (1.7) — Non-cash impairment (6) — 1.8 Non-cash GAAP tax expense (7) 2.9 7.7 Adjusted earnings (8)$137.0 $148.3 Adjusted earnings per share - diluted (8)$3.55 $3.62 Diluted weighted average shares outstanding (GAAP) 45,761,882 44,809,457 Effect of adjusted EPS dilution of convertible notes (8,047,923) (4,112,023)Effect of unrecognized share-based compensation on diluted shares outstanding 919,893 310,448 Adjusted diluted weighted average shares outstanding 38,633,852 41,007,882
(1) Intangible asset amortization of $9.6 million and $4.9 million are included in depreciation and amortization expense of $39.5 million and $34.8 million for the three months ended September 30, 2026 and September 30, 2025, respectively, in the consolidated statements of operations.
(2) Share-based compensation of $16.7 million and $14.8 million are included in salaries and benefits expense of $194.0 million and $187.4 million for the three months ended September 30, 2026 and September 30, 2025, respectively, in the consolidated statements of operations.
(3) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates.
(4) Non-cash investment gain of $1.3 million is included in other income in the consolidated statement of operations for the three months ended September 30, 2026.
(5) Non-cash accrual gain of $1.7 million is included in other income in the consolidated statement of operations for the three months ended September 30, 2026.
(6) Non-cash impairment of $1.8 million is included in other expenses and net loss attributable to noncontrolling interest in the consolidated statement of operations for the three months ended September 30, 2025.
(7) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.
(8) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP.
CACI získala čtyřletou zakázku od amerického námořnictva v hodnotě až 145 milionů USD na vývoj autonomních systémů, námořních senzorů a nových námořních plavidel.
, /PRNewswire/ -- CACI International Inc (NYSE: CACI) announced today that it has been awarded a four-year task order valued at up to $145 million to support the Naval Surface Warfare Center Carderock Division (NSWCCD) in advancing next-generation maritime capabilities for the U.S. Navy.
Under the award, CACI will develop and integrate advanced technologies for autonomous systems, maritime sensors, and next-generation naval platforms. This work will help the Navy improve fleet readiness, strengthen operational flexibility, and maintain maritime superiority against evolving threats.
"Maintaining maritime superiority requires the ability to turn emerging technologies into operational capabilities faster," said John Mengucci, CACI President and Chief Executive Officer. "Our work will help the Navy get critical technologies into the hands of warfighters sooner, giving them the capabilities they need to make better decisions and stay ahead of emerging threats."
CACI will conduct research, engineering, testing, and rapid prototyping across multiple maritime platforms. The work includes evaluating new technologies, validating their performance, and integrating successful solutions into operational systems.
About CACI
CACI International Inc (NYSE: CACI) is a technology-first national security company that expands the limits of national security through innovation, discipline, and operational excellence. We deliver advanced technologies that help our customers move faster, operate more efficiently, and anticipate and defeat evolving threats. Our 27,000 talented employees and strong culture drive our success and have earned CACI recognition as a Fortune World's Most Admired Company. CACI is a member of the Fortune 500™, the Russell 1000 Index, and the S&P MidCap 400 Index. For more information, visit caci.com.
Delivered 12 percent revenue growth, or 8 percent organic constant currency, led by Financial Services, Insurance and InternationalExceeded high end of guidance for diluted earnings per share and Adjusted Diluted Earnings per Share, delivering 14 percent growth for Adjusted Diluted Earnings per ShareIncreased pace of share repurchases for a total of $243 million year-to-date; expect to repurchase up to $500 million shares total in 2026Board raised share repurchase authorization by $1 billion to $2 billion in totalRaised quarterly dividend to $0.135 per share, an increase from $0.125, effective third quarter of 2026, payable in November
CHICAGO, Oct. 27, 2026 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2026.
Third Quarter 2026 Results
Revenue:
Total revenue for the quarter was $1,312 million, an increase of 12 percent (12 percent on a constant currency basis and 8 percent on an organic constant currency basis), compared with the third quarter of 2025.
Earnings:
Net income attributable to TransUnion was $156 million for the quarter, compared with $97 million for the third quarter of 2025. Diluted earnings per share was $0.81, compared with $0.49 in the third quarter of 2025. Net income attributable to TransUnion margin was 11.9 percent, compared with 8.3 percent in the third quarter of 2025.Adjusted Net Income was $242 million for the quarter, compared with $216 million for the third quarter of 2025. Adjusted Diluted Earnings per Share was $1.25, compared with $1.10 in the third quarter of 2025.Adjusted EBITDA was $465 million for the quarter, compared with $425 million for the third quarter of 2025, an increase of 9 percent (10 percent on a constant currency basis and 5 percent on an organic constant currency basis). Adjusted EBITDA margin was 35.4 percent, compared with 36.3 percent in the third quarter of 2025.
“TransUnion delivered another quarter of strong results exceeding our guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew by 7 percent, led by U.S. Financial Services and Insurance. International accelerated to 10 percent growth on an organic constant currency basis, including 18 percent growth in India.”
“We are maintaining the high-end of 2026 guidance for revenue and raising guidance for Adjusted Diluted EPS, balancing business momentum against rising interest rates and overall market uncertainty. We continue to expect 2026 to mark our third consecutive year of at least high-single digit organic constant currency revenue growth and double-digit Adjusted Diluted EPS growth.”
“Progress against our technology modernization and accelerated innovation underpin these results. We continue to deliver increasingly diversified, innovation-led and scalable growth. We believe our growth momentum, increasing cash flow and strong balance sheet support an accelerated pace of capital return to shareholders in the near term.”
Third Quarter 2026 Segment Results
Segment revenue, Adjusted EBITDA and the related growth rates in the table below include the results of Trans Union de México, S.A. S.I.C. (“Trans Union de Mexico”). The results of this business are reported in the International Segment within Latin America.
Cash and cash equivalents was $883 million at September 30, 2026 and $854 million at December 31, 2025.
For the nine months ended September 30, 2026, cash provided by operating activities was $889 million, compared with $668 million in 2025. The increase in cash provided by operating activities was due primarily to improved operating performance and changes in working capital. For the nine months ended September 30, 2026, cash used in investing activities was $754 million, compared with $307 million in 2025. The increase in cash used in investing activities was due primarily to our acquisitions of Trans Union de Mexico and the mobile division of RealNetworks LLC (“RealNetworks”), partially offset by proceeds from the sale of two investments and a prior year investment in a note receivable. For the nine months ended September 30, 2026, capital expenditures were $201 million, compared with $229 million in 2025. Capital expenditures as a percentage of revenue represented 5% and 7%, respectively, for the nine months ended September 30, 2026 and 2025. For the nine months ended September 30, 2026, cash used in financing activities was $86 million, compared with $301 million in 2025. The decrease in cash used in financing activities was due primarily to borrowings from our Senior Secured Revolving Credit Facility in connection with the purchase of Trans Union de Mexico, partially offset by higher share repurchase volume in 2026, the prepayment of our Senior Secured Term Loan B-5 debt and dividends paid to shareholders of Trans Union de Mexico.
On October 26, 2026, TransUnion’s Board of Directors increased the share repurchase authorization by $1 billion to $2 billion in total and declared a cash dividend of $0.135 per share, an increase from $0.125, for the third quarter of 2026. The dividend will be payable on November 25, 2026, to shareholders of record on November 10, 2026.
Fourth Quarter and Full Year 2026 Outlook
Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates, inflation and regulatory changes. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results below.
Three Months Ended
December 31, 2026 Twelve Months Ended
December 31, 2026(in millions, except per share data) Low High Low HighRevenue, as reported $1,264 $1,294 $5,131 $5,162 Growth rates1: As reported 8% 10% 12% 13%Constant currency1, 2 8% 11% 12% 13%Organic constant currency1, 3 3% 6% 8% 9% Net income attributable to TransUnion $127 $140 $823 $837 Growth rate 25% 38% 81% 84%Net income attributable to TransUnion margin 10.0% 10.8% 16.0% 16.2% Diluted Earnings per Share $0.66 $0.73 $4.26 $4.32 Growth rate 26% 40% 84% 87% Adjusted EBITDA, as reported5 $450 $468 $1,808 $1,827 Growth rate, as reported4 8% 12% 10% 11%Adjusted EBITDA margin 35.6% 36.2% 35.2% 35.4% Adjusted Diluted Earnings per Share5 $1.15 $1.22 $4.81 $4.88 Growth rate 7% 14% 12% 13% Additional revenue growth assumptions: The impact of changing foreign currency exchange rates is expected to be immaterial for Q4 2026 and for FY 2026.The impact of the recent acquisitions is expected to be approximately 5 points of benefit for Q4 2026 and approximately 4 points of benefit for FY 2026.The impact of FICO mortgage royalty is expected to be approximately 1 point of benefit for Q4 2026 and approximately 3 points of benefit for FY 2026. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions, including Trans Union de Mexico, the mobile division of RealNetworks and Monevo.Additional Adjusted EBITDA assumptions: The impact of changing foreign currency exchange rates is expected to be approximately 1 point of headwind for Q4 2026 and is expected to be immaterial for FY 2026. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.
Earnings Webcast Details
In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Availability of Information on TransUnion’s Website
Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs, expectations and outlook are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:
macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, trade policy, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;ongoing conflict in the Middle East;our ability to provide competitive services and prices;our ability to retain or renew existing agreements with large or long-term customers;our ability to maintain the security and integrity of our data;our ability to deliver services timely without interruption;uncertainty related to Fair Isaac Corporation’s (“FICO”) new Mortgage Direct License Program;our ability to maintain our access to data sources;government regulation and changes in the regulatory environment;uncertainty related to potential governmental actions or public statements regarding mortgage credit reporting requirements, the pricing of our services, the consumer reporting industry or our business, and the potential impact to our business and stock price as a result of such actions or public statements;litigation or regulatory proceedings;our approach to the use of artificial intelligence;our ability to effectively manage our costs;our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;economic and political stability in the United States and risks associated with the international markets where we operate;our ability to effectively develop and maintain strategic alliances and joint ventures;our ability to timely develop new services and the market’s willingness to adopt our new services;our ability to manage and expand our operations and keep up with rapidly changing technologies;our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;our ability to defend our intellectual property from infringement claims by third parties;the ability of our outside service providers and key vendors to fulfill their obligations to us;further consolidation in our end-customer markets;the increased availability of free or inexpensive consumer information;losses against which we do not insure;our ability to make timely payments of principal and interest on our indebtedness;our ability to satisfy covenants in the agreements governing our indebtedness;our ability to maintain our liquidity;stock price volatility;share repurchase plans;dividend rate;our reliance on key management personnel; andchanges in tax laws or adverse outcomes resulting from examination of our tax returns.
There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.
For More Information
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data) September
30, 2026 December
31, 2025Assets Current assets: Cash and cash equivalents $883.1 $853.6 Trade accounts receivable, net of allowance of $26.9 and $27.7 1,020.2 905.0 Other current assets 292.5 257.7 Total current assets 2,195.8 2,016.3 Property, plant and equipment, net of accumulated depreciation and amortization of $571.4 and $545.0 241.2 258.4 Goodwill 5,802.5 5,259.5 Other intangibles, net of accumulated amortization of $3,027.1 and $2,716.3 3,429.2 3,098.5 Other assets 421.4 480.2 Total assets $12,090.1 $11,112.9 Liabilities and stockholders’ equity Current liabilities: Trade accounts payable $409.2 $349.9 Current portion of long-term debt 108.6 196.9 Other current liabilities 562.7 607.6 Total current liabilities 1,080.5 1,154.4 Long-term debt 5,347.9 4,906.9 Deferred taxes 535.6 389.8 Other liabilities 125.4 116.5 Total liabilities 7,089.4 6,567.6 Stockholders’ equity: Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of September 30, 2026 and December 31, 2025, respectively — — Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2026 and December 31, 2025, 198.5 million and 199.4 million shares issued at September 30, 2026 and December 31, 2025, respectively, and 190.7 million and 192.4 million shares outstanding as of September 30, 2026 and December 31, 2025, respectively 1.9 2.0 Additional paid-in capital 2,311.7 2,424.0 Treasury stock at cost; 7.7 million and 7.0 million shares at September 30, 2026 and December 31, 2025, respectively (428.9) (370.3)Retained earnings 3,346.7 2,723.7 Accumulated other comprehensive loss (381.7) (340.2)Total TransUnion stockholders’ equity 4,849.7 4,439.2 Noncontrolling interests 151.0 106.1 Total stockholders’ equity 5,000.7 4,545.3 Total liabilities and stockholders’ equity $12,090.1 $11,112.9 TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Revenue $1,312.5 $1,169.5 $3,867.8 $3,405.0 Operating expenses Cost of services (exclusive of depreciation and amortization below) 534.7 480.3 1,598.8 1,395.9 Selling, general and administrative 346.6 330.8 1,022.2 922.6 Depreciation and amortization 164.0 145.6 476.8 427.2 Restructuring — 5.1 — 5.1 Total operating expenses 1,045.3 961.9 3,097.8 2,750.8 Operating income 267.2 207.6 770.0 654.2 Non-operating income and (expense) Interest expense (66.5) (62.5) (194.4) (174.3)Interest income 9.0 8.8 23.2 26.2 Earnings from equity method investments 0.9 5.5 8.3 14.7 Gain on acquisition of affiliate — — 225.5 — Other income and (expense), net (1.7) (9.3) 6.0 (20.1)Total non-operating income and (expense) (58.2) (57.5) 68.6 (153.5)Income before income taxes 209.0 150.1 838.6 500.7 Provision for income taxes (48.5) (50.0) (131.0) (135.4)Net income 160.5 100.2 707.6 365.3 Less: net income attributable to noncontrolling interests (4.3) (3.6) (10.9) (11.0)Net income attributable to TransUnion $156.2 $96.6 $696.7 $354.2 Basic earnings per common share from: Net income attributable to TransUnion $0.82 $0.50 $3.63 $1.82 Diluted earnings per common share from: Net income attributable to TransUnion $0.81 $0.49 $3.59 $1.80 Weighted-average shares outstanding: Basic 191.1 194.8 192.0 194.9 Diluted 192.6 197.2 193.8 197.2 As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net income $707.6 $365.3 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 476.8 427.2 Deferred taxes (21.3) (26.5)Stock-based compensation 113.6 106.9 Gain on acquisition of affiliate (225.5) — Other (6.7) 31.4 Changes in assets and liabilities: Trade accounts receivable (122.7) (105.9)Other current and long-term assets (15.2) (1.9)Trade accounts payable 55.3 50.1 Other current and long-term liabilities (73.3) (178.5)Cash provided by operating activities 888.6 668.1 Cash flows from investing activities: Capital expenditures (201.3) (229.3)Proceeds from sale/maturity of other investments — 0.2 Investments in consolidated affiliates, net of cash acquired (603.4) (55.7)Investments in nonconsolidated affiliates and notes receivable (7.3) (25.0)Proceeds from the sale of investments in nonconsolidated affiliates 47.3 — Other 10.7 2.7 Cash used in investing activities (754.0) (307.1)Cash flows from financing activities: Proceeds from revolving credit facility 520.0 — Repayments of debt (171.1) (60.9)Debt financing fees (0.7) — Dividends to shareholders (74.4) (68.3)Proceeds from issuance of common stock and exercise of stock options 21.5 22.5 Employee taxes paid on restricted stock units recorded as treasury stock (58.6) (33.9)Repurchases of common stock (244.6) (152.6)Acquisitions of noncontrolling interests (8.6) — Distributions to noncontrolling interests (13.3) (7.7)Dividends paid to shareholders of acquired affiliate (56.3) — Cash used in financing activities (86.1) (300.9)Effect of exchange rate changes on cash and cash equivalents (19.0) 10.3 Net change in cash and cash equivalents 29.5 70.4 Cash and cash equivalents, beginning of period 853.6 679.5 Cash and cash equivalents, end of period $883.1 $749.9 As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.
Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.
Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.
Consolidated Adjusted EBITDA
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:
Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.Provision for income taxes, as reported on our Consolidated Statements of Operations.Depreciation and amortization, as reported on our Consolidated Statements of Operations.Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) fair value and impairment adjustments related to investments and related call and put options, notes receivable, gains or losses on a step acquisition and mark-to-market adjustments on acquisition-related foreign currency forward contracts, (iii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. This represented the final phase of the technology investment in our global technology infrastructure and core customer applications. The accelerated technology investment fundamentally transformed our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure required us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur now that the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs through the end of the program in 2025 from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with our transformation plan. We excluded these expenses through the end of the program in 2025 as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iii) currency remeasurement on foreign operations, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) and expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations. Consolidated Adjusted EBITDA Margin
Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.
Adjusted Net Income
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:
Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.Stock-based compensation (see Consolidated Adjusted EBITDA above)Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)Accelerated technology investment (see Consolidated Adjusted EBITDA above)Operating model optimization program (see Consolidated Adjusted EBITDA above)Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statement of Operations.
Adjusted Diluted Earnings Per Share
Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.
Adjusted Provision for Income Taxes
Management has excluded the following items from our provision for income taxes for the periods presented:
Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.Excess tax (benefit) expense for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.
Adjusted Effective Tax Rate
Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.
Leverage Ratio
Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.
This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.
Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.
Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.
SCHEDULE 1
TRANSUNION AND SUBSIDIARIES
Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
(Unaudited) For the Three Months Ended September 30, 2026 compared with
the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2026 compared with
the Nine Months Ended September 30, 2025 Reported CC Growth1 Inorganic Organic CC Growth2 Reported CC Growth1 Inorganic Organic CC Growth2Revenue: Consolidated 12.2% 12.5% 4.9% 7.6% 13.6% 13.5% 4.0% 9.5%U.S. Markets 7.0% 7.0% 0.3% 6.8% 10.7% 10.7% 0.2% 10.5%Financial Services 10.8% 10.8% —% 10.8% 17.5% 17.5% —% 17.5%Emerging Verticals 6.3% 6.3% 0.7% 5.6% 7.3% 7.3% 0.5% 6.8%Consumer Interactive (3.0)% (3.0)% —% (3.0)% (1.6)% (1.7)% 0.3% (2.0)%International 30.4% 31.4% 20.9% 10.4% 23.7% 23.2% 17.4% 5.8%Canada 5.2% 6.9% —% 6.9% 9.6% 8.6% —% 8.6%Latin America 192.8% 179.7% 161.7% 18.0% 143.8% 133.5% 125.8% 7.7%United Kingdom 5.1% 5.5% —% 5.5% 11.8% 9.3% 2.4% 7.0%Africa 14.9% 6.4% —% 6.4% 17.8% 6.9% —% 6.9%India 7.5% 17.7% —% 17.7% (1.8)% 6.7% —% 6.7%Asia Pacific —% 3.0% —% 3.0% (9.7)% (7.6)% —% (7.6)% Adjusted EBITDA: Consolidated 9.3% 10.1% 5.3% 4.7% 10.5% 10.7% 4.5% 6.1%U.S. Markets 0.7% 0.7% (0.4)% 1.1% 6.3% 6.2% (0.1)% 6.4%International 38.5% 41.3% 21.2% 20.1% 25.5% 26.0% 17.2% 8.7% 1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
2. Organic CC growth rate is the CC growth rate less inorganic growth rate.
SCHEDULE 2
TRANSUNION AND SUBSIDIARIES
Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
(dollars in millions) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Revenue: U.S. Markets gross revenue Financial Services$485.5 $438.0 $1,482.3 $1,261.5 Emerging Verticals 351.0 330.1 1,039.5 968.6 Consumer Interactive 140.3 144.8 422.8 429.8 U.S. Markets gross revenue$976.8 $912.8 $2,944.6 $2,659.9 International gross revenue Canada$45.7 $43.4 $135.3 $123.5 Latin America 98.7 33.7 245.3 100.6 United Kingdom 75.0 71.4 220.7 197.4 Africa 22.3 19.4 64.2 54.5 India 73.7 68.5 200.3 203.9 Asia Pacific 23.7 23.7 67.9 75.2 International gross revenue$339.0 $260.1 $933.8 $755.1 Total gross revenue$1,315.9 $1,172.9 $3,878.4 $3,415.0 Intersegment revenue eliminations U.S. Markets$(1.7) $(1.7) $(5.7) $(5.3)International (1.6) (1.7) (4.9) (4.7)Total intersegment revenue eliminations$(3.3) $(3.4) $(10.6) $(10.0) Total revenue as reported$1,312.5 $1,169.5 $3,867.8 $3,405.0 Adjusted EBITDA: U.S. Markets$353.3 $350.7 $1,071.2 $1,008.1 International 155.7 112.4 414.2 330.2 Corporate (44.2) (38.0) (126.6) (109.0)Adjusted EBITDA Margin:1 U.S. Markets 36.2% 38.4% 36.4% 37.9%International 45.9% 43.2% 44.4% 43.7% 1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: Net income attributable to TransUnion$156.2 $96.6 $696.7 $354.2 Net interest expense 57.4 53.7 171.2 148.2 Provision for income taxes 48.5 50.0 131.0 135.4 Depreciation and amortization 164.0 145.6 476.8 427.2 EBITDA$426.1 $345.8 $1,475.7 $1,065.0 Expense and (income) adjustments to EBITDA: Stock-based compensation 37.0 36.4 113.6 106.9 Mergers and acquisitions, divestitures and business optimization1 0.4 6.9 (233.2) 20.2 Accelerated technology investment2 — 22.1 — 65.4 Operating model optimization program3 — 11.5 — 26.7 Net other4 1.2 2.3 2.7 (55.0)Total adjustments to EBITDA$38.6 $79.2 $(116.9) $164.2 Consolidated Adjusted EBITDA$464.8 $425.1 $1,358.8 $1,229.2 Net income attributable to TransUnion margin 11.9% 8.3% 18.0% 10.4%Consolidated Adjusted EBITDA margin5 35.4% 36.3% 35.1% 36.1% As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.
1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Three Months Ended
September 30, Nine Months Ended
September 30, 2026
2025
2026
2025
Transaction and integration costs $0.4 $2.7 $8.0 $10.9Fair value and impairment adjustments — 4.2 (241.2) 9.3Total mergers and acquisitions, divestitures and business optimization $0.4 $6.9 $(233.2) $20.2 For the nine months ended September 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Three Months Ended
September 30, Nine Months Ended
September 30, 2025
2025
Foundational Capabilities $4.4 $16.0Migration Management 17.7 49.3Total accelerated technology investment $22.1 $65.4 3. Operating model optimization consisted of the following adjustments:
Three Months Ended
September 30, Nine Months Ended
September 30, 2025
2025
Employee separation $5.1 $5.1Business process optimization 6.4 21.6Total operating model optimization $11.5 $26.7 4. Net other consisted of the following adjustments:
Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Deferred loan fee expense from debt prepayments and refinancing $— $— $— $(0.1)Other debt financing expenses 0.5 0.5 1.4 1.6 Currency remeasurement on foreign operations 0.7 1.6 1.8 (0.6)Legal and regulatory expenses, net — — — (56.0)Other non-operating (income) expense 0.1 0.2 (0.5) 0.1 Total other adjustments $1.2 $2.3 $2.7 $(55.0) 5. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
SCHEDULE 3
TRANSUNION AND SUBSIDIARIES
Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
(in millions, except per share data) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Net Income attributable to TransUnion $156.2 $96.6 $696.7 $354.2 Weighted-average shares outstanding: Basic 191.1 194.8 192.0 194.9 Diluted 192.6 197.2 193.8 197.2 Basic earnings per common share from: Net income attributable to TransUnion $0.82 $0.50 $3.63 $1.82 Diluted earnings per common share from: Net income attributable to TransUnion $0.81 $0.49 $3.59 $1.80 Reconciliation of Net income attributable to TransUnion to Adjusted Net Income: Net income attributable to TransUnion $156.2 $96.6 $696.7 $354.2 Expense and (income) adjustments before income tax items: Amortization of certain intangible assets 83.7 73.2 243.2 217.2 Stock-based compensation 37.0 36.4 113.6 106.9 Mergers and acquisitions, divestitures and business optimization1 0.4 6.9 (233.2) 20.2 Accelerated technology investment2 — 22.1 — 65.4 Operating model optimization program3 — 11.5 — 26.7 Net other4 0.9 1.6 2.0 (56.7)Total adjustments before income tax items $122.0 $151.8 $125.6 $379.7 Total adjustments for income taxes5 (36.6) (31.9) (112.9) (96.7)Adjusted Net Income $241.6 $216.5 $709.4 $637.2 Weighted-average shares outstanding: Basic 191.1 194.8 192.0 194.9 Diluted 192.6 197.2 193.8 197.2 Adjusted Earnings per Share: Basic $1.26 $1.11 $3.69 $3.27 Diluted $1.25 $1.10 $3.66 $3.23 Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share: Diluted earnings per common share from: Net income attributable to TransUnion $0.81 $0.49 $3.59 $1.80 Expense and (income) adjustments before income tax items: Amortization of certain intangible assets 0.43 0.37 1.25 1.10 Stock-based compensation 0.19 0.18 0.59 0.54 Mergers and acquisitions, divestitures and business optimization1 — 0.04 (1.20) 0.10 Accelerated technology investment2 — 0.11 — 0.33 Operating model optimization program3 — 0.06 — 0.14 Net other4 — 0.01 0.01 (0.29)Total adjustments before income tax items $0.63 $0.77 $0.65 $1.92 Total adjustments for income taxes5 (0.19) (0.16) (0.58) (0.49)Adjusted Diluted Earnings per Share $1.25 $1.10 $3.66 $3.23 Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.
1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Three Months Ended
September 30, Nine Months Ended
September 30, 2026
2025
2026
2025
Transaction and integration costs $0.4 $2.7 $8.0 $10.9Fair value and impairment adjustments — 4.2 (241.2) 9.3Total mergers and acquisitions, divestitures and business optimization $0.4 $6.9 $(233.2) $20.2 For the nine months ended September 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Three Months Ended
September 30, Nine Months Ended
September 30, 2025
2025
Foundational Capabilities $4.4 $16.0Migration Management 17.7 49.3Total accelerated technology investment $22.1 $65.4 3. Operating model optimization consisted of the following adjustments:
Three Months Ended
September 30, Nine Months Ended
September 30, 2025
2025
Employee separation $5.1 $5.1Business process optimization 6.4 21.6Total operating model optimization $11.5 $26.7 4. Net other consisted of the following adjustments:
Three Months Ended
September 30, Nine Months Ended
September 30, 2026
2025
2026
2025
Deferred loan fee expense from debt prepayments and refinancing $— $— $— $(0.1)Currency remeasurement on foreign operations 0.7 1.6 1.8 (0.6)Legal and regulatory expenses, net — — — (56.0)Other non-operating (income) and expense 0.2 — 0.2 — Total other adjustments $0.9 $1.6 $2.0 $(56.7) 5. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
SCHEDULE 4
TRANSUNION AND SUBSIDIARIES
Adjusted Provision for Income Taxes, Effective Tax Rate and Adjusted Effective Tax Rate (Unaudited)
(dollars in millions) Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Income before income taxes$209.0 $150.1 $838.6 $500.7 Total adjustments before income tax items from Schedule 3 122.0 151.8 125.6 379.7 Adjusted income before income taxes$331.0 $301.9 $964.2 $880.4 Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes Provision for income taxes$(48.5) $(50.0) $(131.0) $(135.4)(Expense) and benefit adjustments for income taxes: Tax effect of above adjustments (27.2) (34.5) (80.1) (99.8)Eliminate impact of excess tax expense (benefit) for stock-based compensation (1.0) (1.9) (1.2) (1.6)Other1 (8.3) 4.5 (31.5) 4.7 Total adjustments for income taxes$(36.6) $(31.9) $(112.9) $(96.7)Adjusted Provision for Income Taxes$(85.1) $(81.8) $(243.8) $(232.1) Effective tax rate 23.2% 33.3% 15.6% 27.0%Adjusted Effective Tax Rate 25.7% 27.1% 25.3% 26.4% As a result of displaying amounts in millions, rounding differences may exist in the table above.
1. Other adjustments for income taxes include:
Three Months Ended
September 30, Nine Months Ended
September 30, 2026 2025 2026 2025 Deferred tax adjustments $— $1.8 $(18.0) $(5.6)Valuation allowance adjustments 1.2 0.2 (6.5) 1.7 Return to provision, audit adjustments and reserves related to prior periods (10.2) 2.4 (8.5) 7.3 Other adjustments 0.6 0.1 1.5 1.3 Total other adjustments $(8.3) $4.5 $(31.5) $4.7 SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions) Trailing Twelve
Months Ended
September 30, 2026Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA: Net income attributable to TransUnion $797.9 Net interest expense 225.6 Provision for income taxes 168.6 Depreciation and amortization 624.4 EBITDA $1,816.5 Expense and (income) adjustments to EBITDA: Stock-based compensation $152.3 Mergers and acquisitions, divestitures and business optimization1 (223.3)Accelerated technology investment2 19.1 Operating model optimization program3 5.6 Net other4 5.4 Total adjustments to EBITDA $(41.0)Consolidated Adjusted EBITDA 1,775.5 Adjusted EBITDA for Pre-Acquisition Period5 33.7 Leverage Ratio Adjusted EBITDA $1,809.1 Total debt $5,456.6 Less: Cash and cash equivalents 883.1 Net Debt $4,573.5 Ratio of Net Debt to Net income attributable to TransUnion 5.7 Leverage Ratio6 2.5 As a result of displaying amounts in millions, rounding differences may exist in the table above.
1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
Trailing Twelve
Months Ended
September 30, 2026Transaction and integration costs $11.1 Fair value and impairment adjustments (233.7)Post-acquisition adjustments (0.7)Total mergers and acquisitions, divestitures and business optimization $(223.3) Fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.
2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
Trailing Twelve
Months Ended
September 30, 2026Foundational Capabilities $2.8Migration Management 16.4Total accelerated technology investment $19.1 3. Operating model optimization consisted of the following adjustments:
Trailing Twelve
Months Ended
September 30, 2026Employee separation $1.8Business process optimization 3.9Total operating model optimization $5.6 4. Net other consisted of the following adjustments:
Trailing Twelve
Months Ended
September 30, 2026Other debt financing expenses $1.9Currency remeasurement on foreign operations 2.8Other non-operating (income) and expense 0.6Total other adjustments $5.4 5. The trailing twelve months ended September 30, 2026 include Adjusted EBITDA related to Trans Union de Mexico and the mobile division of RealNetworks prior to our acquisitions in March 2026 and April 2026, respectively.
6. We define Leverage Ratio as net debt divided by Leverage Ratio Adjusted EBITDA as shown in the table above.
SCHEDULE 6
TRANSUNION AND SUBSIDIARIES
Segment Depreciation and Amortization (Unaudited)
(in millions) Three Months Ended
September 30, Nine Months Ended
September 30, 2026
2025
2026
2025
U.S. Markets$110.8 $106.7 $328.1 $313.1International 51.9 38.0 145.8 111.2Corporate 1.2 0.9 3.0 2.9Total depreciation and amortization$164.0 $145.6 $476.8 $427.2 As a result of displaying amounts in millions, rounding differences may exist in the table above.
SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data) Three Months Ended
December 31, 2026 Twelve Months Ended
December 31, 2026 Low High Low HighGuidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: Net income attributable to TransUnion$127 $140 $823 $837 Interest, taxes and depreciation and amortization 281 286 1,060 1,065 EBITDA$408 $426 $1,884 $1,902 Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1 42 42 (75) (75)Adjusted EBITDA$450 $468 $1,808 $1,827 Net income attributable to TransUnion margin 10.0% 10.8% 16.0% 16.2%Consolidated Adjusted EBITDA margin2 35.6% 36.2% 35.2% 35.4% Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share: Diluted earnings per share$0.66 $0.73 $4.26 $4.32 Adjustments to diluted earnings per share1 0.49 0.49 0.55 0.56 Adjusted Diluted Earnings per Share$1.15 $1.22 $4.81 $4.88 As a result of displaying amounts in millions, rounding differences may exist in the table above.
1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
Curaleaf hájí nabídku na převzetí společnosti Aurora s prémií 86 %, která implikuje cenu přibližně 5,00 USD za akcii oproti průměrné ceně 2,75 USD před zveřejněním nabídky.
, /PRNewswire/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf"), a leading international provider of consumer and medical cannabis products, today issued the following statement in response to the Alberta Securities Commission's ruling regarding Aurora Cannabis Inc.'s ("Aurora") at-the-market ("ATM") program.
"Aurora would like shareholders to believe the ASC's ruling changes the fundamental debate. It does not," said Boris Jordan, Chairman of the Board and Chief Executive Officer of Curaleaf. "The questions confronting Aurora shareholders remain the same today as they were yesterday: why did Aurora issue shares under an ATM for less than the original offer price after Curaleaf indicated a bid was coming, why is a now 86% premium offer being dismissed as inadequate and a discounted offer, why is Curaleaf continuing to be excluded from customary diligence when others aren't, and why is the Board asking shareholders to reject a proposal before allowing a fully informed process to play out? Those questions remain unanswered."
Key facts Aurora shareholders should know:
Curaleaf's believes its application brought much needed scrutiny to Aurora's dilutive ATM activity. Aurora used the ATM program heavily in the days leading up to Curaleaf's bid, including after Curaleaf publicly announced its intention to make its offer. Aurora has now confirmed that it stopped using the program on August 18, shortly after Curaleaf challenged that activity, and has not used it since. Aurora shareholders have been spared further ATM dilution since Curaleaf raised its concerns and formally made its application.
Curaleaf's enhanced offer represents an 86% premium, not a "discount." Counter to Aurora's claims, Curaleaf's enhanced offer implied price of approximately US$5.00 per share represents a significant premium to Aurora's unaffected volume weighted average share price of approximately US$2.75. Aurora's "discount" characterization is entirely inconsistent with their own actions, given they were issuing shares pursuant to its ATM at prices as low as US$2.56 per share, a 49% discount to the enhanced Curaleaf offer, less than a month before Curaleaf's intention to make its offer. Curaleaf's enhanced offer provides clear value to Aurora shareholders.
A process that excludes Curaleaf cannot credibly be called a review of "all available strategic alternatives." Curaleaf has made a premium offer and remains ready to engage immediately, yet Aurora continues to exclude Curaleaf from customary diligence while providing access to other parties.
A combination of Curaleaf and Aurora would create the global cannabis leader, with operations across 17 countries, more than US$1.5 billion of last-twelve-month ("LTM") revenue, nearly US$350 million of LTM Adjusted EBITDA and at least US$40 million of expected annual cost synergies. Aurora shareholders would retain exposure to Aurora's international business while gaining ownership in Curaleaf's leading U.S. platform and future regulatory upside.Curaleaf remains ready to engage constructively with Aurora and pursue a transaction that delivers immediate value, meaningful future upside, and ownership in the world's largest cannabis company.
For additional information about Curaleaf's enhanced offer, visit Grow.Curaleaf.com.
IMPORTANT INFORMATION
This document does not constitute an offer to buy or the solicitation of an offer to sell any securities. The offer (the "Offer") by Curaleaf Holdings, Inc. ("Curaleaf") to purchase all outstanding common shares ("Common Shares") of Aurora Cannabis Inc. ("Aurora") is made solely by the Offer to Purchase and Circular dated August 18, 2026, as amended on October 6, 2026 and as may be further amended or supplemented.
SECURITY HOLDERS ARE URGED TO READ THE OFFER TO PURCHASE AND CIRCULAR, THE REGISTRATION STATEMENT ON FORM F-80, THE TENDER OFFER STATEMENT ON SCHEDULE 14D-1F, AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Free copies are available at www.sec.gov or by contacting the Information Agent, Carson Proxy Advisors, at 1-800-530-5189 (toll-free), 416-751-2066 (local/text), or [email protected].
NOTICE TO U.S. SHAREHOLDERS
The enforcement by investors of civil liabilities under the federal securities laws may be affected adversely by the fact that the subject company is located in a foreign country, and that some or all of its officers and directors are residents of a foreign country.
Investors should be aware that the bidder or its affiliates, directly or indirectly, may bid for or make purchases of the issuer's securities subject to the offer or of the issuer's related securities, or of the bidder's securities to be distributed or of the bidder's related securities, during the period of the tender offer, as permitted by applicable Canadian laws or provincial laws or regulations.
Curaleaf has filed with the SEC a Registration Statement on Form F-80 under the U.S. Securities Act of 1933 and a Tender Offer Statement on Schedule 14D-1F under the U.S. Securities Exchange Act of 1934. The Offer is being conducted in accordance with Section 14(e) of the Exchange Act and Regulation 14E.
THE OFFER AND THE OFFEROR SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY U.S. STATE SECURITIES COMMISSION, NOR HAS ANY SUCH AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The Offeror Shares have not been registered or otherwise qualified for offer and sale in certain U.S. states where shareholders may reside. No offer is made in those states except to qualifying Exempt Institutional Investors as described in the Offer to Purchase and Circular.
FORWARD-LOOKING INFORMATION
This document contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of applicable U.S. securities laws. Such statements relate to, among other things, the anticipated synergies from a combination of Curaleaf and Aurora. Forward-looking statements can often be identified by words such as "believes," "expects," "anticipates," "may," "will," or similar expressions.
Actual results may differ materially due to risks including: changes in general economic conditions; failure to satisfy conditions to the Offer; failure to realize anticipated synergies; fluctuations in foreign exchange and interest rates; regulatory changes; and other risks described under "Risk Factors" in the Offer to Purchase and Circular. The PSLRA safe harbor for forward-looking statements does not apply to statements made in connection with a tender offer. Security holders should not place undue reliance on forward-looking information. Curaleaf disclaims any obligation to update forward-looking information except as required by law.
AURORA INFORMATION
Information concerning Aurora herein is based solely on Aurora's publicly available filings and other public sources. Aurora has not reviewed this document. Neither Curaleaf nor its officers or directors assumes responsibility for the accuracy or completeness of such information.
ADDITIONAL INFORMATION
The disposition of Common Shares and the acquisition of Offeror Shares may have U.S. and Canadian tax consequences; shareholders should consult their own tax advisors. Curaleaf's disclosure documents are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, Find, Dark Heart, and Anthem provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is powered by a strong presence in all stages of the supply chain. Its unique distribution network throughout Europe, Canada and Australasia brings together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
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Gentherm Inc (NASDAQ:THRM – Get Free Report) Director Paul Anthony Mascarenas acquired 20,000 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were bought at an average cost of $26.63 per share, for a total transaction of $532,600.00. Following the completion of the transaction, the director directly owned 22,677 shares of the company’s stock, valued at $603,888.51. This represents a 747.10% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.
Gentherm Stock Performance Shares of THRM stock opened at $28.59 on Tuesday. The firm has a market cap of $878.86 million, a P/E ratio of 95.30, a PEG ratio of 0.66 and a beta of 1.37. The stock’s 50-day moving average is $35.33 and its two-hundred day moving average is $34.16. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.05 and a quick ratio of 1.47. Gentherm Inc has a fifty-two week low of $25.31 and a fifty-two week high of $48.35.
Gentherm (NASDAQ:THRM – Get Free Report) last posted its earnings results on Thursday, October 22nd. The auto parts company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.31). Gentherm had a net margin of 0.57% and a return on equity of 10.30%. The business had revenue of $405.10 million during the quarter, compared to analyst estimates of $404.16 million. During the same quarter last year, the firm earned $0.73 earnings per share. Gentherm’s revenue was up 4.7% compared to the same quarter last year. Analysts predict that Gentherm Inc will post 2.89 earnings per share for the current fiscal year.
Gentherm announced that its board has authorized a stock buyback program on Thursday, July 23rd that authorizes the company to repurchase $400 million in shares. This repurchase authorization authorizes the auto parts company to buy up to 36.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued. Gentherm Announces Dividend The business also recently disclosed a special dividend, which was paid on Wednesday, October 7th. Investors of record on Monday, September 28th were paid a $1.90 dividend.
Institutional Inflows and Outflows Large investors have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new stake in shares of Gentherm in the second quarter worth $30,000. Allworth Financial LP bought a new position in Gentherm during the second quarter worth $37,000. Public Employees Retirement System of Ohio acquired a new position in Gentherm during the 2nd quarter valued at $39,000. Globeflex Capital L P acquired a new position in Gentherm during the 2nd quarter valued at $133,000. Finally, Palouse Capital Management Inc. raised its stake in Gentherm by 14.2% during the 2nd quarter. Palouse Capital Management Inc. now owns 4,822 shares of the auto parts company’s stock valued at $164,000 after purchasing an additional 600 shares during the last quarter. 97.13% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades A number of equities analysts have recently commented on the stock. CJS Securities began coverage on shares of Gentherm in a research report on Monday, September 14th. They issued an “outperform” rating and a $50.00 price target on the stock. Wall Street Zen downgraded shares of Gentherm from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Research lowered shares of Gentherm from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Weiss Ratings upgraded shares of Gentherm from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Gentherm from $48.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $44.17.
Get Our Latest Analysis on THRM
About Gentherm (Get Free Report)
Gentherm Incorporated (NASDAQ: THRM) develops and manufactures thermal management and comfort technologies for the automotive and medical industries. The company’s automotive products include heated and cooled seating systems, climate-controlled seats, heated steering wheels, seat ventilation, and other technologies designed to improve passenger comfort and manage temperature.
Gentherm also provides battery thermal management systems and related technologies that support the performance, efficiency, and safety of electrified vehicles.
Featured Articles Five stocks we like better than Gentherm Comfort Systems Earnings: AI Slowdown or More Growth Ahead? Bristol Myers Squibb’s Cancer Breakthrough Could Have Implications Beyond Its Own Stock 5 Beaten-Down Growth Stocks Trading Like Value Plays as Cash Chases Mega-Caps Anthropic’s IPO Filing Reveals a Massive Opportunity for AI Infrastructure Giants Receive News & Ratings for Gentherm Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gentherm and related companies with MarketBeat.com's FREE daily email newsletter.
Blume Capital Management Inc. raised its holdings in Comcast Corporation (NASDAQ:CMCSA – Free Report) by 30.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 524,840 shares of the cable giant’s stock after buying an additional 122,435 shares during the quarter. Comcast accounts for 1.7% of Blume Capital Management Inc.’s investment portfolio, making the stock its 22nd largest holding. Blume Capital Management Inc.’s holdings in Comcast were worth $11,421,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of America Corp DE raised its stake in Comcast by 10.2% during the 1st quarter. Bank of America Corp DE now owns 40,864,921 shares of the cable giant’s stock worth $1,173,232,000 after buying an additional 3,783,234 shares during the period. Dimensional Fund Advisors LP grew its stake in Comcast by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 29,461,308 shares of the cable giant’s stock valued at $845,919,000 after acquiring an additional 507,097 shares during the period. First Trust Advisors LP grew its stake in Comcast by 4.9% in the first quarter. First Trust Advisors LP now owns 13,592,149 shares of the cable giant’s stock valued at $390,231,000 after acquiring an additional 630,902 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Comcast by 824.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,616,490 shares of the cable giant’s stock valued at $333,509,000 after acquiring an additional 10,359,800 shares during the period. Finally, Swiss National Bank increased its holdings in shares of Comcast by 5.7% during the first quarter. Swiss National Bank now owns 10,666,200 shares of the cable giant’s stock valued at $306,227,000 after acquiring an additional 574,300 shares in the last quarter. 84.32% of the stock is currently owned by institutional investors.
Comcast Stock Performance Shares of CMCSA opened at $22.05 on Tuesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50 day moving average price of $23.80 and a two-hundred day moving average price of $26.24. The firm has a market capitalization of $78.25 billion, a P/E ratio of 6.98, a P/E/G ratio of 1.61 and a beta of 0.68. Comcast Corporation has a 52 week low of $20.48 and a 52 week high of $32.85.
Comcast (NASDAQ:CMCSA – Get Free Report) last posted its earnings results on Thursday, October 22nd. The cable giant reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.08. Comcast had a return on equity of 14.64% and a net margin of 9.20%. The company had revenue of $29.30 billion for the quarter, compared to analyst estimates of $29.22 billion. During the same quarter last year, the company earned $1.12 earnings per share. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. Equities analysts forecast that Comcast Corporation will post 3.52 earnings per share for the current fiscal year. Comcast Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 27th. Investors of record on Wednesday, January 6th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, January 6th. This represents a $1.32 annualized dividend and a yield of 6.0%. Comcast’s dividend payout ratio is 41.77%.
Trending Headlines about Comcast Here are the key news stories impacting Comcast this week:
Positive Sentiment: Third-quarter updates highlighted Peacock’s continued profitability and wireless customer growth. These gains, along with approximately 1% pro forma adjusted EBITDA growth, helped offset some weakness in the company’s connectivity businesses. Comcast Q3 2026 Earnings Call Highlights Positive Sentiment: Comcast’s latest reported quarter included adjusted earnings of $1.07 per share, ahead of the $0.99 consensus estimate, while revenue of $29.30 billion was slightly above expectations. The earnings beat provides some support for the stock’s valuation, although year-over-year revenue declined. Neutral Sentiment: Reported short interest was zero shares as of October 26, implying no measurable days-to-cover exposure. This suggests limited evidence of a significant short-selling buildup, but the unusual figure may warrant verification. Neutral Sentiment: Oppenheimer maintained a “hold” stance, while Comcast’s recent visibility among Zacks users reflects increased investor attention rather than a clear change in fundamentals. Oppenheimer Hold Rating Negative Sentiment: Broadband pressure remains the main concern: connectivity and platforms revenue fell 2.6%, and Comcast is experiencing widening broadband losses. Analysts are focused on whether Peacock and wireless growth can sustainably offset deterioration in the core cable business. Comcast Q3 Results Negative Sentiment: Freedom Broker cut its price target from $29 to $25 and assigned a “hold” rating. Although the revised target implies potential upside from the referenced price, the reduction signals less confidence in Comcast’s near-term recovery. TD Cowen has also issued a pessimistic forecast. Freedom Broker Comcast Rating Wall Street Analysts Forecast Growth A number of equities analysts have recently weighed in on the company. Scotiabank lowered their target price on Comcast from $29.00 to $27.50 and set a “sector perform” rating on the stock in a research report on Friday, October 2nd. Deutsche Bank Aktiengesellschaft raised shares of Comcast from a “hold” rating to a “buy” rating and reduced their price target for the company from $34.00 to $32.00 in a research report on Tuesday, June 30th. Royal Bank Of Canada set a $26.00 price target on shares of Comcast and gave the company a “sector perform” rating in a research note on Friday, July 24th. Morgan Stanley lowered their price objective on shares of Comcast from $29.00 to $27.00 and set an “equal weight” rating on the stock in a report on Friday, September 25th. Finally, Weiss Ratings downgraded shares of Comcast from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday. Eleven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $30.37.
Read Our Latest Research Report on Comcast
Comcast Company Profile (Free Report)
Comcast Corporation is a global media and communications company headquartered in Philadelphia, Pennsylvania. Founded in 1963 as American Cable Systems, the company grew through the expansion of cable television and broadband services and adopted the Comcast name in 1969.
Through its Connectivity & Platforms businesses, Comcast provides residential and business customers with broadband internet, video, voice, mobile and related services. Its Xfinity brand offers internet, television, streaming and wireless products in the United States, while Comcast Business serves commercial and enterprise customers with connectivity, communications and technology solutions.
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Společnost Brown & Brown ve třetím čtvrtletí zvýšila tržby meziročně o 7,4 % na 1,70 mld. USD, ale upravený zisk na akcii ve výši 1,07 USD i tržby zaostaly za očekáváním analytiků.
Citizens Financial Group Inc. RI grew its position in Brown & Brown, Inc. (NYSE:BRO – Free Report) by 492.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,495 shares of the financial services provider’s stock after purchasing an additional 36,158 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Brown & Brown were worth $2,900,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BRO. BlackRock Inc. bought a new stake in shares of Brown & Brown during the 2nd quarter valued at $1,418,571,000. Principal Financial Group Inc. raised its position in Brown & Brown by 1.6% during the first quarter. Principal Financial Group Inc. now owns 15,608,720 shares of the financial services provider’s stock valued at $1,017,847,000 after purchasing an additional 246,172 shares in the last quarter. Deutsche Bank AG bought a new stake in Brown & Brown during the second quarter worth $266,941,000. Bank of America Corp DE boosted its holdings in shares of Brown & Brown by 45.2% in the 1st quarter. Bank of America Corp DE now owns 3,623,179 shares of the financial services provider’s stock valued at $236,268,000 after purchasing an additional 1,128,417 shares in the last quarter. Finally, Royal Bank of Canada grew its position in Brown & Brown by 5.1% in the first quarter. Royal Bank of Canada now owns 3,569,784 shares of the financial services provider’s stock valued at $232,786,000 after acquiring an additional 173,320 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth BRO has been the topic of several research reports. Mizuho decreased their price target on shares of Brown & Brown from $83.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. The Goldman Sachs Group lifted their price target on Brown & Brown from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of Brown & Brown from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. BMO Capital Markets upped their price target on shares of Brown & Brown from $73.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 29th. Finally, Oppenheimer initiated coverage on shares of Brown & Brown in a research note on Wednesday, October 7th. They issued an “outperform” rating and a $73.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $76.00.
Get Our Latest Stock Report on BRO Key Headlines Impacting Brown & Brown Here are the key news stories impacting Brown & Brown this week:
Positive Sentiment: Third-quarter revenue increased 7.4% year over year to $1.725 billion, while net income attributable to Brown & Brown rose 5.7% to $240 million. Adjusted diluted EPS increased 1.9% to $1.07. Brown & Brown third-quarter results Positive Sentiment: For the first nine months, revenue grew 23.4% to $5.3 billion and net income increased 20.8% to $954 million, supported partly by the integration of approximately 5,000 employees from the Accession acquisition. Brown & Brown nine-month results Neutral Sentiment: Management said the company continued winning customers despite a challenging insurance-rate environment. Investors will look for additional detail during the October 27 conference call regarding organic growth, acquisition integration and the outlook. Negative Sentiment: Adjusted EPS of $1.07 fell short of the $1.08 consensus estimate, while revenue of $1.70 billion missed the $1.76 billion analyst forecast. Brown & Brown misses third-quarter estimates Negative Sentiment: Core organic revenue grew only 1.2%—1.5% including contingents—raising concerns that reported growth remains heavily dependent on acquisitions. Adjusted EBITDAC margin declined to 34.6% from 36.6%, and diluted GAAP EPS decreased 1.5% to $0.67. Brown & Brown organic growth and margin results Brown & Brown Stock Down 2.1% Brown & Brown stock opened at $71.44 on Tuesday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $23.90 billion, a PE ratio of 22.54, a PEG ratio of 2.27 and a beta of 0.60. The firm’s fifty day moving average is $67.25 and its 200 day moving average is $67.09. Brown & Brown, Inc. has a 12-month low of $53.81 and a 12-month high of $89.05.
Brown & Brown (NYSE:BRO – Get Free Report) last issued its earnings results on Monday, October 26th. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. The business’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, sell-side analysts predict that Brown & Brown, Inc. will post 4.49 EPS for the current fiscal year.
Brown & Brown Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, November 4th. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. This is a positive change from Brown & Brown’s previous quarterly dividend of $0.1650. Brown & Brown’s payout ratio is presently 20.82%.
Brown & Brown Profile (Free Report)
Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.
Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.
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Vertiv dokončil akvizici společnosti UtilityInnovation Group za zhruba 1,45 miliardy USD, čímž rozšířil svou nabídku pro datová centra o řízení mikrosítí a výrobu energie přímo v místě spotřeby.
~$1.45 billion acquisition expected to expand Vertiv's addressable opportunity in power-constrained data centers
UIG's proven team and proprietary technology add microgrid controls, onsite generation orchestration, microgrid-specific switchgear and behind-the-meter power architecture to Vertiv's portfolio
Extends Vertiv's power and cooling portfolio from grid interconnect to chip, independent of any single generation technology or supplier
, /PRNewswire/ -- Vertiv Holdings Co. (NYSE: VRT) ("Vertiv"), a global leader in critical digital infrastructure, today announced its wholly-owned subsidiary, Vertiv Corporation, has completed its acquisition of Utility Innovation Holdings, Inc., which operates as UtilityInnovation Group ("UIG") for approximately $1.45 billion in upfront cash. The transaction includes additional contingent consideration of up to $1.15 billion in cash based on achieving certain earnings before interest, taxes, depreciation and amortization ("EBITDA") targets over 12- and 24-month periods.
UIG is a leader in microgrid solutions, advanced power controls and behind-the-meter power architecture design for data centers. The acquisition extends Vertiv upstream to the grid interconnect, adding microgrid controls, onsite generation and energy storage orchestration, and behind-the-meter power architecture. These capabilities are expected to help data center operators secure power faster as grid constraints increasingly limit AI infrastructure deployment.
"We are pleased to welcome the UIG team to Vertiv," said Vertiv CEO Giordano Albertazzi. "As AI data center operators work to accelerate deployment in an increasingly power-constrained environment, access to power has become a critical competitive advantage. With UIG now part of Vertiv, we can extend our capabilities upstream to the utility interconnect and onsite power sources, creating a coordinated solution, from behind-the-meter power generation to chip, that helps customers achieve faster time to power without tying them to a single generation technology or supplier."
The Vertiv and UIG combination is expected to give customers greater flexibility in how they source, manage and scale power as data center requirements evolve by:
Accelerating access to power to ease or eliminate dependence on utility interconnection timelines,Enabling Behind the Meter (BTM) site capacity to scale beyond what the grid alone can provide, andProviding a single accountable relationship from grid interconnect through rack-level infrastructure."UIG is excited to advance its mission to solve the power constraints that are slowing AI data center development," said Sidney Hinton, Founder and CEO of UIG. "As part of Vertiv, we will be able to bring our microgrid and behind-the-meter power expertise to a broader set of customers globally, helping accelerate deployment of the critical infrastructure needed to support the growth of AI."
J.P. Morgan Securities LLC acted as financial advisor to Vertiv, and Buchanan Ingersoll & Rooney PC served as legal counsel. Morgan Stanley & Co. LLC acted as financial advisor to UIG, and Davis Polk & Wardwell LLP served as legal counsel.
For more information about Vertiv's end-to-end portfolio of power and thermal management systems, infrastructure solutions and lifecycle services, visit Vertiv.com.
About Vertiv Holdings Co.
Vertiv Holdings Co. (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers' vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today's data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com.
Category: Financial News
About UIG
Founded in 2020, UIG is headquartered in Raleigh, North Carolina, with European headquarters in Dublin, Ireland, and manufacturing operations in North Carolina and New Jersey. The company designs and delivers power systems that support real-time load and frequency balancing across behind-the-meter systems and utility-connected energy resources, helping address the power demands of AI data center workloads. Its solutions include proprietary controls software, customized microgrid switchgear and energy storage.
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to Vertiv's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Those risk factors and risks related to the transaction, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: the successful integration of UIG; expected expenses related to the integration; the possible diversion of management time on issues related to the integration; the ability of Vertiv to maintain relationships with customers and suppliers of UIG; the ability of Vertiv to retain management and key employees of UIG; and whether Vertiv would realize anticipated synergies and accretion contemplated by the acquisition. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
For investor inquiries, please contact:
Lynne Maxeiner
Vice President, Global Treasury & Investor Relations
Vertiv
E: [email protected]
For media inquiries, please contact:
Ruder Finn for Vertiv
E: [email protected]
Irský soud schválil přesun sídla společnosti Weatherford z Irska do Delaware; dokončení se očekává 13. listopadu 2026. Ticker WFRD na burze Nasdaq zůstane zachován.
HOUSTON, Oct. 27, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced that the High Court of Ireland has approved the previously announced scheme of arrangement through which the Company intends to change its legal domicile from Ireland to Delaware.
Weatherford expects to complete the redomestication on November 13, 2026, subject to the satisfaction of customary closing conditions. Upon completion, Weatherford International Corp, a Delaware corporation, will become the publicly traded parent company of the Weatherford group.
The redomestication will not change the Company’s operations, management, business strategy or headquarters. Weatherford’s shares are expected to continue trading on the Nasdaq Global Select Market under the ticker symbol “WFRD.”
Additional information regarding the redomestication is available in Weatherford’s filings with the U.S. Securities and Exchange Commission.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
Forward-Looking Statements
This release, as well as other statements we make, includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts, including statements about Weatherford’s beliefs, plans, estimates, or expectations, are forward-looking statements. Forward-looking statements often use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “plan,” “potential,” “should,” “target,” “will,” and other words of similar meaning. Such forward-looking statements include, but are not limited to, statements regarding the Redomestication, the related restructuring activities and the expected timing and financial implications. These statements are based on current beliefs, plans, estimates, and expectations, all of which involve risk and uncertainty. Actual results may differ materially from those included in such forward-looking statements and therefore you should not place undue reliance on them.
The factors that could cause actual results to differ materially from current expectations include, but are not limited to, our ability to satisfy the conditions to the Redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the Redomestication; the occurrence of difficulties in connection with the Redomestication, including any costs related thereto; the risk that the Redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the Redomestication; and the future financial performance of Weatherford following the Redomestication.
The foregoing factors are in addition to those other risks, uncertainties, and factors included in the “Risk Factors” section and elsewhere in Weatherford’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and other documents filed with the SEC. There may be other risks and uncertainties that we are not currently aware of or are unable to predict and which may also affect Weatherford’s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this communication are made only as of the date hereof or as of the dates indicated in the forward-looking statements and Weatherford undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
Hourglass Capital LLC bought a new stake in Paychex, Inc. (NASDAQ:PAYX – Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 58,635 shares of the business services provider’s stock, valued at approximately $5,776,000.
A number of other hedge funds also recently made changes to their positions in the business. Field & Main Bank bought a new stake in shares of Paychex during the second quarter valued at about $33,000. Leonteq Securities AG boosted its position in shares of Paychex by 2,669.2% in the first quarter. Leonteq Securities AG now owns 360 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 347 shares during the period. Castleark Management LLC bought a new position in shares of Paychex in the second quarter valued at approximately $35,000. Elevation Wealth Partners LLC boosted its position in shares of Paychex by 45.5% in the second quarter. Elevation Wealth Partners LLC now owns 400 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 125 shares during the period. Finally, Cornerstone Planning Group LLC grew its stake in Paychex by 62.5% during the first quarter. Cornerstone Planning Group LLC now owns 481 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 185 shares in the last quarter. 83.47% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades A number of analysts recently weighed in on the stock. Robert W. Baird decreased their target price on shares of Paychex from $125.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, September 28th. Morgan Stanley raised their price target on shares of Paychex from $107.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 30th. BMO Capital Markets reduced their price target on shares of Paychex from $118.00 to $113.00 and set a “market perform” rating for the company in a research report on Thursday, September 24th. Wells Fargo & Company boosted their price target on shares of Paychex from $95.00 to $111.00 and gave the company an “underweight” rating in a research report on Wednesday, September 9th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Paychex in a report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Paychex has a consensus rating of “Hold” and a consensus price target of $127.59.
Check Out Our Latest Stock Report on PAYX Paychex Price Performance Shares of NASDAQ:PAYX opened at $115.70 on Tuesday. The company’s fifty day moving average price is $113.83 and its 200-day moving average price is $103.64. The firm has a market capitalization of $41.19 billion, a price-to-earnings ratio of 20.97, a PEG ratio of 2.48 and a beta of 0.86. Paychex, Inc. has a one year low of $85.45 and a one year high of $127.98. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.28 and a quick ratio of 1.28.
Paychex (NASDAQ:PAYX – Get Free Report) last posted its quarterly earnings data on Wednesday, September 23rd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.02. Paychex had a net margin of 27.35% and a return on equity of 52.78%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm posted $1.22 EPS. The firm’s revenue was up 5.9% compared to the same quarter last year. Paychex has set its FY 2027 guidance at 5.896-6.006 EPS. On average, equities research analysts anticipate that Paychex, Inc. will post 5.96 earnings per share for the current fiscal year.
Paychex Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Monday, October 26th will be issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, October 26th. Paychex’s dividend payout ratio (DPR) is currently 94.44%.
Insiders Place Their Bets In other Paychex news, Director Joseph Velli sold 7,839 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $107.68, for a total value of $844,103.52. Following the completion of the sale, the director owned 81,725 shares of the company’s stock, valued at $8,800,148. This represents a 8.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is owned by insiders.
Paychex Company Profile (Free Report)
Paychex, Inc provides payroll, human resources and employee-benefits solutions to small and medium-sized businesses. Its offerings include payroll processing, tax administration, time and attendance management, recruiting, onboarding, human resources administration, compliance support and employee benefits services.
The company also provides retirement-plan services, insurance solutions and professional employer organization services. Through its software and outsourced services, Paychex helps employers manage workforce administration, employee data and regulatory requirements.
Paychex was founded in 1971 by B.
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Významný akcionář Nippon Life Insurance Co. koupil 22. října 246 440 akcií společnosti Corebridge Financial za 8 662 366 USD při průměrné ceně 35,15 USD za akcii.
Corebridge Financial, Inc. (NYSE:CRBG – Get Free Report) major shareholder Life Insurance Co Nippon bought 246,440 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The shares were bought at an average cost of $35.15 per share, for a total transaction of $8,662,366.00. Following the completion of the acquisition, the insider owned 130,667,106 shares of the company’s stock, valued at $4,592,948,775.90. This trade represents a 0.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Life Insurance Co Nippon also recently made the following trade(s):
On Wednesday, October 21st, Life Insurance Co Nippon bought 217,182 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.38 per share, with a total value of $7,683,899.16. On Tuesday, October 20th, Life Insurance Co Nippon acquired 193,357 shares of Corebridge Financial stock. The shares were acquired at an average cost of $35.01 per share, with a total value of $6,769,428.57. On Monday, October 19th, Life Insurance Co Nippon bought 162,024 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.51 per share, for a total transaction of $5,591,448.24. On Friday, October 16th, Life Insurance Co Nippon acquired 347,195 shares of Corebridge Financial stock. The shares were bought at an average cost of $34.71 per share, with a total value of $12,051,138.45. On Thursday, October 15th, Life Insurance Co Nippon acquired 510,873 shares of Corebridge Financial stock. The stock was acquired at an average price of $33.43 per share, with a total value of $17,078,484.39. On Wednesday, October 14th, Life Insurance Co Nippon purchased 602,103 shares of Corebridge Financial stock. The stock was bought at an average cost of $34.03 per share, for a total transaction of $20,489,565.09. On Tuesday, October 13th, Life Insurance Co Nippon purchased 253,776 shares of Corebridge Financial stock. The stock was acquired at an average price of $34.68 per share, for a total transaction of $8,800,951.68. On Monday, October 12th, Life Insurance Co Nippon purchased 143,190 shares of Corebridge Financial stock. The stock was bought at an average price of $34.49 per share, for a total transaction of $4,938,623.10. On Friday, October 9th, Life Insurance Co Nippon acquired 336,750 shares of Corebridge Financial stock. The stock was bought at an average price of $34.07 per share, with a total value of $11,473,072.50. On Thursday, October 8th, Life Insurance Co Nippon acquired 261,198 shares of Corebridge Financial stock. The stock was purchased at an average cost of $34.30 per share, with a total value of $8,959,091.40. Corebridge Financial Stock Performance NYSE CRBG opened at $34.68 on Tuesday. Corebridge Financial, Inc. has a 52-week low of $22.19 and a 52-week high of $35.64. The business’s 50-day moving average price is $33.92 and its 200 day moving average price is $29.73. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.14. The firm has a market cap of $15.46 billion, a P/E ratio of 7.85, a P/E/G ratio of 0.49 and a beta of 1.07.
Corebridge Financial (NYSE:CRBG – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.04. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.66 billion. Corebridge Financial had a net margin of 4.37% and a return on equity of 17.37%. During the same quarter in the prior year, the firm earned $1.36 EPS. On average, equities research analysts expect that Corebridge Financial, Inc. will post 4.59 earnings per share for the current year. Corebridge Financial Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Corebridge Financial’s dividend payout ratio (DPR) is presently 58.48%.
Institutional Investors Weigh In On Corebridge Financial Institutional investors and hedge funds have recently modified their holdings of the stock. Signaturefd LLC grew its stake in Corebridge Financial by 363.8% during the 3rd quarter. Signaturefd LLC now owns 4,643 shares of the company’s stock valued at $154,000 after purchasing an additional 3,642 shares in the last quarter. Yousif Capital Management LLC grew its stake in Corebridge Financial by 3.9% during the 3rd quarter. Yousif Capital Management LLC now owns 75,290 shares of the company’s stock worth $2,494,000 after buying an additional 2,849 shares during the last quarter. Root Financial Partners LLC acquired a new position in Corebridge Financial during the 3rd quarter valued at about $91,000. Net Worth Advisory Group grew its holdings in Corebridge Financial by 16.0% in the 3rd quarter. Net Worth Advisory Group now owns 8,323 shares of the company’s stock worth $280,000 after buying an additional 1,149 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in Corebridge Financial by 5.0% in the third quarter. State of Alaska Department of Revenue now owns 24,915 shares of the company’s stock worth $825,000 after purchasing an additional 1,196 shares during the period. Hedge funds and other institutional investors own 98.25% of the company’s stock.
Wall Street Analyst Weigh In Several analysts have issued reports on the stock. Weiss Ratings raised shares of Corebridge Financial from a “hold (c-)” rating to a “hold (c+)” rating in a report on Thursday, August 6th. UBS Group boosted their price objective on shares of Corebridge Financial from $32.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Barclays lifted their price objective on Corebridge Financial from $33.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Jefferies Financial Group lifted their price target on Corebridge Financial from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Piper Sandler upped their price target on shares of Corebridge Financial from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Corebridge Financial currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.
Get Our Latest Stock Analysis on Corebridge Financial
Corebridge Financial Company Profile (Get Free Report)
Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers and institutions through offerings designed to support retirement savings, income planning and financial protection.
Its products and services include individual and group retirement plans, annuities, life insurance and institutional retirement solutions. Corebridge also provides investment and administrative services associated with retirement plans, helping employers and employees manage long-term savings and retirement income needs.
Corebridge was established through the separation of American International Group’s (AIG) Life and Retirement business and began operating as an independent publicly traded company in 2022.
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