SoFi Technologies (SOFI -1.06%) has taken shareholders on a whirlwind ride. The stock initially soared, then dropped 82%, and then reached new highs only three years later, soaring 650%. Now, it's 54% off that high in just a few months.
Is this a risky stock that's too volatile? Or an investing opportunity? Let's go over performance, risks, and opportunities to see if it can reclaim its previous high and move even higher.
SoFi's performance
For the most part, SoFi has delivered consistent stellar quarterly performance. Revenue, customers, product adoption, and profits are all increasing at sustained double-digit rates. The company, which operates an online financial platform, is still fairly small but has big ambitions. Judging by current results, it can get there.
Image source: SoFi.
In the second quarter, adjusted net revenue increased 40% year over year to $1.2 billion, and earnings per share (EPS) rose from $0.08 to $0.12. It added 1.1 million members, a 35% increase over last year, and 2.2 million products, a 42% increase. That implies the company's "one-stop shop" cross-buy strategy is working, and indeed, 51% of new products came from existing customers.
SoFi's risks
These fantastic results weren't enough to please the market. One of its segments, Tech Platform, continues to report a sales decline following the loss of a major customer. Management also failed to raise net income guidance, even though it raised revenue guidance.
SOFI SoFi Technologies$14.46-$0.16 (-1.06%)
NASDAQ · As of 4:00 PM ET 10/26/26
It's facing competition not just from the established legacy banks but also from other digital banks like Ally, Happen (formerly Lending Club), and even Brazil's Nu Holdings, which just launched in the U.S.
Finally, the stock was expensive. Considering the potential flaws, the market determined that it wasn't worth that price anymore. Right now, it trades at a P/E ratio of 31 and a price-to-book ratio of 1.7.
SoFi's opportunities
SoFi is still a small player compared to the big banks, but it's growing much faster. Consider its size and growth relative to some of the big banks, like JPMorgan Chase and Bank of America, as well as some of its digital competitors.
SOFI Revenue (TTM) data by YCharts
It's launching new products targeting its younger clientele, who are the customers growing with it. It just launched its latest offering, a tokenized deposit account that allows users to make money on their cryptocurrency. Net income is growing faster than adjusted net revenue, indicating efficient growth.
I think SoFi can get back to its previous highs and move higher, but it might take some time. However, at the current price, there's room for the stock to jump when it reports earnings on Tuesday if the market likes the report.
TE Connectivity očekává ve 4. čtvrtletí fiskálního roku 2026 tržby ve výši 5,25 mld. USD a upravený zisk na akcii (EPS) 3,05 USD, podpořené poptávkou po infrastruktuře pro AI.
Key Takeaways TEL is set to report Q4 results on Oct. 28, with consensus estimates of $5.26B in sales and $3.08 EPS.
AI-driven demand, strong DDN orders and grid modernization investments are expected to fuel TEL's Q4 growth.
TEL faces sluggish automotive production and inflationary pressures, while cost controls may support margins.
TE Connectivity (TEL - Free Report) is scheduled to report its fourth-quarter fiscal 2026 results on Oct. 28.
For the fourth quarter of fiscal 2026, TE Connectivity expects sales of approximately $5.25 billion, indicating 11% growth on both a reported and organic basis. The Zacks Consensus Estimate for the to-be-reported quarter’s sales is pegged at $5.26 billion, suggesting 10.78% growth from the figure reported in the year-ago quarter.
Adjusted earnings are projected to be approximately $3.05 per share, representing an 18% year-over-year increase. The Zacks Consensus Estimate for earnings is pegged at $3.08 per share, which has increased by a penny over the past 30 days. This indicates 26.23% growth from the figure reported in the year-ago quarter.
TE Connectivity beat the Zacks Consensus Estimate for earnings in all four trailing quarters, with an average surprise of 4.48%.
Let’s see how things have shaped up for the upcoming announcement:
Factors to NoteTE Connectivity’s fiscal fourth-quarter performance is expected to have benefited from strong demand for artificial intelligence (AI) infrastructure, accelerating investments in data centers and robust order momentum. The Digital Data Networks (DDN) business is expected to remain a key growth driver, supported by increasing adoption of AI computing architectures, high-speed copper connectivity and networking solutions. Management expects DDN revenues to increase sequentially in the fiscal fourth quarter, supported by robust customer demand and ongoing program ramps. DDN orders increased more than 70% year over year in the first nine months of fiscal 2026, reflecting strong AI infrastructure spending.
TEL’s Energy business is expected to have benefited from continued investments in grid modernization, grid hardening and expanding power infrastructure requirements for AI data centers. Increasing utility spending to upgrade aging infrastructure and support rising electricity demand is likely to have driven growth. The Energy business reported 33% organic revenue growth in the fiscal third quarter, reflecting strong demand for power connectivity solutions. Continued investments in data center build-outs and electricity transmission and distribution infrastructure are expected to sustain momentum.
The Automation and Connected Living business is expected to have benefited from improving cyclical demand, increasing automation investments and content gains across regions. TEL anticipates high-single-digit end-market growth in fiscal 2026, with its business expected to outperform the market. Aerospace and Defense revenues are likely to have benefited from strengthening defense spending, accelerating program activity and sustained commercial aerospace demand. Increasing adoption of advanced data and power connectivity solutions across next-generation defense platforms is another positive.
TEL’s Transportation Solutions segment is expected to have benefited from increasing connectivity content in vehicles, electrification and growing adoption of software-defined vehicle architectures. Strong demand in Asia, particularly China, and improving commercial transportation trends are expected to have supported performance despite sluggish global vehicle production. Management anticipates automotive content to outperform by 4-6 percentage points. Strong operational execution, favorable business mix and cost-management initiatives are expected to have supported margin expansion.
However, TEL’s fiscal fourth-quarter 2026 performance is expected to have faced challenges from sluggish global automotive production, particularly in North America, and persistent inflationary pressures. Softer demand in certain traditional connectivity applications, as customers increasingly prioritize AI infrastructure investments, may also remain a concern.
What Our Model SaysPer the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That’s the exact case here.
TE Connectivity currently has an Earnings ESP of +0.16% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to ConsiderHere are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
AMETEK (AME - Free Report) has an Earnings ESP of +0.20% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
AMETEK shares have gained 16.9% year-to-date. AMETEK is set to report third-quarter 2026 results on Nov. 3.
Affirm (AFRM - Free Report) has an Earnings ESP of +11.03% and a Zacks Rank #2 at present.
Affirm shares have lost 5.9% year to date. Affirm is scheduled to report first-quarter fiscal 2027 results on Nov. 5.
Cametek (CAMT - Free Report) has an Earnings ESP of +0.85% and a Zacks Rank #2 at present.
Cametek shares have gained 13.9% in the year-to-date period. Cametek is set to report third-quarter 2026 results on Nov. 4.
Truelink Capital se dohodl na akvizici globální divize produktů pro detekci narušení společnosti Johnson Controls. Dokončení transakce se očekává v první polovině roku 2027; cena nebyla zveřejněna.
, /PRNewswire/ -- Truelink Capital ("Truelink"), a Los Angeles-based private equity firm focused on growth and long-term value creation, announced today that it has entered into a definitive agreement to acquire the global intrusion products business of Johnson Controls (NYSE: JCI) ("Global Intrusion Products Business" or the "Business"). Following the close of the transaction, the Business will operate as an independent, standalone company, backed from day one by Truelink's commitment to invest behind its products, its brands, its people, and its existing and new markets. The transaction is expected to close in the first half of calendar year 2027, subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed.
The Business is a global leader in the design and production of intrusion detection and alarm communication products, including panels, sensors, and detectors, sold primarily through security dealers. Its portfolio includes some of the most trusted brands in the security industry, such as DSC, Qolsys, PowerG, Visonic, Bentel, and Sur-Gard. The Business serves a broad network of dealers, integrators, distributors, and service providers across North America, Latin America, EMEA, and APAC. With roots dating back to 1973, the Business was built through Tyco's acquisitions of DSC and Visonic and became part of Johnson Controls through its 2016 merger with Tyco.
As a standalone company, the Business will have dedicated leadership, faster decision cycles, and a capital structure built for growth, allowing it to bring new products to market more quickly and pursue opportunities that were previously outside the scope of a diversified corporate portfolio. Truelink intends to invest significantly in next-generation panels, sensors, communicators, and interactive platforms, as well as expand engineering capacity, brand and channel programs, and target expansion into adjacent and international markets. Further investment and organizational announcements are expected in the coming months.
"The Global Intrusion Products Business is a remarkable collection of brands that security professionals and consumers have relied on for decades," said Todd Golditch, Co-Founder and Managing Partner of Truelink Capital. "We see tremendous runway ahead for the Business and plan to invest meaningfully behind the core brands, R&D, and product development to accelerate the pace of new product introductions and deepen the Business's support for the dealer and partner community. We also see significant opportunity to extend into adjacent product categories and new customer segments, both organically and via strategic add-on acquisitions. I want to thank Johnson Controls for being an outstanding transaction partner and for entrusting us with this business."
This transaction reflects Truelink's continued focus on partnering with industry-leading companies in the industrials and business services sectors, and marks the fourth platform investment for Truelink Capital Fund II. The transaction follows Truelink's 2024 acquisition of Air Distribution Technologies, Inc., another Johnson Controls carve-out.
Evercore served as financial advisor to Truelink.
ABOUT TRUELINK CAPITAL
Truelink Capital is a private equity firm based in Los Angeles with over $4.3 billion of assets under management. Truelink pairs deep industry experience in the industrials and business services sectors with a commitment to building partnerships that drive long-term value through an operationally focused strategy. Truelink partners with management, corporate sellers, and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions. Learn more at: www.truelinkcap.com.
ABOUT JOHNSON CONTROLS
Johnson Controls, a global leader in thermal management, mission-critical building systems, energy efficiency, and decarbonization, helps customers use energy more productively, reduce carbon emissions, and operate with the precision and resilience required in rapidly expanding industries such as data centers, healthcare, pharmaceuticals, advanced manufacturing, and higher education. For more than 140 years, Johnson Controls has delivered performance where it really matters. Backed by advanced technology, lifecycle services and an industry-leading field organization, we elevate customer performance, turn goals into real-world results and help move society forward. Visit johnsoncontrols.com for more information and follow @Johnsoncontrols on social platforms.
Akcie společnosti Surgery Partners během dne vzrostly o 47,62 % poté, co HealthSpan Partners oznámila nabídku na její převzetí v hotovosti v hodnotě 5,7 miliardy USD, tedy 23,50 USD za akcii.
Surgery Partners (SGRY +47.62%), an outpatient surgery center operator and ancillary care services provider, closed at $23.25, up 47.62%. The stock jumped after reports of a $5.7 billion all-cash acquisition by HealthSpan Partners, and investors are watching the deal price and regulatory steps next. Trading volume reached 58.3M shares, coming in about 1,772% above its three-month average of 3.1M shares. Surgery Partners IPO'd in 2015 and has grown 22% since going public.
How the markets moved todayS&P 500 (^GSPC +0.70%) closed at 7,677, up 0.70%, while the Nasdaq Composite (^IXIC +0.82%) closed at 26,169, up 0.82%. Among outpatient surgical facilities and ancillary healthcare services peers, Tenet Healthcare (THC +0.19%) closed at $268.94, up 0.18%, while HCA Healthcare (HCA -0.80%) closed at $464.74, down 0.91%.
What this means for investorsSurgery Partners shares soared 48% after news broke that it was being acquired by HealthSpan Partners, an affiliate of Bon Secours Mercy Health. The all-cash, $5.7 billion deal works out to $23.50 per share for existing SGRY shareholders.
Following today's share price spike, SGRY stock now trades less than 1% below the acquisition price, strongly suggesting the market expects the deal to go through. The acquisition is expected to be finalized in the first quarter of 2027.
While the deal may seem like a windfall for investors, the take-private offering price puts shares at roughly the level they traded at a year ago, so this is a buy-low opportunity for HealthSpan. If I were a SGRY shareholder, I'd probably take the cash and move on, especially since Bain Capital holds roughly 39% of SGRY's stock and is voting to approve the deal.
Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends HCA Healthcare. The Motley Fool has a disclosure policy.
RadNet koupí ONRAD za 350 milionů USD v hotovosti a 5 milionů akcií; součástí transakce je také podmíněná doplatková platba až 210 milionů USD. V prvním roce provozu po uzavření má ONRAD přinést dodatečné tržby ve výši 190 až 200 milionů USD.
Adds a radiology professional services platform offering teleradiology and in-hospital staffing for hospitals and health systems
Enables RadNet to seamlessly combine radiology professional services, AI-powered technology solutions and outpatient imaging operations into an integrated offering, transforming radiology workflows and ultimately improving patient careUniquely positions RadNet with an expanded offering to address the full range of care settings where imaging is performed inside and outside of hospitalsAcquisition adds to RadNet a capital-light, high-margin management services platform supporting more than 225 hospital facilities across 26 states with more than 130 contracted radiologistsONRAD is expected to add $190 million to $200 million of Revenue and $60 million to $65 million of Adjusted EBITDA(1) to RadNet in its first year of operation after closingRadNet and ONRAD management will host a conference call and webcast to discuss the transaction in more detail on Tuesday, October 27
LOS ANGELES, Oct. 26, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT) (“RadNet” or the “Company”), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services and a global developer of digital health solutions, today announced that it has entered into a definitive agreement to acquire ONRAD, Inc. (ONRAD). ONRAD, through its more than 130 contracted radiologists, is a provider of teleradiology and in-hospital professional radiology staffing services for hospitals, health systems and other diagnostic imaging sites of care. The transaction is expected to close in early 2027 and is subject to customary regulatory review and closing conditions. Upon closing, ONRAD shareholders will receive a cash payment of $350 million and 5 million shares of RadNet, Inc. common stock, subject to customary adjustments. In addition, an earnout of up to $210 million in value will be payable upon achievement of target EBITDA for 2027. The earnout is payable in cash, RadNet common stock, or a combination thereof, at RadNet’s election.
“This is the next step in building an imaging company with comprehensive solutions that brings technology, radiology professional services and imaging operations together to address some of healthcare’s most pressing challenges and needs,” said Dr. Howard Berger, President and CEO of RadNet. “Connecting RadNet’s established AI-enabled digital health technology and imaging center operational expertise with ONRAD’s teleradiology and professional staffing solutions unites the capabilities needed to address the entire continuum of diagnostic imaging under one company. The acquisition will enhance RadNet’s portfolio of solutions for hospitals and health systems, outpatient freestanding centers, urgent care facilities, freestanding emergency departments and physician offices.”
Dr. Berger continued, “I welcome ONRAD’s executive team, its contracted radiologists and all other ONRAD team members into the RadNet family. This transaction is a significant additional step in leading our industry forward and demonstrating the impact that a transformation to workflow solutions in diagnostic imaging can have in advancing early detection, population health and improved patient outcomes.”
Through its contracted radiologists, ONRAD provides remote teleradiology final-read interpretations across many healthcare settings and in-hospital professional radiology staffing services, including interventional radiology, for hospitals and health systems. Upon closing, ONRAD will become the foundation for RadNet's third reportable operating segment, Radiology Professional Services. With the addition of this third operating segment, RadNet becomes a comprehensive radiology services and solutions provider, addressing the imaging continuum across the full range of care settings, including hospitals, freestanding ambulatory outpatient centers, primary and specialty care physician offices and standalone urgent care and emergency department facilities.
Strategic Rationale
Connects three complementary businesses to provide comprehensive imaging solutions. Combining RadNet outpatient imaging operations and DeepHealth AI-enabled digital health solutions with the ONRAD radiology professional services platform will bring together comprehensive expertise in the diagnostic imaging industry within one company. Integrating these capabilities for customers and partners across all diagnostic imaging settings is expected to create efficiencies, improve patient care and lower costs in an unequaled approach.Expands RadNet into hospital-based radiology. Hospitals and health systems account for more than 50% of U.S. diagnostic imaging volume.(2) ONRAD will provide RadNet with an established platform to support in-hospital and remote professional radiology interpretation services while also expanding the RadNet offerings to its existing joint venture partners.Addresses growing market demand. U.S. imaging demand growth is outpacing the supply of trained radiologists. With ONRAD, RadNet will be positioned to further help address this gap by integrating AI-enabled technology with teleradiology and professional staffing services, creating opportunities to transform workflows, support case prioritization and better match interpretation capacity to demand.Adds a fast-growing, high-margin capital-light business. ONRAD has demonstrated consistent annual revenue growth between 10% and 20% over the last several years with Adjusted EBITDA(1) margins exceeding 30%. RadNet believes ONRAD will require very little capital to maintain and grow organically.
“For 20 years, ONRAD has built long-standing relationships with hospitals and health systems delivering reliable, high-quality radiology coverage,” said Dave Engert, President and CEO of ONRAD. “Joining RadNet not only gives us the scale, resources and technology to meet the growing needs of our current and prospective customers, but it also enables us to offer a unique imaging model that addresses the full continuum of care from outpatient imaging centers to the acute care environment. The potential to further meet the ever-increasing demand for imaging services along with improving patient outcomes is what excites me most about our future together.”
Conference Call and Webcast
RadNet will host a conference call and webcast at 8:00 a.m. Eastern Time on Tuesday, October 27, 2026 to discuss the transaction in further detail. To join by phone, dial 1-844-744-1280 for the U.S. and Canada and 1-412-564-6465 for international callers. A live webcast will be available at https://viavid.webcasts.com/starthere.jsp?ei=1780997&tp_key=417a069370.
Robert W. Baird & Co. is serving as exclusive financial advisor to ONRAD, which is a portfolio company of Housatonic Partners.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 12,000 team members. Learn more at radnet.com.
About ONRAD, Inc.
ONRAD, Inc. is a leading radiology services company, delivering remote teleradiology final-read impressions and full-service radiology solutions for hospitals, radiology practices, outpatient clinics and imaging centers. Its spectrum of services includes reading remote and onsite diagnostic studies, interventional radiology, medical directorship, analytics, peer review, billing and quality oversight — all on the industry's most advanced, integrated, AI-powered technology platform. ONRAD reads all modalities and has been Joint Commission accredited since its inception.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that RadNet expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the transaction discussed herein, the expected timing and completion of such transaction, the anticipated benefits of such transaction, the potential earnout amount, the expected financial impact of the transaction on RadNet and other statements that are not historical facts. Forward-looking statements are based on current plans, estimates, expectations and assumptions as of the time they are made, are not guarantees of future performance and should not be relied on as predictions of future events, and there can be no assurance that such estimates, assumptions and expectations will prove to have been correct. These forward-looking statements involve risks and uncertainties, many of which are difficult to predict and are generally outside RadNet’s control, and other factors that could cause RadNet’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements, including (i) the risk that the conditions to the closing of the transaction, including required regulatory approvals, are not satisfied or waived on a timely basis or at all, and the risk that the transaction may not be completed on the anticipated terms, in the anticipated timeframe or at all, (ii) the occurrence of any event that could give rise to the termination of the definitive agreement for the transaction, (iii) the risks and costs associated with the transaction and integrating ONRAD and achieving the anticipated benefits of the transaction, (iv) potential disruption to the businesses of RadNet and ONRAD, including the ability to retain and hire key personnel and to maintain relationships with customers, suppliers and other business partners, as well as diversion of management’s time and attention from ordinary course business operations to completion of the transaction and integration matters, (v) potential litigation or regulatory action relating to the transaction, (vi) the effect of the transaction on RadNet’s indebtedness and leverage, credit ratings and liquidity, (vii) legislative, regulatory and economic developments, including in the healthcare industry, (viii) the effect of the announcement, pendency or completion of the transaction on the market price of RadNet’s common stock, and (ix) the other risks described under “Risk Factors” in RadNet’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. Please read the Company’s filings with the SEC, which are available on the SEC’s website at https://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, RadNet undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute or form part of, an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
References
(1)The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.
Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.
The Company’s guidance or target for ONRAD’s addition to Adjusted EBITDA is also a non-GAAP financial measure that excludes or otherwise has been adjusted for non-GAAP adjustment items from the Company’s GAAP financial statements. When the Company provides guidance or its target for ONRAD’s addition to Adjusted EBITDA, it does not provide a reconciliation of the GAAP measure as it is unable to predict with a reasonable degree of certainty the actual impact of the non-GAAP adjustment items. By their very nature, non-GAAP adjustment items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact the Company and its financial results. Therefore, the Company is unable to provide a reconciliation of these measures without unreasonable efforts.
(2)Based on a Signify analysis.
RadNet Media Contacts
Jane Mazur
Senior Vice President, Corporate Communications
+1 585-355-5978 [email protected]
Mark Stolper
Executive Vice President and Chief Financial Officer
+1 310-445-2800
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05e518ec-4d83-4fcc-a69f-3e80e67f4d30
RadNet, Inc. Announces Agreement to Acquire ONRAD, Inc. RadNet, Inc. Announces Agreement to Acquire ONRAD, Inc.
FTC zažalovala společnost Hims & Hers kvůli údajnému sdílení citlivých zdravotních údajů a klamavému účtování; akcie 29. července 2026 klesly o 14,73 % na 25 USD.
LOS ANGELES, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Investors in Hims & Hers Health, Inc. ("Hims & Hers" or the "Company") (NYSE: HIMS) have until November 2, 2026 to ask the Court to appoint them lead plaintiff in a securities fraud class action lawsuit filed on behalf of investors who purchased or otherwise acquired Hims & Hers Health, Inc. securities between August 4, 2025 and July 29, 2026, inclusive. Glancy Prongay Wolke & Rotter LLP ("Glancy") today reminded investors of the upcoming deadline. The Hims & Hers Health, Inc. case, Velanki v. Hims & Hers Health, Inc., et al., was filed on September 1, 2026 and is pending in the U.S. District Court for the Northern District of California (Case No. 3:26-cv-09313).
Investors who suffered losses on Hims & Hers Health, Inc. investments can contact Glancy about the Hims & Hers Health, Inc. class action to learn about potentially pursuing claims under the federal securities laws before the November 2, 2026 deadline.
Deadline and key dates for Hims & Hers Health, Inc. investors
Lead plaintiff deadline: November 2, 2026Class period: August 4, 2025 to July 29, 2026, inclusiveComplaint filed: September 1, 2026Court: U.S. District Court for the Northern District of California What happened?
On July 29, 2026, the Federal Trade Commission, joined by the State of Utah and Los Angeles County (representing California), filed a federal complaint against Hims & Hers Health in the U.S. District Court for the Northern District of California, alleging deceptive and unlawful privacy practices — including sharing sensitive user health data with third-party advertisers Meta Platforms (Facebook) and Snap via embedded tracking pixels and customer list matching despite marketing emphasizing strict privacy — as well as deceptive billing and subscription-cancellation practices.
On this news, shares of Hims & Hers fell $4.32, or 14.73%, to close at $25.00 per share on July 29, 2026, thereby injuring investors.
What does the Hims & Hers Health, Inc. complaint allege?
The Hims & Hers Health, Inc. securities lawsuit alleges that, throughout the class period, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Hims & Hers Health, Inc.'s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose to investors that: (1) the Company shared consumers’ health information with third-party advertising platforms; (2) the Company charges consumers for prescriptions almost immediately after they submit an intake form, despite telling consumers that they will be able to consult with a medical provider to find a treatment that is “right for them”; (3) the foregoing conduct subjected the Company to regulatory scrutiny; (4) as a result of the foregoing, the Company was reasonably likely to incur fees and penalties; and (5) as a result, defendants' positive statements about Hims & Hers Health, Inc.'s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Investors who purchased or otherwise acquired Hims & Hers Health, Inc. securities during the class period may move the Court no later than November 2, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.
"The complaint against Hims & Hers Health, Inc. alleges, among other things, that the Company failed to disclose that the Company shared consumers’ health information with third-party advertising platforms. The November 2, 2026 deadline to request appointment as lead plaintiff is approaching, and investors considering that role should act promptly," said Charles H. Linehan, Partner at Glancy Prongay Wolke & Rotter LLP.
What's the next step?
Glancy Prongay Wolke & Rotter LLP is a leading national shareholder rights law firm that can help Hims & Hers Health, Inc. investors evaluate potential claims to recover their losses. Investors who wish to serve as lead plaintiff in the Hims & Hers Health, Inc. class action must move the Court by November 2, 2026. To learn more, visit the Hims & Hers Health, Inc. case page, email [email protected], or call 310-201-9150 (toll-free: 888-773-9224).
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
To be a member of the Hims & Hers Health, Inc. class, you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent class member. No class has been certified yet in the Hims & Hers Health, Inc. case.
Frequently Asked Questions
Who is eligible? Investors who purchased or otherwise acquired Hims & Hers Health, Inc. securities between August 4, 2025 and July 29, 2026 and suffered losses may be members of the proposed class in the Hims & Hers Health, Inc. shareholder lawsuit.
When is the Hims & Hers Health, Inc. lead plaintiff deadline? Motions to serve as lead plaintiff in the Hims & Hers Health, Inc. class action must be filed with the U.S. District Court for the Northern District of California by November 2, 2026.
What if I miss the Hims & Hers Health, Inc. deadline? After November 2, 2026, investors generally can no longer ask to be appointed lead plaintiff, but Hims & Hers Health, Inc. investors may still remain class members. Their ability to share in any future recovery does not depend on serving as lead plaintiff.
What is a lead plaintiff? In the Hims & Hers Health, Inc. class action, the lead plaintiff is the investor, or group of investors, that the court appoints to represent all class members and oversee the case. Under the Private Securities Litigation Reform Act, courts generally presume the movant with the largest financial interest is the most adequate lead plaintiff.
Does it cost anything to contact Glancy or participate in this action? Glancy represents Hims & Hers Health, Inc. investors on a contingency fee basis, so investors pay no attorneys' fees out of pocket. Any attorneys' fees and litigation expenses are paid only from a recovery, if one is obtained, and are subject to court approval.
Why work with Glancy on the Hims & Hers Health, Inc. lawsuit? Glancy Prongay Wolke & Rotter LLP is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Contact Glancy about the Hims & Hers Health, Inc. class action. Prior results do not guarantee a similar outcome.
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Key Takeaways Bausch Health is expected to report Q3 sales of $2.75 billion and earnings of $1.08 per share on Oct. 28.Salix growth hinges on Xifaxan pricing and volume gains.Bausch Lomb revenue is projected at $1.4 billion, driven by Vision Care, Surgical and Pharmaceuticals.
Bausch Health Companies Inc. (BHC - Free Report) is scheduled to report third-quarter 2026 results on Oct. 28, after the market closes.
The Zacks Consensus Estimate for sales and earnings is pegged at $2.75 billion and $1.08 per share, respectively.
BHC’s Earnings Surprise HistoryThe company’s earnings beat estimates in two of the trailing four quarter and missed in the remaining two, delivering an average surprise of 6.31%. In the last reported quarter, BHC beat on earnings by 31.25%.
What Our Model Predicts for BHCPer our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here, as you can see below.
Earnings ESP: Earnings ESP for BHC is 0.00% as both the Zacks Consensus Estimate and the Most Accurate Estimate is pinned at $1.08. You can uncover the best stocks before they're reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 2.
Factors Likely to Impact Q3 ResultsThe company reports revenues under two segments: Bausch Health and Bausch + Lomb.
Within the Bausch Health segment, revenues are recorded under four divisions — Salix, International, Solta Medical and Diversified Products.
Salix division maintains momentum on the back of higher Xifaxan sales driven by higher realized net pricing, volume growth in existing channels and residual Medicaid volume.
The Zacks Consensus Estimate and our model estimate for Salix sales are pegged at $711 million and $761 million, respectively.
Revenues from the International Division have likely been boosted by sales in Latin America. The Zacks Consensus Estimate and our model estimate for International Division sales are pegged at $286 million and $264 million, respectively.
Solta Medical sales likely contributed to revenue growth, supported by the acquisition of a full-service distributor in China. BHC had earlier acquired Shibo’s full-service aesthetics distribution business in China. The acquisition expands its geographic footprint, provides direct access to a large and growing customer base, and enhances its ability to meet rising demand for aesthetic treatments, boosting the long-term growth potential of its global aesthetics franchise.
The Zacks Consensus Estimate and our model estimate for Solta Medical sales are pegged at $169 million and $163 million, respectively.
The Zacks Consensus Estimate and our model estimate for Diversified segment sales are pegged at $201 million and $180 million, respectively.
Bausch + Lomb revenues likely increased, driven by growth across its Vision Care, Surgical and Pharmaceuticals businesses. Both the Zacks Consensus Estimate and our model estimate for B&L sales are pegged at $1.4 billion.
BHC’s Share Price PerformanceBausch stock has gained 15.4% over the past six months compared with the industry’s 9.9% growth.
Image Source: Zacks Investment Research
Stocks to ConsiderHere are some companies you may consider, as our model shows that these have the right combination of elements to deliver an earnings beat this reporting cycle.
Harmony Biosciences (HRMY - Free Report) has an Earnings ESP of +14.14% and a Zacks Rank of 1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of HRMY have gained 55.4% in the past six months. The company missed on earnings in three of the trailing four quarters and beat in the remaining one, delivering an average negative surprise of 184.65%.
Gilead Sciences (GILD - Free Report) has an Earnings ESP of +4.08% and a Zacks Rank of 3 at present.
GILD beat on earnings in each of the trailing four quarters, delivering an average surprise of 7.12%. GILD is scheduled to report third-quarter results on Oct. 29.
Vertex Pharmaceuticals (VRTX - Free Report) has an Earnings ESP of +4.98% and a Zacks Rank of 3 at present.
VRTX beat on earnings in two of the trailing four quarters and missed in the remaining two, delivering an average surprise of 2.28%. VRTX is scheduled to report third-quarter results on Nov. 2.
3D Systems zveřejní výsledky hospodaření za třetí čtvrtletí 2026 po uzavření amerického trhu 4. listopadu. Konferenční hovor se uskuteční 5. listopadu.
ROCK HILL, S.C., Oct. 26, 2026 (GLOBE NEWSWIRE) -- 3D Systems (NYSE:DDD) announced today it will release its financial results for the third quarter 2026 after the U.S. stock market closes on Wednesday, November 4, 2026. The company will hold a conference call and simultaneous webcast to discuss these financial results on Thursday, November 5, 2026, at 8:30 a.m. Eastern Time.
Third Quarter 2026 Financial Results Conference Call
Date: Thursday, November 5, 2026
Time: 8:30 a.m. Eastern Time
Listen via webcast: www.3dsystems.com/investor
Participate via telephone: 201-689-8345 or 877-407-8291
The webcast replay will be available approximately two hours after the end of the conference call at www.3dsystems.com/investor.
About 3D Systems
For 40 years, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials, and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; data center infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.
Akcie CoreWeave za méně než tři týdny klesly o 41 %; Nvidia se zavázala do roku 2032 odkoupit nevyužitou cloudovou kapacitu v hodnotě až 6,3 miliardy USD.
CoreWeave (CRWV +1.76%) stock has been battered this month as investor skepticism about the AI infrastructure trade and its steep build-out costs has grown.
After a post showing the neocloud stock's bond yields reaching as high as 15%, investors fled the stock, with some even anticipating its bankruptcy in the not-too-distant future.
Before a modest recovery on Monday in sympathy with Anthropic's IPO filing, CoreWeave stock had fallen 41% in less than three weeks, dragging down other AI infrastructure stocks with it.
However, that sell-off could be an attractive buying opportunity as CoreWeave has long been volatile, and there are a number of catalysts that could fuel its recovery. Here are three reasons why the stock could touch $100 a share by the end of the year, nearly doubling from its current price.
Image source: Getty Images.
1. Cloud capacity remains tightThe indications from AI companies that have already reported earnings this quarter, such as Space Exploration Technologies (Nasdaq: SPCX) and Meta Platforms, suggest that demand for AI compute continues to outstrip supply.
Elon Musk said that demand for SpaceX's AI infrastructure was so strong that the company anticipated a payback period of new deployments in less than a year, and that prices for older chips, like Nvidia (NVDA +2.39%) H100's are even higher than they originally were due to limited supply.
Amazon (Nasdaq: AMZN) CEO Andy Jassy said that his company's cloud capacity is nearly sold out through 2027, and that a good chunk of 2028 is sold out as well. He also said the company is struggling to keep pace with demand for AI compute, which explains why Amazon and its peers are spending so much on cloud infrastructure. Amazon Web Services (AWS) is the largest cloud infrastructure provider in the world, and if Amazon is sold over the next year, that should bode well for other cloud infrastructure companies like CoreWeave.
As long as demand is outrunning supply, CoreWeave is in a strong position.
2. Its partnership with Nvidia gives it a competitive advantageNeocloud stocks are sometimes dismissed as commodity businesses, and that's true to some extent. However, CoreWeave does differentiate itself in one important way from its peers. The company has a close partnership with Nvidia, which benefits it in multiple ways.
Nvidia is a major investor in CoreWeave, taking a $2 billion stake in January following an earlier investment at the time of its IPO. Nvidia has also signed an agreement to backstop CoreWeave's demand, meaning it will buy as much as $6.3 billion in unused cloud computing capacity through 2032, which should alleviate any concern about CoreWeave needing customers. Finally, CoreWeave gets access to Nvidia's newest hardware, which enables it to rent it out to customers before its competitors.
Nvidia CEO Jensen Huang pushed back on the notion that CoreWeave was in trouble, saying that the company's cost of capital is decreasing, contradicting its rising bond yields.
Having Nvidia in its corner is a clear advantage for CoreWeave and should help protect the company from bankruptcy. In a worst-case scenario, Nvidia could even buy it.
CRWV CoreWeave$55.19+$0.96 (+1.76%)
NASDAQ · As of 4:00 PM ET 10/26/26
3. Interest rates could continue to come downNotably, interest rates have come down from their peak over the last three weeks, relieving the pressure on CoreWeave from its rising bond yields.
We don't know where interest rates could go from here, but CoreWeave could surge if they go meaningfully lower, as a big part of the bear case for the stock is that it will be crushed by interest payments and unable to refinance its debt if rates are too high.
Yields could edge lower following the Federal Open Market Committee meeting on Wednesday, during which the Fed will announce its rate decision and give commentary on the economy and where rates are headed.
CoreWeave will also have an opportunity to bounce back in its own third-quarter earnings report, expected on Nov. 11. Analysts see revenue jumping 159.4% to $3.54 billion, showing the company continues to deliver skyrocketing growth.
Investor attention may be focused on the company's debt and interest payments, but strong growth, a favorable outlook, and positive commentary from management can help turn around the narrative on CoreWeave.
If the Q3 results are strong, the stock's October swoon could become a distant memory.
Key Takeaways BigBear.ai's Q3 revenues are forecast to rise 17.5% year over year to $38.9 million.Ask Sage, CargoSeer & ConductorOS could drive growth across defense, border operations and other markets.Higher-margin GenAI products may narrow losses, but rising R&D and costs could pressure profitability.
BigBear.ai Holdings, Inc. (BBAI - Free Report) is scheduled to report its third-quarter 2026 results on Oct. 27, after the closing bell.
In the last reported quarter, the company reported a loss per share that was narrower than the Zacks Consensus Estimate of loss per share by 20% and down from a loss of six cents per share reported a year ago. Revenues topped the consensus mark by 1% and grew 13% from the year-ago quarter.
This Artificial Intelligence (AI) provider surpassed earnings estimates in two of the trailing four quarters, missed on one occasion and met on the other, with an average surprise of 5.8%.
How Are Estimates Placed for BBAI Stock?The Zacks Consensus Estimate for the third-quarter bottom line has broadened to a loss of six cents from five cents over the past 30 days. However, the estimated figure indicates a narrower loss from the year-ago reported loss of seven cents per share by 14.3%.
The consensus mark for revenues is pegged at $38.9 million, suggesting 17.5% year-over-year growth.
Factors Likely to Have Shaped BigBear.ai’s Q3 PerformanceThe top line of BigBear.ai is expected to have increased year over year because of the strong flow of contracts as the demand for specialized AI solutions is growing across the market. BBAI’s portfolio of AI solutions, including Ask Sage, CargoSeer and ConductorOS, is likely to have been expanding AI opportunities across national security, customs and border operations, and autonomous systems. These developments could create opportunities for additional deployments and repeatable software sales, while extending the company’s reach across defense, government and trade-related markets. New wins from existing and new customers in the United States and international markets provide opportunities to convert demand into future revenues.
Moreover, the company’s strategic deployment of product enhancements and capabilities is likely to have increased its ability to drive mission performance across cargo inspection, generative AI and drone swarm orchestration.
Meanwhile, BBAI’s bottom line is expected to reflect a narrower loss year over year in the third quarter because of increased volume from Ask Sage’s higher-margin GenAI platforms and products, alongside increased top-line leverage.
However, rising research and development expenses, along with significant investments in sales, marketing and other initiatives, are expected to have pulled down bottom-line growth in the third quarter. Also, BigBear.ai’s reliance on government customers exposes it to changes in federal budgets, procurement priorities, funding delays and contract timing, thus creating revenue generation risks.
What the Zacks Model Unveils for BigBear.ai StockOur proven model does not conclusively predict an earnings beat for BigBear.ai for the quarter to be reported. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) for this to happen, which is not the case here, as you will see below.
Earnings ESP: BBAI has an Earnings ESP of -9.09%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks Poised to Beat EarningsHere are some companies in the Zacks Computer and Technology sector, which according to our model, have the right combination of elements to post an earnings beat.
Shopify Inc. (SHOP - Free Report) has an Earnings ESP of +10.11% and a Zacks Rank of 1 at present.
Shopify’s earnings beat estimates in two of the trailing four quarters, missed on one occasion and met on the other, with an average surprise of 3.1%. The company’s earnings for the third quarter of 2026 are expected to grow 32.4% year over year.
NVIDIA Corporation (NVDA - Free Report) has an Earnings ESP of +3.46% and a Zacks Rank of 1.
NVIDIA’s earnings beat estimates in each of the last four quarters, the average surprise being 5.8%. The company’s earnings for the third quarter of fiscal 2027 are expected to surge 91.5% year over year.
Snowflake Inc. (SNOW - Free Report) currently has an Earnings ESP of +7.84% and a Zacks Rank of 2.
Snowflake’s earnings beat estimates in each of the last four quarters, the average surprise being 22.8%. The company’s earnings for the third quarter of fiscal 2027 are expected to increase 71.4% year over year.
Akcie společnosti Ambev v pondělí klesly o 15,5 % po překvapivém vítězství Luize Inácia Luly da Silvy v brazilských prezidentských volbách, které vyvolalo obavy z regulace a oslabení brazilského realu.
Shares of Ambev S.A. (ABEV -14.24%) fell hard on Monday, down 15.5% as of 1:47 p.m. EDT.
Ambev is the Latin American subsidiary of global beer giant AB Inbev (BUD -2.71%), which owns a slight majority of Ambev S.A.
While the beer industry has been struggling in recent years, today's sell-off has nothing to do with company-specific financials. Rather, the surprise win by far-left candidate Luiz Inácio Lula da Silva in the Brazilian Presidential election yesterday appears to have caught investors in Brazil, who were betting on a win for the more business-friendly Flávio Bolsonaro, off guard.
ABEV Ambev$2.83-$0.47 (-14.24%)
NYSE · As of 4:00 PM ET 10/26/26
Lula's win shakes up Brazil stocksAmbev had rallied in recent weeks, along with most Brazilian stocks, following the first round of the elections on Oct. 4. That's because Bolsonaro was the top vote-getter in that round, with 47% to Lula's 45%. However, Brazil's election operates on a two-round system if no single candidate gets more than 50% of the vote. In the second round held this past weekend, which other candidates did not participate in, Lula da Silva surprisingly pulled out a victory, with 51.8% of the vote against Bolsonaro's 48.2%.
Investors were understandably surprised; after all, the election marked the first time since democracy returned to Brazil in 1988 that the first-round winner didn't go on to win the second round.
Da Silva has promised rather lavish welfare payments through various means, including debt relief for struggling households, shorter working hours, and free public transportation on weekends, among other measures. The increased spending and likely increased regulation of business also spurred a sell-off in Brazil's currency and bonds.
One might wonder what this has to do with the price of beer. First, Lula's reputation as relatively anti-business and anti-free-market capitalism is one aspect. The sell-off in Brazil's currency and bonds also indicates an increased risk of inflation and currency debasement. If the value of the Brazilian Real falls relative to the U.S. dollar, Ambev's Real-denominated sales and earnings would be worth less in U.S. dollar terms, all else being equal.
Image source: Getty Images.
Ambev fares better than other sectors, thoughWhile Ambev's decline is no doubt severe, Brazil's financial and energy sectors appear to be down by much more today. This is because the financial implications of Lula's win would likely be felt more acutely in the financial sector, as well as in the government's increasing control of the country's oil and gas revenues.
While Ambev stock may now look quite cheap, trading at just a 14.7 P/E multiple and with a dividend yield of 4.1%, larger economic factors make it riskier than investing in the company's parent, which sells beer all over the world.
Investors will learn more details on Thursday, Oct. 29, when the company reports third-quarter earnings.
NEW YORK--(BUSINESS WIRE)--Zeta Global (NYSE: ZETA), the intelligent AI infrastructure company, today announced the planned release of its third quarter 2026 financial results after the market close on Monday, November 9, 2026. Co-Founder, Chairman, and CEO David A. Steinberg and CFO Chris Greiner will host a conference call later that day, at 4:30 p.m. Eastern Time.
A live webcast and replay of the conference call will be accessible on Zeta’s Investor Relations website at http://investors.zetaglobal.com where it will remain available for one year.
About Zeta Global
Zeta Global (NYSE: ZETA) is the intelligent AI infrastructure company helping enterprises transform proprietary data into enterprise intelligence. The Zeta Data Cloud and Athena by Zeta™ connect proprietary enterprise knowledge with advanced AI to enable better decisions, more effective customer engagement, and stronger business outcomes. With one of the industry's largest proprietary data assets, Zeta helps organizations accelerate AI transformation and build durable competitive advantage. Founded in 2007 by David A. Steinberg and John Sculley, Zeta is headquartered in New York City with offices worldwide. Learn more at www.zetaglobal.com.
SummaryStarwood Property Trust offers a 15.3% dividend yield, but distributable earnings fall short, resulting in a 132% payout ratio and high risk of a cut.STWD's diversified platform - commercial, residential, infrastructure lending, and property - faces credit headwinds, particularly in multifamily, and underperformance in its net lease segment.Leverage is elevated at 9.5x debt-to-EBITDA and a 71% debt ratio, further constraining financial flexibility compared to peers.I recommend a 'Sell' on STWD, estimating a 60–70% probability of a dividend cut within 12 months due to persistent earnings undercoverage.Looking for a helping hand in the market? Members of iREIT®+HOYA Capital get exclusive ideas and guidance to navigate any climate. Learn More » pzRomashka/iStock via Getty Images
I've written about "sucker yields" for years on Seeking Alpha, and for those unfamiliar with the term, it’s simple:
When a dividend yield becomes unusually high, investors shouldn't automatically assume they've discovered a bargain. Sometimes Mr. Market is offering an extraordinary income opportunity, and
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of LADR, OWL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Elon Musk očekává, že mezi více než 200 AI cloudovými firmami dojde v důsledku dražšího financování k úbytku a konsolidaci; výnos nezajištěných dluhopisů společnosti CoreWeave vzrostl na 15 %.
Elon Musk says he expects "death and consolidation" across the AI cloud industry. That's a pretty dire warning, especially from someone whose own enterprise, Space Exploration Technologies Corp.(SPCX -0.40%), is now as much an AI cloud provider as it is a rocket company.
But Musk says that those very revenues from the rest of SpaceX's numerous businesses are exactly what will protect SpaceX's AI efforts from the capital crunch smaller players are facing. Is he right?
SPCX Space Exploration Technologies$146.90-$0.59 (-0.40%)
NASDAQ · As of 4:00 PM ET 10/26/26
Musk warns of an AI cloud financing crunchIn a Sunday post on X, Musk said: "As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn't have substantial revenue independent of AI data centers."
He followed with a dramatic warning of the consequences: "That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many."
CoreWeave's debt highlights the risks of expensive financingWhile there hasn't been any reporting that confirms his claim that debt markets have "almost entirely shut off access" for neoclouds," it is plainly true that financing is gettin much more expensive.
Yields on unsecured CoreWeave -- the poster child for neoclouds -- bonds jumped to 15% in recent weeks, firmly in "distressed" territory, and the cost to insure that debt against default has skyrocketed. Credit default swap (CDS) spreads for CoreWeave have spiked above 1,100 basis points, implying the market sees a more than 50% chance the company will default in the next five years.
This alone is a major red flag and a serious threat to CoreWeave's core model. The company essentially borrows money to buy chips, installs them in a data center it leases, and then rents those GPUs out to its customers. If borrowing gets too expensive, the math no longer works out, and shareholders lose hope they'll see a return on investment.
But if funding truly dries up, the model breaks.
SpaceX has other revenue sources to support borrowingThis is why SpaceX has an advantage, according to Musk. The revenue from its other businesses makes it a much more attractive borrower. Lenders like seeing income from other sources that can help the company continue to pay its debts even if its AI cloud business takes longer to pay off than expected.
CoreWeave and other neoclouds don't have that luxury, and many are more or less entirely reliant on borrowed money to survive. Still, Musk's warning may be too sweeping. Nebius, for instance, secured a $3.5 billion credit facility from Citi just last week, showing that lenders haven't stopped financing the industry altogether.
SpaceX's AI spending still needs to pay offBut is SpaceX immune? Not entirely. It certainly is a much more attractive borrower than most neoclouds and has a diversified revenue mix it can draw on to fund its AI ambitions. And beyond that, its own AI division's revenue is skyrocketing with several lucrative contracts, the first of which is beginning to pay out.
Image source: Getty Images.
But I think investors need to be somewhat careful about how much comfort they take from that. Revenue is only part of the picture and can be somewhat misleading. What matters more is cash, and right now, the company is still spending a whole lot more of it than it is bringing in.
So, while I think SpaceX doesn't face the same imminent threat as neoclouds like CoreWeave, I do think its AI bets are still unproven. SpaceX still needs to earn enough from its AI infrastructure to justify the enormous cost of building it, including the interest it owes lenders.
The "overvalued" label has followed Space Exploration Technologies (SPCX -0.40%) around since before it went public. Despite that, the share price hasn't collapsed over the four-plus months since its June IPO. It closed at $145 on Oct. 22, not much lower than its first-day open of $150.
SpaceX's track record so far as a public company raises the question of whether its stock is actually too expensive.
Image source: The Motley Fool.
The numbers indicate that it is. SpaceX has a market cap of $2 trillion, making it one of the 10 largest publicly traded companies. It has the lowest revenue of that group and posted its first profit as a public company in Q3, with net income of $4.4 billion. The space company also trades at 61 times trailing sales. For perspective, Nvidia trades at 17 times trailing sales.
To be fair, SpaceX is richly valued because of its growth potential, and it's growing quickly. Revenue increased 161% year over year to $14.6 billion in Q3 2026. Its AI segment, now called Super Intelligence (SI), was a standout, with revenue increasing 830% year over year to $7.6 billion. SpaceX's financial results have helped bring its valuation down quite a bit -- it was trading at nearly 100 times trailing sales before it reported earnings on Oct. 20.
SPCX Space Exploration Technologies$146.90-$0.59 (-0.40%)
NASDAQ · As of 4:00 PM ET 10/26/26
However, it still has a high valuation, which leaves it little room for error. It needs significant quarterly sales growth to justify the premium investors are paying. A bear market, especially one that leads to a slowdown in AI spending, could also be particularly problematic for SpaceX.
AI now accounts for over half of its revenue, and it's spending heavily on AI infrastructure. Its AI segment accounted for $16.4 billion of its $19.6 billion in Q3 capital expenditures.
SpaceX stock is undoubtedly expensive right now. I'm taking a wait-and-see approach with this company, but if you want to invest, consider starting small because of the risk and volatility.
Lyle Daly has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
The new OLED tablet adds faster on-device AI at a $699 starting price. Summary
The product strengthens Apple’s edge-device AI story; sell-through will reveal whether buyers accept the premium.
Apple, the consumer-device and services company AAPL, moved lower by approximately 0.72% to $345.24 at 10.35 a.m. ET Monday as it introduced a revamped iPad mini. The launch gives investors a fresh product to watch. The bigger test is whether buyers turn the hardware upgrades into stronger sales.
The new mini pairs an A20 Pro chip with an 8.5-inch OLED screen, Neural Accelerators and water and dust resistance. It also supports the next generation of Apple Intelligence. Apple opens preorders on October 28, with sales starting November 6 and pricing beginning at $699. That puts customer demand for the upgraded tablet in focus heading into the holiday shopping season.
The valuation leaves room for scrutiny: shares trade 19.29% above the $289.42 GF Value™ estimate, suggesting investors already expect more than a routine product refresh. June-quarter revenue of $109.4 billion and a 50.1% gross margin set the broader financial backdrop. Now watch iPad revenue, the mix of models buyers choose and margins. Those figures will show whether the new features translate into financial gains.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Počet aktivních předplatných FSD společnosti Tesla ve 3. čtvrtletí meziročně vzrostl o 67 % na 1,74 milionu; anualizované tržby se blíží 1 miliardě USD.
Tesla's (TSLA +5.21%) difficult year continues. On Oct. 21, the company released its third-quarter earnings, and the market wasn't that impressed. Tesla's shares dropped by about 3% post-earnings, adding to the significant market losses it had already incurred this year.
However, Tesla's latest quarterly update wasn't all bad. There were positive signs for the business, including the company's commercial progress with its Full Self-Driving (FSD) software. Let's look deeper into it.
Image source: The Motley Fool.
The FSD software is growing in popularityTesla's third-quarter deliveries were very strong. Total deliveries came in at 486,532. Although that declined 2% year over year, it was well ahead of the consensus analyst estimates.
However, the deliveries beat was already baked into the share price before Tesla reported its third-quarter results, since the company announces quarterly deliveries weeks before its update.
Why, then, did Tesla's shares fall after its earnings update? Because the company's actual financial performance was mixed. Vehicle sales declined 3% year over year, and total revenue was roughly flat at $28 billion.
Also, Tesla's non-GAAP net earnings per share dropped by 4% year over year to $0.48. Despite the mixed performance, Tesla made progress in some categories. The company's increasingly popular FSD software was one of them. Active FSD subscriptions grew 67% year over year during the period, reaching 1.74 million.
Tesla charges $99 per month in the U.S. for these subscriptions. The 1.74 million total includes people who purchased the subscription upfront (an option Tesla no longer offers). According to management, the FSD subscription now boasts an annual run rate approaching $1 billion.
That's a tiny percentage of the company's total revenue, but there are several reasons this business is particularly important to Tesla. First, FSD subscription sales likely carry higher margins than electric vehicle (EV) sales.
So, as FSD subscription revenue continues to grow, it could help lift the company's profits, even if it doesn't match EV sales. Second, as Tesla notes, the FSD software is actually helping the company deliver more vehicles.
It seems many customers are increasingly buying Tesla vehicles partly because of the benefits of the FSD software.
In the third quarter, Tesla's FSD attach rate -- the percentage of new buyers who also sign up for the FSD subscription -- reached over 75% in North America, growing nearly 20 percentage points sequentially.
Third, an increasing number of FSD subscriptions should help the company improve its software over the medium term. The more Teslas on the road that run the FSD software, the more data the company has from real-world situations to train and improve the software.
This data flywheel will have important implications for Tesla's entire business. Not only could it help the company sell more EVs, but it may also enable it to improve its robotaxi service.
TSLA Tesla$391.62+$19.40 (+5.21%)
NASDAQ · As of 4:00 PM ET 10/26/26
Is there significant upside ahead?Even with unimpressive EV sales over the next five years, Tesla's business may improve, provided the company makes substantial progress with its robotaxi business. Tesla launched the Cybercab, a two-seater with no mirrors, steering wheel, or pedals, in September.
The company will be looking to scale its Cybercab fleet over the next few years, and its FSD software will be a key part of its strategy. Assuming a large robotaxi fleet and significant utilization, this business may start contributing meaningfully to the company's revenue growth.
However, there are several risks to consider. First, despite a strong FSD attach rate, the retention rate will be just as important. Tesla does not disclose this metric, but even if the majority of new Tesla buyers opt for the FSD software, it won't be quite as lucrative a revenue stream if a significant number cancel it later. Second, Tesla still has plenty of work to do to scale its robotaxi fleet, and it will need to overcome various regulatory headwinds.
The company was the subject of a federal safety investigation after launching the Cybercab, underscoring that this poses a meaningful risk to the company. Third, and perhaps most importantly, Tesla's valuation seems to already assume significant success across its various projects.
The company is trading at 149.3x forward earnings, which seems incredibly high. Tesla will have to exceed expectations to deliver competitive returns from current levels over the next five years. That's certainly possible, so the upside potential is there. But there is also enough uncertainty to make me a skeptic. That's why I'd avoid Tesla stock right now.
Anthropic's IPO filing clarifies the scale of Amazon's investment exposure and long-term computing commitments.
Summary
Anthropic can generate cloud demand and investment gains, but those benefits reach different financial lines.
Amazon, the commerce and cloud-computing group AMZN, moved higher to $249.56 on Monday, up 0.63% at 10.10am EST. Anthropic's public IPO filing put fresh attention on Amazon's dual role as investor and computing supplier. Reuters previously reported that Anthropic committed at least $110 billion to Amazon under long-term infrastructure agreements. That creates a substantial demand pipeline, but commitments take time to become revenue.
Amazon's second-quarter results capture the tension. Sales climbed 20% to $200.6 billion, with AWS revenue rising 37% to $42.2 billion. Yet the earnings headline included $53.4 billion in non-operating pretax income, primarily from Anthropic investments. Meanwhile, heavier AI infrastructure spending helped push trailing 12-month free cash flow to negative $7.6 billion. Cloud growth, investment gains and cash generation tell different stories.
The shares sit just 1.12% below the displayed GF Value estimate of $252.39, suggesting little valuation cushion on that measure. The next earnings report needs to show how quickly cloud demand can cover the infrastructure bill. Watch AWS operating income, capital spending and free cash flow together. A higher Anthropic valuation can lift reported earnings; stronger cash generation would give investors firmer evidence that Amazon's AI spending is paying off.
Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Konsensus pro AMD ve 3. čtvrtletí očekává zisk na akcii (EPS) ve výši 1,94 USD a tržby 13,06 mld. USD, což představuje meziroční nárůst o téměř 62 %, respektive 41 %.
As Anthropic rushes to takes its shares public, the AI trade is showing cracks, and they are not confined to fringe players.
We recently wrote about CoreWeave, which fell 15.5% on Oct. 14 as yields on its 2032 notes touched 15%, and its default-swap spreads nearly doubled in October. IREN is down more than 20% this year. Last Thursday, the contagion reached chipmakers, which makes sense since much of CRWV and IREN's spending is going there. AMD dropped 8.1% as Meta's financing plans and a supply warning from Lam Research exacerbated data-center fears about the pace of AI spending.
So why be bullish?
Because when you screen for factors that demonstrably generate outperformance over time, the list narrows quickly. My screen: price above the 200-day moving average; revenue growing at least as fast as the S&P 500 (5%+ per annum); EPS growing at least as fast (7%+); rating upgrades; a PEG below 3; and ROE and ROIC of at least 12%. Of the names reporting in the next two weeks, AMD is effectively the only one that makes the list. Yes, you can (and arguably should, as our staples article described) position your portfolio with slightly less tech exposure than the broad indices provide, but we can't ignore the market's biggest and most transformative sector entirely.
Especially because the growth in this case doesn't just meet my criteria; it blows past them. Consensus for Q3 calls for EPS of $1.94 on revenue of $13.06 billion, versus $1.20 and $9.25 billion a year ago. That's YoY growth of nearly 62% and 41%, respectively. The recent drawdown came from a sector selloff, not anything AMD reported, but it shows that if some names in the space get hit, even the larger players are likely to feel it. On Oct. 6, Lisa Su said AMD would substantially increase supply in 2027 because AI orders keep outrunning capacity.
AMD, YTD
So how do you balance factors we know work for a fast-growing company against a backdrop of cracks in the AI trade? Options.
The tradeOwning the stock outright means absorbing a roughly 9% to 11% implied earnings-related move (day of). Earnings are about a week out, and over the past four quarters the smallest move over a similar window was more than 9%, and the largest move, after the company reported its Q1 26 results, was 38%! Of course, that kind of volatility means options aren't cheap, and that rich premium is also a reason not to simply buy calls.
A call spread risk reversal does both jobs: it reduces risk if the cracks widen, and the short options offset the elevated volatility we would otherwise pay for. The bottom chart shows that, by sacrificing about $1,700 of upside for $5,000 in outperformance during a severe downside move, and given how jittery this trade has been lately, this is a way to stay in it with considerably less risk. $5,000 less, specifically. Of course, selling that out will tie up some cash, but less so than simply buying the stock. And selling both the out and the call reduces long call purchase by 66%
Disclosures: Tidal owns/holds all the securities mentioned in the article.
All opinions expressed by CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. This content is provided as part of our editorial output for informational purposes only and does not constitute financial, investment, tax or legal advice or a recommendation to buy any security or other financial asset. The content is general in nature and does not reflect any individual's unique personal circumstances. The above content might not be suitable for your particular circumstances. Before making any financial decisions, you should strongly consider seeking advice from your own financial or investment advisor.
THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.
Boeing má před zveřejněním výsledků za 3. čtvrtletí rekordní objem nevyřízených zakázek ve výši 715 mld. USD, zahrnující více než 6 200 komerčních letadel.
Boeing Co (NYSE:BA) looks to win investors back over with its third-quarter financial results Tuesday before the market opens. The report comes with shares down 13% year-to-date and down 26% from yearly highs.
Here are the earnings estimates, what analysts are saying and key items to watch.
Boeing Q3 Earnings EstimatesAnalysts expect Boeing to report third-quarter revenue of $23.84 billion, up from $23.27 billion last year, according to data from Benzinga Pro.
The company has beaten analyst revenue estimates in six straight quarters and in seven of its last 10 quarters overall.
Earnings have been less favorable, with the company missing analyst estimates in seven of the last 10 quarters overall.
Analysts expect a loss of 21 cents per share for the third quarter, compared to a loss of $7.47 per share in last year’s third quarter.
Read Next
What Boeing Analysts Are SayingInvestors may be overlooking Boeing’s military contracts, Bank of America Securities analyst Ronald Epstein said in a recent note.
The analyst reiterated a Buy rating with a price target of 4270.
Epstein highlighted the company’s U.S. Air Force’s F-47 and Navy’s F/A-XX fighter programs.
"Boeing now holds the keys to the future of U.S. tactical aircraft," Epstein said.
The analyst said major military wins for peer companies led to stock gains, while Boeing stock has traded lower.
Here are other recent analyst ratings on Boeing stock and their price targets:
Morgan Stanley: Maintained Equal-Weight rating, lowered price target from $250 to $225 RBC Capital: Maintained Outperform rating, lowered price target from $265 to $235 Bernstein: Maintained Outperform rating, lowered price target from $298 to $278 TD Cowen: Maintained Buy rating, lowered price target from $250 to $240 Key Items to WatchRecent military contract wins and Boeing’s backlog could be key areas to watch.
The company reported a record backlog of $715 billion in the second quarter, consisting of more than 6,200 commercial airplanes.
After several items that hurt trust in the company, Boeing looks to be firing on all cylinders and recently received FAA certification for the 737-10 MAX.
Recent quarterly results from aerospace supplier GE Aerospace could point to strength for the sector and companies like Boeing, due to strong commercial orders and defense contract wins.
Boeing Stock Price ActionBoeing stock is nearly flat at $188.28 on Monday versus a 52-week trading range of $176.77 to $254.35. Shares are down 13.3% year-to-date in 2026.
Read Next
Image via Shutterstock
Market News and Data brought to you by Benzinga APIs
Citigroup získala od čínské CSRC souhlas k založení své plně vlastněné společnosti pro obchodování s cennými papíry CSCCL v Šanghaji, která bude nabízet makléřské služby, upisování emisí, výzkum a obchodování na vlastní účet.
Key Takeaways C secures CSRC approval to establish a wholly owned securities company in Shanghai to serve onshore clients.CSCCL will offer equities brokerage, underwriting, research and trading, leveraging C's client relationships.C aims to raise its investment-banking wallet share from 4.7% in 2025 to more than 6% in the near term. Citigroup Inc. (C - Free Report) received approval from the China Securities Regulatory Commission (CSRC) to establish a wholly owned securities company, Citigroup Securities (China) Company Limited (CSCCL). Headquartered in Shanghai, CSCCL will offer brokerage, underwriting, research and principal trading services, strengthening C’s presence in China’s domestic securities market and complementing its global capital markets capabilities.
Why Is Citigroup Expanding Its Securities Business in China?The expansion comes as China steps up efforts to open its financial markets to foreign institutions, with regulators announcing new measures to facilitate cross-border investment and allow overseas financial institutions to participate in yuan trading. These developments provide a supportive backdrop for global financial institutions like Citigroup seeking to strengthen their onshore operations and access China's domestic capital markets.
To capitalize on these opportunities, Citigroup will leverage its established corporate and institutional relationships to offer underwriting, research, investment advisory and trading in onshore equities, bonds and funds through CSCCL. The platform will complement C’s Corporate & Investment Bank, which serves 70% of Fortune 500 companies operating in China, as well as hundreds of large domestic corporate and public sector clients. Its Commercial Bank also serves numerous medium-sized enterprises, creating further opportunities to expand client relationships. The launch of CSCCL further advances C’s strategic shift toward institutional and capital markets businesses, following the 2024 sale of its China consumer wealth business to HSBC Holdings (HSBC - Free Report) .
Beyond expanding its client reach, the new securities business could create additional revenue opportunities by enabling Citigroup to combine its corporate banking, financing and cash management services with its global investment banking expertise. The move also supports C’s broader OneCiti strategy, which focuses on integrating its services to deepen client relationships and capture more business opportunities. At its 2026 Investor Day, the bank outlined its ambition to increase its investment-banking wallet share from 4.7% in 2025 to more than 6% in the near term. By enabling C to participate in a wider range of domestic capital markets activities, CSCCL could provide another avenue to pursue this target.
Citigroup will complete the regulatory requirements to launch CSCCL and build a high-caliber local team to support clients in China’s domestic securities market. While the new entity could strengthen the bank’s institutional franchise and support long-term growth, its contribution to earnings will depend on the pace of the operational launch, client adoption and activity in China’s domestic capital markets.
Other Financial Firms Expansion in ChinaOther global financial firms, including Mizuho Financial Group (MFG - Free Report) and HSBC Holdings, are expanding their presence in China.
Similar to C, Mizuho Financial has cleared the final regulatory hurdles to launch a wholly owned securities business in mainland China in October 2026, according to a Yahoo Finance article, which cited a Bloomberg report. The approval will strengthen Mizuho Financial’s foothold in China’s capital markets by enabling it to serve domestic clients directly through a wholly owned securities platform.
On the other hand, HSBC Holdings is expanding its Asian wealth-management business, including in mainland China. The acquisition of Citigroup’s China consumer wealth business complements its focus on high-net-worth clients, digital upgrades and talent investment. The January 2026 privatization of Hang Seng Bank is also likely to generate revenue and cost synergies, supporting its Greater China growth strategy.
C’s Price Performance & Zacks RankOver the past year, shares of Citigroup have gained 19.4% compared with the industry’s growth of 3.3%.
Image Source: Zacks Investment Research
Citigroup currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Elon Musk a Chamath Palihapitiya varují před otřesy v infrastruktuře pro AI v roce 2027: horší podmínky financování a zpoždění výstavby datových center mohou omezit objednávky GPU společnosti Nvidia.
By now, you're probably well aware that Nvidia (NVDA +2.40%) is one of the biggest winners of the artificial intelligence (AI) revolution. Its graphics processing units (GPUs) are essential infrastructure for companies developing generative AI models. This has fueled an unprecedented spending boom among technology companies and specialized cloud computing providers.
However, two prominent investors are sounding the alarm about the sustainability of this infrastructure spending. Over the weekend, Elon Musk and venture capitalist Chamath Palihapitiya warned that the AI infrastructure build-out could face a major shakeout in 2027.
Their concerns revolve around tightening credit markets, delayed data center construction, and the possibility that expensive computing equipment could sit idle. For Nvidia investors, these issues raise an uncomfortable question: What happens when the biggest buyers of GPUs can no longer afford them?
Image source: Nvidia.
What risks does the AI infrastructure boom face? In a recent post on X (formerly Twitter), Palihapitiya offered his assessment of the AI data center industry. Drawing on his experience investing in energized land assets, he argued that specialized cloud computing providers -- commonly called neoclouds -- are poorly capitalized and struggling to execute their expansion efforts.
The most mainstream neoclouds are CoreWeave and Nebius. Unlike traditional hyperscalers like Microsoft, Amazon, and Alphabet, neoclouds pretty much only focus on providing accelerated compute infrastructure to customers developing and deploying AI applications.
Building a data center requires more than just purchasing GPUs. Operators need to secure land, electricity, cooling systems, networking equipment, and financing. Even after securing these resources, construction or permitting delays can prevent computing equipment from becoming operational.
Palihapitiya warns that these challenges could leave "a lot of partially stranded compute" sitting in inventory next year. If that proves correct, he thinks the hyperscalers facing capacity constraints will prioritize their own AI workloads over third-party customers. In turn, smaller companies will scramble for alternatives.
SpaceX CEO Elon Musk. Image source: The White House.
Musk agreed with this outlook. He explained that lenders have become reluctant to finance companies that do not have "substantial revenue independent of AI data centers." While Musk's Space Exploration Technologies recently secured $40 billion in debt financing for GPUs, Musk emphasized the company was able to raise this money because the company's credit profile is investment-grade and it has other established business through Starlink and rocket launch cadences, providing a financial advantage that most neoclouds lack.
How slowing infrastructure spend affects Nvidia Let's consider how the AI infrastructure supply chain works. Nvidia designs GPUs that are purchased by hyperscalers and neoclouds. These customers install the chips in data centers and provide compute to AI developers. This business model essentially depends on continued access to capital and the timely completion of data center build-outs. If financing becomes unavailable or electricity connections are delayed, a company could be forced to postpone construction. Consequently, it may delay or even cancel planned GPU purchases.
Now imagine these problems ripple through dozens of operators at the same time. Nvidia would almost certainly experience a meaningful slowdown in orders, even if the underlying demand for AI remains strong overall.
The situation becomes amplified when you consider the hyperscalers. Companies such as Microsoft, Amazon, and Alphabet all have stronger balance sheets than most neoclouds. Nevertheless, their spending is not unlimited. If infrastructure bottlenecks prevent them from deploying and monetizing existing GPUs, the economics of purchasing additional equipment are less attractive until those problems are resolved.
NVDA Nvidia$216.02+$5.06 (+2.40%)
NASDAQ · As of 4:00 PM ET 10/26/26
What could happen to Nvidia stock in 2027? It's important to understand that Nvidia's competitive advantages are still substantial. Outside of GPUs, the company's networking technology and CUDA software have helped Nvidia build an ecosystem and establish the company as a dominant supplier of AI infrastructure.
With that said, Musk and Palihapitiya are expressing risks that investors shouldn't dismiss. The AI infrastructure boom depends on enormous outlays of capital expenditures (capex), access to debt markets, and the ability to complete construction projects on schedule. At the end of the day, Musk's comments suggest the AI industry is approaching a more difficult phase where financial discipline is just as important as technological innovation.
The takeaway for Nvidia investors is that AI demand can remain strong while infrastructure spending slows. Both things can be true at the same time. If 2027 brings the consolidation Musk and Palihapitiya anticipate, Nvidia will have to accept that the world's most sought-after chips aren't immune to financial limitations.
For investors, the concern is that Nvidia's valuation already reflects expectations of robust growth. If GPU orders slow, even temporarily, Wall Street will reassess how much it's willing to pay for the company's future earnings.
Third-quarter 2026 net income of $459 million, or $2.96 per share, compared with $1.122 billion, or $7.11 per share, in the third quarter of 2025, after recognizing a less than $1 million third-quarter 2026 after-tax increase in the fair value of equity securities still held.Third-quarter 2026 non-GAAP operating income* of $443 million, or $2.86 per share, compared with $449 million, or $2.85 per share, in the third quarter of last year.$663 million decrease in third-quarter 2026 net income, compared with third-quarter 2025, including the effects of after-tax net decreases of $657 million from net investment gains and $41 million from property casualty underwriting profit, partially offset by an increase of $24 million from investment income.$105.42 book value per share at September 30, 2026, up $3.07 since year-end.5.8% value creation ratio for the first nine months of 2026, compared with 13.8% for the same period of 2025. Financial Highlights
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Revenue Data
Earned premiums
$ 2,690
$ 2,567
5
$ 7,929
$ 7,391
7
Investment income, net of expenses
325
295
10
962
860
12
Total revenues
3,047
3,726
(18)
10,184
9,540
7
Income Statement Data
Net income
$ 459
$ 1,122
(59)
$ 1,988
$ 1,717
16
Investment gains and losses, after-tax
16
673
(98)
991
994
0
Non-GAAP operating income*
$ 443
$ 449
(1)
$ 997
$ 723
38
Per Share Data (diluted)
Net income
$ 2.96
$ 7.11
(58)
$ 12.75
$ 10.88
17
Investment gains and losses, after-tax
0.10
4.26
(98)
6.36
6.30
1
Non-GAAP operating income*
$ 2.86
$ 2.85
0
$ 6.39
$ 4.58
40
Book value
$ 105.42
$ 98.76
7
Cash dividend declared
$ 0.94
$ 0.87
8
$ 2.82
$ 2.61
8
Diluted weighted average shares outstanding
155.1
157.8
(2)
155.9
157.8
(1)
*
The Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures section defines and reconciles measures presented in this release that are not based on U.S. Generally Accepted Accounting Principles.
Forward-looking statements and related assumptions are subject to the risks outlined in the company's safe harbor statement.
Insurance Operations Highlights
90.9% third-quarter 2026 property casualty combined ratio, increased from 88.2% for the third quarter of 2025.2% growth in third-quarter net written premiums, including price increases, premium growth initiatives and a higher level of insured exposures.$315 million third-quarter 2026 property casualty new business written premiums, down 12%. Agencies appointed since the beginning of 2025 contributed $33 million or 10% of total new business written premiums.$31 million third-quarter 2026 life insurance subsidiary net income, up $3 million compared with the third quarter of 2025, and 2% growth in third-quarter 2026 term life insurance earned premiums.Investment and Balance Sheet Highlights
10% or $30 million increase in third-quarter 2026 pretax investment income, including an 11% increase in bond interest income and a 4% decrease in stock portfolio dividends.Three-month decrease of less than 1% in fair value of total investments at September 30, 2026, including a less than 1% decrease for both the bond portfolio and the stock portfolio.$6.044 billion parent company cash and marketable securities at September 30, 2026, up 9% from year-end 2025.Property Casualty Operations Maintaining Profitability
Stephen M. Spray, president and chief executive officer, commented: "Over the past few months our field claims teams and headquarters claims associates have been busy. I'm proud of their efforts as they brought compassion and expertise to our agents and policyholders, quickly resolving claims and helping affected communities begin to move forward.
"This quarter is a nice example of the impact our many growth, profitability and diversification initiatives are having on our insurance business. While catastrophe losses grew by 7.0 points compared with last year's third quarter – moving closer to historical averages for the third quarter – our overall combined ratio of 90.9% reflects our continued efforts in pricing segmentation across our organization and the purposeful diversification of our growth.
"On a nine-month basis we achieved healthy non-GAAP operating income, increasing that measure 38% to $997 million. Our insurance operations continued to lead the way. With three-quarters of the year behind us, our 95.8% combined ratio is comfortably within our long-term target of 92% to 98%."
Growth Reflecting Underwriting Discipline
"In this competitive market, we are balancing new business opportunities with underwriting discipline. Total property casualty net written premiums grew 4% through the first nine months of 2026, reflecting average renewal price increases for each of our property casualty insurance segments and most of our major lines of business.
"Our growth strategy plays to the strengths of each area where we do business. We consider many factors such as historic loss ratios, current market conditions, weather patterns and our view of future expectations for particular lines of business to create an appropriate plan for targeted profitable growth. That work creates a generally stable underwriting appetite to support our agents and enhance our mutual success.
"We also continue to benefit from the introduction of new specialty products through The Cincinnati Specialty Underwriters Insurance Company and Cincinnati Global Underwriting, along with the ability to grow Cincinnati Re opportunistically as the reinsurance market changes. Through September, these three areas have grown 7%, 13% and 11%, respectively, compared with the first nine months of 2025."
Insurance Profitability Fueling Investments
"Consolidated cash and total investments topped $34 billion. Since December, book value per share has risen to $105.42, driven by the contribution of our insurance operations and the strength of our investment portfolio.
"This ample capital allows us to execute on our long-term strategies and, at the same time, continue to not just pay dividends to shareholders, but increase them, through the normal variability of investment and insurance markets as we've done for 66 years."
Insurance Operations Highlights
Consolidated Property Casualty Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 2,605
$ 2,484
5
$ 7,672
$ 7,145
7
Fee revenues
4
4
0
11
11
0
Total revenues
2,609
2,488
5
7,683
7,156
7
Loss and loss expenses
1,595
1,464
9
5,070
4,938
3
Underwriting expenses
774
731
6
2,276
2,095
9
Underwriting profit
$ 240
$ 293
(18)
$ 337
$ 123
174
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.2 %
58.9 %
2.3
66.1 %
69.1 %
(3.0)
Underwriting expenses
29.7
29.3
0.4
29.7
29.3
0.4
Combined ratio
90.9 %
88.2 %
2.7
95.8 %
98.4 %
(2.6)
% Change
% Change
Agency renewal written premiums
$ 2,095
$ 2,037
3
$ 6,394
$ 6,084
5
Agency new business written premiums
315
356
(12)
1,007
1,143
(12)
Other written premiums
140
100
40
642
494
30
Net written premiums
$ 2,550
$ 2,493
2
$ 8,043
$ 7,721
4
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
54.0 %
55.4 %
(1.4)
56.8 %
57.4 %
(0.6)
Current accident year catastrophe losses
10.8
4.4
6.4
12.2
14.2
(2.0)
Prior accident years before catastrophe losses
(3.5)
(0.2)
(3.3)
(2.7)
(1.6)
(1.1)
Prior accident years catastrophe losses
(0.1)
(0.7)
0.6
(0.2)
(0.9)
0.7
Loss and loss expense ratio
61.2 %
58.9 %
2.3
66.1 %
69.1 %
(3.0)
Current accident year combined ratio before
catastrophe losses
83.7 %
84.7 %
(1.0)
86.5 %
86.7 %
(0.2)
$57 million or 2% growth of third-quarter 2026 property casualty net written premiums, reflecting premium growth initiatives, price increases and a higher level of insured exposures.$41 million decrease in third-quarter 2026 new business premiums written by agencies, primarily due to our personal lines insurance segment, included a $15 million increase in production from agencies appointed since the beginning of 2025.300 new agency appointments in the first nine months of 2026, including 44 that market only our personal lines products.2.7 percentage-point third-quarter 2026 combined ratio increase, including an increase of 7.0 points for losses from catastrophes.2.6 percentage-point nine-month 2026 combined ratio improvement, including a decrease of 1.3 points from lower catastrophe losses.3.6 percentage-point third-quarter 2026 benefit from favorable prior accident year reserve development of $94 million, compared with 0.9 points or $22 million for third-quarter 2025.2.9 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 2.5 points for the first nine months of 2025.0.6 percentage-point improvement in the nine-month 2026 ratio for current accident year loss and loss expenses before catastrophes.0.4 percentage-point increase in the underwriting expense ratio for the first nine months of 2026, compared with the same period of 2025, primarily due to timing of recognition of certain expenses.Commercial Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 1,270
$ 1,229
3
$ 3,762
$ 3,620
4
Fee revenues
2
2
0
4
4
0
Total revenues
1,272
1,231
3
3,766
3,624
4
Loss and loss expenses
782
747
5
2,539
2,249
13
Underwriting expenses
398
373
7
1,166
1,080
8
Underwriting profit
$ 92
$ 111
(17)
$ 61
$ 295
(79)
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.5 %
60.8 %
0.7
67.5 %
62.2 %
5.3
Underwriting expenses
31.3
30.3
1.0
31.0
29.8
1.2
Combined ratio
92.8 %
91.1 %
1.7
98.5 %
92.0 %
6.5
% Change
% Change
Agency renewal written premiums
$ 1,050
$ 1,043
1
$ 3,380
$ 3,311
2
Agency new business written premiums
182
185
(2)
595
588
1
Other written premiums
(33)
(30)
(10)
(90)
(86)
(5)
Net written premiums
$ 1,199
$ 1,198
0
$ 3,885
$ 3,813
2
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
58.0 %
59.2 %
(1.2)
61.0 %
60.0 %
1.0
Current accident year catastrophe losses
7.1
3.0
4.1
9.6
5.0
4.6
Prior accident years before catastrophe losses
(3.4)
(1.0)
(2.4)
(3.0)
(2.2)
(0.8)
Prior accident years catastrophe losses
(0.2)
(0.4)
0.2
(0.1)
(0.6)
0.5
Loss and loss expense ratio
61.5 %
60.8 %
0.7
67.5 %
62.2 %
5.3
Current accident year combined ratio before
catastrophe losses
89.3 %
89.5 %
(0.2)
92.0 %
89.8 %
2.2
$1 million or less than 1% growth in third-quarter 2026 commercial lines net written premiums, primarily due to higher agency renewal premiums. Two percent growth in nine-month net written premiums.$7 million or 1% increase in third-quarter renewal written premiums, with commercial lines average renewal pricing increases in the low-single-digit percent range.$3 million or 2% decrease in third-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.1.7 percentage-point third-quarter 2026 combined ratio increase, including an increase of 4.3 points for losses from catastrophes.6.5 percentage-point nine-month 2026 combined ratio increase, including an increase of 5.1 points from higher catastrophe losses.3.6 percentage-point third-quarter 2026 benefit from favorable prior accident year reserve development of $46 million, compared with 1.4 points or $18 million for third-quarter 2025.3.1 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 2.8 points for the first nine months of 2025.Personal Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 888
$ 838
6
$ 2,641
$ 2,340
13
Fee revenues
1
1
0
4
4
0
Total revenues
889
839
6
2,645
2,344
13
Loss and loss expenses
564
507
11
1,809
1,951
(7)
Underwriting expenses
237
233
2
717
665
8
Underwriting profit (loss)
$ 88
$ 99
(11)
$ 119
$ (272)
nm
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
63.5 %
60.4 %
3.1
68.4 %
83.4 %
(15.0)
Underwriting expenses
26.8
27.8
(1.0)
27.2
28.4
(1.2)
Combined ratio
90.3 %
88.2 %
2.1
95.6 %
111.8 %
(16.2)
% Change
% Change
Agency renewal written premiums
$ 911
$ 864
5
$ 2,580
$ 2,364
9
Agency new business written premiums
76
116
(34)
230
384
(40)
Other written premiums
(30)
(29)
(3)
(88)
(145)
39
Net written premiums
$ 957
$ 951
1
$ 2,722
$ 2,603
5
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
47.9 %
50.7 %
(2.8)
51.1 %
54.7 %
(3.6)
Current accident year catastrophe losses
19.9
8.0
11.9
19.5
29.7
(10.2)
Prior accident years before catastrophe losses
(3.6)
2.6
(6.2)
(2.1)
0.4
(2.5)
Prior accident years catastrophe losses
(0.7)
(0.9)
0.2
(0.1)
(1.4)
1.3
Loss and loss expense ratio
63.5 %
60.4 %
3.1
68.4 %
83.4 %
(15.0)
Current accident year combined ratio before
catastrophe losses
74.7 %
78.5 %
(3.8)
78.3 %
83.1 %
(4.8)
$6 million or 1% growth in third-quarter 2026 personal lines net written premiums, including higher agency renewal written premiums that benefited from rate increases near the low end of the high-single-digit percent range, partially offset by lower new business premiums. Five percent growth in nine-month net written premiums.$40 million or 34% decrease in third-quarter 2026 new business premiums written by agencies, as we continue to carefully underwrite each policy in a highly competitive market.2.1 percentage-point third-quarter 2026 combined ratio increase, including an increase of 12.1 points for losses from catastrophes.16.2 percentage-point nine-month 2026 combined ratio improvement, including a decrease of 8.9 points from lower catastrophe losses.4.3 percentage-point third-quarter 2026 favorable prior accident year reserve development of $38 million, compared with an unfavorable 1.7 points or $14 million for third-quarter 2025.2.2 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 1.0 points for the first nine months of 2025.Excess and Surplus Lines Insurance Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Earned premiums
$ 187
$ 174
7
$ 556
$ 510
9
Fee revenues
1
1
0
3
3
0
Total revenues
188
175
7
559
513
9
Loss and loss expenses
114
108
6
342
317
8
Underwriting expenses
53
48
10
156
141
11
Underwriting profit
$ 21
$ 19
11
$ 61
$ 55
11
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Loss and loss expenses
61.5 %
62.1 %
(0.6)
61.7 %
62.2 %
(0.5)
Underwriting expenses
27.9
27.7
0.2
28.0
27.6
0.4
Combined ratio
89.4 %
89.8 %
(0.4)
89.7 %
89.8 %
(0.1)
% Change
% Change
Agency renewal written premiums
$ 134
$ 130
3
$ 434
$ 409
6
Agency new business written premiums
57
55
4
182
171
6
Other written premiums
(7)
(10)
30
(31)
(35)
11
Net written premiums
$ 184
$ 175
5
$ 585
$ 545
7
Ratios as a percent of earned premiums:
Pt. Change
Pt. Change
Current accident year before catastrophe losses
63.8 %
64.1 %
(0.3)
64.3 %
64.8 %
(0.5)
Current accident year catastrophe losses
1.0
0.2
0.8
1.0
0.9
0.1
Prior accident years before catastrophe losses
(3.3)
(2.1)
(1.2)
(3.4)
(3.2)
(0.2)
Prior accident years catastrophe losses
0.0
(0.1)
0.1
(0.2)
(0.3)
0.1
Loss and loss expense ratio
61.5 %
62.1 %
(0.6)
61.7 %
62.2 %
(0.5)
Current accident year combined ratio before
catastrophe losses
91.7 %
91.8 %
(0.1)
92.3 %
92.4 %
(0.1)
$9 million or 5% growth in third-quarter 2026 excess and surplus lines net written premiums, including higher agency renewal written premiums that benefited from price increases averaging in the low-single-digit percent range. Seven percent growth in nine-month net written premiums.$2 million or 4% increase in third-quarter 2026 new business premiums written by agencies.0.4 percentage-point third-quarter 2026 combined ratio improvement, primarily due to favorable reserve development on prior accident year loss and loss expenses that was partially offset by higher current accident year catastrophe losses.0.1 percentage-point nine-month 2026 combined ratio improvement, largely due to a lower ratio for current accident year loss and loss expenses before catastrophe losses that was partially offset by a higher underwriting expense ratio.3.3 percentage-point third-quarter 2026 benefit from favorable prior accident year reserve development of $6 million, compared with 2.2 points or $4 million for third-quarter 2025.3.6 percentage-point nine-month 2026 benefit from favorable prior accident year reserve development, compared with 3.5 points for the first nine months of 2025.Life Insurance Subsidiary Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Term life insurance
$ 62
$ 61
2
$ 187
$ 179
4
Whole life insurance
15
14
7
42
40
5
Universal life and other
8
8
0
28
27
4
Earned premiums
85
83
2
257
246
4
Investment income, net of expenses
53
52
2
161
151
7
Investment gains and losses, net
4
(1)
nm
3
(6)
nm
Fee revenues
2
1
100
5
4
25
Total revenues
144
135
7
426
395
8
Contract holders' benefits incurred
80
76
5
243
230
6
Underwriting expenses incurred
25
23
9
73
70
4
Total benefits and expenses
105
99
6
316
300
5
Net income before income tax
39
36
8
110
95
16
Income tax provision
8
8
0
23
20
15
Net income of the life insurance subsidiary
$ 31
$ 28
11
$ 87
$ 75
16
$2 million increase in third-quarter 2026 earned premiums, including a 2% increase for term life insurance, our largest life insurance product line.$12 million increase in nine-month 2026 life insurance subsidiary net income, primarily due to increased investment income, increased investment gains, increased earned premiums, and more favorable mortality experience, partially offset by less favorable impacts from the unlocking of interest rate and other actuarial assumptions.$1 million or less than 1% nine-month 2026 increase, to $1.468 billion, in GAAP shareholders' equity for the life insurance subsidiary, primarily from net income that was offset by an increase in unrealized investment losses on fixed-maturity securities.Investment and Balance Sheet Highlights
Investments Results
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
% Change
2026
2025
% Change
Investment income, net of expenses
$ 325
$ 295
10
$ 962
$ 860
12
Investment interest credited to contract holders
(32)
(32)
0
(97)
(95)
(2)
Investment gains and losses, net
20
853
(98)
1,258
1,259
0
Investments profit
$ 313
$ 1,116
(72)
$ 2,123
$ 2,024
5
Investment income:
Interest
$ 252
$ 227
11
$ 731
$ 651
12
Dividends
66
69
(4)
214
206
4
Other
11
4
175
31
16
94
Less investment expenses
4
5
(20)
14
13
8
Investment income, pretax
325
295
10
962
860
12
Less income taxes
57
51
12
167
148
13
Total investment income, after-tax
$ 268
$ 244
10
$ 795
$ 712
12
Investment returns:
Average invested assets plus cash and cash
equivalents
$ 35,549
$ 31,899
$ 34,631
$ 31,345
Average yield pretax
3.66 %
3.70 %
3.70 %
3.66 %
Average yield after-tax
3.02
3.06
3.06
3.03
Effective tax rate
17.6
17.3
17.4
17.2
Fixed-maturity returns:
Average amortized cost
$ 19,989
$ 17,816
$ 19,504
$ 17,515
Average yield pretax
5.04 %
5.10 %
5.00 %
4.96 %
Average yield after-tax
4.10
4.16
4.07
4.04
Effective tax rate
18.6
18.4
18.5
18.4
$30 million or 10% rise in third-quarter 2026 pretax investment income, including an 11% increase in interest income from fixed-maturity securities and a 4% decrease in equity portfolio dividends.$1.142 billion in third-quarter 2026 pretax total investment losses, summarized in the table below. Changes in unrealized gains or losses reported in other comprehensive income, in addition to investment gains and losses reported in net income, are useful for evaluating total investment performance over time and are major components of changes in book value and the value creation ratio.(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Investment gains and losses on equity securities sold, net
$ 5
$ (9)
$ 255
$ (5)
Unrealized gains and losses on equity securities still held, net
1
855
980
1,259
Investment gains and losses on fixed-maturity securities, net
(8)
1
(3)
(13)
Other
22
6
26
18
Subtotal - investment gains and losses reported in net income
20
853
1,258
1,259
Change in unrealized investment gains and losses - fixed
maturities and short-term
(1,162)
241
(1,308)
336
Total
$ (1,142)
$ 1,094
$ (50)
$ 1,595
Balance Sheet Highlights
(Dollars in millions, except share data)
At September 30,
At December 31,
2026
2025
Total investments
$ 33,139
$ 31,783
Total assets
42,611
41,002
Short-term debt
17
25
Long-term debt
791
790
Shareholders' equity
16,182
15,911
Book value per share
105.42
102.35
Debt-to-total-capital ratio
4.8 %
4.9 %
$34.378 billion in consolidated cash and total investments at September 30, 2026, an increase of 4% from $33.214 billion at year-end 2025.$18.925 billion bond portfolio at September 30, 2026, with an average rating of A2/A. Fair value decreased $29 million during the third quarter of 2026, including $1.107 billion in net purchases of fixed-maturity securities.$13.145 billion equity portfolio was 39.7% of total investments, including $8.872 billion in appreciated value before taxes at September 30, 2026. Third-quarter 2026 decrease in fair value of $49 million, including $52 million in net sales of equity securities.$3.22 third-quarter 2026 decrease in book value per share, including additions of $2.89 of net income before investment gains and $0.82 for other items that were offset by $5.99 from investment portfolio net investment gains or changes in unrealized gains for fixed-maturity securities and $0.94 from dividends declared to shareholders.Value creation ratio of 5.8% for the first nine months of 2026, including 6.4% from net income before investment gains, which includes underwriting and investment income, and 6.2% from investment gains for equity securities, partially offset by 6.6% from changes in unrealized gains for fixed-maturity securities and 0.2% for other items.For additional information or to register for our conference call webcast, please visit investors.cinfin.com.
About Cincinnati Financial
Cincinnati Financial Corporation offers primarily business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life insurance, fixed annuities and surplus lines property and casualty insurance. For additional information about the company, please visit cinfin.com.
Mailing Address:
Street Address:
P.O. Box 145496
6200 South Gilmore Road
Cincinnati, Ohio 45250-5496
Fairfield, Ohio 45014-5141
Safe Harbor Statement
Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by forward-looking statements. Any forward-looking statements contained herein, are based upon our current estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "seek," "expect," "will," "should," "could," "might," "anticipate," "believe," "estimate," "intend," "likely," "future," or other similar expressions. Forward-looking statements speak only as of the date they were made; we assume no obligation to update such statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements include, but are not limited to:
Insurance-Related Risks
Risks and uncertainties associated with our loss reserves or actual claim costs exceeding reservesIncreased frequency and/or severity of claims or development of claims that are unforeseen at the time of policy issuanceUnusually high levels of catastrophe losses due to risk concentrations or changes in weather patterns, environmental events, war or political unrest, terrorism incidents, cyberattacks, civil unrest or other causes; and our ability to manage catastrophe riskRisks associated with analytical models in key areas such as underwriting, pricing, capital management, reserving, investments, reinsurance, and catastrophe risk managementInadequate estimates or assumptions, or reliance on third-party data used for critical accounting estimatesEvents or conditions that could weaken or harm our relationships with our independent agencies and hamper opportunities to add new agencies, resulting in limitations on our opportunities for growthMergers, acquisitions, and other consolidations of agencies that result in a concentration of a significant amount of premium in one agency or agency group and/or alter our competitive advantagesOur inability to manage business opportunities, growth prospects, and expenses for our ongoing operationsChanging consumer insurance-buying habitsThe inability to obtain adequate ceded reinsurance on acceptable terms, for acceptable amounts, and from financially strong reinsurers; and the potential for nonpayment or delay in payment by reinsurersDomestic and global events, such as the wars in Ukraine and in the Middle East, future pandemics, inflationary trends, changes in U.S. trade and tariff policy, and disruptions in the banking and financial services industry, resulting in insurance losses, capital market or credit market uncertainty, followed by prolonged periods of economic instability or recession, that lead to:Securities market disruption or volatility and related effects such as decreased economic activity and continued supply chain disruptions that affect our investment portfolio and book valueSignificant or prolonged decline in the fair value of securities and impairment of the assetsSignificant decline in investment income due to reduced or eliminated dividend payouts from securitiesSignificant rise in losses from surety or director and officer policies written for financial institutions or other insured entities or in losses from policies written by Cincinnati Re or Cincinnati GlobalAn unusually high level of claims in our insurance or reinsurance operations that increase litigation-related expensesDecreased premium revenue and cash flow from disruption to our distribution channel of independent agents, consumer self-isolation, travel limitations, business restrictions and decreased economic activityThe inability of our workforce, agencies, or vendors to perform necessary business functionsFinancial, Economic, and Investment Risks
Declines in overall stock market values negatively affecting our equity portfolio and book valueDowngrades in our financial strength ratingsInterest rate fluctuations or other factors that could significantly affect:Our ability to generate growth in investment incomeValues of our fixed-maturity investments and accounts in which we hold bank-owned life insurance contract assetsOur traditional life policy reservesEconomic volatility and illiquidity associated with our alternative investments in private equity, private credit, real property, and limited partnershipsFailure to comply with covenants and other requirements under our credit facilities, senior debt, and other debt obligationsRecession, prolonged elevated inflation, or other economic conditions resulting in lower demand for insurance products or increased payment delinquenciesThe inability of our subsidiaries to pay dividends consistent with current or past levels impacting our ability to pay shareholder dividends or repurchase sharesGeneral Business, Technology, and Operational Risks
Ineffective information technology systems or failing to develop and implement improvements in technologyDifficulties with technology or data security breaches, including cyberattacks, could negatively affect our, or our agents', ability to conduct business; disrupt our relationships with agents, policyholders, and others; cause reputational damage, mitigation expenses, data loss, and expose us to liability Difficulties with our operations and technology that may negatively impact our ability to conduct business, including cloud-based data information storage, data security, remote working capabilities, and/or outsourcing relationships and third-party operations and data securityDisruption of the insurance market caused by technology innovations such as driverless cars that could decrease consumer demand for insurance productsDelays, inadequate data developed internally or from third parties, or performance inadequacies from ongoing development and implementation of underwriting and pricing models and methods, including usage-based insurance methods, automation, artificial intelligence, or technology projects and enhancements expected to increase our efficiency, pricing accuracy, underwriting profit, and competitivenessIntense competition, and the impact of innovation, emerging technologies, artificial intelligence and changing customer preferences on the insurance industry and the markets in which we operate, could harm our ability to maintain or increase our business volumes and profitabilityInability to defer policy acquisition costs for any business segment if pricing and loss trends would lead management to conclude that the segment could not achieve sustainable profitabilityUnforeseen departure of certain executive officers or other key employees that could interrupt progress toward important strategic goals or diminish the effectiveness of certain longstanding relationships with insurance agents and othersOur inability, or the inability of our independent agents, to attract and retain personnelEvents, such as a pandemic, an epidemic, natural catastrophe, or terrorism, which could hamper our ability to assemble our workforce, work effectively in a remote environment, or other failures of business continuity or disaster recovery programsRegulatory, Compliance, and Legal Risks
Actions of insurance departments, state attorneys general or other regulatory agencies, including a change to a federal system of regulation from a state-based system, that:Impose new obligations on us that increase our expenses or change the assumptions underlying our critical accounting estimatesPlace the insurance industry under greater regulatory scrutiny or result in new statutes, rules, and regulations Restrict our ability to exit or reduce writings of unprofitable coverages or lines of businessIncrease assessments for guaranty funds, other insurance‑related assessments, or mandatory reinsurance arrangements; or that impair our ability to recover such assessments through future surcharges or other rate changesIncrease our provision for federal income taxes due to changes in tax laws, regulations, or interpretationsIncrease other expensesLimit our ability to set fair, adequate, and reasonable ratesRestrict our ability to cancel policiesImpose new underwriting standardsPlace us at a disadvantage in the marketplace Restrict our ability to execute our business model, including the way we compensate agentsAdverse outcomes from litigation, environmental claims, mass torts or administrative proceedings, including effects of social inflation and third-party litigation funding on the size and frequency of litigation awardsEvents or actions, including unauthorized intentional circumvention of controls, which reduce our future ability to maintain effective internal control over financial reporting under the Sarbanes-Oxley Act of 2002Effects of changing social, global, economic, and regulatory environmentsAdditional measures affecting corporate financial reporting and governance that can affect the market value of our common stockRisks and uncertainties are further discussed in other filings with the Securities and Exchange Commission, including our 2025 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 30.
* * *
Cincinnati Financial Corporation
Condensed Consolidated Balance Sheets and Statements of Income (unaudited)
(Dollars in millions)
September 30,
December 31,
2026
2025
Assets
Investments
$ 33,139
$ 31,783
Cash and cash equivalents
1,239
1,431
Premiums receivable
3,427
3,142
Reinsurance recoverable
624
655
Deferred policy acquisition costs
1,422
1,344
Other assets
2,760
2,647
Total assets
$ 42,611
$ 41,002
Liabilities
Insurance reserves
$ 15,611
$ 14,499
Unearned premiums
5,643
5,254
Deferred income tax
1,616
1,833
Long-term debt and lease obligations
858
861
Other liabilities
2,701
2,644
Total liabilities
26,429
25,091
Shareholders' Equity
Common stock and paid-in capital
1,992
1,958
Retained earnings
18,273
16,719
Accumulated other comprehensive loss
(951)
(34)
Treasury stock
(3,132)
(2,732)
Total shareholders' equity
16,182
15,911
Total liabilities and shareholders' equity
$ 42,611
$ 41,002
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Revenues
Earned premiums
$ 2,690
$ 2,567
$ 7,929
$ 7,391
Investment income, net of expenses
325
295
962
860
Investment gains and losses, net
20
853
1,258
1,259
Other revenues
12
11
35
30
Total revenues
3,047
3,726
10,184
9,540
Benefits and Expenses
Insurance losses and contract holders' benefits
1,675
1,540
5,313
5,168
Underwriting, acquisition and insurance expenses
799
754
2,349
2,165
Interest expense
12
13
39
40
Other operating expenses
8
6
28
27
Total benefits and expenses
2,494
2,313
7,729
7,400
Income Before Income Taxes
553
1,413
2,455
2,140
Provision for Income Taxes
94
291
467
423
Net Income
$ 459
$ 1,122
$ 1,988
$ 1,717
Per Common Share:
Net income — basic
$ 2.99
$ 7.19
$ 12.88
$ 10.99
Net income — diluted
2.96
7.11
12.75
10.88
Definitions of Non-GAAP Information and Reconciliation to Comparable GAAP Measures
(See attached tables for reconciliations; additional prior-period reconciliations available at investors.cinfin.com.)
Cincinnati Financial Corporation prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Statutory data is prepared in accordance with statutory accounting rules for insurance company regulation in the United States of America as defined by the National Association of Insurance Commissioners' (NAIC) Accounting Practices and Procedures Manual, and therefore is not reconciled to GAAP data.
Management uses certain non-GAAP financial measures to evaluate its primary business areas – property casualty insurance, life insurance and investments. Management uses these measures when analyzing both GAAP and non-GAAP results to improve its understanding of trends in the underlying business and to help avoid incorrect or misleading assumptions and conclusions about the success or failure of company strategies. Management adjustments to GAAP measures generally: apply to non-recurring events that are unrelated to business performance and distort short-term results; involve values that fluctuate based on events outside of management's control; supplement reporting segment disclosures with disclosures for a subsidiary company or for a combination of subsidiaries or reporting segments; or relate to accounting refinements that affect comparability between periods, creating a need to analyze data on the same basis.
Non-GAAP operating income: Non-GAAP operating income is calculated by excluding investment gains and losses (defined as investment gains and losses after applicable federal and state income taxes) and other significant non-recurring items from net income. Management evaluates non-GAAP operating income to measure the success of pricing, rate and underwriting strategies. While investment gains (or losses) are integral to the company's insurance operations over the long term, the determination to realize investment gains or losses on fixed-maturity securities sold in any period may be subject to management's discretion and is independent of the insurance underwriting process. Also, under applicable GAAP accounting requirements, gains and losses are recognized from certain changes in market values of securities without actual realization. Management believes that the level of investment gains or losses for any particular period, while it may be material, may not fully indicate the performance of ongoing underlying business operations in that period.For these reasons, many investors and shareholders consider non-GAAP operating income to be one of the more meaningful measures for evaluating insurance company performance. Equity analysts who report on the insurance industry and the company generally focus on this metric in their analyses. The company presents non-GAAP operating income so that all investors have what management believes to be a useful supplement to GAAP information.
Consolidated property casualty insurance results: To supplement reporting segment disclosures related to our property casualty insurance operations, we also evaluate results for those operations on a basis that includes results for our property casualty insurance and brokerage services subsidiaries. That is the total of our commercial lines, personal lines and our excess and surplus lines segments plus our reinsurance assumed operations known as Cincinnati Re and our London-based global specialty underwriter known as Cincinnati Global.Life insurance subsidiary results: To supplement life insurance reporting segment disclosures related to our life insurance operation, we also evaluate results for that operation on a basis that includes life insurance subsidiary investment income, or investment income plus investment gains and losses, that are also included in our investments reporting segment. We recognize that assets under management, capital appreciation and investment income are integral to evaluating the success of the life insurance segment because of the long duration of life products.Cincinnati Financial Corporation
Net Income Reconciliation
(Dollars in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Net income
$ 459
$ 1,122
$ 1,988
$ 1,717
Less:
Investment gains and losses, net
20
853
1,258
1,259
Income tax on investment gains and losses
(4)
(180)
(267)
(265)
Investment gains and losses, after-tax
16
673
991
994
Non-GAAP operating income
$ 443
$ 449
$ 997
$ 723
Diluted per share data:
Net income
$ 2.96
$ 7.11
$ 12.75
$ 10.88
Less:
Investment gains and losses, net
0.13
5.40
8.07
7.98
Income tax on investment gains and losses
(0.03)
(1.14)
(1.71)
(1.68)
Investment gains and losses, after-tax
0.10
4.26
6.36
6.30
Non-GAAP operating income
$ 2.86
$ 2.85
$ 6.39
$ 4.58
Life Insurance Reconciliation
(Dollars in millions)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Net income of the life insurance subsidiary
$ 31
$ 28
$ 87
$ 75
Investment gains and losses, net
4
(1)
3
(6)
Income tax on investment gains and losses
1
—
1
(1)
Non-GAAP operating income
28
29
85
80
Investment income, net of expenses
(53)
(52)
(161)
(151)
Investment interest credited to contract holders
32
32
97
95
Income tax excluding tax on investment gains and losses, net
7
8
22
21
Life insurance segment profit
$ 14
$ 17
$ 43
$ 45
Property Casualty Insurance Reconciliation
(Dollars in millions)
Three months ended September 30, 2026
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,550
$ 1,199
$ 957
$ 184
$ 210
Unearned premiums change
55
71
(69)
3
50
Earned premiums
$ 2,605
$ 1,270
$ 888
$ 187
$ 260
Underwriting profit
$ 240
$ 92
$ 88
$ 21
$ 39
(Dollars in millions)
Nine months ended September 30, 2026
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 8,043
$ 3,885
$ 2,722
$ 585
$ 851
Unearned premiums change
(371)
(123)
(81)
(29)
(138)
Earned premiums
$ 7,672
$ 3,762
$ 2,641
$ 556
$ 713
Underwriting profit
$ 337
$ 61
$ 119
$ 61
$ 96
(Dollars in millions)
Three months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 2,493
$ 1,198
$ 951
$ 175
$ 169
Unearned premiums change
(9)
31
(113)
(1)
74
Earned premiums
$ 2,484
$ 1,229
$ 838
$ 174
$ 243
Underwriting profit
$ 293
$ 111
$ 99
$ 19
$ 64
(Dollars in millions)
Nine months ended September 30, 2025
Consolidated
Commercial
Personal
E&S
Other*
Premiums:
Net written premiums
$ 7,721
$ 3,813
$ 2,603
$ 545
$ 760
Unearned premiums change
(576)
(193)
(263)
(35)
(85)
Earned premiums
$ 7,145
$ 3,620
$ 2,340
$ 510
$ 675
Underwriting profit (loss)
$ 123
$ 295
$ (272)
$ 55
$ 45
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding.
*Included in Other are the results of Cincinnati Re and Cincinnati Global.
Cincinnati Financial Corporation
Other Measures
Value creation ratio: This is a measure of shareholder value creation that management believes captures the contribution of the company's insurance operations, the success of its investment strategy and the importance placed on paying cash dividends to shareholders. The value creation ratio measure is made up of two primary components: (1) rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. Management believes this measure is useful, providing a meaningful measure of long-term progress in creating shareholder value. It is intended to be all-inclusive regarding changes in book value per share, and uses originally reported book value per share in cases where book value per share has been adjusted, such as adoption of Accounting Standards Updates with a cumulative effect of a change in accounting.Written premium: Under statutory accounting rules in the U.S., property casualty written premium is the amount recorded for policies issued and recognized on an annualized basis at the effective date of the policy. Management analyzes trends in written premium to assess business efforts. The difference between written and earned premium is unearned premium. Value Creation Ratio Calculations
(Dollars are per share)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Value creation ratio:
End of period book value*
$ 105.42
$ 98.76
$ 105.42
$ 98.76
Less beginning of period book value
108.64
91.46
102.35
89.11
Change in book value
(3.22)
7.30
3.07
9.65
Dividend declared to shareholders
0.94
0.87
2.82
2.61
Total value creation
$ (2.28)
$ 8.17
$ 5.89
$ 12.26
Value creation ratio from change in book value**
(3.0) %
8.0 %
3.0 %
10.9 %
Value creation ratio from dividends declared to
shareholders***
0.9
0.9
2.8
2.9
Value creation ratio
(2.1) %
8.9 %
5.8 %
13.8 %
* Book value per share is calculated by dividing end of period total shareholders' equity by end of period shares outstanding
** Change in book value divided by the beginning of period book value
*** Dividend declared to shareholders divided by beginning of period book value
Společnost PayPal má ve 3. čtvrtletí vykázat tržby ve výši 8,70 miliardy USD, což představuje meziroční nárůst o 3,36 %, zatímco zisk na akcii (EPS) má klesnout o 2,2 % na 1,31 USD.
Key Takeaways PYPL is set to report Q3 earnings on Oct. 27, with revenues expected to rise 3.36% and EPS to fall 2.2%.PYPL's TPV is projected to rise 6.9%, supported by Braintree and Venmo growth.PYPL faces stiff competition, consumer spending pressures and forex volatility despite improving volumes. PayPal Holdings, Inc. (PYPL - Free Report) is slated to report third-quarter 2026 results on Oct. 27, before the market opens. The company’s quarterly results are likely to display a year-over-year increase in revenues, while earnings per share (EPS) is expected to decline.
In the last reported quarter, this payment company reported EPS of $1.38, outpacing the Zacks Consensus Estimate of $1.28. The quarter benefited from solid growth in total payment volume (TPV), along with continued momentum in Venmo and Braintree.
Over the preceding four quarters, PYPL’s EPS surpassed the Zacks Consensus Estimate thrice and missed in the remaining period, with the average beat being 5.32%. This is depicted in the graph below:
Factors Likely to Shape PayPal’s Q3 ResultsPayPal’s third-quarter results are expected to reflect continued progress in its transformation strategy, with a focus on expanding merchant solutions and deepening customer engagement. Revenue growth is expected to be modest in the quarter, with management guiding to low single-digit currency-neutral revenue growth. It also expects transaction margin dollars to grow slightly.
In the quarter under consideration, PYPL is expected to have benefited from an improving Total Payment Volume (TPV), supported by continued growth momentum in Braintree and Venmo.
Despite these positives, PayPal is likely to have faced intense competition from other digital payment companies. Broader macroeconomic uncertainties and pressure on consumer discretionary spending are also likely to affect its third-quarter results.
PayPal's significant international presence exposes its business to foreign exchange fluctuations. Changes in the value of the U.S. dollar against foreign currencies are likely to influence the company’s to-be-reported results.
PYPL's Q3 ProjectionsThe Zacks Consensus Estimate for PayPal’s transaction revenues is pegged at $7.82 billion, which suggests a 4% increase from the year-ago quarter.
The consensus mark for TPV is pegged at $489.707 billion, indicating 6.9% year-over-year growth. PayPal’s active accounts are likely to have reached 439.9 million, which denotes an increase from the year-ago value of 438 million.
The consensus mark for the number of payment transactions is pinned at 6.584 billion, which is above the company’s reported figure of 6.331 billion in the same quarter last year.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $8.70 billion, indicating an increase of 3.36% from the year-ago quarter’s reported figure.
However, its consensus mark for revenues from other value-added services is pegged at $885.5 million for the third quarter, down 1.1% from the year-ago period.
PYPL’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for third-quarter EPS has declined a cent to $1.31 over the past month. It also suggests a 2.2% fall from the year-ago quarter’s tally. Management expects non-GAAP EPS to decline at a low-single-digit rate in the third quarter of 2026.
What Our Quantitative Model Predicts About PYPLOur proven model does not conclusively predict an EPS beat for PYPL for this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
PayPal has an Earnings ESP of -3.18% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two other stocks from the Zacks Financial Transaction Services sector — Visa (V - Free Report) and Mastercard (MA - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report an EPS beat this quarter.
Visa is slated to report quarterly numbers on Oct. 27, 2026. V has an Earnings ESP of +0.66% and a Zacks Rank of #3 at present.
Mastercard is slated to report quarterly numbers on Oct. 29, 2026. MA has an Earnings ESP of +0.11% and a Zacks Rank of #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
SummaryIntel Corporation is rated a Buy at $85-86, as the market underappreciates its improving fundamentals and foundry turnaround.DCAI segment margins soared from 16% to 39.5% YoY, driven by acute CPU shortages and pricing power amid surging agentic AI demand.Foundry losses are shrinking, with 18A yields and cost curves improving; Apple and Tesla pipeline signals validate strategic direction.Key INTC Q3 metrics to watch: DCAI margins near 40%, foundry loss below -$1.8B, and a Q4 guide above $17.06B to support re-rating. ispyfriend/E+ via Getty Images
I bought Intel Corporation (INTC) back in May last year somewhere around $21. And at that time, I did not have an idea or a thesis at the time. Intel was arguably the most hated name in the
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of INTC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
FDA rozšířil schválení kombinace přípravků TALZENNA a XTANDI od společnosti Pfizer pro muže s metastatickým hormonálně citlivým karcinomem prostaty s mutacemi v genech HRR.
Pfizer Inc. (NYSE: PFE) today announced that the U.S. Food and Drug Administration (FDA) has expanded approval of TALZENNA® (talazoparib) in combination with XTANDI® (enzalutamide) to the treatment of men with metastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer (PC) with homologous recombination repair (HRR) gene mutations, including both BRCA and non-BRCA mutations. mAPMN/S is also known as metastatic hormone-sensitive prostate cancer (mHSPC). This approval makes TALZENNA, an oral poly ADP-ribose polymerase (PARP inhibitor), plus XTANDI, an androgen receptor pathway inhibitor (ARPI), available in an earlier line, providing an opportunity to delay disease progression at a critical stage when more patients may experience greater benefit.
“Today’s approval of TALZENNA plus XTANDI builds on its established role as a standard-of-care option for men with advanced prostate cancer. Moving this targeted therapy into the androgen pathway modulation-naïve or -sensitive setting further reflects our commitment to men with HRR-mutated metastatic prostate cancer, providing a new option at a stage where it may have a greater impact to delay progression.”
“This approval represents a critical advancement for patients with newly diagnosed metastatic prostate cancer with HRR gene mutations, who face a more aggressive disease, worse prognosis, and limited treatment options. In the TALAPRO-3 trial, clinical benefits were consistent for patients with BRCA and non-BRCA HRR gene mutations, addressing a long-standing unmet need – and reinforcing the importance of biomarker testing at the time of diagnosis.”
- Neeraj Agarwal, M.D., FASCO, Co-director of Prostate Cancer Program at Harvard Cancer Consortium, faculty medical oncologist at Dana-Farber Cancer Institute, and global lead investigator for TALAPRO-3
TALZENNA plus XTANDI was first approved in the U.S. in 2023 for men with metastatic androgen pathway modulation resistant (mAPMR) PC with HRR gene mutations, also known as HRRm metastatic castration-resistant prostate cancer (mCRPC). The application to expand the indication was reviewed under FDA Priority Review and was supported by results from the Phase 3 TALAPRO-3 study.
Key Results from the Pivotal Phase 3 TALAPRO-3 Study
Improved Radiographic Progression-Free Survival (rPFS): TALZENNA plus XTANDI reduced the risk of radiographic progression or death by 52% vs. placebo plus XTANDI (Hazard Ratio [HR] of 0.48; 95% Confidence Interval [CI], 0.36–0.65; p ˂ 0.0001) in patients with mAPMN/S PC with HRR gene mutations and an estimated 77% of patients remained progression-free at three years. Consistent benefit was observed across patients with BRCA and non-BRCA HRR gene mutations.Consistent Safety Profile: The safety profile was consistent with the known profiles of each agent, and no new safety signals were identified. The most common treatment-emergent adverse events (TEAEs) in the TALZENNA plus XTANDI group were anemia, fatigue, decreased neutrophil count, and asthenia. The most common grade 3 or higher TEAE was anemia, reported by 51% in the TALZENNA plus XTANDI group and 3% in the control group. Five percent of patients discontinued TALZENNA due to anemia. TEAEs were generally manageable with dose modifications and supportive care as needed.Published Previously: These results were presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting and simultaneously published in The New England Journal of Medicine.About the TALAPRO-3 Phase 3 Study
TALAPRO-3 (NCT04821622) is a multicenter, randomized, double-blind, placebo-controlled study that enrolled 599 patients with mAPMN/S PC with ≤3 months of androgen deprivation therapy (ADT) [chemical or surgical] with or without an approved ARPI in the mAPMN/S setting at sites in the U.S., Canada, Europe, South America, and the Asia-Pacific region.Patients were randomized to receive TALZENNA 0.5 mg/day plus XTANDI 160mg/day, or placebo plus XTANDI 160mg/day.The primary endpoint is investigator-assessed rPFS, defined as the time from the date of randomization to radiographic progression in soft tissue per Response Evaluation Criteria in Solid Tumors version 1.1 (RECIST 1.1), or in bone per Prostate Cancer Working Group 3 (PCWG3) criteria by investigator assessment, or death, whichever occurs first.About mAPMN/S PC (mHSPC)
mAPMN/S PC is a form of advanced prostate cancer that has spread beyond the prostate but is still sensitive to androgen deprivation therapy.1Approximately 25% of patients with mAPMN/S PC (mHSPC) harbor HRR gene mutations.2Advancing Pfizer’s Leadership in Genitourinary Cancers
This milestone reflects Pfizer's 20-year commitment to driving advances in genitourinary cancers, and its efforts to advance precision medicines into earlier stages of disease, where they may have even more impact for patients. TALZENNA plus XTANDI is an established standard of care for HRR gene-mutated mAPMR PC and this FDA approval brings the combination to men at an earlier stage of disease, when delaying disease progression may have an even greater impact. An application is also under review by the European Medicines Agency (EMA), with additional global regulatory filings planned or underway. The FDA conducted their review of TALZENNA plus XTANDI under Project Orbis, an Oncology Center of Excellence initiative that provides a framework for concurrent submission and review of oncology drugs among international partners.
Related Content
https://www.pfizer.com/news/press-release/press-release-detail/talzenna-plus-xtandi-improves-radiographic-progression-freehttps://www.pfizer.com/news/press-release/press-release-detail/pfizers-talzennar-combination-xtandir-receives-us-fdahttps://www.nejm.org/doi/full/10.1056/NEJMoa2604126About TALZENNA® (talazoparib)
TALZENNA is an oral inhibitor of poly ADP-ribose polymerase (PARP), which plays a role in DNA damage repair. Preclinical studies have demonstrated that TALZENNA blocks PARP enzyme activity and traps PARP at the site of DNA damage, leading to decreased cancer cell growth and cancer cell death.
TALZENNA was initially approved in the U.S., EU, and multiple other regions as a single agent for the treatment of adult patients with deleterious or suspected deleterious gBRCAm HER2-negative locally advanced or metastatic breast cancer.
TALZENNA in combination with XTANDI was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with HRR gene-mutated metastatic androgen pathway modulation resistant (mAPMR) PC in June 2023. The combination was also approved by the European Commission in January 2024 for the treatment of adult patients with mCRPC in whom chemotherapy is not clinically indicated. TALZENNA in combination with XTANDI is approved in more than 60 countries; indications vary by country.
About XTANDI® (enzalutamide)
XTANDI (enzalutamide) is an androgen receptor pathway inhibitor. XTANDI is a standard of care and has received regulatory approvals around the world for use in men with metastatic hormone-sensitive prostate cancer (mHSPC), mCRPC, non-metastatic castration-resistant prostate cancer (nmCRPC), and non-metastatic hormone-sensitive prostate cancer (nmHSPC) with high-risk biochemical recurrence (BCR). XTANDI is currently approved for one or more of these indications in more than 80 countries, including in the United States, European Union, and Japan. Over 1.5 million patients have been treated with XTANDI globally.3
XTANDI® is jointly developed and commercialized by Pfizer and Astellas in the United States.
TALZENNA® (talazoparib) Indications in the U.S.
TALZENNA is a poly (ADP-ribose) polymerase (PARP) inhibitor indicated for:
Breast Cancer:
As a single agent, for the treatment of adult patients with deleterious or suspected deleterious germline BRCA-mutated (gBRCAm) HER2‑negative locally advanced or metastatic breast cancer. Select patients for therapy based on an FDA‑authorized companion diagnostic for TALZENNA.
Prostate Cancer:
In combination with enzalutamide for the treatment of adult patients with:
metastatic androgen pathway modulation-resistant (mAPMR) prostate cancer with homologous recombination repair (HRR) gene mutations, as detected by an FDA-authorized test.metastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer with HRR gene mutations, as detected by an FDA-authorized test.IMPORTANT SAFETY INFORMATION
WARNINGS AND PRECAUTIONS
Myelodysplastic Syndrome/Acute Myeloid Leukemia (MDS/AML), including cases with a fatal outcome, has been reported in patients who received TALZENNA. In clinical studies, among 1,096 patients treated with TALZENNA as a single agent or as part of a combination regimen with enzalutamide, the cumulative incidence of MDS/AML was approximately 1% including 0.6% with fatal outcomes. The incidence of MDS/AML among patients treated with active control or with placebo in combination with enzalutamide was 0.2%. The median duration of therapy with TALZENNA in patients who developed MDS/AML was approximately 2.8 years (range: 1 to 5.8 years).
Do not start TALZENNA until patients have adequately recovered from hematological toxicity caused by previous chemotherapy. Monitor blood counts monthly during treatment with TALZENNA. For prolonged hematological toxicities, interrupt TALZENNA and monitor blood counts weekly until recovery. If counts do not recover within 4 weeks, refer the patient to a hematologist for further investigations including bone marrow analysis and blood sample for cytogenetics. If MDS/AML is confirmed, discontinue TALZENNA.
Myelosuppression consisting of anemia, leukopenia/neutropenia, and/or thrombocytopenia has been reported in patients treated with TALZENNA. Grade ≥ 3 anemia, neutropenia, and thrombocytopenia were reported, respectively, in 49%, 19%, and 9% of patients receiving TALZENNA in combination with enzalutamide. Forty-one percent of patients required a red blood cell transfusion, including 25% who required more than one transfusion. Discontinuation due to anemia, neutropenia, and thrombocytopenia occurred, respectively, in 7%, 4%, and 1% of patients.
Withhold TALZENNA until patients have adequately recovered from hematological toxicity caused by previous therapy. Monitor blood counts monthly during treatment with TALZENNA. If hematological toxicities do not resolve within 28 days, discontinue TALZENNA and refer the patient to a hematologist for further investigations including bone marrow analysis and blood sample for cytogenetics.
Embryo-Fetal Toxicity TALZENNA can cause fetal harm when administered to a pregnant woman. Advise male patients with female partners of reproductive potential or who are pregnant to use effective contraception during treatment and for 4 months following the last dose of TALZENNA.
ADVERSE REACTIONS
In the pooled safety population of 810 patients with prostate cancer, the most common (≥ 20%) adverse reactions including laboratory abnormalities were decreased hemoglobin (86%), decreased neutrophils (68%), decreased lymphocytes (62%), decreased platelets (54%), fatigue (48%), decreased albumin (26%), decreased calcium (26%), back pain (24%), decreased appetite (22%), and nausea (21%).
DRUG INTERACTIONS
Coadministration With P-gp Inhibitors The effect of coadministration of P-gp inhibitors on talazoparib exposure when TALZENNA is taken with enzalutamide has not been studied. Monitor patients for increased adverse reactions and modify the dosage as recommended for adverse reactions when TALZENNA is coadministered with a P-gp inhibitor.
Coadministration With BCRP Inhibitors Monitor patients for increased adverse reactions and modify the dosage as recommended for adverse reactions when TALZENNA is coadministered with a BCRP inhibitor. Coadministration of TALZENNA with BCRP inhibitors may increase talazoparib exposure, which may increase the risk of adverse reactions.
USE IN SPECIFIC POPULATIONS
Males of Reproductive Potential Based on animal studies, TALZENNA may impair fertility.
Renal Impairment Reduce the recommended dosage of TALZENNA in patients with moderate (CLcr 30 - 59 mL/min) and severe (CLcr 15 - 29 mL/min) renal impairment. No dose adjustment is required for patients with mild renal impairment. TALZENNA has not been studied in patients requiring hemodialysis.
INDICATIONS
TALZENNA is indicated in combination with enzalutamide for the treatment of adult patients with:
Metastatic androgen pathway modulation-resistant (mAPMR) prostate cancer with homologous recombination repair gene mutations (HRRm), as detected by an FDA-authorized testMetastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer with homologous recombination repair gene mutations (HRRm), as detected by an FDA-authorized testPlease see the Full Prescribing Information for TALZENNA. There may be a delay as the document is updated with the latest information. It will be available as soon as possible. Please check back for the updated full information shortly.
XTANDI® (enzalutamide) Indications in the U.S.
XTANDI (enzalutamide) is indicated for the treatment of patients with:
castration-resistant prostate cancer (CRPC)metastatic castration-sensitive prostate cancer (mCSPC)nonmetastatic castration sensitive prostate cancer (nmCSPC) with biochemical recurrence at high risk for metastasis (high-risk BCR)XTANDI® (enzalutamide) U.S. Important Safety Information
Warnings and Precautions
Seizure occurred in 0.6% of patients receiving XTANDI in eight randomized clinical trials. In a study of patients with predisposing factors for seizure, 2.2% of XTANDI-treated patients experienced a seizure. It is unknown whether anti-epileptic medications will prevent seizures with XTANDI. Patients in the study had one or more of the following predisposing factors: use of medications that may lower the seizure threshold, history of traumatic brain or head injury, history of cerebrovascular accident or transient ischemic attack, and Alzheimer’s disease, meningioma, or leptomeningeal disease from prostate cancer, unexplained loss of consciousness within the last 12 months, history of seizure, presence of a space occupying lesion of the brain, history of arteriovenous malformation, or history of brain infection. Advise patients of the risk of developing a seizure while taking XTANDI and of engaging in any activity where sudden loss of consciousness could cause serious harm to themselves or others. Permanently discontinue XTANDI in patients who develop a seizure during treatment.
Posterior Reversible Encephalopathy Syndrome (PRES) There have been reports of PRES in patients receiving XTANDI. PRES is a neurological disorder that can present with rapidly evolving symptoms including seizure, headache, lethargy, confusion, blindness, and other visual and neurological disturbances, with or without associated hypertension. A diagnosis of PRES requires confirmation by brain imaging, preferably MRI. Discontinue XTANDI in patients who develop PRES.
Hypersensitivity reactions, including edema of the face (0.5%), tongue (0.1%), or lip (0.1%) have been observed with XTANDI in eight randomized clinical trials. Pharyngeal edema has been reported in post-marketing cases. Advise patients who experience any symptoms of hypersensitivity to temporarily discontinue XTANDI and promptly seek medical care. Permanently discontinue XTANDI for serious hypersensitivity reactions.
Ischemic Heart Disease In the combined data of five randomized, placebo-controlled clinical studies, ischemic heart disease occurred more commonly in patients on the XTANDI arm compared to patients on the placebo arm (3.5% vs 2%). Grade 3-4 ischemic events occurred in 1.8% of patients on XTANDI versus 1.1% on placebo. Ischemic events led to death in 0.4% of patients on XTANDI compared to 0.1% on placebo. Monitor for signs and symptoms of ischemic heart disease. Optimize management of cardiovascular risk factors, such as hypertension, diabetes, or dyslipidemia. Discontinue XTANDI for Grade 3-4 ischemic heart disease.
Falls and Fractures occurred in patients receiving XTANDI. Evaluate patients for fracture and fall risk. Monitor and manage patients at risk for fractures according to established treatment guidelines and consider use of bone-targeted agents. In the combined data of five randomized, placebo-controlled clinical studies, falls occurred in 12% of patients treated with XTANDI compared to 6% of patients treated with placebo. Fractures occurred in 13% of patients treated with XTANDI and in 6% of patients treated with placebo.
Embryo-Fetal Toxicity The safety and efficacy of XTANDI have not been established in females. XTANDI can cause fetal harm and loss of pregnancy when administered to a pregnant female. Advise males with female partners of reproductive potential to use effective contraception during treatment with XTANDI and for 3 months after the last dose of XTANDI.
Dysphagia or Choking Severe dysphagia or choking, including events that could be life-threatening requiring medical intervention or fatal, can occur due to XTANDI product size. Advise patients to take each capsule or tablet whole with a sufficient amount of water to ensure that all medication is successfully swallowed. Consider use of a smaller tablet size of XTANDI in patients who have difficulty swallowing. Discontinue XTANDI for patients who cannot swallow capsules or tablets.
Interference with Immunoassay Measurement of Digoxin XTANDI can interfere with certain digoxin immunoassays (e.g., Chemiluminescent Microparticle Immunoassays), resulting in falsely elevated digoxin plasma concentration results. Notify the laboratory conducting the digoxin plasma concentration assay to use an appropriate method in patients receiving XTANDI and digoxin.
Adverse Reactions (ARs)
In the data from the five randomized placebo-controlled trials, the most common ARs (≥ 10%) that occurred more frequently (≥ 2% over placebo) in XTANDI-treated patients were musculoskeletal pain, fatigue, hot flush, constipation, decreased appetite, diarrhea, hypertension, hemorrhage, fall, fracture, and headache. In the bicalutamide-controlled study, the most common ARs (≥ 10%) reported in XTANDI-treated patients were asthenia/fatigue, back pain, musculoskeletal pain, hot flush, hypertension, nausea, constipation, diarrhea, upper respiratory tract infection, and weight loss.
In EMBARK, the placebo-controlled study of nonmetastatic CSPC (nmCSPC) with high-risk biochemical recurrence (BCR) patients, Grade 3 or higher adverse reactions during the total duration of treatment were reported in 46% of patients treated with XTANDI plus leuprolide, 50% of patients receiving XTANDI as a single agent, and 43% of patients receiving placebo plus leuprolide. Permanent treatment discontinuation due to adverse reactions during the total duration of treatment as the primary reason was reported in 21% of patients treated with XTANDI plus leuprolide, 18% of patients receiving XTANDI as a single agent, and 10% of patients receiving placebo plus leuprolide.
Lab Abnormalities: Lab abnormalities that occurred in ≥ 5% of patients, and more frequently (> 2%) in the XTANDI arm compared to placebo in the pooled, randomized, placebo-controlled studies are hemoglobin decrease, neutrophil count decreased, white blood cell decreased, hyperglycemia, hypermagnesemia, hyponatremia, hypophosphatemia, and hypercalcemia.
Hypertension: In the combined data from five randomized placebo-controlled clinical trials, hypertension was reported in 14.2% of XTANDI patients and 7.4% of placebo patients. Hypertension led to study discontinuation in
Drug Interactions
Effect of Other Drugs on XTANDI Avoid coadministration with strong CYP2C8 inhibitors. If coadministration cannot be avoided, reduce the dosage of XTANDI. Avoid coadministration with strong CYP3A4 inducers. If coadministration cannot be avoided, increase the dosage of XTANDI.
Effect of XTANDI on Other Drugs Avoid coadministration with certain CYP3A4, CYP2C9, and CYP2C19 substrates for which minimal decrease in concentration may lead to therapeutic failure of the substrate. If coadministration cannot be avoided, increase the dosage of these substrates in accordance with their Prescribing Information. In cases where active metabolites are formed, there may be increased exposure to the active metabolites.
Please access this link for XTANDI’s U.S. Full Prescribing Information for additional safety information.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on X at @Pfizer and @Pfizer_News, LinkedIn, YouTube and like us on Facebook at www.facebook.com/Pfizer/.
Disclosure Notice
The information contained in this release is as of October 26, 2026. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This release contains forward-looking information about Pfizer Oncology, TALZENNA and XTANDI, including their potential benefits, the TALAPRO-3 results, an approval in the U.S. for TALZENNA in combination with XTANDI to expand the use of TALZENNA plus XTANDI to the treatment of men with HRR gene-mutated metastatic androgen pathway modulation-naïve or -sensitive prostate cancer and additional global regulatory filings planned or underway, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, uncertainties regarding the commercial success of TALZENNA in combination with XTANDI; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; whether the TALAPRO-3 trial will meet the key secondary endpoint for overall survival; risks associated with initial, preliminary or interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when applications for TALZENNA, XTANDI or a combination may be filed in particular jurisdictions for any potential indications; whether and when any such applications for TALZENNA, XTANDI or a combination that may be pending or filed may be approved by regulatory authorities (including the application under review by the EMA for TALZENNA in combination with XTANDI for men with HRR gene-mutated mAPMN/S PC), which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether TALZENNA, XTANDI or a combination will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of TALZENNA, XTANDI or a combination; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws or regulations; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
References
Troy SP, Jakubowski CD, Gartrell BA. Packing the punch: Current and emerging treatment strategies in metastatic castration-sensitive prostate cancer. Curr Urol Rep. 2025;26(1):50. doi:10.1007/s11934-025-01272-6Lee AM, Saidian A, Shaya J, et al. The Prognostic Significance of Homologous Recombination Repair Pathway Alterations in Metastatic Hormone Sensitive Prostate Cancer. Clin Genitourin Cancer. 2022;20(6):515-523. doi:10.1016/j.clgc.2022.06.016Data on file. Northbrook, IL: Astellas Inc
View source version on businesswire.com: https://www.businesswire.com/news/home/20261020160556/en/
Welltower zvýšil celoroční výhled normalizovaného FFO na 6,47–6,53 USD na akcii z 6,36–6,44 USD; ve třetím čtvrtletí dosáhlo normalizované FFO 1,67 USD na akcii, což představuje meziroční nárůst o 24,6 %.
, /PRNewswire/ -- Welltower Inc. (NYSE:WELL) today announced results for the quarter ended September 30, 2026.
Third Quarter and Other Recent Highlights
Reported net income of $415 million and net income attributable to common stockholders of $0.54 per diluted shareReported quarterly normalized funds from operations attributable to common stockholders of $1.67 per diluted share, an increase of 24.6% over the prior yearReported total portfolio year-over-year same store NOI ("SSNOI") growth of 15.8%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 21.0%SHO portfolio organic same store revenue growth increased 9.1% year-over-year in the third quarter, resulting from 320 basis points ("bps") of average occupancy growth and 5.3% growth in Revenue Per Occupied Room ("RevPOR")Year-to-date, closed or under contract to close $21.0 billion of pro rata gross investments, including $13.3 billion completed in the nine months ended September 30, 2026 and $7.7 billion closed or under contract to close subsequent to quarter end, excluding development funding. Expected investments not yet closed are subject to customary closing conditionsDuring the third quarter, we completed $484 million of pro rata dispositions and loan repayments. For the year, we have completed $4.1 billion of pro rata dispositions and loan repayments, including $2.1 billion of OM dispositions and $1.2 billion of loan repaymentsAs of September 30, 2026, reported Net Debt to Adjusted EBITDA of 3.02x and approximately $9.5 billion of available liquidity inclusive of available cash and restricted cash, available capacity under our line of credit and expected proceeds from property sales and loan payoffsIn July, we issued C$1.15 billion of senior unsecured notes with a weighted-average coupon of 3.95%Capital Activity and Liquidity
Liquidity Update Net debt to consolidated enterprise value is 9.2% as of September 30, 2026. During the quarter, we sourced more than $4 billion of capital globally to fund accretive capital deployment opportunities, highlighting our access to multiple sources of funding across capital markets and geographies, allowing us to optimize our cost of capital and remain highly flexible in how we fund growth.
Canadian Note Issuance In July 2026, we completed the issuance of C$1.15 billion aggregate principal amount of Canadian dollar-denominated senior unsecured notes, consisting of C$750 million of 3.850% notes due August 15, 2031 and C$400 million of 4.150% notes due August 15, 2033.
Recent Investment Activity
In the third quarter, we completed $4.1 billion of pro rata gross investments, inclusive of development funding. Additionally, we completed pro rata property dispositions of $284 million and loan repayments of $200 million.
Seniors Housing Acquisitions In the third quarter, we completed $2.7 billion of pro rata gross investments across 43 seniors housing properties.
Dispositions During the third quarter, we disposed of 25 OM properties for a pro rata purchase price of $139 million. Additionally, we disposed of seven seniors housing properties for a pro rata purchase price of $145 million.
Dividend
On October 26, 2026, the Board of Directors declared a cash dividend for the quarter ended September 30, 2026 of $0.85 per share. This dividend, which will be paid on November 19, 2026 to stockholders of record as of November 10, 2026, will be our 222nd consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.
Conference Call Information
We have scheduled a conference call on Tuesday, October 27, 2026 at 9:00 a.m. Eastern Time to discuss our third quarter 2026 results, industry trends and portfolio performance. Telephone access will be available by dialing (888) 340-5024 or (646) 960-0135 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through November 3, 2026. To access the rebroadcast, dial (800) 770-2030 or (609) 800-9909 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.
Outlook for 2026
Net income attributable to common stockholders guidance has been revised to a range of $3.31 to $3.37 per diluted share from the previous range of $3.11 to $3.19. We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.47 to $6.53 per diluted share from the previous range of $6.36 to $6.44. In preparing our guidance, we have updated or confirmed the following assumptions:
Same Store NOI: We expect average blended SSNOI growth of 15.0% to 16.25%, which is comprised of the following components:Seniors Housing Operating approximately 20.25% to 21.75%Seniors Housing Triple-net approximately 3.5% to 4.5%Outpatient Medical approximately 2.0% to 3.0%Skilled Nursing approximately 2.0% to 3.0%Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions, restructures or capital activity beyond those announced to date are included.General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $267 million to $272 million, inclusive of stock-based compensation expense of approximately $60 million.Dispositions: We expect pro rata disposition proceeds of $1.9 billion at a blended yield of 6.5% in the next twelve months. This includes approximately $1.5 billion of consideration from expected property sales, as well as $328 million of expected proceeds from loan repayments.Our guidance does not include any additional investments, dispositions or capital transactions, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items beyond those disclosed. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and the Outlook Reconciliation table for a reconciliation of the outlook for net income attributable to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2026 outlook and assumptions on the third quarter 2026 conference call.
Supplemental Reporting Measures
We believe that revenues, net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider Funds from Operations ("FFO"), Normalized FFO, net operating income ("NOI"), same store NOI ("SSNOI"), revenue per occupied room ("RevPOR"), same store RevPOR ("SS RevPOR"), EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners' noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and acquisitions of controlling interests, impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in the Normalizing Items table below. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of Welltower between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and U.K. properties using a consistent exchange rate. Normalizers include adjustments that in management's opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.
RevPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. This metric is calculated as our pro rata share of total resident fees and services revenues from the income statement, divided by average monthly occupied room days. SS RevPOR is used to evaluate the RevPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use RevPOR and SS RevPOR to evaluate the revenue-generating capacity of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. Our leverage ratios include net debt to Adjusted EBITDA and consolidated enterprise value. Net debt is defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash. Consolidated enterprise value represents the sum of net debt, the fair market value of our common stock and noncontrolling interests.
Our supplemental reporting measures and similarly titled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly titled items reported by other real estate investment trusts or other companies. Please see the following tables for reconciliations of supplemental reporting measures and the Earnings Release and Supplemental Information report for the quarter ended September 30, 2026, which is available on Welltower's website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.
About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of seniors and wellness housing communities is uniquely situated at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating and technology platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star.
We routinely post important information on our website at www.welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release and our web address is included as an inactive textual reference only.
Forward-Looking Statements and Risk Factors
This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. These statements include, among others, management's expectations regarding the favorable impact of the acquisitions made and additional acquisition pipeline and our statements under the section "Outlook for 2026." Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators'/tenants' difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Consolidated Balance Sheets (unaudited)
Dollars in thousands
September 30, 2025
September 30, 2026
Assets:
Real estate investments:
Land and land improvements
$ 5,146,696
$ 7,535,251
Buildings and improvements
42,496,555
60,990,495
Acquired lease intangibles
2,189,639
3,298,487
Real property held for sale, net of accumulated depreciation
5,091,216
306,776
Construction in progress
511,574
1,239,412
Less accumulated depreciation and intangible amortization
(10,107,309)
(12,125,154)
Net real property owned
45,328,371
61,245,267
Right of use assets, net
1,250,447
1,922,667
Real estate loans receivable, net of credit allowance
1,773,788
3,047,269
Net real estate investments
48,352,606
66,215,203
Other assets:
Investments in unconsolidated entities
1,835,979
2,049,911
Cash and cash equivalents
6,806,507
2,274,910
Restricted cash
134,066
141,097
Receivables and other assets
2,375,644
3,030,212
Total other assets
11,152,196
7,496,130
Total assets
$ 59,504,802
$ 73,711,333
Liabilities and equity
Liabilities:
Unsecured credit facility and commercial paper
$ —
$ 1,041,054
Senior unsecured notes
14,365,008
14,686,972
Secured debt
2,487,354
3,467,126
Lease liabilities
1,311,600
1,968,069
Accrued expenses and other liabilities
2,028,458
2,684,098
Total liabilities
20,192,420
23,847,319
Redeemable noncontrolling interests
284,364
237,081
Equity:
Common stock
684,229
732,160
Capital in excess of par value
47,054,892
57,547,521
Treasury stock
(14,340)
(26,641)
Cumulative net income
10,937,128
12,603,830
Cumulative dividends
(19,687,645)
(21,859,441)
Accumulated other comprehensive income
(217,446)
(415,436)
Total Welltower Inc. stockholders' equity
38,756,818
48,581,993
Noncontrolling interests
271,200
1,044,940
Total equity
39,028,018
49,626,933
Total liabilities and equity
$ 59,504,802
$ 73,711,333
Consolidated Statements of Income (unaudited)
Dollars in thousands, except per share data
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2026
2025
2026
Revenues:
Resident fees and services
$ 2,061,370
$ 3,121,141
$ 5,896,944
$ 8,886,963
Rental income
499,475
488,641
1,444,082
1,402,223
Interest income
67,216
83,251
191,763
231,549
Other income
57,631
22,744
124,234
91,554
Total revenues
2,685,692
3,715,777
7,657,023
10,612,289
Expenses:
Property operating expenses
1,577,048
2,246,026
4,554,149
6,451,569
Depreciation and amortization
509,812
706,786
1,490,717
2,067,302
Interest expense
162,052
192,655
448,171
567,284
General and administrative expenses
63,124
67,169
191,057
202,129
Loss (gain) on derivatives and financial instruments, net
31,682
—
28,063
—
Loss (gain) on extinguishment of debt, net
—
6,822
6,156
9,533
Provision for loan losses, net
1,088
230
(2,032)
4,045
Impairment of assets
3,081
33,452
75,359
64,052
Other expenses
44,699
124,687
75,357
242,754
Total expenses
2,392,586
3,377,827
6,866,997
9,608,668
Income (loss) from continuing operations before income taxes and
other items
293,106
337,950
790,026
1,003,621
Income tax (expense) benefit
(2,335)
(7,116)
2,131
43,230
Income (loss) from unconsolidated entities
(12,610)
(30,689)
(18,739)
(50,344)
Gain (loss) on real estate dispositions and acquisitions of controlling
interests, net
4,025
114,678
70,652
633,615
Income (loss) from continuing operations
282,186
414,823
844,070
1,630,122
Net income (loss)
282,186
414,823
844,070
1,630,122
Less: Net income (loss) attributable to noncontrolling interests(1)
1,627
18,236
3,666
59,861
Net income (loss) attributable to common stockholders
$ 280,559
$ 396,587
$ 840,404
$ 1,570,261
Average number of common shares outstanding:
Basic
672,407
724,329
657,571
711,389
Diluted
685,399
754,903
669,218
739,794
Net income (loss) attributable to common stockholders per
share:
Basic
$ 0.42
$ 0.55
$ 1.28
$ 2.21
Diluted(2)
$ 0.41
$ 0.54
$ 1.26
$ 2.16
Common dividends per share
$ 0.74
$ 0.85
$ 2.08
$ 2.33
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.
Funds From Operations Reconciliation
Dollars in thousands, except per share data
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2026
2025
2026
Net income (loss) attributable to common stockholders
$ 280,559
$ 396,587
$ 840,404
$ 1,570,261
Depreciation and amortization
509,812
706,786
1,490,717
2,067,302
Impairments and losses (gains) on real estate dispositions and
acquisitions of controlling interests, net
(944)
(81,226)
4,707
(569,563)
Noncontrolling interests(1)
(9,360)
9,884
(25,084)
37,623
Unconsolidated entities(2)
44,308
38,760
104,545
101,369
NAREIT FFO attributable to common stockholders
824,375
1,070,791
2,415,289
3,206,992
Normalizing items, net(3)
94,866
187,719
148,318
298,283
Normalized FFO attributable to common stockholders
$ 919,241
$ 1,258,510
$ 2,563,607
$ 3,505,275
Average diluted common shares outstanding
685,399
754,903
669,218
739,794
Per diluted share data attributable to common stockholders:
Net income (loss)(4)
$ 0.41
$ 0.54
$ 1.26
$ 2.16
NAREIT FFO
$ 1.20
$ 1.42
$ 3.61
$ 4.33
Normalized FFO
$ 1.34
$ 1.67
$ 3.83
$ 4.74
Normalized FFO Payout Ratio:
Dividends per common share
$ 0.74
$ 0.85
$ 2.08
$ 2.33
Normalized FFO attributable to common stockholders per share
$ 1.34
$ 1.67
$ 3.83
$ 4.74
Normalized FFO payout ratio
55 %
51 %
54 %
49 %
Other items:(5)
Net straight-line rent and above/below market rent amortization
$ (54,117)
$ (99,042)
$ (148,845)
$ (243,669)
Non-cash interest expenses(6)
12,925
12,874
38,235
38,731
Recurring cap-ex(7)
(98,127)
(139,123)
(249,835)
(308,088)
Stock-based compensation(8)
12,828
15,622
40,139
48,099
(1) Represents noncontrolling interests' share of net FFO adjustments.
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.
(3) See Normalizing Items table for details.
(4) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units, where applicable.
(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.
(6) Excludes normalized foreign currency loss (gain).
(7) Reflects recurring cap-ex on owned operational properties and excludes acquisition related cap-ex.
(8) Excludes normalized stock compensation expense related to the 2021 Special Performance Option and OPP Awards.
Normalizing Items
Dollars in thousands, except per share data
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2026
2025
2026
Loss (gain) on derivatives and financial instruments, net
$ 31,682
$ —
$ 28,063
$ —
Loss (gain) on extinguishment of debt, net
—
6,822
(1)
6,156
9,533
Provision for loan losses, net
1,088
230
(2)
(2,032)
4,045
Income tax benefits
—
—
(8,181)
(71,304)
Other impairment
—
2,463
(3)
604
2,463
Other expenses
44,699
124,687
(4)
75,357
242,754
Special incentive plan compensation
2,568
267
(5)
7,970
722
Casualty losses, net of recoveries
1,914
9,793
(6)
8,252
17,871
Foreign currency loss (gain)
1,753
6,124
(7)
(2)
6,496
Normalizing items attributable to noncontrolling interests and
unconsolidated entities, net
11,162
37,333
(8)
32,131
85,703
Net normalizing items
$ 94,866
$ 187,719
$ 148,318
$ 298,283
Average diluted common shares outstanding
685,399
754,903
669,218
739,794
Net normalizing items per diluted share
$ 0.14
$ 0.25
$ 0.22
$ 0.40
(1) Primarily related to the extinguishment of unsecured debt.
(2) Primarily related to adjustments to reserves for loan losses based upon our current assessment of expected credit losses in the portfolio.
(3) Primarily related to the write off of straight-line rent receivable balances relating to the conversion of triple-net leased properties to a SHO (RIDEA) structure.
(4) Primarily related to non-capitalizable transaction costs and legal fees, including related to the HC-One Group operator restructuring.
(5) Primarily related to expenses recognized on the 2021 Special Performance Option Awards.
(6) Primarily relates to casualty losses net of any insurance recoveries.
(7) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.
(8) Primarily relates to hypothetical liquidation at book value adjustments related to in substance real estate investments.
Outlook Reconciliation: Year ending December 31, 2026
Dollars in millions, except per share data
Prior Outlook
Current Outlook
FFO Outlook Reconciliation
Low
High
Net income attributable to common stockholders
$ 2,302
$ 2,362
$ 2,470
$ 2,515
Impairments and losses (gains) on real estate dispositions and acquisitions of
controlling interests, net(1)
(545)
(545)
(862)
(862)
Depreciation and amortization(1)
2,845
2,845
2,928
2,928
NAREIT FFO attributable to common stockholders
4,602
4,662
4,536
4,581
Normalizing items, net(1,2)
111
111
298
298
Normalized FFO attributable to common stockholders
$ 4,713
$ 4,773
$ 4,834
$ 4,879
Diluted per share data attributable to common stockholders:
Net income
$ 3.11
$ 3.19
$ 3.31
$ 3.37
NAREIT FFO
$ 6.21
$ 6.29
$ 6.07
$ 6.13
Normalized FFO
$ 6.36
$ 6.44
$ 6.47
$ 6.53
Other items:(1)
Net straight-line rent and above/below market rent amortization
$ (341)
$ (341)
$ (342)
$ (342)
Non-cash interest expenses
50
50
51
51
Recurring cap-ex(3)
(465)
(465)
(465)
(465)
Stock-based compensation
63
63
63
63
(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.
(2) See Normalizing Items table.
(3) Reflects recurring cap-ex on owned operational properties and excludes acquisition related cap-ex.
SSNOI Reconciliation
Dollars in thousands
Three Months Ended September 30,
2025
2026
% growth
Net income (loss)
$ 282,186
$ 414,823
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(4,025)
(114,678)
Loss (income) from unconsolidated entities
12,610
30,689
Income tax expense (benefit)
2,335
7,116
Other expenses
44,699
124,687
Impairment of assets
3,081
33,452
Provision for loan losses, net
1,088
230
Loss (gain) on extinguishment of debt, net
—
6,822
Loss (gain) on derivatives and financial instruments, net
31,682
—
General and administrative expenses
63,124
67,169
Depreciation and amortization
509,812
706,786
Interest expense
162,052
192,655
Consolidated NOI
1,108,644
1,469,751
NOI attributable to unconsolidated investments(1)
29,337
37,665
NOI attributable to noncontrolling interests(2)
(12,280)
(10,954)
Pro rata NOI
1,125,701
1,496,462
Non-same store properties and non-property NOI
(376,118)
(625,216)
Non-cash NOI on same store properties
(41,746)
(46,237)
Currency and ownership adjustments(3)
(2,320)
(638)
Normalizing adjustments, net(4)
2,828
(4,384)
Same Store NOI (SSNOI)
$ 708,345
$ 819,987
15.8 %
Seniors Housing Operating
$ 499,497
$ 604,319
21.0 %
Seniors Housing Triple-net
75,098
78,243
4.2 %
Outpatient Medical
27,832
28,499
2.4 %
Skilled Nursing
105,918
108,926
2.8 %
Total SSNOI
$ 708,345
$ 819,987
15.8 %
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate U.K. properties at a GBP/USD rate of 1.23.
(4) Includes other adjustments described in the accompanying Earnings Release & Supplemental Information report.
SHO SS RevPOR Growth Reconciliation
Dollars in thousands, except SS RevPOR
Three Months Ended September 30,
2025
2026
Consolidated SHO revenues
$ 2,063,618
$ 3,125,101
Unconsolidated SHO revenues attributable to WELL(1)
60,435
64,416
SHO revenues attributable to noncontrolling interests(2)
(20,860)
(23,310)
SHO pro rata revenues(3)
2,103,193
3,166,207
Non-property related revenues
(1,542)
(1,627)
Revenues attributable to non-same store properties
(340,577)
(1,254,008)
Non-cash and non-RevPOR revenues on same store properties
(3,207)
(2,646)
Currency and ownership adjustments(4)
(9,793)
(1,623)
SHO SS RevPOR revenues(5)
$ 1,748,074
$ 1,906,303
Average occupied units/month(6)
100,357
103,899
SHO SS RevPOR(7)
$ 5,759
$ 6,066
SS RevPOR YOY growth
5.3 %
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues at Welltower pro rata ownership.
(4) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.
(5) Represents SS SHO RevPOR revenues at Welltower pro rata ownership.
(6) Represents average occupied units for SS properties on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
Adjusted EBITDA Reconciliation
Dollars in thousands
Three months ended
September 30, 2026
Net income (loss)
$ 414,823
Interest expense
192,655
Income tax expense (benefit)
7,116
Depreciation and amortization
706,786
EBITDA
1,321,380
Loss (income) from unconsolidated entities
30,689
Stock-based compensation
15,889
Loss (gain) on extinguishment of debt, net
6,822
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(114,678)
Impairment of assets
33,452
Provision for loan losses, net
230
Other expenses
124,687
Casualty losses, net of recoveries
9,586
Other impairment(1)
2,463
Total adjustments
109,347
Adjusted EBITDA
$ 1,430,727
Total debt(2)
$ 19,672,086
Less: cash and cash equivalents and restricted cash
(2,416,007)
Net debt
$ 17,256,079
Adjusted EBITDA annualized
$ 5,722,908
Net debt to Adjusted EBITDA ratio
3.02 x
(1) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances relating to the conversion of triple-net leased properties to a SHO (RIDEA) structure.
(2) Includes unamortized premiums/discounts, other fair value adjustments, financing lease liabilities. Excludes operating lease liabilities of $1,491,135,000 related to ASC 842.
Net Debt to Consolidated Enterprise Value
Dollars in thousands, except per share data
September 30, 2026
Common shares outstanding
731,995
Period end share price
$ 230.24
Common equity market capitalization
$ 168,534,529
Net debt
17,256,079
Noncontrolling interests(1)
1,282,021
Consolidated enterprise value
$ 187,072,629
Net debt to consolidated enterprise value
9.2 %
(1) Includes all noncontrolling interests (redeemable and permanent) as reflected on our consolidated balance sheet.
Kombinace intismeranu od společnosti Moderna a Keytrudy od společnosti Merck ve studii snížila riziko návratu melanomu či úmrtí o 42 %, přesto akcie Moderny ve čtvrtek po úniku dat ztratily téměř pětinu.
Key Takeaways
Moderna shares have dropped after details about a trial of its cancer vaccine to treat melanoma were leaked last week.Several Wall Street analysts called the data “strong,” and suggested investors had outsized expectations for the results.
Moderna’s stock has taken a big hit that could signal the end of this year’s cancer vaccine-driven rally. It may not be too late to play the forces behind its rise.
Shares of Moderna (MRNA), which were up over 700% for the year until last Wednesday, lost nearly a fifth of their value Thursday after the leak of details from a late-stage trial of its vaccine to treat skin cancer. They fell again Friday and were down another 3% in Monday afternoon trading.
But that doesn’t mean the data—regarding Intismeran, the company’s mRNA-based melanoma vaccine jointly developed with Merck (MRK)—was bad. Several analysts called it “strong,” with UBS telling clients it gave them more confidence in Moderna’s platform, though they and others didn’t advocate buying the dip.1 Many on Wall Street had warned that Moderna’s rally had outpaced the promise of the results, calling them a “sell-the-news” event. As we observed earlier this month on Value Add, Investopedia’s Substack, not one analyst tracked by Visible Alpha forecasted further gains for the shares.
The data had been originally set to be presented at a conference this past weekend. The companies, which put out a press release with more information shortly after the leak, said the results found Intismeran in combination with Merck’s Keytruda reduced the risk of recurrence or death by 42%.
Go beyond the day’s market moves with Investopedia’s Value Add, where you’ll find sharp analysis, investing ideas, and practical guidance on what today’s biggest financial stories could mean for your money. Explore Value Add and subscribe on Substack.
Analysts at Citi said that while the data appeared “clinically meaningful in melanoma,” investors looking for clearer evidence of a “paradigm shift” from Moderna’s mRNA platform to treat other cancers were likely disappointed.23 A “melanoma win” just won’t be enough for Moderna anymore, they told clients, with the stock’s valuation already pricing in success with a wider range of cancers, and “exceptionally high” expectations for the results of subsequent trials that are underway.
It might be a different story for Merck, shares of which haven’t seen the same magnitude of boost—or drop—as Moderna. Analysts are still widely bullish about the stock, which was little changed last week. The shares were down 3% in recent trading, leaving them 33% higher for the year. Bullish analysts at Goldman Sachs said they still see room to rise for Merck, which is set to report earnings Thursday.45
Analysts are also supportive of BioNTech (BNTX), another mRNA cancer vaccine play. It’s set to report earnings on Nov. 3.6 Shares of BioNTech have lost about 5% in the days following the leak of Moderna’s trial data last week and are down 9% for the year.
Analysts are more divided on shares of DNA sequencing machine maker Illumina (ILMN), which plays an essential role in the production of Intismeran and is set to report earnings Thursday.7 Its shares have already doubled in value since the year began. At around $270 in recent trading, they’ve pulled ahead of the $241 mean target compiled by Visible Alpha, but remain well off the highest target tracked at $365.
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Campbell’s snížila čtvrtletní dividendu o 36 % na 0,25 USD na akcii, aby urychlila splácení dluhu. Ve fiskálním 4. čtvrtletí klesly tržby o 7,9 % na 2,137 mld. USD.
Campbell's just slashed its dividend for the first time in over two decades, and income investors now face a decision that hinges on whether the smaller payout signals a genuine reset or the start of something worse.
Campbell’s (NASDAQ:CPB | CPB Price Prediction) cut its quarterly dividend to $0.25 per share from $0.39. That is a 36% reduction, effective with the October 1, 2026 ex-dividend date. The smaller check pays on November 2, 2026. The company says it will use the savings to pay down debt faster. Retirees now need to judge whether this lower dividend rests on steadier ground than the old one did.
Why Campbell’s Had to Cut
Results in the fiscal fourth quarter fell apart. Net sales dropped 7.9% to $2.137B, and operating income came in at just $4M. In Snacks, segment operating earnings fell 34%. For the full year, operating cash flow was $1,039,000,000, and capital spending was $361,000,000. That left about $678 million in free cash flow, meaning the cash left after keeping the plants running. Dividends of $470,000,000 used up roughly 69% of it. The company also carried $11.492B in total liabilities against $394M in cash.
“Our performance is not where it needs to be, and we are taking decisive action to improve it.”
On the earnings call, CEO Mick Beekhuizen described the cut as “obviously a difficult decision, but it is unfortunately a necessary decision that we needed to take.”
Can the New $0.25 Dividend Hold Up?
The payout ratio is the share of profit a company sends out as dividends. Under the old rate, Campbell’s was paying out about 72% of fiscal 2026 adjusted EPS of $2.17. The new annual rate is $1. Against fiscal 2027 guidance of $1.65 to $1.80, that works out to between 56% and 61%.
Earnings are still falling, though. CFO Todd Cunfer projects interest expense to rise about $25 million, and a $500 million bond comes due in March. He also noted inflation of plus 5% to 6%:
“From an EPS perspective, obviously, a fairly sharp decline in Q1. We will get sequentially better, and we think we will be positive EPS by the fourth quarter.”
How Campbell’s Compares With General Mills and Kraft Heinz
General Mills (NYSE:GIS) pays $0.61 per share per quarter and is in its 127th consecutive year of dividends. Annually, that rate equals about 81% of the low end of its $3.00 to $3.20 EPS outlook. Kraft Heinz (NASDAQ:KHC) paid $1.60 per share in fiscal 2025. That is about 79% of the bottom of its $2.03 to $2.09 guidance, and Kraft Heinz projects free cash flow conversion of about 110%. After the cut, Campbell’s has the lowest payout ratio of the three. It is also the smallest, with a market value of about $6.19 billion, leaving it with less buffer.
What the Share Price Says
The stock trades near $20.78. It is down 20.71% this year and 44.46% over ten years. At that price, the forward yield is about 4.8%. Back in May, Jim Cramer pointed to Campbell’s 7.56% yield as a warning sign: “You don’t get those kinds of deals unless people are worried that the dividend will need to be cut.”
Cramer’s warning that a double-digit yield usually means the market is already pricing in a cut played out exactly as expected here. We listed the other six red flags that tend to show up before a payout gets slashed in a free report: Dividend Traps.
What Income Investors Should Weigh Now
Turnaround case: Meals & Beverages organic sales rose 3%, and Rao’s has passed $1B in trailing sales. A $500M cost program supports the turnaround case.
Income math: Compare how much income the position produces now with what your budget needs.
Peer comparison: Peers with longer payout records and stronger cash conversion offer a benchmark for judging Campbell’s adjustment.
Key dates and data to track: the fiscal first-quarter report, signs that Snacks has found a bottom, and how Campbell’s refinances the March bond.
Contact [email protected] for any questions or corrections.
FTC a 20 států žalují Dollar General za klamavé označování cen a účtování vyšších částek. Společnost podle žaloby na přeplatcích zákazníků inkasovala miliony dolarů.
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A one-dollar deals sign is displayed at a Dollar General discount store in California.
Patrick T. Fallon / AFP via Getty Images
Dollar General is facing fresh federal scrutiny over its pricing practices.
The US Federal Trade Commission said Monday it has filed a lawsuit, along with 20 states, accusing the discount retailer of deceptive pricing on its shelves, price tags, and advertisements.
"Dollar General has, for years, repeatedly mislabeled prices, overcharged consumers and failed to correct the issue despite extensive corporate knowledge of the problem," the FTC said in a statement.
The company operates more than 21,000 US stores and typically serves customers in more rural and low-income areas of the country.
The filings say Dollar General has received tens of thousands of complaints from shoppers who said they did not receive an advertised price and that the company failed to adequately address the problem.
As a result, Dollar General received millions of dollars from overcharging customers, the FTC alleged.
Dollar General did not immediately respond to a request for comment on this story.
The action comes less than two weeks after New York Attorney General Letitia James reached a settlement of nearly $1.9 million in food and personal items as a civil penalty for overcharging shoppers in the state. New York did not join the FTC's complaint.
US consumers have been particularly worried about fairness in retail pricing as more stores introduce digital price tags. Both Walmart and Target have issued public statements promising price transparency and consistency online and at the register. Home Depot recently did the same.
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Dominick Reuter
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Dominick Reuter is a senior retail reporter for Business Insider, primarily covering Walmart, Target, Costco, and other big box retailers. His stories tend to focus on issues and trends that affect employees and customers, such as affordability challenges and the growing race to provide ultra-fast delivery services on e-commerce orders.Prior to joining BI in 2019, Dominick worked for more than a decade as an independent photojournalist covering a wide range of stories for global wire services and newspapers, including Reuters, the Wall Street Journal, and Agence France-Presse.Dominick studied photojournalism at Boston University and later earned a Masters in business and economics journalism from Columbia University.If you're an employee or customer with a story to share, please contact me via email or text/call/Signal at 646-768-4750.
, /PRNewswire/ -- The Board of Directors of Albemarle Corporation (NYSE: ALB) today announced that it declared a quarterly common stock dividend of $0.41 per share. The dividend, which has an annualized rate of $1.64, is payable Jan. 4, 2027, to shareholders of record at the close of business as of Dec. 18, 2026.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com.
Albemarle regularly posts information to Albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, U.S. Securities and Exchange Commission filings and other information regarding the company, its businesses and the markets it serves.
Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, including, without limitation, statements related to future dividends and results, which may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the statements expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; potential expected market pricing of bromine, lithium and spodumene and other underlying assumptions and our 2026 outlook considerations; adverse changes in liquidity or financial or operating performance; changes in the demand for our products or the end-user markets in which our products are sold and the other factors detailed from time to time in the reports we file with the U.S. Securities and Exchange Commission, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Abbott Laboratories vyčlení divizi nutriční výživy do samostatné společnosti, aby podpořil dlouhodobý růst tržeb, ziskovosti a marží a oddělil právní i regulatorní rizika.
Abbott Laboratories (ABT +1.15%) has had a rough go of it over the past few years. Sales growth hasn't met market expectations, and the company has faced various legal and regulatory challenges. But is the healthcare leader ready to turn over a new leaf? Abbott Laboratories announced its third-quarter update on Oct. 21, and along with its financial results, the company shared news that investors should welcome with open arms.
Image source: The Motley Fool.
A major business decisionAbbott Laboratories' third-quarter financial results were pretty good. The company's sales were $13 billion, growing 7% year over year on a comparable basis. The healthcare leader's adjusted earnings per share came in at $1.42, 9% higher than the year-ago period. Abbott's medical device and established pharmaceuticals segments remain the biggest growth drivers.
Medical device sales jumped 7.8% year over year on a comparable basis to $5.8 billion, while pharmaceutical revenue was $1.6 billion, 8.4% higher than the year-ago period. However, the company's nutrition business is still posting the slowest sales growth among the company's major business segments. It recorded $2.3 billion in revenue, up 4.9% year over year.
Abbott's nutrition segment has faced multiple headwinds in recent years. For instance, back in 2022, the company recalled several infant formula products following reports of bacterial infections among infants who had consumed them.
Abbott has also faced lawsuits alleging that some of its formula products designed for premature infants increase the risk of a dangerous and potentially deadly intestinal disease called necrotizing enterocolitis.
These problems (and several others) have likely contributed to lower demand for some of the company's nutrition products, leading to slower-than-expected sales growth. That's why Abbott's recent decision about its nutrition business is noteworthy. The company will spin off this segment into a stand-alone company.
This could lead to stronger revenue and earnings growth over the long run, as well as higher margins, while allowing the company to avoid the legal and regulatory obstacles the nutrition unit has encountered.
ABT Abbott Laboratories$104.89+$1.19 (+1.15%)
NYSE · As of 3:59 PM ET 10/26/26
What's next for Abbott?Earlier this year, Abbott Laboratories closed its $21 billion cash acquisition of Exact Sciences, a company that specializes in developing cancer diagnostics tests. Exact Sciences' most important product, Cologuard, a non-invasive test for colorectal cancer, is one of the most successful products in this niche.
Exact Sciences was also developing several other products that Abbott Laboratories will inherit, allowing it to tap into the growing cancer diagnostic market. That, combined with the spin-off of its nutrition business, should work wonders for the company's top-line growth.
Meanwhile, Abbott Laboratories' medical device segment arguably remains the most important for its long-term prospects. Several medical device products should help drive sales growth over the medium term. Consider the company's FreeStyle Libre, a series of continuous glucose monitoring (CGM) systems that help patients with diabetes track their blood glucose levels.
The FreeStyle Libre is one of the leading devices in this niche, and it has powered Abbott's diabetes care unit for years. In the third quarter, diabetes care sales were $2.2 billion, accounting for nearly 17% of the company's total sales and growing by 6.7% year over year.
Abbott still sees a large CGM market globally. It estimates that 70 million to 80 million of the half-billion patients with diabetes worldwide would benefit from CGM technology. Currently, the number of people on CGM is between about 10 million and 12 million.
In other words, the market is severely underpenetrated, and Abbott is ideally positioned to be one of the major winners over the long run as this industry expands. Abbott has other promising products in its medical device unit, and the company's deep technological expertise should enable it to launch newer, better ones, as it regularly does.
So, the healthcare giant's prospects remain intact. Then there is Abbott's dividend program. The company is a Dividend King, a corporation that has increased its dividends for at least 50 consecutive years. Abbott's membership in this elite group makes it an excellent pick for long-term income investors.
The U.S. has nearly 300 robots per 10,000 manufacturing workers, and the International Federation of Robotics projects that figure could rise as re-shoring pushes domestic factories to become more productive and globally competitive.
Headlines around robotics tend to focus on flashy humanoids like Tesla's (TSLA +5.16%) Optimus. However, Optimus faces real manufacturing and technical hurdles, and the bigger transformation is already underway on factory floors.
Rockwell Automation (ROK +0.83%) supplies the critical hardware and software that power this shift, making it a compelling "pick-and-shovel" play on the robotics boom. Here's why Rockwell could be a better buy than Tesla right now.
Image source: Getty Images.
Tesla's Optimus is in very early production stages
Tesla first rolled out its Optimus robots in a 2021 demonstration and has since unveiled several prototypes with mixed results. CEO Elon Musk believes Optimus will become the biggest product ever.
During its third-quarter earnings call, Musk said the company has converted part of its former EV manufacturing space at its Fremont facility to build the first batch of Optimus units. Tesla won't begin delivering its Optimus robots until at least the end of 2027, and many are skeptical the robot will be ready by then.
TSLA Tesla$391.43+$19.21 (+5.16%)
NASDAQ · As of 3:55 PM ET 10/26/26
Rockwell Automation is a key player in factory automation
While Tesla develops Optimus, Rockwell Automation has been developing the electrical components, software, and equipment that form the backbone of modern industrial plants for decades.
The company's offerings include programmable logic controllers, which manage high-speed machinery and automation systems. It also provides motion control, drives, actuators, safety switches, and software to manage industrial processes. Its products ultimately help connect data across an organization, enabling industrial operators to achieve faster production times and greater efficiency.
In Rockwell's third quarter (ended June 30), the company reported sales of $2.3 billion, an 8% year-over-year increase. Adjusted earnings per share rose 22% to $3.49, and the operating margin rose to 22.3% due to higher sales volume and a more favorable sales mix.
ROK Rockwell Automation$429.65+$3.54 (+0.83%)
NYSE · As of 3:56 PM ET 10/26/26
The company is seeing very strong growth in certain customer subsets, including e-commerce, warehouse automation, and data centers, with particularly strong growth in North America. One major driver for Rockwell's growth is the reshoring of U.S. manufacturing.
CEO Blake Moret noted that reestablishing domestic production requires a trained workforce along with advanced automation technology, and that "America continues to be interested in bringing more manufacturing on board."
Rockwell Automation is a pick-and-shovel investment in robotics
Rockwell Automation isn't a high-flying growth stock with pie-in-the-sky projections. But it provides the backbone of factory automation and is well-positioned to support the reshoring of domestic manufacturing in the U.S.
If you're seeking exposure to the growing use of robotics and the U.S. reshoring theme, Rockwell Automation is a solid stock to buy today.
CVS Health zvýšila celoroční výhled zředěného EPS na 6,84 až 7,04 USD na akcii po srpnových tržbách ve výši 106,1 miliardy USD, které meziročně vzrostly o více než 7 %.
CVS Health (CVS -1.21%) is a leading pharmaceutical retailer that also has a significant health insurance business through Aetna. It's a highly diversified healthcare company that can give investors some excellent exposure to the sector.
Earlier this year, it reached highs of more than $110. But it's been trading considerably lower of late. Could this top healthcare stock be a great buy while it's trading well below $100?
Image source: Getty Images.
The company is having a much better year in 2026When CVS last reported earnings in August, it generated some solid numbers, with revenue rising by more than 7%, totaling $106.1 billion. In addition, it also raised its forecast for the year, projecting that its diluted earnings per share (EPS) will be between $6.84 and $7.04 (its previous forecast was $6.24 to $6.44). That's a substantial improvement from 2025, when its diluted EPS was just $1.39, as goodwill impairment charges weighed on its results. And the year before that, EPS was higher at $3.66, but restructuring charges affected its numbers back then.
Now, with seemingly less noise in its financial statements and more growth, CVS Health looks poised to deliver much stronger financials this year. Its latest earnings numbers are set to come out next week, on Nov. 4.
Unsurprisingly, amid the more improved numbers, shares of CVS Health are up around 17% this year, which is a far better performance than the S&P 500, as the broad index has risen at a more modest rate of 12% thus far in 2026.
$92.34-$1.13 (-1.21%)
NYSE · As of 3:54 PM ET 10/26/26
Why CVS Health stock could still rise higherCVS has been performing well this year, but the stock itself isn't expensive. It's currently trading at a forward price-to-earnings multiple of 11, which is based on analyst expectations. That's far lower than the S&P 500 average of 19. Not only could it get back to over $100 in the near future, but it could also soar past that level given its improved results and modest valuation.
In addition, the stock also yields 2.9%, as it can provide investors with some excellent recurring income.
For investors seeking a top healthcare stock to own to diversify their portfolios with, or just wanting an above-average dividend stock that they won't have to worry about, CVS can be an excellent option to consider. The business looks solid, and given the growth it's been generating, the stock looks incredibly well priced, making it a terrific buy right now.
Kahn Swick & Foti vyšetřuje vedení CVS kvůli možnému porušení povinností vůči akcionářům. CVS snížila výhled zředěného zisku na akcii (EPS) z 6,90–7,12 USD na 6,53–6,75 USD.
NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into CVS Health Corporation (“CVS” or the “Company”) (NYSE: CVS).
On August 2, 2023, the Company announced its financial results for the quarter ended June 30, 2023, disclosing that it was revising its diluted earnings-per-share ("EPS") guidance range to $6.53 to $6.75 from $6.90 to $7.12 and that operating income "decreased $1.4 billion, or 30.7%, in the three months ended June 30, 2023 compared to the prior year primarily due to declines in the Health Care Benefits segment[.]"
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether CVS’ officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of CVS shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-538-3606 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-cvs/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
Alexandria Real Estate Equities vykázala ve 3. čtvrtletí čistou ztrátu 3,74 USD na akcii, zejména kvůli odpisům hodnoty nemovitostí ve výši 637,9 milionu USD.
, /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the third quarter ended September 30, 2026.
KEY HIGHLIGHTS
Operating results
3Q26
3Q25
YTD 3Q26
YTD 3Q25
Net loss attributable to Alexandria's common stockholders – diluted:
In millions
$ (638.5)
(1)
$ (234.9)
$ (351.4)
$ (356.1)
Per share
$ (3.74)
$ (1.38)
$ (2.06)
$ (2.09)
Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted:
Includes $637.9 million of real estate impairment charges related to assets held for sale for 3Q26. Refer to
"Funds from operations and funds from operations per share" in the Earnings Press Release for details.
A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms
(As of or for the three months ended September 30, 2026, unless stated otherwise)
Occupancy of operating properties
87.1 %
Occupancy of operating properties, including executed leases with future occupancy
90.8 %
Percentage of annual rental revenue in effect from Megacampus platform
80 %
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
57 %
Operating margin
66 %
Adjusted EBITDA margin
65 %
Percentage of leases containing annual rent escalations
97 %
Weighted-average remaining lease term:
All tenants
7.7
years
Top 20 tenants
10.0
years
Strong 3Q26 tenant collections:
3Q26 rents and receivables collected as of October 26, 2026
99.9 %
Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-duration remaining debt term (as of 9/30/26)
$21.01 billion in total market capitalization and $8.11 billion in total equity capitalization.Net debt and preferred stock to Adjusted EBITDA:4Q26 annualized target: 5.6x–6.2x.3Q26 annualized: 6.9x; 6.6x on a pro forma basis reflecting the October 2026 closing of the sale of our partial interest in the Campus Point by Alexandria joint venture.Significant liquidity of $4.56 billion and closed extension of our $5.0 billion unsecured senior line of credit to 2032.Only 6% of our total debt matures through 2028.11.6-year weighted-average remaining debt term, the longest among S&P 500 REITs.Total debt and preferred stock, as adjusted, to gross assets of 30%.Intermediate-term goal for leverage: mid-5x range.Solid 3Q26 total leasing volume exceeding 1.2 million RSF; highest total quarterly volume since 4Q24
3Q26 total leasing volume surpassed 1.2 million RSF, exceeding the 1Q25–2Q26 quarterly average of 979,822 RSF by approximately 256,000 RSF, and representing the highest quarterly volume since 4Q24.Includes 450,961 RSF of leasing of previously vacant space, the second-highest quarterly amount in company history.74% of our leasing activity during the last twelve months was generated from our existing tenant base.
Leasing Volume in RSF:
3Q26
2Q26
1Q26
YTD 3Q26
Leasing of previously vacant space
450,961
329,148
148,734
928,843
Leasing of development and
redevelopment space
—
68,771
117,935
186,706
450,961
397,919
266,669
1,115,549
Lease renewals and re-leasing of space
785,069
640,998
380,687
1,806,754
Total leasing volume
1,236,030
1,038,917
647,356
2,922,303
Lease renewals and re-leasing of space:
Rental rate changes
(2.4) %
(0.7) %
(15.0) %
(5.1) %
Rental rate changes (cash basis)
(3.3) %
(4.3) %
(15.8) %
(6.9) %
Ongoing execution of Alexandria's capital recycling strategy
We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2026 through dispositions of land, non-core dispositions, and sales of partial interests. In October 2026, we completed the sale of an approximately 29% noncontrolling interest in Campus Point by Alexandria Megacampus for $475.0 million to a new joint venture partner.
Sources of capital: transactions
Sales Price
(dollars in millions)
Non-core and land dispositions
$ 242
Sales of partial interests
475
Completed as of October 26, 2026
717
Pending transactions subject to:
Non-refundable deposits
355
Signed letters of intent and/or purchase and sale agreement late-stage negotiations
1,548
2,620
Proceeds from dispositions and sales of partial interests in excess of 2026 guidance
midpoint which may be deferred into 2027
(720)
2026 guidance midpoint for dispositions and sales of partial interests
$ 1,900
Refer to "Definitions and reconciliations" in the Supplemental Information.
Occupancy of operating properties and leasing progress
Occupancy of operating properties as of June 30, 2026
86.9 %
Key changes to occupancy of operating properties:
Reclassification of 339,020 RSF at 311 Arsenal Street from redevelopment to
operating in 3Q26, including 167,543 RSF of executed leases and leases under
negotiation for space not yet delivered
(0.9)
(1)
Reclassification of held-for-sale properties with vacancy
0.6
Net increase in occupancy primarily due to lease commencements during 3Q26
0.5
Occupancy of operating properties as of September 30, 2026
87.1
Vacant operating space with executed leases and future occupancy
3.7
(2)
Occupancy of operating properties as of September 30, 2026, including executed
leases with future occupancy
90.8 %
(1)
Refer to "Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs" in this Earnings Press Release for additional details.
(2)
Represents executed leases aggregating 1.3 million RSF within our operating portfolio, with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately June 2027, with expected annual rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. The RSF presented excludes 686 thousand RSF of pre-leased space related to development and redevelopment projects under construction with future delivery. Refer to "New Class A/A+ development and redevelopment properties: under construction" in the Supplemental Information for additional details.
KEY OPERATING METRICS
Operating metrics
3Q26
YTD 3Q26
Same property performance:
Net operating income changes
(6.7) %
(1)
(9.2) %
(1)
Net operating income changes (cash basis)
(2.8) %
(1)
(8.4) %
(1)
Occupancy – current-period average
88.1 %
88.6 %
Occupancy – same-period prior-year average
91.7 %
92.8 %
Refer to "Same property comparisons" and "Net operating income" under "Definitions and reconciliations" in the Supplemental Information for additional details and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.
(1)
The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26, respectively, with weighted-average lease expiration dates of August 2026 and April 2026, respectively.
Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs
We entered into a purchase and sale agreement with an institutional user for the sale of 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus, aggregating 339,668 RSF, which represents substantially all of our development project at this location. The disposition is expected to generate significant sales proceeds and to reduce future potential construction spend by approximately $136 million, with closing anticipated in 4Q26.We have executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Street on The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately $220 million. As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26.We continue to evaluate the business and financial strategy for three remaining projects aggregating 667,002 RSF, including options that could further reduce future construction funding requirements.Non-income-producing assets for 3Q26 are 12% of gross assets, a reduction of 800 bps since 4Q24.Alexandria's development and redevelopment pipeline delivered incremental annual net operating income of $40 million during 3Q26, with an additional $85 million expected from projects to be delivered by 4Q28
During 3Q26, we placed into service 529,061 RSF of development and redevelopment projects across multiple submarkets. The projects were 84% occupied at delivery and generated incremental annual net operating income aggregating $40 million. 3Q26 key deliveries included:198,992 RSF to Novo Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus.174,662 RSF at 99 Coolidge Avenue located on a Megacampus in Watertown.Annual net operating income (cash basis) from recently delivered projects is expected to increase by $67 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately four months.80% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.
Development and Redevelopment
Projects
Incremental
Annual Net
Operating
Income
RSF
Occupied/
Leased/
Negotiating
Percentage
(dollars in millions)
Placed into service:
1H26
$ 58
532,219
91 %
3Q26
40
529,061
84
Placed into service in YTD 3Q26
$ 98
(1)
1,061,280
87 %
Expected to be placed into service:(2)
2027
$ 24
905,582
77 %
2028
61
$ 85
(1)
Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery.
(2)
Excludes 667,002 RSF of redevelopment projects currently under evaluation.
Continued successful management of general and administrative expenses
For the trailing twelve months ended September 30, 2026, our general and administrative expenses represented 7.5% of net operating income, nearly half the average of other S&P 500 REITs for 2023–2025.Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings for the two-year period 2025 and 2026 (based on the midpoint of our 2026 guidance range). Some of the cost savings in 2025 were temporary, and approximately half of the cost reductions achieved in 2025 are expected to continue in 2026 (based on the midpoint of our 2026 guidance range).Key capital events
In August 2026, we completed a public offering of $1.00 billion aggregate principal amount of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057. The notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032. Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%, subject to a minimum interest rate of 7.250%. We may elect to defer interest payments for up to five consecutive years, subject to the terms of the notes, including certain restrictions on paying dividends and repurchasing equity. We may also redeem at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032, and thereafter on any interest payment date. This issuance supports our liquidity, capital structure, and deleveraging objectives while receiving 50% equity treatment from key rating agencies for purposes of the computations of leverage, fixed charges, and other credit metrics.In September 2026, we closed our amended and restated $5.0 billion unsecured senior line of credit which, among other changes, extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. The amendment also reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%. In connection with the amendment, we recognized a loss on early extinguishment of debt of approximately $3.3 million related to the partial write-off of unamortized loan fees.Under our common stock repurchase program authorized in December 2025, we may repurchase up to $500.0 million of our common stock through December 31, 2026. As of September 30, 2026, no shares have been repurchased under this program and $500.0 million remains available for future share repurchases.Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment
Common stock dividend declared of $0.72 per share for 3Q26, consistent with the preceding quarter. The declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, supporting liquidity, and sharing cash flows with our stockholders.Significant net cash provided by operating activities, as adjusted, retained for reinvestment aggregating $2.55 billion for the years ended December 31, 2022 through 2025 and the midpoint of our 2026 guidance range.Dividend yield of 6.1% as of September 30, 2026 and dividend payout ratio of 47% for the three months ended September 30, 2026.Investments
As of September 30, 2026:Our non-real estate investments aggregated $1.74 billion.Unrealized gains presented in our consolidated balance sheet were $243.9 million, comprising gross unrealized gains and losses aggregating $322.4 million and $78.5 million, respectively.Investment income of $24.0 million for 3Q26, presented in our consolidated statement of operations, consisted of $16.0 million of realized gains, $21.6 million of unrealized gains, and $13.6 million of impairment charges.2026 Guidance
September 30, 2026
(Dollars in millions, except per share amounts)
Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026. There can be no assurance that actual results will not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of "forward-looking statements" in this Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
Projected 2026 Funds From Operations per Share Attributable to Alexandria's Common Stockholders – Diluted
As of 10/26/26
As of 8/3/26
Key Changes
Funds from operations per share, as adjusted(1)
$6.38 to $6.42
$6.35 to $6.45
No change to the midpoint,
range narrowed by 6 cents
Midpoint
$6.40
$6.40
Key Credit Metrics Targets
As of 10/26/26
As of 8/3/26
Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized
5.6x to 6.2x
5.6x to 6.2x
No Change
Fixed-charge coverage ratio – 4Q26 annualized
3.4x to 3.9x
3.6x to 4.1x
0.2x reduction(2)
As of 10/26/26
As of 8/3/26
Midpoint
Key Sources and Uses of Capital
Range
Midpoint
Certain
Completed Items
Sources of capital:
Net cash provided by operating activities, as adjusted
$ 475
$ 575
$ 525
$ 525
Dispositions and sales of partial interests
1,100
2,700
1,900
(3)
2,900
Total sources of capital
$ 1,575
$ 3,275
$ 2,425
$ 3,425
Uses of capital:
Construction(4)
$ 1,500
$ 2,000
$ 1,750
$ 1,750
Reduction in unsecured debt
75
1,275
675
See below
1,675
Total uses of capital
$ 1,575
$ 3,275
$ 2,425
$ 3,425
Reduction in unsecured debt (included above):
Repayment of unsecured senior notes payable with 2026 maturities
$ 650
$ 650
$ 650
$
650
$ 650
Tender offers for partial principal repayments of unsecured senior notes payable
952
952
952
$
952
952
Issuance of unsecured senior notes payable
(750)
(750)
(750)
$
(750)
(750)
Issuance of junior subordinated notes payable(3)
(1,000)
(1,000)
(1,000)
$
(1,000)
—
Unsecured senior line of credit, commercial paper, and other
223
1,423
823
823
Reduction in unsecured debt
$ 75
$ 1,275
$ 675
$ 1,675
Refer to "Definitions and reconciliations" in the Supplemental Information for additional details on key credit metrics.
(1)
Refer to "Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.'s common stockholders" under "Definitions and reconciliations" in the Supplemental Information for additional details.
(2)
Reduction primarily reflects the $1.00 billion issuance of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, as further discussed in footnote 3 below.
(3)
In August 2026, we issued $1.00 billion of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, allowing us to reduce the midpoint of our 2026 dispositions and sales of partial interests guidance by $1.0 billion. The proceeds from this issuance support our capital structure and deleveraging objectives, and the notes receive 50% equity treatment from key rating agencies for the computation of key credit metrics. Refer to the Earnings Press Release in the Supplemental Information for additional details. We do not anticipate the issuance of any common equity during 2026. As of October 26, 2026, completed dispositions and sales of partial interests aggregated $716.8 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits aggregated $355.4 million and signed letters of intent and/or purchase and sale agreement late-stage negotiations aggregated $1.55 billion. These transactions aggregate approximately $2.62 billion, exceeding the $1.90 billion midpoint of our 2026 guidance and potentially providing advanced funding of our 2027 capital needs, whereby certain dispositions and sales of partial interests may be completed in 2026 with proceeds deferred or available to be drawn in 2027, subject to timing and market conditions.
(4)
We continue to apply a disciplined approach to reduce construction spending for 2027 and seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on: (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is already leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating.
As of 10/26/26
As of 8/3/26
Key Changes
to Midpoint
Key Assumptions
Low
High
Low
High
Occupancy of operating properties as of December 31, 2026
86.2 %
87.8 %
86.2 %
87.8 %
No Change
Same property performance:
Net operating income changes
(10.5) %
(8.5) %
(10.5) %
(8.5) %
Net operating income changes (cash basis)
(10.5) %
(8.5) %
(10.5) %
(8.5) %
Lease renewals and re-leasing of space:
Rental rate changes
(9.0) %
(1.0) %
(9.0) %
(1.0) %
Rental rate changes (cash basis)
(15.0) %
(7.0) %
(15.0) %
(7.0) %
Straight-line rent revenue
$ 40
$ 70
$ 45
$ 75
$5 million reduction(1)
General and administrative expenses
$ 134
$ 154
$ 134
$ 154
No Change
Capitalization of interest
$ 220
$ 260
$ 220
$ 260
Interest expense
$ 260
$ 300
$ 260
$ 300
No Change(2)
Realized gains on non-real estate investments(3)
$ 50
$ 80
$ 60
$ 90
$10 million reduction(3)
(1)
Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance assumes a $30 million to $35 million reduction in funds from operations related to potential tenant wind-downs, of which approximately $30 million was recognized YTD through 3Q26, including approximately $16 million recognized in 3Q26.
(2)
We expect 2026 interest expense to be near the high-end of the range, reflecting, in part, interest expense associated with the $1.0 billion issuance of junior subordinated notes in August 2026.
(3)
Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. The midpoint of our revised guidance range for 2026 realized gains on non-real estate investments was reduced by $10 million, primarily due to certain transactions previously expected to close in 2026 that are now expected to close in 2027. Refer to "Investments" in the Supplemental Information for additional details.
Summary of key items that may impact 2026 and 2027 results
1) Potential tenant wind-downs
Our 2026 guidance includes a $30 million to $35 million reduction in funds from operations for potential tenant wind-downs, of which approximately $30 million was recognized during the nine months ended September 30, 2026, including approximately $16 million recognized in 3Q26.Based upon current market conditions, we preliminarily estimate at least a similar level of reduction in funds from operations may be necessary in 2027.Depending on the timing and magnitude of the specific tenant wind-downs, we anticipate that 2027 occupancy may also be negatively impacted.2) Development-related other income
During the nine months ended September 30, 2026, we recognized development fees and other related revenues of approximately $8.0 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete the respective projects.3) Development and redevelopment projects under business and financial strategy evaluation
We have three redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to "New Class A/A+ development and redevelopment properties: under construction" in the Supplemental Information for additional details.If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028.If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), we expect these projects would have lower rental rates and stabilized yields compared to our initial underwriting. The incremental capital required for alternative-use construction and corresponding rental rates earned are generally lower than those associated with laboratory improvements.As of 3Q26, we have executed leases for 66,859 RSF and have additional leases under negotiation for 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed this project, aggregating 339,020 RSF, into operation during 3Q26 and included it in our operating occupancy as of September 30, 2026. Refer to the Earnings Press Release and "Leasing Activity" in the Supplemental Information for additional details.In addition, we entered into a purchase and sale agreement with an institutional user for the sale of our development project at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus aggregating 339,668 RSF. The disposition is expected to close in 4Q26, resulting in significant sales proceeds and reducing future construction spending by approximately $136 million.4) Capitalization of interest
Our average real estate basis capitalized during 3Q26 was $5.87 billion. As of September 30, 2026, our real estate basis that continued to qualify for capitalization declined to $4.46 billion, primarily driven by the cessation of capitalization on our projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus in September 2026. During 4Q26, we expect the average real estate basis capitalized to range from $3.4 billion to $4.9 billion. Refer to "Capitalization of interest" in the Supplemental Information for additional detail.At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider potential dispositions or sales of partial interests of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. During 3Q26, annualized capitalized operating expenses represented approximately 2% of the total average real estate basis subject to capitalization.5) 2027 Key lease expirations
We estimate that 1.4 million RSF of leases expiring in 2027, with approximately $100.5 million of annual rental revenue, will have downtime after lease expiration. These 2027 expirations have a weighted-average contractual lease expiration date in March 2027 and an expected weighted-average downtime ranging from 9 to 24 months. Refer to "Contractual lease expirations" in the Supplemental Information for additional details.2027 Key Lease Expirations
RSF
Annual Rental
Revenue
Weighted-Average
Expiration Date
Weighted-Average
Downtime
1,377,960
$100.5 million
March 2027
9 to 24 months
We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice.
Summary of key items that may impact 2027 and 2028 results
The following key considerations for 2027 and 2028 reflect our preliminary expectations based on current market conditions. These expectations could change materially and are subject to a variety of factors, including industry, governmental, geopolitical, and macroeconomic conditions, including changes in interest rates, as well as other factors described in our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
1) Operating occupancy
For the year ending December 31, 2027, we expect average operating occupancy to temporarily decline relative to our projected operating occupancy as of December 31, 2026, primarily due to expected downtime associated with the 1.4 million RSF of 2027 key lease expirations disclosed in "Contractual lease expirations" in the Supplemental Information, as well as the potential for tenant wind-downs.For the year ending December 31, 2028, we expect average operating occupancy to improve relative to our projected average operating occupancy for the year ending December 31, 2027, driven by the lease-up of temporary vacancy partially offset by approximately 718 thousand RSF of 2028 key lease expirations with expected downtime as disclosed in "Contractual lease expirations" in the Supplemental Information.2) Same property performance
For the year ending December 31, 2027, we expect same property net operating income performance to improve compared with the midpoint of our guidance range for 2026 but remain negative, primarily due to the expected temporary year-over-year decline in average operating occupancy, including the impact of expected downtime associated with 1.4 million RSF of 2027 key lease expirations.For the year ending December 31, 2028, we expect same property net operating income performance to improve compared with 2027, primarily driven by operating occupancy growth and the lease-up of vacant space, subject to leasing and market conditions.3) Construction spending
For 2027, we continue to apply a disciplined approach to reduce construction spending and we seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating as of October 26, 2026.For 2028, we expect a further decline in construction spending relative to 2027, primarily driven by lower development and redevelopment spending. Construction spending on revenue- and non-revenue-enhancing capital expenditures related to our operating portfolio is expected to continue to support the lease-up of temporary vacancy, subject to leasing and market conditions.4) Transactional and other capital sources
For 2027, capital will be required to fund construction spending as we continue to prudently manage our key credit metrics, including net debt and preferred stock to Adjusted EBITDA ratio. In general, we expect to rely on asset recycling transactions, and other sources of cost-effective capital to support the achievement of our 2027 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA.For 2028, if we have growth in Adjusted EBITDA, we may use incremental long-term debt to fund a portion of our capital needs on a leverage neutral basis. In addition, we may use asset recycling and other sources of cost-effective capital to support the achievement of our 2028 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA.Dispositions and Sales of Partial Interests
September 30, 2026
(Dollars in thousands)
Date of
Transaction
Interest
Sold
Square Footage
Price
(Our Share)
Property
Submarket/Market
Operating
Future
Development
Completed in 1H26
$ 7,350
Non-core and land dispositions completed in 3Q26:
3825 and 3875 Fabian Way(1)
Palo Alto/San Francisco Bay Area
7/14/26
100 %
228,000
250,000
163,000
One Hampshire Street(2)
Cambridge/Greater Boston
8/21/26
100 %
104,956
—
44,900
3911, 3931, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard(3)
Sorrento Valley/San Diego
9/23/26
100 %
95,814
144,000
26,500
Dispositions completed in 3Q26
234,400
(4)
Total dispositions completed in YTD 3Q26
241,750
Completed in October 2026:
Sales of partial interests:
Campus Point by Alexandria(5)
University Town Center/San Diego
10/23/26
(5)
1,586,697
366,816
475,000
Total completed 2026 dispositions and sales of partial interests as of October 26, 2026
716,750
Our share of pending dispositions and sales of partial interests subject to:
Non-refundable deposits
355,400
Signed letters of intent and/or purchase and sale agreement late-stage negotiations
1,547,850
2,620,000
Proceeds from dispositions and sales of partial interests in excess of 2026 guidance
midpoint which may be deferred into 2027(6)
(720,000)
2026 guidance midpoint for dispositions and sales of partial interests
$ 1,900,000
2026 guidance range for dispositions and sales of partial interests
$1,100,000 – $2,700,000
Weighted-average projected completion date of 2026 dispositions and sales of partial interests
November 2026
(7)
(1)
Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one fully leased operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019 with the intent to develop them for life science use. However, due to the project's macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer.
(2)
Represents one vacant office property that was originally acquired with the intent to redevelop for life science use and expand our Megacampus ecosystem. The asset was sold due to the macroeconomic outlook for the project and the significant capital required to redevelop and lease the property.
(3)
Represents five operating properties, primarily comprising non-laboratory space, and one land parcel. As of 2Q26, these operating properties were 30% occupied with a weighted-average lease term of 2.4 years, and were sold due to the significant capital that would have been required to convert these properties through redevelopment for laboratory use and their misalignment with our Megacampus strategy.
(4)
Our share of dispositions completed during the three months ended September 30, 2026 had annual net operating income of $4.4 million (based on 2Q26 annualized results) with a weighted-average disposition date of July 29, 2026.
(5)
In October 2026, we completed the sale of an approximately 29% noncontrolling interest in the Campus Point by Alexandria Megacampus for $475.0 million. We expect our new partner's initial share of the annual distributions to approximate 5.5% of its $475.0 million capital contribution. Upon completion of the sale, our ownership interest decreased from 59% as of September 30, 2026 to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20% and 30%, respectively, and increase our ownership interest to over 50%. We retained control and therefore continue to consolidate the properties held by the real estate joint venture. Accordingly, we accounted for the $44.2 million difference between the consideration received and the book value of our interest sold as an increase to additional paid-in capital, with no gain recognized in earnings.
(6)
Refer to "Key Sources and Uses of Capital" under "2026 Guidance" in the Earnings Press Release for additional details.
(7)
Including the impact of the $1.0 billion junior subordinated notes issued during 3Q26, the weighted-average projected completion date of these sources of capital is expected to be October 2026.
Earnings Call Information and About the Company
September 30, 2026
We will host a conference call on Tuesday, October 27, 2026, at 2:00 p.m. Eastern Time ("ET")/11:00 a.m. Pacific Time ("PT"), which is open to the general public, to discuss our financial and operating results for the third quarter ended September 30, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the "For Investors" section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday, October 27, 2026, through 4:00 p.m. ET on Tuesday, November 3, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 6457127.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2026 is available in the "For Investors" section of our website at www.are.com or by following this link: https://www.are.com/fs/2026q3.pdf.
For any questions, please contact [email protected]; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026, Alexandria has a total market capitalization of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants' ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This document includes "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. Such forward-looking statements include, without limitation, statements regarding our projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as "forecast," "guidance," "goals," "projects," "estimates," "anticipates," "believes," "expects," "intends," "may," "plans," "seeks," "should," "targets," or "will," or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, our failure to complete planned dispositions and sales of partial interests on anticipated terms or timing, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC"). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the "Company," "Alexandria," "ARE," "we," "us," and "our" refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries. Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That's What's in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners.
Consolidated Statements of Operations
September 30, 2026
(Dollars in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Revenues:
Income from rentals
$ 653,618
$ 643,210
$ 653,013
$ 728,872
$ 735,849
$ 1,949,841
$ 2,216,303
Other income
17,564
19,574
18,009
25,542
16,095
55,147
55,839
Total revenues
671,182
662,784
671,022
754,414
751,944
2,004,988
2,272,142
Expenses:
Rental operations
227,931
207,336
224,142
232,543
239,234
659,409
690,062
General and administrative
40,915
36,861
34,685
28,020
29,224
112,461
89,027
Interest
79,687
64,342
64,584
65,674
54,852
208,613
161,024
Depreciation and amortization
304,419
304,384
305,441
322,063
340,230
914,244
1,028,415
Impairment of real estate
637,904
(1)
222,470
5,499
1,717,188
323,870
865,873
485,630
Total expenses
1,290,856
835,393
634,351
2,365,488
987,410
2,760,600
2,454,158
Equity in earnings (losses) of unconsolidated real estate joint ventures
75
413
(147)
(304)
201
341
(9,327)
Investment income (losses)
23,990
133,227
(4,582)
(3,890)
28,161
152,635
(52,453)
(Loss) gain on early extinguishment of debt
(3,323)
—
366,435
—
(107)
363,112
(107)
Gain on sales of real estate
—
—
—
619,914
9,366
—
22,531
Net (loss) income
(598,932)
(38,969)
398,377
(995,354)
(197,845)
(239,524)
(221,372)
Net income attributable to noncontrolling interests
(38,754)
(33,814)
(36,724)
(85,521)
(34,909)
(109,292)
(127,323)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s
stockholders
(637,686)
(72,783)
361,653
(1,080,875)
(232,754)
(348,816)
(348,695)
Net income attributable to unvested restricted stock awards
(766)
(908)
(2,779)
(965)
(2,183)
(2,603)
(7,452)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s
common stockholders
$ (638,452)
$ (73,691)
$ 358,874
$ (1,081,840)
$ (234,937)
$ (351,419)
$ (356,147)
Net (loss) income per share attributable to Alexandria Real Estate Equities,
Inc.'s common stockholders:
Basic
$ (3.74)
$ (0.43)
$ 2.10
$ (6.35)
$ (1.38)
$ (2.06)
$ (2.09)
Diluted
$ (3.74)
$ (0.43)
$ 2.10
$ (6.35)
$ (1.38)
$ (2.06)
$ (2.09)
Weighted-average shares of common stock outstanding:
Basic
170,751
170,718
170,598
170,394
170,181
170,689
170,278
Diluted
170,751
170,718
170,867
170,394
170,181
170,689
170,278
Dividends declared per share of common stock
$ 0.72
$ 0.72
$ 0.72
$ 0.72
$ 1.32
$ 2.16
$ 3.96
(1) Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details regarding impairment of real estate.
Consolidated Balance Sheets
September 30, 2026
(In thousands)
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
Assets
Investments in real estate
$ 28,426,999
$ 29,125,895
$ 28,830,116
$ 28,689,996
$ 31,743,917
Investments in unconsolidated real estate joint ventures
28,580
28,910
30,520
30,677
39,601
Cash and cash equivalents
508,855
470,449
418,720
549,062
579,474
Restricted cash
4,908
4,690
4,665
4,693
4,705
Tenant receivables
6,168
7,661
7,362
6,672
6,409
Deferred rent
1,210,911
1,209,722
1,200,047
1,179,403
1,257,378
Deferred leasing costs
452,164
453,761
456,405
458,311
505,241
Investments
1,735,673
1,685,695
1,536,419
1,501,249
1,537,638
Other assets
1,677,464
1,645,443
1,683,143
1,661,772
1,700,785
Total assets
$ 34,051,722
$ 34,632,226
$ 34,167,397
$ 34,081,835
$ 37,375,148
Liabilities, Noncontrolling Interests, and Equity
Unsecured senior notes payable
$ 10,820,687
$ 10,818,366
$ 11,166,009
$ 12,047,394
$ 12,044,999
Junior subordinated notes payable
985,143
—
—
—
—
Unsecured senior line of credit and commercial paper
1,091,166
1,994,508
1,353,986
353,161
1,548,542
Accounts payable, accrued expenses, and other liabilities
2,604,418
2,513,526
2,154,782
2,397,073
2,432,726
Dividends payable
131,999
130,468
128,880
127,771
230,603
Total liabilities
15,633,413
15,456,868
14,803,657
14,925,399
16,256,870
Commitments and contingencies
Redeemable noncontrolling interests
9,119
9,119
9,234
58,788
58,662
Alexandria Real Estate Equities, Inc.'s stockholders' equity:
Common stock
1,708
1,707
1,707
1,705
1,703
Additional paid-in capital
14,839,182
15,585,296
15,763,321
15,497,760
16,669,802
Accumulated other comprehensive loss
(33,691)
(33,027)
(30,936)
(29,395)
(32,203)
Alexandria Real Estate Equities, Inc.'s stockholders' equity
14,807,199
15,553,976
15,734,092
15,470,070
16,639,302
Noncontrolling interests
3,601,991
3,612,263
3,620,414
3,627,578
4,420,314
Total equity
18,409,190
19,166,239
19,354,506
19,097,648
21,059,616
Total liabilities, noncontrolling interests, and equity
$ 34,051,722
$ 34,632,226
$ 34,167,397
$ 34,081,835
$ 37,375,148
Funds From Operations and Funds From Operations per Share
September 30, 2026
(In thousands)
The following table presents a reconciliation of net income (loss) attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with U.S.
generally accepted accounting principles ("GAAP"), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria's
common stockholders – diluted, and funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below:
Three Months Ended
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Net (loss) income attributable to Alexandria's common stockholders – basic and diluted
$ (638,452)
$ (73,691)
$ 358,874
$(1,081,840)
$ (234,937)
$ (351,419)
$ (356,147)
Depreciation and amortization of real estate assets
302,240
302,238
303,296
319,865
338,182
907,774
1,021,292
Noncontrolling share of depreciation and amortization from consolidated real estate JVs
(32,458)
(31,518)
(29,473)
(39,942)
(45,327)
(93,449)
(114,785)
Our share of depreciation and amortization from unconsolidated real estate JVs
858
805
914
855
852
2,577
2,848
Gain on sales of real estate
—
—
—
(307,132)
(9,824)
—
(22,989)
Impairment of real estate – rental properties and land
637,904
(1)
222,470
5,499
1,439,303
323,870
865,873
454,960
Allocation to unvested restricted stock awards
(1,042)
(2,201)
(2,181)
(1,903)
(1,648)
(7,141)
(3,590)
Funds from operations attributable to Alexandria's common stockholders – diluted(2)
269,050
418,103
636,929
329,206
371,168
1,324,215
981,589
Unrealized (gains) losses on non-real estate investments
(21,563)
(131,933)
10,332
(98,548)
(18,515)
(143,164)
71,568
Significant realized losses on non-real estate investments
—
—
—
103,329
—
—
—
Impairment of non-real estate investments
13,580
(3)
8,998
12,448
20,181
25,139
35,026
75,535
Impairment of real estate
—
—
—
12,619
—
—
39,343
Loss (gain) on early extinguishment of debt
3,323
—
(366,435)
—
107
(363,112)
107
Acceleration of stock compensation expense due to executive officer resignation
—
—
—
2,455
—
—
—
(Decrease) increase in provision for expected credit losses on financial instruments
—
—
—
(341)
—
—
285
Allocation to unvested restricted stock awards
33
909
2,674
(363)
(74)
3,496
(2,156)
Funds from operations attributable to Alexandria's common stockholders – diluted, as
adjusted
$ 264,423
$ 296,077
$ 295,948
$ 368,538
$ 377,825
$ 856,461
$ 1,166,271
Refer to "Definitions and reconciliations" in the Supplemental Information for additional details.
(1)
Primarily reflects impairment charges to reduce the carrying amounts of real estate assets classified as held for sale as of 3Q26 to their respective estimated fair values less costs to sell, including (i) $343.3 million related to a development project in our Fenway submarket that is expected to be sold to an institutional user which would have required significant capital to complete and lease, (ii) $135.3 million related to four non-Megacampus vacant office properties in our Palo Alto submarket that would have required significant capital investment to convert to laboratory use, (iii) $79.2 million related to six non-Megacampus operating properties in our San Carlos submarket that would have required significant capital investment to convert to laboratory use, (iv) $50.4 million related to a land parcel located outside of a Megacampus aggregating 344,000 SF in our Austin submarket, and (v) $41.6 million related to one future development project in our Palo Alto submarket that, due to the project's financial outlook, would have required significant capital to complete the development and lease the properties.
(2)
Calculated in accordance with standards established by the Nareit Board of Governors.
(3)
Primarily relates to one non-real estate investment in a privately held entity that does not report NAV.
The following table presents a reconciliation of net income (loss) per share attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria's common stockholders – diluted, and funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding.
Three Months Ended
Nine Months Ended
9/30/26
6/30/26
3/31/26
12/31/25
9/30/25
9/30/26
9/30/25
Net (loss) income per share attributable to Alexandria's common stockholders – diluted
$ (3.74)
$ (0.43)
$ 2.10
$ (6.35)
$ (1.38)
$ (2.06)
$ (2.09)
Depreciation and amortization of real estate assets
1.58
1.59
1.61
1.65
1.73
4.77
5.34
Gain on sales of real estate
—
—
—
(1.80)
(0.06)
—
(0.14)
Impairment of real estate – rental properties and land
3.74
1.30
0.03
8.45
1.90
5.07
2.67
Allocation to unvested restricted stock awards
(0.01)
(0.02)
(0.01)
(0.02)
(0.01)
(0.04)
(0.02)
Funds from operations per share attributable to Alexandria's common stockholders –
diluted
1.57
2.44
3.73
1.93
2.18
7.74
5.76
Unrealized (gains) losses on non-real estate investments
(0.13)
(0.77)
0.06
(0.58)
(0.11)
(0.84)
0.42
Significant realized losses on non-real estate investments
—
—
—
0.61
—
—
—
Impairment of non-real estate investments
0.08
0.05
0.07
0.12
0.15
0.20
0.45
Impairment of real estate
—
—
—
0.07
—
—
0.23
Loss (gain) on early extinguishment of debt
0.02
—
(2.14)
—
—
(2.12)
—
Acceleration of stock compensation expense due to executive officer resignation
—
—
—
0.01
—
—
—
Allocation to unvested restricted stock awards
—
0.01
0.01
—
—
0.02
(0.01)
Funds from operations per share attributable to Alexandria's common stockholders –
diluted, as adjusted
$ 1.54
$ 1.73
$ 1.73
$ 2.16
$ 2.22
$ 5.00
$ 6.85
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted
170,751
170,718
170,867
170,394
170,181
170,689
170,278
Funds from operations – diluted, per share
171,418
171,210
170,867
170,504
170,305
171,169
170,351
Funds from operations – diluted, as adjusted, per share
171,418
171,210
170,867
170,504
170,305
171,169
170,351
Refer to "Definitions and reconciliations" in the Supplemental Information for additional details.
BXP očekává ve 3. čtvrtletí tržby ve výši 839,9 milionu USD, což představuje meziroční nárůst o 3,7 %, a FFO na akcii ve výši 1,80 USD, meziročně vyšší o 3,5 %.
Key Takeaways BXP is set to report Q3 2026 results on Oct. 27, with revenues and FFO per share expected to rise Y/Y.Demand for premier office spaces and capital recycling initiatives are likely to have supported BXP.BXP's Q3 revenues are projected to rise 3.7%, while FFO per share is expected to grow 3.5%.
BXP, Inc. (BXP - Free Report) is slated to report third-quarter 2026 results on Oct. 27, after market close. The company’s quarterly results are likely to display a year-over-year increase in revenues and funds from operations (FFO) per share.
In the last reported quarter, this office real-estate investment trust (REIT) reported FFO per share of $1.78, outpacing the Zacks Consensus Estimate of $1.71. The quarterly results reflected healthy leasing activity and higher occupancy.
Over the preceding four quarters, BXP’s FFO per share surpassed the Zacks Consensus Estimate thrice and missed in the remaining period, with the average beat being 0.92%. This is depicted in the graph below:
US Office Market in Q3Per a Cushman & Wakefield report, the U.S. office market continued to recover in the third quarter of 2026, supported by improving demand fundamentals. Net absorption was slightly positive at 49,700 square feet, while the four-quarter rolling total reached 15.5 million square feet. Overall absorption has been positive for five consecutive quarters, while Class A absorption has been positive in seven of the past eight quarters. The recovery was broad-based, with 52 of the 92 U.S. office markets tracked by Cushman & Wakefield Research recording positive net absorption over the past year.
National office vacancy declined 30 basis points (bps) year over year to 19.8%, while Class A vacancy fell 60 bps. Overall vacancy declined by more than 100 bps in one-fourth of U.S. markets, with the largest year-over-year declines concentrated in gateway and gateway-tangential markets. Meanwhile, Class A vacancy declined in 53 markets, with reductions exceeding 100 bps in more than one-third of U.S. markets. On the supply front, new office construction remains scarce. Deliveries through the first three quarters of 2026 totaled 7.1 million square feet, marking the lowest three-quarter total in more than 30 years.
BXP’s Factors at Play and Q3 ProjectionsBXP is poised to gain from the growing preference for premier office spaces among tenants and its ability to offer such spaces. This is likely to have had a positive impetus on its leasing activity, boosting its top line in the to-be-reported quarter.
Moreover, the company is likely to have continued executing its capital recycling strategy in the third quarter of 2026, using proceeds from land, residential and non-strategic office dispositions to fund development and redevelopment while reducing leverage.
However, some pressure points persist. Competitive leasing conditions in certain markets, along with higher operating and redevelopment costs tied to asset-repositioning efforts, could have tempered margin expansion in the quarter.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $839.9 million, implying a 3.7% increase from the prior-year quarter’s reported number.
BXP’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for third-quarter FFO per share has declined a cent to $1.80 over the past two months. However, it suggests a 3.5% rise from the year-ago quarter’s tally.
What Our Quantitative Model Predicts for BXPOur proven model predicts a surprise in terms of FFO per share for BXP this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.
BXP has an Earnings ESP of +0.04% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Other Stocks That Warrant a LookHere are two other stocks from the broader REIT sector — Ventas (VTR - Free Report) and Host Hotels & Resorts (HST - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report an FFO beat this quarter.
Ventas is slated to report quarterly numbers on Oct. 27. VTR has an Earnings ESP of +0.70% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Host Hotels is slated to report quarterly numbers on Nov. 4. HST has an Earnings ESP of +3.20% and a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
A company that rents mops and launders uniforms has quietly outrun the S&P 500 for a decade, and most investors never gave it a second glance. Here is what the numbers reveal about how it did it and whether the…
Mats, Mops and Uniforms Built a Compounding Machine
Cintas (NASDAQ:CTAS | CTAS Price Prediction) rents and launders work uniforms. It also keeps businesses stocked with floor mats, restroom supplies, first-aid cabinets, and fire extinguishers. It serves more than one million businesses on a route-based, recurring-revenue model with high customer retention.
Most of the growth comes from converting companies that still handle these tasks themselves. Management says “over two-thirds of our new business comes from no programmers,” and it puts the addressable market at 16 to 20 million businesses.
A Decade of Singles and Doubles
For ten years, Cintas has moved past uniforms into first aid, safety, and fire protection, and it has invested in routing technology and automation. Margins expanded as a result. Gross margin hit an all-time high of 51.5%, and operating margin reached a record 23.6% in fiscal Q1 2027, the company’s first quarter with $3 billion in revenue. The company split its stock 4-for-1 in September 2024 and agreed on March 10, 2026, to buy rival UniFirst (NYSE:UNF) in an all-cash deal worth $5.2B-$5.5B. That deal still needs FTC clearance.
The dividend grew alongside the business. Cintas has raised its payout every year since going public 43 years ago, most recently by 15.6% to $0.52 per quarter.
Your $1,000 Grew to $9,427
1-Year Return
Initial Investment: $1,000
Current Value: $1,185.20
Total Return: 18.52%
S&P 500 (same period): $1,138.50 (13.85%)
5-Year Return
Initial Investment: $1,000
Current Value: $2,215.70
Total Return: 121.57%
Annualized Return: 17.25%
S&P 500 (same period): $1,687.80 (68.78%)
10-Year Return
Initial Investment: $1,000
Current Value: $9,427.40
Total Return: 842.74%
Annualized Return: 25.15%
S&P 500 (same period): $3,570.90 (257.09%)
Cintas beat the market over every period, the kind of quiet compounder most investors walked past at the time (we studied that pattern among recent winners nobody noticed, here). The Cintas figures are adjusted for splits and dividends, while the S&P 500 figures reflect price change only.
Timing counted more than usual over the past year. Shares swung between $160.31 and $225.79, and the stock rose 17.57% in the month after the September earnings report, while the S&P 500 slipped 0.4%.
I’m Waiting for a Better Entry
A $1,000 stake in Cintas today makes sense if UniFirst clears the FTC and management keeps beating its raised fiscal 2027 guidance of $5.45 to $5.54 in adjusted EPS. The company has exceeded EPS estimates for 7 consecutive quarters, and management says growth comes “from volume” rather than pricing.
I’d stay away if valuation stays this stretched. At $225.70, shares trade near 36 times forward earnings and 44 times trailing earnings, above the average analyst target of $218.31. Uniform rental also tracks employment, so a hiring slowdown would hit volumes just as the company takes on integration risk.
I like the business, but a valuation near a 52-week high leaves less room for error.
Contact [email protected] for any questions or corrections.
Kvalifikované platformy včetně Robinhood mohou v USA až pět let obchodovat s tokenizovanými akciemi na základě výjimky z registrace burzy. Microsoft, Verizon a McDonald's však proti tokenizaci svých akcií vznášejí námitky.
Robinhood (HOOD -2.11%) launched tokenized stock trades in over 120 countries this year, but that new feature hasn't been approved in the U.S. yet. Let's see what tokenized stocks are -- and why some big companies in the U.S. are opposed to the tokenization of their shares.
What are tokenized stocks?
Tokenized stocks are tokens on a blockchain that represent ownership of a conventional stock. These tokens can be traded 24/7 without going through traditional brokerages and can easily cross international borders.
Image source: Getty Images.
They can be quickly split into fractional shares and integrated into decentralized finance (DeFi) applications through smart contracts. Blockchain-based transactions are also audited in real time to reduce settlement failures, administrative fraud, and hidden discrepancies.
Why are some companies opposed to tokenized stocks?
Tokenized stocks have clear advantages over conventional stocks, but they don't give investors any voting rights or pay direct cash dividends. That's because investors don't legally own the underlying shares, which are held by a custodian bank in a segregated account.
A growing list of large companies -- including Microsoft, Verizon, and McDonald's -- have filed to bar their shares from being tokenized. They argue that trading platforms don't have the right to issue synthetic versions of their shares without their express consent, that they compromise investor safety, and that they interfere with corporate governance by obfuscating stock ownership. Traditional brokerages, which act as the middlemen for stock trades, also oppose that "permissionless" tokenization.
HOOD Robinhood Markets$93.06-$2.01 (-2.11%)
NASDAQ · As of 3:41 PM ET 10/26/26
But could tokenized stocks arrive in the U.S. soon?
In September, the Securities and Exchange Commission (SEC) issued an "innovation exemption" that allowed qualifying platforms -- including Robinhood -- to trade tokenized stocks in the U.S. for up to five years without registering as a stock exchange.
However, the SEC exemption requires that all tokenized shares provide investors with the same rights and privileges as conventional shares -- including cash dividends and voting rights. The trading venue must also issue notices to companies before tokenizing their shares, and companies can block tokenization by filing objections within 30 days.
Considering that nearly two dozen major companies -- most of which are prominent components of the S&P 500 (^GSPC +0.75%) -- oppose tokenized stocks, it seems doubtful that Robinhood will bring that feature to its domestic investors anytime soon. However, investors should still keep an eye on its overseas growth -- since it could expand Robinhood's total addressable market, boost its per-user revenue, and widen its moat against conventional brokerages.
Leo Sun has positions in Verizon Communications. The Motley Fool has positions in and recommends Microsoft. The Motley Fool recommends Robinhood Markets and Verizon Communications and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy.
Před zveřejněním výsledků za třetí čtvrtletí fiskálního roku 2026 analytici u společnosti Crocs očekávají tržby ve výši 1 mld. USD a zisk 3,31 USD na akcii.
Key Takeaways CROX likely benefited from stronger DTC sales and reduced promotions; HEYDUDE grew despite lower marketing.CROX may have leveraged TikTok promotions and creator content to boost consumer engagement.CROX's differentiated clog franchises likely supported brand relevance and category demand. As Crocs, Inc. (CROX - Free Report) prepares to unveil its third-quarter fiscal 2026 results on Oct. 29, before market open, investors are eager to see whether the company can beat market expectations.
The Zacks Consensus Estimate for revenues is pegged at $1 billion, implying 0.9% growth from the prior year. Meanwhile, the consensus mark for earnings has been steady at $3.31 per share in the past seven days, though it indicates growth of 13.4% from the year-ago period. CROX has a trailing four-quarter earnings surprise of 13.6%, on average.
Key Factors to Note for CROX's Q3 EarningsCrocs’ third-quarter fiscal 2026 performance is likely to have benefited from continued strength in direct-to-consumer (DTC) sales across both brands. The Crocs brand benefited from higher DTC sales alongside reduced promotional activity, while HEYDUDE also delivered growth despite lower performance marketing spending. These trends are likely to have reflected sustained consumer demand and effective brand engagement. In addition, the halo effect from social media promotions, particularly TikTok content featuring popular styles and creators, might have supported sales across marketplaces, the company’s websites and retail stores, further strengthening overall DTC momentum.
The company’s focus on strengthening global brand relevance is also likely to have remained a positive contributor. As the market leader in clogs, Crocs continues to diversify its clog portfolio through differentiated product franchises that enable better consumer segmentation and expand category relevance beyond its classic offerings. These initiatives might have supported continued consumer engagement and reinforced the company’s competitive positioning during the quarter.
Consumer engagement initiatives are likely to have provided an additional tailwind. The company’s Glad You Noticed campaign, launched in April, leveraged creative partnerships and an integrated media strategy to highlight its sandal business. The campaign was previously identified as a key driver of category momentum, suggesting that continued traction from socially driven storytelling and targeted marketing might have supported sandal demand and overall brand performance during the quarter.
That said, the company is likely to have faced cost headwinds from tariff-related uncertainty.
What the Zacks Model Says About CROXOur proven model predicts an earnings beat for CROX this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here.
CROX has an Earnings ESP of +0.60% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Other Stocks With Favorable CombinationHere are three other companies you may also want to consider, as our model shows that these too have the right combination of elements to post an earnings beat this season:
Ralph Lauren Corporation (RL - Free Report) currently has an Earnings ESP of +0.56% and a Zacks Rank of 2. The Zacks Consensus Estimate for second-quarter fiscal 2027 earnings per share is pegged at $4.22, implying 11.4% year-over-year growth. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for quarterly revenues is pegged at $2.1 billion, which indicates growth of 6.1% from the figure reported in the prior-year quarter. RL has a trailing four-quarter earnings surprise of 8.7%, on average.
Cintas Corporation (CTAS - Free Report) currently has an Earnings ESP of +0.24% and a Zacks Rank of 3. The Zacks Consensus Estimate for second-quarter 2027 earnings per share is pegged at $1.36, implying 12.4% year-over-year growth.
The Zacks Consensus Estimate for quarterly revenues is pegged at $3 billion, which indicates an increase of nearly 8% from the figure reported in the prior-year quarter. CTAS has a trailing four-quarter earnings surprise of 2.4%, on average.
V.F. Corporation (VFC - Free Report) currently has an Earnings ESP of +0.80% and a Zacks Rank of 3. The Zacks Consensus Estimate for second-quarter fiscal 2027 earnings per share is pegged at 54 cents, implying a 3.9% year-over-year increase.
The Zacks Consensus Estimate for quarterly revenues is pegged at $2.7 billion, which indicates a decrease of 3.9% from the figure reported in the prior-year quarter. VFC has a trailing four-quarter earnings surprise of roughly 34%, on average.
Kilroy Realty ve třetím čtvrtletí uzavřela nájemní smlouvy na více než 815 000 čtverečních stop; objem za prvních devět měsíců meziročně vzrostl téměř o 44 %.
On its third-quarter 2026 earnings call, held on Oct. 23, 2026, Kilroy Realty (KRC -1.33%) reported accelerating tenant demand across its commercial property portfolio. High leasing activity and expanding tenant commitments provide multiyear cash flow visibility for shareholders.
Three key takeaways from management's discussion stand out.
1. Leasing Volume Surges as Future Revenue Gains ClarityKilroy Realty executed over 815,000 square feet of leases during the third quarter, which drove year-to-date leasing volume up nearly 44% compared to the prior-year period. This momentum expanded the signed but not occupied pool to over 1.4 million square feet and locked in nearly $101 million of contractually obligated annualized base rent, or yearly contracted tenant rent, to power future net operating income, or property earnings after operating costs.
During the third quarter, we executed approximately 815,000 square feet of new and renewal leases, substantially all of which were long term in nature, bringing year-to-date leasing volume to over 1.75 million square feet, an increase of nearly 44% versus the first 9 months of 2025.
-- Angela Aman, Chief Executive Officer2. San Francisco Bay Area Leads Demand Across Tech and AITenant demand in the San Francisco Bay Area is expanding rapidly as technology, artificial intelligence, and robotics companies actively secure remaining high-quality office space. This tightening availability is driving higher lease rates and prompting existing tenants to initiate early lease renewals across the region.
The San Francisco Bay Area continues to lead the way, both in terms of executed deal volume and forward pipeline activity.
-- Angela Aman, Chief Executive Officer3. Noncore Land Sales Unlock Capital for Balance Sheet StrengthManagement is monetizing parcels that hold higher value for non-office uses, putting $185 million of land sales under contract. Disposing of noncore assets gives the business capital flexibility to pay down maturing debt, buy back stock, or fund selective acquisitions.
This marks the fourth land sale we have put under contract and a continuation of our strategy to monetize parcels that have a higher and better use outside of office and life science.
-- Eliott Trencher, Executive Vice President, Chief Investment Officer and Interim Chief Financial Officer and TreasurerLooking AheadLeasing momentum is accelerating across core West Coast markets, driving a 20% sequential expansion in the forward lease pipeline. Premium assets in supply-constrained hubs like San Francisco give the company strong pricing power, while $101 million in signed but uncommenced leases provides locked-in future earnings. Management is watching refinancing costs on $395 million of maturing debt and managing major tenant expirations.
We remain focused on quickly converting the current pipeline into signed leases and look forward to updating you on our progress as we move through the balance of this year and into 2027.
-- Angela Aman, Chief Executive OfficerWith portfolio lease occupancy rebounding and market tailwinds building across technology and life science hubs, the business is well positioned to convert its expanding deal pipeline into multiyear cash flow growth.
The tailwinds we are seeing in many markets are exciting and position us well for the coming years.
-- Eliott Trencher, Executive Vice President, Chief Investment Officer and Interim Chief Financial Officer and TreasurerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
American Water Works má 28. října zveřejnit výsledky za 3. čtvrtletí. Konsensus očekává EPS ve výši 2,11 USD, což představuje meziroční nárůst o 8,76 %, a tržby ve výši 1,47 mld. USD.
Key Takeaways American Water is set to report Q3 earnings on Oct. 28, with EPS expected to rise 8.76% to $2.11.AWK's acquisitions, grid upgrades and approved rates are expected to boost Q3 earnings growth. Higher financing costs may pressure AWK's earnings; its 0.00% Earnings ESP signals no expected beat. American Water Works Company (AWK - Free Report) is scheduled to release third-quarter 2026 results on Oct. 28, after market close. The company delivered a positive earnings surprise of 1.26% in the last reported quarter.
Let us discuss the factors that are likely to be reflected in the upcoming quarterly results.
Q3 Expectations for AWKThe Zacks Consensus Estimate for earnings is pegged at $2.11 per share, implying a year-over-year increase of 8.76%.
The consensus estimate for revenues is pinned at $1.47 billion, indicating growth of 1.46% from the year-ago reported number.
Factors Likely to Have Impacted AWK's Q3 PerformanceAmerican Water Works’ acquisition-driven expansion and organic growth initiatives are likely to have supported third-quarter 2026 performance. In addition to potential synergies from the June 30, 2026 acquisition of the Hopewell Borough water system, earnings are expected to have benefited from four other acquisitions completed during the third quarter.
The company's ongoing investments in infrastructure modernization and replacement are expected to have improved operational efficiency and service reliability while supporting customer growth, higher demand and rate base expansion.
Newly implemented rates across AWK’s regulated operations are likely to support third-quarter 2026 results by enabling cost recovery on infrastructure investments and providing greater earnings visibility. On Sept. 9, 2026, AWK's unit New Jersey American Water received approval from the New Jersey Board of Public Utilities to implement new rates effective Sept.15, 2026, which are expected to have positively impacted third-quarter earnings.
However, higher financing costs are likely to have pressured third-quarter earnings.
What Our Quantitative Model Predicts About AWKOur proven model does not predict an earnings beat for American Water Works this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
AWK’s Earnings ESP: The company has an Earnings ESP of 0.00% at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
AWK’s Zacks Rank: Currently, American Water Works carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks to ConsiderInvestors may consider the following players from the same sector, as these have the right combination of elements to post an earnings beat this reporting cycle.
Entergy (ETR - Free Report) is set to report third-quarter results on Nov. 2 and is likely to have come up with an earnings beat. It has an Earnings ESP of +1.01% and a Zacks Rank #2 at present.
ETR’s long-term (three to five years) earnings growth rate is 10.16%. The Zacks Consensus Estimate for third-quarter earnings per share (EPS) is pinned at $1.71, which implies a year-over-year increase of 11.76%.
Southwest Gas (SWX - Free Report) is scheduled to report third-quarter results on Nov. 4 and is likely to have come up with an earnings beat. It has an Earnings ESP of +18.87% and a Zacks Rank #2 at present.
SWX’s long-term earnings growth rate is 11.15%. The Zacks Consensus Estimate for third-quarter EPS is pinned at 18 cents, which implies a year-over-year surge of 200%.
Evergy (EVRG - Free Report) is scheduled to report third-quarter results on Nov. 5 and is likely to have come up with an earnings beat. It has an Earnings ESP of +4.41% and a Zacks Rank #2 at present.
EVRG’s long-term earnings growth rate is 9.07%. The Zacks Consensus Estimate for third-quarter EPS is pinned at $2.27 per share, which implies a year-over-year increase of 11.82%.
Super Micro Computer zvýšil výhled tržeb za čtvrtletí končící 30. září na 18,5–19,5 mld. USD z předchozích 14,5–15,5 mld. USD a očekává hrubou marži ve výši 12–12,5 %.
Super Micro Computer (SMCI +0.33%) has earnings coming up and is scheduled to release its first-quarter numbers for fiscal 2027 on Nov. 3. And last week, the company gave its investors some great news: its results are going to be better than expected, with both revenue and gross margins coming in considerably higher than what they previously forecasted.
The company, which has been an integral player in the data center build-out, selling crucial artificial intelligence (AI) infrastructure, including servers and storage solutions, has benefited from significant demand for its products in recent years. This year, it's up around 12%, and a strong quarter could potentially light a fire under this lowly valued tech stock.
Image source: Getty Images.
Revenue to be nearly four times what it was a year agoSuper Micro's upcoming quarterly results will be for the period ending Sept. 30. The company projects revenue in the range of $18.5 billion to $19.5 billion, a significant increase from its earlier guidance of $14.5 billion to $15.5 billion. Not only is that a big upgrade to the top line, but the tech company also expects its gross margins to be in the range of 12% to 12.5% -- higher than its previous projection of 10.4% to 10.8%.
These are extremely promising developments for investors for a couple of reasons. The first is the sheer growth. At $19 billion, the mid-point of its revenue forecast would mean that its top line will be nearly quadruple the $5 billion it generated a year ago. Margins have also been a key concern for investors, and if they are improving yet again, it's another encouraging sign that the business is making progress in the right direction.
$33.05+$0.11 (+0.33%)
NASDAQ · As of 3:14 PM ET 10/26/26
Is Super Micro stock a steal of a deal?Although Super Micro is experiencing significant growth, the stock itself isn't that expensive. Based on analyst projections, it's trading at a forward price-to-earnings multiple of just eight. The company has had accounting issues and governance concerns hanging over it in recent years, which may partially explain why the stock isn't trading at a higher valuation. Plus, there are concerns that a tech bubble has formed, and if demand for servers and other AI infrastructure slows, there could be significant headwinds for the stock.
Super Micro's growth has been volatile in recent years, and while it looks tremendous right now, investors should consider the stock's track record before buying it. For those comfortable with risk and uncertainty, it may be worth buying Super Micro stock given its low valuation, but for more risk-averse investors, the safer option may be to take a wait-and-see approach for the time being.
First Hawaiian snížila celoroční výhled růstu úvěrů na 1–2 % kvůli nečekaným předčasným splátkám úvěrů na komerční nemovitosti. Čistá úroková marže ve třetím čtvrtletí vzrostla na 3,30 %.
On its third-quarter 2026 earnings call, held on Oct. 23, 2026, First Hawaiian (FHB +0.26%) reduced its full-year loan growth target to a range of 1% to 2%. For long-term investors, the bank's dominant island market share provides deposit stability that protects margins during changing rate cycles. Its pending acquisition of TriCo Bancshares opens new expansion opportunities in Northern California while maintaining conservative credit standards.
Three things management said stand out.
1. Preserving Local Autonomy Drives Long-Term Merger ValueIntegrating bank acquisitions often creates operational friction that drives away key commercial clients. First Hawaiian is mitigating execution risk by letting local leadership retain operational control across California branches.
The really long-term value comes from letting TriCo be TriCo and us supporting them with their customers and in their markets.
-- Robert Harrison, Chairman, President and Chief Executive Officer2. Commercial Real Estate Payoffs Squeeze Short-Term Loan GrowthUnexpected repayments from commercial real estate (CRE) borrowers reduced overall balances during the period. Rival lenders offered aggressive pricing to refinance high-quality accounts, prompting leadership to trim full-year targets.
Decline was primarily due to unexpected CRE loan payoffs, a slight decline in dealer floor plan balances and runoff in the residential loan portfolio.
-- Robert Harrison, Chairman, President and Chief Executive Officer3. Low-Cost Island Deposits Protect Profit MarginsAn insulated market structure in Hawaii may shield the bank from intense deposit competition. This stable deposit franchise keeps funding costs down and drives expansion in net interest margin (NIM), which measures the difference between interest earned on loans and paid on deposits.
The NIM in the third quarter was 3.30%, up 5 basis points linked quarter, with both asset yields and funding costs helping to drive that NIM accretion.
-- James Moses, Chief Financial OfficerLooking AheadAsset quality across the primary loan portfolios remains durable despite high interest rates, and leadership shows no sign of backing away from its conservative risk strategy. First Hawaiian holds structural advantages through its dominant market share in Hawaii, a low-cost deposit base, and tight credit underwriting. Leadership is watching fixed-rate loan repricing, deposit cost stabilization, and regulatory approval for its pending merger.
While we had some noise in the third quarter, the overall loan portfolio remains healthy.
-- Lea Nakamura, Chief Risk OfficerThe strategic expansion into Northern California unlocks new lending avenues while diversifying revenue away from concentrated island geography. Disciplined risk management and smooth operational execution during system conversion remain the critical catalysts for long-term compounding.
We feel really good about the way that this partnership is developing, and we still continue to be very excited about the strategic nature of this deal, and we know they feel the same way as well.
-- James Moses, Chief Financial OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Everest Group ve 3. čtvrtletí očekává zisk na akcii ve výši 9,32 USD, což představuje meziroční nárůst o 23,6 %, při tržbách 3,84 miliardy USD, které by měly meziročně klesnout o 11,1 %.
Key Takeaways Everest Group's Q3 earnings are projected to rise 23.6% despite an 11.1% revenue decline.EG's 3.01% Earnings ESP shows a potential earnings beat, with the Most Accurate Estimate at $9.60 per share.EG's investment income and buybacks may boost profits, while catastrophe losses pressure margins. Everest Group, Ltd. (EG - Free Report) is expected to register a decline in top line but an increase in bottom line when it reports third-quarter 2026 results on Oct. 28, after the closing bell.
The Zacks Consensus Estimate for EG’s third-quarter revenues is pegged at $3.84 billion, down 11.1% from the year-ago reported figure.
The consensus estimate for earnings is pegged at $9.32 per share. The Zacks Consensus Estimate for EG’s second-quarter earnings has increased 9.8% over the past 30 days. The estimate suggests a 23.6% year-over-year increase.
What the Zacks Model Unveils for EGOur proven model predicts an earnings beat for Everest Group this time around. This is because the stock has the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), which increases the chances of an earnings beat.
Earnings ESP: Everest Group has an Earnings ESP of +3.01%. This is because the Most Accurate Estimate of $9.60 is pegged higher than the Zacks Consensus Estimate of $9.32. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: EG carries a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Factors Likely to Shape EG’s Q3 ResultsPremium growth is likely to have been pressured by the completed exit from the Commercial Retail Insurance business and the ongoing runoff of legacy casualty exposures. We expect net written premiums to have declined 18.1% year over year to $3.1 billion in the third quarter.
The Reinsurance Treaty segment is likely to have been affected by lower premiums in casualty pro-rata and casualty excess-of-loss businesses. Softer property catastrophe reinsurance pricing during the July 2026 renewals could have further pressured premium growth, while firm casualty pricing and disciplined underwriting are expected to have partly offset the weakness. We estimate premiums earned of $2.2 billion in the to-be-reported quarter.
The Global Wholesale & Specialty segment is likely to have benefited from product and geographic diversification and growth in niche specialty lines. However, deliberate reductions in U.S. property and casualty business could have limited premium growth. We estimate premiums earned of $750 million in the to-be-reported quarter.
Net investment income is likely to have benefited from an increase in fixed maturities, a rise in income from limited partnerships, and an increase in income from other alternative investments. We expect net investment income to have been $561.5 million. The Zacks Consensus Estimate is pegged at $546.6 million.
Catastrophe losses, elevated weather-related claims and pressure on casualty underwriting margins are likely to have weighed on underwriting profitability. However, Everest’s disciplined risk selection could have partly offset these headwinds. We expect the combined ratio to be 102% in the to-be-reported quarter. The Zacks Consensus Estimate for the metric is pegged at 101.8%.
Total claims & expenses are likely to have decreased largely owing to lower incurred losses and loss adjustment expenses, commission, brokerage, taxes and fees, and other underwriting expenses. We expect the metric to be $3.5 billion.
Share buybacks in the to-be-reported quarter are anticipated to have provided a boost to the bottom line.
Other Stocks to ConsiderHere are some other insurance stocks you may want to consider, as our model shows that these, too, have the right combination of elements to post an earnings beat:
The Allstate Corporation (ALL - Free Report) has an Earnings ESP of +5.25% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $7.03 per share, indicating a year-over-year decrease of 37.1%.
ALL’s earnings beat estimates in each of the last four reported quarters.
Arch Capital Group Ltd. (ACGL - Free Report) has an Earnings ESP of +11.70% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $2.05 per share, indicating a year-over-year decrease of 26%.
ACGL’s earnings beat estimates in each of the last four reported quarters.
The Hanover Insurance (THG - Free Report) has an Earnings ESP of +6.83% and a Zacks Rank of 2 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $4.47 per share, indicating a 12.2% year-over-year decrease.
THG’s earnings beat estimates in each of the last four reported quarters.
Před zveřejněním výsledků za 3. čtvrtletí 2026 se u společnosti DexCom očekávají tržby ve výši 1,32 mld. USD, meziročně o 9,4 % vyšší, a EPS 66 centů, což by představovalo meziroční růst o 8,2 %.
Key Takeaways DexCom's Q3 revenues are projected to rise 9.4% to $1.32 billion, with EPS expected to grow 8.2% to 66 cents.DXCM's G7 15 Day adoption, strong new-patient starts and broader reimbursement are expected to support growth.DXCM faces tougher international comparisons, forex pressures and manufacturing costs. DexCom, Inc. (DXCM - Free Report) is scheduled to report third-quarter 2026 results on Oct. 29, after the closing bell.
In the last reported quarter, the company’s adjusted earnings per share (EPS) of 70 cents surpassed the Zacks Consensus Estimate by 14.75%.
Let us check out the factors that might have shaped DXCM’s performance prior to the announcement.
DXCM’s Q3 EstimatesCurrently, the Zacks Consensus Estimate for revenues is pegged at $1.32 billion, indicating growth of 9.4% year over year. The consensus mark for earnings is pinned at 66 cents per share, indicating an improvement of 8.2%.
Factors to Note Before DXCM ReportsDexCom is expected to have sustained healthy revenue growth in the third quarter of 2026, supported by continued adoption of its continuous glucose monitoring (CGM) systems, broader reimbursement coverage and market share gains across key patient segments. In the second quarter, the company reported 13% revenue growth and 12% organic revenue growth, reflecting solid demand across U.S. and international markets. Management raised its full-year 2026 revenue outlook to $5.18-$5.25 billion, implying growth of 11-13%, supported by stronger underlying organic growth expectations. For the third quarter, new customer additions, product adoption and expanding access are expected to have supported top-line performance amid tougher international comparisons.
The U.S. business is expected to have benefited from sustained demand across Type 1 diabetes, insulin-using Type 2 diabetes and non-insulin Type 2 diabetes. In the second quarter, U.S. revenues increased 11%, supported by strong new-patient starts and market share gains. Management noted that global new customer starts remained near the record level achieved in the first quarter, with U.S. starts increasing sequentially. Broader commercial reimbursement also remains a key growth driver, with coverage for people with diabetes across the four largest pharmacy benefit managers providing access to more than 7 million non-insulin Type 2 patients. Continued physician education, easier onboarding and efforts to reduce access barriers are expected to have supported further adoption.
International markets are also likely to have contributed to growth, although year-over-year comparisons are expected to become more challenging, particularly in the third quarter. International revenue grew 19% in the second quarter, with organic growth of 16%, aided by reimbursement expansions in markets such as France and Canada. DexCom continues to pursue additional reimbursement opportunities and tender wins across its international markets, supported by a broader product portfolio that includes Dexcom ONE Plus and Dexcom Flex. The launch of Dexcom Flex in Germany expands the company's offerings for Type 2 patients using basal insulin and those not using insulin in select markets. While new access opportunities are expected to support long-term growth, the pace of expansion, stronger prior-year comparisons and foreign exchange movements are likely to impact third-quarter results.
Product innovation and customer experience are expected to have remained key growth catalysts. The G7 15 Day system, which offers extended sensor wear, an improved algorithm and an updated adhesive patch, is likely to have supported adoption and customer retention in the third quarter. Management reported improving customer satisfaction scores for three consecutive quarters and remained on track to convert nearly 50% of its U.S. customer base to G7 15 Day by 2026-end. The system's integration with Tandem's insulin delivery platforms, including Mobi, has expanded its availability to adult G7 customers in the United States. Management expects the product's contribution to increase in the second half of 2026 as more users transition and recurring purchase patterns develop. The company also received Health Canada's clearance for G7 15 Day and plans to launch it in Canada in the second half of 2026, followed by additional international markets as quickly as possible.
DexCom's broader digital health initiatives are also expected to have supported engagement and expanded its addressable market. The redesigned Stelo application, featuring AI-driven insights, enhanced food logging and personalized nutrition analysis, was recently launched broadly and is intended to serve as a foundation for future applications across the product portfolio. The acquisition of Nutrisense is expected to have strengthened these capabilities by integrating CGM-based nutrition insights and coaching into DexCom's offerings.
Meanwhile, the company's Smart Basal pilot has demonstrated encouraging results, with participating practices helping patients reach an optimal basal insulin dose in an average of three weeks compared with 12 weeks or longer in routine care. The FDA's TEMPO digital device pilot also provides an opportunity to advance glucose health programs and explore CGM-based screening for prediabetes. While these initiatives are unlikely to represent material near-term revenue drivers, their potential to improve engagement, expand use cases and strengthen the value proposition of DexCom's technology could support growth over time.
Earnings Beat UnlikelyOur proven model does not predict an earnings beat for DXCM this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP:Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank:The company has a Zacks Rank #3 at present.
Stocks Worth a LookHere are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time:
Phibro Animal Health (PAHC - Free Report) has an Earnings ESP of +2.10% and a Zacks Rank #1. The company is expected to release first-quarter fiscal 2027 results soon.
PAHC’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 18.4%. The Zacks Consensus Estimate for the company’s first-quarter EPS indicates an increase of 8.2% from the year-ago quarter’s figure.
IDEXX Laboratories (IDXX - Free Report) has an Earnings ESP of +0.59% and a Zacks Rank #2. The company is slated to release third-quarter 2026 results on Nov. 2.
IDXX’s earnings beat estimates in each of the trailing four quarters, the average surprise being 5.7%. The Zacks Consensus Estimate for the company’s third-quarter EPS implies an increase of 9.1% from the year-ago quarter’s figure.
Becton, Dickinson and Company (BDX - Free Report) or BD has an Earnings ESP of +3.28% and a Zacks Rank #2. The company is due to release fourth-quarter fiscal 2026 results on Nov. 5.
BD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 2.94%. The Zacks Consensus Estimate for the company’s fourth-quarter EPS calls for a rise of 2.5% from the year-ago quarter’s figure.
Amphenol očekává ve třetím čtvrtletí tržby ve výši 9,3–9,4 miliardy USD, což představuje meziroční růst o 50–52 %, díky poptávce po infrastruktuře pro umělou inteligenci a obranné elektronice.
Key Takeaways APH's Q3 earnings are expected to jump 55.3%, with revenues projected to rise 52.4% year over year.AI infrastructure demand, CommScope's optical connectivity business and defense growth are key Q3 drivers.APH trades at 23.31X forward earnings versus the sector's 18.86X, while communications demand weakens.
Amphenol (APH - Free Report) is set to report its third-quarter 2026 results on Oct. 28.
The company offered third-quarter 2026 earnings guidance between $1.40 per share and $1.42 per share, indicating growth of 51-53% year over year. Following the two-for-one stock split, Amphenol revised guidance to 70-71 cents per share. The Zacks Consensus Estimate for third-quarter 2026 earnings has increased by a penny to 73 cents per share over the past 30 days, suggesting 55.3% growth from the figure reported in the year-ago quarter.
Amphenol expects third-quarter 2026 revenues between $9.3 billion and $9.4 billion, suggesting year-over-year growth in the 50-52% range. The Zacks Consensus Estimate for third-quarter revenues is pegged at $9.44 billion, indicating an increase of 52.4% from the figure reported in the year-ago quarter.
Consensus Estimate Trend
Image Source: Zacks Investment Research
Amphenol’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, with the average surprise being 11.76%.
Let’s see how things have shaped up for the upcoming announcement.
Factors to Drive Amphenol’s Q3 ResultsAmphenol’s third-quarter 2026 results are expected to have benefited from accelerating investments in artificial intelligence (AI) infrastructure, driving robust demand for high-speed copper, fiber-optic, and power interconnect solutions. The IT datacom business, accounting for 43% of second-quarter revenues, registered 89% year-over-year growth and 63% organic growth. APH expects third-quarter IT datacom revenues to increase in the mid-teens sequentially, supported by AI data center expansion, hyperscaler investments and growing demand for traditional IT equipment from enterprise and cloud customers.
Strong contribution from the CommScope acquisition, particularly in advanced optical interconnect solutions for AI data centers, is expected to have driven top-line growth. CommScope’s IT datacom business nearly doubled year over year in the second quarter, reflecting accelerating demand for optical connectivity. Higher sales volume, improving operational efficiency at CommScope and greater customer penetration are expected to have supported profitability in the to-be-reported quarter.
Moreover, increasing defense electronics investments and demand for advanced interconnect solutions across military applications are expected to have benefited APH’s top-line growth. Amphenol anticipates low-double-digit sequential growth in third-quarter Defense revenues, supported by strong customer demand and expanded production capacity. Commercial aerospace revenues, which grew 21% organically in the second quarter, are expected to have increased modestly sequentially, benefiting from rising aircraft production and greater electronic content in next-generation aircraft.
Third-quarter performance is also expected to have benefited from new customer product launches across smartphones, laptops and wearable devices. The mobile devices business has been benefiting from continued demand for antennas, interconnect products and advanced mechanisms. Amphenol expects approximately 20% sequential revenue growth in the third quarter, driven by the initial ramp-up of new customer programs. Resilient demand across diversified industrial applications, including factory automation, medical technology and building connectivity, is expected to have benefited revenues. Automotive revenues are also expected to have remained stable sequentially, supported by increasing electronic content in vehicles and growing adoption of electrified drivetrains.
However, Amphenol’s third-quarter 2026 results are likely to face pressure from weaker demand in communications networks. The company expects revenues from this market to decline in the mid-teens sequentially during the third quarter. Moreover, the absence of additional tariff recoveries, following an $80 million benefit in the second quarter of 2026, could have partially offset sequential margin expansion.
APH Shares Lag Sector, Trades at a PremiumAmphenol shares have appreciated 9.7% year to date (YTD), underperforming the Zacks Computer and Technology sector’s return of 14.1%.
APH has outperformed TE Connectivity (TEL - Free Report) and Belden (BDC - Free Report) , but lagged Corning (GLW - Free Report) YTD. While Corning shares have returned 41.3%, TE Connectivity and Belden shares have dropped 8.5% and 10.6%, respectively, over the same time frame.
APH Stock’s Price Performance
Image Source: Zacks Investment Research
APH stock is trading at a premium, as suggested by the Value Score of C. In terms of the forward 12-month price/earnings, APH is trading at 23.31X, higher than the broader sector’s 18.86X, TE Connectivity’s 15.75X and Belden’s 10.52X. However, Amphenol is trading below Corning’s multiple of 29.75.
APH Stock Trades at a Premium
Image Source: Zacks Investment Research
AI Infrastructure Demand Aids APH’s ProspectsAPH’s prospects are expected to benefit from accelerating investments in AI infrastructure and the rising complexity of next-generation computing architectures. Increasing GPU and custom AI accelerator deployments require greater bandwidth, higher power delivery and more sophisticated interconnect technologies. As customers require increasing amounts of copper, optical and power connectivity, Amphenol is well-positioned to capture growing interconnect content across successive generations of AI systems.
Amphenol’s diversified interconnect portfolio provides a significant competitive advantage as AI computing architectures evolve. The company holds strong positions in high-speed copper connectivity, fiber-optic interconnect solutions and power distribution technologies. The CommScope acquisition is expected to remain a major long-term growth driver by significantly expanding Amphenol’s optical interconnect capabilities and relationships with data center customers. Rising defense spending globally and increasing electronic content in next-generation military and commercial aircraft are other tailwinds.
ConclusionAI-driven IT datacom expansion, CommScope’s optical connectivity business, and higher defense demand appear to be the strongest near-term growth drivers for Amphenol. Moreover, rising interconnect content per AI system, a diversified technology portfolio, and improving operational efficiency provide the principal opportunities for sustained revenue and earnings growth.
APH currently has a Zacks Rank #2 (Buy) and a Growth Score of B, a favorable combination that offers a strong investment opportunity, per the Zacks Proprietary methodology. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Dominion is set to report Q3 earnings on Oct. 30, with EPS estimated at $1.20 on $4.8B in revenues.Data center demand, regulated investments & favorable rate adjustments are expected to boost D's Q3 results.Higher financing costs & reduced tax credits may weigh on D, while its shares trade at an industry premium. Dominion Energy (D - Free Report) is scheduled to release its third-quarter 2026 results on Oct. 30, before market opens. The Zacks Consensus Estimate for earnings is currently pegged at $1.20 per share on revenues of $4.8 billion.
Third-quarter earnings estimates have gone down 2.44% over the past 60 days. The Zacks Consensus Estimate for quarterly revenues indicates a year-over-year increase of 6.02%.
D Stock’s Earnings Surprise HistoryDominion Energy’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 8.8%.
What the Zacks Model UnveilsOur proven model conclusively predicts an earnings beat for Dominion Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is exactly the case here, as you can see below.
You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
D’s Earnings ESP: Dominion Energy has an Earnings ESP of +1.87% at present.
Zacks Rank of D: The company currently carries a Zacks Rank #3.
Some companies in the same sector with the right combination of the two factors for an earnings beat this season are American Electric Power (AEP - Free Report) , Entergy (ETR - Free Report) and PPL Corp. (PPL - Free Report) . AEP, ETR and PPL currently have an Earnings ESP of +2.23%, +1.01% and +0.38%, respectively. All three stocks carry a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Impacted D Stock’s Q3 ResultsDominion Energy’s third-quarter 2026 earnings are likely to have benefited from regulated infrastructure investments aimed at strengthening grid reliability and meeting rising electricity demand. The company is also expected to have gained from favorable electric rate adjustments, particularly the new rates implemented in South Carolina at the beginning of July 2026. These factors, along with increased contributions from regulated investments, are expected to have supported quarterly earnings.
Dominion Energy’s third-quarter performance is expected to have benefited from robust commercial load growth, primarily driven by expanding data center demand across Virginia. Increasing electricity consumption, supported by customer growth across its Virginia and South Carolina service territories, is likely to have boosted sales volumes. Contributions from the Charybdis vessel and a return to normal weather conditions are also expected to have supported the company's quarterly performance.
However, the positives are likely to have been partially offset by higher financing costs, increased capacity expenses and elevated operations and maintenance costs. Lower contributions from Renewable Natural Gas, reduced nuclear production tax credits, share dilution and unfavorable tax impacts are also expected to have weighed on Dominion Energy’s third-quarter earnings.
D Stock’s Price PerformanceD’s shares have gained 7.7% in the past year compared with the Zacks Utility – Electric Power industry’s rise of 1.7%.
Image Source: Zacks Investment Research
Dominion Energy’s Shares Trading at a PremiumThe company is currently valued at a premium compared with its industry on a forward 12-month P/E basis. Dominion Energy is trading at 17.3X compared with its industry’s 14.57X.
Monolithic Power Systems má ve 3. čtvrtletí 2026 vykázat tržby ve výši 1,16 miliardy USD, oproti 737,2 milionu USD před rokem, a to díky datovým centrům pro AI.
Key Takeaways MPWR is expected to post Q3 2026 revenues of $1.16 billion, up from $737.2 million a year ago.Enterprise Data revenues are expected to hit $457.36 million on AI infrastructure and data center growth.Adjusted EPS is projected at $7.80, with growth expected across key segments.
Monolithic Power Systems, Inc. (MPWR - Free Report) is set to report third-quarter 2026 results on Oct. 29, after the closing bell. In the last reported quarter, the company delivered an earnings surprise of 10.54%. It pulled off a trailing four-quarter earnings surprise of 4.62%, on average, beating estimates on all occasions.
This Kirkland, WA-based company is expected to have reported higher revenues in the third quarter, supported by strong demand for artificial intelligence (AI) data center power solutions and communications products. The company’s focus on advanced power delivery technologies and expanding its product portfolio is also likely to have contributed to overall growth.
Factors at PlayMonolithic Power Systems is well positioned to capitalize on growing demand for advanced power management solutions in the third quarter of 2026. Enterprise Data is likely to have led performance, driven by rising investments in AI infrastructure and expanding data center capacity. The Communications segment is expected to have benefited from growing demand for advanced networking equipment. Meanwhile, increasing adoption of advanced driver assistance systems and other automotive technologies might have provided further growth opportunities. Its diversified presence across industrial, storage and computing, and consumer markets supports balanced growth and strengthens resilience against fluctuations in individual segments.
The consensus estimate for revenues from the Enterprise Data vertical is pegged at $457.36 million, implying solid growth from $191.48 million in the year-ago quarter. The Zacks Consensus Estimate for net sales in the Communication segment is pegged at $146.51 million, suggesting growth from $79.87 million in the year-ago quarter.
Contribution from the consumer vertical is expected to be $61.65 million, indicating a decline from $72.4 million reported in the year-ago quarter. The Zacks Consensus Estimate for net sales from the Industrial vertical is pegged at $56.61 million, suggesting an improvement from the $55.32 million reported in the prior-year quarter.
Revenues from the storage and computing vertical are expected to be $210.55 million, indicating an increase from the prior-year quarter’s tally of $186.57 million. Net sales from the automotive vertical are pegged at $172.42 million, indicating an increase from $151.54 million reported in the year-ago quarter.
For the September quarter, the Zacks Consensus Estimate for revenues is pegged at $1.16 billion, suggesting an increase from $737.2 million reported in the year-ago quarter. The consensus estimate for adjusted earnings per share is pegged at $7.80, implying growth from $4.73 reported in the prior-year quarter.
Earnings WhispersOur proven model predicts an earnings beat for Monolithic Power for the third quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is +1.35%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Monolithic Power carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks to ConsiderHere are some companies you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this season:
Shopify Inc. (SHOP - Free Report) has an Earnings ESP of +10.11% and sports a Zacks Rank #1 at present. It is set to release its third-quarter 2026 numbers on Nov. 3.
The Earnings ESP for Twilio Inc. (TWLO - Free Report) is +1.71%, and it carries a Zacks Rank of 2 at present. The company is scheduled to report third-quarter 2026 numbers on Oct. 29.
The Earnings ESP for Intel Corporation (INTC - Free Report) is +2.22%, and it carries a Zacks Rank of 2 at present. The company is scheduled to report third-quarter 2026 numbers on Oct. 29.
Like a poorly maintained wooden roller coaster, Six Flags Entertainment (FUN +2.88%) is looking pretty rickety these days. Shares of the country's largest operator of regional amusement parks have plummeted 45% over the past month -- down more than 60% over the last three months -- as a high-profile deadly roller coaster accident became the latest public relations nightmare for a business that was already struggling this year.
I want to make sure that I don't gloss over the passing of Hassan Jihad Ibn Kariem, the 42-year-old schoolteacher who died two weeks ago after falling out of the restraints of the Goliath hypercoaster at Six Flags Over Georgia. It's horrific. As a fellow coaster enthusiast who has been on that ride (and 275 other different roller coasters), I still can't get that accident out of my mind.
I still became a Six Flags shareholder on Monday of last week. Let me spell out why I think Six Flags makes sense for risk-tolerant investors at this point.
Image source: Getty Images.
1. Bargains aren't easy to find these days Bottom fishing is a dangerous sport, and in the near term, I'm an inept angler. Six Flags would go on to tumble another 17% last week.
Pessimism continues to run high when it comes to Six Flags. This week kicked off with Goldman Sachs slashing its price target on the shares from $15 to $6 on Monday morning, and it's not even the Street low. Mizuho earned that honor last week, cutting its earlier target to $5 a share.
"Be fearful when others are greedy, and greedy when others are fearful," Warren Buffett says.
I should point out that I know the stock's 60% slide over the past three months doesn't mean Six Flags has shed three-fifths of its value. Six Flags' market cap has taken a 60% hit to $700 million, but this company's roughly $5 billion in long-term debt inflates the enterprise value to $6 billion. The actual enterprise value that a potential acquirer would take on has only fallen by just over 10% since this summer.
I'm not expecting a potential buyer or even a private equity firm to save the day here. I just think market sentiment can eventually stabilize and turn positive, offering a higher ceiling for public investors than the obvious floor of zero.
FUN Six Flags Entertainment$6.97+$0.20 (+2.88%)
NYSE · As of 2:57 PM ET 10/26/26
2. The seasonal timing of the stock slide is bullishly convenient This week's Goldman Sachs update may seem rattling. The fresh analyst note highlights weak attendance trends, operational issues, and the debt-heavy balance sheet. Goldman Sachs says foot traffic data point to a 16% year-over-year decline so far this quarter, which is relevant because October accounts for the lion's share of the fourth quarter's results.
Seasonality is actually Six Flags' friend here. Outside of a couple of parks in the South, most of the chain's gated attractions close for the season shortly after the Halloween-themed events end. This time of the year, it's more about haunted houses and scare mazes than the actual scream machines that Six Flags had to temporarily close following the accident. It's already working on the modifications to make them safer.
In the meantime, Six Flags historically sees its fourth-quarter revenue cut in half from its peak third-quarter performance. The first quarter that follows sees its revenue decline by more than two-thirds from the fourth quarter.
Put another way, Six Flags has the next five months to fortify its safety procedures, reshape its 2027 season pass marketing approach, and move away from bearish headline fodder.
3. The spring is set for the next bullish catalyst Remember when Six Flags spiked last October on news that an activist investor teamed up with NFL great Travis Kelce (and Mr. Taylor Swift) to make a play on the park operator? And investors warmed up to Six Flags after selling seven of its weaker-performing destinations to EPR Properties (EPR +0.26%) in a $331 million deal earlier this year?
Kelce was ultimately tapped as brand ambassador for Six Flags. Selling some of its lesser parks to the recreational and leisure real estate investment trust (REIT) came at an enterprise value discount to the overall attendance and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) they contributed, but it provided an important cash windfall. The deal also helps Six Flags focus on its more financially successful attractions.
Six Flags will have a busy offseason. There will be more noise in the coming months, and all it takes is the next bullish spark to get the shares coasting in the right direction again.
