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WILMINGTON, Del., Oct. 01, 2026 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare, today announced its 2027 Medicare Advantage (MA) plan offerings, with a continued focus on PPO choice, affordable access to preventive care and meaningful member value. Clover’s Medicare Advantage model is powered by Clover Assistant (CA), which is designed to give physicians across Clover’s broad provider network access to relevant patient information to identify care needs and support better-informed clinical decisions.

Clover Health’s 2027 portfolio provides options for members with different healthcare needs and financial circumstances including:

$0 to low premium PPO with broad provider choice and no referrals required*$0 primary care physician (PCP) in-network copaysSome of the lowest specialist copays in the industry$0 lab services at preferred providersRoutine dental, vision, OTC and gym benefits across all plansUp to $400 in LiveHealthy Rewards for eligible healthy activitiesOptions that pair well with Extra Help/PAAD as well as an MA only planClover Assistant-powered care model, designed to help physicians identify care needs and make better-informed clinical decisions “Medicare Beneficiaries are once again navigating a market where plans are changing, choices can be harder to understand, and affordability matters more than ever,” said Jamie Reynoso, CEO of Medicare Advantage at Clover Health. “Our teams have been deliberate about protecting meaningful PPO choice and access to care for our members, and our ability to pair that flexibility and value with top-ranked clinical quality shows what this model can deliver even as others in the industry pull back.”

High-Choice PPO Access in a Changing MA Market
As MA organizations reassess plan footprints, benefits and distribution strategies, Clover continues to emphasize PPO choice and flexibility. For 2027, Clover will offer a commissionable $0-premium PPO, making it one of relatively few plans to offer this combination in its markets.

Top-Ranked Clinical Quality, Powered by Clover Assistant
Powered by Clover Assistant, Clover’s flagship PPO has ranked #1 nationally among PPO plans on core HEDIS clinical quality measures for two consecutive years, demonstrating the strength of a care model designed to surface relevant information for physicians to identify care needs and support better-informed clinical decisions.1

Clover’s locally focused strategy complements this model. Its 2027 geographic footprint remains consistent with 2026, with New Jersey and Georgia continuing as core markets where Clover is focused on deepening relationships among members, physicians and local healthcare resources.

The 2027 Annual Enrollment Period runs from October 15 through December 7, 2026. Clover Health plans will be available to 5.2 million Medicare-eligible beneficiaries within 203 counties across five states. Plans available based on location are available to view here.

About Clover Health:

Clover Health (Nasdaq: CLOV) is a physician enablement technology company committed to bringing access to great healthcare to everyone on Medicare. This includes a focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes through the early identification and management of chronic disease. For our members, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. For healthcare providers outside Clover Health's Medicare Advantage plan, we extend the benefits of our data-driven technology platform to a wider audience via our subsidiary, Counterpart Health, and aim to enable enhanced patient outcomes and reduced healthcare costs on a nationwide scale. Clover Health has published data demonstrating the technology’s impact on Medication Adherence, Congestive Heart Failure, Chronic Obstructive Pulmonary Disease, and in Underserved Populations as well as the earlier identification and management of Diabetes and Chronic Kidney Disease.

Investor Relations:
Ryan Schmidt
[email protected]

Press Inquiries:
[email protected]

*Out-of-network/non-contracted providers are under no obligation to treat Clover members, except in emergency situations.

Clover Health is a Preferred Provider Organization (PPO) and a Health Maintenance Organization (HMO) with a Medicare contract. Enrollment in Clover Health depends on contract renewal.

Y0129_26EX091_M

1 This analysis focuses on performance by non-SNP PPO plans with over 2,000 lives as of September 1, 2025 on HEDIS measures applicable to non-SNPs that were used for CMS’s MY 2024 Star ratings, applying the measure ranges used by CMS.

Chainlink [LINK] launched the Cross Chain Interoperability Protocol 2.0 recently, allowing institutions to have greater control over asset flows between chains. The launch coincided with tokenization, payments, and stablecoins gaining traction with institutions.

As it stands, there is increasing more demand for cross-chain infrastructure. Chainlink’s partnership with SWIFT gave it a bridge to TradFi too.

In other news, Grayscale bought 159,480 LINK valued at $2.36 million via its Chainlink ETF. The combined September purchases came to 629,100 LINK, worth around $8.3 million.

Bitwise filed a new SEC prospectus for its Chainlink ETF that would also allocate 20% of the fund’s holdings towards staking.

Hence, the question — Can the ETF news and the CCIP 2.0 launch catalyze a bullish price reaction?

LINK challenges December 2025 highs Source: LINK/USDT on TradingView Chainlink has shifted its weekly structure bullishly. The $10.87 swing level from May was breached in mid-August (green), and retested as support too. This retest was the launchpad for the move to the next key swing level at $15.01 (white).

A weekly session close above this swing level too would be an encouraging sight. The DMI indicator highlighted a strong uptrend in progress, in agreement with the weekly structure’s findings.

The RSI on this timeframe was not yet overbought, nor did it show any kind of bearish divergence yet. The OBV has also been recovering since July, showing steady buying pressure.

Overall, the odds of a bullink LINK recovery in the coming months seemed to be good. A price drop below $10.6 would be the first sign of trouble.

Traders’ call to action — Stay bullish Source: LINK/USDT on TradingView The 4-hour structure has been bullish. The retracement from $15.77 dropped from just under $14 and into a local demand zone that had formerly been a resistance in late August. So far, the bulls have defended this area.

Technically, a Chainlink retracement down to $12.85 may be possible, especially if Bitcoin [BTC] sees significant selling pressure and is forced to correct below $80K.

However, the H4 swing structure would be bullish so long as the price remains above $12.05. At the time of writing, the evidence showed that a price dip below $13.91 would be a buying opportunity.

Final Summary Chainlink CCIP 2.0 and steady institutional interest could catalyze a bullish Q4 for the altcoin. Higher timeframe price action was showing signs of recovery and was beginning to establish an uptrend.

, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the third quarter ended August 31, 2026 and reaffirmed its outlook for fiscal 2026.

Net Sales increased 17.4% in the third quarter and included a 0.9% favorable impact from currency. Organic sales growth was 1.9%. Gross profit margin in the third quarter expanded by 190 basis points versus prior year. Adjusted gross profit margin expanded by 180 basis points versus prior year. Operating income was $217 million in the third quarter compared to $289 million in the year-ago period. Adjusted operating income was $359 million compared to $294 million in the year-ago period. Earnings per share was $0.36 in the third quarter as compared to $0.84 in the year-ago period. Adjusted earnings per share was $0.86 as compared to $0.85 in the year-ago period. For fiscal year 2026, McCormick reaffirmed its net sales growth, adjusted operating income and adjusted earnings per share outlook. McCormick remains on track with integration planning for the proposed Unilever Foods combination and remains confident in delivering the expected strategic and financial benefits, including significant earnings per share accretion post-close. Chairman, President, and CEO's Remarks

Brendan M. Foley, Chairman, President, and CEO, stated, "Third quarter results demonstrate the resilience and differentiated performance of our flavor-focused business model in a dynamic operating environment. We delivered strong sales growth, including organic growth across our global flavor portfolio, while expanding our profit margins. Disciplined productivity initiatives helped offset rising input and freight costs, supporting margin expansion and enabling continued investment in our brands to drive long-term profitable growth. Overall, performance reflected solid base business contribution and accretion from the McCormick de Mexico acquisition, where we have substantially completed its integration."

"Looking ahead, our enhanced margin profile and operational discipline position us to continue investing in our brands, capabilities, and innovation to support organic sales growth and drive long-term shareholder value creation. Our advantaged categories combined with our strong year-to-date performance, including solid organic growth, margin expansion, and robust cash flow, give us confidence in our ability to deliver on our 2026 outlook."

"We remain confident in the strategic benefits of the proposed combination with Unilever Foods and have made substantial progress on integration planning. We have established the future leadership team and operating model, mobilized cross-functional resources, and developed detailed plans to support business continuity and planned synergy delivery post-close."

"Finally, I want to recognize the engagement of our employees. Their focus, collaboration, and commitment to serving consumers and customers continue to support our differentiated performance. I also want to acknowledge the teams executing our standalone priorities, as well as those serving on the Integration Team, who are advancing the planning needed to prepare for the proposed Unilever Foods combination. I am grateful for their contributions, which continue to strengthen and sustain our Power of People culture."

Third Quarter 2026 Results

Sales Metrics

Third Quarter 2026

As Reported

Organic(1)

Acquisition

Constant Currency

% Change

Volume/ Mix

Price

% Change

% Change

% Change

Total Net Sales

17.4 %

(0.3) %

2.2 %

1.9 %

14.6 %

16.5 %

Total Consumer

24.9 %

(1.1) %

2.2 %

1.1 %

23.2 %

24.3 %

Americas

31.7 %

(2.5) %

2.2 %

(0.3) %

32.1 %

31.8 %

EMEA

5.2 %

2.0 %

3.0 %

5.0 %

— %

5.0 %

APAC

10.7 %

4.1 %

0.3 %

4.4 %

— %

4.4 %

Total Flavor Solutions

7.7 %

0.8 %

2.2 %

3.0 %

3.4 %

6.4 %

Americas

8.4 %

(0.1) %

2.8 %

2.7 %

4.9 %

7.6 %

EMEA

1.6 %

(1.0) %

2.2 %

1.2 %

— %

1.2 %

APAC

14.2 %

10.0 %

(1.7) %

8.3 %

— %

8.3 %

(1) Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency.

Profitability Metrics

Third Quarter 2026

(in millions except per share data)

As Reported

Adjusted

Q3 2026

vs. 2025

Q3 2026

vs. 2025

Gross profit

$  794.9

23.2 %

$  794.9

23.0 %

Gross profit margin

39.3 %

190 bps

39.3 %

180 bps

Operating income

$  217.0

(24.8) %

$  358.5

22.1 %

Operating income margin

10.7 %

 (600) bps

17.7 %

70 bps

Net income attributable to McCormick

$    97.6

(56.7) %

$  231.7

1.1 %

Earnings per share - diluted

$    0.36

(57.1) %

$    0.86

1.2 %

Third Quarter 2026 Results

Net sales increased 17% in the third quarter compared to the year-ago period and included a 1% favorable impact from currency. Sales from McCormick de Mexico contributed 14% to the sales increase. Organic sales increased 2%, driven by price.

Consumer segment net sales increased 25% from the third quarter of 2025 to $1,215 million including a 23% contribution from McCormick de Mexico and a 1% favorable impact from currency. Organic sales increased 1%, driven by a 2% increase from price partially offset by a 1% decline in volume and product mix. Flavor Solutions segment net sales increased 8% from the third quarter of 2025 to $809 million and included a 1% favorable impact from currency and 4% contribution from McCormick de Mexico. Organic sales increased 3%, driven by a 2% increase in price and a 1% increase in volume and product mix. Gross profit for the third quarter increased by $150 million from the comparable period in 2025. Gross profit margin expanded 190 basis points versus the third quarter of last year. Excluding special charges in the prior year period, gross profit margin expanded by 180 basis points versus the third quarter last year. The expansion was driven by contribution from the acquisition of McCormick de Mexico, higher sales, and cost savings led by the Company's Comprehensive Continuous Improvement (CCI) program, partially offset by higher commodity and freight costs.

Operating income was $217 million in the third quarter of 2026 compared to $289 million in the third quarter of 2025. Excluding special charges, adjusted operating income was $359 million compared to $294 million in the year-ago period. Adjusted operating income increased 22% from the year-ago period, including a 1% favorable impact from currency. In constant currency, adjusted operating income increased 21% driven by higher gross profit, cost savings led by the CCI program, including selling, general and administrative (SG&A) streamlining initiatives, partially offset by higher SG&A expenses primarily due to acquisition related increases, as well as increased brand marketing investments and technology investments.

Consumer segment operating income, excluding special charges, increased 24% in the third quarter of 2026 compared to the year-ago period to $241 million, or 24% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in brand marketing and technology. Flavor Solutions segment operating income, excluding special charges, increased 18% in the third quarter of 2026 compared to the year-ago period to $117 million, or 16% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in technology. Earnings per share was $0.36 in the third quarter of 2026 compared to $0.84 in the third quarter of 2025. Special charges, including transaction and integration costs and a non-cash impairment charge related to non-core long-lived assets1, lowered diluted earnings per share by $0.50. Excluding special charges, adjusted earnings per share was $0.86 in the third quarter of 2026 compared to $0.85 in the third quarter of 2025. The increase was primarily attributable to higher adjusted operating income, partially offset by a higher tax rate and higher interest expense.

1 Reflect a noncash impairment charge of approximately $43.1 million and exit costs of $1.8 million, related to a decision to cease operations of a development-stage pepper sourcing project in Malaysia.

Fiscal Year 2026 Financial Outlook

McCormick's fiscal 2026 outlook continues to reflect the Company's prioritized investments in key categories to sustain its volume trends and drive long-term profitable growth while appreciating the uncertainty of the consumer and macro environment, including global trade policies and the conflict in the Middle East. The Company's CCI program is continuing to fuel growth investments while also driving operating margin expansion. Lastly, the outlook reflects meaningful contributions from the acquisition of a controlling interest in McCormick de Mexico, which closed on January 2, 2026.

Current Guide(1)

October 2026

Reported

Constant Currency

Net sales growth

13% to 17%

12% to 16%

Contribution from acquisition of McCormick de Mexico

11% to 13%

11% to 13%

Organic sales growth(2)

---

1% to 3%

Adjusted operating income

16% to 20%

15% to 19%

Adjusted Earnings per share (EPS)

$3.05 to $3.13

2% to 5%

1% to 4%

(1)

Amounts are rounded with percentages calculated from the underlying amounts

(2)

Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency.

Current Guide - Expectations

Net Sales:

Total volumes expected to be stable with increased pricing benefits relative to the prior year. Adjusted Operating Income:

Adjusted gross margin is expected to expand by 100 to 120 basis points from 2025. Favorable impacts from organic sales growth, McCormick de Mexico accretion, and the Company's CCI program. The benefit of the IEEPA tariff refund, recognized primarily in the second quarter of 2026, will be offset with increased inflationary costs, including costs related to the Middle East conflict, as well as continued investments in business growth. The increase in SG&A reflects continued investment in brand marketing, technology, and other growth initiatives, as well as the build back of incentive compensation. In addition, SG&A is expected to benefit from the Company's CCI program, inclusive of streamlining initiatives. Adjusted Earnings per Share:

Adjusted operating income growth partially offset by: Tax rate of approximately 24.0% vs. 21.5% in 2025. Higher net interest expense, primarily associated with the McCormick de Mexico transaction. Income from unconsolidated operations no longer reflects ownership interest in McCormick de Mexico subsequent to the January 2026 acquisition. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results in the Company's financial statements from the date of acquisition. Income attributable to noncontrolling interest reflects elimination of the 25% minority interest in McCormick de Mexico Net Income attributable to Grupo Herdez. The Company expects foreign currency rates to favorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 1%.

For fiscal 2026, the Company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.

The Company's outlook for 2026 adjusted operating income and adjusted earnings per share are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results. The Company does not provide guidance on a GAAP basis as it cannot predict certain items included in GAAP results such as special charges, including transaction and integration expenses.

McCormick's Proposed Combination with Unilever Foods

In March 2026, the Company announced the agreement to combine McCormick with Unilever's Foods business, excluding India and other excluded businesses1 to create a preeminent global flavor-focused company operating in attractive, high-growth categories, with approximately $20 billion in fiscal year 2025 revenue2 and a 21% operating margin and strong cash flow generation. The transaction is expected to be accretive to McCormick's net sales growth rate, operating margin, and adjusted EPS with mid- to high-single-digit adjusted EPS accretion anticipated within the first twelve months post-close and mid-to high-teens accretion expected in Year 3.

The combined company is expected to realize approximately $600 million of annual run-rate cost synergies, net of growth reinvestments and potential dis-synergies, with approximately two-thirds expected to be achieved by Year 2 post-close. The Company also expects to identify approximately $100 million of incremental cost and revenue synergies that will be reinvested to further support growth. Cost synergies are expected to be driven primarily by SG&A, procurement, and manufacturing and logistics efficiencies.

Integration planning remains on track. McCormick has announced the planned future operating model and leadership team, established a dedicated Integration Management Office, and mobilized 20 cross-functional teams comprising more than 200 employees from McCormick and Unilever Foods. Detailed bottom-up Day 1 planning has identified a clear pipeline of quantified initiatives, supported by defined actions, ownership, timing, and resources. The companies have also established global transition service agreements designed to support business continuity from Day 1 and facilitate a phased exit over approximately two years following close. Lastly, McCormick continues to advance the regulatory approval process, with filings submitted on schedule across jurisdictions.

The transaction is expected to close by mid-2027, subject to customary closing conditions and regulatory approvals.

1 Transaction excludes Unilever's food business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; its Lipton Ready-to-Drink business; and certain other excluded businesses.

2 Combined sales figure represents McCormick's net sales for the fiscal year ended November 30, 2025, including McCormick de Mexico, and Unilever Foods' net sales for the fiscal year ended December 31, 2025. Unilever Foods' financials based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124.

Non-GAAP Financial Measures

The following tables include financial measures of organic net sales, adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income, and adjusted diluted earnings per share. These represent non-GAAP financial measures which are prepared as a complement to our financial results prepared in accordance with United States generally accepted accounting principles. These financial measures exclude the impact, as applicable, of the following:

Special charges - Special charges consist of expenses and income associated with certain actions undertaken by us to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee. Expenses associated with the approved actions are classified as special charges upon recognition and monitored on an ongoing basis through completion. Included in special charges are transaction and integration costs incurred in conjunction with acquisitions and impairments of long-lived assets. Gain on remeasurement of previously held equity interest - On January 2, 2026, we completed the acquisition of an additional 25% ownership interest in McCormick de Mexico which increased our ownership to a 75% controlling interest. Prior to the acquisition of the additional ownership interest, we accounted for our 50% ownership interest as an equity method investment. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results. As a result of the consolidation, the carrying value of our previously held 50% ownership interest was remeasured to fair value resulting in a gain. We believe that these non-GAAP financial measures are important. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.

These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP; however, they should not be viewed as a substitute for, or superior to, GAAP results. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, as they may calculate them differently than we do. We intend to continue providing these non-GAAP financial measures as part of our future earnings discussions, ensuring consistency in our financial reporting.

A reconciliation of these non-GAAP financial measures to the related GAAP financial measures follows:

(in millions except per share data)

Three Months Ended

Nine Months Ended

8/31/2026

8/31/2025

8/31/2026

8/31/2025

Gross profit

$       794.9

$       645.1

$    2,282.0

$    1,871.9

Impact of Special charges included in cost of goods sold

—

1.0

15.0

1.0

Adjusted gross profit

$       794.9

$       646.1

$    2,297.0

$    1,872.9

Gross profit margin(1)

39.3 %

37.4 %

39.1 %

37.5 %

Impact of Special charges(1)

— %

0.1 %

0.3 %

— %

Adjusted gross profit margin(1)

39.3 %

37.5 %

39.4 %

37.5 %

Operating income

$       217.0

$       288.7

$       720.9

$       759.7

Impact of Special charges

141.5

4.9

241.6

17.7

Adjusted operating income

358.5

293.6

962.5

777.4

Operating income margin(2)

10.7 %

16.7 %

12.4 %

15.2 %

Impact of Special charges(2)

7.0 %

0.3 %

4.1 %

0.4 %

Adjusted operating income margin(2)

17.7 %

17.0 %

16.5 %

15.6 %

Income tax expense

$        49.9

$        39.3

$       162.1

$       130.2

Impact of Special charges

19.8

1.3

30.7

4.3

Adjusted income tax expense

$        69.7

$        40.6

$       192.8

$       134.5

Income tax rate(3)

32.3 %

15.9 %

29.0 %

20.4 %

Impact of Special charges

(9.7) %

0.2 %

(5.5) %

0.1 %

Adjusted income tax rate(3)

22.6 %

16.1 %

23.5 %

20.5 %

Net income attributable to McCormick & Company

$        97.6

$       225.5

$    1,263.9

$       562.8

Impact of Special charges, net of non-controlling interest(4)(5)

134.1

3.6

227.4

13.4

Gain on remeasurement of previously held equity interest

—

—

(866.8)

—

Adjusted net income

$       231.7

$       229.1

$       624.5

$       576.2

Earnings per share – diluted

$        0.36

$        0.84

$        4.69

$        2.09

Impact of Special charges

0.50

0.01

0.85

0.05

Gain on remeasurement of previously held equity interest

—

—

(3.22)

—

Adjusted earnings per share – diluted

$        0.86

$        0.85

$        2.32

$        2.14

(1)

Gross profit margin, impact of special charges, and adjusted gross profit margin are calculated as gross profit, impact of special charges, and adjusted gross profit as a percentage of net sales for each period presented. The impact of special charges included in cost of goods sold represents the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold.

(2)

Operating income margin, impact of special charges, and adjusted operating income margin are calculated as operating income, impact of special charges, and adjusted operating income as a percentage of net sales for each period presented.

(3)

Income tax rate is calculated as income tax expense as a percentage of income from consolidated operations before income taxes. Adjusted income tax rate is calculated as adjusted income tax expense as a percentage of income from consolidated operations before income taxes excluding special charges of $308.4 million and $252.8 million for the three months ended August 31, 2026 and 2025, respectively, and $820.5 million and $656.7 million for the nine months ended August 31, 2026 and 2025, respectively.

(4)

The impact of special charges, net of noncontrolling interests, for the nine months ended August 31, 2026 includes a $2.6 million non-controlling interest effect associated with the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold.

(5)

The impact of special charges, net of noncontrolling interests, for the three and nine months ended August 31, 2026 includes a net income impact of $12.4 million and $19.2 million, respectively, related to transaction expenses included in interest expense.

Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes can be volatile. The exclusion of the effects of foreign currency exchange, or what we refer to as amounts expressed "on a constant currency basis," is a non-GAAP measure. We believe that this non-GAAP measure provides additional information that enables enhanced comparison to prior periods excluding the translation effects of changes in rates of foreign currency exchange and provides additional insight into the underlying performance of our operations located outside of the U.S. It should be noted that our presentation herein of amounts and percentage changes on a constant currency basis does not exclude the impact of foreign currency transaction gains and losses (that is, the impact of transactions denominated in other than the local currency of any of our subsidiaries in their local currency reported results).

We provide organic net sales growth rates for our consolidated net sales and segment net sales. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, and divestitures, as applicable, have on year-to-year comparability. A reconciliation of these measures from reported net sales growth rates, the relevant GAAP measures, are included in the tables set forth below.

Percentage changes in sales and adjusted operating income expressed on a constant currency basis are presented excluding the impact of foreign currency exchange. To present this information for historical periods, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the comparative year, rather than at the actual average exchange rates in effect during the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the comparative year.

Rates of constant currency and organic growth (decline) follow:

Three Months Ended August 31, 2026

Percentage
change as
reported

Impact of
foreign
currency
exchange

Percentage
change on
constant
currency
basis

Impact of
acquisition

Percentage
change on an
organic basis

Total Net Sales

17.4 %

0.9 %

16.5 %

14.6 %

1.9 %

Total Consumer

24.9 %

0.6 %

24.3 %

23.2 %

1.1 %

Americas

31.7 %

(0.1) %

31.8 %

32.1 %

(0.3) %

EMEA

5.2 %

0.2 %

5.0 %

— %

5.0 %

APAC

10.7 %

6.3 %

4.4 %

— %

4.4 %

Total Flavor Solutions

7.7 %

1.3 %

6.4 %

3.4 %

3.0 %

Americas

8.4 %

0.8 %

7.6 %

4.9 %

2.7 %

EMEA

1.6 %

0.4 %

1.2 %

— %

1.2 %

APAC

14.2 %

5.9 %

8.3 %

— %

8.3 %

Nine Months Ended August 31, 2026

Percentage
change as
reported

Impact of
foreign
currency
exchange

Percentage
change on
constant
currency
basis

Impact of
acquisition

Percentage
change on an
organic basis

Total Net Sales

16.9 %

2.2 %

14.7 %

13.1 %

1.6 %

Total Consumer

24.1 %

2.0 %

22.1 %

20.9 %

1.2 %

Americas

30.0 %

0.1 %

29.9 %

29.7 %

0.2 %

EMEA

10.5 %

6.5 %

4.0 %

— %

4.0 %

APAC

8.9 %

5.8 %

3.1 %

— %

3.1 %

Total Flavor Solutions

7.6 %

2.5 %

5.1 %

3.0 %

2.1 %

Americas

8.2 %

1.6 %

6.6 %

4.2 %

2.4 %

EMEA

4.6 %

4.2 %

0.4 %

— %

0.4 %

APAC

9.1 %

5.9 %

3.2 %

— %

3.2 %

Three Months Ended August 31, 2026

Percentage change
as reported

Impact of foreign
currency exchange

Percentage change on
constant currency
basis

Adjusted operating income:

Consumer segment

24.4 %

0.6 %

23.8 %

Flavor Solutions segment

17.6 %

2.2 %

15.4 %

Total adjusted operating income

22.1 %

1.2 %

20.9 %

Nine Months Ended August 31, 2026

Percentage change
as reported

Impact of foreign
currency exchange

Percentage change on
constant currency
basis

Adjusted operating income:

Consumer segment

26.5 %

1.4 %

25.1 %

Flavor Solutions segment

18.9 %

3.7 %

15.2 %

Total adjusted operating income

23.8 %

2.2 %

21.6 %

To present the percentage change in projected 2026 net sales, adjusted operating income, and adjusted earnings per share (diluted) on a constant currency basis, the projected 2026 results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the actual exchange rates in effect for each month during 2025. These 2026 figures are then compared to our actual results for 2025. This determines what 2026 results would be if currency exchange rates had not changed from 2025.

Projections for the Year Ending
November 30, 2026

Percentage change in net sales

13% to 17%

Impact of favorable foreign currency exchange

1 %

Percentage change in net sales in constant currency

12% to 16%

Impact of acquisition

11% to 13%

Percentage change in organic net sales

1% to 3%

Percentage change in adjusted operating income

16% to 20%

Impact of favorable foreign currency exchange

1 %

Percentage change in adjusted operating income in constant currency

15% to 19%

Percentage change in adjusted earnings per share - diluted

2% to 5%

Impact of favorable foreign currency exchange

1 %

Percentage change in adjusted earnings per share in constant currency - diluted

1% to 4%

Live Webcast

As previously announced, McCormick will hold a conference call with analysts today at 8:00 a.m. ET. A live audio webcast of the call along with the accompanying presentation materials will be available on the McCormick website, ir.mccormick.com.

Forward-Looking Information

Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, including transaction and integration expenses, mergers, acquisitions, divestitures, brand marketing support, volume and product mix, income tax expense, tariff-related matters, and the impact of foreign currency rates are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "intend," "believe," "plan," and similar expressions. These statements may relate to: the anticipated benefits and timing of, and our plans, strategies and objectives relating to, the pending transaction with Unilever Foods, including: the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the pending transaction, including changes in relevant tax and other applicable laws; the possibility of failure to obtain necessary regulatory approvals, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the pending transaction; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, and business and management strategies could impact the value or expected benefit of, timing or pursuit of the pending transaction; the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business prior to closing, including the anticipated timing required to complete the separation, any adjustment to the terms of the separation and any changes to the configuration of the businesses included in the separation if implemented; the financing of the pending transaction, including with respect to the Bridge Facility, the Term Loan Facility, and any other subsequent financing; the effectiveness of a registration statement on Form S-4 and our receipt of shareholder approval for the pending transaction and certain related matters; the anticipated ownership percentages of McCormick shareholders, Unilever shareholders and Unilever following the closing of the pending transaction; the effect of the announcement or pendency of the pending transaction on Unilever Foods' or our business relationships, competition, business, financial condition and operating results; our ability to successfully integrate Unilever Foods' operations and the implementation of and compliance with plans, agreements, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the pending transaction; our ability to manage additional debt and successfully de-lever following the transaction; general economic and industry conditions, including consumer spending rates, recessions, interest rates, and availability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact of brand marketing support, product innovation, and customer, channel, category, heat platform, and e-commerce expansion; the expected results of operations of businesses acquired, including the additional 25% ownership interest in McCormick de Mexico; expected trends in net sales, earnings performance, and other financial measures; the expected impact of pricing actions on our results of operations, including our sales volume and mix as well as gross margins; the expected impact of the inflationary cost environment on our business; the anticipated effects of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources such as raw materials, packaging, labor, and transportation; the potential impact of trade policies, including tariffs; the potential impact of legal challenges to U.S. tariffs, tariff refunds, and the timing and anticipated benefits thereof; the expected impact of productivity improvements, including those associated with our CCI program and the Global Business Services operating model initiative; the ability to identify, attract, hire, retain, and develop qualified personnel and the next generation of leaders; the impact of ongoing or future geopolitical conflicts, including those between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption, in particular related to fuel and freight prices; expected working capital improvements; the anticipated timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (ERP) system; the expected impact of accounting pronouncements; expectations regarding pension and postretirement plan contributions and anticipated charges associated with those plans; the holding period and market risks associated with financial instruments; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable payments of interest, repayment of short- and long-term debt, working capital needs, planned capital expenditures, quarterly dividends, and our ability to obtain additional short- and long-term financing or issue additional debt securities; and expectations regarding purchasing shares of our common stock under the existing repurchase authorization.

These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Actual results may be materially affected by factors that are beyond McCormick's and Unilever's control such as: the Company's ability to drive revenue growth; the Company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the Company's reputation or brand name; loss of brand relevance; increased private label use; the Company's ability to offset cost pressures or business impacts related to trade policies such as tariffs, including relating to tariff refunds; the Company's ability to drive productivity improvements, including those related to our CCI program and other streamlining actions; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand; business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the Company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of changing political and geopolitical conditions, including the ongoing conflicts between Russia and Ukraine and the war/conflict in the Middle East, and the potential for broader economic disruption; government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses; global economic and financial conditions generally, availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of the amount of our outstanding indebtedness and related level of debt service as well as the effects that such debt service may have on the Company's ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; impairments of indefinite-lived intangible assets; assumptions we have made regarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the Company's information technology systems, including the threat of data breaches and cyber-attacks; the Company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws, including interpretations and assumptions we have made, and guidance that may be issued, and volatility in our effective tax rate; climate change; sustainability matters; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the Company's inability to achieve expected and/or needed cost savings or margin improvements; negative employee relations; risks related to the pending transaction with Unilever Foods, including: direct transaction costs and substantial transition and integration-related costs associated with the pending transaction; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction, and the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; the failure to obtain necessary regulatory approvals or any required financing, or to satisfy any of the other conditions to the proposed transaction; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies could adversely impact the value or expected benefit of, timing or pursuit of the proposed transaction; the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business prior to closing; uncertainties as to access to available financing to consummate the proposed transaction upon acceptable terms and on a timely basis or at all; the failure to obtain the effectiveness of a registration statement on Form S-4 or our receipt of shareholder approval for the transaction; the effect of the announcement or pendency of the transaction on our or Unilever Foods' business relationships, competition, business, financial condition and operating results, including risks that the transaction disrupts current plans and operations of us or Unilever Foods; our or Unilever Foods' ability to retain and hire key personnel, risks related to diverting either management team's attention from ongoing business operations, and risks associated with third-party contracts containing consent and/or other provisions that may be triggered by the proposed transaction; our ability to successfully integrate Unilever Foods' operations and the implementation of and compliance with plans, agreements, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the proposed transaction; our ability to manage additional debt and successfully de-lever following the proposed transaction; the outcome of any legal proceedings that may be instituted against us or Unilever Foods related to the proposed transaction; and other risks as described herein under Part II, Item 1A "Risk Factors—Risks Related to the Proposed Transaction"; and other risks described in the Company's filings with the Securities and Exchange Commission.

Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

About McCormick 

McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.

To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.

For information contact:

Investor Relations:
Faten Freiha - [email protected]

Global Communications:
Jill Marvin - [email protected]

(Financial tables follow)

Third Quarter Report

McCormick & Company, Incorporated

Consolidated Income Statement (Unaudited)

(in millions except per share data)

Three months ended

Nine months ended

August 31,
2026

August 31,
2025

August 31,
2026

August 31,
2025

Net sales

$       2,024.8

$       1,724.9

$      5,835.3

$        4,989.9

Cost of goods sold

1,229.9

1,079.8

3,553.3

3,118.0

Gross profit

794.9

645.1

2,282.0

1,871.9

Selling, general and administrative expense

436.4

352.5

1,334.5

1,095.5

Special charges

141.5

3.9

226.6

16.7

Operating income

217.0

288.7

720.9

759.7

Interest expense

68.4

50.2

178.4

149.7

Other income, net

5.9

9.4

17.2

29.0

Income from consolidated operations before income taxes

154.5

247.9

559.7

639.0

Income tax expense

49.9

39.3

162.1

130.2

Net income from consolidated operations

104.6

208.6

397.6

508.8

Income from unconsolidated operations

3.0

19.1

892.5

58.3

Net income

107.6

227.7

1,290.1

567.1

Net income attributable to noncontrolling interests

10.0

2.2

26.2

4.3

Net income attributable to McCormick & Company

$           97.6

$          225.5

$      1,263.9

$          562.8

Earnings per share – basic

$           0.36

$           0.84

$          4.70

$           2.10

Earnings per share – diluted

$           0.36

$           0.84

$          4.69

$           2.09

Average shares outstanding – basic

269.3

268.6

269.1

268.5

Average shares outstanding – diluted

269.4

269.3

269.3

269.4

Cash dividends paid per share – voting and non-voting

$           0.48

$           0.45

$          1.44

$           1.35

Third Quarter Report

McCormick & Company, Incorporated

Consolidated Balance Sheet (Unaudited)

(in millions)

August 31, 2026

November 30, 2025

ASSETS

Cash and cash equivalents

$              331.1

$                95.9

Trade accounts receivable, net of allowances

831.5

628.9

Inventories, net

1,446.1

1,272.0

Prepaid expenses and other current assets

296.1

141.3

Total current assets

2,904.8

2,138.1

Property, plant and equipment, net

1,537.7

1,448.8

Goodwill

6,303.9

5,301.3

Intangible assets, net

4,958.9

3,293.1

Other long-term assets

945.3

1,019.1

Total assets

$          16,650.6

$           13,200.4

LIABILITIES AND SHAREHOLDERS' EQUITY

Short-term borrowings and current portion of long-term debt

$            2,112.1

$               890.5

Trade accounts payable

1,481.3

1,259.4

Other accrued liabilities

826.6

912.3

Total current liabilities

4,420.0

3,062.2

Long-term debt

2,906.1

3,105.8

Deferred taxes

1,323.0

835.8

Other long-term liabilities

414.4

428.5

Total liabilities

9,063.5

7,432.3

Shareholders' equity

Common stock

580.3

582.4

Common stock non-voting

1,749.5

1,700.8

Retained earnings

4,811.5

3,816.4

Accumulated other comprehensive loss

(138.0)

(363.1)

Total McCormick & Company shareholders' equity

7,003.3

5,736.5

Non-controlling interests

583.8

31.6

Total shareholders' equity

7,587.1

5,768.1

Total liabilities and shareholders' equity

$          16,650.6

$           13,200.4

Third Quarter Report

McCormick & Company, Incorporated

Consolidated Cash Flow Statement (Unaudited)

(in millions)

Nine months ended

August 31, 2026

August 31, 2025

Operating activities

Net income

$             1,290.1

$                567.1

Adjustments to reconcile net income to net cash flow provided by operating activities:

Depreciation and amortization

213.1

172.1

Stock-based compensation

34.5

37.3

Amortization of inventory fair value adjustments associated with acquisition

15.0

—

Asset impairments included in special charges

43.1

—

Deferred income tax benefit

(21.8)

(15.8)

Income from unconsolidated operations

(25.7)

(58.3)

Gain on remeasurement of previously held equity interest

(866.8)

—

Changes in operating assets and liabilities (net of effect of businesses acquired)

Trade accounts receivable

10.2

(51.9)

Inventories

(44.6)

(26.0)

Trade accounts payable

(9.8)

(62.5)

Other assets and liabilities

(55.3)

(181.2)

Dividends from unconsolidated affiliates

16.8

39.4

Net cash flow provided by operating activities

598.8

420.2

Investing activities

Acquisition of business, net of cash acquired

(729.9)

(34.1)

Capital expenditures (including software)

(131.2)

(138.1)

Net cash flow used in investing activities

(861.1)

(172.2)

Financing activities

Short-term borrowings, net

958.8

13.2

Long-term debt borrowings (net of debt issuance costs of $1.1)

498.3

2.4

Debt financing fees paid

(75.0)

—

Long-term debt repayments

(506.7)

(15.7)

Proceeds from exercised stock options

23.9

15.1

Taxes withheld and paid on employee stock awards

(11.9)

(13.2)

Common stock acquired by purchase

(10.9)

(29.2)

Dividends paid

(387.0)

(362.2)

Dividends paid to joint venture partners

(20.8)

—

Other financing activities

21.6

11.3

Net cash flow provided by (used in) financing activities

490.3

(378.3)

Effect of exchange rate changes on cash and cash equivalents

7.2

39.1

Increase (decrease) in cash and cash equivalents

235.2

(91.2)

Cash and cash equivalents at beginning of period

95.9

186.1

Cash and cash equivalents at end of period

$               331.1

$                 94.9

SOURCE McCormick & Company, Incorporated

Zcash holders have approved $8.39 million in retroactive grants for completed work, including $1.5 million tied to the researcher who uncovered the critical Orchard vulnerability during an AI-assisted security audit.

Summary

Zcash holders approved $8.39 million in retroactive grants, funding 17 of 37 proposals this quarter. Zcash holders approved $1.5 million for Taylor Hornby after his discovery of Orchard’s critical vulnerability. Coinholder participation reached 2.18 million ZEC, representing 10.4% of Zcash’s fixed 21 million coin supply. ZEC trades near $1,407 after September’s rally as short-term momentum cools below recent highs. One whale withdrew 2,000 ZEC from Binance, taking its main wallet near $66 million. OpenZcash shows that 17 of 37 proposals in the Q3 2026 Coinholder-Directed Retroactive Grants round were funded, representing 93.1% of the $9.01 million requested. The largest single vote involved roughly 2.18 million ZEC, equal to 10.4% of Zcash’s maximum 21 million supply.

Zcash co-founder Zooko Wilcox wrote on Oct. 1 that the grants rewarded people who worked on the network during this year’s security crisis. He described the vote as evidence for Zcash’s system of coinholder-directed funding and governance, though his assessment of the model’s strength represents his own view.

Zcash just gave away more than $8m in retroactive grants, including millions of dollars of retroactive grants to a lot of people who selflessly worked to protect all users during the AI bug crisis this year.

But that’s not even the best thing about what just happened… ⤵️ pic.twitter.com/yRtVUvkt5y

— zooko🛡🦓🦓🦓 ⓩ (@zooko) October 1, 2026 Zcash holders approved $1.5M for the Orchard bug discovery Among the largest approvals were two $750,000 grants tied to Taylor Hornby’s discovery of the Orchard counterfeiting vulnerability. One covered the original bug bounty, while a second community nomination increased the total award to $1.5 million.

Shielded Labs disclosed in June that Hornby found the flaw on May 29 while reviewing Orchard with traditional security techniques and Anthropic’s Opus 4.8 model. The bug affected Orchard’s zero-knowledge proof circuit and could have allowed an attacker to create counterfeit ZEC inside the shielded pool without leaving an obvious onchain trace.

Hornby immediately disclosed the issue to Zcash Open Development Lab engineers. Developers, miners, exchanges and infrastructure providers then coordinated an emergency response.

The Zcash Foundation said the network first temporarily disabled Orchard transactions before activating NU6.2 with a corrected circuit. Its analysis found no evidence of unauthorized value creation, and Zcash’s total supply remained intact under the network’s turnstile accounting.

The $1.5 million approval is retroactive compensation for the completed security work. Large grants still pass through the program’s administration process, which includes compliance checks for awards above $50,000 before keyholders coordinate payouts.

Security work took most of the largest grants The Q3 vote extended well beyond Hornby’s bounty. Several of the largest funded proposals covered security research, audits, protocol development and work completed during Zcash’s response to vulnerabilities earlier this year.

Coinholders approved $1.95 million for ZODL’s Q1 and Q2 core protocol development and $1.203 million for ValarGroup’s Ironwood work. A further $738,942 went toward formal verification of the Ironwood zk-SNARK circuit, while $599,000 covered external audit costs.

Other funded security work included $425,000 covering five critical Zebra consensus-divergence vulnerabilities, a $400,000 award connected with a temporary detectable unlimited-mint-and-sell exploit, and a $150,000 Zebra vulnerability bounty.

Ironwood itself followed the Orchard incident. The Zcash Foundation released Zebra 6.0.0 in July with support for the NU6.3 Ironwood upgrade, which introduced a new shielded pool using Orchard’s Action and Halo2 proof system while maintaining separate accounting data.

Coinholders did not approve every request. Twenty proposals were rejected or otherwise failed to receive funding, while the approved projects captured most of the dollars because the largest security and protocol-development proposals received strong support.

Coinholders directly decided where the money goes The grant system pays for work after it has already been completed. Funding comes from the Coinholder-Controlled Fund established through Zcash’s network funding structure.

Under the current rules, at least 420,000 ZEC must participate in a proposal for the vote to qualify. A simple majority then determines approval, excluding abstentions from the majority calculation.

Shielded Labs and the Zcash Foundation act as keyholders for the fund’s 2-of-3 multisignature arrangement. They process approved payments but retain limited veto powers defined by the program, including legal grounds. They cannot reverse a proposal rejected by coinholders.

Participation increased sharply this quarter. OpenZcash records the largest Q3 vote at approximately 2.18 million ZEC, compared with around 500,608 ZEC during Q1. Q2 voting was postponed after the Orchard vulnerability, pushing several proposals into the Q3 round.

Zooko said the round involved Valar, ZODL, Vizor, the Financial Privacy Foundation and coinholders voting privately with billions of dollars in ZEC. His claim that the process proves Zcash is “capture-resistant” is an interpretation of the governance outcome, not a measurable property established by the vote.

The next grant round is scheduled to accept proposals from Oct. 30 through Nov. 13, followed by a review period and voting from Dec. 17 through Dec. 29.

How is Zcash price doing after the grants vote? Zcash is trading near $1,407 at the time of research, with CoinGecko showing a 24-hour range between roughly $1,382 and $1,458. ZEC remains below the $1,600-$1,700 area reached during its September rally but far above the levels seen before the month’s breakout.

The daily chart supplied for this analysis places the 14-day RSI at 55.45, below its moving average near 64.49. Momentum has therefore cooled from the overbought readings reached during the rally, although RSI remains above the neutral 50 level.

Zcash (ZEC) price chart, source: TradingView MACD is weaker in the short term. The MACD line stands around 120.13 compared with a signal line near 153.14, leaving the histogram negative at roughly -33.01. The configuration points to fading bullish momentum while ZEC consolidates below its September highs.

The pullback follows a strong run that carried ZEC above $1,600 late last month. In recent analysis of Zcash’s leverage reset, open interest on one major derivatives venue fell quickly as price retreated, showing traders reducing exposure after the rally.

Onchain Lens reported that a whale withdrew another 2,000 ZEC, worth roughly $2.82 million at the time, from Binance through two wallets before consolidating the coins into a primary address. The tracker put that wallet’s ZEC holdings near $66.19 million.

Exchange withdrawals alone do not show whether a holder intends to keep or later sell the coins. The transaction nevertheless occurred while ZEC was consolidating below recent highs.

WHALE ACCUMULATES $66M WORTH OF ZEC

A whale withdrew 2K $ZEC (~$2.82M) from Binance across two wallets, then consolidated the funds into its main accumulation wallet.

The main wallet now holds ~$66.19M worth of $ZEC. pic.twitter.com/nQ8aUNTMOq

— Onchain Lens (@OnchainLens) September 30, 2026 Trader that1618guy wrote that ZEC was testing its daily 21-day EMA for the first time since August after climbing from above $400 to around $1,700. The analyst identified the 55-day EMA, then near $1,100, as a deeper area to watch if the correction extends.

At current levels, $1,400 remains the nearest price area for buyers to defend, while a recovery toward $1,500-$1,600 would return ZEC toward the zone where sellers emerged during September. The current RSI and MACD readings show the rally has cooled, but neither indicator by itself confirms that Zcash’s larger uptrend has ended.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The Department of War altered the dynamics of the aerospace sector on Sept. 29, awarding Boeing NYSE: BA a full-scale development contract for the Navy's F/A-XX sixth-generation fighter. Investors reacted immediately, bidding Boeing shares up about 2% in premarket trading on Sept. 30. While the initial price action reflects optimism, the broader shift requires a closer look.

Boeing Today

$186.27 -1.41 (-0.75%)

As of 09/30/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$176.77▼

$254.3580.64

$270.95

Securing this $20 billion contract effectively cements Boeing's dominant position in America's next-generation air defense platforms. The F/A-XX award covers multiple test aircraft used for ground, airworthiness, systems, and weapons integration testing.

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Production jets intended to replace the F/A-18E/F Super Hornets remain years away, so the immediate impact is largely tied to long-cycle engineering. As we move from the initial headline shock, investors evaluating the award should assess how recent liquidity improvements position Boeing to meet these operational demands.

Controlling the Skies: The Sixth-Generation Fighter MonopolyWinning the F/A-XX development phase is not an isolated victory for Boeing. It directly follows the 2025 award of the Air Force's F-47 program. Controlling both primary sixth-generation fighter pipelines locks out competitors and consolidates future spending under a single prime contractor for decades.

Understanding how defense sector contracts work clarifies why this dynamic matters. The Department of War typically structures these programs in distinct phases. This initial $20 billion allocation strictly covers the engineering, manufacturing, and development stages. Contractors assume the greatest risk during this period, designing systems that meet classified requirements for maneuverability and payload. Profit margins tend to remain narrow as teams build prototype test aircraft.

The larger financial opportunity arrives later, during the production and sustainment phases. Defense analysts project the U.S. military needs at least 500 sixth-generation fighters to counter Pacific-theater headwinds and replace aging fourth-generation fleets.

By capturing both the Air Force and Navy development contracts, Boeing has positioned itself as a strong candidate to win the eventual production pipeline. Operating as the sole provider of future strike fighters would expand its total addressable market well into the 2030s and 2040s, providing a highly predictable, recurring revenue stream once the platforms reach operational capability.

Landing Gear Deployed: Liquidity Mitigates Engineering RiskSkeptics might point to recent execution problems within Boeing's Defense, Space & Security segment. The division posted a negative 0.2% operating margin in the second quarter of 2026. Fixed-price development contracts have also cost Boeing billions in recent years, with major charges tied to programs like the VC-25B, KC-46A, and T-7A. Adding a second sixth-generation fighter program introduces complex, parallel engineering risks that could theoretically strain internal resources.

The balance sheet currently tells a more stable story. Boeing's second-quarter 2026 earnings delivered a positive free cash flow of $631 million on $24.6 billion in revenue. This unforecasted liquidity provides the operational runway required to absorb the heavy initial research burn of long-cycle aerospace platforms. Positive cash generation acts as a shock absorber, allowing management to deploy capital toward advanced manufacturing facilities without taking on more debt.

Backed by a defense backlog exceeding $85 billion, Boeing possesses the internal capital needed to sustain dual fighter development. Capitalizing on this backlog while maintaining free cash flow limits the probability of severe margin compression. Boeing is positioned to dominate future air defense pipelines while sidelining its primary competitors in the fighter space.

Flying Below the Radar: Why Northrop Grumman's Dip Is NoiseThe F/A-XX announcement triggered a roughly 4% decline for Northrop Grumman NYSE: NOC. Markets often treat major defense bids as binary outcomes, penalizing the losing finalist. However, this specific sell-off misinterprets the reality of defense backlogs and operational capacity. Northrop Grumman lost a contract it never actually held, leaving its forward revenue guidance and existing financial baselines uninterrupted.

Northrop Grumman Today

NOC

Northrop Grumman

$484.26 -20.35 (-4.03%)

As of 09/30/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

$479.02▼

$774.002.04%

15.38

$658.29

The primary driver of near-term operations for Northrop Grumman is accelerating physical production on established, locked-in programs. Total backlog reached a record $105 billion in mid-2026, anchored heavily by the B-21 Raider and the Sentinel system. A recent book-to-bill ratio of 1.84x demonstrates sustained institutional demand.

To support this expansion, capital expenditures are rising to about $1.85 billion as physical production capacity scales. With specialized engineering talent heavily constrained across the broader aerospace sector, avoiding another early-stage development program could be an operational tailwind. Management can direct all internal resources to execute the active backlog and navigate the short-term margin compression associated with early B-21 production ramps.

Scanning the Horizon: What Investors Should Watch NextThe $20 billion contract strengthens Boeing's market positioning, but immediate financial results depend entirely on execution. Investors monitoring upcoming quarterly earnings calls should focus on specific segment metrics rather than broad top-line revenue beats.

For Boeing, key indicators are operating margins in the defense segment and whether new charges tie to existing platforms. Because the Department of War explicitly defines this phase as procuring test aircraft, reliable production-stage margin realization will not materialize until the next decade. The core investment thesis centers on identifying how efficiently management shields free cash flow while ramping up specialized engineering capacity.

From here, investors evaluating Boeing's stock will be watching execution, focusing on balance sheet health and cash flow consistency as these next-generation programs evolve from classified blueprints to active test flights.

Should You Invest $1,000 in Boeing Right Now?Before you consider Boeing, you'll want to hear this.

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 | Source: Wave Life Sciences USA, Inc.

Following meeting with FDA, Wave plans for a single, two-year registrational trial, with a one-year interim analysis for potential accelerated approval based on AATD biomarkers

WVE-006 (RNA editing) has potential to offer the AATD community a new standard-of-care treatment to protect the liver and lung with a safe and convenient therapy

CAMBRIDGE, Mass., Oct. 01, 2026 (GLOBE NEWSWIRE) -- Wave Life Sciences, Inc. (Nasdaq: WVE), a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health, today announced alignment with the U.S. Food and Drug Administration (FDA) on key aspects of its planned registrational pathway for WVE-006, an investigational GalNAc-RNA editing oligonucleotide for the treatment of alpha-1 antitrypsin deficiency (AATD). Following the company’s FDA meeting, planning is underway for a two-year registrational trial to support potential full approval, with a one-year interim analysis to support potential accelerated approval based on AATD biomarkers. Additionally, the FDA supports the use of Wave’s current LC-MS assay to measure M-AAT (wild-type) and Z-AAT (mutant) protein for the WVE-006 registrational program.

“A registrational trial design that offers an efficient path to full approval, without the need for a separate confirmatory trial, is advantageous as we work to bring WVE-006 to the ~200,000 individuals living with Pi*ZZ AATD in the U.S. and Europe. Our discussions with key opinion leaders underscore the high unmet need and burden of the current standard of care, IV augmentation therapy, which may leave patients with depleted AAT levels during lung exacerbations, and does not address the risk of liver disease. WVE-006 avoids the irreversible bystander edits, indels and other off-target edits associated with DNA base editing. With the potential to address both lung and liver AATD with infrequent subcutaneous dosing and a favorable safety profile, we believe WVE-006 could meaningfully improve patients’ quality of life and offer a comprehensive treatment approach,” said Christopher Wright, MD, PhD, Chief Medical Officer at Wave Life Sciences.

WVE-006 is being evaluated in the ongoing Phase 1b/2a RestorAATion-2 open-label clinical trial in individuals with AATD who have the homozygous Pi*ZZ mutation, and Wave is on track to share data from the 600 mg (monthly) multidose cohort in the fourth quarter of 2026. WVE-006 continues to be generally safe and well tolerated with no liver toxicities.

About WVE-006
WVE-006 is a GalNAc-conjugated, subcutaneously delivered, A-to-I RNA editing oligonucleotide (AIMer) that was developed with Wave’s best-in-class oligonucleotide chemistry platform. By correcting the single RNA base mutation associated with the Pi*ZZ genotype, WVE-006 is designed to deliver a comprehensive treatment approach for AATD by producing healthy, wild-type M-AAT, decreasing unhealthy, mutant Z-AAT aggregates in liver, and dynamically increasing AAT, a protein responsible for protecting lungs against ongoing damage.

About Alpha-1 Antitrypsin Deficiency (AATD)
AATD can manifest as both lung and liver disease. It is a rare, inherited genetic disorder caused by a G-to-A point mutation in the SERPINA1 gene, referred to as the Z allele. Approximately 200,000 people in the U.S. and Europe are homozygous for the Z allele. In healthy individuals, wild-type, M-AAT protects the lung from proteolytic and inflammatory damage, particularly during exacerbations. In AATD, instead of wild-type, functional M-AAT traveling through the bloodstream to the lungs, mutant Z-AAT protein tends to get trapped in the liver and causes a lack of functional AAT in the lungs. Further, Pi*ZZ individuals have a reduced capacity to produce incremental AAT protein during an acute phase response. Together, these effects can lead to progressive lung disease, including chronic obstructive pulmonary disease (COPD) and early-onset emphysema, as well as liver disease, including fibrosis, cirrhosis, and hepatocellular carcinoma.

About Wave Life Sciences
Wave Life Sciences (Nasdaq: WVE) is a biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health. Wave’s PRISM® platform combines multiple RNA medicine modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Its toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), provides Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s pipeline is focused on its obesity (WVE-007), alpha-1 antitrypsin deficiency (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs in Duchenne muscular dystrophy and Huntington’s disease, as well as several preclinical programs utilizing the company’s versatile RNA medicines platform. Driven by the calling to “Reimagine Possible,” Wave is leading the charge toward a world in which human potential is no longer hindered by the burden of disease. Wave is headquartered in Cambridge, MA. For more information on Wave’s science, pipeline and people, please visit www.wavelifesciences.com and follow Wave on X and LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, our plans for an efficient registrational trial; our understanding of the anticipated therapeutic benefits of WVE-006 as a therapy for AATD and the potential to address both lung and liver manifestations of the disease; WVE-006’s advantages in avoiding irreversible bystander edits, indels and other off-target edits associated with DNA base editing; our estimates of the AATD patient population that may benefit from WVE-006; our understanding of the dose levels and dosing frequency for WVE-006; our plans and estimated timing to share additional data from the RestorAATion-2 trial; our understanding of the safety profile of WVE-006. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release and actual results may differ materially from those indicated by these forward-looking statements as a result of these risks, uncertainties and important factors, including, without limitation, the risks and uncertainties described in the section entitled “Risk Factors” in Wave’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), as amended, and in other filings Wave makes with the SEC from time to time. Wave undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Contact:
Kate Rausch
VP, Corporate Affairs and Investor Relations
+1 617-949-4827

Investors:
James Salierno
Director, Investor Relations
+1 617-949-4043
[email protected]

Media:
Katie Sullivan
Senior Director, Corporate Communications
+1 617-949-2936
[email protected]

Ethereum-based wallet provider MetaMask has proactively exited non-custodial staking operations.

In a statement on the 1st of October, the firm said it was responding to a “security incident” that impacted part of its infrastructure. But it did not share more details on the nature or scope of the impact. 

However, the firm assured that it has “identified no immediate threat to MetaMask wallets.”

Source: X Separately, Lido, one of the MetaMask partners, confirmed the validator exit and projected that the exercise could end by the 7th of October. The Lido staking provider assured that the incident does not affect users or their operations. 

Lido Protocol’s diverse Node Operator set and other security systems, including the ad hoc reserve fund (of over 6,750 stETH), are designed to contain and mitigate disruptions.

Normal resumption of operations by MetaMask staking is expected in the next 45 days due to a long validator entry queue. It’s worth noting that Lido controls 29% of staked ETH, but the amount staked by MetaMask alone isn’t publicly disclosed. 

Will MetaMask contain the DeFi contagion risk? Following the update, on-chain data showed that Joseph Lubin, founder of ConsenSys, the firm behind MetaMask, moved 133K ETH. It’s unclear whether it was tied to the incident. 

Speaking on the MetaMask incident, Stani Kulechov, Aave CEO, clarified that the lending protocol was not facing any contagion risk.  

We’re keeping an eye on this situation alongside Lido. No impact to Aave markets, and everything is operating normally.

For his part, Guy Young, founder of Ethena, assured USDe investors that there was no risk exposure to Lido assets. 

We are aware of the situation. USDe backing assets do not currently include any direct exposure to stETH or any other liquid staking tokens. No expected impact on Ethena.

In other words, the incident may not affect MetaMask wallets, but it could be far-reaching. In fact, security analysts compared the compromise to last year’s Kiln incident that affected back-end node infrastructure. 

Kiln was forced to take its validators offline to contain the risk but suffered a $41M loss. 

Crypto hacks have surged in 2026. It remains to be seen whether MetaMask’s precaution of taking its validators offline will help minimize a potential full-blown contagion risk. 

That said, MetaMask has evolved into an integrated wallet offering staking, perps trading, prediction markets, tokenized securities trading, and more. Its perps volume has increased by 2x to $1.6B in Q3. 

Source: DeFiLlama Final Summary MetaMask has taken some of its validators offline to contain an infrastructure security risk. Aave, Ethena, and Lido have assured that user funds are safe and that private keys weren’t compromised.

, /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the "Company") today announced that it has established an at-the-market equity offering program (the "ATM Program") to sell shares of its common stock having an aggregate sales price of up to $225,000,000, from time to time through either the Managers (as defined below) or the Forward Sellers (as defined below) (including the shares that may be sold pursuant to forward sale agreements, the "Shares").

The Shares will be offered under the Company's existing shelf registration statement on Form S-3 (File No.: 333-299198) filed with the Securities and Exchange Commission (the "SEC"). The offering is being made by means of a prospectus supplement to the prospectus contained in the registration statement. Sales of the Shares may be made in transactions deemed to be "at-the-market offerings," as defined in Rule 415 under the Securities Act of 1933, as amended, including by sales made directly on or through the New York Stock Exchange. For sales pursuant to a forward sale agreement, the relevant Forward Purchaser will, at the Company's request, attempt to borrow from third parties and, through the relevant Forward Seller, sell a number of Shares equal to the number of Shares that underlie the forward sale agreement to hedge such forward sale agreement.

Chesapeake Utilities intends to use the proceeds from the sales, if any, of the Shares for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt or borrowings under its revolving credit facility, financing acquisitions, investing in subsidiaries and general working capital purposes.

The Company established the ATM Program pursuant to an equity distribution agreement entered into with Barclays Capital Inc., Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC, as managers (in such capacity, each a "Manager" and, together, the "Managers"), Barclays Bank PLC, Citizens JMP Securities, LLC, Morgan Stanley & Co. LLC, Royal Bank of Canada and The Toronto-Dominion Bank, as forward purchasers (in such capacity, each a "Forward Purchaser" and, together, the "Forward Purchasers"), and Barclays Capital Inc., Citizens JMP Securities, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC, as affiliated forward sellers (in such capacity, each a "Forward Seller" and, together, the "Forward Sellers").

Before making an investment in the Shares, potential investors should read the prospectus and the prospectus supplement for more complete information about Chesapeake Utilities and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement may be obtained free of charge from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at [email protected].  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. 

Forward-Looking Statements
Matters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2025 Annual Report on Form 10-K and subsequent reports filed with the SEC for further information on the risks and uncertainties related to the Company's forward-looking statements.

Chesapeake Utilities Corporation Contacts:

Noah T. Russell
Assistant Vice President and Treasurer
302.387.9147
[email protected]

Lucia Dempsey
Head of Investor Relations
347.804.9067
[email protected]

SOURCE Chesapeake Utilities Corporation

Constellation Energy runs the largest nuclear fleet in the country, guidance keeps climbing, and yet the stock sits near a 52-week low. One Wall Street analyst sees a very specific path back to all-time highs, but it hinges entirely on…

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Constellation Energy (NASDAQ:CEG | CEG Price Prediction) currently trades at $254.02. Wall Street’s average price target is $347.28, which puts the stock 36.7% below where analysts think it should be.

Constellation runs the largest nuclear fleet in the country. After closing the Calpine deal, it has 55 GW of capacity across nuclear, natural gas, geothermal and battery storage. Wall Street likes it because AI data centers need carbon-free power around the clock, and Constellation has more of that power to sell than anyone else. (We picked five ways to play the nuclear restart, utilities and fuel suppliers included, in a free report here.)

Management keeps raising guidance while the stock keeps falling.

Guidance Went Up and the Stock Went Down Grid rule uncertainty and a messy second quarter drove the decline. Shares have fallen 27.77% this year from $351.68. Adjusted EPS of $2.55 beat the $2.33 consensus, but revenue of $7.50B missed. Operating income fell 39.01% and planned refueling outage days rose to 86 from 41.

PJM hasn’t settled rules for connecting large loads and co-located data centers. Management expects a FERC order in the first to second quarter of 2027. In Texas, new batteries are reaching the grid before data-center demand, weakening ERCOT pricing. The stock has dropped 7.55% over the past month.

Scotiabank’s Street-High Target Points to Nearly 74% Upside Andrew Weisel at Scotiabank has the highest target at $441, meaning 73.6% upside. He points to Constellation’s lead in selling nuclear power to hyperscalers, the restart of Crane Clean Energy Center, and tighter PJM capacity markets.

Crane is scheduled to restart in 2027 with a $1B DOE loan guarantee and 20-year Microsoft PPA. Constellation has signed 920 megawatts of new nuclear contracts averaging 18 and a half years. PJM’s 2028/2029 capacity auction cleared at $325/MW-day. Management guides to base EPS growth of 20%+ through 2029. The CEO expects contracting to speed up once rules are settled: “Deal flow will kick off with a bit of a bang.”

Of 22 analysts, 19 rate the stock Buy or Strong Buy and 3 rate it Hold. BMO lowered its target but kept an Outperform rating, naming PJM and ERCOT as key issues. Estimate revisions for 2026 EPS ran 14 up versus 2 down over 30 days.

Revisions to 2027 estimates were split, with 7 up and 9 down. Management says new contracts won’t move 2029 earnings much and hasn’t disclosed pricing. This target depends on regulators acting on schedule.

Vistra (NYSE:VST) is down 13.85% this year at $138.36. Its average target of $217.58 meaning 57.3% upside. Analysts have 19 Buy or Strong Buy ratings and 1 Strong Sell.

Constellation’s consensus upside trails Vistra’s. The 74% case depends on a single bullish analyst.

Constellation Has Lagged a Rising S&P 500 All Year Constellation is down 27.77% this year, while the S&P 500 is up 11.81%. Over one year, the stock is down 22.37% and the index is up 14.46%. At $254.02, the stock is close to its 52-week low of $228.28. Its average target of $347.28 meaning 36.7% upside.

The stock trades at about 21x forward earnings. Management’s 2026 EPS guidance is $11.50 to $12.50.

Constellation’s Upside Depends on Regulators The outlook improves if PJM and FERC settle co-location rules by mid-2027, Crane restarts on time, and hyperscaler contracts speed up. With $2.8B left in buyback authorization, the company can support EPS while investors wait.

The bear case gains weight if the regulatory process drags, ERCOT stays oversupplied, or the Illinois ZEC program ending in May 2027 hurts more than expected. A stock at 21x forward earnings could keep losing ground.

The core business is improving and guidance is rising. The consensus target is more realistic than Scotiabank’s $441.

Contact [email protected] for any questions or corrections.

Vistra has shed nearly 30% while Wall Street analysts keep raising their price targets, creating a gap that one top analyst thinks is worth 115% upside. The catch sits inside two words that management itself flagged as a problem: ERCOT…

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Vistra (NYSE:VST | VST Price Prediction) trades at $138.36. The average analyst price target is $217.58, which implies about 57% upside to where Wall Street thinks it belongs.

Vistra is a Texas-based independent power producer. It runs nuclear, natural gas and solar plants in ERCOT and PJM. AI hyperscalers want round-the-clock baseload power, and Vistra has signed with them: 20-year Meta (NASDAQ:META) PPAs covering 2,600+ MW and a 1,200 MW AWS deal at Comanche Peak.

The most bullish analyst sees far more upside than consensus. Scotiabank’s Andrew Weisel holds a Street-high $298.00 target with a Sector Outperform rating. That implies about 115% upside. When even the consensus gap tops 40%, investors need to know which side has it right.

Cheaper Texas Power Knocked Down Vistra’s 2027 Outlook The biggest problem is falling ERCOT forward prices. On the second-quarter call, management said 2027 ERCOT curves were “meaningfully lower”. It added that higher PJM prices and hedging “don’t fully offset the ERCOT headwind.” Vistra now expects to land near the lower end of its 2027 range of $7.40 billion to $7.80 billion. Texas prices have averaged $30 a megawatt hour, and CEO Jim Burke said directly that “$30 is not going to get new stuff built.”

The stock traded lower at each earnings report: $176.96 at the fourth-quarter report, $159.64 at the first-quarter report, and $143.87 at the second-quarter report. Texas regulators are reviewing the large-load interconnection queue, which management expects to pause for a few months. Unrealized hedging losses of $472M pulled net income to $305M, even as Adjusted EBITDA rose more than 30% to $1.77B.

Analysts Are Looking Past ERCOT to Meta, Cogentrix and Helix Scotiabank’s thesis rests on three elements: hyperscaler PPAs at nuclear and gas plants, wider spark spreads and higher capacity prices in ERCOT and PJM, and Energy Harbor synergies funding buybacks. The second pillar runs into what management itself says about Texas today.

The 2027 numbers still leave out two catalysts. CFO Chris Moldovan said Cogentrix and the Meta PPAs could add “roughly $700 million to our midpoint opportunity.” FERC has approved the Cogentrix deal, which brings a ~5,500 MW gas portfolio. Vistra is also the preferred power provider for Helix, a joint venture with NVIDIA and KKR, and has committed up to $1.0B. Buybacks have reduced the share count by ~30%, with ~$1.2B left on the authorization.

Analysts remain bullish. Four rate the stock Strong Buy, 15 rate it Buy, none rate it Hold or Sell, and one rates it Strong Sell. Their estimates tell a softer story than their ratings. The 2027 EPS consensus has fallen to $10.3811 from $11.3019 60 days ago, with six downward revisions and zero upward revisions in the past 30 days. The next test comes on the third-quarter call, when management will update guidance.

Every Big Power Producer Fell, and NRG Fell Hardest Constellation Energy (NASDAQ:CEG) is down 22.37% over the year. At $254.02 against a $347.28 target, it has about 37% upside, less than Vistra. Analysts hold 19 bullish ratings and 3 Holds.

NRG Energy (NYSE:NRG) dropped 40.21%. At $95.67 against a $188.56 target, implied upside is about 97%. It has 13 bullish ratings and 3 Holds.

Talen Energy (NASDAQ:TLN) is off 26.49%. At $312.69 against $460.59, it offers about 47% upside, which is also below Vistra’s.

NRG has the largest implied upside in the group. Vistra comes second, with cleaner contracted growth and investment-grade credit. Price targets are estimates and no guarantee.

A 29% Slide While the S&P 500 Gained 14% Vistra trades at $138.36, and 20 analysts set an average target of $217.58, about 57% above the current price. The shares are down 28.96% over the past year and 13.85% year to date. Over the same periods, the S&P 500 rose 14.48% and 11.84%.

The stock sits below both its 50-day average of $144.91 and its 200-day average of $155.39. It trades at a forward P/E of 13, a low multiple for a company with 20-year contracts with tech giants.

I Lean Toward Vistra, but Texas Prices Have to Turn Things look more bullish if Cogentrix closes smoothly, Meta PPAs add to EBITDA in 2027, and Texas data-center load connects to the grid. If all three happen, the about $700 million in extra EBITDA becomes real and the consensus target looks reachable. The bear case gains ground if ERCOT prices stay near $30 and the queue review delays projects past 2027. Falling estimates would then drag targets down to meet the stock.

I lean bullish. At 13 times forward earnings, with large contracted deals and continued buybacks, the market is pricing in a lot of bad news. I’d treat Scotiabank’s $298 as the best-case scenario, though, and the consensus target as the more realistic one.

Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP) ("CenterPoint" or the "Company") today announced that it has successfully completed the previously announced $2.62 billion sale of its Ohio natural gas Local Distribution Company (LDC) business, Vectren Energy Delivery of Ohio, LLC, to National Fuel Gas Company (NYSE: NFG), which is headquartered in Western New York. The assets include approximately 5,900 miles of gas transmission and distribution pipeline serving approximately 335,000 metered customers in West Central Ohio.

The transaction received all required federal and state approvals necessary to complete the sale, including the completion of a review by the Public Utilities Commission of Ohio. National Fuel will immediately assume responsibility for serving CenterPoint's former Ohio natural gas customers.

"I would like to thank our Ohio natural gas employees and the many team members who support this business for their continued dedication to safety, customer service and operational excellence. Their commitment has helped build a strong local natural gas utility that has reliably served customers and communities across West Central Ohio for decades. We are committed to a smooth transition with National Fuel Gas for our Ohio customers," said CenterPoint Chair and Chief Executive Officer Jason Wells.

"We remain focused on executing our long-term strategy and investing in the electric and natural gas systems that serve the customers and communities across our core utility footprint. The proceeds from this transaction will help support the efficient funding of our $66.7 billion, 10-year capital plan and our continued efforts to enhance the resiliency and reliability or our infrastructure and facilitate economic growth during one of the most dynamic periods in our industry's history while helping keep bills as low as possible," Wells concluded.

CenterPoint has previously stated that proceeds from the transaction will support investments across its focused regulated utility footprint.

About CenterPoint Energy, Inc.
 As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve nearly 7 million metered customers in Indiana, Minnesota and Texas. As of June 30, 2026, the Company owned approximately $48.3 billion in assets. With approximately 8,800 employees, CenterPoint and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

Forward-Looking Statements

This news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by us and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, the execution of the Company's long-term strategy and capital plan, including planned investments in its electric and natural gas systems and associated benefits therefrom, use of proceeds from the transaction, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this news release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to (1) business strategies and strategic initiatives involving the Company or its industry; (2) the Company's ability to fund and invest planned capital, and the timely recovery of its investments; (3) financial market and general economic conditions; (4) the timing and impact of future regulatory, legislative and political actions or developments; and (5) other factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and other reports the Company may file from time to time with the Securities and Exchange Commission.

For more information, contact
Communications
[email protected] 

SOURCE CenterPoint Energy

October 2026 brings another broad round of token unlocks across the Solana ecosystem, with $2Z, $TRUMP, $PUMP, $DBR, and $CARDS among the largest scheduled releases by value.

This month's calendar combines ongoing linear vesting with several cliff unlocks. The largest event belongs to $2Z, while $TRUMP and $PUMP continue their recurring distributions.

Here is a breakdown of the most notable Solana ecosystem token unlocks scheduled for October:

$2Z DoubleZero leads October's schedule with a 1.78 billion $2Z unlock worth approximately $113.36 million. The release begins on October 2 alongside linear vesting and represents 34.78% of circulating supply and 17.8% of total supply.

According to DoubleZero's tokenomics disclosure, $2Z’s initial 1-year vesting cliff expires on October 2, triggering a 1.66B $2Z unlock tomorrow. After that, the token gradually unlocks over a 3-year linear vesting schedule through October 2029. 

The October release arrives as DoubleZero expands its market data infrastructure. Since August, the protocol has made Kalshi, Hyperliquid, and Phoenix data available to trading firms, in addition to the Solana data it previously provided.

$TRUMP $TRUMP will unlock 28.02 million tokens through linear vesting, valued at approximately $60.82 million. The release represents 9.94% of circulating supply and 2.8% of total supply.

The October distribution remains one of the month's largest recurring supply events by dollar value.

$PUMP Pump.fun will release 7 billion $PUMP through linear vesting, valued at approximately $40.25 million. The unlock represents 1.50% of circulating supply and 0.84% of total supply.

The distribution continues the vesting schedule that followed July's major cliff. Pump.fun allocated 33% of its 1 trillion token supply to team members and existing investors under a 12-month cliff followed by 36 months of linear vesting. With the cliff now complete, October marks the 4th month of those recurring monthly distributions.

$DBR deBridge will unlock 618.33 million $DBR on October 17, valued at approximately $12.50 million. The release represents 10.42% of circulating supply and 6.18% of total supply.

The unlock comes after deBridge hit $24 billion in all-time volume during September.

Sanctum's $SANC Supply Cut Sanctum plans to burn 259 million $SANC on October 9, reducing total supply by roughly 25% from 1 billion to 741 million tokens.

The protocol officially changed the ticker from $CLOUD to $SANC in September, while keeping the token address and tokenomics unchanged. Separately, the October schedule lists 10.80 million $SANC for linear vesting, worth approximately $778,000.

What to Watch October's schedule stands out for the scale of the $2Z release, with 1.78 billion tokens representing 34.78% of circulating supply. $TRUMP and $PUMP follow with $60.82 million and $40.25 million in scheduled releases.

Meanwhile, $DBR enters the month after deBridge reached $24 billion in all-time volume, while DoubleZero expands its market data infrastructure and Sanctum prepares a major $SANC supply reduction.

As always, token unlocks do not automatically determine price performance but provide only one part of the broader market picture. However, tracking the size of each release, its impact on circulating supply, and developments around each project can help investors better understand changing supply dynamics across the Solana ecosystem.

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Shares of Toro Company (The) (NYSE:TTC – Get Free Report) have received a consensus recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $111.67.

Several brokerages have recently commented on TTC. DA Davidson reduced their price target on shares of Toro from $117.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, September 4th. Wall Street Zen raised Toro from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 26th. Oppenheimer began coverage on Toro in a research note on Wednesday, September 23rd. They set an “outperform” rating and a $120.00 price objective on the stock. Weiss Ratings raised Toro from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 4th. Finally, Robert W. Baird decreased their target price on Toro from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, June 5th.

View Our Latest Stock Report on TTC

Institutional Inflows and Outflows Several hedge funds and other institutional investors have recently modified their holdings of TTC. Corient Private Wealth LP lifted its holdings in Toro by 1,063.5% in the second quarter. Corient Private Wealth LP now owns 187,982 shares of the company’s stock worth $18,314,000 after acquiring an additional 171,826 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Toro by 4,227.0% in the 2nd quarter. Baird Financial Group Inc. now owns 175,893 shares of the company’s stock worth $17,135,000 after purchasing an additional 171,828 shares during the last quarter. Engineers Gate Manager LP lifted its holdings in shares of Toro by 73.9% in the 2nd quarter. Engineers Gate Manager LP now owns 75,330 shares of the company’s stock worth $7,339,000 after purchasing an additional 32,003 shares during the last quarter. Benjamin Edwards Inc. boosted its position in Toro by 22.0% during the 2nd quarter. Benjamin Edwards Inc. now owns 74,419 shares of the company’s stock valued at $7,250,000 after purchasing an additional 13,433 shares during the period. Finally, SG Americas Securities LLC boosted its position in Toro by 416.7% during the 1st quarter. SG Americas Securities LLC now owns 68,455 shares of the company’s stock valued at $6,396,000 after purchasing an additional 55,206 shares during the period. 87.95% of the stock is owned by institutional investors and hedge funds. Toro Trading Down 0.9% TTC opened at $96.50 on Thursday. Toro has a 12-month low of $67.64 and a 12-month high of $105.18. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.58 and a quick ratio of 0.74. The stock has a market capitalization of $9.14 billion, a PE ratio of 25.80 and a beta of 0.70. The firm’s fifty day moving average price is $96.07 and its 200 day moving average price is $94.34.

Toro (NYSE:TTC – Get Free Report) last announced its quarterly earnings data on Thursday, September 3rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.02. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.19 billion. Toro had a net margin of 7.64% and a return on equity of 31.86%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the business earned $1.24 EPS. Toro has set its FY 2026 guidance at 4.600-4.650 EPS. As a group, research analysts expect that Toro will post 4.64 EPS for the current fiscal year.

Toro Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Shareholders of record on Tuesday, October 6th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, October 6th. Toro’s dividend payout ratio is 41.71%.

Toro Company Profile (Get Free Report)

The Toro Company (NYSE:TTC) designs, manufactures and markets equipment and systems used to maintain landscapes, turf and outdoor environments. Its products serve professional contractors, golf courses, sports fields, municipalities, rental companies, construction and utility operators, and residential customers.

The company’s product portfolio includes commercial and residential mowers, turf maintenance equipment, irrigation systems, snow and ice management equipment, compact utility loaders, trenchers, underground construction equipment and related attachments.

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MongoDB, Inc. (NASDAQ:MDB – Get Free Report) was the recipient of some unusual options trading on Wednesday. Investors purchased 29,206 call options on the company. This represents an increase of approximately 40% compared to the typical daily volume of 20,822 call options.

Trending Headlines about MongoDB Here are the key news stories impacting MongoDB this week:

Positive Sentiment: MongoDB raised its fiscal 2028–2030 revenue-growth target to at least 20%, up from the high teens. Bank of America called the Investor Day a net positive and maintained its Buy rating, citing accelerating AI momentum and confidence in the company’s strategy. MongoDB has AI momentum on its side, BofA says following investor day Positive Sentiment: Management expects Atlas growth of roughly 25% over the next three years and outlined a path to GAAP profitability by fiscal 2027, alongside annual operating-margin expansion of 100–200 basis points. MongoDB guides for 25% Atlas growth over next three years Positive Sentiment: New products—including MongoDB 9.0, Atlas Infinite and Atlas Agent Engine—are aimed at AI workloads and unpredictable demand. MongoDB 9.0 offers higher throughput and faster reads and updates, while Atlas Infinite is designed to scale rapidly and Agent Engine combines retrieval, memory and governance for production AI agents. MongoDB launches MongoDB 9.0 and Atlas Infinite Positive Sentiment: Several analysts remain constructive: Citizens JMP, RBC and Needham reaffirmed positive ratings, with price targets ranging from $430 to $519. Unusually heavy call-option activity also suggests renewed speculative interest after the selloff. Neutral Sentiment: Analyst views were mixed on valuation and near-term execution. BMO and Stifel lowered their price targets while retaining Outperform or Buy ratings, and Stephens cut its target while maintaining Equal Weight. Negative Sentiment: CEO Chirantan “CJ” Desai’s immediate departure to join Meta remains the key risk, raising questions about leadership continuity and strategy execution. Former CEO Dev Ittycheria is serving as interim CEO while MongoDB searches for a permanent replacement, although the company reaffirmed its financial guidance. MongoDB is down after CEO Desai’s sudden exit MongoDB Stock Up 3.4% Shares of NASDAQ:MDB opened at $348.61 on Thursday. The business has a fifty day moving average of $388.84 and a two-hundred day moving average of $332.36. The stock has a market cap of $28.08 billion, a P/E ratio of 491.00, a PEG ratio of 36.22 and a beta of 1.58. MongoDB has a 52-week low of $215.68 and a 52-week high of $473.10.

MongoDB (NASDAQ:MDB – Get Free Report) last issued its earnings results on Tuesday, September 1st. The company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.28. MongoDB had a return on equity of 1.06% and a net margin of 2.12%.The business had revenue of $771.77 million during the quarter, compared to the consensus estimate of $735.01 million. During the same period last year, the company earned $1.00 EPS. The company’s revenue for the quarter was up 30.5% on a year-over-year basis. MongoDB has set its Q3 2027 guidance at 1.570-1.610 EPS and its FY 2027 guidance at 6.390-6.580 EPS. On average, equities analysts anticipate that MongoDB will post 0.47 earnings per share for the current year. Insider Buying and Selling at MongoDB In other MongoDB news, Director Dwight A. Merriman sold 10,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $470.59, for a total transaction of $4,705,900.00. Following the completion of the transaction, the director owned 962,953 shares of the company’s stock, valued at $453,156,052.27. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Hope F. Cochran sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $375.92, for a total value of $375,920.00. Following the completion of the transaction, the director owned 28,326 shares in the company, valued at approximately $10,648,309.92. This trade represents a 3.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 17,000 shares of company stock worth $7,792,320. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MongoDB Several institutional investors and hedge funds have recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership increased its stake in MongoDB by 21.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,336,397 shares of the company’s stock worth $560,872,000 after acquiring an additional 239,338 shares during the last quarter. Capital World Investors lifted its stake in shares of MongoDB by 129.1% in the 4th quarter. Capital World Investors now owns 980,182 shares of the company’s stock valued at $411,373,000 after purchasing an additional 552,434 shares during the last quarter. Fred Alger Management LLC grew its holdings in shares of MongoDB by 7.3% during the 4th quarter. Fred Alger Management LLC now owns 561,614 shares of the company’s stock worth $235,704,000 after purchasing an additional 38,225 shares during the period. Bank of America Corp DE grew its holdings in shares of MongoDB by 0.3% during the 1st quarter. Bank of America Corp DE now owns 555,305 shares of the company’s stock worth $135,922,000 after purchasing an additional 1,852 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of MongoDB by 55.0% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 549,970 shares of the company’s stock worth $134,616,000 after purchasing an additional 195,250 shares during the last quarter. 89.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In Several research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $430.00 price objective on shares of MongoDB in a research note on Wednesday. Weiss Ratings raised shares of MongoDB from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, September 2nd. Mizuho set a $460.00 target price on shares of MongoDB in a report on Tuesday. Sanford C. Bernstein upped their target price on shares of MongoDB from $449.00 to $484.00 and gave the stock an “outperform” rating in a report on Wednesday, September 2nd. Finally, Guggenheim reissued a “buy” rating and issued a $560.00 price target on shares of MongoDB in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $462.59.

Read Our Latest Analysis on MongoDB

About MongoDB (Get Free Report)

MongoDB, Inc develops and provides a general-purpose, document-oriented database platform. Its technology is designed to help organizations store, manage and analyze structured and unstructured data for applications such as artificial intelligence, analytics, mobile services, e-commerce and enterprise software.

The company’s principal offering is MongoDB Atlas, a fully managed cloud database service available across major cloud infrastructure providers. MongoDB also offers Enterprise Advanced, which provides commercial database software, security, operational controls and support for organizations running databases in their own environments or across hybrid and multicloud infrastructures.

Featured Stories Five stocks we like better than MongoDB Deutsche Bank Makes a Contrarian Call on Netflix—What Does It Mean for Investors? O’Reilly Automotive’s Stock Slump Hides a Stronger Business McDonald’s Stock Slump Makes Its AI Pricing Bet Even Riskier Broadcom’s AI Growth Story Faces a $161 Billion Anthropic Test Receive News & Ratings for MongoDB Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MongoDB and related companies with MarketBeat.com's FREE daily email newsletter.

Fiscal Q4 2026 Highlights:

Delivered Fiscal Q4 2026 Net Sales of $1.2B, Up 3% Compared to the Prior Year Delivered Fiscal Q4 2026 Diluted EPS of $5.63, Up 56% Compared to the Prior Year; Adjusted Diluted EPS of $5.77, Up 11% Compared to the Prior Year Fiscal 2026 Highlights:

Delivered Fiscal 2026 Net Sales of $4.6B, Up 7% Compared to the Prior Year Delivered Fiscal 2026 Diluted EPS of $17.05, Up 36% Compared to the Prior Year; Adjusted Diluted EPS of $19.90, Up 11% Compared to the Prior Year Generated $826M in Cash Flow from Operations in Fiscal 2026 ATLANTA, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Acuity Inc. (NYSE: AYI) ("Acuity"), a market-leading industrial technology company, delivered net sales of $1.2 billion in the fourth quarter of fiscal 2026 ended August 31, 2026, an increase of $35.3 million, or 2.9 percent, compared to the prior year.

"We demonstrated solid execution in the fourth quarter of fiscal 2026. We grew sales and expanded our adjusted operating profit and adjusted operating profit margin. We increased our adjusted diluted earnings per share, generated strong cash flow and allocated capital effectively," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Inc. "Throughout fiscal 2026 we strengthened Acuity Brands Lighting while continuing to scale Acuity Intelligent Spaces, building the operating and financial capacity needed to compound growth and value over time."

During the fourth quarter of fiscal 2026 we received $44.9 million in tariff refunds, which are reflected as a non-GAAP adjustment in our results. We also took certain actions that resulted in $17.8 million of special charges. Of these charges $14.7 million related to initiatives in our Acuity Brands Lighting segment involving our product portfolio, supply chain, and operating footprint, while $3.1 million related to a facility impairment in our Acuity Intelligent Spaces segment.

Operating profit was $227.0 million in the fourth quarter of fiscal 2026, an increase of $46.4 million, or 25.7 percent, compared to the prior year. Operating profit as a percent of net sales was 18.2 percent in the fourth quarter of fiscal 2026, an increase of 330 basis points compared to the prior year. Adjusted operating profit was $232.9 million in the fourth quarter of fiscal 2026, an increase of $7.6 million, or 3.4 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 18.7 percent in the fourth quarter of fiscal 2026, an increase of 10 basis points compared to the prior year.

Diluted earnings per share was $5.63 in the fourth quarter of fiscal 2026, an increase of $2.02, or 56.0 percent, compared to the prior year. Adjusted diluted earnings per share was $5.77 in the fourth quarter of fiscal 2026, an increase of $0.57, or 11.0 percent, compared to the prior year.

Full-Year 2026 Summary

Net sales of $4.6 billion for the full year of fiscal 2026 increased $296.2 million, or 6.8 percent, compared to the prior year.

Operating profit was $713.7 million for the full year of fiscal 2026, an increase of $149.8 million, or 26.6 percent, compared to the prior year. Operating profit as a percent of net sales was 15.4 percent, an increase of 240 basis points compared to the prior year. Adjusted operating profit was $828.7 million for the full year of fiscal 2026, an increase of $60.1 million, or 7.8 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 17.9 percent, an increase of 20 basis points compared to the prior year.

Diluted earnings per share was $17.05 for the full year of fiscal 2026, an increase of $4.52, or 36.1 percent, compared to the prior year. Adjusted diluted earnings per share was $19.90, an increase of $1.89, or 10.5 percent, compared to the prior year.

Segment Performance

Acuity Brands Lighting ("ABL")

Fourth-Quarter Results

ABL generated net sales of $958.7 million in the fourth quarter of fiscal 2026, a decrease of $3.7 million, or 0.4 percent, compared to the prior year.

ABL operating profit was $188.8 million in the fourth quarter of fiscal 2026, an increase of $5.8 million, or 3.2 percent, compared to the prior year. ABL operating profit as a percent of ABL net sales was 19.7 percent in the fourth quarter of fiscal 2026, an increase of 70 basis points compared to the prior year. ABL adjusted operating profit was $179.8 million in the fourth quarter of fiscal 2026, a decrease of $13.8 million, or 7.1 percent, compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 18.8 percent in the fourth quarter of fiscal 2026, a decrease of 130 basis points compared to the prior year.

Full-Year Results

ABL generated net sales of $3.6 billion for the full year of fiscal 2026, a decrease of $35.8 million, or 1.0 percent, compared to the prior year.

ABL operating profit was $623.5 million for the full year of fiscal 2026, an increase of $32.9 million, or 5.6 percent, compared to the prior year. ABL operating profit as a percent of ABL net sales was 17.4 percent for the full year of fiscal 2026, an increase of 100 basis points compared to the prior year. ABL adjusted operating profit was $646.0 million for the full year of fiscal 2026, a decrease of $16.3 million, or 2.5 percent, compared to the prior year. ABL adjusted operating profit as a percent of ABL net sales was 18.1 percent for the full year of fiscal 2026, a decrease of 20 basis points compared to the prior year.

Acuity Intelligent Spaces ("AIS")

Fourth-Quarter Results

AIS generated net sales of $297.6 million in the fourth quarter of fiscal 2026, an increase of $42.4 million, or 16.6 percent, compared to the prior year.

AIS operating profit was $64.7 million in the fourth quarter of fiscal 2026, an increase of $36.7 million, or 131.1 percent, compared to the prior year. AIS operating profit as a percent of AIS net sales was 21.7 percent in the fourth quarter of fiscal 2026, an increase of 1,070 basis points compared to the prior year. AIS adjusted operating profit was $74.1 million in the fourth quarter of fiscal 2026, an increase of $19.5 million, or 35.7 percent, compared to the prior year. AIS adjusted operating profit as a percent of AIS net sales was 24.9 percent in the fourth quarter of fiscal 2026, an increase of 350 basis points compared to the prior year.

Full-Year Results

AIS generated net sales of $1.1 billion for the full year of fiscal 2026, an increase of $342.3 million, or 44.8 percent, compared to the prior year.

AIS operating profit was $186.5 million for the full year of fiscal 2026, an increase of $110.4 million, or 145.1 percent, compared to the prior year. AIS operating profit as a percent of AIS net sales was 16.9 percent for the full year of fiscal 2026, an increase of 690 basis points compared to the prior year. AIS adjusted operating profit was $255.0 million for the full year of fiscal 2026, an increase of $90.7 million, or 55.2 percent, compared to the prior year. AIS adjusted operating profit as a percent of AIS net sales was 23.0 percent for the full year of fiscal 2026, an increase of 150 basis points compared to the prior year.

Cash Flow and Capital Allocation

Net cash from operating activities was $825.6 million for the full year of fiscal 2026. During the year we repaid $200 million of our term loan, we increased our dividend by 18 percent, and we repurchased over 940,000 shares of common stock for $287.2 million.

Form 10-K Filing

The independent registered public accounting firm’s audit report with respect to the Company’s fiscal year-end financial statements will not be issued until the Company files its annual report on Form 10-K, including its evaluation of the effectiveness of internal controls over financial reporting. Accordingly, the financial results reported in this earnings release are preliminary pending completion of the audit.

Today's Call Details

The Company will host a conference call at 8:00 a.m. (ET) today, Thursday, October 1, 2026. Neil Ashe, Chief Executive Officer of Acuity Inc. will lead the call. The conference call and earnings release can be accessed via our Investor Relations section of our website at www.investors.acuityinc.com. A replay of the call will also be posted to the Investor Relations website within two hours of the completion of the conference call and will be available on the website for a limited time.

About Acuity

Acuity Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light and more things to come. Through our two business segments, Acuity Brands Lighting (ABL) and Acuity Intelligent Spaces (AIS), we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.

We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video and control platform. We focus on customer outcomes and drive growth and productivity to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals.

Acuity Inc. is based in Atlanta, Georgia, with operations across North America, Europe and Asia. The Company is powered by approximately 13,000 dedicated and talented associates. Visit us at www.acuityinc.com. 

Non-GAAP Financial Measures

This news release includes the following non-generally accepted accounting principles ("GAAP") financial measures for total company and by segment: "adjusted gross profit;" "adjusted gross profit margin;" "adjusted operating profit" and "adjusted operating profit margin." For total company only we additionally include: "adjusted net income;" "adjusted diluted EPS;" "earnings before interest, taxes, depreciation and amortization ("EBITDA");" "EBITDA margin;" "adjusted EBITDA;" and "adjusted EBITDA margin". These non-GAAP financial measures are provided to enhance the reader's overall understanding of our current financial performance and prospects for the future. Specifically, management believes that these non-GAAP measures provide useful information to investors by excluding or adjusting items for amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related costs, special charges, tariff refunds, pension settlement loss, and a fiscal 2025 one-time tax benefit.

We also provide "free cash flow" ("FCF") to enhance the reader’s understanding of our ability to generate additional cash from its business.

Management typically adjusts for these items for internal reviews of performance and uses the above non-GAAP measures for baseline comparative operational analysis, decision making and other activities. Management believes these non-GAAP measures provide greater comparability and enhanced visibility into our results of operations as well as comparability with many of its peers, especially those companies focused more on technology and software. Non-GAAP financial measures included in this news release should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP.

The most directly comparable GAAP measures for adjusted gross profit and adjusted gross profit margin for total company are "gross profit" and "gross profit margin," respectively, which include the impact of acquired profit in inventory and tariff refunds. Adjusted gross profit margin is adjusted gross profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted operating profit and adjusted operating profit margin for total company and by segment are "operating profit" and "operating profit margin," respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related costs, special charges, and tariff refunds. Adjusted operating profit margin is adjusted operating profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted net income and adjusted diluted EPS are "net income" and "diluted EPS," respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related costs, special charges, pension settlement loss, tariff refunds and a fiscal 2025 one-time tax benefit. Adjusted diluted EPS is adjusted net income divided by diluted weighted average shares outstanding. The most directly comparable GAAP measure for EBITDA is "net income,", which includes the impact of net interest expense, income taxes, depreciation and amortization of acquired intangible assets. EBITDA margin is EBITDA divided by net sales for total company. The most directly comparable GAAP measure for adjusted EBITDA is "net income,", which includes the impact of net interest expense, income taxes, depreciation, amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related costs, special charges, miscellaneous expense, net, and tariff refunds. Adjusted EBITDA margin is adjusted EBITDA divided by net sales for total company. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release.

We define FCF as net cash provided by operating activities less purchases of property, plant and equipment. A calculation of this measure is available in this news release.

Our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for GAAP financial measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items.

Forward-Looking Information

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, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include, but are not limited to, statements that describe or relate to our plans, initiatives, projections, vision, goals, targets, commitments, expectations, objectives, prospects, strategies, or financial outlook, and the assumptions underlying or relating thereto. In some cases, we may use words such as "expect," "believe," "intend," "anticipate," "estimate," "forecast," "indicate," "project," "predict," "plan," "may," "will," "could," "should," "would," "potential," and words of similar meaning, as well as other words or expressions referencing future events, conditions, or circumstances, to identify forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on our current beliefs, expectations, and assumptions, which may not prove to be accurate, and are subject to known and unknown risks and uncertainties, assumptions, and other important factors, many of which are outside of our control and any of which could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties are discussed in our filings with the U.S. Securities and Exchange Commission, including our most recent annual report on Form 10-K (including, but not limited to, the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), quarterly reports on Form 10-Q, and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. This press release is not comprehensive, and for that reason, should be read in conjunction with such filings. You are cautioned not to place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, or otherwise.

ACUITY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
 August 31, 2026 2025ASSETS   Current assets:   Cash and cash equivalents$636.3 $422.5Accounts receivable, net 632.1  593.9Inventories 450.4  526.7Prepayments and other current assets 140.4  108.4Total current assets 1,859.2  1,651.5Property, plant, and equipment, net 356.8  343.2Other long-term assets 2,657.5  2,760.5Total assets$4,873.5 $4,755.2LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Accounts payable$443.8 $454.5Current maturities of debt 200.0  —Other current liabilities 453.1  391.3Total current liabilities 1,096.9  845.8Long-term debt 497.4  896.8Other long-term liabilities 304.9  287.7Total stockholders’ equity 2,974.3  2,724.9Total liabilities and stockholders’ equity$4,873.5 $4,755.2 ACUITY INC.
CONDENSED STATEMENTS OF INCOME
(In millions, except per-share data)
 Three Months Ended August 31, Year Ended August 31,  2026 2025  2026  2025Net sales$1,244.4$1,209.1 $4,641.8 $4,345.6Cost of products sold 574.3 618.1  2,291.1  2,267.1Gross profit 670.1 591.0  2,350.7  2,078.5Selling, distribution, and administrative expenses 425.3 410.4  1,613.3  1,484.9Special charges 17.8 —  23.7  29.7Operating profit 227.0 180.6  713.7  563.9Other expense:      Interest expense, net 4.1 7.0  25.6  22.0Miscellaneous expense, net 2.9 35.9  7.4  41.7Total other expense 7.0 42.9  33.0  63.7Income before income taxes 220.0 137.7  680.7  500.2Income tax expense 47.0 23.7  149.4  103.6Net income$173.0$114.0 $531.3 $396.6       Earnings per share(1):      Basic earnings per share$5.77$3.71 $17.49 $12.85Basic weighted average number of shares outstanding 29.960 30.689  30.384  30.859Diluted earnings per share$5.63$3.61 $17.05 $12.53Diluted weighted average number of shares outstanding 30.755 31.533  31.151  31.641Dividends declared per share$0.20$0.17 $0.77 $0.66 ______________________________
(1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

ACUITY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Year Ended August 31,  2026   2025     Cash flows from operating activities:   Net income$531.3  $396.6 Adjustments to reconcile net income to cash flows from operating activities:   Depreciation and amortization 156.4   133.1 Share-based payment expense 49.5   45.1 Asset impairments 6.0   16.7 Other operating activities 82.4   9.9 Net cash provided by operating activities 825.6   601.4 Cash flows from investing activities:   Purchases of property, plant, and equipment (77.7)  (68.4)Acquisitions of businesses, net of cash acquired —   (1,189.4)Other investing activities (1.5)  (22.9)Net cash used for investing activities (79.2)  (1,280.7)Cash flows from financing activities:   Borrowings on credit agreement 200.0   — Borrowings from term loan —   600.0 Repayments of term loan borrowings (400.0)  (200.0)Repurchases of common stock (287.2)  (118.5)Proceeds from stock option exercises and other 7.5   28.4 Payments of taxes withheld on net settlement of equity awards (29.4)  (24.6)Dividends paid (23.8)  (20.6)Other financing activities (3.6)  (9.3)Net cash (used for) provided by financing activities (536.5)  255.4 Effect of exchange rate changes on cash and cash equivalents 3.9   0.6 Net change in cash and cash equivalents 213.8   (423.3)Cash and cash equivalents at beginning of year 422.5   845.8 Cash and cash equivalents at end of year$636.3  $422.5  ACUITY INC.
DISAGGREGATED NET SALES
(In millions)

The following table shows net sales by channel for the periods presented:

 Three Months Ended August 31,    2026   2025  Increase (Decrease) Percent ChangeAcuity Brands Lighting:       Independent sales network$729.2  $702.4  $26.8  3.8%Direct sales network 79.8   105.3   (25.5) (24.2)%Retail sales 41.7   43.4   (1.7) (3.9)%Corporate accounts 55.2   52.9   2.3  4.3%Original equipment manufacturer and other 52.8   58.4   (5.6) (9.6)%Total Acuity Brands Lighting 958.7   962.4   (3.7) (0.4)%Acuity Intelligent Spaces 297.6   255.2   42.4  16.6%Eliminations (11.9)  (8.5)  (3.4) 40.0%Total$1,244.4  $1,209.1  $35.3  2.9%  Year Ended August 31,    2026   2025  Increase (Decrease) Percent ChangeAcuity Brands Lighting:       Independent sales network$2,702.7  $2,646.8  $55.9  2.1%Direct sales network 314.2   411.4   (97.2) (23.6)%Retail sales 169.2   170.7   (1.5) (0.9)%Corporate accounts 182.1   156.7   25.4  16.2%Original equipment manufacturer and other 208.2   226.6   (18.4) (8.1)%Total Acuity Brands Lighting 3,576.4   3,612.2   (35.8) (1.0)%Acuity Intelligent Spaces 1,106.6   764.3   342.3  44.8%Eliminations (41.2)  (30.9)  (10.3) 33.3%Total$4,641.8  $4,345.6  $296.2  6.8% ACUITY INC.
Reconciliation of Non-U.S. GAAP Measures

The tables below reconcile certain GAAP financial measures to the corresponding non-GAAP measures for the Company as well as our reportable operating segments:

(In millions except per share data)Three Months Ended August 31,       2026     2025    Increase (Decrease)Percent ChangeNet sales$1,244.4    $1,209.1    $35.32.9%           Gross profit (GAAP)$670.1    $591.0    $79.113.4%Percent of net sales (GAAP)  53.8%   48.9%  490 bpsLess: Tariff refunds (44.9)    —      Adjusted gross profit (Non-GAAP)$625.2    $591.0    $34.25.8%Percent of net sales (Non-GAAP)  50.2%   48.9%  130 bps           Operating profit (GAAP)$227.0    $180.6    $46.425.7%Percent of net sales (GAAP)  18.2%   14.9%  330 bpsAdd-back: Amortization of acquired intangible assets 22.7     31.0      Add-back: Share-based payment expense 10.3     11.1      Add-back: Acquisition-related costs(1) —     2.6      Add-back: Special charges 17.8     —      Less: Tariff refunds (44.9)    —      Adjusted operating profit (Non-GAAP)$232.9    $225.3    $7.63.4%Percent of net sales (Non-GAAP)  18.7%   18.6%  10 bps           Net income (GAAP)$173.0    $114.0    $59.051.8%Add-back: Amortization of acquired intangible assets 22.7     31.0      Add-back: Share-based payment expense 10.3     11.1      Add-back: Acquisition-related costs(1) —     2.6      Add back: Pension settlement loss —     30.9      Add-back: Special charges 17.8     —      Less: Tariff refunds (44.9)    —      Total pre-tax adjustments to net income 5.9     75.6      Income tax effects (1.3)    (17.4)     Less: One-time tax benefit —     (8.2)     Adjusted net income (Non-GAAP)$177.6    $164.0    $13.68.3%           Diluted earnings per share (GAAP)(2)$5.63    $3.61    $2.0256.0%Adjusted diluted earnings per share (Non-GAAP)(2)$5.77    $5.20    $0.5711.0%           Net income (GAAP)$173.0    $114.0    $59.051.8%Percent of net sales (GAAP)  13.9%   9.4%  450 bpsInterest expense, net 4.1     7.0      Income tax expense 47.0     23.7      Depreciation 15.9     15.4      Amortization 22.7     31.0      EBITDA (Non-GAAP) 262.7     191.1     71.637.5%Percent of net sales (Non-GAAP)  21.1%   15.8%  530 bpsShare-based payment expense 10.3     11.1      Miscellaneous expense, net 2.9     35.9      Special charges 17.8     —      Acquisition-related costs(1) —     2.6      Tariff refunds (44.9)    —      Adjusted EBITDA (Non-GAAP)$248.8    $240.7    $8.13.4%Percent of net sales (Non-GAAP)  20.0%   19.9%  10 bps ______________________________
(1) Acquisition-related costs include professional fees.
(2) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

(In millions) Three Months Ended August 31,    Acuity Brands Lighting  2026   2025  Increase (Decrease) Percent ChangeNet sales $958.7  $962.4  $(3.7) (0.4)%         Gross profit (GAAP) $474.8  $439.8  $35.0  8.0%Less: Tariff refunds  (31.8)  —     Adjusted gross profit (Non-GAAP) $443.0  $439.8  $3.2  0.7%         Gross profit margin (GAAP)  49.5%  45.7%  380
 bpsAdjusted gross profit margin (Non-GAAP)  46.2%  45.7%  50
 bps         Operating profit (GAAP) $188.8  $183.0  $5.8  3.2%Add-back: Amortization of acquired intangible assets  6.1   6.2     Add-back: Share-based payment expense  2.0   4.4     Add back: Special charges  14.7   —     Less: Tariff refunds  (31.8)  —     Adjusted operating profit (Non-GAAP) $179.8  $193.6  $(13.8) (7.1)%         Operating profit margin (GAAP)  19.7%  19.0%  70
 bpsAdjusted operating profit margin (Non-GAAP)  18.8%  20.1%  (130) bps (In millions) Three Months Ended August 31,    Acuity Intelligent Spaces  2026   2025  Increase (Decrease) Percent ChangeNet sales $297.6  $255.2  $42.4 16.6%         Gross profit (GAAP) $195.3  $151.2  $44.1 29.2%Less: Tariff refunds  (13.1)  —     Adjusted gross profit (Non-GAAP) $182.2  $151.2  $31.0 20.5%         Gross profit margin (GAAP)  65.6%  59.2%  640 bpsAdjusted gross profit margin (Non-GAAP)  61.2%  59.2%  200 bps         Operating profit (GAAP) $64.7  $28.0  $36.7 131.1%Add-back: Amortization of acquired intangible assets  16.6   24.8     Add-back: Share-based payment expense  2.8   1.8     Add back: Special charges  3.1   —     Less: Tariff refunds  (13.1)  —     Adjusted operating profit (Non-GAAP) $74.1  $54.6  $19.5 35.7%         Operating profit margin (GAAP)  21.7%  11.0%  1,070 bpsAdjusted operating profit margin (Non-GAAP)  24.9%  21.4%  350 bps (In millions, except per share data)Year Ended August 31,       2026     2025    Increase (Decrease)Percent ChangeNet sales$4,641.8    $4,345.6    $296.26.8%           Gross profit (GAAP)$2,350.7    $2,078.5    $272.213.1%Percent of net sales (GAAP)  50.6%   47.8%  280 bpsAdd-back: Acquired profit in inventory —     29.6      Less: Tariff refunds (51.3)    —      Adjusted gross profit (Non-GAAP)$2,299.4    $2,108.1    $191.39.1%Percent of net sales (Non-GAAP)  49.5%   48.5%  100 bps           Operating profit (GAAP)$713.7    $563.9    $149.826.6%Percent of net sales (GAAP)  15.4%   13.0%  240 bpsAdd-back: Acquired profit in inventory —     29.6      Add-back: Amortization of acquired intangible assets 93.1     76.5      Add-back: Share-based payment expense 49.5     45.1      Add-back: Acquisition-related costs(1) —     23.8      Add-back: Special charges 23.7     29.7      Less: Tariff refunds (51.3)    —      Adjusted operating profit (Non-GAAP)$828.7    $768.6    $60.17.8%Percent of net sales (Non-GAAP)  17.9%   17.7%  20 bps           Net income (GAAP)$531.3    $396.6    $134.734.0%Add-back: Acquired profit in inventory —     29.6      Add-back: Amortization of acquired intangible assets 93.1     76.5      Add-back: Share-based payment expense 49.5     45.1      Add-back: Acquisition-related costs(1) —     23.8      Add-back: Special charges 23.7     29.7      Add back: Pension settlement loss —     30.9      Less: Tariff refunds (51.3)    —      Total pre-tax adjustments to net income 115.0     235.6      Income tax effect (26.4)    (54.2)     Less: One-time tax benefit —     (8.2)     Adjusted net income (Non-GAAP)$619.9    $569.8    $50.18.8%           Diluted earnings per share (GAAP)(2)$17.05    $12.53    $4.5236.1%Adjusted diluted earnings per share (Non-GAAP)(2)$19.90    $18.01    $1.8910.5%           Net income (GAAP)$531.3    $396.6    $134.734.0%Percent of net sales (GAAP)  11.4%   9.1%  230 bpsInterest expense, net 25.6     22.0      Income tax expense 149.4     103.6      Depreciation 63.3     56.6      Amortization 93.1     76.5      EBITDA (Non-GAAP) 862.7     655.3     207.431.6%Percent of net sales (Non-GAAP)  18.6%   15.1%  350 bpsShare-based payment expense 49.5     45.1      Miscellaneous expense, net 7.4     41.7      Special charges 23.7     29.7      Acquisition-related costs(1) —     23.8      Acquired profit in inventory —     29.6      Tariff refunds (51.3)    —      Adjusted EBITDA (Non-GAAP)$892.0    $825.2    $66.88.1%Percent of net sales (Non-GAAP)  19.2%   19.0%  20 bps ______________________________
(1) Acquisition-related costs include professional fees.
(2) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.

(In millions) Year Ended August 31,    Acuity Brands Lighting  2026   2025  Increase (Decrease) Percent ChangeNet sales $3,576.4  $3,612.2  $(35.8) (1.0)%         Gross profit (GAAP) $1,672.6  $1,654.5  $18.1  1.1%Less: Tariff refunds  (38.2)  —     Adjusted gross profit (Non-GAAP) $1,634.4  $1,654.5  $(20.1) (1.2)%         Gross profit margin (GAAP)  46.8%  45.8%  100
 bpsAdjusted gross profit margin (Non-GAAP)  45.7%  45.8%  (10) bps         Operating profit (GAAP) $623.5  $590.6  $32.9  5.6%Add-back: Amortization of acquired intangible assets  25.3   25.2     Add-back: Share-based payment expense  14.8   16.8     Add-back: Special charges  20.6   29.7     Less: Tariff refunds  (38.2)  —     Adjusted operating profit (Non-GAAP) $646.0  $662.3  $(16.3) (2.5)%         Operating profit margin (GAAP)  17.4%  16.4%  100
 bpsAdjusted operating profit margin (Non-GAAP)  18.1%  18.3%  (20) bps (In millions) Year Ended August 31,    Acuity Intelligent Spaces  2026   2025  Increase (Decrease) Percent ChangeNet sales $1,106.6  $764.3  $342.3 44.8%         Gross profit (GAAP) $678.1  $424.0  $254.1 59.9%Add-back: Acquired profit in inventory  —   29.6     Less: Tariff refunds  (13.1)  —     Adjusted gross profit (Non-GAAP) $665.0  $453.6  $211.4 46.6%         Gross profit margin (GAAP)  61.3%  55.5%  580 bpsAdjusted gross profit margin (Non-GAAP)  60.1%  59.3%  80 bps         Operating profit margin (GAAP) $186.5  $76.1  $110.4 145.1%Add-back: Amortization of acquired intangible assets  67.8   51.3     Add-back: Share-based payment expense  10.7   7.3     Add-back: Acquired profit in inventory  —   29.6     Add back: Special charges  3.1   —     Less: Tariff refunds  (13.1)  —     Adjusted operating profit (Non-GAAP) $255.0  $164.3  $90.7 55.2%         Operating profit margin (GAAP)  16.9%  10.0%  690 bpsAdjusted operating profit margin (Non-GAAP)  23.0%  21.5%  150 bps (In millions)Year Ended August 31,     2026   2025  Increase (Decrease)Percent ChangeNet cash provided by operating activities (GAAP)$825.6  $601.4  $224.237.3%Less: Purchases of property, plant, and equipment (77.7)  (68.4)   Free cash flow (Non-GAAP)$747.9  $533.0  $214.940.3% Investor Contact:
Charlotte McLaughlin
Vice President, Investor Relations
(404) 853-1456
[email protected]

Media Contact:
April Appling
Senior Vice President, Corporate Marketing and Communications
[email protected]

Shares of Signet Jewelers Limited (NYSE:SIG – Get Free Report) have earned an average rating of “Moderate Buy” from the twelve analysts that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $125.56.

SIG has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price target on Signet Jewelers from $90.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, September 9th. Weiss Ratings upgraded shares of Signet Jewelers from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, September 24th. Telsey Advisory Group raised their target price on shares of Signet Jewelers from $96.00 to $105.00 and gave the stock a “market perform” rating in a research report on Thursday, September 10th. Citigroup boosted their target price on shares of Signet Jewelers from $120.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, September 10th. Finally, Bank of America upped their price target on shares of Signet Jewelers from $102.00 to $115.00 and gave the stock a “neutral” rating in a research report on Thursday, September 10th.

Check Out Our Latest Stock Analysis on SIG

Institutional Inflows and Outflows A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SIG. Ameritas Advisory Services LLC acquired a new position in shares of Signet Jewelers in the 2nd quarter valued at about $32,000. Parallel Advisors LLC increased its position in Signet Jewelers by 101.0% during the 1st quarter. Parallel Advisors LLC now owns 394 shares of the company’s stock worth $33,000 after purchasing an additional 198 shares in the last quarter. Global Retirement Partners LLC raised its holdings in Signet Jewelers by 13,533.3% in the fourth quarter. Global Retirement Partners LLC now owns 1,227 shares of the company’s stock valued at $102,000 after buying an additional 1,218 shares during the period. Central Pacific Bank Trust Division purchased a new position in Signet Jewelers in the second quarter valued at approximately $139,000. Finally, Leonteq Securities AG raised its holdings in Signet Jewelers by 747.8% in the first quarter. Leonteq Securities AG now owns 1,721 shares of the company’s stock valued at $146,000 after buying an additional 1,518 shares during the period. Signet Jewelers Stock Down 1.6% Shares of Signet Jewelers stock opened at $102.62 on Thursday. Signet Jewelers has a fifty-two week low of $71.61 and a fifty-two week high of $110.20. The firm has a market cap of $3.93 billion, a PE ratio of 11.82, a P/E/G ratio of 0.57 and a beta of 1.11. The business’s fifty day moving average is $92.80 and its two-hundred day moving average is $88.59.

Signet Jewelers (NYSE:SIG – Get Free Report) last announced its quarterly earnings data on Wednesday, September 9th. The company reported $2.19 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.50. Signet Jewelers had a return on equity of 23.28% and a net margin of 5.19%.The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. The business’s revenue for the quarter was down .5% on a year-over-year basis. Signet Jewelers has set its FY 2027 guidance at 10.450-12.150 EPS. Equities research analysts anticipate that Signet Jewelers will post 11.7 EPS for the current year.

Signet Jewelers Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, October 23rd will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, October 23rd. Signet Jewelers’s dividend payout ratio is presently 16.13%.

Signet Jewelers Company Profile (Get Free Report)

Signet Jewelers Limited (NYSE:SIG) is a specialty jewelry retailer that operates through a portfolio of branded stores and online platforms. Its businesses sell diamond, bridal and fashion jewelry, watches, gifts and related accessories, while also providing services such as jewelry repair, customization and financing.

The company’s principal retail brands include Kay Jewelers, Zales, Jared, Diamonds Direct, James Allen, Peoples and Banter by Piercing Pagoda. These brands serve customers through a combination of mall-based and off-mall stores, standalone locations, digital commerce platforms and specialty formats, with offerings positioned across a range of price points and shopping occasions.

Signet primarily serves customers in the United States, Canada and the United Kingdom.

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New Mexico Educational Retirement Board boosted its stake in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 7.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 730,545 shares of the iPhone maker’s stock after purchasing an additional 50,181 shares during the period. Apple comprises approximately 5.3% of New Mexico Educational Retirement Board’s holdings, making the stock its 2nd largest position. New Mexico Educational Retirement Board’s holdings in Apple were worth $211,391,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AAPL. Avenir Tech Ltd purchased a new position in shares of Apple during the 2nd quarter valued at $29,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of Apple during the second quarter worth $30,000. Lifetime Wealth Management P.C. acquired a new stake in Apple during the fourth quarter valued at $41,000. ABS Investment Management LLC acquired a new stake in Apple during the second quarter valued at $376,168,000. Finally, Basso Capital Management L.P. purchased a new position in Apple in the fourth quarter valued at about $88,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Ratings Changes Several research analysts have weighed in on AAPL shares. Raymond James Financial reaffirmed a “market perform” rating on shares of Apple in a research report on Friday, July 31st. Rothschild & Co Redburn set a $400.00 price target on Apple and gave the company a “buy” rating in a research note on Monday, August 17th. Wells Fargo & Company restated an “overweight” rating and issued a $350.00 price objective (up from $310.00) on shares of Apple in a report on Friday, July 31st. Maxim Group raised their price objective on shares of Apple from $350.00 to $380.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Seaport Research Partners cut shares of Apple from a “buy” rating to a “neutral” rating in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $340.14.

Get Our Latest Stock Report on AAPL Apple News Roundup Here are the key news stories impacting Apple this week:

Positive Sentiment: Counterpoint Research estimates Apple could sell approximately 6 million iPhone Duo foldable handsets in 2026, despite the device’s premium starting price of $1,999. Pre-orders reportedly begin October 16, with deliveries scheduled for October 23. Apple Predicted To Sell 6 Million iPhone Duo Handsets This Year Positive Sentiment: Early iPhone 18 Pro demand in China is encouraging: first-week sales rose 12% year over year, and Apple captured 33% of smartphone sales during the measured period. Analysts also see consumers showing greater willingness to pay for higher-priced models. Apple iPhone 18 Pro China Launch-Week Sales Rise 12% Positive Sentiment: Reports that Apple will unveil a new smart-home hub at an October 13 event added to expectations for expansion beyond the iPhone. The company is also reportedly renewing its Qualcomm licensing agreement, supporting continuity for its device and connectivity roadmap. Apple Plans Smart-Home Push Positive Sentiment: Broader technology stocks benefited from cooler inflation data, which reduced near-term concerns about additional Federal Reserve rate hikes. Apple also received a favorable endorsement from Jim Cramer ahead of the Duo launch. Neutral Sentiment: New CEO John Ternus is reportedly considering an engineering-focused restructuring, faster product releases and fewer management layers. The changes could improve innovation and execution, but they introduce transition risk and may include layoffs as memory costs rise. Apple’s New CEO Plans Overhaul Negative Sentiment: Bank of America warned that Meta’s Muse and other AI agents could divert product discovery, shopping activity and services revenue away from Apple’s ecosystem, increasing pressure on Siri, Apple Pay and the App Store. Negative Sentiment: Apple patched a zero-day vulnerability reportedly used in targeted attacks involving iPhone crypto wallets. In addition, a UK class-action case over marketplace restrictions was allowed to proceed, creating ongoing legal and reputational risks. Insider Activity In related news, SVP Jennifer Newstead sold 2,399 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $340.06, for a total value of $815,803.94. Following the transaction, the senior vice president directly owned 44,391 shares in the company, valued at approximately $15,095,603.46. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 11,031 shares of company stock worth $3,535,759. 0.06% of the stock is currently owned by corporate insiders.

Apple Stock Up 1.1% Shares of AAPL stock opened at $333.02 on Thursday. The stock’s 50 day simple moving average is $321.97 and its 200 day simple moving average is $299.21. Apple Inc. has a twelve month low of $243.42 and a twelve month high of $345.34. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.93 and a current ratio of 1.00. The company has a market capitalization of $4.86 trillion, a price-to-earnings ratio of 38.19, a PEG ratio of 2.86 and a beta of 1.08.

Apple (NASDAQ:AAPL – Get Free Report) last announced its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%.The firm had revenue of $109.42 billion during the quarter, compared to analysts’ expectations of $109.04 billion. During the same quarter in the prior year, the business earned $1.57 earnings per share. The company’s revenue was up 16.4% on a year-over-year basis. As a group, research analysts predict that Apple Inc. will post 8.74 EPS for the current year.

Apple Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Apple’s dividend payout ratio is currently 12.39%.

About Apple (Free Report)

Apple Inc is a technology company that designs, develops and markets consumer electronics, software and digital services. Its best-known products include the iPhone smartphone, Mac personal computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and software platforms, including iOS, macOS, iPadOS, watchOS and visionOS.

Apple’s services business includes the App Store, Apple Music, Apple TV+, Apple Arcade, Apple News+, Apple Fitness+ and iCloud.

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Darsana Capital Partners LP acquired a new stake in shares of Meta Platforms, Inc. (NASDAQ:META – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 300,000 shares of the social networking company’s stock, valued at approximately $168,987,000. Meta Platforms comprises about 0.8% of Darsana Capital Partners LP’s holdings, making the stock its 14th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. RHL Group LLC bought a new position in shares of Meta Platforms during the fourth quarter valued at approximately $28,000. Advantage Trust Co acquired a new stake in shares of Meta Platforms during the 2nd quarter worth approximately $28,000. Philadelphia Investment Partners LLC bought a new stake in shares of Meta Platforms in the 2nd quarter worth approximately $32,000. Axiom Investment Management LLC bought a new stake in shares of Meta Platforms in the 1st quarter worth approximately $36,000. Finally, Schuylkill Financial LLC acquired a new position in Meta Platforms during the 2nd quarter valued at approximately $36,000. Institutional investors and hedge funds own 79.91% of the company’s stock.

Insider Transactions at Meta Platforms In related news, COO Javier Olivan sold 946 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $750.42, for a total transaction of $709,897.32. Following the sale, the chief operating officer owned 8,824 shares of the company’s stock, valued at $6,621,706.08. The trade was a 9.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Christopher K. Cox sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $712.76, for a total value of $28,510,400.00. Following the completion of the sale, the insider owned 184,516 shares of the company’s stock, valued at $131,515,624.16. This trade represents a 17.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 151,882 shares of company stock valued at $103,032,319. Company insiders own 13.53% of the company’s stock.

Meta Platforms Price Performance Shares of NASDAQ META opened at $726.91 on Thursday. Meta Platforms, Inc. has a fifty-two week low of $520.26 and a fifty-two week high of $779.82. The firm’s 50-day simple moving average is $620.47 and its 200 day simple moving average is $614.49. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.85 trillion, a P/E ratio of 27.38, a P/E/G ratio of 1.29 and a beta of 1.25. Meta Platforms (NASDAQ:META – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The social networking company reported $6.18 earnings per share for the quarter, missing the consensus estimate of $7.19 by ($1.01). The company had revenue of $60.80 billion during the quarter, compared to analyst estimates of $60.22 billion. Meta Platforms had a return on equity of 33.18% and a net margin of 29.83%.The business’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same period in the previous year, the company earned $7.14 EPS. Equities analysts expect that Meta Platforms, Inc. will post 27.94 EPS for the current year.

Meta Platforms Announces Dividend The business also recently declared a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, September 21st were paid a $0.5250 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, September 21st. Meta Platforms’s dividend payout ratio is currently 7.91%.

Meta Platforms News Roundup Here are the key news stories impacting Meta Platforms this week:

Positive Sentiment: Meta is expanding its Muse AI agent to small businesses with integrations including Shopify, QuickBooks, Stripe, Canva, Slack and Dropbox. The move could diversify revenue beyond advertising and create opportunities in subscriptions, transaction fees and enterprise software. Meta expands Muse AI agent for small businesses Positive Sentiment: Analysts continue to view Muse as a potential multibillion-dollar growth catalyst, citing early adoption, integration across Meta’s apps and possible commercial API and subscription revenue. AI tools are also expected to improve advertising engagement and conversions. Analysts align on Meta Muse as a growth catalyst Positive Sentiment: Strategists argue Meta could be relatively resilient if AI infrastructure spending slows because it is using AI to enhance an existing advertising business rather than relying solely on hardware sales. A reported $27 billion AI-capacity agreement with Nebius also underscores continued infrastructure investment. Nvidia AI capex and Meta Neutral Sentiment: COO Javier Olivan sold shares under a pre-arranged Rule 10b5-1 plan. The transactions reduced his holdings, but scheduled sales generally provide a weaker signal than discretionary insider trading. SEC insider ownership filing Negative Sentiment: OpenAI launched Dots, an always-on AI agent positioned against Muse, raising concerns that Meta’s newest growth story could face powerful competition from OpenAI, Google and Apple. OpenAI follows Meta into personal agents Negative Sentiment: Reports alleging that Muse accessed private messages without permission have created privacy and reputational concerns, although Meta disputes the claims. Investors are also monitoring heavy AI and data-center spending, a recent quarterly EPS miss, and questions over whether the investment will generate sufficient returns. Meta disputes Muse privacy claim Negative Sentiment: CEO Mark Zuckerberg separately sold approximately $21.4 million of stock under a Rule 10b5-1 plan. While scheduled, the sale may add to short-term investor caution following the stock’s sharp rally. Mark Zuckerberg stock sale Analyst Ratings Changes A number of research analysts recently commented on the company. Royal Bank Of Canada restated an “outperform” rating and set a $770.00 price objective on shares of Meta Platforms in a research note on Thursday, September 24th. Phillip Securities upgraded Meta Platforms from a “buy” rating to a “strong-buy” rating and cut their target price for the company from $795.00 to $750.00 in a research note on Monday, August 3rd. Rosenblatt Securities reissued a “buy” rating and set a $886.00 price target on shares of Meta Platforms in a report on Wednesday, September 16th. Scotiabank restated a “sector perform” rating and set a $600.00 price target (down from $700.00) on shares of Meta Platforms in a research report on Thursday, July 30th. Finally, BNP Paribas Exane dropped their price objective on shares of Meta Platforms from $955.00 to $855.00 and set an “outperform” rating on the stock in a report on Thursday, July 30th. Three investment analysts have rated the stock with a Strong Buy rating, forty-four have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $787.86.

Get Our Latest Analysis on META

Meta Platforms Company Profile (Free Report)

Meta Platforms, Inc is a technology company that develops social networking, messaging, virtual and augmented reality, and artificial intelligence products. The company operates a global family of apps that includes Facebook, Instagram, Messenger, WhatsApp and Threads, enabling users to connect, communicate, share content and discover communities.

Meta generates most of its business through digital advertising displayed across its platforms. Its products serve individuals, creators, businesses and organizations in markets around the world, while its advertising tools help businesses reach audiences based on factors such as interests, activity and demographics.

Through its Reality Labs division, Meta develops virtual and augmented reality hardware, software and services, including the Meta Quest line of headsets and related experiences.

Further Reading Five stocks we like better than Meta Platforms Deutsche Bank Makes a Contrarian Call on Netflix—What Does It Mean for Investors? O’Reilly Automotive’s Stock Slump Hides a Stronger Business McDonald’s Stock Slump Makes Its AI Pricing Bet Even Riskier Broadcom’s AI Growth Story Faces a $161 Billion Anthropic Test

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Symphony Financial Ltd. Co. increased its holdings in shares of Amazon.com, Inc. (NASDAQ:AMZN) by 6.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 88,652 shares of the e-commerce giant’s stock after acquiring an additional 5,269 shares during the quarter. Amazon.com makes up approximately 2.4% of Symphony Financial Ltd. Co.’s holdings, making the stock its 7th biggest holding. Symphony Financial Ltd. Co.’s holdings in Amazon.com were worth $21,261,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Auto Owners Insurance Co raised its position in shares of Amazon.com by 27,376.7% during the 4th quarter. Auto Owners Insurance Co now owns 98,448,885 shares of the e-commerce giant’s stock worth $2,272,397,000 after purchasing an additional 98,090,585 shares during the period. Bank of America Corp DE acquired a new position in Amazon.com during the 2nd quarter valued at approximately $22,218,775,000. Bank of New York Mellon Corp bought a new position in Amazon.com during the 2nd quarter worth $16,341,405,000. Legal & General Group Plc bought a new position in Amazon.com during the 2nd quarter worth $12,831,376,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Amazon.com in the second quarter worth $6,631,466,000. Institutional investors own 72.20% of the company’s stock.

Key Stories Impacting Amazon.com Here are the key news stories impacting Amazon.com this week:

Positive Sentiment: Rosenblatt raised its price target to $360 from $335 and maintained a Buy rating, implying roughly 46% upside. The firm said concerns that Meta’s Muse and OpenAI’s Dots could displace Amazon’s retail and advertising businesses are overstated. How Amazon’s stock can fight off the AI threat and soar 46% Positive Sentiment: AWS agreed to a multiyear Synopsys deal worth more than $1 billion to license chip-design technology. The agreement should support Amazon’s Trainium and Graviton custom-chip efforts, potentially reducing its reliance on Nvidia processors and improving AWS economics over time. Synopsys, Amazon Web Services sign chip design licensing deal Positive Sentiment: Amazon signed a 20-year nuclear power agreement with Constellation Energy supporting expansion of Maryland’s Calvert Cliffs plant. The deal could help secure reliable, low-carbon electricity for Amazon’s growing data-center and AI infrastructure needs. Constellation, Amazon sign 20-year power deal Positive Sentiment: New consumer products and services provided additional support. Amazon launched a faster Fire TV Stick 4K with expanded Alexa+ functionality and introduced shipping tools intended to lower delivery costs for sellers of bulky products. These initiatives could support device engagement, retail activity, and marketplace participation. Amazon stock rallies on new Alexa and Fire TV abilities Analysts Set New Price Targets AMZN has been the topic of a number of recent research reports. Phillip Securities cut Amazon.com from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, August 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $320.00 price objective (down from $330.00) on shares of Amazon.com in a report on Friday, July 31st. UBS Group set a $200.00 price objective on shares of Amazon.com in a report on Thursday, September 17th. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Amazon.com in a research report on Friday, July 31st. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $320.00 target price (up from $315.00) on shares of Amazon.com in a research note on Friday, July 31st. Fifty-six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $321.63. Check Out Our Latest Report on Amazon.com

Insiders Place Their Bets In other Amazon.com news, SVP David Zapolsky sold 9,258 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $259.77, for a total value of $2,404,950.66. Following the completion of the sale, the senior vice president directly owned 41,190 shares in the company, valued at $10,699,926.30. This represents a 18.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian T. Olsavsky sold 6,172 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $260.31, for a total value of $1,606,633.32. Following the transaction, the chief financial officer directly owned 109,207 shares of the company’s stock, valued at approximately $28,427,674.17. The trade was a 5.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 70,589 shares of company stock valued at $18,329,015. 8.90% of the stock is currently owned by insiders.

Amazon.com Stock Performance Shares of AMZN opened at $249.15 on Thursday. The firm has a 50-day moving average price of $256.38 and a 200 day moving average price of $247.94. The firm has a market capitalization of $2.69 trillion, a PE ratio of 20.04, a P/E/G ratio of 1.91 and a beta of 1.44. The company has a quick ratio of 0.87, a current ratio of 1.03 and a debt-to-equity ratio of 0.23. Amazon.com, Inc. has a 52-week low of $196.00 and a 52-week high of $287.20.

Amazon.com (NASDAQ:AMZN – Get Free Report) last released its earnings results on Thursday, July 30th. The e-commerce giant reported $5.75 EPS for the quarter, beating the consensus estimate of $1.82 by $3.93. Amazon.com had a net margin of 17.44% and a return on equity of 18.00%. The firm had revenue of $200.61 billion for the quarter, compared to analysts’ expectations of $197.03 billion. During the same quarter last year, the company earned $1.68 EPS. Amazon.com’s quarterly revenue was up 19.6% on a year-over-year basis. On average, sell-side analysts anticipate that Amazon.com, Inc. will post 8.01 earnings per share for the current fiscal year.

About Amazon.com (Free Report)

Amazon.com, Inc is a global technology and commerce company that operates online marketplaces, physical stores, and a broad portfolio of digital and cloud-based services. The company offers consumer products across categories such as electronics, household goods, apparel, groceries, and entertainment, while also providing third-party sellers with tools for listing, selling, and fulfilling orders.

Amazon’s major businesses include Amazon Web Services (AWS), which provides cloud computing, storage, database, analytics, and artificial intelligence services; Prime, a membership program that includes shipping, streaming, and other benefits; and digital entertainment services such as Prime Video, Amazon Music, Kindle, and Audible.

Further Reading Five stocks we like better than Amazon.com Deutsche Bank Makes a Contrarian Call on Netflix—What Does It Mean for Investors? O’Reilly Automotive’s Stock Slump Hides a Stronger Business McDonald’s Stock Slump Makes Its AI Pricing Bet Even Riskier Broadcom’s AI Growth Story Faces a $161 Billion Anthropic Test Want to see what other hedge funds are holding AMZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Amazon.com, Inc. (NASDAQ:AMZN – Free Report).

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Transcend Capital Advisors LLC increased its position in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) by 25.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 92,330 shares of the software giant’s stock after buying an additional 18,593 shares during the period. Microsoft comprises approximately 2.3% of Transcend Capital Advisors LLC’s holdings, making the stock its 4th biggest holding. Transcend Capital Advisors LLC’s holdings in Microsoft were worth $34,441,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Frankly Finances LLC acquired a new position in shares of Microsoft in the second quarter worth about $35,000. Fiduciary Advisors Inc. grew its stake in Microsoft by 37.4% during the 2nd quarter. Fiduciary Advisors Inc. now owns 125 shares of the software giant’s stock valued at $47,000 after purchasing an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Microsoft during the 4th quarter valued at approximately $59,000. Lifetime Wealth Management P.C. purchased a new stake in Microsoft during the 4th quarter worth approximately $101,000. Finally, Ramsey Quantitative Systems acquired a new position in shares of Microsoft in the 2nd quarter valued at approximately $112,000. Institutional investors and hedge funds own 71.13% of the company’s stock.

Analysts Set New Price Targets Several equities analysts have recently commented on the company. Citigroup reiterated a “market outperform” rating on shares of Microsoft in a research note on Monday, September 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Microsoft in a report on Monday, July 20th. Royal Bank Of Canada reissued an “outperform” rating on shares of Microsoft in a report on Thursday, September 10th. Argus dropped their target price on shares of Microsoft from $620.00 to $510.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Finally, UBS Group initiated coverage on shares of Microsoft in a research note on Wednesday, September 23rd. They issued a “buy” rating on the stock. Forty-three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $570.62.

View Our Latest Stock Report on MSFT Microsoft News Summary Here are the key news stories impacting Microsoft this week:

Positive Sentiment: Piper Sandler raised its price target to $610 from $550 and maintained an Overweight rating, citing improving estimates for Microsoft’s commercial cloud business and potential revenue from the new E7 enterprise licensing tier. Why is Microsoft stock up on Wednesday? Positive Sentiment: Microsoft’s revamped Copilot is becoming more enterprise-focused, while usage-based billing expected to begin in November could simplify adoption and improve monetization. Analysts also see potential for paid Copilot seats to continue expanding rapidly. What a Revamped Copilot Means for Microsoft Stock Positive Sentiment: Microsoft is bringing OpenAI’s autonomous “Dots” agents into its enterprise security and governance framework, strengthening its position in workplace AI. A long-term Xbox publishing agreement with Take-Two also supports the gaming ecosystem. Microsoft Brings OpenAI’s Autonomous Dots AI Workers Into the Enterprise Neutral Sentiment: Microsoft has delivered a substantial quarterly rally, but its valuation remains below its recent average P/E despite strong Azure growth, expanding Copilot demand and a sizable commercial backlog. This leaves room for additional upside, although expectations are already elevated. How Much Upside Is Left In Microsoft Stock? Negative Sentiment: Investors remain concerned that surging AI infrastructure spending could outpace free cash flow before Azure and Copilot returns fully materialize. Microsoft also warns that AI agents may weaken traditional software pricing power and customer loyalty. The AI Revolution Could Be Microsoft’s Next Trillion-Dollar Opportunity Insider Buying and Selling In related news, EVP Takeshi Numoto sold 4,810 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total transaction of $2,388,068.80. Following the completion of the transaction, the executive vice president owned 42,677 shares in the company, valued at $21,188,276.96. The trade was a 10.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Amy Hood sold 41,674 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $498.27, for a total value of $20,764,903.98. Following the transaction, the executive vice president owned 533,624 shares of the company’s stock, valued at approximately $265,888,830.48. The trade was a 7.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 143,009 shares of company stock worth $71,420,699. Company insiders own 0.03% of the company’s stock.

Microsoft Price Performance Shares of NASDAQ:MSFT opened at $512.90 on Thursday. The company has a market cap of $3.81 trillion, a PE ratio of 28.56, a P/E/G ratio of 1.64 and a beta of 1.11. Microsoft Corporation has a fifty-two week low of $349.20 and a fifty-two week high of $553.72. The firm has a 50-day simple moving average of $484.74 and a 200 day simple moving average of $428.53. The company has a quick ratio of 1.22, a current ratio of 1.23 and a debt-to-equity ratio of 0.07.

Microsoft (NASDAQ:MSFT – Get Free Report) last issued its earnings results on Wednesday, July 29th. The software giant reported $4.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.24 by $0.50. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The firm had revenue of $90.01 billion for the quarter, compared to analysts’ expectations of $87.62 billion. During the same quarter last year, the company posted $3.65 earnings per share. Microsoft’s revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts anticipate that Microsoft Corporation will post 19.62 EPS for the current year.

Microsoft Increases Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Thursday, November 19th will be issued a $0.98 dividend. This is a positive change from Microsoft’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $3.92 annualized dividend and a dividend yield of 0.8%. Microsoft’s dividend payout ratio (DPR) is 20.27%.

Microsoft Company Profile (Free Report)

Microsoft Corporation is a global technology company that develops software, cloud services, devices, gaming products and business solutions. Founded in 1975 by Bill Gates and Paul Allen, the company is best known for the Windows operating system and Microsoft Office productivity software. Microsoft is headquartered in Redmond, Washington, and serves consumers, businesses, governments and educational institutions worldwide.

Microsoft’s productivity and business offerings include Microsoft 365 applications such as Word, Excel, PowerPoint and Outlook, along with collaboration tools including Teams.

Recommended Stories Five stocks we like better than Microsoft Deutsche Bank Makes a Contrarian Call on Netflix—What Does It Mean for Investors? O’Reilly Automotive’s Stock Slump Hides a Stronger Business McDonald’s Stock Slump Makes Its AI Pricing Bet Even Riskier Broadcom’s AI Growth Story Faces a $161 Billion Anthropic Test Want to see what other hedge funds are holding MSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsoft Corporation (NASDAQ:MSFT – Free Report).

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Hedge fund managers are making big moves to capitalize on the artificial intelligence (AI)-driven stock market gyrations. Billionaire Bill Ackman made some in his portfolio last quarter, completely selling out of Alphabet (GOOG +1.01%) (GOOGL +0.93%) for his investment fund, Pershing Square. Given the timing of the buys and sells, it is likely that Pershing Square reaped multibagger returns from its investment in Alphabet.

What did Ackman buy with his Google proceeds? He turned to another AI technology giant: Microsoft (MSFT +0.77%). It had been a laggard in the first half of 2026 and was down about 20% from its Q2 highs when Pershing Square topped off its position.

Bill Ackman. Image source: Getty Images.

Microsoft is now back near all-time highs and the largest position in the Pershing Square portfolio. Does that mean Ackman made the right move to dump Alphabet for Microsoft?

Premium Feature

Moneyball Superscore

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0.77

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3.94

Current Price

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512.90

Microsoft's booming cloud business and software fears In early 2026, Microsoft's share price was facing two thematic headwinds. First, as the world's largest enterprise software company, Microsoft's stock dipped alongside the rest of the sector amid concerns that AI would disrupt everything.

It turns out that no AI disruption has occurred so far, or that it is taking much longer than pessimists assumed. Microsoft's commercial 365 software revenue rose 14% year over year in constant currency last quarter, showing no signs of disruption from AI.

Second, Microsoft had some weakness relative to other major technology players due to OpenAI's speed bumps in 2026. Previously, Microsoft was the leading cloud provider for OpenAI and was seen as reliant on OpenAI for revenue growth at its Azure cloud business. Microsoft has since diversified its AI cloud business beyond a sole bet on OpenAI, while also securing major commitments from its flagship partner.

Last quarter, Microsoft's cloud revenue increased 27% to $59.3 billion, with remaining performance obligations rising 84% to $678 billion. On these numbers, the stock price has begun to recover and is now down just 5% from the 2025 highs.

Image source: Alphabet.

A cheap earnings multiple compared to the rest of big tech Compared with other large technology players such as Alphabet, Microsoft had a much lower valuation in the first half of 2026. Earlier this year, when Pershing Square was buying, Microsoft had a forward price-to-earnings ratio (P/E) in the low 20s. For a business with revenue increasing in double-digit percentages with a huge order backlog, that is a low price, which was driven by the slump across the entire enterprise software sector.

Alphabet's forward P/E ratio was in the low 30s during the same period, while Apple's was in the high 30s. Pershing Square likely saw Microsoft as a better value because of this discrepancy in earnings ratios.

MSFT PE Ratio (Forward) data by YCharts

Was it the right move? So far, Ackman's decision to sell Alphabet and buy more Microsoft is looking smart. Alphabet's stock is down 15% since the middle of Q2, while Microsoft shares are up 26% and close to breaking through to new all-time highs.

But what about the long term? Alphabet is no slouch of a business and is growing quickly. Its Google Cloud business is actually growing much faster than Microsoft, posting 82% year-over-year growth to $24.8 billion in Q2.

The one concern investors have with Alphabet right now is the potential disruption of Google Search. People worry that new AI agents like ChatGPT or Claude will take users away from Google, Alphabet's cash cow. Still, these concerns have not shown up in Alphabet's financial performance yet, with Google Search revenue up 17% year over year, which is actually faster than Microsoft's enterprise software revenue growth.

Microsoft may have been a better buy earlier in 2026 because of its cheaper P/E ratio. However, over the long term, if you are comfortable with the AI risks for both businesses, both Alphabet and Microsoft should do fine in your portfolio.

MidFirst Bank increased its holdings in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 1.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 356,324 shares of the computer hardware maker’s stock after acquiring an additional 4,963 shares during the period. NVIDIA comprises approximately 5.1% of MidFirst Bank’s portfolio, making the stock its 2nd biggest holding. MidFirst Bank’s holdings in NVIDIA were worth $71,297,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of NVDA. Boyd Wealth Management LLC grew its position in shares of NVIDIA by 273.4% during the 2nd quarter. Boyd Wealth Management LLC now owns 9,145 shares of the computer hardware maker’s stock valued at $1,830,000 after acquiring an additional 6,696 shares during the period. Altshuler Shaham Ltd raised its holdings in shares of NVIDIA by 6,451.9% in the 1st quarter. Altshuler Shaham Ltd now owns 637,236 shares of the computer hardware maker’s stock worth $111,134,000 after purchasing an additional 627,510 shares during the period. Storen Legacy Partners LLC purchased a new position in NVIDIA in the fourth quarter valued at approximately $1,350,000. Baker Tilly Wealth Management LLC grew its holdings in NVIDIA by 7.4% during the second quarter. Baker Tilly Wealth Management LLC now owns 71,898 shares of the computer hardware maker’s stock valued at $14,386,000 after purchasing an additional 4,958 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in NVIDIA by 3.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 26,652,420 shares of the computer hardware maker’s stock worth $4,970,704,000 after buying an additional 936,506 shares during the last quarter. 65.27% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about NVIDIA Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: NVIDIA authorized an additional $150 billion for share repurchases, raising total remaining authorization to approximately $235 billion through fiscal 2028. The move signals management’s confidence in the company’s cash generation and suggests it views the stock as attractively valued. Stock Market Today, Sept. 30: Nvidia Authorizes $150B Buyback, Lifting Total to $235B Positive Sentiment: The latest bullish case centers on sustained AI spending. NVIDIA’s data-center revenue reportedly surged 117% year over year to $89 billion, while management continues to forecast substantial growth despite the company’s enormous scale. Analysts cited valuation, hyperscaler capital expenditures and the company’s full-stack AI platform as potential upside drivers. Nvidia’s Demand Outlook Still Supports The Bull Case Positive Sentiment: Political and regulatory developments were also favorable. President Donald Trump reportedly supported industry self-regulation at a White House AI meeting attended by CEO Jensen Huang, reducing near-term concerns that stricter rules could slow AI deployment. NVIDIA’s new AI safety platform could further support demand for inference, monitoring and networking infrastructure. Nvidia Was the Big Winner of Trump’s AI Lunch, Here’s Why Positive Sentiment: NVIDIA’s reported agreement to acquire Hugging Face for nearly $13 billion would expand its reach into open-source models, developer tools, datasets and AI distribution. The company is also investing in AI infrastructure partners, reinforcing its broader ecosystem strategy beyond GPUs. Nvidia just spent nearly $13 billion on something other than GPUs Neutral Sentiment: Softer-than-expected inflation helped support growth-oriented technology shares by reducing immediate expectations for additional Federal Reserve rate increases. However, higher interest rates remain a key valuation risk for AI-linked stocks. Why is Nvidia stock rising on Wednesday? Negative Sentiment: Risks remain around an AI spending slowdown, particularly if hyperscalers reduce capital expenditures. DeepSeek’s work with Huawei on software for alternative AI chips could also challenge NVIDIA’s software moat, while rising memory and networking costs may pressure gross margins. Investor Michael Burry’s reported bearish options position adds to skepticism, although it has not changed the company’s fundamental outlook. If AI Capex Cracks, Nvidia Could Feel It Before Meta Does Insiders Place Their Bets In other news, CFO Colette Kress sold 34,918 shares of the company’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $219.05, for a total value of $7,648,787.90. Following the transaction, the chief financial officer owned 765,103 shares of the company’s stock, valued at approximately $167,595,812.15. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy S. Teter sold 30,460 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $222.80, for a total value of $6,786,488.00. Following the completion of the sale, the executive vice president owned 2,687,660 shares in the company, valued at $598,810,648. This trade represents a 1.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,766,118 shares of company stock worth $399,450,353 in the last three months. 3.94% of the stock is currently owned by corporate insiders. Analyst Upgrades and Downgrades Several research analysts have recently weighed in on the company. Stifel Nicolaus set a $315.00 price target on NVIDIA in a research note on Thursday, August 27th. UBS Group set a $300.00 price objective on NVIDIA and gave the company a “buy” rating in a research note on Thursday, August 27th. Phillip Securities upped their price objective on shares of NVIDIA from $285.00 to $300.00 and gave the company a “buy” rating in a report on Monday, August 31st. Wells Fargo & Company reiterated an “overweight” rating and set a $315.00 target price on shares of NVIDIA in a research report on Tuesday, August 11th. Finally, Morgan Stanley set a $300.00 target price on shares of NVIDIA and gave the stock an “overweight” rating in a research note on Thursday, August 27th. Four research analysts have rated the stock with a Strong Buy rating, fifty have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, NVIDIA presently has a consensus rating of “Buy” and an average price target of $324.14.

Get Our Latest Stock Analysis on NVIDIA

NVIDIA Stock Up 0.5% NVDA stock opened at $228.38 on Thursday. The stock has a 50-day simple moving average of $217.76 and a two-hundred day simple moving average of $206.94. NVIDIA Corporation has a twelve month low of $164.27 and a twelve month high of $236.54. The firm has a market capitalization of $5.50 trillion, a PE ratio of 28.87, a PEG ratio of 1.76 and a beta of 2.22. The company has a quick ratio of 3.85, a current ratio of 4.59 and a debt-to-equity ratio of 0.14.

NVIDIA (NASDAQ:NVDA – Get Free Report) last announced its quarterly earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.13. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The firm had revenue of $96.22 billion for the quarter, compared to the consensus estimate of $92.27 billion. During the same period in the prior year, the firm posted $1.05 earnings per share. The company’s revenue for the quarter was up 105.9% on a year-over-year basis. On average, equities analysts predict that NVIDIA Corporation will post 9.25 EPS for the current fiscal year.

NVIDIA announced that its board has authorized a stock repurchase plan on Monday, September 28th that allows the company to repurchase $150.00 billion in outstanding shares. This repurchase authorization allows the computer hardware maker to reacquire up to 2.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.00 annualized dividend and a yield of 0.4%. NVIDIA’s dividend payout ratio is currently 12.64%.

NVIDIA Profile (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

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Highlights

Mapping and sampling complete – Drill commenced this week to April Fool TargetSelective grab sample 616795 at April Fool Target returned 59 g/t goldThree selective grab samples returned greater than 40 g/t goldThirty selective grab samples returned greater than 1 g/t goldTotal 48 selective rock chip and grab samples Geological setting analogous to the Zanzibar Trend, where 2026 drilling has returned 3.14 g/t gold over 49.62 m (25MN-044) and 12.78 g/t gold over 5.91 m (26MN-067)Vancouver, British Columbia--(Newsfile Corp. - October 1, 2026) - Scorpio Gold Corporation (NASDAQ: SGLD) (TSXV: SGLD) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold" or the "Company") is pleased to announce that results from geological mapping and rock chip sampling have advanced the April Fool Target to drill-ready status, with a diamond core drill having commenced drilling earlier this week.

Zayn Kalyan, President, CEO and Director, commented, "Since drilling resumed in May 2025, our focus has been squarely on resource expansion along the core 1.8 kilometres of strike, with Black Mammoth as our first step-out onto one of Manhattan's five historical resource areas. April Fool marks the next step: a second of those five, and one that has never been systematically drilled. Each of these areas is an opportunity to demonstrate the true district-scale potential of Manhattan, and April Fool is also where the district began. John Humphrey's 1905 discovery on this hill founded the camp, and in the more than 120 years since, the only drilling here has been a handful of widely spaced historical holes, with no modern, systematic drill program ever completed. Our 2026 mapping and sampling program has now shown why we should: 48 selective grab samples averaging 6.14 g/t gold, all but one with detectable gold, three above 40 g/t and a peak of 59 g/t, all hosted in the same Zanzibar Limestone and caldera-margin fault setting that has delivered our most consistent drill results this year along the Zanzibar Trend. We have spent 2026 demonstrating that a structural re-interpretation of this district translates into high-grade, continuous drill intercepts, and April Fool is the next test of that model. With a rig mobilized this week and first assays expected by the end of October, we have a clear, near-term catalyst that could open an entirely new growth front at Manhattan."

Leo Hathaway, Executive Technical Director, commented, "April Fool is one of the best under-drilled gold prospects I have visited in my career. The surface expression is textbook low-sulfidation epithermal: bedding-parallel dissolution vugs in the Zanzibar Limestone lined with boiling-textured quartz-carbonate, cut by steep faults carrying the same veining, all sitting against the caldera-margin fault that we interpret as the principal fluid conduit. It is the same architecture that controls mineralization along the Zanzibar Trend, where we now have a full season of drilling to calibrate against. Ferguson's 1924 account of lower-grade gold roughly 100 feet below the historic high-grade pockets is also instructive, because material that was not considered ore in 1905 is exactly what a modern exploration program should be targeting. The Manhattan geological team has built a well-constrained model of the mineralization controls here, and the first holes are designed to test the vertical extent and continuity of what we see at surface."

Figure 1: Overview of the Manhattan District and Scorpio land position, with location of Historic Resource Target Areas relative to the Maiden Inferred MRE

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/316599_a779e0b3a4469915_002full.jpg

Ongoing fieldwork across the entirety of the Company's claim package since May of this year has thus far resulted in enhanced geological understanding of the Manhattan Central area of the Manhattan Project, advancement of several target areas, and a robust structural re-interpretation of this historic and prolific gold mining district. Most recently, selective rock chip and grab samples returned high-grade gold from the historically under-drilled April Fool Target (Figure 2), as well as an updated interpretation of the geological setting of the Target that is similar to that of the Zanzibar Trend Target which has produced a significant number of exciting drill hole results throughout 2026.

Figure 2: Plan map of the Manhattan District with highlighted results from April Fool grab sampling

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/316599_a779e0b3a4469915_003full.jpg

Geological Mapping and Rock Chip Sampling

Geological Mapping and sampling around the April Fool Target commenced in August 2026. The visual indicators of strong epithermal gold mineralization are abundant across the Target Area including bedding parallel dissolution vugs lined with boiling textured quartz/carbonate mineralization in the prospective Zanzibar limestone formation, vertical faulting crosscutting the beds that also contains the same quartz/carbonate veining, proximal to the contact fault between the Paleozoic sedimentary package and the Oligocene aged Manhattan Caldera Volcanic group. Rock chip and grab sampling of the outcrops and mine dumps within and around the historic workings has produced encouraging results pointing to the high-grade potential of the April Fool Target, with several samples assaying greater than 40 grams per tonne gold (Figure 3) and one reaching 59 grams per tonne gold. Forty-eight samples were taken, of which all but one reported detectable gold (Table 1). Rock chip and grab samples are selected from mineralization judged to be of interest and are not necessarily representative of the grade, width or continuity of mineralization on the property; for that reason, no average grade is reported. Quality assurance and quality control procedures applicable to these samples, and their limitations, are described under QA/QC below.

Figure 3: Plan view of April Fool Target area with interpreted geology, sample locations and highlighted sample results

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/316599_a779e0b3a4469915_004full.jpg

Sample IDEastingNorthingElevationAu ppmSource616752494500.14265772.921980.18Rock Chip616753494510.3426576421980.03Grab616754494511.54265763.122000.02Grab616755494288.24265662.622162.24Grab616756494287.74265662.722161.55Grab6167574942874265663.222150.78Grab616758494287.34265661.922152.87Grab6167594943124265693.9221010.29Rock Chip616760494312.44265694.522104.99Rock Chip616761494429.84265774.122140.08Rock Chip616762494428.74265773.522120.19Grab6167634944354265769.922110.03Rock Chip616764494420.84265746.922122.38Rock Chip616765494411.34265746.722084.34Rock Chip616766494411.34265746.722085.00Grab616767494346.84265705.622070.23Rock Chip616768494336.94265701.222057.84Rock Chip6167694943354265701.122064.34Rock Chip616770494217.94265637.622042.20Rock Chip616771494221.94265634.722060.18Rock Chip616772494213.94265633.3220416.90Grab616774494213.94265633.322041.27Rock Chip6167754942304265661.222050.08Rock Chip616776494230.44265662.622051.72Rock Chip6167774942294265664.822033.03Rock Chip616778494237.64265687.621982.25Grab616779494238.74265685.121991.00Rock Chip616780494240.84265685.521992.14Rock Chip616781494241.64265686219917.72Rock Chip616782494243.44265688.421992.20Rock Chip616783494204.24265688.2218712.12Rock Chip616784494204.44265687.5218743.41Rock Chip616785494202.44265683.121874.19Rock Chip616786494200.44265681.1218526.58Rock Chip616787494188.8426564021920.54Rock Chip616788494185.54265639219049.29Rock Chip616789494179.14265638.221950.88Grab616790494176.34265639.921931.74Rock Chip616791494127.74265618.921790.83Rock Chip6167924941264265575.921921.29Rock Chip616793494126.44265576.921921.02Grab616794494125.14265577.521931.69Rock Chip616795494441.24265584.2216559.02Rock Chip616796494447.14265582.321690.04Rock Chip616797494447.94265581.221710.10Rock Chip616798494454.842655732169<0.015Rock Chip616799494457.34265573.221670.09Rock Chip616800494456.34265568.621630.02Rock ChipTable 1: Results of the selective rock chip and grab sampling at April Fool Target

Geological Comparison to the Zanzibar Trend

Results of the mapping and sampling of the April Fool Target Area have shown that the geological setting is remarkably similar to that of the Zanzibar Trend, which has been systematically drilled by Scorpio Gold in 2026 following a re-interpretation of mineralization controls in that area. That re-interpretation opened several hundred metres of strike length proximal to the Maiden MRE (defined below) that had been largely overlooked by previous operators. At April Fool, similar to the Zanzibar Trend, the prospective unit of Zanzibar Limestone sits just above the Gold Hill mudstones, all variably dipping to the north-northwest at approximately 35 - 50 degrees. The bedding is truncated in both Target Areas by a large-scale fault zone separating the Paleozoic sedimentary package from the Oligocene aged volcanic rocks of the Manhattan Caldera. It is believed that in both locations these large strike/slip faults provide the "plumbing" system capable of tapping the source fluids at depth, bringing them closer to the surface allowing them to interact with the prospective and receptive host rocks of the Gold Hill and Zanzibar Formations. Intersections of steeply dipping faults and bedding planes act to focus the gold deposition, with gold-bearing fluid flowing both along the bedding as well as along the fault planes and surrounding damage zones (Figure 3).

Figure 4: Conceptual cross-sectional view of April Fool Target area with interpreted geology and schematic of gold-forming processes, along with highlighted grab sample results

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/316599_a779e0b3a4469915_005full.jpg

The Zanzibar Trend illustrates what this geological setting can deliver once it is systematically drilled. Through 2026, successive 50-metre step-out holes along the trend have returned consistently high and continuous gold grades from surface to more than 200 metres downhole, including 3.14 g/t gold over 49.62 m from 59.95 m, including 22.81 g/t gold over 4.24 m, in hole 25MN-044 (see news release dated February 19, 2026); 2.10 g/t gold over 22.25 m from 34.14 m in hole 26MN-063 (April 16, 2026); 2.74 g/t gold over 16.49 m from 45.45 m in hole 26MN-066 (April 28, 2026); 12.78 g/t gold over 5.91 m from 134.51 m, including 30.06 g/t gold over 2.50 m, in hole 26MN-067 (May 5, 2026); 2.68 g/t gold over 11.34 m from 0.76 m, effectively from surface, in hole 26MN-071 (May 21, 2026); 2.77 g/t gold over 12.68 m from 58.64 m, including 20.93 g/t gold over 1.58 m, in hole 26MN-080 (May 28, 2026); 15.28 g/t gold over 2.56 m from 94.27 m and 0.98 g/t gold over 23.20 m from 112.13 m in hole 26MN-114 (August 10, 2026); and 0.93 g/t gold over 22.16 m from 95.71 m and 0.84 g/t gold over 25.05 m from 205.07 m in hole 26MN-116 (September 2, 2026). Reported intervals are downhole lengths; there is insufficient geological information to estimate true widths, and intervals contain no more than 3 continuous metres grading less than 0.1 g/t gold. At April Fool, the same Zanzibar Limestone host, the same bedding attitude and the same caldera-margin fault architecture are present, and the drill program described below is designed to test whether this combination of controls has produced comparable continuity of gold mineralization beneath the historic workings.

Next Steps

With these exciting results in hand, drill holes have been designed to test the multiple apparent controls on mineralization at April Fool, including bedding parallel and fault-controlled mineralization, as well as the intersection of the two. One diamond drill is scheduled to mobilize this week to perform the first diamond core drilling, and the first systematic drill test, of the April Fool Target, with assay results expected within four weeks of drill hole completion.

History of the April Fool Target

The April Fool Target is the site of the April 1905 discovery of free gold by John C. Humphrey that founded the Manhattan mining camp (Ferguson, 1924, USGS Bulletin 723, p. 7-8, 154). Early mining focused on shallow, high-grade pockets, including one that assayed over $8,000 per ton1 (approximately 13,000 g/t gold, converted at the historical gold price of US$20.67/oz; p. 155). Ferguson also documented lower-grade gold mineralization in tunnels approximately 100 feet below the outcrop, including material reported to grade about $4 per ton (approximately 6.6 g/t gold), which was not considered "ore" at the time (p. 93, 155-156). The Company believes that gold mineralization not targeted by historical miners may remain in the area, and this concept will be tested by drilling. Historical drilling at April Fool was limited to a small number of widely spaced holes completed by previous operators prior to 1997, which, together with sampling of the historic underground workings, formed part of the basis of a historical estimate for the area prepared by New Concept Mining, Inc. (Berry and Willard, 1997; see Technical Report, Section 6.4). No diamond core drilling, and no systematic drill program, has previously been completed on the Target.
1These figures are historical and are derived from a public government report. They have not been independently verified by the Company's Qualified Person, as the original sampling methods, locations, and assay procedures are unknown. They are provided for historical context only, do not represent current exploration results or the grade of any mineralized body, and should not be relied upon.

QA/QC

Surface samples were bagged and secured with security tags to ensure integrity during transportation to the Elko, NV, MSALABS facility for preparation. For quality assurance ("QA"), a single unmarked coarse blank was inserted into the sample sequence submitted with these samples, and returned a gold value below the analytical detection limit. The Company's standard protocol is to insert unmarked coarse blanks, unmarked certified reference materials and duplicates at a rate of approximately 10% of each sample run. That protocol was not fully applied to the batches containing the samples reported here; Company-inserted control samples were limited to a single unmarked coarse blank. The accuracy and precision of the reported assays have therefore not been independently checked by the Company through blind control samples. The Qualified Person considers the results adequate for target generation and drill planning only, and they should not be relied upon for any other purpose. Samples were analyzed for gold using a two-cycle PhotonAssayTM analysis method (~500 g) of crushed material (70% passing 2 mm). All MSALABS facilities comply with ISO 17025:2017.

Marketing Update

The Company also announces that, effective September 22, 2026, it has extended its engagement with Sideways Frequency LLC ("SFLLC") to provide certain marketing and investor awareness services to the Company in accordance with the policies of the TSX Venture Exchange. The initial engagement was for a three (3) month term that commenced October 8, 2025. The marketing services will include, but are not limited to, email campaigns, native advertising, display ads, lead generation, creation of content, strategic planning, digital advertisement placement, and overseeing progress and results of digital campaigns. Under the agreement, the Company will pay SFLLC US$200,000 for an initial three-month term. Aside from this engagement, the Company does not have any relationship with SFLLC or Mr. Wesley De Souza, CEO of SFLLC.

About the Manhattan District

Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers south of the operating Round Mountain Gold Mine (https://www.kinross.com/operations/default.aspx#americas-roundmountain), which has produced more than 15 million ounces of gold (past-production is cited solely for geological context, see third note, below). For the first time, the Company has consolidated Manhattan's past-producing mines under a single entity that holds valuable permitting and water rights. Historically, Manhattan has produced approximately 700,000 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s.¹ The maiden mineral resource estimate (the "Maiden MRE") covering the Goldwedge and Manhattan Pit areas of Manhattan is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 oz contained gold in the inferred category.² Inferred resources have a significant amount of uncertainty as to their existence and as to their economic feasibility. It cannot be assumed that all or any part will be upgraded to a higher category. They are not mineral reserves and have not demonstrated economic viability.

Notes

Adjacent Properties: The Company has no interest in, or rights to, any of the adjacent properties mentioned, including the Round Mountain Gold Mine, and exploration results on adjacent properties are not necessarily indicative of mineralization on the Company's properties. Any references to exploration results on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the Company's properties.Historical Data: This news release includes historical information that has been reviewed by the Company's qualified person. The Company's review of the historical records and information reasonably substantiate the validity of the information presented in this presentation. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Third-Party Mineral Projects: These deposits are cited solely for geological context. The Company cautions that these properties are not necessarily adjacent to, nor does the Company or have any interest in or control over them. Although certain geological features may be similar, there is no assurance that mineralization comparable to these deposits will be discovered on any of the Company's properties. Information regarding the aforementioned deposits is taken from publicly available sources and technical reports believed to be reliable but has not been independently verified by the Company. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.Mineral Resource Estimate (MRE): All scientific and technical information relating to Manhattan pertaining to Maiden MRE contained in this news release is derived from the Technical Report dated June 4, 2025 (with an effective date of June 4, 2025) titled "Mineral Resource Estimate and NI 43-101 Technical Report" (the "Technical Report") prepared by Matthew R. Dumala, P.Eng (BC) of Archer Cathro Geological (US) Ltd., Patrick Loury, M.Sc., CPG (AIPG) of Daniel Kunz & Associates, Annaliese Miller, LG (WA) of Geosyntec Consultants, Inc. and Art Ibrado, PhD, PE (AZ) of Fort Lowell Consulting PPLC. The information contained herein in respect of the Maiden MRE is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full text of the Technical Report, a copy of which has been filed with the applicable securities regulators and is available under the Company's profile on www.sedarplus.ca.References: (1) Strachan, D. G., and Master, T. D., 2005: Update and Revision of the Gold Wedge Project Development, Nye County. Report prepared for Nevada; Royal Standard Minerals, Inc. and dated March 31, 2005; (2) Dumala, M. R., and Lowry, P., 2025: Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada. Report prepared for Scorpio Gold Corporation and dated October 23, 2025 (with an effective date of June 4, 2025).Qualified Person

The scientific and technical information in this news release has been reviewed, verified and approved by Leo Hathaway, P. Geo., Executive Technical Director of Scorpio Gold, a "Qualified Person", as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Verification included review of laboratory certificates, review of field logs and chain-of-custody records, inspection of blank/standard/duplicate performance, and sample nature and location. No limitations or failures to verify were identified.

About Scorpio Gold Corp.

Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, and four past-producing pits that were acquired from Kinross in 2021 (see news release dated March 25, 2021 https://scorpiogold.com/news/scorpio-gold-closes-purchase-of-kinross-manhattan-property-nye-county-nevada/). The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Connect with Scorpio Gold:
Email | Website | Facebook | LinkedIn | X | YouTube
To register for investor updates please visit: scorpiogold.com.
(NASDAQ: SGLD) (TSXV: SGLD) (FSE: RY9)

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management as of the date of this news release.

Forward-looking statements in this news release include, among others, statements relating to: the mobilization of a diamond core drill to the April Fool Target this week and the commencement and completion of the first diamond core drilling and first systematic drill test of the April Fool Target; the expected timing of assay results from the April Fool drill program, including the Company's expectation that results from the first drill hole will be received by the end of October 2026 and that assay results will be received within approximately four weeks of drill hole completion; the design and objectives of the April Fool drill holes, including their ability to test the vertical extent and continuity of mineralization and the bedding-parallel and fault-controlled controls on mineralization interpreted at surface; the Company's interpretation of the geological setting of the April Fool Target and its similarity to the Zanzibar Trend, and the potential for that geological setting to host gold mineralization of comparable continuity, grade or extent beneath the historic workings; the Company's belief that gold mineralization not targeted by historical miners may remain at the April Fool Target; the potential for the April Fool Target to represent a new growth front or a near-term catalyst for the Company; the Company's interpretation of the structural controls on mineralization within the Manhattan District and the application of that interpretation to other target areas; the Company's ongoing exploration plans, priorities and objectives at the Manhattan Project, including resource expansion; the anticipated timing of future disclosures and announcements; and other statements that are not historical facts. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including: that the drill contractor, equipment and qualified personnel will be available and able to mobilize to and operate at the April Fool Target on the anticipated schedule; that weather, ground conditions and access will permit drilling to proceed as planned; that the analytical laboratory will process and report assays within its expected turnaround times; that the Company will be able to obtain sufficient financing to complete planned exploration activities; that the Company will be able to obtain and maintain necessary permits and regulatory approvals in a timely manner; that exploration results will be consistent with management's expectations; that general business and economic conditions will not change in a materially adverse manner; and that the Company's interpretations of geological data, including the analogy drawn between the April Fool Target and the Zanzibar Trend, are accurate. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: delays in drill mobilization or drilling due to contractor, equipment, personnel, weather, access or ground condition issues; delays in laboratory processing or reporting of assay results; the risk that drill results at April Fool do not confirm the mineralization, continuity or geological interpretation indicated by surface mapping and selective rock chip and grab sampling, which are by their nature not representative of the grade, width or continuity of mineralization; the limited quality control applied to the surface samples reported in this news release; the Company may require additional financing from time to time in order to continue its operations, which may not be available when needed or on acceptable terms and conditions; the inherent risks involved in the exploration and development of mineral properties, including uncertainties related to the interpretation of drill results and other geological data; fluctuations in commodity prices; compliance with extensive government regulation and changes in domestic and foreign laws and regulations that could adversely affect the Company's business and results of operations; uncertainties related to obtaining necessary permits and regulatory approvals; risks related to the Company's ability to retain key personnel; environmental risks and hazards; title matters and surface rights issues; competition in the mining industry; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; and other risks and uncertainties disclosed in the Company's public filings.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316599

Source: Scorpio Gold Corp

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Count Intuitive Surgical (ISRG -1.35%) among the biggest healthcare losers of 2026. The medical device stock is down close to 30% year to date. Its performance was even worse. By late July, Intuitive Surgical's share price had plunged more than 40% since the beginning of the year.

Despite this dismal trajectory, Wall Street remains overwhelmingly bullish about Intuitive Surgical. Of the 32 analysts surveyed by S&P Global (SPGI +0.52%) in September, 24 rated the stock as a "buy" or "strong buy." Only one of the other eight analysts recommended selling Intuitive.

But is Wall Street dead wrong about this beaten-down stock?

Image source: Intuitive Surgical.

Several headwinds To be sure, a stock doesn't sink as much as Intuitive Surgical has so far this year without facing some serious headwinds. Intuitive's growth is slowing, which is especially problematic for a stock trading at a forward price-to-earnings multiple over 33.

The company isn't gaining as much traction in the Chinese market as it would like. Intuitive Surgical CEO David Rosa admitted in the 2026 second-quarter earnings call that "the environment remains challenging" in China due to increased competition and government pricing policies.

Speaking of increased competition, Intuitive Surgical faces more of it elsewhere, too. After having the robotic surgical systems market to itself for years, Intuitive now must battle healthcare giants Johnson & Johnson (JNJ -1.06%), Medtronic (MDT -0.92%), and Stryker (SYK -0.90%), as well as smaller rivals.

Government actions aren't just a problem for Intuitive in China, either. The expiration of subsidies for Affordable Care Act (ACA) health plans in the U.S. is also impacting procedure growth for the company's da Vinci surgical robots.

Then there's the impact of GLP-1 drugs. Intuitive Surgical CFO Jamie Samath noted in the Q2 call that U.S. da Vinci bariatric procedure volumes fell by high single digits during the quarter due to increasing GLP-1 usage.

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With all of these headwinds, is Wall Street wrong to be bullish about Intuitive Surgical? My honest answer is... not at all.

Yes, the headwinds are real. However, they're not showstoppers. For example, even with Intuitive's challenges in China, the company's revenue in Asia still jumped 20% year over year in Q2. Increased competition doesn't appear to be hurting Intuitive much outside of China.

Samath said that the ACA subsidies are only having a "modest adverse impact." And the effects of GLP-1 drugs on Intuitive's business seem to be primarily limited to bariatric procedures.

Importantly, Intuitive Surgical has tailwinds that are even bigger than its tailwinds over the long run. Aging demographic trends worldwide should drive demand for robotic surgical systems. Technological advances should expand the number of procedures that can be performed with robotic assistance.

I don't always agree with analysts. But I think Wall Street is 100% right to be upbeat about this healthcare stock.

Keith Speights has positions in Intuitive Surgical. The Motley Fool has positions in and recommends Intuitive Surgical, Medtronic, and S&P Global. The Motley Fool recommends Johnson & Johnson and recommends the following options: long January 2028 $520 calls on Intuitive Surgical and short January 2028 $530 calls on Intuitive Surgical. The Motley Fool has a disclosure policy.

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Reorganization of Plenitude’s capital structure expands Ares’ economic and governance participation in the company

LONDON--(BUSINESS WIRE)--Ares Management Corporation (NYSE: ARES), a leading global investment manager, announced today that Ares Alternative Credit funds (“Ares”) participated in a reorganization of the shareholding and governance structure of Plenitude through which Ares and Eni S.p.A (“Eni”) upsized their capital contribution by approximately €1.5 billion, of which over €1 billion is attributable to Ares, based on a pre-money equity valuation of Plenitude of €10.75 billion. Following completion of the transaction, Ares holds 26.24% of Plenitude’s share capital, with Eni holding 65.03% and Energy Infrastructure Partners (“EIP”) as an 8.73% shareholder. Ares first invested in Plenitude in 2025, acquiring a 20% stake in the business for approximately €2 billion.

This transaction is geared towards strengthening Plenitude’s capital structure and introduces an enhanced governance framework that supports the company’s long-term growth ambitions. Ares and Eni will jointly control Plenitude, with Ares appointing three of Plenitude’s Board members – including Stefano Questa as Chairman – and Eni appointing five, including the CEO, and EIP one.

“Our continued commitment to Plenitude underscores our conviction in its long-term growth ambitions,” said Stefano Questa, Partner and Co-Head of European Alternative Credit. “We are also pleased to strengthen our collaboration with Eni and look forward to continuing to work together as we support Plenitude.”

Ares Alternative Credit focuses on asset-based finance and tactical asset investing opportunities beyond traditional markets, such as corporate debt, real estate and private equity. This strategy seeks opportunities in large, diversified portfolios, including specialty finance, lender finance, equipment leasing, structured products, net lease, cash-flow streams – such as royalties, licensing, and management fees – and other asset-focused investments. As of June 30, 2026, Ares Alternative Credit managed assets of approximately $57 billion.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation’s global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

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