Společnost Stifel ve třetím čtvrtletí zvýšila zisk připadající na kmenové akcionáře o 11,3 % na 224,8 milionu USD, zatímco čisté výnosy zůstaly téměř beze změny na 1,43 miliardy USD.
ST. LOUIS, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.43 billion for the three months ended September 30, 2026, compared with $1.43 billion a year ago. Net income available to common shareholders was $224.8 million, or $1.40 per diluted common share, compared with $202.1 million, or $1.22 per diluted common share (1) for the third quarter of 2025. Non-GAAP net income available to common shareholders was $234.1 million, or $1.46 per diluted common share for the third quarter of 2026.
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel is on track for another record year, with year-to-date revenue of $4.3 billion up 9%, core earnings per share of $4.33 up 22%, and return on tangible common equity of 24.1%. The investments we’ve made in our business continued to drive operating efficiencies, as we delivered our highest ever third quarter earnings per share of $1.46, up 12% versus the prior year, on net revenue of $1.43 billion. I am optimistic about our outlook, as Stifel’s diversified business model, recurring revenue stream, and disciplined capital management position us to keep compounding value for shareholders.”
Highlights
The Company reported net revenues of $1.43 billion, the second best third quarter in its history, driven by higher asset management revenues and net interest income.Non-GAAP net income available to common shareholders of $1.46 per diluted common share, the best third quarter in its history.Asset management revenues increased 14% over the year-ago quarter.Net interest income increased 9% over the year ago quarter.Bank loans increased 21% over the year ago quarter.Client assets of $576.5 billion, up 6% over the year-ago quarter.Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.Non-GAAP pre-tax margin of 22.5%.Annualized return on tangible common equity (ROTCE) (6) of 23.9%.Tangible book value per common share (9) of $26.05, up 12% from prior year.The Company repurchased $124.0 million, or 1.6 million shares, of its outstanding common stock during the third quarter at an average price of $76.95.Announced strategic investment in Meow Technologies. Financial Summary (Unaudited)(000s)3Q 20263Q 20259m 20269m 2025GAAP Financial Highlights: Net revenues$1,426,211 $1,429,396 $4,355,176 $3,969,151 Net income(2)$224,823 $202,051 $684,078 $391,457 Diluted EPS(1) (2)$1.40 $1.22 $4.23 $2.37 Comp. ratio 57.0% 58.8% 57.3% 59.1% Non-comp. ratio 21.3% 21.2% 21.2% 26.7% Pre-tax margin 21.7% 20.0% 21.5% 14.2% Non-GAAP Financial Highlights: Net revenues$1,429,077 $1,429,398 $4,323,903 $3,969,231 Net income(2)(3)$234,096 $214,419 $700,872 $454,281 Diluted EPS(1) (2) (3)$1.46 $1.30 $4.33 $2.76 Comp. ratio(3) 56.6% 58.0% 57.0% 58.0% Non-comp. ratio(3) 20.9% 20.8% 20.9% 25.9% Pre-tax margin(4) 22.5% 21.2% 22.1% 16.1% ROCE(5) 17.4% 17.0% 17.5% 12.2% ROTCE(6) 23.9% 24.3% 24.1% 17.3% Global Wealth Management (assets and loans in millions) Net revenues$980,293 $907,440 $2,868,950 $2,603,630 Pre-tax net income$374,408 $342,650 $1,066,970 $775,111 Total client assets(7)$576,482 $544,010 Fee-based client assets(7)$239,661 $219,178 Bank loans(8)$26,065 $21,635 Institutional Group Net revenues$430,281$500,435$1,406,233$1,305,143Equity$282,574$296,677$915,506$753,037Fixed Income$147,707$203,758$490,727$552,106Pre-tax net income$76,261$89,291$266,348$177,762 Global Wealth Management
Global Wealth Management reported record net revenues of $980.3 million for the three months ended September 30, 2026, compared with $907.4 million during the third quarter of 2025. Pre-tax net income was $374.4 million compared with $342.7 million in the third quarter of 2025.
Highlights
Client assets of $576.5 billion, up 6% over the year-ago quarter, which included $10.2 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Fee-based client assets of $239.7 billion, up 9% over the year-ago quarter, which included $4.8 billion of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
Over the last twelve months, recruited trailing twelve-month production totaled approximately $19 million.
Net revenues increased 8% from a year ago:
Transactional revenues decreased 3% over the year-ago quarter, reflecting a decrease in client activity.
Asset management revenues increased 14% over the year-ago quarter, reflecting higher asset values due to improved market conditions and net new asset growth.
Net interest income increased 11% over the year-ago quarter primarily driven by balance sheet growth, partially offset by lower interest rates.
Total Expenses:
Compensation expense as a percentage of net revenues increased modestly to 48.8% primarily driven by higher revenue-related compensation, partially offset by revenue growth.
Provision for credit losses decreased from a year ago primarily as a result of a modest improvement in macroeconomic conditions, partially offset by loan growth in the retained portfolio and specific reserves on individual credits.
Non-compensation operating expenses as a percentage of net revenues decreased to 13.0% primarily attributable to lower litigation-related expenses, a decrease in the provision for credit losses, and revenue growth over the year-ago quarter.
Summary Results of Operations
(000s)
3Q 2026 3Q 2025 Net revenues$980,293$907,440 Transactional revenues 196,213 203,078 Asset management 492,123 431,363 Net interest income 284,583 257,327 Investment banking 6,731 6,529 Other income 643 9,143 Total expenses$605,885 $564,790 Compensation expense 478,877 441,626 Provision for credit losses 7,926 8,316 Non-comp. operating expenses 119,082 114,848 Pre-tax net income$374,408 $342,650 Compensation ratio 48.8% 48.7% Non-compensation ratio 13.0% 13.5% Pre-tax margin 38.2% 37.8% Institutional Group
Institutional Group reported net revenues of $430.3 million for the three months ended September 30, 2026, compared with $500.4 million during the third quarter of 2025. Pre-tax net income was $76.3 million compared with $89.3 million in the third quarter of 2025.
Highlights
Investment banking revenues decreased 6% from a year ago:
Advisory revenues decreased 4% from the year-ago quarter, driven by lower levels of completed advisory transactions.Equity capital raising revenues decreased 13% from the year-ago quarter, driven by lower volumes and smaller deal sizes.Fixed income capital raising revenues decreased 2% over the year-ago quarter primarily driven by lower bond issuances.
Fixed income transactional revenues decreased 34% from a year ago:
Fixed income transactional revenues were impacted by widening credit spreads, increased market volatility, and lower realized trading gains during the quarter.
Equity transactional revenues decreased 29% from a year ago:
Equity transactional revenues were impacted by lower realized trading gains, a decline in trading volumes over the year-ago quarter and the restructuring of our European Equities business, which resulted in a $7 million reduction in equity transactional revenues year over year.
Total Expenses:
Compensation expense as a percentage of net revenues decreased to 58.7% primarily attributable to lower revenue-related compensation due to a decline in revenues from the year ago quarter.
Non-compensation operating expenses as a percentage of net revenues increased to 23.6% primarily attributable to a decline in revenues from the year ago quarter. Summary Results of Operations
(000s) 3Q 2026 3Q2025 Net revenues$430,281 $500,435 Investment banking 299,472 316,954 Advisory 173,017 179,270 Equity capital raising 68,556 78,765 Fixed income capital raising 57,899 58,919 Fixed income transactional 80,472 122,567 Equity transactional 41,195 58,306 Other 9,142 2,608 Total expenses$354,020 $411,144 Compensation expense 252,656 297,106 Non-comp. operating expenses 101,364 114,038 Pre-tax net income$76,261 $89,291 Compensation ratio 58.7% 59.4% Non-compensation ratio 23.6% 22.8% Pre-tax margin 17.7% 17.8% Other Matters
Highlights
Total assets increased $3.6 billion, or 9%, from the year-ago quarter.Over the last twelve months, the Company repurchased $564.4 million, or 7.3 million shares, of its outstanding common stock at an average price of $77.05.Weighted average diluted shares outstanding decreased primarily due to share repurchases.The Board of Directors declared a $0.34 quarterly dividend per share, payable on September 15, 2026, to common shareholders of record on September 1, 2026.The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock, payable on September 15, 2026, to shareholders of record on September 1, 2026. 3Q 2026
3Q 2025
Common stock repurchases(1) Repurchases (000s)$124,005 $33,086 Number of shares (000s) 1,612 438 Average price$76.95 $75.57 Period end shares (000s) 150,061 152,922 Weighted average diluted shares outstanding (000s) 160,145 165,087 Effective tax rate 24.4% 26.1% Stifel Financial Corp.(10) Tier 1 common capital ratio`14.5% 14.8% Tier 1 risk-based capital ratio 17.0% 17.6% Tier 1 leverage capital ratio 10.8% 11.1% Tier 1 capital (MM)$4,665 $4,267 Risk weighted assets (MM)$27,450 $24,235 Average assets (MM)$43,060 $38,332 Quarter end assets (MM)$45,282 $41,687 AgencyRatingOutlookFitch RatingsBBB+StableS&P Global RatingsBBBStable Conference Call Information
Stifel Financial Corp. will host its third quarter 2026 financial results conference call on Wednesday, October 21, 2026, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.
All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (800) 330-6710 and referencing conference ID 9806728. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.
Company Information
Stifel Financial Corp. (NYSE: SF) is a diversified financial services firm providing wealth management, commercial and investment banking, trading, and research services to individuals, institutions, and municipalities. Founded in 1890 and headquartered in St. Louis, Missouri, the firm operates more than 400 offices across the United States and in major global financial centers. As a firm where success meets success, Stifel works closely with retail and institutional clients aiming to transform opportunities into achievement. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.
A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.
The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.
This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Summary Results of Operations (Unaudited)
Three Months Ended Nine Months Ended(000s, except per share amounts)9/30/20269/30/2025% Change6/30/2026% Change9/30/20269/30/2025% ChangeRevenues: Commissions$200,756$206,075(2.6) $221,462(9.3) $630,052$600,4144.9 Principal transactions 117,124 177,876(34.2) 140,091(16.4) 407,436 492,139(17.2) Investment banking 306,203 323,483(5.3) 331,954(7.8) 979,569 794,88523.2 Asset management 492,163 431,39914.1 456,6307.8 1,408,250 1,244,54813.2 Other income 8,299 14,228(41.7) 12,549(33.9) 76,527 28,499168.5 Operating revenues 1,124,545 1,153,061(2.5) 1,162,686(3.3) 3,501,834 3,160,48510.8 Interest revenue 510,624 481,5046.0 476,0937.3 1,437,766 1,434,1920.2 Total revenues 1,635,169 1,634,5650.0 1,638,779(0.2) 4,939,600 4,594,6777.5 Interest expense 208,958 205,1691.8 187,97511.2 584,424 625,526(6.6) Net revenues 1,426,211 1,429,396(0.2) 1,450,804(1.7) 4,355,176 3,969,1519.7 Non-interest expenses: Compensation and benefits 813,494 839,820(3.1) 833,018(2.3) 2,494,846 2,346,9766.3 Non-compensation operating expenses 303,092 303,530(0.1) 318,348(4.8) 925,195 1,058,945(12.6) Total non-interest expenses 1,116,586 1,143,350(2.3) 1,151,366(3.0) 3,420,041 3,405,9210.4 Income before income taxes 309,625 286,0468.2 299,4383.4 935,135 563,23066.0 Provision for income taxes 75,482 74,6751.1 72,9613.5 223,096 143,81255.1 Net income 234,143 211,37110.8 226,4773.4 712,039 419,41869.8 Preferred dividends 9,320 9,3200.0 9,321(0.0) 27,961 27,9610.0 Net income available to common shareholders$224,823$202,05111.3 $217,1563.5 $684,078$391,45774.8 Earnings per common share:(1) Basic$1.48$1.3113.0 $1.415.0 $4.45$2.5276.6 Diluted$1.40$1.2214.8 $1.344.5 $4.23$2.3778.5 Cash dividends declared per common share(1)$0.34$0.319.7 $0.340.0 $1.02$0.939.7 Weighted average number of common shares outstanding:(1) Basic 151,956 154,679(1.8) 154,234(1.5) 153,889 155,603(1.1) Diluted 160,145 165,087(3.0) 161,631(0.9) 161,744 164,877(1.9) Non-GAAP Financial Measures (11)
Three Months EndedNine Months Ended(000s, except per share amounts)9/30/20269/30/20259/30/20269/30/2025GAAP net income 234,143 $211,371 712,039 $419,418 Preferred dividend 9,320 9,320 27,961 27,961 Net income available to common shareholders 224,823 202,051 684,078 391,457 Non-GAAP adjustments: Net revenue adjustments (12) (13) 2,866 2 (31,273) 80 Merger-related (14) 8,219 12,676 50,090 45,635 Restructuring and severance (15) 1,174 4,065 3,504 31,106 Provision for income taxes (16) (2,986) (4,375) (5,527) (13,997)Total non-GAAP adjustments 9,273 12,368 16,794 62,824 Non-GAAP net income available to common shareholders$234,096 $214,419 $700,872 $454,281 Weighted average diluted shares outstanding (1) 160,145 165,087 161,744 164,877 GAAP earnings per diluted common share (1)$1.46 $1.28 $4.41 $2.53 Non-GAAP adjustments (1) 0.06 0.08 0.10 0.39 Non-GAAP earnings per diluted common share (1)$1.52 $1.36 $4.51 $2.92 GAAP earnings per diluted common share available to common shareholders (1)$1.40 $1.22 $4.23 $2.37 Non-GAAP adjustments (1) 0.06 0.08 0.10 0.39 Non-GAAP earnings per diluted common share available to common shareholders (1)$1.46 $1.30 $4.33 $2.76 GAAP to Non-GAAP Reconciliation (11) Three Months EndedNine Months Ended(000s)9/30/20269/30/20259/30/20269/30/2025GAAP net revenues$1,426,211 $1,429,396 $4,355,176 $3,969,151 Non-GAAP adjustments: Gain on sale of business (12) 2,866 — (44,418) — Litigation-related and other (13) — 2 13,145 80 Total non-GAAP adjustments 2,866 2 (31,273) 80 Non-GAAP net revenues$1,429,077 $1,429,398 $4,323,903 $3,969,231 GAAP compensation and benefits$813,494 $839,820 $2,494,846 $2,346,976 As a percentage of net revenues 57.0% 58.8% 57.3% 59.1% Non-GAAP adjustments: Merger-related (14) (3,463) (6,704) (25,226) (13,706)Restructuring and severance (15) (1,174) (4,065) (3,504) (31,106)Total non-GAAP adjustments (4,637) (10,769) (28,730) (44,812) Non-GAAP compensation and benefits$808,857 $829,051 $2,466,116 $2,302,164 As a percentage of non-GAAP net revenues 56.6% 58.0% 57.0% 58.0% GAAP non-compensation expenses$303,092 $303,530 $925,195 $1,058,945 As a percentage of net revenues 21.3% 21.2% 21.2% 26.7% Non-GAAP adjustments: Merger-related (14) (4,756) (5,972) (24,864) (31,929) Non-GAAP non-compensation expenses$298,336 $297,558 $900,331 $1,027,016 As a percentage of non-GAAP net revenues 20.9% 20.8% 20.9% 25.9% Total adjustments before income taxes$12,259 $16,743 $22,321 $76,821 Footnotes (1)All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.(2)Represents available to common shareholders.(3)Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”(4)Non-GAAP pre-tax margin is calculated by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”(5)Return on average common equity (“ROCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average common shareholders’ equity.(6)Return on average tangible common equity (“ROTCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were $95.0 million and $87.2 million as of September 30, 2026, and 2025, respectively.(7)Total client assets and fee-based client assets as of September 30, 2025, include $10.2 billion and $4.8 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.(8)Includes loans held for sale.(9)Tangible book value per common share, a non-GAAP financial measure, represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.(10)Capital ratios are estimates at the time of the Company’s earnings release, October 21, 2026.(11)The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” during its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.(12)Gain recognized on the sale of Stifel Independent Advisors, LLC during the first quarter of 2026.(13)Primarily related to prejudgment interest recognized on legal matters.(14)Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.(15)The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.(16)Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments. Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations
Louisbourg Investments ve třetím čtvrtletí snížila svůj podíl v Salesforce o 28,5 % prodejem 19 449 akcií. Nadále držela 48 717 akcií v hodnotě 11,184 milionu USD.
Louisbourg Investments Inc. reduced its position in shares of Salesforce Inc. (NYSE:CRM – Free Report) by 28.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 48,717 shares of the CRM provider’s stock after selling 19,449 shares during the quarter. Salesforce accounts for about 1.9% of Louisbourg Investments Inc.’s investment portfolio, making the stock its 13th biggest holding. Louisbourg Investments Inc.’s holdings in Salesforce were worth $11,184,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CRM. BlackRock Inc. purchased a new stake in shares of Salesforce during the second quarter valued at approximately $11,396,844,000. Arrowstreet Capital Limited Partnership raised its holdings in Salesforce by 130.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 12,659,217 shares of the CRM provider’s stock worth $2,363,096,000 after acquiring an additional 7,160,302 shares during the last quarter. Bank of America Corp DE purchased a new position in Salesforce in the 2nd quarter worth approximately $1,914,086,000. Legal & General Group Plc purchased a new position in Salesforce in the 2nd quarter worth approximately $927,332,000. Finally, Bank of New York Mellon Corp bought a new position in Salesforce in the 2nd quarter valued at approximately $844,928,000. Institutional investors own 80.43% of the company’s stock.
Salesforce News Summary Here are the key news stories impacting Salesforce this week:
Positive Sentiment: Salesforce agreed to acquire customer-engagement software provider Braze (NASDAQ: BRZE) for approximately $5.66 billion, paying $47.50 in cash per Braze Class A share—a premium of roughly 58%. Braze’s real-time marketing and customer-engagement tools could strengthen Salesforce’s AI-powered CRM and marketing offerings. Salesforce Signs Definitive Agreement to Acquire Braze Positive Sentiment: The transaction could help Salesforce expand its data and AI monetization strategy by combining Braze’s behavior-based engagement platform with Salesforce’s customer data, automation and agent technology. Rival Klaviyo’s advance suggests investors see broader strategic value for the customer-engagement software sector. Salesforce Buying Customer Engagement Firm Braze Positive Sentiment: Salesforce’s longer-term outlook remains supported by its AI-agent ambitions and enterprise data assets, including Informatica. One bullish analysis argues the shares could deliver substantial gains by 2030 if AI adoption accelerates and the company converts its installed base into recurring revenue. I Ran the Numbers on Salesforce: Here’s Where I Think It Could Be in 2030 Neutral Sentiment: The Braze deal is a strategic bet rather than an immediate earnings catalyst. Investors will look for details on funding, closing conditions, integration, revenue synergies and whether the acquisition improves Salesforce’s growth rate. Negative Sentiment: The cash purchase price and sizable premium raised concerns about capital allocation and whether Salesforce is overpaying in an increasingly competitive marketing-software market. Those concerns caused CRM shares to retreat initially despite the potential AI benefits. Salesforce Announces $5.66 Billion Deal for Braze Insiders Place Their Bets In other Salesforce news, Director Craig Conway sold 4,500 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $260.61, for a total value of $1,172,745.00. Following the transaction, the director owned 5,437 shares of the company’s stock, valued at approximately $1,416,936.57. This represents a 45.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Blair Kirk bought 4,176 shares of the company’s stock in a transaction on Friday, September 18th. The stock was purchased at an average cost of $239.33 per share, for a total transaction of $999,442.08. Following the completion of the transaction, the director directly owned 18,748 shares of the company’s stock, valued at approximately $4,486,958.84. The trade was a 28.66% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 3.50% of the stock is currently owned by corporate insiders. Salesforce Price Performance Shares of CRM opened at $242.77 on Wednesday. The firm has a market cap of $199.80 billion, a PE ratio of 22.13, a P/E/G ratio of 1.10 and a beta of 1.26. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.02. The firm has a fifty day simple moving average of $233.29 and a two-hundred day simple moving average of $195.68. Salesforce Inc. has a 1-year low of $146.32 and a 1-year high of $269.11.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The CRM provider reported $5.90 earnings per share for the quarter, beating the consensus estimate of $3.27 by $2.63. The firm had revenue of $11.35 billion for the quarter, compared to analysts’ expectations of $11.33 billion. Salesforce had a return on equity of 24.90% and a net margin of 21.99%. The company’s revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.91 EPS. Salesforce has set its FY 2027 guidance at 16.670-16.710 EPS and its Q3 2027 guidance at 3.420-3.440 EPS. On average, equities analysts anticipate that Salesforce Inc. will post 12.82 EPS for the current year.
Salesforce Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Thursday, September 17th. Salesforce’s dividend payout ratio is 16.04%.
Analyst Ratings Changes Several analysts have commented on the company. Wells Fargo & Company downgraded Salesforce from a “buy” rating to a “strong sell” rating in a research note on Monday, October 12th. Citizens Jmp reissued a “market outperform” rating and issued a $315.00 target price on shares of Salesforce in a report on Friday, September 18th. Susquehanna began coverage on Salesforce in a research note on Wednesday, July 1st. They issued a “neutral” rating for the company. JPMorgan Chase & Co. upped their price target on Salesforce from $250.00 to $265.00 and gave the company an “overweight” rating in a report on Thursday, August 27th. Finally, CLSA began coverage on Salesforce in a report on Monday, July 20th. They set a “hold” rating and a $165.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $278.40.
View Our Latest Analysis on Salesforce
Salesforce Company Profile (Free Report)
Salesforce, Inc (NYSE: CRM) is a global enterprise software company that provides cloud-based customer relationship management (CRM) technology. Its platform helps organizations manage sales, customer service, marketing, commerce, data, analytics and interactions with customers across digital and traditional channels.
The company’s products include Sales Cloud, Service Cloud, Marketing Cloud, Commerce Cloud and Data Cloud. Salesforce also offers Tableau for data visualization and analytics, MuleSoft for application integration, and Slack for workplace collaboration.
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Euronet spustil obchodní ekosystém OLON, který propojuje přijímání plateb, podnikové aplikace a doplňkové služby. První plné nasazení proběhne v Řecku přibližně u 225 000 obchodníků.
LEAWOOD, Kan., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Euronet (NASDAQ: EEFT), a global payments infrastructure company and leader in payment processing and cross-border transactions, today announced the launch of OLON, a next-generation commerce ecosystem designed to help businesses simplify complexity in accepting and processing payments, helping to accelerate their growth and unlock new opportunities in an increasingly connected economy, while also creating a scalable foundation for Euronet’s continued expansion in merchant services.
OLON, from the Greek word ‘όλον’, meaning ‘the whole’, represents completeness and the power of interconnected parts working together as one. In merchant services, this philosophy comes to life by connecting payments with technology, integrated business applications and systems and value-added services into a unified ecosystem that evolves and grows alongside the merchant. The result is a connected commerce experience that helps businesses operate more efficiently, grow more effectively and engage customers more meaningfully, while giving consumers greater choice, seamless interactions and enhanced value at every touchpoint.
This philosophy is structured around three interconnected pillars: Payments, Commerce and Growth. Together, they bring payment acceptance, business application integrations and value-added services into a single, adaptable ecosystem.
Modular, flexible and future-ready by design, OLON allows merchants to activate the capabilities most relevant to their business and add new ones as their needs evolve. Its modular architecture combines the simplicity of one ecosystem with the flexibility to support different merchant needs, enabling efficient deployment and expansion across markets.
One Scalable Ecosystem for Payments, Commerce and Growth
More than a payments platform, OLON is a unified commerce ecosystem that simplifies how merchants operate, manage and grow their business and how consumers interact with merchants.
At its core, OLON provides a comprehensive payment acceptance layer across physical and digital commerce, spanning every physical acceptance channel (desktop, mobile, unattended, tap on phone), eCommerce, payment links, international and domestic card schemes, digital wallets, account-to-account payments and local payment methods.
This breadth enables OLON to address the global market country by country, adapting its proposition to local market needs and specificities rather than imposing a one-size-fits-all model. Building on more than 30 years of presence in Europe, Euronet provides critical payments infrastructure across local markets, supported by established operations, connectivity to national payment networks and long-standing business relationships. This provides a strong foundation for OLON’s expansion.
Beyond payments, OLON becomes part of the merchant’s everyday business ecosystem. Seamless integrations with global and local technology providers across ERP, ECR, invoicing, fiscal, retail, hospitality, restaurants, booking, ticketing and other industry-specific applications connect payments directly to core business processes while meeting the needs of different verticals and markets. Reporting, settlement monitoring, customer loyalty, analytics and reconciliation capabilities provide merchants with a single environment to better understand, manage and control their operations.
Another key differentiator of OLON is its unique, growing portfolio of value-added services within the broader Euronet ecosystem, designed to strengthen customer engagement and unlock new revenue opportunities for merchants. These include tax-free shopping services, bill payments, digital wallets, foreign exchange (FX) solutions, liquidity services, and meal vouchers, among others. OLON also enables merchants to distribute digital products and services from leading international brands, transforming the point of sale from a payment acceptance endpoint into a broader commerce and service channel. By bringing these capabilities together in a single platform, OLON lets merchants enrich their customer proposition, differentiate their offering, generate additional revenue streams and expand their role in the digital economy, while giving Euronet more opportunities to deepen merchant relationships over time.
Built for Local Markets. Designed for Scalable Growth.
OLON creates a commerce ecosystem that can be deployed consistently across markets while adapting to each country's specific needs. A common platform can accommodate local payment preferences, regulatory requirements, business practices, global and local enterprise applications, and market-specific integrations. In a highly fragmented global market, Euronet’s established presence, infrastructure and market knowledge provide a strong foundation for growth.
Built around modularity, flexibility and adaptability, OLON lets merchants activate the capabilities that best fit their business today and expand as their needs evolve. OLON can add new payment methods, services, integrations and commerce capabilities over time, evolving alongside merchants, customers and the markets they serve while supporting disciplined expansion without building separate platforms for each market.
For consumers, OLON is designed to make everyday commerce simpler, more connected and more rewarding, giving people greater choice in how they pay while creating more seamless experiences across participating merchants. By bringing payments and merchant services into one connected ecosystem, OLON aims to strengthen the relationship between merchants and their customers and create greater value around every transaction.
For merchants, OLON is designed to make commerce simpler, smarter and more connected, bringing payments, business applications and value-added services together within one ecosystem. By giving businesses the tools to accept payments, manage and grow their operations and engage more effectively with customers, OLON aims to reduce complexity, improve efficiency and help merchants build stronger, more valuable customer relationships.
Nikos Fountas, EVP & CEO Payments Infrastructure Americas and EMEA, commented,
“OLON reflects our ambition to go beyond payment acceptance and create a broader commerce ecosystem that brings together the capabilities merchants need to operate, engage their customers and grow. Combined with Euronet’s international scale and assets, OLON creates an ecosystem that is locally relevant, accelerates merchant growth and scales consistently across markets.”
Greece to Be the First Market to Fully Deploy OLON
Building on Euronet’s merchant services presence in more than 15 European countries, OLON will fully roll out first in Greece, one of its initial markets, reaching approximately 225,000 merchants across 300,000 physical points of sale and 7,000 eShops. OLON is also taking shape in Germany and other Southern European markets, with capabilities tailored to each market's needs and dynamics. The ecosystem will continue to evolve, with new services and capabilities introduced to meet merchant needs and market opportunities.
Additional Information
Learn more about OLON on the Euronet website at www.euronet.com/olon.
About Euronet
Euronet (NASDAQ: EEFT) is a global payments infrastructure company and leader in payment processing and cross-border transactions, operating for more than 30 years and now serving clients in 200+ countries and territories. We support financial institutions, merchants and global brands with technology-driven solutions, while enabling businesses and consumers to send, receive and spend money seamlessly worldwide. By operating one of the world’s largest independent electronic payment networks spanning merchant acquiring, transaction processing and point-of-sale infrastructure, Euronet enables real-time, digital and cross-border movement of money at global scale. In 2025, Euronet processed more than 20 billion transactions across its network. Headquartered in Leawood, Kansas USA, Euronet operates from 74 offices worldwide. For more information, visit www.euronet.com.
Forward-Looking Statements
Statements contained in this news release that concern Euronet's or its management's intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from pandemics or other disease outbreaks; inflation; military conflicts in the Ukraine and the Middle East, and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments, including artificial intelligence affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions and digital assets; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.
Illumina v rámci předběžného přístupu zpřístupnila tři nástroje platformy BioInsight využívající AI k automatizaci genomické analýzy a prioritizaci variant.
DRAGEN Ultra, BioInsight Platform Workflow Orchestrator, and BioInsight Platform Learning Cohorts are now available in early access, incorporating new AI-driven approaches to analysis, automation, and discovery
The tools automate end-to-end informatics processes at scale and help customers build private data lakes to drive scientific and clinical research insights
, /PRNewswire/ -- Illumina, Inc. (NASDAQ: ILMN) today introduced three early-access capabilities on its BioInsight Platform that help researchers move faster from sequencing data to discovery. BioInsight Platform Workflow Orchestrator enables laboratories to operate consistent, traceable sequencing and informatics operations at scale. DRAGEN Ultra extends genomic analysis beyond variant calling, using Illumina AI models and knowledge resources to prioritize candidate variants, and sort large numbers of research samples. BioInsight Platform Learning Cohorts, paired with the previously announced BioInsight Data, helps researchers investigate patterns across large genomic, multiomic, and phenotypic datasets, placing individual findings in their more informative biological and population context.
The new Workflow Orchestrator is designed to run each genomic analysis as a connected process, from sample tracking, through sequencer run planning, secondary analysis, quality control, and tertiary software for insight generation.
DRAGEN Ultra extends genomic analysis beyond variant calling by combining Illumina genomic AI models and proprietary knowledge resources to help prioritize variants for further investigation.
The Learning Cohorts tool will help researchers move beyond single sample evaluation and into dynamic knowledge generation in which every sample informs future discovery.
Together, the capabilities help research organizations operate consistent, efficient genomic workflows at scale, focus investigation on the samples and variants that matter, and place those findings in the context of larger genomic and multiomic populations.
"The promise of genomics depends on generating vast and complex data, then distilling that data into insights that advance discovery," said Rami Mehio, senior vice president and general manager of BioInsight at Illumina. "Researchers need consistent, scalable, reproducible workflows, AI that helps identify the samples and findings that matter most, and the ability to study those samples across increasingly large and diverse cohorts. We've put all our new development energy into new capabilities to make it easy to scale insight generation, so research organizations can focus on advancing the science rather than assembling and maintaining software."
The Illumina BioInsight Platform, which debuted last week, offers a suite of genomic and multiomics software tools and data sources. Researchers can choose the capabilities they need and link them together, designing workflows that best suit their science and adding capabilities as their programs grow.
BioInsight Platform Workflow Orchestrator enables connection to Illumina sequencers for automated, scaled genomics operations
As datasets grow and workflows become more complex, research organizations need consistent quality, reproducibility, and traceability at every stage of sequencing and analysis.
The new workflow orchestration software is designed to run each genomic analysis as a connected process, from sample tracking, through sequencer run planning, secondary analysis, quality control, and tertiary software for insight generation. A visual workflow builder allows customers to start from an Illumina authored template and configure specific parameters to reflect their individual lab innovations. Lab scientists define the workflow and the software executes it efficiently, consistently, and compliantly across tens of thousands of samples, enabling teams to scale operations without adding complexity.
In Workflow Orchestrator, each sample maintains a single identity across software tools, providing complete result lineage covering the inputs, software versions, settings, and quality metrics that produced them. This gives research organizations a reproducible, audit-ready operational foundation for genomic analysis.
For over a decade, DRAGEN has provided industry leading performance, accuracy, and capabilities in the field of genomic secondary analysis. The new DRAGEN Ultra capability extends genomic analysis beyond variant calling by combining Illumina genomic AI models and proprietary knowledge resources to help prioritize variants for further investigation, accelerating the path from variant identification to genomic insights. DRAGEN Ultra is available on the Illumina BioInsight Platform as well as customer premises, private clouds, and air-gapped environments.
Now in early access, the technology is designed to support a range of research applications, including rare disease, population genomics, and multiomic studies. By integrating annotation and prioritization with variant calls, DRAGEN Ultra provides more complete insights for large scale projects.
DRAGEN Ultra will include dnaAI, a new variant prioritization model that predicts which variants are most likely to explain an observed phenotype. Developed by the BioInsight AI Lab, the new model was featured in a plenary session at ASHG, where Illumina revealed early research findings from the model. Applying dnaAI to large scale datasets resulted in an 8% increase in disease associations across unsolved cases. The model also ranked previously established disease-associated variants among its top four candidates in 99.4% of genomes analyzed. In addition to the new dnaAI feature, DRAGEN Ultra also draws on Illumina models designed to address distinct classes of biological variation, including PrimateAI-3D, PromoterAI, and the newly announced SpliceAI2.
The Learning Cohorts tool, also in early access, will help researchers move beyond single sample evaluation and into dynamic knowledge generation in which every sample informs future discovery. Researchers can explore genomic, multiomic, and associated phenotypic data across large private sample collections, compare individual observations with broader populations, and investigate associations that may not be visible within any one sample. The Learning Cohorts tool makes capabilities available to private researchers that were traditionally only available with large public cohorts.
Researchers can begin with a scientific question, identify relevant populations from available datasets, and dynamically build cohorts for further analysis. For example, a researcher investigating a rare variant can identify subjects sharing similar genomic features or phenotypes, compare outcomes across groups, and explore associations that may warrant further study. This approach supports a shift from executing analyses on predetermined groups to discovering and investigating populations at scale.
Previously announced BioInsight Data adds curated reference datasets that researchers can use to enrich institutional cohorts and place findings in broader biological and population contexts. Together, the Learning Cohorts tool and BioInsight Data allow researchers to examine patterns across datasets, generate new hypotheses, and build research resources that become more informative as additional genomic, multiomic, and phenotypic data are added.
The three new applications are available for early access customers via the Illumina BioInsight Platform.
Illumina introduced the capabilities at the annual meeting of the American Society of Human Genetics (ASHG) in Montréal.
ASHG attendees can learn more about DRAGEN Ultra, BioInsight Workflow Orchestrator, and Learning Cohorts at Illumina booth #701 and during Illumina's Industry Education session on Friday, Oct 23, 12:15 PM–1:15 PM (ET) in Room 513 ABC. Learn more about the Illumina BioInsight Platform here.
About Illumina
Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit illumina.com and connect with us on X, Facebook, LinkedIn, Instagram, TikTok, and YouTube.
, /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2026.
2026 Third Quarter Results:
New contracts decreased 2% to 1,861
Homes delivered decreased 2% to 2,241
Revenue declined 5% to $1.1 billion
Gross margin of 20.9%; 21.3% excluding inventory charges
Pre-tax income of $87 million, including inventory charges of $5 million, down 38%
Net income of $67 million ($2.56 per diluted share) versus $107 million ($3.92 per diluted share)
Shareholders' equity reached a record $3.3 billion, with book value per share increasing to a record $130
Repurchased $50 million of common stock
Homebuilding debt to capital ratio of 18%
The Company reported pre-tax income of $86.9 million and net income of $66.6 million ($2.56 per diluted share). These results include pre-tax inventory charges of $4.7 million ($0.14 per diluted share). This compares to pre-tax income of $139.8 million and net income of $106.5 million, or $3.92 per diluted share, for the third quarter of 2025. For the nine months ended September 30, 2026, pre-tax income was $280.6 million and net income was $213.5 million, or $8.14 per diluted share. This compared to pre-tax income of $446.0 million and net income of $339.0 million, or $12.32 per diluted share, for the same period of 2025.
Homes delivered in 2026's third quarter decreased 2% to 2,241 homes. This compares to 2,296 homes delivered in 2025's third quarter. Homes delivered for the nine months ended September 30, 2026 were 6,361 compared to 2025's deliveries of 6,620 for the nine months ended September 30, 2025, a decrease of 4%. New contracts decreased 2% to 1,861 for the third quarter of 2026 compared to 1,908 in last year's third quarter. For the first nine months of 2026, new contracts were 6,598 compared to 6,278 in 2025, an increase of 5%. Homes in backlog at September 30, 2026 had a total sales value of $1.1 billion, a 9% decrease from a year ago. Backlog units at September 30, 2026 decreased 7% to 2,046 homes, with an average sales price of $539,000. At September 30, 2025, backlog sales value was $1.2 billion, with backlog units of 2,189 and an average sales price of $553,000. M/I Homes had 246 communities at September 30, 2026 compared to 233 communities at September 30, 2025. The Company's cancellation rate was 12% in both the third quarter of 2026 and 2025.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "Our third quarter results reflect increasingly difficult market conditions, including higher mortgage interest rates, weaker demand and growing economic uncertainty. Notwithstanding these conditions, we produced fairly solid results generating $87 million of pre-tax income, equating to an 8% return. Despite the current conditions, we remain confident in the long-term fundamentals of the housing industry. Our financial condition is excellent, is highlighted by a very strong balance sheet with record shareholders' equity of $3.3 billion, no borrowings under our $900 million unsecured credit facility, cash of $621 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of 2%. We are well positioned to manage through this current cycle given the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities."
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through October 2027.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
New contracts
1,861
1,908
6,598
6,278
Average community count
240
234
236
228
Cancellation rate
12 %
12 %
10 %
12 %
Backlog units
2,046
2,189
2,046
2,189
Backlog sales value
$1,103,044
$1,210,790
$1,103,044
$1,210,790
Homes delivered
2,241
2,296
6,361
6,620
Average home closing price
$ 460
$ 477
$ 459
$ 477
Homebuilding revenue:
Housing revenue
$1,031,362
$1,095,418
$2,921,946
$3,159,924
Land revenue
11,963
1,724
41,777
12,933
Total homebuilding revenue
$1,043,325
$1,097,142
$2,963,723
$3,172,857
Financial services revenue
32,744
34,649
96,311
97,619
Total revenue
$1,076,069
$1,131,791
$3,060,034
$3,270,476
Cost of sales - operations
846,869
854,122
2,388,544
2,453,405
Cost of sales - inventory charges
4,723
7,583
8,923
7,583
Gross margin
$ 224,477
$ 270,086
$ 662,567
$ 809,488
General and administrative expense
76,568
70,766
207,952
197,086
Selling expense
64,611
64,049
183,974
180,490
Operating income
$ 83,298
$ 135,271
$ 270,641
$ 431,912
Interest income, net of interest expense
(3,578)
(4,548)
(9,969)
(14,122)
Income before income taxes
$ 86,876
$ 139,819
$ 280,610
$ 446,034
Provision for income taxes
20,323
33,329
67,157
107,064
Net income
$ 66,553
$ 106,490
$ 213,453
$ 338,970
Earnings per share:
Basic
$ 2.62
$ 4.01
$ 8.31
$ 12.60
Diluted
$ 2.56
$ 3.92
$ 8.14
$ 12.32
Weighted average shares outstanding:
Basic
25,431
26,544
25,699
26,895
Diluted
25,949
27,188
26,233
27,513
M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)
As of
September 30,
2026
2025
Assets:
Total cash, cash equivalents and restricted cash
$ 620,595
$ 734,174
Mortgage loans held for sale
232,575
239,585
Inventory:
Lots, land and land development
1,846,926
1,743,476
Land held for sale
37,867
9,231
Homes under construction
1,488,266
1,457,843
Other inventory
227,589
202,280
Total Inventory
$ 3,600,648
$ 3,412,830
Property and equipment - net
34,884
32,668
Investments in joint venture arrangements
87,167
81,514
Operating lease right-of-use assets
49,793
50,322
Goodwill
16,400
16,400
Deferred income tax asset
4,508
13,451
Other assets
213,595
188,600
Total Assets
$ 4,860,165
$ 4,769,544
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net
$ 399,007
$ 398,233
Senior notes due 2030 - net
298,251
297,747
Total Debt - Homebuilding Operations
$ 697,258
$ 695,980
Notes payable bank - financial services operations
230,424
231,979
Total Debt
$ 927,682
$ 927,959
Accounts payable
229,132
257,981
Operating lease liabilities
51,637
51,968
Other liabilities
399,147
382,187
Total Liabilities
$ 1,607,598
$ 1,620,095
Shareholders' Equity
3,252,567
3,149,449
Total Liabilities and Shareholders' Equity
$ 4,860,165
$ 4,769,544
Book value per common share
$ 129.94
$ 120.44
Homebuilding debt to capital ratio (1)
18 %
18 %
(1)
The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Cash (used in) provided by operating activities
$ (13,319)
$ 43,414
$ 159,218
$ 146,056
Cash used in investing activities
$ (34,013)
$ (15,452)
$ (40,768)
$ (30,698)
Cash used in financing activities
$ (68,014)
$ (94,186)
$ (187,044)
$ (202,754)
Land/lot purchases
$ 135,209
$ 115,372
$ 345,505
$ 363,106
Land development spending
$ 154,418
$ 181,320
$ 413,523
$ 421,927
Land sale revenue
$ 11,963
$ 1,724
$ 41,777
$ 12,933
Land sale gross profit
$ 2,304
$ 163
$ 9,994
$ 4,151
Financial services pre-tax income
$ 13,432
$ 16,598
$ 41,952
$ 47,180
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income
$ 66,553
$ 106,490
$ 213,453
$ 338,970
Add:
Provision for income taxes
20,323
33,329
67,157
107,064
Interest income - net
(6,484)
(8,118)
(18,480)
(23,885)
Interest amortized to cost of sales
7,915
7,651
22,561
22,779
Depreciation and amortization
5,775
5,116
16,362
14,797
Non-cash charges
9,357
12,108
22,303
20,224
Adjusted EBITDA
$ 103,439
$ 156,576
$ 323,356
$ 479,949
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
NEW CONTRACTS
Three Months Ended
Nine Months Ended
September 30,
September 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
746
742
1 %
2,788
2,680
4 %
Southern
1,115
1,166
(4) %
3,810
3,598
6 %
Total
1,861
1,908
(2) %
6,598
6,278
5 %
HOMES DELIVERED
Three Months Ended
Nine Months Ended
September 30,
September 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
949
942
1 %
2,593
2,735
(5) %
Southern
1,292
1,354
(5) %
3,768
3,885
(3) %
Total
2,241
2,296
(2) %
6,361
6,620
(4) %
BACKLOG
September 30, 2026
September 30, 2025
Dollars
Average
Dollars
Average
Region
Units
(millions)
Sales Price
Units
(millions)
Sales Price
Northern
1,031
$ 595
$ 577,000
1,081
$ 609
$ 563,000
Southern
1,015
$ 508
$ 501,000
1,108
$ 602
$ 544,000
Total
2,046
$ 1,103
$ 539,000
2,189
$ 1,211
$ 553,000
LAND POSITION SUMMARY
September 30, 2026
September 30, 2025
Lots
Lots Under
Lots
Lots Under
Region
Owned
Contract
Total
Owned
Contract
Total
Northern
6,880
13,396
20,276
7,140
10,843
17,983
Southern
16,545
12,113
28,658
17,268
15,374
32,642
Total
23,425
25,509
48,934
24,408
26,217
50,625
M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (1)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Income before income taxes
$ 86,876
$ 139,819
$ 280,610
$ 446,034
Add: Inventory charges (2)
4,723
7,583
8,923
7,583
Adjusted income before income taxes
$ 91,599
$ 147,402
$ 289,533
$ 453,617
Net income
$ 66,553
$ 106,490
$ 213,453
$ 338,970
Add: Inventory charges - net of tax (2)
3,618
5,991
6,788
5,991
Adjusted net income
$ 70,171
$ 112,481
$ 220,241
$ 344,961
Inventory charges - net of tax (2)
$ 3,618
$ 5,991
$ 6,788
$ 5,991
Divided by: Diluted weighted average shares outstanding
25,949
27,188
26,233
27,513
Diluted earnings per share related to inventory charges (2)
$ 0.14
$ 0.22
$ 0.26
$ 0.22
Add: Diluted earnings per share
2.56
3.92
8.14
12.32
Adjusted diluted earnings per share
$ 2.70
$ 4.14
$ 8.40
$ 12.54
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
(2)
Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.
TransUnion (NYSE: TRU) spustil řešení Transaction Matching, které propojuje platební transakce s trvalými identitami zákazníků a pomáhá maloobchodníkům rozlišovat mezi novými a vracejícími se zákazníky.
CHICAGO, Oct. 21, 2026 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) today announced the launch of Transaction Matching, a solution that connects transaction activity to persistent, privacy-conscious customer identities. The offering leverages Fiserv’s Unknown Shopper solution to help merchants recognize previously unidentified shoppers, including loyalty members who paid with a new card, or shoppers who paid using tap-to-pay or mobile wallet.
Merchants can then enrich pseudonymized customer profiles with demographic and lifestyle insights to better understand purchasing behavior and deliver more relevant offers.
“Transaction Matching helps merchants recognize more of the customers they already serve,” said Brian Silver, EVP of Global Marketing Solutions at TransUnion. “By connecting transaction activity with pseudonymized customer profiles, merchants can reduce duplicate records, better understand the customer journey and apply those insights across advertising, analytics and measurement.”
This is the first collaboration under TransUnion’s broader Transaction Matching solution, giving merchants a new way to unlock the value of customers who have traditionally been overlooked. It empowers merchants and brands to:
Bring unknown shoppers into focus: Connect previously unidentified in-store transactions to persistent customer identities.
Separate new customers from repeat customers: Identify returning customers who use a different payment card and measure new-customer acquisition more accurately.
Enrich customer profiles: Add demographic and lifestyle insights to help improve customer analysis and engagement.
Reduce payment method blind spots: Associate different card-based payment methods, inclusive of debit and credit card dip and swipe, tap-to-pay, and mobile wallet, with a single customer profile.
“Before partnering with TransUnion and Fiserv, a new credit card could look like a new customer, even when it belonged to a loyalty member,” explained Alisa Stewart, Director of Customer Relationship Management at Red Lobster. “Now we can easily distinguish new customers from returning guests and combine behavioral and demographic insights to better understand and engage them.”
Connecting customer intelligence across commerce and advertising
The collaboration connects complementary transaction and identity capabilities across the advertising and commerce ecosystems. This gives merchants a more complete view of customer activity while maintaining privacy-conscious controls.
“Many merchants have an incomplete view of their customers because transactions can appear disconnected across cards and payment methods,” said Prasanna Dhore, Chief Data Officer at Fiserv. “By working with TransUnion, we’re helping brands like Red Lobster recognize more of the customers already transacting with them, distinguish new customers and turn those insights into smarter marketing and growth decisions.”
To learn more about TransUnion’s Marketing Solutions, click here.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments, we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Prosperity Bancshares zvýšila čtvrtletní dividendu o 6,67 % na 0,64 USD na akcii; bude vyplacena 4. ledna 2027 akcionářům evidovaným k 15. prosinci 2026.
, /PRNewswire/ -- Prosperity Bancshares, Inc.® (NYSE: PB) today announced that its Board of Directors declared a quarterly common stock dividend of $0.64 per share for the fourth quarter of 2026, payable January 4, 2027, to shareholders of record as of December 15, 2026. The fourth quarter dividend represents an increase of $0.04 per share, or 6.67%, from the prior quarter.
Prosperity Bancshares, Inc.®
As of June 30, 2026, Prosperity Bancshares, Inc.® is a $43.873 billion Houston, Texas based regional financial holding company providing personal banking services and investments to consumers and small to medium sized businesses throughout Texas and Oklahoma.
Founded in 1983, Prosperity believes in a community banking philosophy, taking care of customers, businesses, and communities in the areas it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management.
Prosperity currently operates 352 full-service banking locations: 62 in the Houston area, including The Woodlands; 40 in the South Texas area including Corpus Christi and Victoria; 60 in the Dallas/Fort Worth area; 20 in the East Texas area; 26 in the Central Texas area including Austin; 7 in the San Antonio area; 45 in the West Texas area including Lubbock, Midland Odessa, Abilene; Amarillo and Wichita Falls; 15 in the Bryan/College Station area, 6 in the Central Oklahoma area; 8 in the Tulsa, Oklahoma area, 11 in the Central Texas area and San Antonio area doing business as Texas Partners Bank and 52 in the Houston and Dallas areas doing business as Stellar Bank.
Cautionary Notes on Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as "aim," "anticipate," "estimate," "expect," "goal," "guidance," "intend," "is anticipated," "is expected," "is intended," "objective," "plan," "projected," "projection," "will affect," "will be," "will continue," "will decrease," "will grow," "will impact," "will increase," "will incur," "will reduce," "will remain," "will result," "would be," variations of such words or phrases (including where the word "could," "may," or "would" is used rather than the word "will" in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. Forward-looking statements include all statements other than statements of historical fact, including forecasts or trends, and are based on current expectations, assumptions, estimates and projections about Prosperity Bancshares and its subsidiaries. These forward-looking statements may include information about Prosperity's possible or assumed future economic performance or future results of operations, including future revenues, income, expenses, provision for loan losses, provision for taxes, effective tax rate, earnings per share and cash flows and Prosperity's future capital expenditures and dividends, future financial condition and changes therein, including changes in Prosperity's loan portfolio and allowance for loan losses, future capital structure or changes therein, as well as the plans and objectives of management for Prosperity's future operations, future or proposed acquisitions, the future or expected effect of acquisitions on Prosperity's operations, results of operations, financial condition, and future economic performance, statements about the anticipated benefits of a proposed transaction, and statements about the assumptions underlying any such statement. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Prosperity's control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to whether Prosperity can: successfully identify acquisition targets and integrate the businesses of acquired companies and banks; continue to sustain its current internal growth rate or total growth rate; provide products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its sales objectives. Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); the possibility that the anticipated benefits of an acquisition transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of two companies or as a result of the strength of the economy and competitive factors generally; a deterioration or downgrade in the credit quality and credit agency ratings of the securities in Prosperity's securities portfolio; customer and consumer demand, including customer and consumer response to marketing; effectiveness of spending, investments or programs; fluctuations in the cost and availability of supply chain resources; economic conditions, including currency rate, interest rate and commodity price fluctuations; and weather. These and various other factors are discussed in Prosperity Bancshares' Annual Report on Form 10-K for the year ended December 31, 2025 and other reports and statements Prosperity Bancshares has filed with the Securities and Exchange Commission ("SEC"). Copies of the SEC filings for Prosperity Bancshares may be downloaded from the Internet at no charge from http://www.prosperitybankusa.com.
New York, New York--(Newsfile Corp. - October 21, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against The Chemours Company ("Chemours" or the "Company") (NYSE: CC) on behalf of investors that purchased or otherwise acquired Chemours securities between February 20, 2026 and August 4, 2026 (the "Class Period").
CLICK HERE TO JOIN THE CASE
If you are an investor in Chemours and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than December 7, 2026 for an opportunity to be lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
According to the complaint, on August 4, 2026, after market, Chemours announced second quarter 2026 financial results. Among other things, the Company allegedly reduced its adjusted EBITDA full-year guidance to $775 million to $825 million (from $800 million to $900 million previously). Further, in the accompanying earnings call, management allegedly admitted that "[a]s a result of the initial channel fill, aftermarket customers built additional inventory, creating an oversupplied channel heading into 2026." On this news, the price of Chemours stock fell $3.34 per share, or 18.63%, to close at $14.59 per share on August 5, 2026.
The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) Defendants had materially overstated aftermarket demand for their Opteon products; (ii) demand for such products was decreasing as a result of Defendants' overselling Opteon products in the preceding fiscal year; and (iii) as a result of these undisclosed issues, Defendants' financial guidance for the 2026 fiscal year was unreliable.
CLICK HERE TO LEARN MORE
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Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.
Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.
For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.
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Analog Devices doporučuje akcionářům odmítnout nabídku společnosti Tutanota na odkup až 100 000 akcií ADI za 525 USD za akcii, která je podmíněna vyšší tržní cenou a zajištěním financování.
, /PRNewswire/ -- Analog Devices, Inc. (NASDAQ: ADI) today announced that it has received notice of an unsolicited mini-tender offer by Tutanota LLC ("Tutanota") to purchase up to 100,000 shares of ADI common stock at a price of $525.00 per share in cash. The offer price of $525.00 per share is conditioned on, among other things, the closing price per share of ADI common stock exceeding $525.00 per share on the last trading day before the offer expires. Although the offer price is currently above the market price of ADI common stock, this condition means that, unless it is waived by Tutanota, tendering ADI shareholders whose shares are purchased in the offer would receive a price below the market price of ADI common stock at the time the offer closes. If the condition is not satisfied, Tutanota is not obligated to purchase any shares. The shares subject to Tutanota's offer represent less than 0.03% of ADI's shares of common stock outstanding as of the October 12, 2026 offer date.
ADI recommends that shareholders do not tender their shares in response to Tutanota's offer because the offer requires that the closing stock price for ADI's common stock exceed the offer price, and it is subject to numerous additional conditions, including Tutanota obtaining financing for the offer, which Tutanota indicates it does not currently have. There is no guarantee the conditions of the offer will be satisfied. Under the terms of the offer, Tutanota can extend the offer and delay payment beyond the expiration date of the offer, currently scheduled for 5:00 p.m., New York City time, on Monday, November 16, 2026. The offer states that Tutanota expects to extend the offer for successive periods of 45 to 180 days until ADI's stock price exceeds $525.00 per share, during which time shareholders who have tendered may be unable to sell their tendered shares unless they withdraw them. Per the terms of the offer, shareholders who tender (or have already tendered) their shares can withdraw them prior to the expiration of the offer.
ADI does not endorse Tutanota's unsolicited mini-tender offer and is not affiliated or associated in any way with Tutanota, its mini-tender offer, or its offer documentation.
Tutanota has made similar mini-tender offers for shares of other publicly traded companies. A mini-tender offer is an offer that would result in the bidder holding not more than 5 percent of a company's outstanding shares, thereby avoiding many disclosure and procedural requirements of the U.S. Securities and Exchange Commission ("SEC") that apply to offers for more than 5 percent of a company's outstanding shares. As a result, mini-tender offers do not provide investors with the same level of protections as provided for larger tender offers under U.S. securities laws.
The SEC has cautioned investors that some bidders making mini-tender offers at below-market prices are "hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." More on the SEC's guidance to investors on mini-tender offers is available at SEC.gov | Mini-Tender Offers: Tips for Investors.
ADI urges investors to obtain current market quotations for their shares, to consult with their broker or financial advisor and to exercise caution with respect to Tutanota's offer. ADI recommends that shareholders who have not responded to Tutanota's offer take no action. Shareholders who have already tendered their shares may withdraw them at any time prior to the expiration of the offer, in accordance with Tutanota's offer documentation. Tutanota may extend the offering period at its discretion.
ADI encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosure at Letter to SIA re: Broker-Dealer Mini-Tender Offer Dissemination and Disclosures and the NASD Notice to Members 99-53 issued in July 1999 regarding guidance to members forwarding mini-tender offers to their customers, which can be found at https://www.finra.org/sites/default/files/NoticeDocument/p004221.pdf.
ADI requests that a copy of this news release be included with all distributions of materials relating to Tutanota's mini-tender offer related to shares of ADI common stock.
About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.
CONTACT:
Jeff Ambrosi
Senior Director, Investor Relations
Analog Devices
[email protected]
(781) 461-3282
Ferda Millan
Global PR and External Communications
Analog Devices
[email protected]
(408) 373-1854
Diversify Advisory Services LLC acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 159,393 shares of the semiconductor company’s stock, valued at approximately $38,452,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Marvell Technology by 34.1% in the second quarter. BlackRock Inc. now owns 85,641,174 shares of the semiconductor company’s stock valued at $25,511,649,000 after buying an additional 21,798,190 shares during the last quarter. State Street Corp lifted its stake in shares of Marvell Technology by 79.3% in the second quarter. State Street Corp now owns 41,834,272 shares of the semiconductor company’s stock worth $12,462,011,000 after buying an additional 18,495,866 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Marvell Technology in the second quarter worth about $2,607,795,000. Bank of New York Mellon Corp lifted its stake in shares of Marvell Technology by 153.3% in the second quarter. Bank of New York Mellon Corp now owns 7,957,985 shares of the semiconductor company’s stock worth $2,370,604,000 after buying an additional 4,815,725 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in Marvell Technology during the second quarter worth about $1,742,526,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.
Insiders Place Their Bets In related news, COO Chris Koopmans sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $180.50, for a total value of $1,805,000.00. Following the transaction, the chief operating officer directly owned 227,941 shares in the company, valued at approximately $41,143,350.50. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Justin Scarpulla sold 1,100 shares of the stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $273.59, for a total value of $300,949.00. Following the completion of the transaction, the chief accounting officer owned 909 shares of the company’s stock, valued at $248,693.31. The trade was a 54.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 57,285 shares of company stock valued at $12,837,063. Insiders own 0.12% of the company’s stock.
Trending Headlines about Marvell Technology Here are the key news stories impacting Marvell Technology this week: Positive Sentiment: Analysts and investors remain optimistic about Marvell’s AI opportunity. Coverage highlights robust demand for AI infrastructure products, improving long-term revenue visibility, and the company’s reported six-year, $120 billion agreement with Alphabet. Is Marvell Technology a Millionaire-Maker Stock? Positive Sentiment: GF Securities said a reported delay to Google’s next tensor processing unit should not materially damage Marvell’s position among custom-chip suppliers, helping ease concerns about near-term project timing. Marvell Jumps as Google Chip Delay Is Viewed as Manageable Positive Sentiment: Recent analyst support, including a fair-value increase tied to AI growth expectations, is reinforcing the bullish case for MRVL. Marvell Stock Sees Fair Value Lift Positive Sentiment: Marvell’s upcoming dividend payment provides a modest income-related catalyst and may attract investors seeking exposure to semiconductor infrastructure. Marvell to Pay Dividends Next Week Analyst Ratings Changes Several analysts recently issued reports on the stock. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Marvell Technology in a research note on Tuesday, October 6th. Royal Bank Of Canada raised their target price on shares of Marvell Technology from $360.00 to $425.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 7th. The Goldman Sachs Group reissued a “neutral” rating and issued a $270.00 target price on shares of Marvell Technology in a research note on Wednesday, October 7th. Needham & Company LLC boosted their target price on Marvell Technology from $300.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, October 7th. Finally, KeyCorp restated an “overweight” rating on shares of Marvell Technology in a research report on Wednesday, October 7th. Three research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $327.36.
View Our Latest Research Report on Marvell Technology
Marvell Technology Price Performance Marvell Technology stock opened at $240.42 on Wednesday. Marvell Technology, Inc. has a 12-month low of $70.68 and a 12-month high of $329.88. The stock has a market cap of $210.82 billion, a P/E ratio of 79.35, a PEG ratio of 7.07 and a beta of 2.26. The company has a 50-day moving average price of $242.27 and a 200 day moving average price of $218.93. The company has a current ratio of 3.17, a quick ratio of 2.62 and a debt-to-equity ratio of 0.27.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last issued its earnings results on Thursday, August 27th. The semiconductor company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. Marvell Technology had a net margin of 27.93% and a return on equity of 13.57%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.72 billion. During the same period in the previous year, the firm earned $0.67 earnings per share. Marvell Technology’s quarterly revenue was up 36.5% compared to the same quarter last year. Marvell Technology has set its Q3 2027 guidance at 1.050-1.150 EPS. Sell-side analysts anticipate that Marvell Technology, Inc. will post 3.05 earnings per share for the current year.
Marvell Technology Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, October 29th. Stockholders of record on Friday, October 9th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Friday, October 9th. Marvell Technology’s payout ratio is presently 7.92%.
(Free Report)
Marvell Technology, Inc (NASDAQ: MRVL) is a semiconductor company that develops infrastructure solutions for data centers, telecommunications networks, enterprise systems, automotive applications and other connected markets. Its products are designed to support the movement, processing, storage and security of data across complex computing and communications environments.
The company’s portfolio includes data-processing and networking processors, custom application-specific integrated circuits, Ethernet switches and controllers, storage controllers, connectivity products, and electro-optics solutions.
See Also Five stocks we like better than Marvell Technology Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology, Inc. (NASDAQ:MRVL – Free Report).
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Vertiv a NVIDIA představily model výstavby továren na AI, který má při stejné kapacitě zvýšit kumulovaný výstup tokenů za prvních 12 měsíců až o 30 %. Polar jej nasazuje v první fázi datacentra v Norsku o výkonu 41 MW.
Pre-engineered reference designs enable configuration and validation up to 10x faster, combined with factory-built infrastructure for faster deployment, integrated with Dassault Systèmes' 3DEXPERIENCE agentic platform
, /PRNewswire/ -- At NVIDIA GTC Berlin, Vertiv Holdings Co. (NYSE: VRT) and NVIDIA today introduced an AI factory approach that combines rapid configuration and virtual validation of pre-engineered reference architectures with factory-built deployment. The approach is designed to move AI factories from project kickoff to productive capacity faster and, under defined assumptions, generate up to 30% more cumulative token output within the first 12 months with the same installed capacity1. Polar Data Centers is applying the factory-built deployment approach to the first 41 MW phase of its multiphase AI data center at Herøya, Norway.
For AI factory operators, securing compute is only part of the challenge. Traditional infrastructure development can require power, cooling and facility systems to be engineered and integrated through separate, sequential processes, creating complexity and potential delays. The Vertiv and NVIDIA approach starts instead with pre-engineered AI factory reference architectures that can be rapidly configured to customer and site requirements, virtually validated before deployment, then translated into factory-built infrastructure.
Configure and Validate: Up to 10x Faster with Pre-Engineered Reference Designs2
Teams can start with pre-engineered AI factory reference designs and rapidly configure them for specific compute, power, cooling and facility requirements in a shared virtual environment. The approach combines the NVIDIA Vera Rubin DSX AI Factory reference design and NVIDIA Omniverse DSX Blueprint, with Vertiv SimReady power and cooling assets, integrated with Dassault Systèmes' 3DEXPERIENCE agentic platform.
Rather than developing an integrated infrastructure design from scratch, teams can configure and virtually validate proven reference designs against project requirements, interfaces and constraints. In the modeled scenario, this reduces the time from requirements to a configured and validated AI factory solution from approximately 30 days to three days, a 10x improvement.
Vertiv is also contributing SimReady OpenUSD assets of its power and cooling equipment to SimReady Central Library on Hugging Face. The library helps engineering teams discover and reuse validated equipment assets in AI factory digital twins, reducing asset preparation and helping teams evaluate infrastructure options during design.
Deploy: Up to 50% Faster with Factory-Built Infrastructure3
Once the AI factory configuration is validated, Vertiv prefabricated solutions shift more assembly, integration and testing into the factory before equipment reaches the site. These solutions include Vertiv™ OneCore, a hybrid-built data center solution that integrates critical power, thermal management and supporting infrastructure, and Vertiv™ SmartRun, a prefabricated overhead infrastructure system for high-density power distribution, liquid cooling, networking and containment.
By moving more infrastructure work off-site, teams can reduce field complexity and on-site integration requirements. In the modeled scenario, the factory-built approach reduces the infrastructure deployment period from approximately 90 days to 45 days, a reduction of up to 50%.
Combined with the faster configuration and validation enabled by pre-engineered reference designs, the modeled approach reduces these stages from approximately 120 days to 48 days. That can make productive AI capacity available about 10 weeks sooner, generating up to 30% more cumulative token output within 12 months of project kickoff with the same installed capacity.
Field Deployment: Polar Data Centers at Herøya, Norway
At its Herøya campus in Norway, Polar is using Vertiv's factory-built deployment model for the first 41 MW phase of its multiphase AI data center, scalable to 100 MW. By shifting more infrastructure assembly, integration and testing into the factory before equipment reaches the site, the deployment model is designed to reduce on-site complexity and help make high-density, liquid-cooled capacity available to customers sooner. Vertiv is supplying prefabricated power and thermal modules, Vertiv™ SmartRun overhead infrastructure and Vertiv™ SmartMod, supported by Vertiv™ Unify software.
"An AI factory earns its return in tokens, and every day spent configuring infrastructure or integrating it on site is output that never comes back," said Giordano Albertazzi, CEO of Vertiv. "Success depends on how quickly operators can move from requirements to productive AI capacity. By starting with pre-engineered reference designs that can be rapidly configured and validated, then extending that approach through factory-built deployment, we help customers reduce complexity, deploy infrastructure faster and bring AI capacity online sooner. Polar Data Centers is demonstrating how that approach can be applied at scale in a real-world AI factory deployment."
"AI factories must be designed as one system, and the NVIDIA Vera Rubin DSX AI Factory reference design helps teams align compute, power and cooling requirements from the outset," said Vladimir Troy, Vice President of AI Infrastructure at NVIDIA. "With the NVIDIA Omniverse DSX Blueprint, companies such as Vertiv and Dassault Systèmes can simulate these systems together and carry an integrated design into physical deployment, helping operators resolve conflicts earlier and bring productive AI capacity online sooner."
"With Vertiv and NVIDIA, we're accelerating AI factory design and deployment by engineering the factory as one system – compute, networking, power and cooling co-designed and co-simulated in a virtual twin," said Stéphane Sireau, Vice President, High-Tech Industry, at Dassault Systèmes. "Integration issues get resolved before construction, not on site, helping bring token-producing capacity online sooner."
"Our customers measure us on how quickly capacity is ready for them," said Andy Hayes, CEO of Polar Data Centers. "At Herøya, Vertiv's factory-built infrastructure helps us manage the complexity of deploying power, cooling and white-space systems for high-density computing. It gives us a more disciplined, repeatable deployment model while preserving the flexibility to meet the requirements of our customers."
Vertiv and NVIDIA plan to demonstrate elements of the approach at NVIDIA GTC Berlin, including how facility requirements inform infrastructure configuration, how teams can virtually validate power and cooling requirements, and how Vertiv applies factory-built infrastructure to accelerate physical deployment. The demonstration will feature technology from Dassault Systèmes, and Polar Data Centers will show how the deployment approach is being applied in a real-world AI factory.
Visitors can learn more at the Vertiv booth (#3055), and Scott Armul, Chief Product and Technology Officer at Vertiv, will present Building the AI Factory: Converting Megawatts into Intelligence during a sponsored expo-theater session on Oct. 22, 2026, from 4:00 to 4:15 p.m. CEST.
For more information about Vertiv's portfolio of power and thermal management products, infrastructure solutions, IT systems and services for critical digital applications, visit www.Vertiv.com.
1:
Modeled. First 12 months measured from design kickoff: 317 vs. 245 productive days at equal installed capacity (3 + 45 vs. 30 + 90 days). Actual results will vary.
2:
Modeled. Time to an initial integrated design, configured and validated in the digital twin: 3 days vs. a 30-day conventional design process. Results vary by project.
3:
Modeled. On-site power and cooling deployment with Vertiv factory-built infrastructure: 45 days vs. a 90-day conventional on-site baseline. Results vary by project.
About Vertiv Holdings Co.
Vertiv Holdings Co. (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers' vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today's data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com.
About Polar Data Centers
Polar develops and operates high-performance data centers optimised for AI and high-density computing workloads. The company is building a growing European platform of AI-ready infrastructure, combining renewable power, resilient design, high-density cooling capability, and a customer-led approach to development and operations.
About Dassault Systèmes
Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. Through the 3DEXPERIENCE platform, AI-powered, science-based virtual twins help 390,000 customers of all sizes, in all industries, collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit: www.3ds.com
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to Vertiv's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
For media inquiries, please contact:
Ruder Finn for Vertiv
E [email protected]
Paycom ve druhém čtvrtletí 2026 zvýšil tržby o 10 % na 531 mil. USD a čistý zisk o 20 % na 107 mil. USD. Výhled celoročních tržeb zvýšil na 2,212 mld. USD.
Software maker Paycom Software, Inc. (PAYC) rises 620% since 2015’s first outlier inflow signal, being revived by institutional interest.
PAYC develops and sells cloud-based software for human resources management, providing data and analytics to manage the full employment cycle. The company’s second-quarter 2026 report showed revenue of $531 million (a 10% year-over-year gain), GAAP net income of $107 million or $2.34 per diluted share (a 20% jump), returned $346 million to shareholders through repurchases, and increased full-year revenue and adjusted EBITDA guidance to a high end of $2.212 billion and $1.022 billion, respectively. The company reports again on Nov. 4.
It’s no wonder PAYC shares are up 65% this year – and they could rise more. MoneyFlows data shows how Big Money investors are once again betting heavily on the forward picture of the stock.
Big Money Rushes to Paycom Institutional volumes reveal plenty. In the last year, PAYC has enjoyed strong investor demand, which we believe to be institutional support.
Each green bar signals unusually large volumes in PAYC shares. They reflect our proprietary inflow signal, pushing the stock higher:
Institutional inflows returning in the spring of 2026 sent PAYC shares up 65% so far in 2026. Source: www.moneyflows.com Plenty of technology names are under accumulation right now. But there’s a powerful fundamental story happening with Paycom.
Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, PAYC has had strong sales and earnings growth:
Also, EPS is estimated to ramp higher this year by +15.6%.
Now it makes sense why the stock has been generating Big Money interest again. PAYC has a track record of strong financial performance.
Marrying great fundamentals with our proprietary software has found some big winning stocks over the long term.
Paycom has been a top-rated stock at MoneyFlows. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.
It’s made the rare Outlier 20 report 64 times since 2015, gaining 620% in that time. The blue bars below show when PAYC was a top pick this year…institutions are still buying:
PAYC shares have attracted 64 outlier inflow signals since 2015 (620% gain), including two in 2026. Source: www.moneyflows.com Tracking unusual volumes reveals the power of money flows.
This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.
The PAYC revival isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.
Disclosure: the author holds long positions in PAYC in personal and managed accounts at the time of publication.
If you are a Registered Investment Advisor (RIA) or a serious investor, take your investing to the next level. MoneyFlows created 11 Frontiers indexes to help serious investors capture AI-driven themes and learn the leading stocks in each Frontier. Get started here.
About the Author
Lucas is a well-versed equity investor and educator. He currently is co-founder of research and analytics firm, MAPsignals.com, which focuses on finding outlier stocks by following the Big Money.
Společnosti Amkor Technology a NVIDIA uzavřely novou dohodu o investici ve výši 1,3 miliardy USD do rozšíření kapacit pokročilého pouzdření čipů v Jižní Koreji.
New $1.3 billion agreement supports further expansion in South Korea, building on the companies’ recent Arizona collaboration
TEMPE, Ariz.--(BUSINESS WIRE)--Amkor Technology, Inc. (Nasdaq: AMKR), a leading provider of outsourced semiconductor packaging and test services, today announced additional investments in South Korea for capacity expansion initiatives with NVIDIA. With this latest commitment, Amkor’s multi-year agreements with NVIDIA in Arizona and South Korea total $3 billion. The initiatives support growing demand for next-generation AI and accelerated computing platforms.
“Our work with Amkor helps us scale production of current and next-generation platforms while strengthening the resilience of our global supply chain.” -Debora Shoquist, NVIDIA EVP Operations
Share Advanced packaging technologies are essential to enabling the performance, power efficiency and integration required for next-generation computing systems. The prepayments align Amkor's manufacturing capacity with NVIDIA’s long-term growth plans and support increasing demand for advanced packaging solutions.
“Our partnership with NVIDIA underscores the critical role advanced packaging plays in enabling next-generation AI platforms,” said Kevin Engel, president and chief executive officer of Amkor Technology. “These investments build on our global manufacturing footprint and strengthen our ability to support customers through our operations in both the United States and South Korea.”
“Growing demand for accelerated computing is increasing the need for advanced packaging capacity,” said Debora Shoquist, executive vice president, operations of NVIDIA. “Our work with Amkor helps us scale production of current and next-generation platforms while strengthening the resilience of our global supply chain.”
This collaboration further strengthens Amkor’s role as a strategic manufacturing partner for NVIDIA and reinforces the companies’ shared commitment to supporting the continued expansion of AI infrastructure.
Amkor will also exhibit at NVIDIA GTC Washington, D.C. from Nov. 30 - Dec. 3, where the company will showcase its advanced packaging and test capabilities and engage with customers, policymakers and industry leaders.
About Amkor Technology, Inc.
Amkor Technology, Inc. (Nasdaq: AMKR) is the world’s largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world’s leading semiconductor and electronics companies to bring advanced technologies to market. The company’s comprehensive portfolio includes advanced packaging, wafer-level processing, and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables. For more information visit amkor.com.
Amkor Technology, Inc. Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements about the demand for and expansion of advanced packaging capacity in the United States and South Korea, demand for next-generation AI and accelerated computing platforms, planned investments, construction timing, and long-term technology roadmaps. You are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates, and assumptions. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements. Risk factors that could affect the outcome of the events set forth in these statements include, but are not limited to, that there can be no assurance that the Arizona campus will be built on the timeline, at the cost or to the specifications expected or at all or that the campus will generate sales or other benefits of the type or amount expected or at all and other factors discussed in the company’s reports filed with or furnished to the Securities and Exchange Commission. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by applicable law.
All-time record quarterly sales, operating profit and non-GAAP diluted earnings per share Third quarter net sales of $1,684.9 million, an increase of 9.4% compared with last year Third quarter GAAP diluted earnings per share of $5.82, an increase of 25.2% compared with last year Third quarter non-GAAP diluted earnings per share of $6.72, an increase of 20.6% compared with last year Third quarter cash from operations of $352.5 million and free cash flow of $319.5 million Raising full year 2026 GAAP diluted earnings per share outlook to $21.71 to $21.87 compared with the prior outlook of $20.73 to $20.99, and raising full year 2026 non-GAAP earnings per share outlook to $25.40 to $25.50, compared with the prior outlook of $24.45 to $24.65 Announced pending acquisition of Varex Imaging Corporation for approximately $1.1 billion Quarter-end consolidated leverage ratio of 0.9x Stock repurchases in September and through October 19th totaling $224.6 million at a weighted average price of $607.03 per share Teledyne today reported third quarter 2026 net sales of $1,684.9 million compared with net sales of $1,539.5 million for the third quarter of 2025, an increase of 9.4%. The third quarter of 2026 net sales included $11.7 million in incremental sales from recent acquisitions. Net income attributable to Teledyne was $272.8 million ($5.82 diluted earnings per share) for the third quarter of 2026 compared with $220.7 million ($4.65 diluted earnings per share) for the third quarter of 2025, an increase of 23.6%. The third quarter of 2026 included $55.2 million of pretax acquired intangible asset amortization expense and $0.2 million of pretax transaction and integration costs. Excluding those items, non-GAAP net income attributable to Teledyne for the third quarter of 2026 was $315.1 million ($6.72 diluted earnings per share). The third quarter of 2025 included $55.1 million of pretax acquired intangible asset amortization expense, $0.7 million of pretax transaction and integration costs, $1.4 million of pretax inventory step-up expense, and $0.2 million of income tax expense from FLIR acquisition-related tax matters. Excluding those items, non-GAAP net income attributable to Teledyne for the third quarter of 2025 was $264.5 million ($5.57 diluted earnings per share). Operating margin was 20.6% for the third quarter of 2026 compared with 18.4% for the third quarter of 2025. Excluding the items discussed above, non-GAAP operating margin for the third quarter of 2026 was 23.9% compared with 22.1% for the third quarter of 2025.
“Our third quarter sales and operating earnings were the strongest in Teledyne’s history,” said Robert Mehrabian, Executive Chairman. “Specifically, sales and non-GAAP earnings per share increased 9.4% and 20.6%, respectively. Organic growth accelerated in our Digital Imaging segment and was led by sales of infrared detectors and subsystems for space and unmanned applications. Furthermore, each of our major commercial imaging businesses, such as industrial vision sensors & systems and healthcare, increased year-over-year. For all of Teledyne, orders exceeded sales every quarter over the last three years, and funded backlog is now nearly $5.3 billion. We were pleased to announce the pending highly-complementary Varex acquisition in August, and Varex’s special meeting is scheduled for October 28. Finally, given our continued strong cash flow, we recently made $224.6 million of opportunistic stock repurchases.”
Review of Operations
Comparisons are with the third quarter of 2025, unless noted otherwise.
Digital Imaging
The Digital Imaging segment’s third quarter 2026 net sales were $903.0 million compared with $785.4 million, an increase of 15.0%. Operating income was $182.7 million for the third quarter of 2026 compared with $123.4 million, an increase of 48.1%. Acquired intangible asset amortization expense for the third quarter of 2026 was $46.9 million compared with $46.8 million. Excluding this item, non-GAAP operating income for the third quarter of 2026 was $229.6 million compared with $170.2 million, an increase of 34.9%.
Third quarter of 2026 net sales increased primarily due to higher sales of infrared imaging detectors, components and subsystems for both defense and commercial applications as well as higher sales of maritime products, integrated defense systems, industrial and scientific imaging systems, X-ray products, and surveillance systems. The third quarter of 2026 included $5.5 million of incremental Digital Imaging sales from a recent acquisition. The increase in operating income primarily reflected higher net sales and favorable product mix.
Instrumentation
The Instrumentation segment’s third quarter 2026 net sales were $370.5 million compared with $363.6 million, an increase of 1.9%. Operating income was $99.6 million for the third quarter of 2026 compared with $98.8 million, an increase of 0.8%. Acquired intangible asset amortization expense for the third quarter of 2026 was $3.0 million compared with $3.3 million. Excluding this item, non-GAAP operating income for the third quarter of 2026 was $102.6 million compared with $102.1 million, an increase of 0.5%.
The third quarter of 2026 net sales increase resulted from an $8.3 million increase in sales of environmental instrumentation primarily due to $6.2 million of incremental sales from a recent acquisition and a $3.4 million increase in sales of marine instrumentation, partially offset by a $4.8 million decrease in sales of electronic test and measurement instrumentation. The increase in operating income primarily reflected the increase in net sales.
Aerospace and Defense Electronics
The Aerospace and Defense Electronics segment’s third quarter 2026 net sales were $287.4 million compared with $275.5 million, an increase of 4.3%. Operating income was $77.8 million for the third quarter of 2026 compared with $70.4 million, an increase of 10.5%. Acquired intangible asset amortization expense for the third quarter of 2026 was $5.3 million compared with $5.0 million. The third quarter of 2025 included $0.5 million of pretax transaction and integration costs with no comparable amount in the third quarter of 2026. Inventory step-up expense for the third quarter of 2025 was $1.4 million with no comparable amount in the third quarter of 2026. Excluding acquired intangible asset amortization expense, pretax transaction and integration costs, and inventory step-up expense, non-GAAP operating income for the third quarter of 2026 was $83.1 million compared with $77.3 million, an increase of 7.5%.
Third quarter of 2026 net sales reflected higher sales of $16.5 million for defense electronics and lower sales of $4.6 million for aerospace electronics. The increase in operating income primarily reflected the impact of higher sales as well as improved margins at recently acquired businesses.
Engineered Systems
The Engineered Systems segment’s third quarter 2026 net sales were $124.0 million compared with $115.0 million, an increase of 7.8%. Operating income was $13.0 million for the third quarter of 2026 compared with $12.2 million, an increase of 6.6%.
Third quarter of 2026 net sales primarily reflected higher sales of engineered products. The increase in operating income was primarily driven by higher net sales.
Additional Financial Information
Cash Flow
Cash provided by operating activities was $352.5 million for the third quarter of 2026 compared with $343.1 million, with the increase driven by favorable operating results in the third quarter of 2026 compared with 2025, partially offset by higher inventory purchases. Depreciation and amortization expense for the third quarter of 2026 was $84.7 million compared with $84.5 million. Stock-based compensation expense for the third quarter of 2026 was $12.2 million compared with $10.5 million.
Capital expenditures for the third quarter of 2026 were $33.0 million compared with $29.2 million. Teledyne received $3.9 million from the exercise of stock options in the third quarter of 2026 compared with $13.0 million.
As of September 27, 2026, net debt was $1,465.4 million, which is calculated as total debt of $2,027.8 million, net of cash and cash equivalents of $562.4 million. As of December 28, 2025, net debt was $2,123.0 million, representing total debt of $2,475.4 million, net of cash and cash equivalents of $352.4 million. During the third quarter of 2026, the company repurchased approximately 0.2 million of its shares for $94.8 million.
As of September 27, 2026, $1,158.4 million was available under the $1.20 billion credit facility after reductions of $41.6 million in outstanding letters of credit.
On August 10, 2026, Teledyne and Varex Imaging Corporation (“Varex”) entered into a definitive agreement under which Teledyne will acquire Varex in a cash transaction valued at approximately $1.1 billion, which considers Varex’s outstanding equity awards and net debt. The company plans to fund the pending acquisition from cash on hand as well as available borrowings under its credit facility. The transaction is expected to close in early 2027 and is subject to customary closing conditions, including regulatory approvals and approval by Varex’s stockholders. After close, Varex will be included within the Digital Imaging segment. Prior to entering into the agreement, Teledyne acquired approximately 1.3 million shares of Varex for $13.9 million, and during the third quarter of 2026, Teledyne recorded a $10.6 million gain within other income (expense), net, related to adjusting these shares to the market price at the end of the quarter.
Third Quarter
Free Cash Flow
2026
2025
Cash provided by operating activities
$
352.5
$
343.1
Capital expenditures for property, plant and equipment
(33.0
)
(29.2
)
Free cash flow
$
319.5
$
313.9
Income Taxes
The effective tax rate for the third quarter of 2026 was 21.3% compared with 19.3%. The third quarter of 2026 included net discrete income tax benefits of $1.6 million compared with $4.9 million.
Other
Corporate expense was $25.9 million for the third quarter of 2026 compared with $22.0 million, with the increase primarily related to higher professional services as well as higher compensation costs, including incentive compensation. Non-service retirement benefit income was $2.6 million for the third quarter of 2026 compared with $2.7 million. Interest expense, net of interest income, was $10.5 million for the third quarter of 2026 compared with $12.6 million, with the decrease due to lower outstanding borrowings compared with the third quarter of 2025. Other income (expense), net, in the third quarter of 2026 primarily consisted of a mark-to-market gain on Varex shares held by Teledyne, partially offset by foreign currency exchange losses. Other income (expense), net, primarily consisted of foreign currency exchange losses in the third quarter of 2025.
Outlook
Based on its current outlook, the company’s management believes that fourth quarter 2026 GAAP diluted earnings per share will be in the range of $5.68 to $5.83, and full year 2026 GAAP diluted earnings per share will be in the range of $21.71 to $21.87. The company’s management further believes that fourth quarter 2026 non-GAAP diluted earnings per share will be in the range of $6.60 to $6.70, and full year 2026 non-GAAP diluted earnings per share will be in the range of $25.40 to $25.50. The non-GAAP outlook excludes certain transaction and integration costs and acquired intangible asset amortization.
Use of Non-GAAP Financial Measures
We report our financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). We supplement the reporting of our financial results determined under GAAP with certain non-GAAP financial measures. The non-GAAP financial measures provide management, financial analysts and investors with additional useful information for evaluating the company’s performance. The non-GAAP financial measures should be considered in addition to and not as substitutes for financial measures prepared in accordance with GAAP. Further details on reasons we use non-GAAP financial measures, a reconciliation of those measures to the most directly comparable GAAP measures and other information related to those measures are included after our GAAP financial statements.
Forward-Looking Statements Cautionary Notice
This earnings release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, with respect to management’s beliefs about the financial condition, results of operations, acquisitions, capital expenditures, stock repurchases, product synergies, integration costs, tax matters and businesses of Teledyne in the future. Forward-looking statements involve risks and uncertainties, are based on the current expectations of the management of Teledyne and are subject to uncertainty and changes in circumstances. All statements made in this earnings release that are not historical in nature should be considered forward-looking. Actual results could differ materially from these forward-looking statements.
Many factors could change anticipated results, including: global conflicts including the conflicts in the Middle East as well as the ongoing conflict between Russia and Ukraine, including among other things, higher energy costs and energy supply constraints, disruptions in shipping, supply shortages of critical materials, including aluminum, metals, chemicals and industrial helium supplies, disruptions to air travel, the risk of retaliation against U.S. targets, and slower global growth; the impact of policies of the U.S. Presidential Administration, especially with respect to new and higher tariffs, cutbacks in the funding of government agencies and programs, and the scaling back of environmental and green energy policies; escalating economic and diplomatic tension between China and the United States, including a “trade war” resulting in higher tariffs and restrictions on sales of goods and services; reciprocal tariffs from other countries, especially from members of the European Union; U.S. Government shutdowns, which in the past have resulted in delays in anticipated contract awards, delayed payments of invoices, and delays in the issuance of export and other licenses; the inability to develop and market new competitive products; changes in relevant tax and other laws; foreign currency exchange risks; rising interest rates; risks associated with indebtedness, as well as our ability to reduce indebtedness and the timing thereof; the impact of semiconductor and other supply chain shortages; higher inflation, including wage competition and higher shipping costs; labor shortages and competition for skilled personnel; inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements and the providing of estimates of financial measures, in accordance with GAAP and related standards; disruptions in the global economy; changes in demand for products sold to the defense electronics, instrumentation, digital imaging, energy exploration and production, commercial aviation, semiconductor, and communications markets; funding, continuation and award of government programs; cuts to defense spending resulting from existing and future deficit reduction measures or changes to U.S. and foreign government spending and budget priorities triggered by inflation, and economic conditions; the imposition and expansion of, and responses to, trade sanctions and tariffs; threats to the security of our confidential and proprietary information, including cybersecurity threats; risks related to artificial intelligence; natural and man-made disasters; and our ability to achieve emission reduction targets and decrease our carbon footprint. Volatile oil and natural gas prices, as well as instability in the Middle East, Latin America or other oil producing regions, could negatively affect our businesses that supply the oil and gas industry. Weakness in the commercial aerospace industry negatively affects the markets of our commercial aviation businesses. Lower aircraft production rates at Boeing or Airbus could result in reduced sales of our commercial aerospace products. In addition, financial market fluctuations affect the value of the company’s pension assets. Changes in the policies of U.S. and foreign governments, including economic sanctions or in regard to support for the Ukraine or Middle East conflicts, could result, over time, in reductions or realignment in defense or other government spending and further changes in programs in which the company participates.
While the company’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses, retain key management and customers, and achieve identified financial and operating synergies. There are additional risks associated with acquiring, owning and operating businesses internationally, including those arising from U.S. and foreign government policy changes or actions and exchange rate fluctuations.
Additional factors that could cause results to differ materially from those described above can be found in Teledyne’s Annual Report on Form 10-K for the year ended December 28, 2025, as well as subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are on file with the U.S. Securities and Exchange Commission (“SEC”) and available in the “Investors” section of Teledyne’s website, teledyne.com, under the heading “Investor Information” and in other documents Teledyne files with the SEC.
Forward-looking statements are generally accompanied by words such as “estimate”, “project”, “predict”, “believes”, or “expect”, that convey the uncertainty of future events or outcomes. Teledyne assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise.
A live webcast of Teledyne’s third quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Wednesday, October 21, 2026. To access the call, go to www.teledyne.com/investors/events-and-presentations approximately 10 minutes before the scheduled start time. A replay will also be available for one month starting at 12:00 p.m. (Eastern) on Wednesday, October 21, 2026.
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
SEPTEMBER 27, 2026 AND SEPTEMBER 28, 2025
(Unaudited — in millions, except per share amounts)
Third Quarter
Nine Months
2026
2025
2026
2025
Net sales
$
1,684.9
$
1,539.5
$
4,907.5
$
4,503.1
Costs and expenses:
Cost of sales
945.5
880.0
2,756.2
2,579.5
Selling, general and administrative
258.4
238.2
754.5
701.5
Research and development
78.6
83.4
253.4
240.1
Acquired intangible asset amortization
55.2
55.1
168.8
161.7
Total costs and expenses
1,337.7
1,256.7
3,932.9
3,682.8
Operating income (loss)
347.2
282.8
974.6
820.3
Interest and debt income (expense), net
(10.5
)
(12.6
)
(36.4
)
(47.5
)
Non-service retirement benefit income (expense), net
2.6
2.7
7.9
8.2
Other income (expense), net
7.5
0.9
0.7
(7.7
)
Income (loss) before income taxes
346.8
273.8
946.8
773.3
Provision (benefit) for income taxes
74.0
52.9
195.5
153.2
Net income (loss) including noncontrolling interest
272.8
220.9
751.3
620.1
Less: Net income (loss) attributable to noncontrolling interest
—
0.2
—
0.9
Net income (loss) attributable to Teledyne
$
272.8
$
220.7
$
751.3
$
619.2
Diluted earnings per common share
$
5.82
$
4.65
$
16.02
$
13.06
Weighted average diluted common shares outstanding
46.9
47.5
46.9
47.4
These condensed consolidated financial statements were prepared in accordance with U.S. GAAP.
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING INCOME (LOSS)
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
SEPTEMBER 27, 2026 AND SEPTEMBER 28, 2025
(Unaudited — $ in millions)
Third Quarter
% Change
Nine Months
% Change
2026
2025
2026
2025
Net sales:
Digital Imaging
$
903.0
$
785.4
15.0
%
$
2,588.6
$
2,313.4
11.9
%
Instrumentation
370.5
363.6
1.9
%
1,119.7
1,074.5
4.2
%
Aerospace and Defense Electronics
287.4
275.5
4.3
%
851.3
782.8
8.8
%
Engineered Systems
124.0
115.0
7.8
%
347.9
332.4
4.7
%
Total net sales
$
1,684.9
$
1,539.5
9.4
%
$
4,907.5
$
4,503.1
9.0
%
Operating income (loss):
Digital Imaging
$
182.7
$
123.4
48.1
%
$
494.6
$
365.3
35.4
%
Instrumentation
99.6
98.8
0.8
%
289.4
293.1
(1.3
)%
Aerospace and Defense Electronics
77.8
70.4
10.5
%
223.7
192.7
16.1
%
Engineered Systems
13.0
12.2
6.6
%
39.8
35.1
13.4
%
Corporate expense
(25.9
)
(22.0
)
17.7
%
(72.9
)
(65.9
)
10.6
%
Operating income (loss)
347.2
282.8
22.8
%
974.6
820.3
18.8
%
Interest and debt income (expense), net
(10.5
)
(12.6
)
(16.7
)%
(36.4
)
(47.5
)
(23.4
)%
Non-service retirement benefit income (expense), net
2.6
2.7
(3.7
)%
7.9
8.2
(3.7
)%
Other income (expense), net
7.5
0.9
733.3
%
0.7
(7.7
)
109.1
%
Income (loss) before income taxes
346.8
273.8
26.7
%
946.8
773.3
22.4
%
Provision (benefit) for income taxes
74.0
52.9
39.9
%
195.5
153.2
27.6
%
Net income (loss) including noncontrolling interest
272.8
220.9
23.5
%
751.3
620.1
21.2
%
Less: Net income (loss) attributable to noncontrolling interest
—
0.2
(100.0
)%
—
0.9
(100.0
)%
Net income (loss) attributable to Teledyne
$
272.8
$
220.7
23.6
%
$
751.3
$
619.2
21.3
%
These condensed consolidated financial statements were prepared in accordance with U.S. GAAP.
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
September 27, 2026
December 28, 2025
(Unaudited)
ASSETS
Cash and cash equivalents
$
562.4
$
352.4
Accounts receivable and unbilled receivables, net
1,384.6
1,367.0
Inventories, net
1,220.3
1,043.3
Prepaid expenses and other current assets
349.1
292.9
Total current assets
3,516.4
3,055.6
Property, plant and equipment, net
840.5
839.1
Goodwill and acquired intangible assets, net
10,605.9
10,787.7
Prepaid pension assets
299.9
286.2
Other assets, net
302.3
316.7
Total assets
$
15,565.0
$
15,285.3
LIABILITIES AND EQUITY
Accounts payable
$
520.4
$
486.6
Accrued liabilities
1,004.1
923.4
Current portion of long-term debt
0.1
450.1
Total current liabilities
1,524.6
1,860.1
Long-term debt, net of current portion
2,027.7
2,025.3
Other long-term liabilities
877.3
886.0
Total liabilities
4,429.6
4,771.4
Redeemable noncontrolling interest
—
—
Total stockholders’ equity
11,135.4
10,513.9
Total liabilities and equity
$
15,565.0
$
15,285.3
These condensed consolidated financial statements were prepared in accordance with U.S. GAAP.
TELEDYNE TECHNOLOGIES INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THIRD QUARTER ENDED SEPTEMBER 27, 2026 AND SEPTEMBER 28, 2025
(Unaudited — in millions)
Third Quarter
2026
2025
Operating Activities
Net income (loss) including noncontrolling interest
$
272.8
$
220.9
Depreciation and amortization
84.7
84.5
Stock-based compensation
12.2
10.5
Changes in operating assets and liabilities and other operating activity
(17.2
)
27.2
Net cash provided by (used in) operating activities
352.5
343.1
Investing Activities
Purchases of property, plant and equipment
(33.0
)
(29.2
)
Purchases of businesses, net of cash acquired
—
(6.6
)
Other investing, net
(8.6
)
0.1
Net cash provided by (used in) investing activities
(41.6
)
(35.7
)
Financing activities
Proceeds from (payments on) fixed rate senior notes
—
(77.7
)
Proceeds from (payments on) other debt
(0.3
)
(0.4
)
Proceeds from exercise of stock options
3.9
13.0
Acquisition of noncontrolling interest
—
(27.2
)
Purchases of treasury stock, including excise tax
(94.8
)
—
Other financing, net
0.1
3.6
Net cash provided by (used in) financing activities
(91.1
)
(88.7
)
Effect of exchange rate changes on cash
2.5
(1.0
)
Changes in cash and cash equivalents
222.3
217.7
Cash and cash equivalents—beginning of period
340.1
310.9
Cash and cash equivalents—end of period
$
562.4
$
528.6
These condensed consolidated financial statements were prepared in accordance with U.S. GAAP.
TELEDYNE TECHNOLOGIES INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
SEPTEMBER 27, 2026 AND SEPTEMBER 28, 2025
(Unaudited — in millions, except per share amounts)
Third Quarter 2026
Third Quarter 2025
Income (Loss) Before Income Taxes
Net Income (Loss) Attributable to Teledyne
Diluted Earnings per Common Share
Income (Loss) Before Income Taxes
Net Income (Loss) Attributable to Teledyne
Diluted Earnings per Common Share
GAAP
$
346.8
$
272.8
$
5.82
$
273.8
$
220.7
$
4.65
Adjusted for specified items:
Transaction and integration costs
0.2
0.1
—
0.7
0.6
0.01
Inventory step-up expense
—
—
—
1.4
1.0
0.02
Acquired intangible asset amortization
55.2
42.2
0.90
55.1
42.0
0.88
FLIR acquisition-related tax matters
—
—
—
—
0.2
0.01
Non-GAAP
$
402.2
$
315.1
$
6.72
$
331.0
$
264.5
$
5.57
Nine Months 2026
Nine Months 2025
Income (Loss) Before Income Taxes
Net Income (Loss) Attributable to Teledyne
Diluted Earnings per Common Share
Income (Loss) Before Income Taxes
Net Income (Loss) Attributable to Teledyne
Diluted Earnings per Common Share
GAAP
$
946.8
$
751.3
$
16.02
$
773.3
$
619.2
$
13.06
Adjusted for specified items:
Transaction and integration costs
0.6
0.4
0.01
9.4
7.1
0.15
Inventory step-up expense
—
—
—
3.2
2.4
0.05
Acquired intangible asset amortization
168.8
129.1
2.75
161.7
123.6
2.61
FLIR acquisition-related tax matters
—
—
—
—
(7.5
)
(0.16
)
Non-GAAP
$
1,116.2
$
880.8
$
18.78
$
947.6
$
744.8
$
15.71
TELEDYNE TECHNOLOGIES INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
SEPTEMBER 27, 2026 AND SEPTEMBER 28, 2025
(Unaudited — $ in millions)
Third Quarter 2026
Third Quarter 2025
Operating Income (Loss)
Operating Margin
Operating Income (Loss)
Operating Margin
GAAP
$
347.2
20.6
%
$
282.8
18.4
%
Adjusted for specified items:
Transaction and integration costs
0.2
0.7
Inventory step-up expense
—
1.4
Acquired intangible asset amortization
55.2
55.1
Non-GAAP
$
402.6
23.9
%
$
340.0
22.1
%
Nine Months 2026
Nine Months 2025
Operating Income (Loss)
Operating Margin
Operating Income (Loss)
Operating Margin
GAAP
$
974.6
19.9
%
$
820.3
18.2
%
Adjusted for specified items:
Transaction and integration costs
0.6
9.4
Inventory step-up expense
—
3.2
Acquired intangible asset amortization
168.8
161.7
Non-GAAP
$
1,144.0
23.3
%
$
994.6
22.1
%
TELEDYNE TECHNOLOGIES INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
SEPTEMBER 27, 2026 AND SEPTEMBER 28, 2025
(Unaudited — in millions)
Third Quarter 2026
GAAP Operating Income (Loss)
Acquired Intangible Asset Amortization
Inventory
Step-up Expense
Transaction and Integration Costs
Non-GAAP Operating Income (Loss)
Digital Imaging
$
182.7
$
46.9
$
—
$
—
$
229.6
Instrumentation
99.6
3.0
—
—
102.6
Aerospace and Defense Electronics
77.8
5.3
—
—
83.1
Engineered Systems
13.0
—
—
—
13.0
Corporate expense
(25.9
)
—
—
0.2
(25.7
)
Total
$
347.2
$
55.2
$
—
$
0.2
$
402.6
Third Quarter 2025
GAAP Operating Income (Loss)
Acquired Intangible Asset Amortization
Inventory
Step-up Expense
Transaction and Integration Costs
Non-GAAP Operating Income (Loss)
Digital Imaging
$
123.4
$
46.8
$
—
$
—
$
170.2
Instrumentation
98.8
3.3
—
—
102.1
Aerospace and Defense Electronics
70.4
5.0
1.4
0.5
77.3
Engineered Systems
12.2
—
—
—
12.2
Corporate expense
(22.0
)
—
—
0.2
(21.8
)
Total
$
282.8
$
55.1
$
1.4
$
0.7
$
340.0
Nine Months 2026
GAAP Operating Income (Loss)
Acquired Intangible Asset Amortization
Inventory
Step-up Expense
Transaction and Integration Costs
Non-GAAP Operating Income (Loss)
Digital Imaging
$
494.6
$
142.3
$
—
$
—
$
636.9
Instrumentation
289.4
9.9
—
—
299.3
Aerospace and Defense Electronics
223.7
16.6
—
—
240.3
Engineered Systems
39.8
—
—
—
39.8
Corporate expense
(72.9
)
—
—
0.6
(72.3
)
Total
$
974.6
$
168.8
$
—
$
0.6
$
1,144.0
Nine Months 2025
GAAP Operating Income (Loss)
Acquired Intangible Asset Amortization
Inventory
Step-up Expense
Transaction and Integration Costs
Non-GAAP Operating Income (Loss)
Digital Imaging
$
365.3
$
138.5
$
—
$
—
$
503.8
Instrumentation
293.1
9.8
—
—
302.9
Aerospace and Defense Electronics
192.7
13.4
3.2
4.3
213.6
Engineered Systems
35.1
—
—
—
35.1
Corporate expense
(65.9
)
—
—
5.1
(60.8
)
Total
$
820.3
$
161.7
$
3.2
$
9.4
$
994.6
TELEDYNE TECHNOLOGIES INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited — in millions, except per share amounts)
September 27, 2026
December 28, 2025
Current portion of long-term debt
$
0.1
$
450.1
Long-term debt
2,027.7
2,025.3
Total debt — non-GAAP
2,027.8
2,475.4
Less cash and cash equivalents
(562.4
)
(352.4
)
Net debt — non-GAAP
$
1,465.4
$
2,123.0
Fourth Quarter 2026
Full Year 2026
Low
High
Low
High
GAAP Diluted Earnings per Common Share Outlook
$
5.68
$
5.83
$
21.71
$
21.87
Adjusted for specified items:
Transaction and integration costs
—
—
0.02
0.01
Acquired intangible asset amortization
0.92
0.87
3.67
3.62
Non-GAAP Diluted Earnings per Common Share Outlook
$
6.60
$
6.70
$
25.40
$
25.50
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However, management believes that, in order to more fully understand our short-term and long-term financial and operational trends, and to aid in comparability with our competitors, investors and financial analysts may wish to consider the impact of certain items resulting from our acquisitions which have an infrequent or non-recurring impact on operations or assist in understanding our operations pre-acquisition. Accordingly, we present non-GAAP financial measures as a supplement to the financial measures we present in accordance with GAAP. These non-GAAP financial measures provide management, investors and financial analysts with additional means to understand and evaluate the operating results and trends in our ongoing business by adjusting for certain expenses and benefits. Management believes these non-GAAP financial measures also provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing our financial and operational performance and in comparing this performance to our peers and competitors. The company’s diluted earnings per common share outlook guidance is also presented on a non-GAAP basis.
The non-GAAP financial measures are not meant to be considered superior to, or a substitute for, our financial statements prepared in accordance with GAAP. There are material limitations associated with non-GAAP financial measures because they exclude charges that have an effect on our reported results and, therefore, should not be relied upon as the sole financial measures by which to evaluate our financial results. Management compensates and believes that investors also should compensate for those limitations by viewing the non-GAAP financial measures in conjunction with the GAAP financial measures. In addition, the non-GAAP financial measures included in this earnings announcement may be different from, and therefore may not be comparable to, similar measures used by other companies. The non-GAAP financial measures are also used by our management to evaluate our operating performance and benchmark our results against our historical performance and the performance of our peers.
Our non-GAAP measures are as follows:
Non-GAAP income before income taxes, net income and diluted earnings per common share
These non-GAAP measures provide a supplemental view of income before taxes, net income and diluted earnings per common share. These non-GAAP measures exclude certain transaction and integration costs, inventory step-up expense, acquired intangible asset amortization, remeasurement of deferred taxes related to acquired intangible assets due to changes in tax laws, and tax benefits or costs related to the settlement or other resolution of the FLIR tax reserves. We also adjust for any post-acquisition interest on certain income tax reserves related to FLIR. We adjust for any income tax impact related to these items to take into account the tax treatment and related tax rate and changes in tax rates that apply to each adjustment in the applicable tax jurisdiction. Generally, this results in the tax impact at the U.S. marginal tax rate for certain adjustments, including the majority of amortization of intangible assets, whereas the tax impact of other adjustments, including transaction expenses, depend on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rates in those jurisdictions. We believe these measures provide investors and management with additional means to understand and evaluate the operating results of our business by adjusting for certain expenses and benefits and present an alternative view of our performance compared with prior periods.
Non-GAAP operating income and operating margin
We define non-GAAP operating margin as non-GAAP operating income divided by net sales. These non-GAAP measures exclude certain transaction and integration costs, inventory step-up expense, and acquired intangible asset amortization. We believe these measures provide investors and management with additional means to understand and evaluate the operating results of our business by adjusting for certain expenses and other items and present an alternative view of our performance compared with prior periods.
Non-GAAP total debt and net debt
We define non-GAAP total debt as the sum of the current portion of long-term debt and other debt and long-term debt. We define net debt as the difference between non-GAAP total debt less cash and cash equivalents. The company believes that this non-GAAP information is useful to assist investors and management in analyzing the company’s liquidity.
Non-GAAP diluted earnings per common share outlook
This non-GAAP measure represents our earnings per common share outlook for the fourth quarter of 2026 and total year 2026 on a fully diluted basis, excluding certain transaction and integration costs and acquired intangible asset amortization for all acquisitions.
Non-GAAP cash provided by operations and free cash flow
We define free cash flow as cash provided by operating activities (a measure prescribed by GAAP) less capital expenditures for property, plant and equipment. We believe that this non-GAAP information is useful to assist management and the investment community in analyzing the company’s ability to generate cash flow.
Non-GAAP line items used in tables
Management excludes the effect of each of the acquisition-related items identified below to arrive at the applicable non-GAAP financial measure referenced in the tables for the reasons set forth below with respect to that item:
Acquired intangible asset amortization – We believe that excluding the amortization of acquired intangible assets, which primarily represents purchased technology and customer relationships, as well as purchase order and contract backlog, provides an alternative way for investors to compare our operations pre-acquisition to those post-acquisition and to those of our competitors that have pursued internal growth strategies. However, we note that companies that grow internally will incur costs to develop intangible assets that will be expensed in the period incurred, which may make a direct comparison more difficult. Transaction and integration costs – Included in our GAAP presentation of cost of sales and selling, general and administrative expenses are substantial expenses (or benefits) incurred with acquisitions and primarily include legal, accounting and other professional fees as well as integration-related costs such as employee separation costs, facility consolidation costs and facility lease impairments. Employee separation costs include required change-in-control payments, cash settlement of employee and director stock awards, as well as other employee severance amounts. We exclude those costs from our non-GAAP measures because we believe they do not reflect our ongoing financial performance. Inventory step-up expense – The purchase accounting entries associated with our acquisitions require us to record inventory at its fair value, which is sometimes substantial and greater than the previous book value of inventory. Included in our GAAP presentation, the increase in inventory value is amortized to cost of sales over the period that the related inventory is sold. In 2025, we excluded inventory step-up amortization related to the Micropac and Qioptiq acquisitions from our non-GAAP measures because it is a non-cash expense that we do not believe is indicative of our ongoing operating results. FLIR acquisition-related tax matters – Included in our tax provision is post-acquisition interest on certain income tax reserves related to FLIR, as well as the tax benefits or costs related to the settlement or other resolution of the FLIR tax reserves. We exclude those impacts from our non-GAAP measures because we believe it does not reflect our ongoing financial performance. More News From Teledyne Technologies Incorporated
HII zvýšila čtvrtletní dividendu o 0,03 USD na 1,41 USD na akcii. Výplata připadne na 11. prosince 2026 akcionářům evidovaným k rozhodnému dni 27. listopadu 2026.
NEWPORT NEWS, Va., Oct. 21, 2026 (GLOBE NEWSWIRE) -- HII (NYSE: HII) announced today that its Board of Directors has declared a quarterly cash dividend of $1.41 per share, a $0.03 increase over the $1.38 per share dividend paid in each of the prior four quarters. The $1.41 per share dividend will be payable on Dec. 11, 2026, to shareholders of record as of the close of business on Nov. 27, 2026.
About HII
HII is America's Seapower Company. The nation’s largest shipbuilder, HII builds the manned and unmanned maritime systems and all-domain mission technologies that project U.S. and allied power around the world. With a more than 140-year history of advancing U.S. national security, HII is headquartered in Virginia and employs 45,000 people across three divisions. For more information, visit:
HII on the web: https://www.HII.com/HII on Facebook: https://www.facebook.com/TeamHIIHII on X: https://www.twitter.com/WeAreHIIHII on Instagram: https://www.instagram.com/WeAreHIIHII on LinkedIn: https://www.linkedin.com/company/wearehii Contact:
Old National Bancorp ve třetím čtvrtletí roku 2026 dosáhla rekordního čistého zisku připadajícího na kmenové akcionáře ve výši 250,0 milionu USD, což odpovídá 0,66 USD na zředěnou akcii.
Old National Bancorp (NASDAQ: ONB) reports 3Q26 net income applicable to common shares of $250.0 million, diluted EPS of $0.66; $249.7 million and $0.66 on an adjusted1 basis, respectively. CEO COMMENTARY:
"With our strong 3rd quarter results, highlighted by record net income, a record efficiency ratio, and growth in both deposits and loans, Old National continues to demonstrate the strength and consistency of our operating model," said Chairman and CEO Jim Ryan. "Our disciplined focus on fundamentals continues to drive profitable growth, positive operating leverage, and meaningful value creation for our shareholders. As we look ahead, we remain very well positioned to build on this momentum and capitalize on opportunities across our growing franchise." THIRD QUARTER HIGHLIGHTS2: Net Income Record net income applicable to common shares of $250.0 million; adjusted net income applicable to common shares1 of $249.7 millionEarnings per diluted common share ("EPS") of $0.66; record adjusted EPS1 of $0.66 Net Interest Income/NIM Net interest income on a fully taxable equivalent basis1 of $592.0 millionNet interest margin on a fully taxable equivalent basis1 ("NIM") of 3.52%, down 2 basis points ("bps") Operating Performance Pre-provision net revenue1 ("PPNR") of $365.0 million; adjusted PPNR1 of $364.8 millionNoninterest expense of $355.4 million; adjusted noninterest expense1 of $354.7 millionRecord efficiency ratio1 of 46.1%; record adjusted efficiency ratio1 of 44.9% Deposits and Funding Period-end total deposits of $57.6 billion, up 10.6% annualizedGranular low-cost deposit franchise; total deposit costs of 179 bps, up 8 bps; interest-bearing deposit costs of 231 bps, up 8 bps Loans and Credit Quality End-of-period total loans3 of $51.2 billion, up $362.3 million or 2.9% annualizedProvision for credit losses4 ("provision") of $33.6 millionNet charge-offs of $34.1 million, or 27 bps of average loans; 24 bps of average loans excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition30+ day delinquencies of 0.25% and nonaccrual loans of 0.92% of total loans Return Profile & Capital Return on average tangible common equity1 ("ROATCE") of 19.6%; adjusted ROATCE1 of 19.6%Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 2 bpsRepurchased $100 million, or 3.9 million shares, of common stock during the quarter Notable Items $0.9 million of pre-tax pension gain5$0.7 million of pre-tax merger-related charges 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Includes a gain associated with the settlement of the Bremer pension plan
RESULTS OF OPERATIONS2
Old National Bancorp reported record third quarter 2026 net income applicable to common shares of $250.0 million, or $0.66 per diluted common share.
Included in third quarter results was a $0.9 million pre-tax gain associated with the settlement of the Bremer pension plan and pre-tax charges of $0.7 million for merger-related expenses. Excluding these items and realized debt securities gains from the current quarter net of tax, adjusted net income1 was $249.7 million, or $0.66 per diluted common share.
DEPOSITS AND FUNDING
Increases in business and public funds.
Period-end total deposits were $57.6 billion, up 10.6% annualized.On average, total deposits for the third quarter were $56.9 billion, an increase of $1.3 billion.Granular low-cost deposit franchise; total deposit costs of 179 bps, up 8 bps.A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity. LOANS
Loan growth driven by high quality commercial loan production.
Period-end total loans3 were $51.2 billion, up $362.3 million or 2.9% annualized, including commercial and industrial growth of $148.0 million, as well as commercial real estate growth of $157.3 million.Period-end commercial pipeline totaled $4.4 billion, down 20% from record levels at the end of the second quarter and up 6% from a year ago.Average total loans in the third quarter were $51.1 billion, up 7.8% annualized. CREDIT QUALITY
Credit quality remains stable.
Provision4 expense was $33.6 million compared to $36.2 million.Net charge-offs were $34.1 million, or 27 bps of average loans, compared to 26 bps. Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 24 bps compared to 22 bps. 30+ day delinquencies as a percentage of loans were 0.25% compared to 0.29%.Nonaccrual loans as a percentage of total loans were 0.92% compared to 0.91%.The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $611.5 million, or 1.20% of total loans, compared to $612.0 million, or 1.21% of total loans. NET INTEREST INCOME AND MARGIN
Earning asset growth and favorable rate/volume mix more than offset higher deposit costs.
Net interest income on a fully taxable equivalent basis1 increased to $592.0 million compared to $586.5 million, driven by high quality loan and deposit growth, partly offset by core deposit pricing and funding mix.Net interest margin on a fully taxable equivalent basis1 decreased 2 bps to 3.52%.Cost of total deposits was 1.79%, increasing 8 bps and the cost of total interest-bearing deposits increased 8 bps to 2.31%. NONINTEREST INCOME
Bank and wealth fees remained resilient as other income normalized from elevated second quarter levels.
Total noninterest income was $128.4 million compared to $153.6 million, or $127.5 million compared to $140.4 million excluding pre-tax gains associated with the settlement of the Bremer pension plan.Excluding the pension plan gains5 and realized debt securities gains, noninterest income was down 9.1% driven by approximately $10 million of elevated other income in the second quarter of 2026 due to market value adjustments, higher company-owned life insurance income and an asset recovery. NONINTEREST EXPENSE
Disciplined expense management drives record adjusted efficiency ratio.
Noninterest expense was $355.4 million and included $0.7 million of merger-related charges.Excluding merger related charges, adjusted noninterest expense1 decreased to $354.7 million, compared to $360.1 million.The efficiency ratio1 was a record at 46.1%, while the adjusted efficiency ratio1 was a record at 44.9% compared to 47.0% and 45.2%, respectively. INCOME TAXES
Income tax expense was $69.8 million, resulting in an effective tax rate of 21.6% compared to 21.8%. On an adjusted fully taxable equivalent ("FTE") basis1, the effective tax rate was 23.4% compared to 23.0%.Income tax expense included $9.5 million of tax credit benefit compared to $9.9 million. CAPITAL
CET1 held at 11.11% while funding earning asset growth and returning $155 million to shareholders.
Preliminary total risk-based capital down 6 bps to 13.59% and preliminary regulatory Tier 1 capital up 1 bps to 11.54%, as growth in loans and share repurchases is partly offset by strong retained earnings.Tangible common equity to tangible assets was 7.28% compared to 7.68%, driven by the $391 million impact of rates on other comprehensive income.The Company repurchased $100 million of common stock and paid $55 million of quarterly common stock cash dividends during the quarter resulting in a combined payout ratio of 62%. CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, October 21, 2026, to review third quarter financial results. To listen to the live conference call, dial U.S./International (833) 461-5787, meeting ID 244 307 806. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and the webcast replay will be available approximately two hours after completion of the call until midnight ET on October 21, 2027.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $74 billion of assets and $41 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2026, Points of Light named Old National one of "The Civic 50" for the third consecutive year – an honor recognizing the 50 most community-minded companies in the United States – and also named Old National the Financials Sector Leader among nominated banks and financial services organizations.
USE OF NON-GAAP FINANCIAL MEASURES
The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.
The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, pre-provision net revenue and net income applicable to common shares, all adjusted for certain notable items. These items include a pension plan gain/loss, merger-related charges associated with completed and pending acquisitions, realized debt securities gains/losses, distribution of excess pension assets expense, FDIC special assessment expense, and CECL Day 1 non-PCD provision expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.
Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss and realized debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.
The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.
In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity.
Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein.
FORWARD-LOOKING STATEMENTS
This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives, and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.
CONTACTS: Media: Scott ReinhardInvestors: Lynell Durchholz(612) 716-0304(812) [email protected]@oldnational.com Financial Highlights (unaudited)($ and shares in thousands, except per share data) Three Months Ended Nine Months Ended September 30,June 30,March 31,December 31,September 30, September 30,September 30, 2026 2026 2026 2025 2025 2026 2025 Income Statement Net interest income$584,287 $578,988 $572,573 $580,832 $574,609 $1,735,848 $1,477,042 FTE adjustment1,3 7,667 7,510 7,849 8,013 7,975 23,026 20,398 Net interest income - tax equivalent basis3 591,954 586,498 580,422 588,845 582,584 1,758,874 1,497,440 Provision for credit losses 33,580 36,206 34,946 32,745 26,738 104,732 164,976 Noninterest income 128,446 153,564 122,346 109,759 130,461 404,356 356,772 Noninterest expense 355,380 372,161 364,704 386,320 445,734 1,092,245 1,098,971 Net income applicable to common shareholders 249,960 249,381 229,638 212,589 178,533 $728,979 440,533 Per Common Share Data Weighted average diluted shares 380,900 383,273 388,054 389,550 390,496 384,156 357,278 EPS, diluted$0.66 $0.65 $0.59 $0.55 $0.46 $1.90 $1.23 Cash dividends 0.145 0.145 0.145 0.140 0.140 0.44 0.42 Dividend payout ratio2 22% 22% 25% 25% 30% 23% 34%Book value$21.26 $21.80 $21.40 $21.17 $20.64 $21.26 $20.64 Stock price 24.64 25.90 22.10 22.31 21.95 24.64 21.95 Tangible book value3 13.77 14.32 13.93 13.71 13.15 13.77 13.15 Performance Ratios ROAA 1.37% 1.38% 1.29% 1.21% 1.03% 1.35% 0.95%ROAE 12.0% 12.1% 11.1% 10.4% 9.0% 11.7% 8.3%ROATCE3 19.6% 19.8% 18.4% 17.8% 15.9% 19.3% 14.3%NIM (FTE)3 3.52% 3.54% 3.55% 3.65% 3.64% 3.53% 3.50%Efficiency ratio3 46.1% 47.0% 48.3% 51.6% 58.8% 47.1% 56.4%NCOs to average loans 0.27% 0.26% 0.26% 0.27% 0.25% 0.26% 0.24%ACL on loans to EOP loans 1.13% 1.14% 1.15% 1.17% 1.19% 1.13% 1.19%ACL4to EOP loans 1.20% 1.21% 1.22% 1.24% 1.26% 1.20% 1.26%Nonaccrual loans to EOP loans 0.92% 0.91% 1.03% 1.07% 1.23% 0.92% 1.23%Balance Sheet (EOP) Total loans$51,148,063 $50,772,584 $49,731,844 $48,764,162 $47,967,915 $51,148,063 $47,967,915 Total assets 74,423,980 74,189,417 73,002,651 72,151,967 71,210,162 74,423,980 71,210,162 Total deposits 57,639,107 56,146,770 55,672,472 55,088,195 55,006,184 57,639,107 55,006,184 Total borrowed funds 7,134,231 8,423,983 7,823,198 7,451,367 6,766,381 7,134,231 6,766,381 Total shareholders' equity 8,295,211 8,583,843 8,510,653 8,494,788 8,309,271 8,295,211 8,309,271 Capital Ratios3 Risk-based capital ratios (EOP): Tier 1 common equity 11.11% 11.09% 11.11% 11.08% 11.02% 11.11% 11.02%Tier 1 capital 11.54% 11.53% 11.56% 11.53% 11.49% 11.54% 11.49%Total capital 13.59% 13.65% 13.71% 12.85% 12.78% 13.59% 12.78%Leverage ratio (average assets) 8.98% 8.95% 8.93% 8.90% 8.72% 8.98% 8.72%Equity to assets (averages) 11.52% 11.61% 11.79% 11.73% 11.48% 11.64% 11.59%TCE to TA 7.28% 7.68% 7.67% 7.72% 7.53% 7.28% 7.53%Nonfinancial Data Full-time equivalent employees 4,894 4,914 4,948 4,971 5,243 4,894 5,243 Banking centers 346 346 346 346 351 346 351 1Calculated using the federal statutory tax rate in effect of 21% for all periods. 2Cash dividends per common share divided by net income per common share (basic). 3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. 4Includes the allowance for credit losses on loans and unfunded loan commitments. September 30, 2026 capital ratios are preliminary. FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances TCE - Tangible common equity TA - Tangible assets Income Statement (unaudited)($ and shares in thousands, except per share data) Three Months Ended Nine Months Ended September 30,June 30,March 31,December 31,September 30, September 30,September 30, 2026 2026 2026 2025 2025 2026 2025 Interest income$916,830 $894,391 $877,391 $897,301 $917,192 $2,688,612 $2,372,552 Less: interest expense 332,543 315,403 304,818 316,469 342,583 952,764 895,510 Net interest income 584,287 578,988 572,573 580,832 574,609 1,735,848 1,477,042 Provision for credit losses 33,580 36,206 34,946 32,745 26,738 104,732 164,976 Net interest income after provision for credit losses 550,707 542,782 537,627 548,087 547,871 1,631,116 1,312,066 Wealth and investment services fees 42,244 42,098 39,715 39,012 39,684 124,057 105,149 Service charges on deposit accounts 29,187 28,009 26,937 27,516 27,856 84,133 72,890 Debit card and ATM fees 13,325 13,092 12,038 13,178 13,197 38,455 36,110 Mortgage banking revenue 8,966 11,163 9,554 11,053 10,442 29,683 27,353 Capital markets income 12,348 12,329 11,016 13,080 12,629 35,693 24,249 Company-owned life insurance 7,326 8,531 7,561 7,099 7,565 23,418 19,571 Other income 15,045 38,376 15,450 (1,252) 19,081 68,871 71,560 Debt securities gains (losses), net 5 (34) 75 73 7 46 (110)Total noninterest income 128,446 153,564 122,346 109,759 130,461 404,356 356,772 Salaries and employee benefits 180,018 184,765 184,073 187,251 211,345 548,856 561,762 Occupancy 34,784 33,452 36,995 35,243 34,442 105,231 93,927 Equipment 11,326 11,077 12,075 14,184 12,703 34,478 34,170 Marketing 16,462 15,601 16,434 14,418 15,093 48,497 40,792 Technology 27,529 29,630 29,025 30,882 36,122 86,184 89,594 Communication 6,323 6,130 6,196 6,726 7,742 18,649 16,890 Professional fees 12,260 10,735 12,356 18,454 13,598 35,351 43,448 FDIC assessment 13,243 13,592 13,756 11,190 14,095 40,591 37,204 Amortization of intangibles 23,331 23,992 25,623 26,016 26,184 72,946 52,644 Amortization of tax credit investments 8,131 7,807 7,111 9,822 7,057 23,049 16,296 Other expense 21,973 35,380 21,060 32,134 67,353 78,413 112,244 Total noninterest expense 355,380 372,161 364,704 386,320 445,734 1,092,245 1,098,971 Income before income taxes 323,773 324,185 295,269 271,526 232,598 943,227 569,867 Income tax expense 69,779 70,771 61,597 54,903 50,031 202,147 117,233 Net income$253,994 $253,414 $233,672 $216,623 $182,567 $741,080 $452,634 Preferred dividends (4,034) (4,033) (4,034) (4,034) (4,034) (12,101) (12,101)Net income applicable to common shares$249,960 $249,381 $229,638 $212,589 $178,533 $728,979 $440,533 EPS, diluted$0.66 $0.65 $0.59 $0.55 $0.46 $1.90 $1.23 Weighted Average Common Shares Outstanding Basic 379,250 381,864 385,849 387,862 389,038 382,297 355,307 Diluted 380,900 383,273 388,054 389,550 390,496 384,156 357,278 (EOP) 378,639 382,537 386,315 389,662 390,768 378,639 390,768 End of Period Balance Sheet (unaudited)($ in thousands) September 30,June 30,March 31,December 31,September 30, 2026 2026 2026 2025 2025 Assets Cash and due from banks$507,214 $588,654 $537,322 $591,645 $491,910 Money market and other interest-earning investments 1,171,814 1,179,526 1,216,826 1,234,532 1,190,707 Investments: Treasury and government-sponsored agencies 2,312,713 2,358,509 2,371,903 2,427,371 2,402,375 Mortgage-backed securities 10,275,345 10,460,468 10,295,623 10,078,358 10,117,015 States and political subdivisions 1,393,309 1,442,703 1,454,444 1,570,888 1,579,802 Other securities 814,729 821,719 814,990 825,761 849,911 Total investments 14,796,096 15,083,399 14,936,960 14,902,378 14,949,103 Loans held-for-sale, at fair value 30,456 43,608 56,128 52,911 80,341 Loans: Commercial 16,260,724 16,112,685 15,617,656 14,983,861 14,506,375 Commercial real estate 22,692,502 22,535,229 22,192,900 22,050,007 22,083,734 Residential real estate 8,770,515 8,760,832 8,621,409 8,467,496 8,190,127 Consumer 3,424,322 3,363,838 3,299,879 3,262,798 3,187,679 Total loans 51,148,063 50,772,584 49,731,844 48,764,162 47,967,915 Allowance for credit losses on loans (579,658) (580,511) (574,358) (569,520) (572,178)Premises and equipment, net 674,192 682,065 690,400 690,824 691,950 Goodwill and other intangible assets 2,839,096 2,862,427 2,886,419 2,907,986 2,926,960 Company-owned life insurance 1,058,220 1,053,333 1,054,824 1,051,009 1,044,780 Accrued interest receivable and other assets 2,778,487 2,504,332 2,466,286 2,526,040 2,438,674 Total assets$74,423,980 $74,189,417 $73,002,651 $72,151,967 $71,210,162 Liabilities and Equity Noninterest-bearing demand deposits$12,847,561 $12,665,278 $12,927,096 $13,247,483 $12,691,658 Interest-bearing: Checking and NOW accounts 11,177,144 11,129,286 10,969,731 10,740,919 11,162,121 Savings accounts 4,812,222 4,924,639 4,985,949 4,909,138 4,958,555 Money market accounts 17,949,816 16,936,441 16,871,237 16,529,631 17,032,446 Time deposits 10,852,364 10,491,126 9,918,459 9,661,024 9,161,404 Total deposits 57,639,107 56,146,770 55,672,472 55,088,195 55,006,184 Federal funds purchased and interbank borrowings 484 250,389 200,583 100,197 1 Securities sold under agreements to repurchase 240,698 265,301 264,518 261,366 277,594 Federal Home Loan Bank advances 5,484,611 6,520,296 6,026,801 6,237,375 5,663,361 Other borrowings 1,408,438 1,387,997 1,331,296 852,429 825,425 Total borrowed funds 7,134,231 8,423,983 7,823,198 7,451,367 6,766,381 Accrued expenses and other liabilities 1,355,431 1,034,821 996,328 1,117,617 1,128,326 Total liabilities 66,128,769 65,605,574 64,491,998 63,657,179 62,900,891 Preferred stock, common stock, surplus, and retained earnings 9,244,597 9,141,984 9,053,907 8,973,459 8,833,662 Accumulated other comprehensive income (loss), net of tax (949,386) (558,141) (543,254) (478,671) (524,391)Total shareholders' equity 8,295,211 8,583,843 8,510,653 8,494,788 8,309,271 Total liabilities and shareholders' equity$74,423,980 $74,189,417 $73,002,651 $72,151,967 $71,210,162 Average Balance Sheet and Interest Rates (unaudited)($ in thousands) Three Months Ended Three Months Ended Three Months Ended September 30, 2026 June 30, 2026 September 30, 2025 AverageIncome1/Yield/ AverageIncome1/Yield/ AverageIncome1/Yield/Earning Assets: BalanceExpenseRate BalanceExpenseRate BalanceExpenseRateMoney market and other interest-earning investments $1,170,557 $10,9793.72% $1,212,043 $11,1213.68% $1,159,564 $12,2074.18%Investments: Treasury and government-sponsored agencies 2,358,480 19,3703.29% 2,349,871 18,9933.23% 2,391,564 20,7213.47%Mortgage-backed securities 10,479,035 114,3684.37% 10,428,343 111,1574.26% 9,854,107 105,5964.29%States and political subdivisions 1,417,175 11,8443.34% 1,450,389 12,0173.31% 1,577,384 13,1093.32%Other securities 824,408 12,4886.06% 828,774 12,3955.98% 874,728 16,2657.44%Total investments 15,079,098 158,0704.19% 15,057,377 154,5624.11% 14,697,783 155,6914.24%Loans:2 Commercial 16,207,022 248,7406.14% 15,792,290 238,6636.05% 14,722,785 249,5696.78%Commercial real estate 22,660,192 346,8406.12% 22,234,235 339,9256.12% 21,999,016 356,0146.47%Residential real estate loans 8,800,325 104,3784.74% 8,722,341 103,1624.73% 8,287,155 95,1294.59%Consumer 3,383,853 55,4906.51% 3,323,663 54,4686.57% 3,166,508 56,5577.09%Total loans 51,051,392 755,4485.92% 50,072,529 736,2185.88% 48,175,464 757,2696.28% Total earning assets $67,301,047 $924,4975.49% $66,341,949 $901,9015.44% $64,032,811 $925,1675.78% Less: Allowance for credit losses on loans (592,670) (580,550) (566,102) Non-earning Assets: Cash and due from banks $526,400 $545,346 $492,415 Other assets 7,040,733 6,991,436 7,177,663 Total assets $74,275,510 $73,298,181 $71,136,787 Interest-Bearing Liabilities: Checking and NOW accounts $11,217,310 $52,4841.86% $11,106,289 $47,3491.71% $10,807,113 $52,3011.92%Savings accounts 4,878,272 3,0710.25% 4,950,785 3,0320.25% 5,009,293 3,8660.31%Money market accounts 17,085,773 104,6432.43% 16,485,000 99,9032.43% 17,007,426 125,7172.93%Time deposits 10,831,986 96,4493.53% 10,145,661 87,2203.45% 9,337,597 90,7173.85%Total interest-bearing deposits 44,013,341 256,6472.31% 42,687,735 237,5042.23% 42,161,429 272,6012.57% Federal funds purchased and interbank borrowings 9,668 903.69% 42,228 3913.71% 157,192 1,8164.58%Securities sold under agreements to repurchase 258,721 5770.88% 257,217 5610.87% 289,323 7311.00%Federal Home Loan Bank advances 6,068,074 59,2923.88% 6,561,147 61,7443.77% 5,552,780 57,1434.08%Other borrowings 1,449,183 15,9374.36% 1,360,976 15,2034.48% 871,996 10,2924.68%Total borrowed funds 7,785,646 75,8963.87% 8,221,568 77,8993.80% 6,871,291 69,9824.04% Total interest-bearing liabilities $51,798,987 $332,5432.55% $50,909,303 $315,4032.48% $49,032,720 $342,5832.77% Noninterest-Bearing Liabilities and Shareholders' Equity: Demand deposits $12,837,453 $12,860,401 $12,731,654 Other liabilities 1,083,626 1,020,272 1,203,838 Shareholders' equity 8,555,444 8,508,205 8,168,575 Total liabilities and shareholders' equity $74,275,510 $73,298,181 $71,136,787 Net interest rate spread 2.94% 2.96% 3.01% Net interest margin (GAAP) 3.47% 3.49% 3.59% Net interest margin (FTE)3 3.52% 3.54% 3.64% FTE adjustment $7,667 $7,510 $7,975 1Interest income is reflected on a FTE basis. 2Includes loans held-for-sale. 3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. Average Balance Sheet and Interest Rates (unaudited)($ in thousands) Nine Months Ended Nine Months Ended September 30, 2026 September 30, 2025 AverageIncome1/Yield/ AverageIncome1/Yield/Earning Assets: BalanceExpenseRate BalanceExpenseRateMoney market and other interest-earning investments $1,199,047 $33,0443.68% $1,126,460 $35,8134.25%Investments: Treasury and government-sponsored agencies 2,375,485 57,4843.23% 2,369,307 61,5603.46%Mortgage-backed securities 10,392,449 332,9904.27% 8,249,480 247,8534.01%States and political subdivisions 1,463,885 36,4023.32% 1,594,912 39,7533.32%Other securities 830,985 38,2606.14% 872,430 42,5476.50%Total investments $15,062,804 $465,1364.12% $13,086,129 $391,7133.99%Loans:2 Commercial 15,771,532 720,8436.09% 12,803,059 634,6106.61%Commercial real estate 22,319,323 1,022,7136.11% 19,432,867 918,3716.30%Residential real estate loans 8,686,561 306,4934.70% 7,636,955 251,6294.39%Consumer 3,326,422 163,4096.57% 3,030,102 160,8147.10%Total loans 50,103,838 2,213,4585.89% 42,902,983 1,965,4246.11% Total earning assets $66,365,689 $2,711,6385.45% $57,115,572 $2,392,9505.59% Less: Allowance for credit losses on loans (582,180) (457,192) Non-earning Assets: Cash and due from banks $540,143 $430,891 Other assets 7,025,532 6,331,698 Total assets $73,349,184 $63,420,969 Interest-Bearing Liabilities: Checking and NOW accounts $11,097,532 $146,1281.76% $9,512,075 $123,6271.74%Savings accounts 4,916,410 9,1140.25% 4,891,083 11,2510.31%Money market accounts 16,706,478 304,5022.44% 14,697,398 328,5332.99%Time deposits 10,246,260 267,7383.49% 8,215,063 239,7733.90%Total interest-bearing deposits 42,966,680 727,4822.26% 37,315,619 703,1842.52% Federal funds purchased and interbank borrowings 18,532 5043.64% 131,341 4,3944.47%Securities sold under agreements to repurchase 258,927 1,7320.89% 286,137 1,9180.90%Federal Home Loan Bank advances 6,310,172 179,0883.79% 5,355,597 158,0813.95%Other borrowings 1,328,586 43,9584.42% 792,708 27,9334.71%Total borrowed funds 7,916,217 225,2823.80% 6,565,783 192,3263.92% Total interest-bearing liabilities 50,882,897 952,7642.50% 43,881,402 895,5102.73% Noninterest-Bearing Liabilities and Shareholders' Equity: Demand deposits $12,862,492 $11,145,709 Other liabilities 1,067,798 1,041,715 Shareholders' equity 8,535,997 7,352,143 Total liabilities and shareholders' equity $73,349,184 $63,420,969 Net interest rate spread 2.95% 2.86% Net interest margin (GAAP) 3.49% 3.45% Net interest margin (FTE)3 3.53% 3.50% FTE adjustment $23,026 $20,398 1Interest income is reflected on a FTE.2Includes loans held-for-sale. 3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. Asset Quality (EOP) (unaudited)($ in thousands) Three Months Ended Nine Months Ended September 30,June 30,March 31,December 31,September 30, September 30,September 30, 2026 2026 2026 2025 2025 2026 2025 Allowance for credit losses: Beginning allowance for credit losses on loans$580,511 $574,358 $569,520 $572,178 $565,109 $569,520 $392,522 Allowance established for acquired PCD loans — — — — 13,104 — 103,546 Provision for credit losses on loans 33,237 38,400 36,854 29,450 24,003 108,491 154,292 Gross charge-offs (48,275) (41,540) (37,307) (35,131) (35,402) (127,122) (89,896)Gross recoveries 14,185 9,293 5,291 3,023 5,364 28,769 11,714 NCOs (34,090) (32,247) (32,016) (32,108) (30,038) (98,353) (78,182)Ending allowance for credit losses on loans$579,658 $580,511 $574,358 $569,520 $572,178 $579,658 $572,178 Beginning allowance for credit losses on unfunded commitments$31,531 $33,725 $35,633 $32,338 $29,603 $35,633 $21,654 Provision (release) for credit losses on unfunded commitments 343 (2,194) (1,908) 3,295 2,735 (3,759) 10,684 Ending allowance for credit losses on unfunded commitments$31,874 $31,531 $33,725 $35,633 $32,338 $31,874 $32,338 Allowance for credit losses$611,532 $612,042 $608,083 $605,153 $604,516 $611,532 $604,516 Provision for credit losses on loans$33,237 $38,400 $36,854 $29,450 $24,003 $108,491 $154,292 Provision (release) for credit losses on unfunded commitments 343 (2,194) (1,908) 3,295 2,735 (3,759) 10,684 Provision for credit losses$33,580 $36,206 $34,946 $32,745 $26,738 $104,732 $164,976 NCOs / average loans1 0.27% 0.26% 0.26% 0.27% 0.25% 0.26% 0.24%Average loans1$51,040,909 $50,062,552 $49,157,096 $48,199,086 $48,153,186 $50,093,753 $42,881,049 EOP loans1 51,148,063 50,772,584 49,731,844 48,764,162 47,967,915 51,148,063 47,967,915 ACL on loans / EOP loans1 1.13% 1.14% 1.15% 1.17% 1.19% 1.13% 1.19%ACL / EOP loans1 1.20% 1.21% 1.22% 1.24% 1.26% 1.20% 1.26%Underperforming Assets: Loans 90 days and over (still accruing)$4,079 $6,832 $4,407 $2,691 $1,525 $4,079 $1,525 Nonaccrual loans 470,196 461,702 511,959 521,245 590,820 470,196 590,820 Foreclosed assets 2,885 3,374 5,786 6,235 6,325 2,885 6,325 Total underperforming assets$477,160 $471,908 $522,152 $530,171 $598,670 $477,160 $598,670 Classified and Criticized Assets: Nonaccrual loans$470,196 $461,702 $511,959 $521,245 $590,820 $470,196 $590,820 Substandard loans (still accruing) 1,737,688 1,918,721 1,881,374 1,759,221 1,881,294 1,737,688 1,881,294 Loans 90 days and over (still accruing) 4,079 6,832 4,407 2,691 1,525 4,079 1,525 Total classified loans - "problem loans" 2,211,963 2,387,255 2,397,740 2,283,157 2,473,639 2,211,963 2,473,639 Other classified assets 6,861 7,960 20,620 20,616 35,373 6,861 35,373 Special Mention 608,806 705,154 804,028 805,901 893,109 608,806 893,109 Total classified and criticized assets$2,827,630 $3,100,369 $3,222,388 $3,109,674 $3,402,121 $2,827,630 $3,402,121 Loans 30-89 days past due (still accruing)$126,202 $140,428 $114,038 $105,632 $83,030 $126,202 $83,030 Nonaccrual loans / EOP loans1 0.92% 0.91% 1.03% 1.07% 1.23% 0.92% 1.23%ACL / nonaccrual loans 130% 133% 119% 116% 102% 130% 102%Under-performing assets/EOP loans1 0.93% 0.93% 1.05% 1.09% 1.25% 0.93% 1.25%Under-performing assets/EOP assets 0.64% 0.64% 0.72% 0.73% 0.84% 0.64% 0.84%30+ day delinquencies/EOP loans1 0.25% 0.29% 0.24% 0.22% 0.18% 0.25% 0.18% 1Excludes loans held-for-sale. Non-GAAP Measures (unaudited)($ and shares in thousands, except per share data) Three Months Ended Nine Months Ended September 30,June 30,March 31,December 31,September 30, September 30,September 30, 2026 2026 2026 2025 2025 2026 2025 Earnings Per Share: Net income applicable to common shares$249,960 $249,381 $229,638 $212,589 $178,533 $728,979 $440,533 Adjustments: Pension plan loss (gain) (893) (13,240) — 15,878 — (14,133) (21,001)Tax effect1 160 2,890 — (3,814) — 3,050 5,778 Pension plan loss (gain), net (733) (10,350) — 12,064 — (11,083) (15,223)Merger-related charges 689 12,109 7,323 24,547 69,274 20,121 116,336 Tax effect1 (199) (792) (1,810) (5,896) (16,494) (2,801) (28,921)Merger-related charges, net 490 11,317 5,513 18,651 52,780 17,320 87,415 Debt securities (gains) losses (5) 34 (75) (73) (7) (46) 110 Tax effect1 1 (7) 19 18 2 12 (24)Debt securities (gains) losses, net (4) 27 (56) (55) (5) (34) 86 Distribution of excess pension assets — — 3,394 — — 3,394 — Tax effect1 — — (839) — — (839) — Distribution of excess pension assets, net — — 2,555 — — 2,555 — FDIC special assessment — — — (2,994) — — — Tax effect1 — — — 719 — — — FDIC special assessment, net — — — (2,275) — — — CECL Day 1 non-PCD provision expense — — — — — — 75,604 Tax effect1 — — — — — — (20,802)CECL Day 1 non-PCD provision expense, net — — — — — — 54,802 Total adjustments, net (247) 994 8,012 28,385 52,775 8,758 127,080 Net income applicable to common shares, adjusted$249,713 $250,375 $237,650 $240,974 $231,308 $737,737 $567,613 Weighted average diluted common shares outstanding 380,900 383,273 388,054 389,550 390,496 384,156 357,278 EPS, diluted$0.66 $0.65 $0.59 $0.55 $0.46 $1.90 $1.23 Adjusted EPS, diluted$0.66 $0.65 $0.61 $0.62 $0.59 $1.92 $1.59 NIM: Net interest income$584,287 $578,988 $572,573 $580,832 $574,609 $1,735,848 $1,477,042 Add: FTE adjustment2 7,667 7,510 7,849 8,013 7,975 23,026 20,398 Net interest income (FTE)$591,954 $586,498 $580,422 $588,845 $582,584 $1,758,874 $1,497,440 Average earning assets$67,301,047 $66,341,949 $65,433,548 $64,456,815 $64,032,811 $66,365,689 $57,115,572 NIM (GAAP) 3.47% 3.49% 3.50% 3.60% 3.59% 3.49% 3.45%NIM (FTE) 3.52% 3.54% 3.55% 3.65% 3.64% 3.53% 3.50% Refer to last page of Non-GAAP reconciliations for footnotes. Non-GAAP Measures (unaudited)($ in thousands) Three Months Ended Nine Months Ended September 30,June 30,March 31,December 31,September 30, September 30,September 30, 2026 2026 2026 2025 2025 2026 2025 PPNR: Net interest income (FTE)2$591,954 $586,498 $580,422 $588,845 $582,584 $1,758,874 $1,497,440 Add: Noninterest income 128,446 153,564 122,346 109,759 130,461 404,356 356,772 Total revenue (FTE) 720,400 740,062 702,768 698,604 713,045 2,163,230 1,854,212 Less: Noninterest expense (355,380) (372,161) (364,704) (386,320) (445,734) (1,092,245) (1,098,971)PPNR$365,020 $367,901 $338,064 $312,284 $267,311 $1,070,985 $755,241 Adjustments: Pension plan loss (gain)$(893)$(13,240)$— $15,878 $— $(14,133)$(21,001)Debt securities (gains) losses (5) 34 (75) (73) (7) (46) 110 Noninterest income adjustments (898) (13,206) (75) 15,805 (7) (14,179) (20,891)Adjusted noninterest income 127,548 140,358 122,271 125,564 130,454 390,177 335,881 Adjusted revenue$719,502 $726,856 $702,693 $714,409 $713,038 $2,149,051 $1,833,321 Adjustments: Merger-related charges$689 $12,109 $7,323 $24,547 $69,274 $20,121 $116,336 FDIC Special Assessment — — — (2,994) — — — Distribution of excess pension assets — — 3,394 — — 3,394 — Noninterest expense adjustments 689 12,109 10,717 21,553 69,274 23,515 116,336 Adjusted total noninterest expense (354,691) (360,052) (353,987) (364,767) (376,460) (1,068,730) (982,635)Adjusted PPNR$364,811 $366,804 $348,706 $349,642 $336,578 $1,080,321 $850,686 Efficiency Ratio: Noninterest expense$355,380 $372,161 $364,704 $386,320 $445,734 $1,092,245 $1,098,971 Less: Amortization of intangibles (23,331) (23,992) (25,623) (26,016) (26,184) (72,946) (52,644)Noninterest expense, excl. amortization of intangibles 332,049 348,169 339,081 360,304 419,550 1,019,299 1,046,327 Less: Amortization of tax credit investments (8,131) (7,807) (7,111) (9,822) (7,057) (23,049) (16,296)Less: Noninterest expense adjustments (689) (12,109) (10,717) (21,553) (69,274) (23,515) (116,336)Adjusted noninterest expense, excluding amortization$323,229 $328,253 $321,253 $328,929 $343,219 $972,735 $913,695 Total revenue (FTE)2$720,400 $740,062 $702,768 $698,604 $713,045 $2,163,230 $1,854,212 Less: Debt securities (gains) losses (5) 34 (75) (73) (7) (46) 110 Less: Pension plan loss (gain) (893) (13,240) — 15,878 — (14,133) (21,001)Total adjusted revenue$719,502 $726,856 $702,693 $714,409 $713,038 $2,149,051 $1,833,321 Efficiency Ratio 46.1% 47.0% 48.3% 51.6% 58.8% 47.1% 56.4%Adjusted Efficiency Ratio 44.9% 45.2% 45.7% 46.0% 48.1% 45.3% 49.8% Refer to last page of Non-GAAP reconciliations for footnotes. Non-GAAP Measures (unaudited)($ in thousands) Three Months Ended Nine Months Ended September 30,June 30,March 31,December 31,September 30, September 30,September 30, 2026 2026 2026 2025 2025 2026 2025 ROAE and ROATCE: Net income applicable to common shares$249,960 $249,381 $229,638 $212,589 $178,533 $728,979 $440,533 Amortization of intangibles 23,331 23,992 25,623 26,016 26,184 72,946 52,644 Tax effect1 (5,833) (5,998) (6,406) (6,504) (6,546) (18,237) (13,161)Amortization of intangibles, net 17,498 17,994 19,217 19,512 19,638 54,709 39,483 Net income applicable to common shares, excluding intangibles amortization 267,458 267,375 248,855 232,101 198,171 783,688 480,016 Total adjustments, net (see pg.12) (247) 994 8,012 28,385 52,775 8,758 127,080 Adjusted net income applicable to common shares, excluding intangibles amortization$267,211 $268,369 $256,867 $260,486 $250,946 $792,446 $607,096 Average shareholders' equity$8,555,444 $8,508,205 $8,544,220 $8,391,067 $8,168,575 $8,535,997 $7,352,143 Less: Average preferred equity (243,719) (243,719) (243,719) (243,719) (243,719) (243,719) (243,719)Average shareholders' common equity$8,311,725 $8,264,486 $8,300,501 $8,147,348 $7,924,856 $8,292,278 $7,108,424 Average goodwill and other intangible assets (2,850,422) (2,873,898) (2,894,824) (2,919,924) (2,931,319) (2,872,886) (2,633,858)Average tangible shareholder's common equity$5,461,303 $5,390,588 $5,405,677 $5,227,424 $4,993,537 $5,419,392 $4,474,566 ROAE 12.0% 12.1% 11.1% 10.4% 9.0% 11.7% 8.3%ROAE, adjusted 12.0% 12.1% 11.5% 11.8% 11.7% 11.9% 10.6%ROATCE 19.6% 19.8% 18.4% 17.8% 15.9% 19.3% 14.3%ROATCE, adjusted 19.6% 19.9% 19.0% 19.9% 20.1% 19.5% 18.1% Refer to last page of Non-GAAP reconciliations for footnotes. Non-GAAP Measures (unaudited)($ in thousands) As of September 30,June 30,March 31,December 31,September 30, 2026 2026 2026 2025 2025 Tangible Common Equity: Shareholders' equity$8,295,211 $8,583,843 $8,510,653 $8,494,788 $8,309,271 Less: Preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)Shareholders' common equity$8,051,492 $8,340,124 $8,266,934 $8,251,069 $8,065,552 Less: Goodwill and other intangible assets (2,839,096) (2,862,427) (2,886,419) (2,907,986) (2,926,960)Tangible shareholders' common equity$5,212,396 $5,477,697 $5,380,515 $5,343,083 $5,138,592 Total assets$74,423,980 $74,189,417 $73,002,651 $72,151,967 $71,210,162 Less: Goodwill and other intangible assets (2,839,096) (2,862,427) (2,886,419) (2,907,986) (2,926,960)Tangible assets$71,584,884 $71,326,990 $70,116,232 $69,243,981 $68,283,202 Risk-weighted assets3$56,350,807 $55,349,162 $54,283,745 $53,617,620 $52,515,468 Tangible common equity to tangible assets 7.28% 7.68% 7.67% 7.72% 7.53%Tangible common equity to risk-weighted assets3 9.25% 9.90% 9.91% 9.97% 9.78%Tangible Common Book Value: Common shares outstanding 378,639 382,537 386,315 389,662 390,768 Tangible common book value$13.77 $14.32 $13.93 $13.71 $13.15 1Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).2Calculated using the federal statutory tax rate in effect of 21% for all periods.3September 30, 2026 figures are preliminary.
Nutanix a Netris spojily síly při vývoji multitenantní infrastruktury pro cloudy pro AI s GPU NVIDIA; technologická ukázka řešení je plánována na začátek roku 2027.
Nutanix and Netris have announced a strategic collaboration to deliver a jointly engineered multitenant infrastructure stack designed specifically for neoclouds and enterprises — combining Nutanix Cloud Platform and its proven capabilities with Netris Network Automation, Abstraction, and Multitenancy (NAAM).The joint solution will enable neoclouds to launch secure, NVIDIA GPU-accelerated IaaS offerings faster, create new revenue opportunities and meet NVIDIA’s technical requirements for delivering multitenant services to neocloud customers.Enterprises will be able to run business-critical AI workloads on multitenant GPU infrastructure with hard isolation (enforced on networking hardware) between tenants.The combined solution will deliver automation and abstraction across compute and networking, enabling infrastructure to be provisioned and consumed through a cloud-like experience. Why It Matters
An offering that integrates Nutanix technology with Netris technology will enable neoclouds and enterprises to bring secure, multitenant GPU services to market faster, expand their service offering, and accelerate time to revenue. By simplifying how AI infrastructure is deployed and consumed across bare-metal and virtualized environments, neoclouds will be able to scale more efficiently and improve margins as their business grows.
BERLIN, Oct. 21, 2026 (GLOBE NEWSWIRE) -- NVIDIA GTC - Nutanix (NASDAQ: NTNX), a hybrid cloud leader and AI platform company, and Netris, the leading provider of Network Automation, Abstraction, and Multitenancy (NAAM) for AI infrastructure, today announced a strategic collaboration to deliver a jointly engineered infrastructure stack designed specifically for neoclouds and enterprises. By combining Nutanix Cloud Platform and Nutanix’s expertise in cloud infrastructure and compute orchestration with the Netris NAAM platform, the joint solution will provide neoclouds and enterprises with a scalable, secure, and multitenant solution across the infrastructure.
As the demand for AI infrastructure accelerates, neoclouds and enterprises are leading the deployment of large GPU clusters to support a broad range of AI workloads. Delivering this infrastructure as a service requires both soft isolation and hard isolation (enforced on networking hardware) that extends across every layer of the infrastructure, from the compute layers and data processing units to the physical switches.
An Automated Multitenant Infrastructure Stack for AI Clouds
Bringing together Nutanix’s cloud infrastructure capabilities with Netris network automation and multitenancy, the joint solution will provide neoclouds and enterprises with a secure, multitenant AI infrastructure stack across bare-metal and virtualized environments, enabling providers to instantly onboard customers, maintain strict isolation between tenants from compute through the physical network, and deliver AI services through a cloud-like self-service experience.
Key highlights of the joint solution for neoclouds and enterprises will include:
Automated Network Fabric Operations: Simplifies AI infrastructure deployment by automatically configuring the physical network as tenant resources are provisioned, reducing manual effort, accelerating time to value, and improving operational consistency.Unified Multitenant Networking: Delivers a consistent networking experience across physical and virtual environments by translating Nutanix tenant requirements into the appropriate underlying network services for bare-metal and virtualized GPU nodes.Self-Service Cloud Networking: Provides cloud-grade networking constructs — VPCs, elastic IPs, NAT, and L4 load balancers — through a web console, REST API, and Terraform, enabling infrastructure to be consumed through a self-service, cloud-like experience.High-Performance AI Factory Networking: Supports the connectivity for demanding AI workloads, enabling efficient edge, East-West, North-South, scale-up, and host-based networking traffic flows.End-to-End Tenant Isolation: Extends secure hard and soft tenant isolation across the entire network — from virtual workloads through the physical switching layer — supporting secure, reliable GPU-as-a-Service offerings on shared infrastructure.
Executive Commentary
"Neoclouds and NVIDIA Cloud Partners are at the forefront of the AI transformation, but building the cloud operating stack required to monetize GPU clusters at scale is remarkably complex," said Ketan Shah, Vice President, Product Management, Nutanix. "By pairing Nutanix’s Agentic AI solution with the Netris NAAM platform, we will provide AI cloud operators with an out-of-the-box solution to accelerate their journey from metals to margins. We chose to partner with Netris, a leader in network automation, abstraction, and multitenancy, to give operators true self-service networking across both bare-metal and virtualized environments. This will enable our partners to deliver secure, multitenant IaaS environments quickly while maintaining the simplicity and enterprise reliability that Nutanix is known for."
“AI infrastructure is scaling incredibly fast, and the network has to scale with it," said Alex Saroyan, CEO and Co-Founder of Netris. "An AI cloud needs two layers working as one — Nutanix's compute orchestration and virtualization, backed by deep operational leadership and experience, and Netris network automation, abstraction, and multitenancy. What makes this collaboration matter is that those layers stay continuously in sync, giving neoclouds and enterprises a single automated stack for secure, multitenant GPU services."
Analyst Commentary
"AI infrastructure providers are evolving beyond GPU capacity to deliver trusted inference environments, workload orchestration, agent lifecycle management, and managed AI services. The differentiator will be a cloud-like operating model that combines performance with control, isolation, and security at every layer of the stack.”
Steve McDowell, Principal Analyst, NAND Research Availability
The joint solution is planned to be available in tech preview in early 2027.
About Nutanix
Nutanix is a hybrid cloud leader and AI platform company, offering organizations a unified infrastructure software platform to safely run applications, data, and AI anywhere. Trusted by customers worldwide, Nutanix empowers more than 50% of the Global 2000 to innovate faster with AI, while modernizing infrastructure, simplifying operations, and controlling costs. Learn more at www.nutanix.com or follow us on social media.
About Netris
Netris is the leading provider of network automation and multitenancy for AI infrastructure, purpose-built for neoclouds, sovereign AI operators, and AI factories. The Netris NAAM (Network Automation, Abstraction, and Multitenancy) platform delivers network orchestration for AI clusters, hard multitenancy enforced on networking hardware, and cloud-provider-grade automation across Ethernet, InfiniBand, DPUs, and virtual and edge networking — from Day Zero design and simulation through live operations. Netris enables operators to launch GPU clouds in weeks, provision tenants instantly with isolation configured automatically, and maximize GPU utilization by dynamically reallocating capacity across tenants. Netris is the most widely deployed network automation platform for AI clusters, with 70+ live deployments. Founded in 2018 and backed by Andreessen Horowitz, Netris is headquartered in Santa Clara, California. Learn more at netris.io.
This content may contain express and implied forward-looking statements, including but not limited to statements regarding our plans and expectations relating to new product features and technology under development, the capabilities of such product features and technology, and our plans to release product features and technology. Such statements are not historical facts and are instead based on our current expectations, estimates and beliefs, including statements about The accuracy of such statements involves risks and uncertainties and depends upon future events, including those that may be beyond our control, and actual results may differ materially and adversely from those anticipated or implied by such statements, including, among others: failure to develop, or unexpected difficulties, delays or disruptions in developing, releasing or distributing, new products, services, product features or technology in a timely or cost-effective basis. Any forward-looking statements included speak only as of the date hereof and, except as required by law, we assume no obligation to update or otherwise revise any such forward-looking statements to reflect subsequent events or circumstances. Certain products and features or functionalities described herein remain in varying stages of development and will be offered on a when-and-if-available basis. The development, release, and timing of any such products, features or functionalities are subject to change. Nutanix will not have any liability for any failure to deliver or delay in the delivery of any such products, features or functionalities. Any future product or product feature information is intended to outline general product directions, and is not a commitment, promise, or legal obligation for Nutanix to deliver any functionality. This information should not be used when making a purchasing decision.
Akcionáři Penske Automotive Group budou hlasovat o nabídce převzetí od Penske Corporation a Mitsui & Co. ve výši 212 USD za akcii v hotovosti; transakce představuje přibližnou podnikovou hodnotu 16,3 mld. USD.
PAG shareholders will vote on a $212.00 per share cash buyout by PAG's largest shareholders, Penske Corporation and Mitsui & Co., Ltd.
NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Amparo Law Firm PLLC, through its Amparo Investor Rights practice, is investigating whether the sale process for Penske Automotive Group, Inc. (NYSE: PAG) was fair to public shareholders and whether they will receive complete and accurate information before they vote.
On October 15, 2026, PAG announced a merger agreement to be taken private by Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui & Co., Ltd. Shareholders outside the investor group will receive $212.00 per share in cash, which PAG says represents an enterprise value of approximately $16.3 billion and an 8.84% premium to its October 14, 2026 close. A special committee of independent directors recommended the transaction. Closing, expected in the first quarter of 2027, requires approval by a majority of the outstanding shares and of the votes cast by unaffiliated stockholders.
When a company's largest shareholders are also the buyers, public shareholders depend on the sale process and the proxy statement to judge the price. Our investigation focuses on how the special committee ran the process, potential conflicts arising from the buyers' existing ownership, the financial advisors' work, and whether shareholders will have complete information before they vote.
The practice is led by Bob Amirian, Esq., Founding Partner, a former law clerk to Chief Judge Sharon Prost of the U.S. Court of Appeals for the Federal Circuit. He is admitted before the U.S. District Courts for the Southern and Eastern Districts of New York and the Northern, Central and Southern Districts of California.
If you own PAG shares, you can learn more at https://amparoinvestorrights.com/actions/penske-automotive-group-inc/?utm_source=globenewswire&utm_medium=pr&utm_campaign=pag or (888) 577-7817. There is no cost to speak with us. We speak English, Spanish and Farsi.
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Oceňovací modely hodnotí akcie Coca-Cola Europacific Partners (CCEP) při ceně 113,41 USD jako nadhodnocené; model DCF stanovuje jejich vnitřní hodnotu na 71,33 USD.
On October 21, 2026, we conducted a DCF analysis for Coca-Cola Europacific Partners PLC CCEP, which has shown strong price performance with a year-to-date increase of 26.4% and a one-year gain of 28.3%. However, our valuation models indicate a consensus that the stock is overvalued.
DCF Earnings-based intrinsic value of $71.33 vs current price of $113.41 (margin of safety: -59.0%) DCF FCF-based intrinsic value of $87.60 vs current price (modestly overvalued with -29.5% margin of safety) GF Score™ of 84/100, indicating a reliable assessment of the company's financial health What Is CCEP Worth? DCF Earnings-Based Model In our DCF earnings-based model, we utilized a two-stage approach. The first stage reflects a growth phase where earnings per share (EPS) is projected to grow at 8.4% annually for the first ten years, followed by a terminal phase with a growth rate of 4% for the subsequent ten years. The discount rate applied is 12%, which combines the risk-free rate and equity risk premium.
Parameter Value Current EPS (TTM, excl. non-recurring) $5.36 10-Year Growth Rate 8.4% 10-Year Treasury Rate 5.12% Discount Rate (ceil(Treasury) + 6%) 12% Terminal Growth Rate 4% The calculation summary for the two-stage model is as follows:
Stage Description Value Growth Stage (Years 1-10) EPS growing at 8.4%, discounted at 12% $45.01 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 12% $26.32 Intrinsic Value Growth + Terminal $71.33 With the current price at $113.41, the intrinsic value of $71.33 indicates that CCEP is significantly overvalued, with a margin of safety of -59.0%. It is important to note that GuruFocus utilizes EPS without non-recurring items, as research shows that stock prices correlate more closely with earnings than free cash flow. For further analysis, visit the CCEP DCF Calculator.
What Does the Free Cash Flow DCF Say? The free cash flow (FCF)-based intrinsic value for CCEP is calculated at $87.60. When compared to the earnings-based valuation, both models agree on the overvaluation of the stock, with the FCF model indicating a modestly overvalued status and a margin of safety of -29.5%.
How Does GF Value™ Compare to the DCF Models? The GF Value™ for CCEP stands at $97.12, offering a third perspective on the company's valuation. This proprietary measure is derived from historical trading multiples, past business growth, and future performance estimates. All three models—DCF earnings, DCF FCF, and GF Value™—align in their assessment that CCEP is overvalued. For more details, check the GF Value™.
What Does CCEP's GF Score™ Tell Us? The GF Score™ evaluates a company's financial strength, profitability, growth potential, valuation, and momentum. CCEP's score of 84/100 suggests a solid financial standing, although its predictability rank of 0/5 stars indicates that the DCF model may be less reliable for this stock. The following table summarizes the key metrics:
Metric Rating GF Score™ 84/100 Financial Strength 5/10 Profitability 8/10 Growth 7/10 Valuation 6/10 Momentum 8/10 With a predictability rank of 0/5 stars, the DCF model's reliability for CCEP is diminished. For more insights, visit the CCEP stock page.
Key Assumptions and Limitations It is essential to note that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Additionally, stocks with low predictability ratings, such as CCEP's 0/5 stars, tend to yield less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not fully capture future market dynamics.
What This Means for Investors In summary, all three valuation models—DCF earnings, DCF FCF, and GF Value™—indicate that Coca-Cola Europacific Partners PLC is overvalued at its current price of $113.41. The consensus among these models suggests caution for potential investors. Furthermore, the guru ownership signal shows that five gurus currently hold the stock, with three adding and three trimming their positions in recent quarters, which adds an additional layer of scrutiny to the stock's valuation. Insider activity has not been present in the past 12 months. For a deeper dive into the analysis, check out the CCEP DCF Calculator.
Frequently Asked Questions What is CCEP's intrinsic value based on DCF?
Answer: earnings-based $71.33, FCF-based $87.60
Is CCEP overvalued or undervalued?
Answer: CCEP is overvalued based on DCF and GF Value™ consensus.
How reliable is the DCF model for CCEP?
Answer: The DCF model's reliability is low, with a predictability rank of 0/5.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures
I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
Ambient AI delivers roughly 10x the engagement of first-generation conversational AI
Customers acted on 98% of critical nudges, leading to expedited issue resolution
MORRISVILLE, N.C.--(BUSINESS WIRE)--Extreme Networks, Inc. (NASDAQ: EXTR) today announced strong early momentum with Extreme Agent ONE™ Coworker, the built-in, ambient, context-aware AI agent for Extreme Platform ONE™. In the first month of availability, customers collectively saved an estimated 1,000 hours of troubleshooting, and users responded to 98% of critical nudges. Early engagement with Agent ONE Coworker was roughly 10x that of Extreme’s first-generation conversational AI agent, signaling that enterprise organizations are ready for AI that proactively surfaces potential network issues.
Extreme Agent ONE Coworker mode, available to all Extreme Platform ONE customers, runs on a purpose-built AI stack that combines advanced reasoning, live network intelligence, and operational expertise, enabling autonomous, governed detection, decision-making, and action. Unlike traditional AI that waits for prompts, Agent ONE’s Coworker mode operates proactively through its “Nudge” capability, which surfaces timely, contextual recommendations within the workflow and turns insight into immediate action. The result: fewer disruptions, faster resolution, and networks operating at business speed. In its first month of general availability:
41% of Extreme Platform ONE customers used Agent ONE for daily tasks. 98% of critical nudges got a response, proof that proactive AI earns attention when it brings the right information at the right moment. 58% of support cases opened through Agent ONE Coworker arrived with all the evidence the support team needed to start solving the problem. Extreme Agent ONE helped customers resolve issues in minutes, compared to the industry average of two days. What Customers and Partners are Saying About Extreme Agent ONE
“Extreme Platform ONE is like having two or three more network engineers on staff, and for a team our size, that changes everything. When HR lost wireless, it could have significantly impacted campus operations, since our admin building also houses finance, registration, and enrollment. Agent ONE Coworker told me exactly where to look: one access point needed attention, plus several more were due for firmware upgrades. We resolved the issue in about 20 minutes rather than an entire morning and addressed problems we likely would have missed. Additionally, when a device on our guest network turned up running crypto mining software, Agent ONE helped us trace it through our access points and quickly narrow down its location. Extreme Agent ONE Coworker puts expert-level insight in my team’s hands the moment we need it,” said Kevin Rocha, CIO at Hill College.
“AI is only as good as the data it's ingesting. Extreme Agent ONE Coworker separates chaos from insight, giving networking teams greater transparency into the data and reasoning behind its answers. Ultimately, that reduces operational workload so that we can do better work, faster,” said Moshe Sittner, Wireless Infrastructure Engineer, Touro University.
“Extreme Agent ONE Coworker enables us to scale our sites and services without the usual configuration sprawl. I’ve spent years flicking between consoles to chase down one issue, so having networking, security, and AI together in Extreme Platform ONE feels like someone built the tool I would have designed myself,” said Brent Addis, Group Security Architect, Fastcom, a New Zealand IT and telecommunications company and Extreme Partner.
Executive Insights:
“Conversational AI only helps when people already know what to ask. That’s a design limitation, not a user problem. We built Extreme Agent ONE Coworker to reason continuously over live network context and act on what it finds, under governance our customers control. Unlike others in our industry who are still focused on dashboards and conversational AI, our customers are already benefiting significantly from the ambient AI in Agent ONE Coworker mode that reasons and acts on your behalf,” said Nabil Bukhari, CTO and President of AI Platforms at Extreme.
Looking Ahead: Extreme Agent ONE™ Operator mode
Extreme Agent ONE Operator mode, expected to be available in the first half of CY27, will work independently within defined governance boundaries. It will respond to events in real time and run scheduled tasks without constant human direction. Designed to learn from each interaction and outcome, Operator represents a shift from AI that assists in the moment to AI that operates continuously on behalf of network teams.
About Extreme Networks
Extreme Networks, Inc. (EXTR) is a leader in AI-powered cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging the powers of artificial intelligence, analytics, and automation. Tens of thousands of customers globally trust our AI-driven cloud networking solutions and industry-leading support to enable businesses to drive value, foster innovation, and overcome extreme challenges. For more information, visit Extreme's website at www.extremenetworks.com or follow us on LinkedIn, YouTube, X, Facebook, or Instagram.
Extreme Networks, Extreme Platform ONE, Extreme Agent ONE, and the Extreme Networks logo are trademarks or registered trademarks of Extreme Networks, Inc. in the United States, and other countries. Other trademarks shown herein are the property of their respective owners.
Podíl organizací s plně integrovanými síťovými a bezpečnostními operacemi NetSecOps meziročně vzrostl o 37 % na 37 %; dalších 45 % organizací je v procesu přechodu.
Eighteenth annual study reveals strategic initiatives to drive network resilience and security, including NetSecOps adoption, pre-deployment testing and balancing security and performance
, /PRNewswire/ -- There has been a 37% increase in organizations that have fully converged their network and security operations over the past year, according to VIAVI Solutions Inc.'s (NASDAQ: VIAV) 2027 State of the Network study.
This annual study, now in its 18th edition, focuses on current drivers and best practices for network performance and security, seeking insights into priorities and outcomes. The research was conducted by Omdia using surveys of 750 networking and security personnel spanning seven countries, including Brazil, Canada, France, Germany, Mexico, the United Kingdom and the United States. Participants represented different levels within IT, from leadership to management, across a wide range of organization sizes and industry verticals.
The survey reported a 10-point rise in completed deployments (from 27% in 2025 to 37% in 2026). An additional 45% of respondents stated they were in the process of converging network and security operations, meaning just over four-fifths of enterprises (82%) have undergone or are undergoing the move to NetSecOps.
Forty-four percent of those that had completed the switch cited enhanced security as a key benefit of converging, with 30% noticing a reduced time to detect issues since deploying a NetSecOps approach. Twenty-two percent cited a reduction in the reported number of incidents and 22% stated the time to investigate had reduced. Additionally, those that had implemented a NetSecOps strategy were 2.7 times more likely to have reported a significant improvement in mean-time-to-detect (MTTD) rates (35 vs. 13%).
"The increase in completed conversion and the benefits being cited in the State of the Network Study are consistent with the experience of our customers," said Chris Labac, Vice President and General Manager, Network Performance and Threat Solutions, VIAVI. "Aligning a converged NetSecOps organizational model with integrated network monitoring and security platforms is a critical success factor for enterprises today."
"As an organization's attack surface expands, driven by increasingly sophisticated and AI-enabled threats, NetOps and SecOps teams need shared visibility to strengthen their security posture," said Jim Frey, Principal Analyst, Networking, Enterprise Strategy Group from Informa Tech Target. "With around a fifth of enterprises still without a defined strategy, the challenge is to reach these organizations and demonstrate the benefits of a converged NetSecOps approach."
Another strategic approach organizations are using to improve network performance and security is structured testing. The most common approach, cited by more than half of respondents, is pre-deployment validation of new technologies, such as post-quantum cryptography (PQC), AI security, SASE and cloud networking. Among respondents conducting testing, 52% reported seeing fewer outages and service disruptions, 44% reported a reduced number and/or severity of security incidents and 42% reported improvements in either application performance or latency.
The survey also highlighted that most organizations were using multiple strategies to mitigate the impact of security measures on network performance. Sixty-five percent of respondents reported the use of AI and ML tools to optimize both security and performance, 65% conduct capacity planning to prevent security measures from straining the network, 58% have adopted pre-deployment testing of network and security controls, and 58% again use ongoing, continuous testing and tuning of security controls to minimize performance impact.
About VIAVI
VIAVI (NASDAQ: VIAV) is a global leader in test and measurement and optical technologies. Our test and measurement, and resilient Position, Navigation and Timing (PNT) solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.
Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.
Media Inquiries:
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One Chevron deal sent Hess Midstream units into a monthlong slide, but the reason the stock fell and the reason it may have fallen too far are two completely different stories.
Hess Midstream (NYSE:HESM | HESM Price Prediction) has fallen nearly 23% over the past month to $30.62 as of midday, Oct. 20, including a 22.63% slide over the past month. One transaction caused it. On Oct. 6, the company announced a deal with Chevron (NYSE:CVX), and the deal is expected to close by year-end. The units closed at $38.69 on Oct. 6 and $33.03 on Oct. 7. That 14.6% one-day drop a week ago set the direction for the whole month.
4 Moving Parts Reshape Hess Midstream
The pending deal has four parts:
Cash out: Hess Midstream pays Chevron $200 million.
Assets in: It acquires Chevron’s DJ Basin gathering and storage assets, which adds a second basin to a operations that has been all Bakken.
Units retired: Chevron contributes its Hess Midstream interests, which offsets about 78 million Class B units and 449,000 Class A shares.
Net effect: Shares outstanding fall by nearly 40% once the deal closes.
The DJ assets put Hess Midstream in the same basin as Western Midstream Partners (NYSE:WES), which lists the DJ as one of its core operating basins.
Lower Tariffs Buy Years of Contract Certainty
Chevron gets lower Bakken tariffs for several years starting in 2027. In return, Hess Midstream gets contracts extended well into the next decade. It trades higher rates for longer certainty. The company’s preliminary 2027 adjusted EBITDA guidance is $850 million to $950 million. Its 2026 guidance is $1,225 million to $1,250 million. At the centers, that is a drop of about 27%. The 2027 range is a forecast, and no results back it yet.
The August call had already suggested at slower growth. Chief Executive Jonathan Stein said, “Chevron did mention this, that even at a lower rig count, they’re able to maintain production.”
He said future growth would come mostly from price escalators and cost savings, “A lot of that is inflation escalation as you go forward. And so that’s really a kind of driver and some OPEX savings.” The tariff cut takes that flat volume outlook and adds lower rates on top of it.
Why a Flat Payout Costs Less With 40% Fewer Units
Hess Midstream targets annualized per-share distribution growth of at least 5% through the third and fourth quarters. After that, it holds the per-share payout flat through 2027 at the fourth-quarter level. The second-quarter payout was $0.7888, or $3.155 a year. At the current price, that is a yield of about 10.4%.
A freeze keeps each holder’s check at the same dollar amount. The company’s total distribution bill equals the per-share rate times the number of units. If units fall by nearly 40%, the total bill falls with them even though the rate stays put. EBITDA drops by roughly a quarter while the unit count drops by more than a third, so cash flow per remaining unit could hold up. The $200 million cash payment and the DJ assets’ earnings will decide how much room is left. As a limited partnership, Hess Midstream reports taxes differently from an ordinary corporation, so holders should check its year-end tax materials.
The peers show the range. MPLX (NYSE:MPLX) expects distribution increases of 12.5% in both 2026 and 2027. Western Midstream has kept its quarterly payout at $0.930. Hess Midstream is moving from MPLX’s growth model toward Western’s steady one.
Verdict: Right on Earnings, Too Harsh on the Payout
The market is right to mark down a business whose EBITDA steps down about 27%. A yield of about 10.4% on a fixed payout, though, suggests investors doubt the distribution itself (a double-digit yield usually sets off the warning signs we cataloged in a free dividend traps report). The shrinking unit count makes that doubt look overdone. Before the deal, leverage stood at three times EBITDA, and management was aiming for about two and a half times by 2028. The stock is worth watching through the closing date and the third-quarter earnings report. If leverage stays near three times after the deal, the selloff looks overdone. If it grows significantly, the discount is deserved.
Contact [email protected] for any questions or corrections.
-- Barletta Continues to Expand Share of the U.S. Aluminum Pontoon Market(1) --
-- Strong Cash Flows in the Quarter and an Improvement in Net Leverage to 2.2x --
-- Company Issues Fiscal 2027 Financial Guidance --
EDEN PRAIRIE, Minn., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Company's fourth quarter and full year Fiscal 2026.
Fourth Quarter Fiscal 2026 Financial Summary
Net revenues of $645.1 million compared to $777.3 million in the fourth quarter of Fiscal 2025Gross profit of $80.7 million, representing 12.5% gross margin, compared to $99.2 million, representing 12.8% gross margin in the fourth quarter of Fiscal 2025Net income of $9.7 million, or $0.34 per diluted share; adjusted earnings per diluted share of $0.49 compared to $0.71 in the fourth quarter of Fiscal 2025Adjusted EBITDA of $32.6 million, representing 5.1% adjusted EBITDA marginNet cash flow from operations of $142.5 millionNet leverage ratio improved to 2.2x at quarter end Full Year Fiscal 2026 Financial Summary
Net revenues of $2,703.9 million compared to $2,798.2 million in Fiscal 2025Gross profit of $350.2 million, representing 13.0% gross margin, compared to $365.1 million, representing 13.0% gross margin in Fiscal 2025Net income of $34.5 million, or $1.21 per diluted share; adjusted earnings per diluted share of $1.79 compared to $1.67 in Fiscal 2025Adjusted EBITDA of $125.0 million, representing 4.6% adjusted EBITDA marginNet cash flow from operations of $168.7 million
CEO Commentary
“Fiscal 2026 highlighted the resilience of our portfolio and the disciplined execution of our teams in a persistently challenging retail environment,” said President and Chief Executive Officer Michael Happe. “By maintaining focus on the factors within our control, including product innovation, operational improvements and deliberate production and inventory management, we continued to strengthen our brands and position the portfolio for long-term growth.
“Even as market pressure across our segments persisted, we began to see encouraging early signs across several strategic initiatives: real traction in the Winnebago Motorhome transformation, stabilizing share trends and improving market share at Grand Design Towables, growing market penetration for Grand Design Motorized, and impressive share growth at Winnebago Towables,” Happe said. “We took actions to rationalize capacity, drive operational efficiency, and better align our manufacturing footprint with market demand. These initiatives remain at different stages of development, and we expect their financial contribution to build gradually, with greater value accruing in future years. Together with the strong continued growth of Barletta's market presence in pontoons and our growing portable power offerings, this progress reinforces our confidence in the long-term earnings potential of our portfolio.
"At multiple retail, trade, and dealer meeting events in September, we demonstrated the breadth of our portfolio with new offerings across brands, product categories and price points. Dealer feedback was encouraging and reinforced that the investments we've made around both innovation and affordability are well aligned with evolving consumer preferences, positioning us to capitalize on opportunities within our control while continuing to elevate the ownership experience."
Fourth Quarter Fiscal 2026 Results
Net revenues were $645.1 million, a decrease of 17.0% compared to $777.3 million in the fourth quarter of Fiscal 2025, primarily due to lower unit volume and product mix, partially offset by selective price adjustments.
Gross profit was $80.7 million, a decrease of 18.6% compared to $99.2 million in the fourth quarter of Fiscal 2025. Gross profit margin decreased 30 basis points in the quarter to 12.5%, primarily due to volume deleverage, partially offset by operational efficiencies from Motorhome segment transformation initiatives.
Operating expenses were $63.1 million, a decrease of 20.1% compared to $79.1 million in the fourth quarter of Fiscal 2025, primarily due to cost reduction initiatives.
Operating income was $17.6 million, a decrease of 12.3% compared to $20.1 million in the fourth quarter of Fiscal 2025.
Net income was $9.7 million, compared to $13.7 million in the fourth quarter of Fiscal 2025. Reported earnings per diluted share was $0.34, compared to a reported earnings per diluted share of $0.49 in the fourth quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.49, a decrease of 31.0% compared to adjusted earnings per diluted share of $0.71 in the fourth quarter of Fiscal 2025.
Consolidated Adjusted EBITDA was $32.6 million, a decrease of 14.7%, compared to $38.2 million in the fourth quarter of Fiscal 2025.
Full Year Fiscal 2026 Results
Net revenues were $2.7 billion, a decrease of 3.4% compared to $2.8 billion in Fiscal 2025, primarily due to lower unit volume, partially offset by selective price adjustments and product mix.
Gross profit was $350.2 million, a decrease of 4.1% compared to $365.1 million in Fiscal 2025. Gross profit margin remained consistent year-over-year at 13.0% as volume deleverage was largely offset by selective price adjustments.
Operating expenses were $284.0 million, compared to $307.9 million in Fiscal 2025. Operating expenses decreased primarily due to cost reduction initiatives, partially offset by costs to support the growth of the Grand Design Motorhome business.
Operating income was $66.2 million, an increase of 15.7% compared to $57.2 million in Fiscal 2025.
Net income was $34.5 million, compared to $25.7 million in Fiscal 2025. Reported earnings per diluted share was $1.21, an increase of 33.0% compared to reported earnings per diluted share of $0.91 in Fiscal 2025. Adjusted earnings per diluted share was $1.79, an increase of 7.2% compared to adjusted earnings per diluted share of $1.67 in Fiscal 2025.
Consolidated Adjusted EBITDA was $125.0 million, an increase of 2.5%, compared to $121.9 million in Fiscal 2025.
Fourth Quarter and Fiscal 2026 Segments Summary
Towable RV
Three Months Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$220.3 $306.3 (28.1)%Operating income$9.3 $21.4 (56.5)%Operating income margin 4.2% 7.0% (280) bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage and higher discounts and allowances, partially offset by cost containment initiatives and selective price adjustments. Year Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$1,050.8 $1,220.2 (13.9)%Operating income$47.5 $72.7 (34.7)%Operating income margin 4.5% 6.0% (150) bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided. Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage, higher discounts and allowances, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV
Three Months Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$323.6 $361.2 (10.4)%Operating income$7.9 $(0.3) NMOperating income margin 2.4% (0.1)% 250 bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM: Not meaningful. Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by lower discounts and allowances.
Operating income margin increased primarily due to operational efficiencies from transformation initiatives, lower discounts and allowances, and cost containment initiatives, partially offset by volume deleverage. Year Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$1,257.5 $1,159.7 8.4%Operating income$33.2 $(7.3) NMOperating income margin 2.6% (0.6)% 320 bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM:Not meaningful. Net revenues increased primarily due to higher unit volume, selective price adjustments, and lower discounts and allowances.Operating income margin increased primarily due to lower discounts and allowances, and volume leverage. Marine
Three Months Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$92.3 $94.9 (2.7)%Operating income$6.6 $6.7 (1.5)%Operating income margin 7.1% 7.1% — bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM:Not meaningful. Net revenues decreased primarily due to a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin was consistent with prior year primarily due to selective price adjustments, offset by product mix. Year Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$356.4 $367.8 (3.1)%Operating income$20.9 $27.7 (24.5)%Operating income margin 5.9% 7.5% (160) bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM:Not meaningful. Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage and higher warranty expense, partially offset by selective price adjustments. Balance Sheet and Cash Flow
At the end of the fourth quarter of Fiscal 2026, cash and cash equivalents totaled $181.4 million compared to $57.1 million at the end of the Fiscal 2026 third quarter and $174.0 million at the end of Fiscal 2025. Total outstanding debt was $443.3 million, which included $450.0 million of debt, net of issuance costs of $6.7 million. Working capital improved to $419.1 million, reflecting disciplined balance sheet management and stronger operating efficiency. Cash flow provided by operations was $142.5 million in the Fiscal 2026 fourth quarter. Net leverage was 2.2x at the end of the Fiscal 2026 fourth quarter, down from 3.0x at the end of the third quarter, reflecting strong cash generation and continued progress in strengthening our leverage position.
Quarterly Cash Dividend and Share Repurchases
On August 12, 2026, the Company’s Board of Directors approved a 3% increase in the quarterly cash dividend to $0.36 per share. The dividend was paid on September 23, 2026, to common stockholders of record at the close of business on September 9, 2026.
“Fiscal 2026 also reflected the strength of our balance sheet and disciplined approach to capital allocation,” Happe said. “The renewal and extension of our $350 million revolving credit facility through 2031 and the Board's decision to increase the quarterly dividend underscore our confidence in the business and long-term strategy. Supported by solid operating cash flow, improved working-capital performance and lower year-end leverage, we exited the year with a stronger balance sheet and the flexibility to continue investing in innovation, operations and customer experience."
Outlook
For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 275,000 to 295,000 units. For calendar year 2027, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 265,000 to 295,000 units. Based on this outlook and the current business environment, in Fiscal 2027 the Company expects:
Consolidated net revenues in the range of $2.65 to $2.80 billion;Reported earnings per diluted share in the range of $0.90 to $1.50; andAdjusted earnings per diluted share in the range of $1.65 to $2.25(2)
The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.
“Fiscal 2027 outlook reflects a market where the timing and pace of recovery remain difficult to predict,” Happe said. “We will stay focused on serving our customer and dealers at high levels, delivering differentiated products that consumers value and continuing to strengthen our operational efficiency and discipline. The progress we made in fiscal 2026 gives us a stronger operating foundation to manage near-term volatility and capitalize on opportunities as they emerge."
Q4 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss fourth quarter and full year Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.
About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2027. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth, including changes in consumer disposable income; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to performance and financial condition of independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; risk related to changes in trade policy, including tariffs; ability to manage strategic acquisitions, alliances, joint ventures and partnerships; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from failures and disruptions, including those associated with system implementations; risks related to cybersecurity incidents; risks related to the use of Artificial Intelligence ("AI") technologies; ability to maintain compliance with data governance; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to sustainability matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third-party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Winnebago Industries, Inc.
Footnotes to News Release
Footnotes:
(1) Source: Statistical Surveys Inc. for the trailing 12 months ended 8/31/2026 and 8/31/2025.
(2) Fiscal 2027 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million and restructuring and related costs of approximately $6 million.
Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
Three Months Ended(in millions, except percent and per share data)August 29, 2026 August 30, 2025Net revenues$645.1 100.0% $777.3 100.0%Cost of goods sold 564.4 87.5% 678.1 87.2%Gross profit 80.7 12.5% 99.2 12.8%Selling, general, and administrative expenses 57.6 8.9% 73.7 9.5%Amortization 5.5 0.9% 5.4 0.7%Total operating expenses 63.1 9.8% 79.1 10.2%Operating income 17.6 2.7% 20.1 2.6%Interest expense, net 4.6 0.6% 6.6 0.8%Non-operating loss 0.4 0.1% 0.2 0.1%Income before income taxes 12.6 2.0% 13.3 1.7%Income tax provision (benefit) 2.9 0.5% (0.4) (0.1)%Net income$9.7 1.5% $13.7 1.8% Earnings per common share: Basic$0.34 $0.49 Diluted$0.34 $0.49 Weighted average common shares outstanding: Basic 28.3 28.0 Diluted 28.6 28.2 Year Ended(in millions, except percent and per share data)August 29, 2026 August 30, 2025Net revenues$2,703.9 100.0% $2,798.2 100.0%Cost of goods sold 2,353.7 87.0% 2,433.1 87.0%Gross profit 350.2 13.0% 365.1 13.0%Selling, general, and administrative expenses 262.3 9.7% 285.8 10.2%Amortization 21.7 0.8% 22.1 0.8%Total operating expenses 284.0 10.5% 307.9 11.0%Operating income 66.2 2.4% 57.2 2.0%Interest expense, net 20.9 0.8% 25.9 0.9%Loss on note repurchase 0.8 —% 2.0 0.1%Non-operating loss (income) 0.1 —% (0.8) (0.1)%Income before income taxes 44.4 1.6% 30.1 1.1%Income tax provision 9.9 0.4% 4.4 0.2%Net income$34.5 1.2% $25.7 0.9% Earnings per common share: Basic$1.22 $0.91 Diluted$1.21 $0.91 Weighted average common shares outstanding: Basic 28.2 28.2 Diluted 28.4 28.3 Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding. Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
(in millions)August 29, 2026 August 30, 2025Assets Current assets Cash and cash equivalents$181.4 $174.0Receivables, net 153.5 192.0Inventories, net 404.7 396.4Prepaid expenses and other current assets 38.7 29.8Total current assets 778.3 792.2Property, plant, and equipment, net 317.6 333.0Goodwill 484.2 484.2Other intangible assets, net 435.3 456.9Investment in life insurance 28.3 27.1Operating lease assets 39.6 41.6Other long-term assets 18.2 19.4Total assets$2,101.5 $2,154.4 Liabilities and Shareholders' Equity Current liabilities Accounts payable$174.1 $129.3Accrued expenses 185.1 197.8Total current liabilities 359.2 327.1Long-term debt, net 443.3 540.5Deferred income tax liabilities, net 12.3 5.9Unrecognized tax benefits 4.1 4.8Long-term operating lease liabilities 36.3 39.3Deferred compensation benefits, net of current portion 4.3 5.1Other long-term liabilities 5.4 7.0Total liabilities 864.9 929.7Shareholders' equity 1,236.6 1,224.7Total liabilities and shareholders' equity$2,101.5 $2,154.4 Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
Year Ended(in millions)August 29, 2026 August 30, 2025Operating activities Net income$34.5 $25.7 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 38.3 38.5 Amortization 21.7 22.1 Amortization of debt issuance costs 2.5 3.0 Last in, first-out expense 0.1 1.8 Stock-based compensation 16.9 15.8 Deferred income taxes 6.3 2.9 Deferred compensation expense 0.6 0.7 Loss on note repurchase (Note 8) 0.8 2.0 Asset impairment — 1.2 Restructuring and related costs 1.6 2.9 Other, net (2.7) (1.0)Change in operating assets and liabilities, net of assets and liabilities acquired Receivables, net 38.5 (8.2)Inventories, net (8.4) 40.5 Prepaid expenses and other assets (4.3) 9.2 Accounts payable 43.7 (11.6)Income taxes and unrecognized tax benefits 3.3 1.3 Accrued expenses and other liabilities (24.7) (17.9)Net cash provided by operating activities 168.7 128.9 Investing activities Purchases of property, plant, and equipment (24.1) (39.4)Proceeds from the sale of property, plant, and equipment 5.6 2.2 Other, net — 2.4 Net cash used in investing activities (18.5) (34.8) Financing activities Borrowings on long-term debt 3.0 48.8 Repayments on long-term debt (103.0) (208.7)Payments of cash dividends (39.9) (38.9)Payments for repurchases of common stock (1.7) (53.7)Payments of debt issuance costs (2.2) — Other, net 1.0 1.5 Net cash used in financing activities (142.8) (251.0) Net increase (decrease) in cash and cash equivalents 7.4 (156.9)Cash and cash equivalents at beginning of period 174.0 330.9 Cash and cash equivalents at end of period$181.4 $174.0 Supplemental Disclosures Income taxes paid, net$0.9 $2.5 Interest paid 22.3 29.5 Non-cash investing and financing activities Capital expenditures in accounts payable$1.4 $0.4 Dividends declared not yet paid 11.7 11.0 Increase in lease assets in exchange for lease liabilities: Operating leases 5.5 2.7 Financing leases — 0.2 Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$220.3 $306.3 $(86.0) (28.1)%Operating income 9.3 4.2% 21.4 7.0% (12.1) (56.5)% Three Months EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 4,671 78.0% 5,680 72.5% (1,009) (17.8)%Fifth wheel 1,314 22.0% 2,153 27.5% (839) (39.0)%Total Towable RV 5,985 100.0% 7,833 100.0% (1,848) (23.6)% Year Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$1,050.8 $1,220.2 $(169.4) (13.9)%Operating income 47.5 4.5% 72.7 6.0% (25.2) (34.7)% Year EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 20,021 74.1% 21,714 69.7% (1,693) (7.8)%Fifth wheel 6,983 25.9% 9,455 30.3% (2,472) (26.1)%Total Towable RV 27,004 100.0% 31,169 100.0% (4,165) (13.4)% Dealer Inventory(3)August 29, 2026 August 30, 2025 Unit Change % ChangeUnits 15,471 16,200 (729) (4.5)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.(2) Percentages may not add due to rounding differences.(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations. Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$323.6 $361.2 $(37.6) (10.4)%Operating income (loss) 7.9 2.4% (0.3) (0.1)% 8.2 NM Three Months EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeClass A 187 11.9% 403 23.1% (216) (53.6)%Class B 518 33.0% 524 30.0% (6) (1.1)%Class C 865 55.1% 818 46.9% 47 5.7%Total Motorhome RV 1,570 100.0% 1,745 100.0% (175) (10.0)% Year Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$1,257.5 $1,159.7 $97.7 8.4%Operating income (loss) 33.2 2.6% (7.3) (0.6)% 40.4 NM Year EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeClass A 892 15.1% 1,211 21.1% (319) (26.3)%Class B 1,934 32.6% 1,682 29.3% 252 15.0%Class C 3,099 52.3% 2,849 49.6% 250 8.8%Total Motorhome RV 5,925 100.0% 5,742 100.0% 183 3.2% Dealer Inventory(3)August 29, 2026 August 30, 2025 Unit Change % ChangeUnits 3,395 3,562 (167) (4.7)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.(2) Percentages may not add due to rounding differences.(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.NM: Not meaningful. Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.3 $94.9 $(2.6) (2.7)%Operating income 6.6 7.1% 6.7 7.1% (0.1) (1.5)% Three Months EndedUnit deliveriesAugust 29, 2026 August 30, 2025 Unit Change % ChangeBoats 1,141 1,164 (23) (2.0)% Year Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$356.4 $367.8 $(11.4) (3.1)%Operating income 20.9 5.9% 27.7 7.5% (6.8) (24.5)% Year EndedUnit deliveriesAugust 29, 2026 August 30, 2025 Unit Change % ChangeBoats 4,423 4,635 (212) (4.6)% Dealer Inventory(2,3)August 29, 2026 August 30, 2025 Unit Change % ChangeUnits 2,510 2,687 (177) (6.6)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.NM: Not meaningful. Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)
Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.
The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:
Three Months Ended Year Ended August 29, 2026 August 30, 2025 August 29, 2026 August 30, 2025Diluted earnings per share$0.34 $0.49 $1.21 $0.91 Amortization(1) 0.19 0.19 0.76 0.78 Loss on note repurchase(1) — — 0.03 0.07 Asset impairment(1) — — — 0.04 Restructuring and related costs(1) — 0.10 0.06 0.10 Gain on sale of property, plant and equipment(1) — — (0.10) — Tax impact of adjustments(2) (0.04) (0.07) (0.17) (0.23)Adjusted diluted earnings per share(3)$0.49 $0.71 $1.79 $1.67 (1) Represents a pre-tax adjustment.(2) Income tax impact calculated using the statutory tax rate for the U.S. of 22.0% and 23.0% for Fiscal 2026 and Fiscal 2025.(3) Per share numbers may not foot due to rounding. The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA:
Three Months Ended Year Ended(in millions)August 29, 2026 August 30, 2025 August 29, 2026 August 30, 2025Net income$9.7 $13.7 $34.5 $25.7 Interest expense, net 4.6 6.6 20.9 25.9 Income tax provision (benefit) 2.9 (0.4) 9.9 4.4 Depreciation 9.5 9.8 38.3 38.5 Amortization 5.5 5.4 21.7 22.1 EBITDA 32.2 35.1 125.3 116.6 Loss on note repurchase — — 0.8 2.0 Asset impairment — — — 1.2 Restructuring and related costs — 2.9 1.6 2.9 Gain on sale of property, plant and equipment — — (2.8) — Non-operating loss (income) 0.4 0.2 0.1 (0.8)Adjusted EBITDA$32.6 $38.2 $125.0 $121.9 Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.
Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry.
Builds on Cencora’s MSO platform by adding complementary capabilities and expanding presence across twelve additional states
CONSHOHOCKEN, Pa. & FORT MYERS, Fla.--(BUSINESS WIRE)--Cencora, Inc. (NYSE: COR) today announced it has signed a definitive agreement to acquire American Oncology Network, Inc. (“AON”) (OTCQX: AONC), a physician-led network of more than 350 oncology providers across 21 states.
“The acquisition of AON will expand our physician-led oncology MSO and support of care in communities across the country,” said Robert P. Mauch, President and Chief Executive Officer of Cencora. “AON serves as a trusted partner to oncology practices with a differentiated solution set designed to meet their comprehensive needs. With the addition of AON to our leading MSO network, we will enhance our capabilities for independent practices, strengthening patient access to high-quality, cost-effective care, while fortifying our growth platform to drive long-term value for our stakeholders.”
AON has built a physician-led model that is reshaping how community oncology is delivered, and Cencora shares AON’s commitment to community-based, patient-centered cancer care. The transaction is expected to support AON with the resources to expand the integrated services patients rely on, enhance technology and practice support capabilities, and continue welcoming new practices and physicians to enable high-quality patient care. Clinical decisions will continue to rest with AON's physicians.
“Our physicians, clinicians and care teams, and the patients they serve, have always been at the heart of AON, and this agreement is about giving them more support, more resources and more time for patient care,” said Todd Schonherz, Chief Executive Officer of American Oncology Network. “This is the next chapter of the same mission: high-quality, accessible cancer care delivered close to home, led by physicians who know their patients best. As an investor in AON since 2020 and a leader in oncology, Cencora understands that mission and will partner with us to accelerate that goal.”
“For patients facing a cancer diagnosis, ensuring dependable access to advanced and innovative therapy is crucial to their survival,” said Stephen “Fred” Divers, M.D., Chief Medical Officer of American Oncology Network. “This partnership will bolster AON’s mission of sustainably delivering the highest quality care to patients in their own communities.”
Transaction Overview
Cencora currently holds approximately 4% of the equity interests in AON and, under the terms of the transaction, has agreed to acquire all of the equity interests that it does not currently own. The transaction values AON at an enterprise value of $2.4 billion, consisting of $2.3 billion at closing and contingent value rights (“CVRs”) of up to $100 million (with the CVRs payable by Cencora upon the satisfaction of certain conditions).
As it relates to Cencora’s cash outlay at the time of closing, certain AON stockholders may participate in an equity rollover representing up to 25% of AON. Assuming these stockholders retain 25% of AON through the equity rollover, Cencora expects to pay approximately $1.7 billion to increase its ownership in AON to 75%.
Cencora expects the acquisition to be accretive to Cencora’s adjusted diluted EPS in the second year post-closing.
The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory clearances and AON stockholder approvals. The agreement has been approved by AON’s Board of Directors, acting on the unanimous recommendation of AON’s special committee of independent and disinterested directors.
Cencora Advisors
Citi is serving as lead financial advisor to Cencora, and J.P. Morgan Securities LLC is also serving as a financial advisor to Cencora. Holland & Knight LLP and Sidley Austin LLP are serving as legal advisors to Cencora.
AON Advisors
Moelis & Company LLC is serving as exclusive financial advisor to the Special Committee of the Board of Directors of AON. McDermott Will & Schulte LLP is serving as legal counsel to AON, and Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel to the special committee. Longacre Square Partners is serving as strategic communications advisor to AON.
Cencora’s Fiscal Year 2026 Expectations
Cencora does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available or cannot be reasonably estimated.
Cencora’s Fiscal Year 2026 Expectations on an Adjusted (non-GAAP) Basis
Cencora has updated its fiscal year 2026 financial guidance to reflect the strength of the U.S. Healthcare Solutions reportable segment. Cencora now expects adjusted diluted earnings per share (EPS) to be at least $17.90, which is at the high end of the previous range of $17.75 to $17.95.
Cencora will discuss its expectations for fiscal 2027 on its fiscal fourth quarter 2026 earnings call on November 4, 2026, and remains confident in its ability to deliver continued growth in its U.S. and International Healthcare Solutions segments consistent with its long-term guidance, as communicated on its third quarter fiscal 2026 earnings call.
About Cencora
Cencora is a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. We partner with pharmaceutical innovators across the value chain to facilitate and optimize market access to therapies. Care providers depend on us for the secure, reliable delivery of pharmaceuticals, healthcare products, and solutions. Our worldwide team members contribute to positive health outcomes through the power of our purpose: We are united in our responsibility to create healthier futures. Cencora is ranked #10 on the Fortune 500 and #16 on the Global Fortune 500 with more than $300 billion in annual revenue. Learn more at investor.cencora.com.
About American Oncology Network
American Oncology Network (AON) is an alliance of physicians and seasoned healthcare leaders partnering to ensure the long-term success and viability of community oncology and other specialties. Founded in 2018, AON’s rapidly expanding network represents more than 350 providers practicing across 21 states. AON pioneers innovative healthcare solutions through its physician-led model, fostering value-based care that improves patient outcomes while reducing costs and expanding access to quality care. AON equips its network physicians with the tools they need to thrive independently while providing comprehensive support, integrated revenue-diversifying ancillary services, and practice management expertise, enabling physicians to focus on what matters most – providing the highest standard of care for every patient. AON is committed to promoting health equity by addressing disparities in cancer care and ensuring that all patients have access to the care they need to achieve optimal health outcomes. With a focus on innovation and collaboration, AON is shaping the future of community oncology. For more information, please visit AONcology.com or follow us on LinkedIn, Facebook, X (formerly Twitter) and YouTube.
Certain of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”). Such forward-looking statements may include, without limitation, statements about the proposed transaction with AON (the “proposed transaction”), the expected timetable for completing the proposed transaction, the benefits of the proposed transaction, future opportunities for Cencora and AON and any other statements regarding Cencora’s or AON’s future operations, financial or operating results, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, and other expectations for future periods. Words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “sustain,” “synergy,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances and speak only as of the date hereof. These statements are not guarantees of future performance and are based on assumptions and estimates that could prove incorrect or could cause actual results to vary materially from those indicated. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the parties’ ability to meet expectations regarding the timing of the proposed transaction; the parties’ ability to consummate the proposed transaction when expected or at all because required regulatory, stockholder, or other approvals or other conditions to closing are not received or satisfied on the anticipated schedule or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect Cencora or AON or the expected benefits of the proposed transaction); inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements and the providing of estimates of financial measures, in accordance with GAAP and related standards, or on an adjusted basis; Cencora’s or AON’s failure to achieve expected or targeted future financial and operating performance and results; the possibility that Cencora may be unable to achieve expected benefits, synergies and operating efficiencies in connection with the proposed transaction within the expected time frames or at all; the ability to promptly and effectively integrate the businesses of AON with those of Cencora; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; business disruption being greater than expected following the proposed transaction; the recruiting and retention of key employees being more difficult following the proposed transaction; the effect of any changes in customer and supplier relationships and customer purchasing patterns; the impacts of competition; changes in the economic and financial conditions of the business of Cencora or AON; the occurrence of any event, change, or other circumstance that could give rise to the right of Cencora or AON to terminate the definitive agreement governing the terms and conditions of the proposed transaction; the outcome of any legal proceedings that may be instituted against Cencora or AON; Cencora’s de-leveraging plans and the ability of Cencora to maintain its investment grade rating; and uncertainties and matters beyond the control of management and other factors described under “Risk Factors” in Cencora’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC. You can access Cencora’s filings with the SEC through the SEC website at www.sec.gov or through Cencora’s website, and Cencora strongly encourages you to do so. Except as required by applicable law, Cencora undertakes no obligation to update any statements herein for revisions or changes after the date of this communication.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities of Cencora. Any such offer will only be made pursuant to a prospectus filed with the SEC or pursuant to one or more exemptions from the registration requirements of the Securities Act of 1933, as amended.
SUPPLEMENTAL INFORMATION REGARDING NON-GAAP FINANCIAL MEASURE
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), Cencora uses the non-GAAP financial measure described below. The non-GAAP financial measure should be viewed in addition to, and not in lieu of, financial measures calculated in accordance with GAAP. This supplemental measure may vary from, and may not be comparable to, similarly titled measures by other companies.
The non-GAAP financial measure is presented because management uses non-GAAP financial measures to evaluate Cencora’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, Cencora believes that the presentation of the non-GAAP financial measure provides useful supplementary information to, and facilitates additional analysis by, investors. The presented non-GAAP financial measure excludes items that management does not believe reflect Cencora’s core operating performance because such items are outside the control of Cencora or are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash.
Cencora does not provide a reconciliation for this non-GAAP financial measure on a forward-looking basis to the most comparable GAAP financial measure on a forward-looking basis because it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort due to the uncertainty and potential variability of reconciling items, which are out of Cencora’s control and/or cannot be reasonably predicted, and the probable significance of which cannot be determined. In addition, because Cencora’s financial closing procedures for the full-year 2026 are not yet complete, our actual results may change as a result of such financial closing procedures, final adjustments, management's review of results, and other developments that may arise between now and the time financial results for the full-year 2026 are finalized.
This press releases includes adjusted diluted earnings per share (“EPS”), which represents diluted earnings per share determined in accordance with GAAP adjusted for specific items including, the per share impact of: gains from antitrust litigation settlements; LIFO expense (credit); Türkiye highly inflationary impact; acquisition related intangibles amortization; litigation and opioid-related (credit) expenses, net; acquisition and divestiture-related deal and integration expenses; restructuring and other expenses, net; the impairment of assets, including goodwill; the remeasurement gain related to the acquisition of OneOncology; gain on equity method investment; and the gain (loss) on the currency remeasurement related to 2020 Swiss tax reform, in each case net of the tax effect calculated using the applicable effective tax rate for those items. In addition, the per share impact of certain discrete tax items and the per share impact of the amortization of deferred tax assets relating to 2020 Swiss tax reform are also excluded from adjusted diluted earnings per share. Management believes that this non-GAAP financial measure is useful to investors because it eliminates the per share impact of the items that are outside the control of the Company or that we consider to not be indicative of our ongoing operating performance due to their inherent unusual, non-operating, unpredictable, non-recurring, or non-cash nature.
EPIC allows customers to test and validate liquid-cooled infrastructure in real-world environments alongside leading technology partners
, /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX) today introduced the Equinix Enhanced Performance Innovation Centers (EPIC), a global network of production-ready liquid cooling environments. The centers enable enterprises to test, build and deploy high-density AI infrastructure with the confidence and support of Equinix experts and leading technology partners. EPIC is live in Frankfurt, London, Osaka, Paris and Sydney, with more locations expected to open in 2027.
Enhanced Performance Innovation Center (EPIC) at Equinix's OS3 data center in Osaka
As AI moves from experimentation to production, how infrastructure is cooled, powered and connected has become a strategic imperative that determines deployment speed, cost and performance. Increasingly powerful GPU platforms are driving higher rack densities and greater demand for liquid cooling. Few enterprises have the expertise to get cooling, power, networking and facility operations working together, and a gap in any one can stall a deployment. The result is a growing pressure to bring AI infrastructure readiness in line with the pace of adoption.
EPIC helps address that challenge by giving enterprises a place to prove it out. Inside live Equinix data centers, enterprises can trial the latest liquid-cooled GPU and CPU platforms with leading hardware partners and test AI training and inference workloads under real-world conditions. With Equinix experts alongside, they can identify infrastructure and operational issues before production and make informed decisions as they scale. The result is a faster, lower-risk path from proof of concept to production.
"Liquid cooling is an essential component of modern enterprise infrastructure and a hard requirement for customer's deploying AI," said Brian Stein, Senior Vice President, Infrastructure Products and Services at Equinix. "EPIC provides businesses with a place to test, validate and build with confidence before they commit to large-scale deployments. We're putting our global infrastructure footprint and unmatched ecosystem to work to accelerate the path from concept to production for our customers."
EPIC can help enterprise teams:
Work with leading technology partners: Work with Equinix and our ecosystem of technology partners and original equipment manufacturers (OEMs) to assess combined liquid cooling stacks under field conditions. See how the systems integrate to help get to deployment faster.
Get hands-on infrastructure experience: See liquid cooling technologies in action, understand how each fits into specific environments and address operational questions that matter before deployments.
Test their infrastructure where it will run: Each EPIC location operates inside a live Equinix data center, giving customers exposure to liquid cooling under real production conditions.
EPIC builds on Equinix's existing innovation spaces. In 2022 Equinix announced its first Co-Innovation Facility where partners could collaborate on testing new technology before it entered Equinix data centers. In 2024, Equinix rolled out Solution Validation Centers for customers to validate deployments and see how Equinix supports distributed environments. EPIC brings that same experiential approach to liquid cooling and high-density AI deployments.
"Liquid cooling was new territory for us, so we built our confidence step by step," said Matthieu Blumberg, SVP of Engineering Infrastructure, Security, Internal IT & CISO at Criteo. "Our AI runs across a distributed footprint, and the infrastructure must perform the same way wherever it sits. We saw how liquid cooling performed in practice, learned what it took to run it well, and then committed to scale. Equinix was with us at every stage, with the expertise and the live environment to prove it out first. That's what turned liquid cooling from an open question into a core part of our distributed AI infrastructure."
Enterprises interested in visiting an EPIC site can contact their Equinix account team or visit the EPIC program page here.
Additional Resources
Where Enterprises Test Liquid Cooling Before They Scale AI [Blog Post]
Announcing EPIC [Product Release Note]
EPIC Liquid Cooling [Video]
Liquid Cooling, Live in Production [Program Page]
About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.
Teradyne Robotics a Sereact spojily síly při nasazování automatizace s využitím AI v maloobchodě, logistice a výrobě; stovky robotů UR již fungují na evropských pracovištích.
Partnership pairs Sereact's physical AI platform with collaborative industrial robots from Universal Robots (UR) to bring intelligent, adaptable automation to real-world operations previously hard to automate, such as the processing of returned fashion items.
BERLIN--(BUSINESS WIRE)--Teradyne Robotics – the company behind Universal Robots and Mobile Industrial Robots – and Sereact, a pioneer in physical AI for robotics, today announced a new, official partnership to accelerate industrial AI solutions in retail, logistics and manufacturing.
"Physical AI only matters when it performs in real-world operations, and that is where Universal Robots has always been at home" Jacob Pascual Pape, Chief Commercial Officer, Teradyne Robotics
Share Through this partnership, Sereact's physical AI platform, Cortex, runs robot arms from Universal Robots to give retailers and logistics providers a proven way to automate unstructured tasks such as returns handling and piece-picking.
Together, the companies have already shipped hundreds of UR robots in dual-arm systems to live customer sites across Europe.
Jacob Pascual Pape, Chief Commercial Officer of Teradyne Robotics, said:
“Physical AI only matters when it performs in real-world operations, and that is where Universal Robots has always been at home. Our robots are built for the AI era: open, connected and proven through more than 100,000 industrial deployments. That is why Sereact has chosen our platform,” he said. “When combined with Sereact's Cortex, the joint solution handles mixed goods, unknown items, and varied packaging. This has moved well beyond the demo or pilot stage with the technology now usefully deployed at real customer sites. Our technologies are a natural fit and through our partnership we will scale these AI-powered solutions fast across applications, industries and markets.”
To serve the rapidly growing demand, Sereact this summer opened a US HQ in Boston, Massachusetts, to also bring the joint solution to North America.
One model, many applications
The Sereact and Teradyne Robotics solutions deliver impact across a variety of critical logistics and manufacturing use cases, including returns handling, store replenishment, piece-picking and sortation, order induction, machine tending, bin consolidation, kitting, packing and goods handling.
“Returns, replenishment, kitting: with Cortex, every one of these applications runs on the same production model. One brain serves every robot, with no retraining for each new item or task. And what one robot learns, every robot benefits from,” said Dr. Ralf Gulde, CEO and Co-Founder, Sereact. “Partnering with Teradyne Robotics and its global distribution and integrator network helps us bring that one brain to their customers around the world, accelerating the abilities of retailers and logistics providers to adopt AI-powered automation across their operations.”
Live at NVIDIA GTC Berlin
The companies are marking the partnership with a joint demo at this week’s NVIDIA GTC Berlin 2026. In the NVIDIA booth, Cortex, Sereact's Vision-Language-Action (VLA) model, runs on two Universal Robots UR12e-1300s to show a returns handling applications that is already implemented in live logistics centers.
The deployments are done in collaboration with CEVA Logistics for Zalando, a European technology platform for fashion and lifestyle, connecting 62 million active customers with more than 7,000 brands across 29 markets. At Zalando's fulfillment centers in Greven, Germany, and Świebodzin, Poland, the robots now autonomously process returned fashion items. This is the first phase of a broader initiative to scale returns automation across Europe.
“Returns are one of the hardest jobs in logistics. Returned products almost never arrive in a robot-friendly sequence. Items differ in shape, orientation and packaging, and the mix changes continuously. That is exactly what Cortex is built to handle on the Universal Robots platform,” said Dr. Gulde and adds: ”By rapidly reconditioning returned goods for resale, the solution also helps retailers comply with European Union regulations prohibiting the destruction or landfill disposal of returned merchandise.”
For images of the demo at NVIDIA GTC Berlin and the Sereact solutions featuring Universal Robots, see this image collection.
Powered by NVIDIA technologies
NVIDIA’s technologies are a key part of the Sereact and Universal Robots demo at GTC Berlin. Cortex is trained in NVIDIA Isaac Sim, an open simulation framework, using NVIDIA Cosmos open world models. It is post-trained with reinforcement learning using NVIDIA Isaac Lab frameworkand benchmarked on Teradyne Robotics hardware before any model is deployed. In deployment, Cortex runs on NVIDIA Jetson Thor at the cell where inference must happen at line speed, and on NVIDIA DGX Spark for site-level development, validation and model updates.
Teradyne Robotics also uses NVIDIA computing in its UR and MiR product ranges. Teradyne Robotics are contributing SimReady OpenUSD robot assets to SimReady Central Library on Hugging Face for both Universal Robots and MiR products, helping developers discover and reuse robot models in simulation with less asset preparation.
About Teradyne Robotics
Teradyne Robotics is a global leader in advanced robotics systems, and the destination platform for physical AI.
Its two robotics brands, Universal Robots and Mobile Industrial Robots (MiR), develop collaborative industrial robots (cobots) and autonomous mobile robots (AMRs), respectively, that automate production tasks and the movement of materials across thousands of sites. Teradyne Robotics is headquartered in Odense, Denmark, with offices worldwide.
Teradyne Robotics is a division of Teradyne, Inc. (NASDAQ: TER), a leading provider of automated test equipment and advanced robotics systems. For more information, visit teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc. in the U.S. and other countries.
About Sereact
Sereact develops Physical AI software that enables robots to grasp, identify and handle objects they have never seen before. Founded in Stuttgart by Dr. Ralf Gulde and Marc Tuscher, the company raised a $116 million Series B in 2026. Customers include Zalando, IKEA, DHL, Rohlik, Arvato, alza.cz, BMW, Mercedes-Benz and Daimler Truck.
It's been a tough year for shareholders of online bank SoFi Technologies (SOFI +2.66%). This stock is down more than 50% from last November's peak, recently reaching a new 52-week low.
Yet it's understandable. The company lost a key technology platform customer at the beginning of this year, resulting in a $28 million, 27% year-over-year decrease in this segment's first-quarter revenue. SoFi also raised its full-year sales outlook with July's Q2 report to a new range of between $4.75 billion and $4.85 billion, but rattled investors by not also upping its profit guidance. The economic backdrop and weak market environment aren't helping matters either.
Image source: Getty Images.
Just don't lose sight of the bigger picture. Earnings are still growing, as is SoFi's customer headcount. And all three measures have only scratched the surface of their potential. Indeed, given SoFi Technologies' plausible future, its stock could be at least 50% higher than it is now by the end of 2030. Here's the math.
It's not not growing
The headlines have admittedly given the pessimists plenty of fodder to work with of late. While the loss of one technology platform customer (Chime) isn't catastrophic, it could be a sign that others might soon follow. The overall lending market and credit quality in general are also deteriorating. The American Bankers Association's Credit Conditions Index has now been below the pivotal 50 level for seven consecutive quarters.
Now take a step back and look at the bigger picture. SoFi's second-quarter revenue still grew 40% year over year to $1.2 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) still improved by 44%. Its total customer count reached a record-breaking 15.8 million in Q2 as well, extending a long-standing trend, with a 35% increase from Q2 2025's headcount.
Analysts don't expect this growth to slow down anytime soon, either. All told, Morningstar expects this fiscal year's projected per-share profit of $0.62 to reach $0.82 next year, en route to $1.35 in 2029 before reaching $1.71 per share in 2030.
Data source: Morningstar. Chart by author.
That's the crux of the long-term bullish argument here. Even assuming a modest valuation of, say, 15 times 2030's expected per-share profit of $1.71 would put the stock somewhere just above a price of $25 apiece. That's nearly 80% better than this ticker's present price. Let's think conservatively, though.
Be ready to give it time
The challenge here is doubt -- most investors aren't convinced this company will continue growing as it has up until this point. Recent headlines haven't exactly inspired confidence either.
SOFI SoFi Technologies$14.68+$0.38 (+2.66%)
NASDAQ · As of 4:00 PM ET 10/20/26
Just recognize this stock's recent weakness may be more market-related and cyclical, and less an indictment of the company's plausible future. To this end, the American Bankers Association's 2025 look at U.S. consumer opinions of digital banking indicates that 54% of respondents (of all ages) preferred mobile apps to handle banking matters, while the next-most-popular means of banking is a traditional computer, at 22%. A company like SoFi Technologies, which built its tech from the ground up with this shift in mind, stands ready to benefit from the continued mainstreaming of online banking.
Just understand that SoFi shares aren't going to make a straight line to $25. They could move lower before moving higher again.
USD/TRY se před rozhodnutím turecké centrální banky (CBRT) obchoduje na úrovni 49,57; trh zvažuje snížení sazeb o 100 bazických bodů, zatímco Goldman Sachs žádnou změnu neočekává.
Ahead of the 22 October 2026 CBRT interest rate decision, the USD/TRY continues to trade within the managed depreciation environment.
Current setup
USD/TRY is currently trading at 49.57 as of writing on 21 October 2026, thereby continuing on the path of a managed depreciation of the Liranear record highses to endure structural depreciation pressurich has sent the USD/TRY to, record highs. The continued upside move is a reflection of the market response to persistently high inflation, pressure from rising oil prices and foreign currency demands by the local populace looking to hedge the value of their holdings that are gradually being eroded with each passng day. The continued decline of the Lira is also calling into question the effectiveness of the CBRT’s monetary tightening policies.
The pair is also underpinned by USD fundamentals, and any conditions which weaken the USD across the board tend to produce short relief rallies in the Lira that so far, have only served to create dip-buying opportunities.
The next CBRT decision comes up on Thursday 22 October 2026. Goldman Sachs does not expect any policy change, even as majority of analysts including Bank of America are projecting a 100 bps rate cut as headline inflation moderates.
USD/TRY: Key Market Drivers
1. CBRT Policy
The CBRT’s official rate, which is the benchmark interest rate in Turkey, stands at 37.00%. The overnight lending rate is at 40.00% while the overnight borrowing rate stands at 35.50%. The current inflation rate in Turkey stands at 29.78% according to the latest data released in September 2026. This represents a cooling of the headline print from the August numbers which came in at 31.51%. However, these levels remain high as Brent crude continues to trade above the $100 mark. Turkey is a net energy importer and its economy has been negatively impacted by the geopolitical situation in the Middle East. Regional tensions have kept inflation rates elevated, which has led the CBRT to keep interest rates in very restrictive territory.
High interest rates are supposed to have an impact in supporting local currency savings and generate investor interest in lira-denominated government bonds. The effectiveness of this policy also depends on whether there is a decline in inflation expectations and whether local investors regain confidence in the lira. If this investor confidence is absent in the face of unattractive interest rates or in an environment of doubtful policy credibility, lira pressure is likely to persist.Notwithstanding, the CBRT’s interest rate decision remains the major catalyst determining the valuation of the USD/TRY pair.
2. Inflation and Domestic Dollar Demand
Turkey’s inflation woes and the gradual weakening of the lira have led to an erosion of the economic value of the holdings of citizens. This has encouraged businesses and individuals to seek protection in foreign currencies like the US dollar. Persistent local price increases have weakened the purchasing power of the lira and have added a layer of complication to the central bank’s drive toward disinflation. The policy outlook will only show improvement if there is a sustained decline in inflation. Currently this is not the case and renewed inflationary pressures will just lead to the prolongation of the restrictive policy. The lira will continue to face persistent pressure as long as there is a surge in demand for foreign currencies like the dollar.
3. Global Risk Sentiment
The USD/TRY is also impacted by global risk sentiment. The current risk environment is largely risk-off as investors are seeking the safety of the US dollar in a bid to protect their investments as long as the US-Iran war continues. The sentiment shift towards the US dollar and away from emerging market currencies is not only a produce of risk sentiment, but also comes from the recent increase in interest rates by the US Federal Reserve and the recent surge in US bond yields. Higher US bond yields have made the US Dollar much more attractive versus the weaker lira.
If the dollar weakens and this improves investor appetite for the lira and emerging market assets, this could slow the pace of advance but is not likely to cause a full-scale reversal. A full-scale reversal in the current uptrend would only occur if Turkey’s inflation is driven down and the policy risks or further restriction disappear.
USD/TRY Forecast Scenarios
Fig 1: USD/TRY Weekly Chart showing managed lira depreciation (snapshot: 21 October 2026)
Base case: Consolidation around 49.30–49.80 with a bias for a gradual upward shift will follow a CBRT rate hike in the next policy meeting. Restrictive policy only helps to maintain a structured gradual depreciation while preventing volatility.
Bull case — USD/TRY rises: A sharp breakout move above 49.65 opens the pathway to new record highs, with the psychological 50.00 level also up for grabs. This outlook follows sharp dollar strengthening, especially if the Fed hikes rates in the October meeting and domestic inflationary pressures intensify.
Bear case — Lira strengthens: Lira strengthening only follows improvement in local inflationary conditions along with a restrictive CBRT stance with improved policy credibility. This favours a breakdown of 49.30, targeting downside targets at 49.00 and lower.
Preklinické studie ukázaly, že sotagliflozin zlepšil strukturu a funkci srdce u myší s hypertrofickou kardiomyopatií a snížil aktivaci krevních destiček i tvorbu trombů.
-- Preclinical study demonstrates positive effects of sotagliflozin on cardiac function and structure in hypertrophic cardiomyopathy --
-- Second preclinical study shows inhibitory effects of sotagliflozin on platelet activity and thrombus formation --
-- Findings underscore differentiated biology associated with dual SGLT1 and SGLT 2 inhibition --
THE WOODLANDS, Texas, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX), a leading cardiometabolic biopharmaceutical company, today highlighted findings from two newly reported preclinical studies that provide additional insight into the biological effects of sotagliflozin, Lexicon's first-in-class dual SGLT1 and SGLT2 inhibitor. The investigator-initiated studies, funded by Lexicon and conducted by independent academic investigators, demonstrated favorable effects of sotagliflozin on key pathways involved in hypertrophic cardiomyopathy (HCM) and thrombotic cardiovascular events.
The first study, published in the Journal of Molecular and Cellular Cardiology Plus1, found that sotagliflozin improved cardiac structure and function in a mouse model of hypertrophic cardiomyopathy, while reducing oxidative stress and upregulating mitochondrial gene sets associated with energy production in myocardial tissues. Investigators reported that sotagliflozin normalized measures of diastolic function, reversed progression of cardiac hypertrophy and reduced cardiac fibrosis, findings that support further evaluation of its potential in HCM.
The second study, published in the Journal of Clinical Investigation2, demonstrated that sotagliflozin, but not the selective SGLT2 inhibitor empagliflozin, reduced platelet activation and thrombus formation in ex vivo human blood and animal models, including an SGLT1 gene murine knockout model, without adversely affecting normal hemostasis. These findings provide additional insight into the differentiated biology of dual SGLT1 and SGLT2 inhibition and may provide support for previously observed reductions in myocardial infarction and stroke risk associated with sotagliflozin in heart failure and Type 2 diabetes clinical studies
“These studies add to a growing body of evidence demonstrating the broad biological effects of sotagliflozin across multiple pathways relevant to cardiovascular disease,” said Craig Granowitz, M.D., Ph.D., senior vice president and chief medical officer of Lexicon. “From cardiac remodeling and mitochondrial function to platelet activation and thrombosis, the findings continue to expand our understanding of the differentiated biology associated with dual SGLT1 and SGLT2 inhibition and further support the scientific rationale for evaluating sotagliflozin in areas of significant unmet need, including hypertrophic cardiomyopathy.”
Lexicon is currently evaluating sotagliflozin in the ongoing Phase 3 SONATA-HCM trial in patients with symptomatic obstructive and non-obstructive hypertrophic cardiomyopathy. Topline results are expected in the first quarter of 2027.
About Sotagliflozin
Discovered using Lexicon’s unique approach to gene science, sotagliflozin is an oral inhibitor of two proteins responsible for glucose regulation known as sodium-glucose cotransporter types 2 and 1 (SGLT2 and SGLT1). SGLT2 is responsible for glucose and sodium reabsorption by the kidney and SGLT1 is responsible for glucose and sodium absorption in the gastrointestinal tract. Sotagliflozin has been studied in multiple patient populations encompassing heart failure, diabetes, and chronic kidney disease in clinical studies involving approximately 20,000 patients. Sotagliflozin is also currently under investigation for hypertrophic cardiomyopathy (HCM).
About Lexicon Pharmaceuticals
Lexicon Pharmaceuticals is a biopharmaceutical company pursuing novel medicines for patients with serious cardiometabolic diseases. Building on a proven legacy in genetic target discovery, Lexicon is advancing a clinical pipeline in areas of significant and often underserved need, with programs in hypertrophic cardiomyopathy (HCM), type 1 diabetes (T1D), obesity and other related metabolic conditions. Lexicon is committed to developing differentiated therapies that can be integrated broadly into clinical practice, with the goal of expanding treatment options for patients. Its capabilities extend from early-stage target discovery through clinical development and commercialization, strategically paired with high-impact collaborations to maximize the global reach of its medicines.
For additional information, please visit www.lexpharma.com.
Safe Harbor Statement
This press release contains “forward-looking statements,” including statements relating to the research, development and therapeutic and commercial potential of sotagliflozin in hypertrophic cardiomyopathy. In addition, this press release may also contain forward-looking statements relating to Lexicon’s financial position and long-term outlook on its business, including the commercialization of its approved products and the clinical development of, regulatory filings for, and potential therapeutic and commercial potential of its other drug candidates. In addition, this press release also contains forward looking statements relating to Lexicon’s growth and future operating results, discovery, development and commercialization of products, strategic alliances and intellectual property, as well as other matters that are not historical facts or information. All forward-looking statements are based on management’s current assumptions and expectations and involve risks, uncertainties and other important factors, specifically including Lexicon’s ability to meet its capital requirements, successfully commercialize its approved products, successfully conduct preclinical and clinical development and obtain necessary regulatory approvals of its other drug candidates on its anticipated timelines, achieve its operational objectives, obtain patent protection for its discoveries and establish strategic alliances, as well as additional factors relating to manufacturing, intellectual property rights, and the therapeutic or commercial value of its approved products and other drug candidates. Any of these risks, uncertainties and other factors may cause Lexicon’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. Information identifying such important factors is contained under “Risk Factors” in Lexicon’s annual report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission. Lexicon undertakes no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For Media Inquiries:
Dave Belian
Lexicon Pharmaceuticals, Inc. [email protected]
For Investor Inquiries:
Lisa DeFrancesco
Lexicon Pharmaceuticals, Inc. [email protected]
1 Qin F, et al. Sotagliflozin corrects myocardial phenotype, mitochondrial gene expression and oxidative stress in mice with hypertrophic cardiomyopathy. Journal of Molecular and Cellular Cardiology Plus. 2026;100873. doi:10.1016/j.jmccpl.2026.100873.
2 Stanger L, et al. SGLT1/2 inhibitor sotagliflozin, but not SGLT2-selective inhibitor empagliflozin, attenuates platelet activation and thrombosis. Journal of Clinical Investigation. 2026. In-Press Preview. doi:10.1172/JCI201899.
Akcie Nu Holdings v předobchodním obchodování posílily o 0,53 % na 15,17 USD poté, co UBS zvýšila cílovou cenu z 18,20 USD na 20,50 USD a ponechala doporučení „koupit“.
Nu Holdings Ltd. (NYSE:NU) stock rose in Wednesday’s premarket trading after UBS raised its price forecast for the Brazilian digital bank.
UBS analyst Thiago Batista maintained a Buy rating and raised his price forecast from $18.20 to $20.50 on Tuesday.
Broader market sentiment was also positive. Nasdaq futures gained about 0.5%, while S&P 500 futures rose 0.09%.
Brazil Election Adds Uncertainty Ahead of RunoffInvestors are also watching Brazil’s presidential election as the country prepares for an Oct. 25 runoff between Sen. Flávio Bolsonaro and incumbent President Luiz Inácio Lula da Silva. Bolsonaro’s lead over Lula has narrowed in recent polls, Reuters reported Monday.
Bolsonaro’s campaign has pledged to strengthen fiscal discipline, improve public-sector efficiency and create conditions for stronger economic growth. The election could influence Brazil’s economic policies, interest rates and consumer lending conditions.
Brazil remains Nu’s largest market. As a result, changes in the country’s economic outlook could affect the bank’s lending business, profitability and investor sentiment.
Nu Rejects Monzo Deal, Focuses on Global ExpansionMeanwhile, Nu confirmed Sept. 30 that it was not pursuing a transaction with British digital bank Monzo.
Earlier in September, Sky News reported that the companies had held preliminary discussions about a potential deal valued at 8 billion to 10 billion British pounds.
Nu shares declined following the report. The company said it remains focused on expanding its core operations in Brazil, Mexico and Colombia.
Nu is also pursuing international growth through Nu Global, including its expansion into the United States. In September, the company announced its U.S. expansion plans, marking another step toward building a global digital banking platform.
Technical Analysis: Nu Stock Holds Above Key Moving AveragesNu shares are trading above their 20-day simple moving average (SMA) of $14.40 and 50-day SMA of $14.49.
The stock is also above its 100-day SMA of $13.91 and 200-day SMA of $14.62. These levels suggest improving momentum, although longer-term technical signals remain mixed.
The 20-day SMA remains below the 50-day SMA. Meanwhile, the 50-day SMA remains below the 200-day SMA following a death cross in April.
The relative strength index (RSI) stands at 54.99, indicating neutral momentum. The stock is neither overbought nor oversold. Key technical levels include:
Resistance: $16, a nearby psychological level that could limit further gains. Support: $13, an area where buyers previously stepped in. Earnings Outlook and Wall Street RatingsNu is scheduled to report quarterly earnings Nov. 12.
Analysts expect earnings of 23 cents per share, up from 17 cents a year earlier. Revenue is projected to reach $5.69 billion, compared with $4.17 billion in the year-ago quarter.
The stock trades at a price-to-earnings ratio of 20.6, reflecting investor expectations for continued earnings growth.
Nu carries a Buy consensus rating, with an average price forecast of $17.06. Recent analyst actions include:
UBS: Maintained Buy and raised its price forecast from $18.20 to $20.50 on Oct. 20. JPMorgan: Maintained Overweight and raised its price forecast from $20 to $23 on Oct. 6. Needham: Maintained Buy with a $19 price forecast on Sept. 28. NU Price Action: Nu Holdings shares gained 0.53% to $15.17 in Wednesday’s premarket trading, according to Benzinga Pro.
Image via Shutterstock
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Domino's Pizza Group PLC (LSE:DOM) retained 'buy' ratings from Peel Hunt, Panmure Liberum and Shore Capital after third-quarter trading showed continued order growth and improving momentum across the business.
Peel Hunt raised its price target to 300p from 275p, while Panmure Liberum maintained a 300p target and Shore Capital retained its 270p target, implying around 14% upside from its reference share price of 237p.
Like-for-like sales increased 2% in the third quarter and were 4% higher year to date, while total system sales rose 4% and total orders increased 3%.
Like-for-like orders grew 1%, with pricing contributing less than 1%, as Domino’s continued to focus on improving value while new products such as Italianos pizzas and Chick ‘N’ Dip helped attract customers and increase order frequency.
Peel Hunt said the stronger order performance was particularly important because additional orders have almost four times the impact on pre-tax profit as equivalent price growth, while the broker expects the national rollout of Domino’s loyalty programme to provide another catalyst.
Panmure Liberum said positive volumes, supply-chain productivity improvements and strong cost visibility should support earnings growth in the second half, with further margin benefits expected during 2027.
Shore Capital said third-quarter trading was ahead of wider expectations and maintained forecasts for 2026 revenue of £711 million and earnings before interest, tax, depreciation and amortisation of £137 million, with potential upside if current momentum continues.
The broker also highlighted continued strength across both pizza and chicken products and said strategic initiatives announced at the half-year were beginning to gain traction.
All three brokers see further benefits from loyalty, automation and productivity improvements, with Domino’s maintaining its full-year guidance despite tougher comparatives in the second half.
FOSTER CITY, Calif., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Geron Corporation (Nasdaq: GERN), a hematology-focused biopharmaceutical company pursuing more meaningful moments for people living with blood cancer, today announced that it will release its third quarter 2026 financial results and business highlights before the market opens on Wednesday, November 4, 2026, via press release, which will be available on the Investors section of the Company’s website. Geron will host a conference call and webcast at 8:00 a.m. Eastern Time.
A live and archived audio webcast of the conference call will be available through the Investors section of the Company’s website at www.geron.com.
About Geron
Geron is a hematology-focused biopharmaceutical company pursuing more meaningful moments for people living with blood cancer. Because patients cannot wait, we approach our work with urgency, bringing together deep expertise in telomerase biology with patient perspectives and insights from clinical research and real-world care. Our medicine, RYTELO® (imetelstat), is approved in the United States and European Union for certain patients with lower-risk myelodysplastic syndromes (LR-MDS). We are building on our foundation in telomerase inhibition by studying imetelstat in myelofibrosis, including a pivotal Phase 3 clinical trial in patients with JAK-inhibitor relapsed/refractory disease, as well as other hematologic malignancies. Geron is a commercial-stage company with offices in Parsippany, New Jersey and Foster City, California. To learn more, visit www.geron.com or follow us on LinkedIn.
Investors and Media
Dawn Schottlandt
Senior Vice President, Investor Relations and Corporate Affairs
[email protected]
Nebius Group (NBIS +0.71%) is one of the most talked-about AI companies, especially after its stock more than quadrupled within a year. The Dutch tech business has pulled back recently as investors have rotated out of AI stocks.
Now that the company's share price has dipped, let's see if Nebius could be the millionaire-maker investors are hoping for.
Image source: The Motley Fool.
The growth has been there so far. Nebius reported revenue of $582.3 million in Q2 2026, an impressive 454% year-over-year increase. Annualized run rate revenue (ARR) reached $3 billion at the end of June, up from $1.9 billion at the end of March, and management is expecting $7 billion to $9 billion in ARR this year.
Total customer commitments exceeding $40 billion support management's projections. Anchor customers include hyperscalers spending the most on AI, such as Microsoft and Meta Platforms.
High-growth companies often come with more risk, and that's the case with Nebius. It's completely reliant on the AI build-out, as about 98% of its revenue comes from AI cloud sales. It's a capital-intensive business with massive spending requirements, and capital expenditures (capex) were $5.7 billion in Q2 2026, nearly 10 times its revenue that quarter. Even after the recent dip, it still trades at about 34 times trailing sales (as of Oct. 19).
NBIS Nebius Group$171.45+$1.21 (+0.71%)
NASDAQ · As of 4:00 PM ET 10/20/26
There's no strict definition of a millionaire-maker stock, but my rule of thumb is a potential 100-bagger that could turn a $10,000 investment into $1 million. That's highly unlikely for Nebius, because it would need to go from a market cap of $46 billion to $4.6 trillion. The AI cloud company is still worth considering if you're looking for investments with explosive growth potential, as long as you're prepared for volatility and go in with reasonable expectations.
Lyle Daly has positions in Meta Platforms and Nebius Group. The Motley Fool has positions in and recommends Meta Platforms and Microsoft. The Motley Fool has a disclosure policy.
BERLIN--(BUSINESS WIRE)--NVIDIA GTC--Nebius (Nasdaq: NBIS), the AI cloud company, today announced public live spot pricing for GPU compute, giving teams greater visibility and control over their compute costs.
AI teams are increasingly experimenting, training and running production services at the same time. Each calls for a different way to access and use compute capacity. Nebius is expanding its portfolio of pricing mechanisms to meet these needs, as part of its vision to promote an open market for compute.
Alongside live preemptible spot pricing, reserve auctions offer defined capacity blocks for short-term compute needs, while pay-as-you-go enables access to compute on demand without a fixed-term reservation. Nebius is also piloting a capacity-rebate program that enables customers to recover value by releasing idle GPUs back into the spot capacity pool.
Arkady Volozh, founder and CEO of Nebius, said:
“Companies should be able to see what compute costs and access it on terms that fit their work. We are combining that flexibility with the infrastructure, software and engineering expertise that AI builders in Europe and around the world need to turn ideas into products that can compete globally.”
Nico Caprez, VP AI Infrastructure Growth at NVIDIA, said:
“NVIDIA AI infrastructure is productive, durable and fungible across models, workloads and customers. Transparent pricing and flexible access help AI companies put that infrastructure to work on terms that fit their needs. Nebius is helping connect available capacity with growing AI demand, keeping AI factories productive and giving Europe’s AI builders more ways to scale.”
Nebius is working with the ecosystem to make live pricing more widely available. Public live pricing for Spot PVMs is available now at nebius.com/spot-prices and on Shadeform, Silicon Data and GPU Finder.
Europe’s most ambitious AI leaders build on Nebius
Nebius is bringing AI compute online across a European capacity footprint that currently spans Finland, France, the UK, Spain, Estonia and Iceland, with a pipeline of potential future deployments under evaluation.
Across the continent, digital enterprises and AI natives are building models and products with global ambition on Nebius — from personal finance and e-commerce platforms to understanding disease, developing world models, and deploying industrial robots.
In Germany, Black Forest Labs used Nebius’s NVIDIA B200 infrastructure for the research behind Self-Flow, a training method that became foundational to its FLUX 3 models.
Sandeep Mandala, Head of Engineering, Black Forest Labs: “Training frontier visual intelligence models depends on infrastructure that holds up under sustained load. Nebius has been a dependable part of that foundation for Black Forest Labs.”
Nebius is also strengthening its presence in Germany as a compute supplier for the Next Frontier AI Challenge of SPRIND, the Federal Agency for Breakthrough Innovation.
In France, Advanced Machine Intelligence uses Nebius compute and storage for research into world models. Paris-based Photoroom uses Nebius infrastructure and engineering support to develop commercial image-editing models.
Alex LeBrun, co-founder and CEO of Advanced Machine Intelligence: “We are building AI that can understand the physical world, anticipate the consequences of actions and plan. That ambition requires infrastructure that lets researchers test new approaches at scale. Nebius provides the compute and storage behind our research, helping us develop world models with potential applications across industry, robotics and healthcare.”
In the UK, Prima Mente has trained its biological foundation models on Nebius to discover new biomarkers for early detection and new hypotheses for novel drug targets for Alzheimer’s and other neurodegenerative diseases.
Hannah Madan, co-founder and COO of Prima Mente: “The future of brain care we're building is one where our parents have impactful treatments, those in our generation can detect disease earlier and do something about it, and our children never have to worry.”
In the Netherlands, Prosus uses Nebius Token Factory for high-volume open-model workloads supporting its lifestyle and e-commerce businesses.
Euro Beinat, Chief AI Officer, Prosus: “Our AI systems need to be reliable and economical in production. With Nebius Token Factory, we have doubled throughput, while autoscaling helps us handle peaks without holding GPU capacity in reserve. Combined with Nebius AI Cloud for training and fine-tuning, this gives us better economics and room to scale.”
Neobank bunq’s agentic assistant Finn now runs on open weight models. Powered by NVIDIA accelerated computing, deploying on Nebius matches the quality of leading closed models at 60% of the cost per answer.
In Switzerland, Zurich-based Jua trained and refined its Earth Physics Transformer on Nebius to deliver hourly global weather forecasts for energy markets.
European scientific AI and healthcare pioneers running on Nebius include Portugal-founded Sword Health, which worked with Nebius engineers to scale Dawn, its mental health AI conversational assistant, on dedicated NVIDIA Blackwell infrastructure.
Basecamp Research trained EDEN on Nebius with 28 billion parameters and 9.7 trillion nucleotide tokens to design programmable medicines. Inherent Labs used Nebius infrastructure to post-train Faraday, an AI scientist agent that learns to replicate published research as a step towards more autonomous scientific discovery.
European robotics and physical AI companies including Sereact and NormaCore are leveraging Nebius to run the full physical AI development cycle. Nebius today announced the addition of agentic workflows to its Physical AI Workbench, with customers reporting reductions in engineering time of up to 40%.
Empowering Europe’s AI builders to compete globally
From its headquarters in Amsterdam, Nebius supports the entire European AI ecosystem.
The Nebius AI Builder Program is expanding across Europe with an additional $10 million in compute grants, as well as founder funding opportunities and hands-on community programs.
Nebius works with communities including {Tech: Europe} and AI Tinkerers to connect builders through hack days, demo days and technical training. For GTC, Nebius Berlin Build Week culminated in a hackathon with NVIDIA, using NVIDIA Nemotron open models on Nebius infrastructure.
The company’s education and research arm, Nebius Academy, is collaborating with NVIDIA Deep Learning Institute to launch an education collaboration at GTC Berlin to expand hands-on AI training for developers. Nebius also provides compute grants to support cutting-edge research in AI and AI-driven science.
Building the cloud for production AI with NVIDIA
Nebius AI Cloud is designed and built as one integrated system, combining NVIDIA accelerated computing and networking with Nebius custom servers and software, including ML native tooling and managed inference.
A fast-growing partner ecosystem gives customers more ways to integrate Nebius into their existing stack, deploy and manage production AI applications, and purchase through trusted technology, services, and channel providers.
Nebius and NVIDIA are collaborating to scale the next generation of hyperscale AI cloud across the full AI technology stack — from AI factory design and deployment to co-building the inference and agentic stack and taking customers into production. This collaboration supports early adoption of new computing architectures and optimisation across hardware and software.
Nebius’s AI infrastructure leverages successive generations of NVIDIA accelerated computing and reference architectures including the NVIDIA DSX™ AI Factory Platform.
Nebius was among the first AI clouds to bring up and validate NVIDIA Vera Rubin NVL72 rack-scale systems, delivering inference with up to 30x more throughput per watt, and up to 45x lower token cost and training with one-fourth the GPUs.
It is also the first AI cloud to adopt NVIDIA Groq 3 LPX and will be an early deployer of NVIDIA Vera CPUs for agentic workloads. NVIDIA Groq 3 LPX is the inference accelerator designed for the low latency and large context demands of agentic systems. NVIDIA Vera is the CPU for agents, delivering 80% faster agentic CPU performance for longer-thinking agents, faster-learning RL systems, and data-driven AI factories.
The companies’ engineers work together to optimize inference across hardware and software, translating new architectures into greater capacity for production AI. This co-engineering delivers performance that is validated by independent evaluations and benchmarks.
Nebius holds NVIDIA Exemplar Cloud recognition for training workloads on NVIDIA HGX B300, NVIDIA GB300 NVL72 and NVIDIA HGX H200, and Platinum status in SemiAnalysis’s ClusterMAX rating of AI clouds. Nebius regularly achieves top MLPerf results across training, inference and storage.
Nebius supports an approach to AI safety, outlined in the NVIDIA OpenShell Reference Architecture, which combines software and hardware safeguards with clear boundaries around what agents can access and do, continuous monitoring, and the ability to interrupt, correct or stop their actions when needed.
About Nebius
Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents, and services worldwide. Nebius is listed on Nasdaq (Nasdaq: NBIS) and headquartered in Amsterdam.
For more information please visit nebius.com
Media kit nebius.com/media-kit
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future financial and business performance, strategy, expected growth, planned investments and capital expenditures, capacity expansion plans, anticipated future financing transactions and expected financial results, are forward-looking statements. The words "anticipate," "believe," "continue," "estimate," "expect," "guide," "intend," "likely," "may," "will" and similar expressions and their negatives are intended to identify forward-looking statements.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others: market, macroeconomic and geopolitical conditions; our ability to build, operate and manage our businesses to the desired scale; competitive pressures; technological developments; our ability to secure and retain clients; our ability to secure additional capital to enable the growth of the business; unpredictable sales cycles; and potential pricing pressures; as well as those risks and uncertainties related to our continuing businesses included under the captions "Risk Factors" and "Operating and Financial Review and Prospects" in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on April 30, 2026, which is available on our investor relations website at https://nebius.com/investor-hub and on the SEC website at www.sec.gov.
All information in this press release is as of the date hereof (unless stated otherwise). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
Soluna a Applied Digital založí společný podnik pro plánované datové centrum pro AI o výkonu 50 MW v Texasu, které bude čerpat energii z větrné elektrárny Briscoe i ze sítě. Applied bude vlastnit 51 %.
Facility to be powered by Briscoe Wind Farm; ChronoScale signs letter of intent for triple-net lease
, /PRNewswire/ -- Soluna Holdings, Inc. (Nasdaq: SLNH) ("Soluna"), a developer of green data centers for intensive computing applications including artificial intelligence ("AI"), today announced that it has entered into a definitive agreement (the "Transaction Agreement") to form a jointly owned company (the "Project Company") with Applied Digital Corporation (NASDAQ: APLD) ("Applied") to develop a planned 50 MW critical IT data center for AI and HPC (the "Project") at Project Dorothy 3, Soluna's development site near Silverton (Briscoe County) Texas and the Briscoe Wind Farm ("Briscoe Wind").
Soluna Holdings (Nasdaq: SLNH) and Applied Digital (Nasdaq: APLD) Under the Transaction Agreement, Soluna is expected to contribute a portion of the Dorothy 3 site, including land and power-related project assets, to the Project Company, and Applied is expected to provide capital to support the development of the Project. Following the closing of the transactions contemplated by the Transaction Agreement, Applied is expected to hold a 51% interest in the Project Company, and Soluna is expected to hold the remaining 49% interest.
The closing of the transactions contemplated by the Transaction Agreement is subject to the satisfaction of certain conditions precedent, including the approval of a tax abatement for the Project in Briscoe County, Texas, receipt of title policies, obtaining certain corporate approvals, successful negotiation and execution of the operating agreement for the Project Company, definitive leases, power agreements and other definitive agreements, and other customary conditions. The transactions are expected to close by the end of the calendar year.
"We have said for a long time that the constraint in AI is energy access, not chips," said John Belizaire, CEO of Soluna. "We built Soluna to bring load to the generation, so the power would be ready when the demand arrived. Partnering with Applied at Dorothy 3 puts that strategy to work: our site and wind power, combined with a proven builder and operator of AI data centers. We look forward to completing the remaining steps, including the tax abatement process in Briscoe County, and to bringing this project forward with the local community."
Project Dorothy 3
Dorothy 3 is a planned AI data center co-located with Briscoe Wind, a 150 MW wind farm in Briscoe County, Texas, near Soluna's Dorothy 1 and Dorothy 2 projects. Subject to definitive documentation, Phase 1 of Dorothy 3 (50 MW Critical IT) is expected to draw power from both Briscoe Wind and the grid.
ChronoScale Letter of Intent
ChronoScale Holdings Corporation (Nasdaq: CHRN), an accelerated compute platform purpose-built to support demanding AI workloads and a publicly-traded company majority-owned by Applied ("ChronoScale"), has signed a non-binding letter of intent to lease the planned facility. The lease remains subject to the negotiation and execution of definitive documentation, and there can be no assurance that a definitive lease will be entered into on the terms contemplated by the letter of intent, or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding Soluna's current views and assumptions with respect to future events regarding their respective businesses, including the ability to complete the closing of the transactions contemplated by the Transaction Agreement on the proposed terms and schedule, and the satisfaction of the conditions precedent to the closing of the transactions contemplated by the Transaction Agreement, including approval of a tax abatement; the formation of the Project Company and the negotiation of its operating agreement; receiving a leasehold title policy; obtaining certain corporate approvals of Soluna, Applied and Chronoscale; the negotiation and execution of a definitive lease with ChronoScale and definitive power supply agreements; the development, financing, construction, energization, and operation of the Project; whether the development of the Project may be more difficult, time-consuming or costly than expected, whether the expected benefits of the Project will occur, and Soluna's development pipeline. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," and similar statements. Soluna may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission ("SEC"), in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including but not limited to, Soluna's ability to complete construction of its data center campuses as planned; changes to AI and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; Soluna's ability to timely deliver any services required in connection with completion of installation under lease agreements; Soluna's ability to raise additional capital to fund the ongoing datacenter construction and operations; Soluna's dependence on principal customers; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; maintenance of third party relationships; and conditions in the debt and equity capital markets. Further information regarding such risks and uncertainties is included in Soluna's most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All information provided in this press release is as of the date of the press release, and Soluna undertakes no duty to update such information, except as required under applicable law.
About Soluna Holdings, Inc. (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The Company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support HPC applications, including Bitcoin mining, generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS™ helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns.
To learn more, visit solunacomputing.com and follow us on:
Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.
Summit Therapeutics a ECOG-ACRIN zahájí studii fáze II/III ivonescimabu v kombinaci s chemoterapií jako léčby první linie pokročilého karcinomu žlučových cest; nábor pracovišť má začít ve čtvrtém čtvrtletí 2026.
MIAMI--(BUSINESS WIRE)--Summit Therapeutics Inc. (NASDAQ: SMMT) today announced a clinical trial collaboration with the ECOG-ACRIN Cancer Research Group (ECOG-ACRIN) to evaluate ivonescimab, a novel, potential first-in-class investigational bispecific antibody, in a registration-enabling Phase II/III study in biliary tract cancer (BTC). The new study, EA2251 (NCT07765433), is designed to evaluate the safety and efficacy of ivonescimab with chemotherapy compared to pembrolizumab or durvalumab plus chemotherapy in the first-line treatment of patients with advanced BTC.
“Biliary tract cancer is often diagnosed at an advanced stage, and despite recent progress, there is a need for more effective first-line options that can extend survival and improve disease control,” said lead investigator Deirdre J. Cohen, MD, MS, Associate Professor of Medicine at the Icahn School of Medicine at Mount Sinai, Director of the Gastrointestinal Oncology Program for the Mount Sinai Health System and Co-Director of the Center of Excellence for Pancreatic Cancer at the Mount Sinai Tisch Cancer Center. “EA2251 will explore a novel therapeutic approach in the front-line setting by evaluating ivonescimab with chemotherapy against current immunotherapy-based standards of care.”
The open-label Phase II/III EA2251 study plans to enroll patients in the U.S. who will be randomized to receive ivonescimab in combination with gemcitabine and cisplatin, or pembrolizumab or durvalumab in combination with gemcitabine and cisplatin as the established standard-of-care comparator regimen. The primary endpoint for the study is overall survival (OS). Activation of clinical trial sites is expected to begin in the fourth quarter of 2026.
“We are honored to collaborate with ECOG-ACRIN on EA2251 as we continue to expand the development program for ivonescimab in areas of meaningful unmet need,” said Dr. Maky Zanganeh, President and Co-Chief Executive Officer of Summit Therapeutics. “The sponsorship and conduct of this registration-enabling study by a leading cooperative oncology group underscores the scientific interest in evaluating ivonescimab in difficult-to-treat cancers, including BTC, and supports Summit’s commitment to building a robust body of clinical evidence across multiple tumor types and treatment settings.”
For additional information on EA2251, please see ECOG-ACRIN’s accompanying press release.
EA2251 is the second Phase III study of ivonescimab in BTC; the first is HARMONi-GI1. In August 2026, Akeso Inc. announced the randomized Phase III HARMONi-GI1 study (AK112-309) evaluating ivonescimab plus chemotherapy compared with durvalumab plus chemotherapy as a first-line treatment for patients with BTC achieved statistically significant and clinically meaningful superiority in the primary endpoint of OS compared to the durvalumab-based regimen at a pre-specified interim analysis.
Detailed results from HARMONi-GI1 will be presented at the European Society for Medical Oncology 2026 Congress (ESMO 2026) on Sunday, October 25, during the Presidential Symposium from 4:30pm – 6:15pm CET (11:30am – 1:15pm EDT). HARMONi-GI1 is a single-region, multi-center, Phase III study conducted in China and sponsored by Akeso, with all relevant data exclusively generated, managed, and analyzed by Akeso.
About Biliary Tract Cancer
Biliary tract cancer (BTC) is a rare and aggressive group of gastrointestinal (GI) cancers that includes intrahepatic, perihilar, and distal cholangiocarcinoma as well as gallbladder cancer.1 Because BTC often develops with few clear early symptoms, approximately 30% to 50% of patients are diagnosed after the disease has spread, when curative surgery is often no longer an option.2 Prognosis remains poor, with five-year survival rates estimated to be less than 5% for patients diagnosed with distant-stage BTCs.3,4 Despite recent progress in the treatment of advanced BTC, there remains a significant need for additional therapeutic approaches that can improve outcomes for patients facing this difficult-to-treat disease.5
About ECOG-ACRIN
The ECOG-ACRIN Cancer Research Group (ECOG-ACRIN) is one of the world’s leading scientific organizations, known for innovative multicenter clinical trials involving adults with cancer or at risk of developing it. Its expansive membership network includes over 1,400 hospitals and cancer centers across the United States and around the world, involving nearly 21,000 research professionals and advocates. To learn more, visit www.ecog-acrin.org and follow ECOG-ACRIN on X, Facebook, LinkedIn, YouTube, Instagram, and BlueSky, or call 215-789-3631.
About Ivonescimab
Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF.
This design is intended to differentiate ivonescimab as there is potentially higher expression (presence) of both PD-1 and VEGF in tumor tissue and the tumor microenvironment (TME) as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure (four binding sites) enables higher avidity (accumulated strength of multiple binding interactions) in the TME (Zhong, et al, iScience, 2025). This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of ivonescimab’s design, together with a half-life of 6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets.
Ivonescimab was invented by Akeso Inc. (HKEX Code: 9926.HK) and is currently utilized in multiple Phase III clinical trials. Over 5,000 patients have been treated with ivonescimab in clinical studies globally and over 100,000 patients when considering those treated in a commercial setting in China, as noted by Akeso.
There are currently 17 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, five of which are Summit-sponsored global studies, two of which are studies sponsored by cooperative groups, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase III clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling patients in HARMONi-7. Summit expanded its Phase III clinical development program into colorectal cancer (CRC) in the fourth quarter of 2025 by initiating enrollment in HARMONi-GI3. In 2026, Summit announced initiation of HARMONi-GU1, a Phase II/III study in urothelial carcinoma (bladder cancer) with global clinical trial site activations planned to begin by the fourth quarter of 2026.
HARMONi is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were previously treated with a third-generation EGFR TKI (e.g., osimertinib). Detailed results of the study were provided in September 2025, and a Biologics License Application (BLA) was submitted to the United States Food and Drug Administration (FDA) for marketing authorization, which the FDA accepted for filing in January 2026; the Prescription Drug User Fee Act (PDUFA) goal date is November 14, 2026.
HARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to pembrolizumab combined with chemotherapy in patients with first-line metastatic, squamous or non-squamous NSCLC, irrespective of PD-L1 expression. The clinical trial is evaluating the two histologies as individual, separately powered cohorts with independent statistical powering.
HARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy compared to pembrolizumab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression.
HARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with bevacizumab plus chemotherapy in patients with first-line unresectable metastatic CRC.
HARMONi-GU1 is a Phase II/III clinical trial evaluating ivonescimab plus the antibody drug conjugate (ADC) enfortumab vedotin (EV) compared to pembrolizumab plus EV as first-line therapy in patients with previously untreated locally advanced or metastatic urothelial carcinoma (la/mUC).
ILLUMINE (GORTEC 2024-04) is a Phase III study being conducted by GORTEC, a cooperative group dedicated to Head and Neck Oncology, in recurrent / metastatic head and neck squamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III clinical trial designed to evaluate ivonescimab monotherapy, as well as ivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47 monoclonal antibody, compared to monotherapy pembrolizumab in patients with PD-L1 positive r/m HNSCC.
EA2251 is a Phase II/III study being conducted by the ECOG-ACRIN Cancer Research Group, an expansive membership-based scientific organization known for advancing precision oncology through its leadership of major national clinical trials. The randomized, open-label study is designed to evaluate the safety and efficacy of ivonescimab with chemotherapy compared to pembrolizumab or durvalumab plus chemotherapy in the first-line treatment of patients with advanced biliary tract cancer (BTC).
Five Phase III ivonescimab clinical trials have read out to date, all five with positive data. Four of these five studies are in NSCLC and one is in BTC. In addition to Summit’s positive HARMONi study, Akeso has had positive read-outs in three single-region (China), randomized Phase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for ivonescimab in NSCLC, including a statistically significant overall survival benefit in both the HARMONi-A and HARMONi-6 studies. Akeso has also reported a positive read-out (statistically significant OS) in the single-region (China), randomized Phase III HARMONi-GI1 trial in advanced BTC.
HARMONi-A was a Phase III clinical trial which evaluated ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with an EGFR TKI.
HARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab against monotherapy pembrolizumab in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression.
HARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination with platinum-based chemotherapy compared with tislelizumab, an anti-PD-1 antibody, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous NSCLC, irrespective of PD-L1 expression.
HARMONi-GI1 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with durvalumab plus chemotherapy as a first-line treatment for patients with advanced BTC.
Akeso is actively conducting additional Phase III clinical studies in settings outside of NSCLC and biliary-tract cancer, including triple-negative breast cancer, head and neck squamous cell carcinoma, small cell lung cancer, colorectal cancer, and pancreatic cancer.
Ivonescimab is an investigational therapy that is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe. Ivonescimab was initially approved for marketing authorization in China in May 2024.
About Summit Therapeutics Inc.
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.
For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.
Summit Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the risk that the private placement does not close on the anticipated timeline or at all, including because required regulatory clearances are not obtained or other closing conditions are not satisfied, dilution to existing stockholders, and potential adverse effects on the market price of the Company's common stock, including from future sales by AstraZeneca, the Company's broad discretion over the use of proceeds, and the possibility that the proceeds will not be sufficient to fund operations as long as anticipated, AstraZeneca’s ownership and contractual rights, including Third Party acquisition participation, and registration rights, and potential conflicts of interest, the completion of the Private Placement does not depend on the parties entering into a definitive collaboration agreement, the Company's reliance on AstraZeneca for the supply of AstraZeneca’s products and other contributions to the clinical trials, the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.
References
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2. Jiang Y, Jiang L, Li F, Li Q, Yuan S, Huang S, et al. The epidemiological trends of biliary tract cancers in the United States of America. BMC Gastroenterol. 2022;22(1):546. doi:10.1186/s12876-022-02637-8.
3. American Cancer Society. Survival rates for bile duct cancer. Accessed October 12, 2026.
4. American Cancer Society. Survival rates for gallbladder cancer. Accessed October 12, 2026.
5. Wang L, Singhal M, Valderrama A, Nepal B, Kamble S, Eluri M, et al. Real-world treatment patterns, resource utilization and costs in biliary tract cancers in the USA. Future Oncol. 2024;20(34):2625-2636. doi:10.1080/14796694.2024.2379237.
Summit Therapeutics and the Summit Therapeutics logo are registered trademarks of Summit Therapeutics Inc. and/or its affiliates. Copyright 2026, Summit Therapeutics Inc. All Rights Reserved.
Delivering production-ready, automated-driving products and platforms enabled by the combination of NVIDIA Hyperion and NVIDIA Halos safety system with Aptiv’s proven product and industrialization capabilitiesOpen and scalable approach to compute platforms designed to help automakers bring advanced safety and automated-driving capabilities to more vehicle segmentsCollaboration results in significant systems savings for vehicle manufacturers such as supporting NVIDIA Thor-based compute with air cooling SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Aptiv PLC (NYSE: APTV), a global industrial technology leader, today announced an expansion of its collaboration with NVIDIA to deliver scalable, production-ready automated-driving solutions enabled by NVIDIA Hyperion and NVIDIA Halos safety system.
"By expanding our work with NVIDIA, we are combining world-class AI compute with Aptiv’s proven ADAS and industrialization capabilities to deliver an open solution engineered for real-world performance, affordability and scale."
Share The collaboration brings together NVIDIA Hyperion with Aptiv’s scalable platforms and industrialization expertise. When paired with open and flexible perception, middleware, and ADAS features it results in cost-effective solutions for deploying increasingly advanced capabilities across a broad range of global markets and vehicle segments.
Affordability remains one of the most significant impediments to the widespread consumer adoption of highly automated vehicles. By combining NVIDIA Thor’s efficient, high-performance compute with Aptiv’s system-level optimization capabilities, the companies aim to reduce system cost and complexity without compromising performance. A powerful example of these synergies is the ability to support advanced AI models, while relying exclusively on air cooling for thermal management – an industry first for Thor-based computing platforms – resulting in significant systems savings for the OEM, particularly on internal combustion vehicles.
“Automakers need a practical path to bring more advanced levels of automation to consumers at an accessible cost,” said Sandeep Punater, Vice President, Product & Business Development, Autonomy. “Aptiv has a proven track record of taking highly complex automated-driving technologies from development to global vehicle deployment. By expanding our work with NVIDIA, we are combining world-class AI compute with Aptiv’s proven ADAS and industrialization capabilities to deliver an open solution engineered for real-world performance, affordability and scale.”
A Scalable Foundation for More Accessible Automation
The collaboration brings the NVIDIA Hyperion and NVIDIA Halos safety system into Aptiv’s modular compute architecture to support customer in-house, Aptiv, NVIDIA or other third-party AI models. This open and flexible approach, combined with expanded compute availability, enables automakers to:
Deliver cost-effective solutions, from hands-free to fully autonomous driving, without sacrificing their proven foundation for compliance features Maintain flexibility across sensors, software applications, AI models and vehicle architectures Accelerate development, integration, test, validation and launch of AI-powered capabilities and vehicle platforms Continuously improve system performance through software and AI model updates “NVIDIA Hyperion and NVIDIA Halos safety system gives automakers a foundation to accelerate safe, production-ready autonomy,” said Rishi Dhall, vice president of automotive at NVIDIA. “Combining this platform with Aptiv’s integration and industrialization expertise can help reduce system cost and complexity and bring advanced automated-driving capabilities to more vehicles.”
The announcement builds on Aptiv and NVIDIA’s prior collaborations to bring production-ready AI solutions to market. Aptiv previously announced support for NVIDIA Jetson Thor and NVIDIA Jetson Orin Nano 2, combining NVIDIA AI platforms with Aptiv’s sensing, software, systems integration and lifecycle support capabilities. The expanded collaboration applies that shared focus on commercialization to the next generation of intelligent, highly automated and software-defined vehicles.
Proven Capabilities from Concept to Deployment
Aptiv has played a defining role in the evolution of advanced driver-assistance systems, from introducing radar-based adaptive cruise control and fused radar and vision systems to delivering the first and only turnkey hands-free L2+ driving platform from a technology supplier in production.
Today, Aptiv technologies support highly automated vehicles across major automotive markets worldwide. Aptiv’s approach enables OEMs to select individual components, integrated subsystems or complete turnkey ADAS solutions based on their individual requirements, capabilities and strategic priorities.
Aptiv expects to showcase its latest end-to-end AI-powered automated driving capabilities running on NVIDIA Hyperion at CES 2027.
About Aptiv
Aptiv PLC (NYSE: APTV) is a global industrial technology leader delivering advanced solutions people trust when it matters most across automotive, commercial vehicle, aerospace and defense, telecom and datacom, and other diversified industrial end markets. Our differentiated portfolio enables devices and systems to sense, think, act, and continuously optimize performance. Building on decades of innovation, Aptiv brings global scale and a resilient, localized value chain to customers across the globe. Learn more at Aptiv.com.
Planned 300MW Badajoz campus provides foundation for European AI Cloud capacity; initial operations targeted for 2028
IREN establishes IREN Europe, with Roberto Purcaro appointed as Executive Director for Europe, and the European board chaired by former Banco Santander CEO Ángel Corcóstegui
Campus designed for compatibility with NVIDIA DSX AI Factory Platform; IREN to offer managed AI cloud services for customers with data residency and operational requirements BERLIN, Oct. 21, 2026 (GLOBE NEWSWIRE) -- At NVIDIA GTC Berlin, IREN (NASDAQ: IREN) today announced that it has established IREN Europe and secured the civil works license for its planned AI data center in Badajoz, Extremadura, Spain. The project is planned to deliver approximately 300MW of capacity, with initial operations targeted for 2028.
IREN plans to offer AI cloud services from Badajoz, including managed services, to customers seeking greater choice over where their AI workloads run and how their data and infrastructure are managed in Europe. The campus is part of IREN’s announced portfolio of more than 5GW of grid-connected power across North America, Europe and Asia-Pacific, positioning IREN to serve customers with different data residency requirements in each region.
“For customers in Europe, sovereign AI starts with two questions: where their data sits and who’s running the infrastructure,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “That’s what IREN Europe is for: our own sites, run by our own people, with a board that’s accountable in Europe. Ángel and Roberto have spent their careers building and financing infrastructure globally and in Iberia, and Badajoz is the first project in Europe.”
The Badajoz campus
At Badajoz, IREN has secured grid-connected power and the civil works license for its planned 300MW campus. IREN continues to be in close consultation with local, regional and national authorities as the project advances. The campus is designed around closed-loop liquid cooling, which requires minimal water for cooling. It’s also designed for compatibility with NVIDIA DSX AI Factory Platform.
IREN establishes European leadership
IREN has appointed Ángel Corcóstegui as Chair of the newly established board of directors of IREN Europe, the holding company for its European operations. Roberto Purcaro has been appointed Executive Director for Europe and joins the board.
IREN entered Europe in June 2026 with the acquisition of Nostrum Group, a Spain-based data center developer, and its team of more than 60, led by Gabriel Nebreda, Chief Executive Officer of IREN Spain.
Corcóstegui served as First Vice Chairman and Chief Executive Officer of Banco Santander, where he led the integration of Banco Santander and Banco Central Hispano. He co-founded Magnum Capital, a private equity firm focused on Spain and Portugal. His infrastructure and energy experience includes chairing the engineering group Eptisa, Magnum Capital’s control of the Portuguese wind operator Iberwind from 2008 to 2015, and a current seat as independent director of Moeve.
Purcaro brings more than 25 years of international experience in infrastructure, energy transition and digital infrastructure. Most recently, as Global Head of Complex Opportunities and Head of Italy at Macquarie Capital, he led the structuring of large-scale transactions involving multinational corporations, sovereign institutions and global investors.
“Spain has exceptional conditions to become a European hub for AI digital infrastructure, thanks to its excellent connectivity and abundant, competitive renewable energy,” said Corcóstegui. “It is an honor to chair IREN Europe and I look forward to helping execute our growth plans.”
“Badajoz is where IREN Europe begins,” said Purcaro. “IREN develops its own sites and operates them directly, and that’s how we’ll work in Europe. Our focus from here is the campus and the customers who’ll use it.”
Managed AI cloud services in Europe
Following the completion of its acquisition of Mirantis, IREN’s software capabilities, including k0rdent AI, can provision and manage AI infrastructure. These capabilities include workload isolation and operational controls that can help customers address data residency, security and governance requirements. k0rdent AI also integrates NVIDIA technologies, including NVIDIA Infra Controller (NICo) and NVIDIA Run:ai, into its unified platform. IREN intends to offer these capabilities alongside its European capacity as it comes online.
About IREN
IREN is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of land and grid-connected power in renewable-rich regions across North America, Europe and Asia-Pacific.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, expectations as to development and construction timelines, anticipated benefits of new board and executive appointments, expansion into new geographies, receipt of government permits and approvals, grid connections, availability of financing, and other trends we expect to affect our business. Forward-looking statements often include words such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target,” “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” “aim,” or other similar terminology. Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team in connection with this press release.
These forward-looking statements are based on management’s current expectations, plans, estimates, assumptions, and beliefs. These statements are neither promises nor guarantees, but involve and are subject to known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to differ materially from any future results performance or achievements expressed or implied by the forward-looking statements, including IREN’s ability to successfully execute on its growth strategies and operating plans, including to commence operations of the Badajoz campus in 2028, deploy up to 5GW of NVIDIA DSX-aligned AI infrastructure and deliver AI cloud services in the European region, achieve its targeted annualized AI Cloud Services revenue, continue to develop its existing data center sites, design and deploy direct-to-chip liquid and air cooling systems, provide software, and operate and expand its AI Cloud Services business, along with other important factors discussed under the caption “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in IREN’s Annual Report on Form 10-K, filed with Securities and Exchange Commission (the “SEC”) on August 27, 2026 and IREN’s Quarterly Reports on Form 10-Q, filed with the SEC from time to time. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement included in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
Friday Financial lifted its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 20.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,653 shares of the iPhone maker’s stock after acquiring an additional 4,250 shares during the period. Apple makes up 1.6% of Friday Financial’s portfolio, making the stock its 16th largest holding. Friday Financial’s holdings in Apple were worth $8,143,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. ANB Bank boosted its stake in Apple by 17.8% during the third quarter. ANB Bank now owns 44,670 shares of the iPhone maker’s stock worth $14,442,000 after buying an additional 6,737 shares in the last quarter. Argus Investors Counsel Inc. increased its stake in Apple by 4.7% in the third quarter. Argus Investors Counsel Inc. now owns 16,561 shares of the iPhone maker’s stock valued at $5,472,000 after acquiring an additional 748 shares during the period. Freestate Advisors LLC raised its holdings in shares of Apple by 2.4% in the 3rd quarter. Freestate Advisors LLC now owns 4,505 shares of the iPhone maker’s stock worth $1,500,000 after buying an additional 104 shares in the last quarter. Castleview Partners LLC raised its stake in Apple by 50.1% during the third quarter. Castleview Partners LLC now owns 36,018 shares of the iPhone maker’s stock worth $11,309,000 after acquiring an additional 12,027 shares in the last quarter. Finally, Stokes Capital Advisors LLC increased its position in shares of Apple by 25.8% during the 3rd quarter. Stokes Capital Advisors LLC now owns 57,932 shares of the iPhone maker’s stock worth $18,584,000 after purchasing an additional 11,885 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.
Wall Street Analysts Forecast Growth Several research analysts have recently commented on AAPL shares. The Goldman Sachs Group initiated coverage on Apple in a report on Monday, August 17th. They issued a “buy” rating on the stock. KeyCorp reaffirmed an “underweight” rating on shares of Apple in a report on Thursday, October 15th. Maxim Group lifted their price objective on Apple from $350.00 to $380.00 and gave the company a “buy” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. boosted their price objective on Apple from $340.00 to $360.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Finally, Piper Sandler began coverage on Apple in a report on Monday, August 17th. They set an “overweight” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and an average price target of $340.12.
Get Our Latest Stock Report on Apple Apple Stock Performance AAPL stock opened at $339.50 on Wednesday. The company has a 50 day moving average price of $327.22 and a 200 day moving average price of $307.80. Apple Inc. has a fifty-two week low of $243.42 and a fifty-two week high of $348.15. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93. The stock has a market capitalization of $4.95 trillion, a PE ratio of 38.93, a price-to-earnings-growth ratio of 2.72 and a beta of 1.07.
Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. The firm had revenue of $109.42 billion for the quarter, compared to analyst estimates of $109.04 billion. Apple had a return on equity of 135.46% and a net margin of 27.62%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period last year, the company earned $1.57 EPS. Analysts forecast that Apple Inc. will post 8.75 EPS for the current year.
Apple Announces Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were given a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple’s payout ratio is presently 12.39%.
Insider Transactions at Apple In related news, insider Timothy D. Cook sold 191,753 shares of Apple stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $332.96, for a total value of $63,846,078.88. Following the completion of the sale, the insider directly owned 3,264,168 shares in the company, valued at $1,086,837,377.28. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Deirdre O’brien sold 46,389 shares of Apple stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $333.42, for a total value of $15,467,020.38. Following the completion of the sale, the senior vice president owned 136,810 shares of the company’s stock, valued at approximately $45,615,190.20. The trade was a 25.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 284,454 shares of company stock worth $94,662,594. 0.06% of the stock is owned by insiders.
Apple News Summary Here are the key news stories impacting Apple this week:
Positive Sentiment: Strong iPhone Duo demand: Apple’s $1,999 foldable iPhone reportedly generated extraordinary preorders, with delivery estimates extending into January 2027. The response supports premium pricing and suggests the new product could become a meaningful growth catalyst. Apple’s $1,999 foldable phone is set to hit stores Friday Positive Sentiment: Upcoming Mac launch: Apple scheduled its “Pro and Tell” event for October 28, where analysts expect new Macs and potentially the company’s first touchscreen MacBook. The event could provide a near-term catalyst and demonstrate momentum under CEO John Ternus. Apple announces product launch event for Oct. 28 Positive Sentiment: Supply-chain and ecosystem investments: Apple committed up to $100 million to a U.S. titanium supplier to support iPhone production. Apple Wallet car-key support is also expanding to select General Motors vehicles, strengthening the company’s hardware and services ecosystem. Apple commits up to $100 million for U.S. titanium Neutral Sentiment: Mixed analyst outlook: Bank of America and JPMorgan maintained bullish ratings, citing iPhone Duo demand and long-term AI potential, while other analysts have become more cautious. Negative Sentiment: Downgrades and demand concerns: Loop Capital downgraded AAPL to Hold and cut its price target from $370 to $330, citing risks that iPhone shipments may not recover as expected. KeyBanc also flagged weaker upgrade intentions among consumers. Apple gets a downgrade from Loop Capital on fears of slow iPhone sales Negative Sentiment: Margin and valuation risk: UBS expects higher memory and component costs to pressure gross margins while iPhone growth slows. With Apple trading at a premium earnings multiple, investors may require stronger earnings or a new catalyst to support further gains. Apple faces gross margin pressure as UBS flags slowing iPhone growth Apple Company Profile (Free Report)
Apple Inc designs, develops and sells consumer electronics, software and digital services. Its best-known products include the iPhone smartphone, Mac personal computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and applications that support its hardware ecosystem.
Apple’s services business includes the App Store, Apple Music, Apple TV, Apple Arcade, iCloud, Apple Pay and other subscription, payment and digital-content offerings.
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Jacobs & Co. CA ve třetím čtvrtletí zvýšila svůj podíl ve společnosti Apple o 2,2 % na 239 202 akcií; pozice v hodnotě 79 659 000 USD tvoří 7,1 % jejího portfolia.
Jacobs & Co. CA boosted its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 239,202 shares of the iPhone maker’s stock after purchasing an additional 5,136 shares during the period. Apple makes up 7.1% of Jacobs & Co. CA’s portfolio, making the stock its largest position. Jacobs & Co. CA’s holdings in Apple were worth $79,659,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Berkshire Hathaway Inc bought a new stake in shares of Apple in the 2nd quarter valued at about $65,950,297,000. Bank of America Corp DE bought a new position in Apple during the 2nd quarter worth approximately $36,986,090,000. Legal & General Group Plc bought a new position in Apple during the 2nd quarter worth approximately $30,443,242,000. Deutsche Bank AG purchased a new position in Apple in the 2nd quarter worth approximately $13,658,359,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Apple in the 2nd quarter worth approximately $10,588,946,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.
Apple Stock Down 1.0% Shares of NASDAQ:AAPL opened at $339.50 on Wednesday. Apple Inc. has a 1 year low of $243.42 and a 1 year high of $348.15. The company has a market cap of $4.95 trillion, a PE ratio of 38.93, a P/E/G ratio of 2.72 and a beta of 1.07. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93. The stock’s 50-day moving average is $327.22 and its 200 day moving average is $307.80.
Apple (NASDAQ:AAPL – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%. The business had revenue of $109.42 billion during the quarter, compared to analyst estimates of $109.04 billion. During the same quarter in the prior year, the company posted $1.57 EPS. Apple’s quarterly revenue was up 16.4% compared to the same quarter last year. Sell-side analysts anticipate that Apple Inc. will post 8.75 EPS for the current year. Apple Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple’s payout ratio is 12.39%.
Insiders Place Their Bets In related news, SVP Deirdre O’brien sold 46,389 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $333.42, for a total transaction of $15,467,020.38. Following the completion of the transaction, the senior vice president owned 136,810 shares in the company, valued at $45,615,190.20. This represents a 25.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jennifer Newstead sold 2,399 shares of the firm’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $336.18, for a total value of $806,495.82. Following the completion of the sale, the senior vice president directly owned 41,992 shares of the company’s stock, valued at $14,116,870.56. The trade was a 5.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 284,454 shares of company stock valued at $94,662,594 over the last three months. 0.06% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets AAPL has been the subject of several recent research reports. Sanford C. Bernstein reiterated an “outperform” rating on shares of Apple in a research report on Friday, September 25th. Morgan Stanley set a $355.00 target price on shares of Apple and gave the stock an “overweight” rating in a report on Thursday, October 1st. Yorkville Ives began coverage on shares of Apple in a report on Tuesday, October 6th. They issued an “outperform” rating and a $400.00 target price on the stock. China Renaissance downgraded shares of Apple from a “buy” rating to a “hold” rating and decreased their target price for the stock from $329.00 to $280.00 in a research note on Tuesday, August 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Apple in a report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $340.12.
Get Our Latest Stock Analysis on Apple
Trending Headlines about Apple Here are the key news stories impacting Apple this week:
Positive Sentiment: Strong iPhone Duo demand: Apple’s $1,999 foldable iPhone reportedly generated extraordinary preorders, with delivery estimates extending into January 2027. The response supports premium pricing and suggests the new product could become a meaningful growth catalyst. Apple’s $1,999 foldable phone is set to hit stores Friday Positive Sentiment: Upcoming Mac launch: Apple scheduled its “Pro and Tell” event for October 28, where analysts expect new Macs and potentially the company’s first touchscreen MacBook. The event could provide a near-term catalyst and demonstrate momentum under CEO John Ternus. Apple announces product launch event for Oct. 28 Positive Sentiment: Supply-chain and ecosystem investments: Apple committed up to $100 million to a U.S. titanium supplier to support iPhone production. Apple Wallet car-key support is also expanding to select General Motors vehicles, strengthening the company’s hardware and services ecosystem. Apple commits up to $100 million for U.S. titanium Neutral Sentiment: Mixed analyst outlook: Bank of America and JPMorgan maintained bullish ratings, citing iPhone Duo demand and long-term AI potential, while other analysts have become more cautious. Negative Sentiment: Downgrades and demand concerns: Loop Capital downgraded AAPL to Hold and cut its price target from $370 to $330, citing risks that iPhone shipments may not recover as expected. KeyBanc also flagged weaker upgrade intentions among consumers. Apple gets a downgrade from Loop Capital on fears of slow iPhone sales Negative Sentiment: Margin and valuation risk: UBS expects higher memory and component costs to pressure gross margins while iPhone growth slows. With Apple trading at a premium earnings multiple, investors may require stronger earnings or a new catalyst to support further gains. Apple faces gross margin pressure as UBS flags slowing iPhone growth About Apple (Free Report)
Apple Inc designs, develops and sells consumer electronics, software and digital services. Its best-known products include the iPhone smartphone, Mac personal computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and applications that support its hardware ecosystem.
Apple’s services business includes the App Store, Apple Music, Apple TV, Apple Arcade, iCloud, Apple Pay and other subscription, payment and digital-content offerings.
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Gilpin Wealth Management LLC increased its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 23.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,261 shares of the iPhone maker’s stock after acquiring an additional 2,675 shares during the quarter. Apple makes up approximately 3.1% of Gilpin Wealth Management LLC’s holdings, making the stock its 3rd biggest holding. Gilpin Wealth Management LLC’s holdings in Apple were worth $4,653,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Avenir Tech Ltd bought a new stake in shares of Apple in the 2nd quarter worth approximately $29,000. Longfellow Investment Management Co. LLC acquired a new position in Apple during the 2nd quarter valued at approximately $30,000. Lifetime Wealth Management P.C. bought a new position in Apple during the 4th quarter worth $41,000. ABS Investment Management LLC bought a new position in Apple during the 2nd quarter worth $376,168,000. Finally, Bamco Inc. NY bought a new position in Apple during the 2nd quarter worth $118,000. Institutional investors own 67.73% of the company’s stock.
Insider Activity at Apple In other news, SVP Jennifer Newstead sold 2,399 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $336.18, for a total value of $806,495.82. Following the completion of the sale, the senior vice president directly owned 41,992 shares of the company’s stock, valued at approximately $14,116,870.56. This represents a 5.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Deirdre O’brien sold 46,389 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $333.42, for a total transaction of $15,467,020.38. Following the completion of the transaction, the senior vice president owned 136,810 shares of the company’s stock, valued at $45,615,190.20. This trade represents a 25.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 284,454 shares of company stock worth $94,662,594 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.
Analysts Set New Price Targets A number of research firms have issued reports on AAPL. Moffett Nathanson set a $283.00 target price on Apple and gave the company a “neutral” rating in a research note on Tuesday. Raymond James Financial reissued a “market perform” rating on shares of Apple in a report on Friday, July 31st. Arete Research upped their price target on shares of Apple from $305.00 to $335.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Rothschild & Co Redburn set a $400.00 price objective on shares of Apple and gave the stock a “buy” rating in a report on Monday, August 17th. Finally, Maxim Group increased their price objective on shares of Apple from $350.00 to $380.00 and gave the stock a “buy” rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and an average price target of $340.12. Get Our Latest Report on AAPL
Key Headlines Impacting Apple Here are the key news stories impacting Apple this week:
Positive Sentiment: Strong iPhone Duo demand: Apple’s $1,999 foldable iPhone reportedly generated extraordinary preorders, with delivery estimates extending into January 2027. The response supports premium pricing and suggests the new product could become a meaningful growth catalyst. Apple’s $1,999 foldable phone is set to hit stores Friday Positive Sentiment: Upcoming Mac launch: Apple scheduled its “Pro and Tell” event for October 28, where analysts expect new Macs and potentially the company’s first touchscreen MacBook. The event could provide a near-term catalyst and demonstrate momentum under CEO John Ternus. Apple announces product launch event for Oct. 28 Positive Sentiment: Supply-chain and ecosystem investments: Apple committed up to $100 million to a U.S. titanium supplier to support iPhone production. Apple Wallet car-key support is also expanding to select General Motors vehicles, strengthening the company’s hardware and services ecosystem. Apple commits up to $100 million for U.S. titanium Neutral Sentiment: Mixed analyst outlook: Bank of America and JPMorgan maintained bullish ratings, citing iPhone Duo demand and long-term AI potential, while other analysts have become more cautious. Negative Sentiment: Downgrades and demand concerns: Loop Capital downgraded AAPL to Hold and cut its price target from $370 to $330, citing risks that iPhone shipments may not recover as expected. KeyBanc also flagged weaker upgrade intentions among consumers. Apple gets a downgrade from Loop Capital on fears of slow iPhone sales Negative Sentiment: Margin and valuation risk: UBS expects higher memory and component costs to pressure gross margins while iPhone growth slows. With Apple trading at a premium earnings multiple, investors may require stronger earnings or a new catalyst to support further gains. Apple faces gross margin pressure as UBS flags slowing iPhone growth Apple Trading Down 1.0% NASDAQ:AAPL opened at $339.50 on Wednesday. Apple Inc. has a 1 year low of $243.42 and a 1 year high of $348.15. The stock has a market cap of $4.95 trillion, a price-to-earnings ratio of 38.93, a PEG ratio of 2.72 and a beta of 1.07. The business has a fifty day moving average of $327.22 and a 200-day moving average of $307.80. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.93 and a current ratio of 1.00.
Apple (NASDAQ:AAPL – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The business had revenue of $109.42 billion for the quarter, compared to analysts’ expectations of $109.04 billion. During the same period in the previous year, the business earned $1.57 earnings per share. The company’s revenue was up 16.4% on a year-over-year basis. Equities analysts predict that Apple Inc. will post 8.75 earnings per share for the current year.
Apple Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, August 10th. Apple’s dividend payout ratio is currently 12.39%.
Apple Company Profile (Free Report)
Apple Inc designs, develops and sells consumer electronics, software and digital services. Its best-known products include the iPhone smartphone, Mac personal computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and applications that support its hardware ecosystem.
Apple’s services business includes the App Store, Apple Music, Apple TV, Apple Arcade, iCloud, Apple Pay and other subscription, payment and digital-content offerings.
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Focused Alpha LLC ve třetím čtvrtletí snížila svůj podíl v Tesle o 63,3 % prodejem 2 877 akcií; na konci čtvrtletí držela 1 670 akcií v hodnotě 593 000 USD.
Focused Alpha LLC lessened its position in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 63.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,670 shares of the electric vehicle producer’s stock after selling 2,877 shares during the period. Focused Alpha LLC’s holdings in Tesla were worth $593,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. State Street Corp boosted its position in Tesla by 2.4% during the second quarter. State Street Corp now owns 117,456,756 shares of the electric vehicle producer’s stock worth $49,402,312,000 after purchasing an additional 2,761,298 shares during the period. Legal & General Group Plc acquired a new stake in shares of Tesla during the 2nd quarter worth about $8,535,612,000. Amundi boosted its holdings in shares of Tesla by 14.0% during the 1st quarter. Amundi now owns 22,174,884 shares of the electric vehicle producer’s stock worth $8,243,513,000 after buying an additional 2,727,141 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Tesla during the 2nd quarter worth about $6,083,630,000. Finally, Bamco Inc. NY boosted its holdings in shares of Tesla by 5.0% during the 2nd quarter. Bamco Inc. NY now owns 12,524,752 shares of the electric vehicle producer’s stock worth $5,267,911,000 after buying an additional 591,243 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes A number of research analysts recently commented on TSLA shares. BMO Capital Markets started coverage on shares of Tesla in a research note on Monday, August 17th. They issued an “outperform” rating on the stock. Yorkville Ives started coverage on shares of Tesla in a research report on Wednesday, October 7th. They set an “outperform” rating and a $500.00 price objective for the company. Robert W. Baird set a $475.00 price objective on Tesla in a report on Monday, July 27th. HSBC reaffirmed a “reduce” rating and issued a $157.00 target price on shares of Tesla in a research report on Monday, October 5th. Finally, Stifel Nicolaus set a $491.00 price target on Tesla and gave the stock a “buy” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $415.07.
View Our Latest Stock Analysis on TSLA Insider Activity at Tesla In other news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $360.13, for a total transaction of $938,498.78. Following the sale, the chief financial officer directly owned 25,972 shares in the company, valued at approximately $9,353,296.36. The trade was a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 19.90% of the company’s stock.
More Tesla News Here are the key news stories impacting Tesla this week:
Positive Sentiment: Merger discussions became more concrete. Tesla and SpaceX formed independent special committees to evaluate a potential combination at shareholders’ request. Elon Musk cautioned that a deal is not guaranteed and would require negotiations and shareholder approval, but investors viewed the formal review as a meaningful step toward combining Tesla’s robotics and autonomy efforts with SpaceX’s satellite, AI and infrastructure businesses. Reuters merger and Terafab report Positive Sentiment: Long-term AI and chip ambitions added to the bullish narrative. Musk said the planned Tesla-SpaceX “Terafab” is targeting volume chip production in 2028. The project could eventually support Tesla’s autonomy, robotics and AI-computing goals, although it remains a distant and capital-intensive opportunity. SpaceX and Tesla Terafab article Positive Sentiment: Deliveries exceeded expectations. Tesla delivered 486,532 vehicles in the third quarter, reportedly 5.3% above forecasts. A Cantor analyst also raised revenue estimates and maintained a $485 price target, citing deliveries and Tesla’s AI initiatives. Options positioning similarly suggested traders expect further upside after earnings. Tesla Q3 delivery report Neutral Sentiment: Earnings are the next major catalyst. Tesla is scheduled to report after Wednesday’s close. Analysts generally expect revenue to be roughly flat or slightly lower year over year and EPS to decline, with investors watching automotive margins, free cash flow, pricing and management’s comments on Cybercab, robotaxis and Optimus. Tesla Q3 preview Negative Sentiment: Underlying demand and profitability remain concerns. China-made Tesla vehicle sales rose because exports increased 58%, while domestic sales fell 9%, highlighting competitive and pricing pressure. Analysts also expect lower quarterly profits, and the Roadster’s limited production potential and unresolved regulatory hurdles make it unlikely to materially improve near-term earnings. Tesla Roadster analysis Tesla Trading Up 1.5% TSLA opened at $373.71 on Wednesday. The company has a market cap of $1.48 trillion, a P/E ratio of 346.03, a PEG ratio of 23.37 and a beta of 1.92. The company has a current ratio of 1.94, a quick ratio of 1.55 and a debt-to-equity ratio of 0.09. The company’s 50 day moving average is $361.54 and its 200-day moving average is $376.97. Tesla, Inc. has a 1-year low of $297.38 and a 1-year high of $498.83.
Tesla (NASDAQ:TSLA – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The electric vehicle producer reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.17). The company had revenue of $28.24 billion for the quarter, compared to analyst estimates of $26.42 billion. Tesla had a return on equity of 3.82% and a net margin of 3.67%. Tesla’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 earnings per share. Equities research analysts predict that Tesla, Inc. will post 0.71 earnings per share for the current fiscal year.
About Tesla (Free Report)
Tesla, Inc is an electric vehicle and clean energy company headquartered in Austin, Texas. Founded in 2003, the company designs, manufactures and sells electric vehicles, including the Model S, Model 3, Model X, Model Y and Cybertruck. Tesla also develops vehicle software, driver-assistance features and related services intended to support the operation and ownership of its vehicles.
Beyond automobiles, Tesla produces energy storage products for residential, commercial and utility-scale applications, including the Powerwall and Megapack.
See Also Five stocks we like better than Tesla Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA – Free Report).
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Hyperion Asset Management ve třetím čtvrtletí zvýšila svůj podíl ve společnosti Tesla o 9,2 % na 1 340 736 akcií; pozice v hodnotě 475 707 000 USD tvoří 13 % jejího portfolia.
Hyperion Asset Management Ltd boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 9.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,340,736 shares of the electric vehicle producer’s stock after buying an additional 112,598 shares during the quarter. Tesla comprises 13.0% of Hyperion Asset Management Ltd’s portfolio, making the stock its biggest holding. Hyperion Asset Management Ltd’s holdings in Tesla were worth $475,707,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new position in shares of Tesla in the second quarter valued at $8,535,612,000. Bank of New York Mellon Corp bought a new position in shares of Tesla during the second quarter valued at $6,083,630,000. Deutsche Bank AG bought a new stake in shares of Tesla in the 2nd quarter worth about $4,039,090,000. Canada Pension Plan Investment Board acquired a new position in Tesla in the second quarter valued at about $3,144,509,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Tesla in the 2nd quarter worth approximately $2,995,584,000. Institutional investors and hedge funds own 66.20% of the company’s stock.
Insider Transactions at Tesla In other news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $360.13, for a total value of $938,498.78. Following the transaction, the chief financial officer owned 25,972 shares of the company’s stock, valued at approximately $9,353,296.36. This represents a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 19.90% of the stock is owned by company insiders.
Key Headlines Impacting Tesla Here are the key news stories impacting Tesla this week: Positive Sentiment: Merger discussions became more concrete. Tesla and SpaceX formed independent special committees to evaluate a potential combination at shareholders’ request. Elon Musk cautioned that a deal is not guaranteed and would require negotiations and shareholder approval, but investors viewed the formal review as a meaningful step toward combining Tesla’s robotics and autonomy efforts with SpaceX’s satellite, AI and infrastructure businesses. Reuters merger and Terafab report Positive Sentiment: Long-term AI and chip ambitions added to the bullish narrative. Musk said the planned Tesla-SpaceX “Terafab” is targeting volume chip production in 2028. The project could eventually support Tesla’s autonomy, robotics and AI-computing goals, although it remains a distant and capital-intensive opportunity. SpaceX and Tesla Terafab article Positive Sentiment: Deliveries exceeded expectations. Tesla delivered 486,532 vehicles in the third quarter, reportedly 5.3% above forecasts. A Cantor analyst also raised revenue estimates and maintained a $485 price target, citing deliveries and Tesla’s AI initiatives. Options positioning similarly suggested traders expect further upside after earnings. Tesla Q3 delivery report Neutral Sentiment: Earnings are the next major catalyst. Tesla is scheduled to report after Wednesday’s close. Analysts generally expect revenue to be roughly flat or slightly lower year over year and EPS to decline, with investors watching automotive margins, free cash flow, pricing and management’s comments on Cybercab, robotaxis and Optimus. Tesla Q3 preview Negative Sentiment: Underlying demand and profitability remain concerns. China-made Tesla vehicle sales rose because exports increased 58%, while domestic sales fell 9%, highlighting competitive and pricing pressure. Analysts also expect lower quarterly profits, and the Roadster’s limited production potential and unresolved regulatory hurdles make it unlikely to materially improve near-term earnings. Tesla Roadster analysis Tesla Stock Performance NASDAQ TSLA opened at $373.71 on Wednesday. The firm has a market capitalization of $1.48 trillion, a P/E ratio of 346.03, a price-to-earnings-growth ratio of 23.37 and a beta of 1.92. The firm’s fifty day moving average price is $361.54 and its two-hundred day moving average price is $376.97. Tesla, Inc. has a 1 year low of $297.38 and a 1 year high of $498.83. The company has a current ratio of 1.94, a quick ratio of 1.55 and a debt-to-equity ratio of 0.09.
Tesla (NASDAQ:TSLA – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The electric vehicle producer reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.17). Tesla had a net margin of 3.67% and a return on equity of 3.82%. The business had revenue of $28.24 billion during the quarter, compared to analyst estimates of $26.42 billion. During the same period in the previous year, the business earned $0.33 earnings per share. The business’s quarterly revenue was up 25.5% on a year-over-year basis. As a group, research analysts anticipate that Tesla, Inc. will post 0.71 EPS for the current year.
Analyst Ratings Changes A number of analysts have recently weighed in on the company. William Blair restated a “market perform” rating on shares of Tesla in a research note on Thursday, July 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Thursday, July 23rd. Wells Fargo & Company reiterated a “buy” rating on shares of Tesla in a research report on Thursday, October 1st. Barclays raised Tesla from a “negative” rating to an “outperform” rating in a research note on Monday. Finally, BNP Paribas Exane lowered their target price on shares of Tesla from $280.00 to $268.00 and set an “underperform” rating for the company in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $415.07.
Read Our Latest Report on Tesla
Tesla Company Profile (Free Report)
Tesla, Inc is an electric vehicle and clean energy company headquartered in Austin, Texas. Founded in 2003, the company designs, manufactures and sells electric vehicles, including the Model S, Model 3, Model X, Model Y and Cybertruck. Tesla also develops vehicle software, driver-assistance features and related services intended to support the operation and ownership of its vehicles.
Beyond automobiles, Tesla produces energy storage products for residential, commercial and utility-scale applications, including the Powerwall and Megapack.
Read More Five stocks we like better than Tesla Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge
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Elon Musk just moved his trillion-dollar revenue target for SpaceX up by years, and the stock surged after hours, but the math behind his boldest claim deserves a much harder look.
On October 20, 2026, SpaceX (NASDAQ:SPCX | SPCX Price Prediction) reported third-quarter results. On the earnings call, Elon Musk said SpaceX’s annual recurring revenue by the end of 2027 would be “somewhere between $500 billion and $1 trillion.”
Later that night, Elon Musk went further in a post on X: “As crazy as this sounds, $1T in SpaceX revenue in 2028 is no longer impossible”. The quarter was excellent, but that number is a dream, and part of the share price likely depends on it.
The stock closed at $147.79, down 0.11% for the regular session, leaving the company with a market value of about $2.01 trillion. In after-hours trading, it reached $159.70 as of 7:59 p.m. ET, a gain of 8.06%.
Shares are still trading below their first close on June 12, 2026. At the October 20 close, they were 8.18% under that level, inside a 52-week range of $104.83 to $225.64.
What Musk Actually Claimed About Run Rate
Annual recurring revenue, or run rate, takes one month or one quarter of revenue and multiplies it out to a full year. It measures selling speed at a point in time. The revenue actually booked over a full year can come in well below it.
End-of-2027 run rate looks better than calendar 2027 revenue would. For a business growing this fast, that figure is built on the last month after a full year of growth. Musk linked the range to Grokbot, which he said: “may end up being what uses most of our superintelligence compute.”
Chief financial officer Bret Johnsen said SpaceX remains on track for its previously stated goal of $100 billion in run rate by the end of 2026, measured on December revenue.
The formal guidance covers a much shorter period. Bret Johnsen said, “We now see total company revenues in the range of $33 billion to $37 billion for Q1 of 2027.” Third-quarter revenue was $14.58 billion.
Bret Johnsen also guided fourth-quarter capital spending, the money that goes into equipment and facilities, to $35 billion to $40 billion, which is the cost of meeting the target.
A Trillion-Dollar Target That Keeps Moving Earlier
On the August 4, 2026, second-quarter call, Musk said the internal target for a trillion dollars in annual revenue had moved up from 2031 to 2030, with a chance of 2029. The X post moves it to 2028.
When management pulls a target forward twice in a few months, it tells you it sees demand speeding up, and it also makes a miss more expensive because each new date becomes the benchmark investors hold the company to.
However, things can go right for the trillion to come true.
Computing capacity drives the plan. SpaceX ended the quarter with 1.7 gigawatts of nameplate capacity, which is the maximum its hardware is rated for. Bret Johnsen expects 2.5 to 3 gigawatts by year-end, and Elon Musk said he is fairly confident of adding 10 gigawatts in 2027. All that capacity has to be powered, cooled, and connected. That is the thread we pulled on in a free report on seven AI infrastructure suppliers that aren’t chipmakers.
Demand looks real so far. Bret Johnsen put backlog at $63 billion, and he expects about $42 billion of it to turn into revenue within a year. Gwynne Shotwell, president and chief operating officer, said Grok had “paid weekly users of 800,000 earlier this month, more than doubling over the last month.”
Revenue rose 161% from $5.6 billion a year earlier, and that growth now hits the bottom line: net income was $4.4 billion, up from a $1.1 billion loss a year earlier. Adjusted EBITDA grew 306% to $8.8 billion, though capital spending of $19.6 billion still exceeded it. EPS of 35 cents beat the Zacks Investment Research consensus of 10 cents.
The Super Intelligence division, SpaceX’s AI business, brought in $7.6 billion and passed Connectivity, which includes Starlink, at $5.2 billion. Starlink added 1.6 million consumer subscribers to reach 13.6 million. Separately, Musk said SpaceX and Tesla (NASDAQ:TSLA) have formed special committees to discuss a merger.
What the Guidance Means for SPCX Shareholders
The research case for SPCX can still hold up. Without the trillion-dollar run rate coming true, the formal first-quarter guidance alone sits far above the quarter SpaceX just reported, and the business is now profitable even with heavy spending.
The main risk is funding. Fourth-quarter spending guidance is well above third-quarter revenue, so any slip in bringing computing capacity online would quickly hit cash flow. If the fourth-quarter report shows December run rate below Johnsen’s $100 billion goal or first-quarter 2027 revenue under $33 billion, the bullish case weakens.
Contact [email protected] for any questions or corrections.
Berkshire Hathaway v rámci soukromého úpisu koupí 10 milionů akcií společnosti Bending Spoons za 33 USD za akcii, tedy celkem za 330 milionů USD, navazujíc na červencovou investici ve výši 600 milionů USD.
This has been a year of historic change for the trillion-dollar conglomerate that Warren Buffett built. Following the Oracle of Omaha's retirement as Berkshire Hathaway's (BRKA +1.36%)(BRKB +1.43%) CEO on Dec. 31, the oversight of the company's day-to-day operations and its $363 billion portfolio passed to Greg Abel.
It took Buffett's understudy just one quarter to really shake things up. When the dust cleared after March, Berkshire's new boss had sent 16 stocks to the chopping block and pared down six others. Perhaps even more eye-opening, Abel put tech stocks on the menu. Following aggressive purchases of Google parent Alphabet (GOOGL -1.14%)(GOOG -1.10%) in the first half of the year, Warren Buffett's successor has now turned his attention to tech-driven acquisition platform Bending Spoons (BSP -0.22%).
The oversight of Berkshire's $363 billion portfolio passed to Greg Abel after Warren Buffett's Dec. 31 retirement. Image source: Getty Images.
Alphabet is the new "Apple" of Abel's eyeDuring the Oracle of Omaha's more than half-century as CEO, arguably no company became more of a pillar for Berkshire's investment portfolio than Apple (AAPL -1.00%). Just three years ago, it accounted for nearly 45% of Berkshire's invested assets.
However, Buffett was never particularly adept at investing in tech stocks. His attraction to Apple had less to do with its tech innovations and everything to do with its customers' loyalty and willingness to pay hefty premiums for Apple's physical devices (iPhone, Mac, and iPad).
It took just a few months for Alphabet to become for Abel what Apple was for Warren Buffett.
GOOGL Alphabet$340.28-$3.91 (-1.14%)
NASDAQ · As of 4:00 PM ET 10/20/26
While Berkshire's current and former bosses appreciate Alphabet's virtual monopoly -- Google accounted for approximately 90% of global internet search traffic in September -- it's the company's artificial intelligence (AI) ambitions that intrigue them.
Since Alphabet integrated generative AI and large language model solutions into the world's No. 3 cloud infrastructure services platform, Google Cloud, sales for this high-margin segment have gone parabolic.
Image source: Getty Images.
Berkshire's new boss just went shopping in the tech space againBut it's not just Alphabet that has Abel's attention in the tech space.
According to an Oct. 14 filing with the Securities and Exchange Commission, Berkshire is acquiring 10 million shares of Bending Spoons via private placement at $33 per share. This $330 million investment follows a $600 million investment at the company's initial public offering in July.
Bending Spoons' business strategy in some ways mirrors Berkshire Hathaway, but with a tech and AI twist. Berkshire's market cap grew to $1 trillion by acquiring roughly five dozen companies and buying pieces of others, which are typically held for long periods.
BERKSHIRE HATHAWAY INVESTS ANOTHER $330 MILLION IN BENDING SPOONS, LIFTING ITS STAKE TO 4%
The private placement of 10 million shares at $33 each follows Berkshire's $600 million investment at Bending Spoons' July IPO, per the company https://t.co/wkg8AzIh3N
— IPO Newsroom (@IPONewsroom_) October 14, 2026
Bending Spoons acquires tech-based platforms, using its software, AI, price hikes, layoffs, and other tools to make them more efficient and/or to enhance subscription sales. Thus far, this Italian-based acquisition engine has purchased AOL, Vimeo, Brightcove, Eventbrite, and WeTransfer, among other brands.
The lure of Bending Spoons is that its tech-driven, AI-first approach can minimize costs, boosting margins and profits with reasonably little effort. Furthermore, emphasizing subscriptions should lead to predictable, high-margin sales.
Bending Spoons is already profitable and sporting an exceptionally fast growth rate. With Berkshire Hathaway's new boss as one of its biggest supporters, the sky's the limit.
Magnolia Capital Advisors LLC bought a new stake in Microsoft Corporation (NASDAQ:MSFT – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 22,161 shares of the software giant’s stock, valued at approximately $8,271,000. Microsoft makes up approximately 1.4% of Magnolia Capital Advisors LLC’s holdings, making the stock its 14th biggest holding.
A number of other institutional investors have also made changes to their positions in the business. Auto Owners Insurance Co increased its position in Microsoft by 56,160.8% in the 4th quarter. Auto Owners Insurance Co now owns 60,116,384 shares of the software giant’s stock valued at $29,073,486,000 after acquiring an additional 60,009,531 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Microsoft during the second quarter worth approximately $18,306,443,000. Jupiter Topco LLC acquired a new position in shares of Microsoft during the second quarter worth approximately $6,928,664,000. Canada Pension Plan Investment Board acquired a new position in shares of Microsoft during the second quarter worth approximately $5,653,812,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Microsoft during the second quarter valued at approximately $4,000,706,000. 71.13% of the stock is owned by institutional investors.
Insider Buying and Selling at Microsoft In other Microsoft news, EVP Takeshi Numoto sold 4,810 shares of Microsoft stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $496.48, for a total transaction of $2,388,068.80. Following the completion of the sale, the executive vice president owned 42,677 shares of the company’s stock, valued at approximately $21,188,276.96. The trade was a 10.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Satya Nadella sold 86,525 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $501.46, for a total transaction of $43,388,826.50. Following the sale, the chief executive officer owned 486,763 shares of the company’s stock, valued at $244,092,173.98. The trade was a 15.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 150,314 shares of company stock valued at $75,404,992 in the last three months. Insiders own 0.03% of the company’s stock.
Microsoft Stock Performance Microsoft stock opened at $531.87 on Wednesday. The company has a market cap of $3.95 trillion, a PE ratio of 29.61, a PEG ratio of 1.71 and a beta of 1.10. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. Microsoft Corporation has a 1 year low of $349.20 and a 1 year high of $553.72. The company’s 50-day moving average is $506.64 and its two-hundred day moving average is $443.46. Microsoft (NASDAQ:MSFT – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The software giant reported $4.74 EPS for the quarter, topping the consensus estimate of $4.24 by $0.50. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The company had revenue of $90.01 billion during the quarter, compared to analysts’ expectations of $87.62 billion. During the same quarter in the previous year, the company earned $3.65 EPS. Microsoft’s revenue was up 17.7% on a year-over-year basis. Equities analysts anticipate that Microsoft Corporation will post 19.65 earnings per share for the current year.
Microsoft Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Thursday, November 19th will be issued a $0.98 dividend. This is an increase from Microsoft’s previous quarterly dividend of $0.91. This represents a $3.92 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, November 19th. Microsoft’s dividend payout ratio (DPR) is currently 20.27%.
Analysts Set New Price Targets Several analysts have recently commented on the stock. Cantor Fitzgerald increased their price target on shares of Microsoft from $522.00 to $608.00 and gave the company an “overweight” rating in a research note on Monday, September 21st. Truist Financial restated a “buy” rating and issued a $575.00 price objective on shares of Microsoft in a research report on Wednesday, July 22nd. BMO Capital Markets upped their price objective on Microsoft from $515.00 to $600.00 and gave the stock an “outperform” rating in a report on Tuesday. Wolfe Research downgraded Microsoft from an “outperform” rating to a “hold” rating in a report on Wednesday, September 23rd. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $550.00 price objective on shares of Microsoft in a research report on Tuesday, September 15th. Forty-three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $592.15.
Get Our Latest Analysis on Microsoft
Key Microsoft News Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Analyst optimism and earnings expectations: BMO Capital raised its Microsoft price target to $600 while maintaining an Outperform rating, citing potential upside for Azure. Bernstein also reiterated Outperform and lifted its target to $662. Analysts expect Microsoft’s Oct. 28 results to benefit from Azure demand and expanding enterprise AI adoption. Boeing and Microsoft AI platform article Positive Sentiment: AI and cloud growth remain the core bull case: Commentary points to robust Azure infrastructure demand, commercial customer commitments and Microsoft’s ability to monetize AI across enterprise markets. Its new Maia AI chips could eventually reduce reliance on outside processors and lower inference costs, although execution remains important. Microsoft Q1 outlook Positive Sentiment: Xbox and industry partnerships: Microsoft plans next-generation Xbox consoles and handheld devices for the 2027–2028 holiday seasons. Separately, its partnership with AMD is intended to improve Xbox performance, while Boeing’s new Dataliner aircraft-data platform uses Microsoft Azure AI Foundry and could support enterprise cloud adoption. Next-generation Xbox article Neutral Sentiment: Tokenized-stock objection: Microsoft joined Alphabet and Goldman Sachs in objecting to having its shares listed on a proposed OKX-ICE tokenized-stock platform. The move may limit potential trading exposure but does not directly affect operating results. Tokenized stocks article Negative Sentiment: U.K. AI data-center withdrawal: Microsoft withdrew as anchor tenant from Nscale’s planned Loughton, Essex, facility because grid-connection delays threatened the power supply. The decision highlights electricity and permitting constraints that could slow Azure capacity expansion and increase infrastructure costs. Microsoft U.K. data-center withdrawal Negative Sentiment: Regulatory and execution pressure: Britain’s competition watchdog is considering strategic-market-status rules for Microsoft’s business software, potentially increasing compliance requirements. Investors are also watching whether very large AI capital expenditures generate sufficient revenue and cash flow to justify the spending. U.K. regulation article Negative Sentiment: Broader AI-stock weakness: A selloff across AI-related equities and concerns about financing, power availability and uncertain returns are weighing on large technology stocks, including Microsoft. The company’s elevated valuation leaves less room for disappointment if Azure growth or earnings guidance falls short. About Microsoft (Free Report)
Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.
The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.
Further Reading Five stocks we like better than Microsoft Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding MSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsoft Corporation (NASDAQ:MSFT – Free Report).
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Palestra Capital Management ve druhém čtvrtletí nakoupila 77 662 akcií společnosti Microsoft za zhruba 28,97 milionu USD; tato pozice tvoří 1,0 % jejího portfolia.
Palestra Capital Management LLC bought a new stake in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 77,662 shares of the software giant’s stock, valued at approximately $28,969,000. Microsoft comprises 1.0% of Palestra Capital Management LLC’s holdings, making the stock its 19th largest holding.
A number of other hedge funds have also added to or reduced their stakes in the stock. Palogic Value Management L.P. bought a new position in shares of Microsoft during the 2nd quarter valued at $7,867,000. Ausdal Financial Partners Inc. purchased a new position in shares of Microsoft in the 2nd quarter worth $20,998,000. Axim Planning & Wealth bought a new stake in shares of Microsoft in the second quarter worth $902,000. Bamco Inc. NY bought a new stake in shares of Microsoft in the second quarter worth $23,760,000. Finally, Bank of America Corp DE purchased a new stake in Microsoft during the second quarter valued at $27,338,370,000. 71.13% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity In other news, CEO Satya Nadella sold 86,525 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $501.46, for a total value of $43,388,826.50. Following the completion of the sale, the chief executive officer directly owned 486,763 shares of the company’s stock, valued at $244,092,173.98. This represents a 15.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Judson Althoff sold 10,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $487.89, for a total transaction of $4,878,900.00. Following the completion of the sale, the chief executive officer directly owned 100,447 shares of the company’s stock, valued at approximately $49,007,086.83. This trade represents a 9.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 150,314 shares of company stock valued at $75,404,992. Company insiders own 0.03% of the company’s stock.
Microsoft Trading Down 0.3% Shares of NASDAQ:MSFT opened at $531.87 on Wednesday. The stock has a 50 day moving average of $506.64 and a 200 day moving average of $443.46. The company has a market cap of $3.95 trillion, a PE ratio of 29.61, a price-to-earnings-growth ratio of 1.71 and a beta of 1.10. Microsoft Corporation has a 12-month low of $349.20 and a 12-month high of $553.72. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. Microsoft (NASDAQ:MSFT – Get Free Report) last released its earnings results on Wednesday, July 29th. The software giant reported $4.74 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.50. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The company had revenue of $90.01 billion for the quarter, compared to analysts’ expectations of $87.62 billion. During the same quarter last year, the business earned $3.65 EPS. The firm’s revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts expect that Microsoft Corporation will post 19.65 EPS for the current year.
Microsoft Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Thursday, November 19th will be given a $0.98 dividend. The ex-dividend date is Thursday, November 19th. This is an increase from Microsoft’s previous quarterly dividend of $0.91. This represents a $3.92 dividend on an annualized basis and a dividend yield of 0.7%. Microsoft’s dividend payout ratio (DPR) is currently 20.27%.
Analyst Upgrades and Downgrades A number of research analysts have weighed in on the company. Oppenheimer increased their target price on Microsoft from $515.00 to $570.00 and gave the company an “outperform” rating in a report on Tuesday, September 22nd. Jefferies Financial Group boosted their price target on Microsoft from $575.00 to $650.00 and gave the company a “buy” rating in a research note on Wednesday, October 14th. DA Davidson restated a “buy” rating and set a $550.00 price target on shares of Microsoft in a research note on Thursday, July 30th. Cantor Fitzgerald upped their price objective on Microsoft from $522.00 to $608.00 and gave the stock an “overweight” rating in a research note on Monday, September 21st. Finally, Argus decreased their target price on Microsoft from $620.00 to $510.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Forty-three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $592.15.
Get Our Latest Stock Analysis on MSFT
Key Headlines Impacting Microsoft Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Analyst optimism and earnings expectations: BMO Capital raised its Microsoft price target to $600 while maintaining an Outperform rating, citing potential upside for Azure. Bernstein also reiterated Outperform and lifted its target to $662. Analysts expect Microsoft’s Oct. 28 results to benefit from Azure demand and expanding enterprise AI adoption. Boeing and Microsoft AI platform article Positive Sentiment: AI and cloud growth remain the core bull case: Commentary points to robust Azure infrastructure demand, commercial customer commitments and Microsoft’s ability to monetize AI across enterprise markets. Its new Maia AI chips could eventually reduce reliance on outside processors and lower inference costs, although execution remains important. Microsoft Q1 outlook Positive Sentiment: Xbox and industry partnerships: Microsoft plans next-generation Xbox consoles and handheld devices for the 2027–2028 holiday seasons. Separately, its partnership with AMD is intended to improve Xbox performance, while Boeing’s new Dataliner aircraft-data platform uses Microsoft Azure AI Foundry and could support enterprise cloud adoption. Next-generation Xbox article Neutral Sentiment: Tokenized-stock objection: Microsoft joined Alphabet and Goldman Sachs in objecting to having its shares listed on a proposed OKX-ICE tokenized-stock platform. The move may limit potential trading exposure but does not directly affect operating results. Tokenized stocks article Negative Sentiment: U.K. AI data-center withdrawal: Microsoft withdrew as anchor tenant from Nscale’s planned Loughton, Essex, facility because grid-connection delays threatened the power supply. The decision highlights electricity and permitting constraints that could slow Azure capacity expansion and increase infrastructure costs. Microsoft U.K. data-center withdrawal Negative Sentiment: Regulatory and execution pressure: Britain’s competition watchdog is considering strategic-market-status rules for Microsoft’s business software, potentially increasing compliance requirements. Investors are also watching whether very large AI capital expenditures generate sufficient revenue and cash flow to justify the spending. U.K. regulation article Negative Sentiment: Broader AI-stock weakness: A selloff across AI-related equities and concerns about financing, power availability and uncertain returns are weighing on large technology stocks, including Microsoft. The company’s elevated valuation leaves less room for disappointment if Azure growth or earnings guidance falls short. About Microsoft (Free Report)
Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.
The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.
Further Reading Five stocks we like better than Microsoft Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge
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One68 Global Capital LLC bought a new position in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,000 shares of the software giant’s stock, valued at approximately $1,119,000. Microsoft comprises about 2.4% of One68 Global Capital LLC’s portfolio, making the stock its 9th biggest holding.
Other large investors have also added to or reduced their stakes in the company. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in Microsoft during the 2nd quarter valued at $135,400,000. Blue Edge Capital LLC bought a new position in Microsoft during the second quarter worth $8,461,000. Jacobs Equity LLC acquired a new position in shares of Microsoft in the second quarter valued at $673,000. Redwood Investment Management LLC acquired a new position in shares of Microsoft in the second quarter valued at $10,357,000. Finally, Parvin Asset Management LLC bought a new position in shares of Microsoft in the second quarter valued at about $2,106,000. Institutional investors own 71.13% of the company’s stock.
Trending Headlines about Microsoft Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Analyst optimism and earnings expectations: BMO Capital raised its Microsoft price target to $600 while maintaining an Outperform rating, citing potential upside for Azure. Bernstein also reiterated Outperform and lifted its target to $662. Analysts expect Microsoft’s Oct. 28 results to benefit from Azure demand and expanding enterprise AI adoption. Boeing and Microsoft AI platform article Positive Sentiment: AI and cloud growth remain the core bull case: Commentary points to robust Azure infrastructure demand, commercial customer commitments and Microsoft’s ability to monetize AI across enterprise markets. Its new Maia AI chips could eventually reduce reliance on outside processors and lower inference costs, although execution remains important. Microsoft Q1 outlook Positive Sentiment: Xbox and industry partnerships: Microsoft plans next-generation Xbox consoles and handheld devices for the 2027–2028 holiday seasons. Separately, its partnership with AMD is intended to improve Xbox performance, while Boeing’s new Dataliner aircraft-data platform uses Microsoft Azure AI Foundry and could support enterprise cloud adoption. Next-generation Xbox article Neutral Sentiment: Tokenized-stock objection: Microsoft joined Alphabet and Goldman Sachs in objecting to having its shares listed on a proposed OKX-ICE tokenized-stock platform. The move may limit potential trading exposure but does not directly affect operating results. Tokenized stocks article Negative Sentiment: U.K. AI data-center withdrawal: Microsoft withdrew as anchor tenant from Nscale’s planned Loughton, Essex, facility because grid-connection delays threatened the power supply. The decision highlights electricity and permitting constraints that could slow Azure capacity expansion and increase infrastructure costs. Microsoft U.K. data-center withdrawal Negative Sentiment: Regulatory and execution pressure: Britain’s competition watchdog is considering strategic-market-status rules for Microsoft’s business software, potentially increasing compliance requirements. Investors are also watching whether very large AI capital expenditures generate sufficient revenue and cash flow to justify the spending. U.K. regulation article Negative Sentiment: Broader AI-stock weakness: A selloff across AI-related equities and concerns about financing, power availability and uncertain returns are weighing on large technology stocks, including Microsoft. The company’s elevated valuation leaves less room for disappointment if Azure growth or earnings guidance falls short. Insider Buying and Selling at Microsoft In other Microsoft news, CEO Satya Nadella sold 86,525 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $501.46, for a total transaction of $43,388,826.50. Following the transaction, the chief executive officer owned 486,763 shares in the company, valued at $244,092,173.98. This represents a 15.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Takeshi Numoto sold 4,810 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total transaction of $2,388,068.80. Following the transaction, the executive vice president directly owned 42,677 shares in the company, valued at $21,188,276.96. This represents a 10.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 150,314 shares of company stock worth $75,404,992. 0.03% of the stock is currently owned by company insiders. Microsoft Stock Down 0.3% MSFT opened at $531.87 on Wednesday. Microsoft Corporation has a fifty-two week low of $349.20 and a fifty-two week high of $553.72. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.22 and a current ratio of 1.23. The company has a market capitalization of $3.95 trillion, a P/E ratio of 29.61, a P/E/G ratio of 1.71 and a beta of 1.10. The stock has a fifty day moving average of $506.64 and a 200-day moving average of $443.46.
Microsoft (NASDAQ:MSFT – Get Free Report) last announced its earnings results on Wednesday, July 29th. The software giant reported $4.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.50. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The company had revenue of $90.01 billion during the quarter, compared to analysts’ expectations of $87.62 billion. During the same quarter in the previous year, the business posted $3.65 earnings per share. Microsoft’s quarterly revenue was up 17.7% on a year-over-year basis. On average, equities analysts expect that Microsoft Corporation will post 19.65 EPS for the current year.
Microsoft Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Thursday, November 19th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $3.92 dividend on an annualized basis and a yield of 0.7%. This is an increase from Microsoft’s previous quarterly dividend of $0.91. Microsoft’s payout ratio is presently 20.27%.
Wall Street Analyst Weigh In MSFT has been the subject of a number of research reports. Citigroup raised their target price on shares of Microsoft from $600.00 to $636.00 and gave the stock a “buy” rating in a research note on Thursday, October 15th. DA Davidson reiterated a “buy” rating and issued a $550.00 price target on shares of Microsoft in a research note on Thursday, July 30th. Truist Financial reissued a “buy” rating and issued a $575.00 price target on shares of Microsoft in a report on Wednesday, July 22nd. BMO Capital Markets increased their price target on shares of Microsoft from $515.00 to $600.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Guggenheim restated a “buy” rating and set a $586.00 price objective on shares of Microsoft in a research report on Monday, July 27th. Forty-three analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $592.15.
View Our Latest Research Report on MSFT
About Microsoft (Free Report)
Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.
The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.
Recommended Stories Five stocks we like better than Microsoft Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding MSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsoft Corporation (NASDAQ:MSFT – Free Report).
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Payne Capital Management LLC bought a new position in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,747 shares of the software giant’s stock, valued at approximately $652,000. Microsoft makes up approximately 0.2% of Payne Capital Management LLC’s portfolio, making the stock its 26th biggest position.
Other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE purchased a new position in Microsoft during the second quarter worth approximately $27,338,370,000. Auto Owners Insurance Co grew its holdings in Microsoft by 56,160.8% in the fourth quarter. Auto Owners Insurance Co now owns 60,116,384 shares of the software giant’s stock valued at $29,073,486,000 after purchasing an additional 60,009,531 shares during the period. Legal & General Group Plc purchased a new stake in shares of Microsoft in the second quarter valued at approximately $18,306,443,000. Jupiter Topco LLC purchased a new stake in shares of Microsoft in the second quarter valued at approximately $6,928,664,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Microsoft in the second quarter valued at approximately $5,653,812,000. 71.13% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Microsoft In related news, CEO Judson Althoff sold 10,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $487.89, for a total value of $4,878,900.00. Following the completion of the transaction, the chief executive officer directly owned 100,447 shares of the company’s stock, valued at approximately $49,007,086.83. This represents a 9.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Satya Nadella sold 86,525 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $501.46, for a total value of $43,388,826.50. Following the completion of the transaction, the chief executive officer owned 486,763 shares in the company, valued at $244,092,173.98. The trade was a 15.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 150,314 shares of company stock valued at $75,404,992. Insiders own 0.03% of the company’s stock.
Analyst Ratings Changes MSFT has been the subject of several research analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Microsoft in a research note on Thursday, September 10th. Wells Fargo & Company lifted their price target on shares of Microsoft from $700.00 to $725.00 and gave the company an “overweight” rating in a research note on Thursday, October 1st. The Goldman Sachs Group reissued a “buy” rating and issued a $640.00 price target on shares of Microsoft in a research note on Thursday, July 30th. Needham & Company LLC started coverage on shares of Microsoft in a report on Wednesday, September 23rd. They issued a “buy” rating for the company. Finally, Mizuho upped their price objective on shares of Microsoft from $510.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Forty-three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $592.15. View Our Latest Stock Report on Microsoft
Microsoft News Roundup Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Analyst optimism and earnings expectations: BMO Capital raised its Microsoft price target to $600 while maintaining an Outperform rating, citing potential upside for Azure. Bernstein also reiterated Outperform and lifted its target to $662. Analysts expect Microsoft’s Oct. 28 results to benefit from Azure demand and expanding enterprise AI adoption. Boeing and Microsoft AI platform article Positive Sentiment: AI and cloud growth remain the core bull case: Commentary points to robust Azure infrastructure demand, commercial customer commitments and Microsoft’s ability to monetize AI across enterprise markets. Its new Maia AI chips could eventually reduce reliance on outside processors and lower inference costs, although execution remains important. Microsoft Q1 outlook Positive Sentiment: Xbox and industry partnerships: Microsoft plans next-generation Xbox consoles and handheld devices for the 2027–2028 holiday seasons. Separately, its partnership with AMD is intended to improve Xbox performance, while Boeing’s new Dataliner aircraft-data platform uses Microsoft Azure AI Foundry and could support enterprise cloud adoption. Next-generation Xbox article Neutral Sentiment: Tokenized-stock objection: Microsoft joined Alphabet and Goldman Sachs in objecting to having its shares listed on a proposed OKX-ICE tokenized-stock platform. The move may limit potential trading exposure but does not directly affect operating results. Tokenized stocks article Negative Sentiment: U.K. AI data-center withdrawal: Microsoft withdrew as anchor tenant from Nscale’s planned Loughton, Essex, facility because grid-connection delays threatened the power supply. The decision highlights electricity and permitting constraints that could slow Azure capacity expansion and increase infrastructure costs. Microsoft U.K. data-center withdrawal Negative Sentiment: Regulatory and execution pressure: Britain’s competition watchdog is considering strategic-market-status rules for Microsoft’s business software, potentially increasing compliance requirements. Investors are also watching whether very large AI capital expenditures generate sufficient revenue and cash flow to justify the spending. U.K. regulation article Negative Sentiment: Broader AI-stock weakness: A selloff across AI-related equities and concerns about financing, power availability and uncertain returns are weighing on large technology stocks, including Microsoft. The company’s elevated valuation leaves less room for disappointment if Azure growth or earnings guidance falls short. Microsoft Trading Down 0.3% MSFT stock opened at $531.87 on Wednesday. Microsoft Corporation has a 12-month low of $349.20 and a 12-month high of $553.72. The business’s 50-day moving average is $506.64 and its 200 day moving average is $443.46. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.95 trillion, a price-to-earnings ratio of 29.61, a PEG ratio of 1.71 and a beta of 1.10.
Microsoft (NASDAQ:MSFT – Get Free Report) last announced its earnings results on Wednesday, July 29th. The software giant reported $4.74 EPS for the quarter, beating analysts’ consensus estimates of $4.24 by $0.50. Microsoft had a return on equity of 31.98% and a net margin of 40.31%. The business had revenue of $90.01 billion during the quarter, compared to analysts’ expectations of $87.62 billion. During the same quarter in the prior year, the firm earned $3.65 earnings per share. The business’s revenue was up 17.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Microsoft Corporation will post 19.65 EPS for the current fiscal year.
Microsoft Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 19th will be paid a $0.98 dividend. This is a boost from Microsoft’s previous quarterly dividend of $0.91. This represents a $3.92 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, November 19th. Microsoft’s dividend payout ratio is presently 20.27%.
Microsoft Company Profile (Free Report)
Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.
The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.
Further Reading Five stocks we like better than Microsoft Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding MSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsoft Corporation (NASDAQ:MSFT – Free Report).
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Corient Private Wealth ve druhém čtvrtletí koupila 5 476 562 akcií společnosti Microsoft v hodnotě zhruba 2,042837 miliardy USD. Tento podíl představoval 0,07 % společnosti Microsoft a tvořil 1,5 % portfolia Corient.
Corient Private Wealth LP bought a new stake in Microsoft Corporation (NASDAQ:MSFT – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,476,562 shares of the software giant’s stock, valued at approximately $2,042,837,000. Microsoft comprises about 1.5% of Corient Private Wealth LP’s investment portfolio, making the stock its 13th largest position. Corient Private Wealth LP owned about 0.07% of Microsoft at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Punch & Associates Investment Management Inc. purchased a new position in Microsoft in the 2nd quarter valued at approximately $16,082,000. Palestra Capital Management LLC acquired a new position in shares of Microsoft in the second quarter worth $28,969,000. Palogic Value Management L.P. acquired a new position in shares of Microsoft in the second quarter worth $7,867,000. Ausdal Financial Partners Inc. purchased a new stake in shares of Microsoft during the second quarter worth $20,998,000. Finally, Axim Planning & Wealth purchased a new stake in shares of Microsoft during the second quarter worth $902,000. Institutional investors and hedge funds own 71.13% of the company’s stock.
Microsoft Trading Down 0.3% Shares of NASDAQ:MSFT opened at $531.87 on Wednesday. Microsoft Corporation has a 52 week low of $349.20 and a 52 week high of $553.72. The company’s 50 day moving average is $506.64 and its two-hundred day moving average is $443.46. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.95 trillion, a PE ratio of 29.61, a P/E/G ratio of 1.71 and a beta of 1.10.
Microsoft (NASDAQ:MSFT – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The software giant reported $4.74 earnings per share for the quarter, beating analysts’ consensus estimates of $4.24 by $0.50. The business had revenue of $90.01 billion for the quarter, compared to analyst estimates of $87.62 billion. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period last year, the business earned $3.65 EPS. Equities analysts predict that Microsoft Corporation will post 19.65 earnings per share for the current fiscal year. Microsoft Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Thursday, November 19th will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 0.7%. This is a boost from Microsoft’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Thursday, November 19th. Microsoft’s dividend payout ratio is currently 20.27%.
Insiders Place Their Bets In other Microsoft news, CEO Judson Althoff sold 10,000 shares of Microsoft stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $487.89, for a total transaction of $4,878,900.00. Following the completion of the sale, the chief executive officer directly owned 100,447 shares of the company’s stock, valued at $49,007,086.83. The trade was a 9.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Takeshi Numoto sold 4,810 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total value of $2,388,068.80. Following the transaction, the executive vice president directly owned 42,677 shares of the company’s stock, valued at approximately $21,188,276.96. This represents a 10.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 150,314 shares of company stock worth $75,404,992. 0.03% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth MSFT has been the topic of several analyst reports. Stifel Nicolaus upgraded Microsoft from a “hold” rating to a “buy” rating and increased their price objective for the company from $530.00 to $575.00 in a research note on Tuesday, September 22nd. Jefferies Financial Group boosted their target price on Microsoft from $575.00 to $650.00 and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Tigress Financial boosted their target price on Microsoft from $680.00 to $690.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Piper Sandler restated an “overweight” rating on shares of Microsoft in a report on Tuesday. Finally, Morgan Stanley lowered Microsoft from an “overweight” rating to a “negative” rating in a research report on Monday, October 5th. Forty-three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $592.15.
View Our Latest Analysis on MSFT
More Microsoft News Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Analyst optimism and earnings expectations: BMO Capital raised its Microsoft price target to $600 while maintaining an Outperform rating, citing potential upside for Azure. Bernstein also reiterated Outperform and lifted its target to $662. Analysts expect Microsoft’s Oct. 28 results to benefit from Azure demand and expanding enterprise AI adoption. Boeing and Microsoft AI platform article Positive Sentiment: AI and cloud growth remain the core bull case: Commentary points to robust Azure infrastructure demand, commercial customer commitments and Microsoft’s ability to monetize AI across enterprise markets. Its new Maia AI chips could eventually reduce reliance on outside processors and lower inference costs, although execution remains important. Microsoft Q1 outlook Positive Sentiment: Xbox and industry partnerships: Microsoft plans next-generation Xbox consoles and handheld devices for the 2027–2028 holiday seasons. Separately, its partnership with AMD is intended to improve Xbox performance, while Boeing’s new Dataliner aircraft-data platform uses Microsoft Azure AI Foundry and could support enterprise cloud adoption. Next-generation Xbox article Neutral Sentiment: Tokenized-stock objection: Microsoft joined Alphabet and Goldman Sachs in objecting to having its shares listed on a proposed OKX-ICE tokenized-stock platform. The move may limit potential trading exposure but does not directly affect operating results. Tokenized stocks article Negative Sentiment: U.K. AI data-center withdrawal: Microsoft withdrew as anchor tenant from Nscale’s planned Loughton, Essex, facility because grid-connection delays threatened the power supply. The decision highlights electricity and permitting constraints that could slow Azure capacity expansion and increase infrastructure costs. Microsoft U.K. data-center withdrawal Negative Sentiment: Regulatory and execution pressure: Britain’s competition watchdog is considering strategic-market-status rules for Microsoft’s business software, potentially increasing compliance requirements. Investors are also watching whether very large AI capital expenditures generate sufficient revenue and cash flow to justify the spending. U.K. regulation article Negative Sentiment: Broader AI-stock weakness: A selloff across AI-related equities and concerns about financing, power availability and uncertain returns are weighing on large technology stocks, including Microsoft. The company’s elevated valuation leaves less room for disappointment if Azure growth or earnings guidance falls short. Microsoft Profile (Free Report)
Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.
The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.
Featured Stories Five stocks we like better than Microsoft Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding MSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsoft Corporation (NASDAQ:MSFT – Free Report).
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