Market Signal Briefing

A governance dispute within the Aave ecosystem intensified this week after Aave Chan Initiative (ACI) founder Marc Zeller published what he called an “audit” of Aave Labs' track record, seven hours after Aave Labs released its own contributions report ahead of a major funding vote.

Bitcoin (BTC) rallied to a weekly high of $68,600 on Wednesday, surging from lows near $62,400 in less than 24 hours. The rebound aligned with a renewed spot Bitcoin exchange-traded fund (ETF) inflows and firmer macroeconomic sentiment after the recent US policy signals helped steady broader risk markets.

Derivatives data shows that BTC’s open interest is falling and funding rates are staying relatively contained, indicating the move was largely driven by spot demand rather than a buildup of leveraged positioning.

Bitcoin one-hour chart. Source: Cointelegraph/TradingViewBitcoin receives a macro boost and a positive ETF flipUS President Donald Trump’s State of the Union address on Tuesday evening framed the first 12-months of his leadership as an “economic turnaround for the ages,” highlighting falling mortgage rates and a 1.7% decline in core inflation over the final three months of 2025.

Markets interpreted the remarks as a sign of reduced near-term policy uncertainty following tariff and Supreme Court volatility, lifting the risk appetite across equities and crypto.

The US spot Bitcoin ETFs recorded $257.7 million in net inflows on Feb. 24, ending five consecutive weeks of redemptions totaling $3.8 billion. Fidelity drew roughly $83 million, and BlackRock’s iShares Bitcoin Trust added close to $79 million.

Bitcoin futures data clears excess downside riskAs Bitcoin trades near $69,000, futures data shows that its aggregated open interest has stabilized around 235,167 BTC, after previously reaching levels above 240,000 BTC earlier in the week.

The drop in open interest suggests that the excess leveraged positioning has already been flushed out during the recent volatility.

Bitcoin one-hour chart, aggregated funding rate, open interest, and volume. Source: Velo.chartAt the same time, aggregated funding rates remain slightly negative at -0.0037%. Negative funding indicates that short positions are still paying longs, signaling that traders are not aggressively chasing upside exposure despite the price rally.

This combination of cooling open interest and negative-to-neutral funding points to a market that has reset leverage rather than overheated. The rally toward $69,000 appears to be occurring without an aggressive buildup of long positioning.

The cumulative volume delta (CVD) has edged higher, showing that spot buyers are stepping in and are one of the primary drivers of this rally. 

Market analyst BackQuant noted that derivatives activity is still playing a large role, and options data shows that dealers, the firms that sell options and hedge their exposure, are holding what’s known as positive gamma.

When gamma is positive, dealers tend to buy as the price falls and sell as the price rises to stay hedged. That behavior can smooth out volatility and slow sharp breakouts in either direction.

Likewise, trader LP also pointed to BTC’s order book dynamics around the $60,000–$63,000 region, where strong bid pressure previously absorbed selling. Since tapping that zone, the price has expanded roughly 8% to the upside. 

Bitcoin orderbook analysis by LP. Source: XThe trader added that if sell pressure builds again at these levels, it may signal a slowdown in buy-side aggression and trigger another lower reversal.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Traders betting against the prices of major cryptocurrencies are feeling the pain Wednesday as Bitcoin, Ethereum, and other top assets are well in the green, leading to hundreds of millions of dollars' worth of short position liquidations.

Bitcoin (BTC) has rebounded to nearly $69,000 for the first time in more than a week, recently trading for $69,869 after falling below the $63,000 mark on Tuesday. While up more than 7% on the day, the price of the leading cryptocurrency remains down more than 21% over the last 30 days.

Altcoins Ethereum (ETH) and Solana (SOL) are the biggest gainers among the top 10 coins by market cap, with Ethereum rising 12% on the day to a recent price of $2,075 while Solana has jumped almost 14% to just shy of $89. Both coins had shown substantial losses in recent weeks, but are swinging back the other direction on Wednesday.

Overall, the crypto market has climbed by about 6.6% over the last 24 hours, per data from CoinGecko. Other major gainers with double-digit rises during that span include Polkadot (DOT), Filecoin (FIL), Uniswap (UNI), Aptos (APT), Avalanche (AVAX), and Chainlink (LINK).

More than $400 million worth of short positions have been liquidated in the last 24 hours, per data from CoinGlass, making up the vast majority of the $463 million worth of total liquidations during that span.

Bitcoin currently leads the list with about $200 million worth of liquidations, with Ethereum next up with $153 million worth and Solana well behind in third with about $22 million.

Prominent crypto stocks are skyrocketing Wednesday as the risk-on appetite grows in equities, with USDC stablecoin issuer Circle showing a 29% spike to $79 per share after reporting earnings, while blockchain lender Figure is up 15% to $34 per share and Ethereum treasury leader BitMine Immersion Technologies has swung up almost 14% to $22.

Other notable crypto stock gainers today include Coinbase with a 13% swing to $183, Bitcoin treasury giant Strategy rising nearly 9% to above $135 per share, and Bitcoin miner MARA Holdings with a 7% rise to $8.66.

While still bearish overall, users on Myriad—a prediction markets platform operated by Decrypt's parent company, Dastan—are gaining more confidence that Bitcoin will continue rising. They currently pencil in a 43% chance that Bitcoin will next rise to $84,000 rather than fall to $55,000, with odds rising about 14% in the last day.

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Key Takeaways JAZZ posted Q4 EPS of $6.64 and revenues of $1.2B, topping estimates; shares rose 5% after hours.Jazz's neuroscience sales rose 8%, led by 16% growth in Xywav and 12% gain in oxybate franchise.JAZZ guides 2026 revenue of $4.25B-$4.50B, expecting double-digit epilepsy and oncology growth. Jazz Pharmaceuticals (JAZZ - Free Report) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $6.64 per share, which beat the Zacks Consensus Estimate of $6.62. Earnings rose 2% year over year.

Total revenues rose 10% year over year to $1.2 billion, which beat the Zacks Consensus Estimate of $1.18 billion.

Shares of Jazz rose 5% in after-market trading yesterday, likely due to the better-than-expected results.

Year to date, the stock has gained 2% compared with the industry’s 9% growth.

Image Source: Zacks Investment Research

More on JAZZ’s EarningsNet product sales increased 10.5% year over year to $1.13 billion. The reported figure beat both the Zacks Consensus Estimate and our model estimate of $1.11 billion.

Jazz recorded about $56 million in royalty revenues from high-sodium oxybate authorized generic (AG), up 1% year over year. The metric beat the Zacks Consensus Estimate of $53 million and our model estimate of $51 million.

Other royalties and contract revenues were about $10 million, up 28% from the year-ago period levels.

JAZZ’s Neuroscience SegmentSales of Jazz’s neuroscience products rose more than 8% year over year to $792 million.

Net product sales for the combined oxybate business (Xyrem + Xywav) rose 12% to $503 million. This combined figure beat both the Zacks Consensus Estimate of $481 million and our model estimates of $485 million.

Sales of the sleep disorder drug Xyrem declined more than 23% year over year to $37.8 million due to patients switching to Xywav and the launch of AGs in 2023.

Xywav, a low-sodium formulation of Xyrem, recorded sales of more than $465 million in the quarter, up 16%. This upside can be attributed to the encouraging uptake of the drug in narcolepsy and idiopathic hypersomnia indications. This drug is currently Jazz’s most extensive product by net sales.

Sales of the epilepsy drug Epidiolex/Epidyolex rose 4% to $287 million. Per Jazz, the drug’s sales growth was negatively impacted by higher-than-normal inventory levels in the year-ago period. This likely caused Epidiolex sales to miss the Zacks Consensus Estimate of $297 million and our model estimate of $300 million. Despite this soft performance, the drug achieved blockbuster status in 2025.

Cannabis-based mouth spray Sativex recorded sales of $1.5 million in the quarter, down 71% year over year.

JAZZ’s Oncology SegmentOncology product sales rose 16% to over $337 million.

Chemotherapy drug Rylaze/Enrylaze posted sales of more than $108 million, up nearly 7% year over year. This figure beat both the Zacks Consensus Estimate of $106 million and our model estimate of $107 million.

Zepzelca, approved for small-cell lung cancer (SCLC), recorded sales over $90 million, up 15% year over year. This upside was primarily driven by initial demand for the drug in the recently approved front-line SCLC setting.

Acute myeloid leukemia drug Vyxeos generated sales of about $35 million, down 35% from the year-ago period’s level. Defitelio sales rose 2% to $59 million.

Sales of Ziihera, which was approved by the FDA in December 2024 for the biliary tract cancer indication, added $8.5 million to the top line compared with $8.3 million in the previous quarter.

Jazz recorded revenues worth $36.5 million from the sales of its recently launched brain tumor drug Modeyso, compared to $11 million in the previous quarter. This drug was approved by the FDA last year in August.

Discussion on JAZZ’s Operating CostsAdjusted selling, general and administrative expenses (SG&A) rose about 12% year over year to $360.5 million. This uptick was primarily attributed to higher compensation-related expenses incurred during the quarter.

Adjusted research and development (R&D) expenses declined 14% to $190 million, mainly due to lower clinical program costs incurred during the quarter.

Full-Year 2025 ResultsJazz reported adjusted EPS of $8.38 for the full year, down 54% year over year.

Total revenues in the reported quarter rose 5% year over year to $4.3 billion. The top line included neuroscience and oncology net product sales of $2.9 billion and $1.1 billion, respectively.

JAZZ’s 2026 GuidanceJazz issued fresh financial guidance for the full year. Total revenues are expected to be in the range of $4.25-$4.50 billion, suggesting 2.5% year-over-year growth at the midpoint compared with the 2025 level. The Zacks Consensus Estimate for this metric is pinned at $4.54 billion.

While the company expects double-digit growth across its combined epilepsy and oncology franchises, Xywav sales are projected to either remain flat or rise by a mid-single-digit percentage.

While adjusted SG&A expenses are anticipated to be between $1.26 billion and $1.32 billion, adjusted R&D expenses are expected to be in the range of $725-$775 million.

The effective tax rate is expected to be between 11.5% and 13.5%.

JAZZ’s Zacks RankJazz currently carries a Zacks Rank #3 (Hold).

Key Picks Among Biotech StocksSome better-ranked stocks from the sector are Castle Biosciences (CSTL - Free Report) and Immunocore (IMCR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Castle Biosciences’ loss estimates for 2026 per share have improved from $1.06 to 96 cents in the past 60 days.

CSTL’s earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average surprise of 66.11%.

In the past 60 days, Immunocore’s loss estimates per share for 2026 have narrowed from 97 cents to 90 cents.

IMCR’s earnings beat estimates in three of the trailing four quarters but missed the mark once, delivering an average surprise of 53.96%.

As events are leaning toward David Ellison and Paramount prevailing in its $108 billion hostile-takeover bid for Warner Bros Discovery, almost a dozen Republican state attorneys general are insisting that the federal government heavily scrutinize Netflix‘s bid for the iconic studio.

“We, the undersigned Attorneys General, write to express our concerns that the proposed merger between Netflix and Warner Brothers will likely result in undue market concentration that stifles competition and therefore creates higher prices, lower reliability, and less innovation for one of America’s major industries — all to the detriment of American consumers,” wrote 11 red state AGs in a letter to U.S. Attorney General Pam Bondi.

It added, “Given the stakes, we encourage the Department of Justice to subject this proposed merger to a thorough and exacting review under the Clayton Act.”

Read the full letter, sent Tuesday, here.

This latest political shoe to drop in the battle between Netflix and Paramount for WBD comes just days after the U.S. Department of Justice began a formal antitrust probe into the streamer run by co-CEOs Ted Sarandos and Greg Peters. The letter also comes the same day Paramount CEO David Ellison was a guest of GOP lawmakers at “good friend” Donald Trump’s State of the Union address last night.

Of course, realpolitik aside, the probes into Netflix’s accepted $83 billion bid for WBD’s streaming and studio assets has again been characterized as a form of consumer protection and consumer choice.

“This massive consolidation would place an unprecedented amount of content, distribution power, and market influence into the hands of a single corporation,” Montana Attorney General Austin Knudsen said in a press release of his own regarding the letter. “History shows us what happens when industries become dominated by a few giants: prices rise, choices shrink, and innovation suffers.”

Knudsen joined AGs from Alabama, Alaska, Iowa, Kansas, Nebraska, North Dakota, South Carolina, Tennessee, Utah and West Virginia.

Paramount and Netflix both did not respond to a request for comment on the new letter. However, on various red carpets and in numerous interviews and subcommittee meetings, Sarandos has insisted that the streamer does not have and will not have a monopoly with or without the WBD deal. Taking a big-digital-picture approach, the exec says the real competition for Netflix is [soon-to-be Oscar rightsholder] YouTube, not other streamers.

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New community expands Spartanburg-area offerings from online homebuying leader 

, /PRNewswire/ -- Century Communities, Inc. (NYSE: CCS)—a top national homebuilder, industry leader in online home sales, and featured on America's Most Trustworthy Companies and World's Most Trustworthy Companies by Newsweek—revealed that its Century Complete brand will soon be selling at the Company's newest Spartanburg community, Ellison Townhomes.

Avalon Floor Plan by Century Complete | New Construction Townhomes in Spartanburg, SC | Ellison Townhomes by Century Complete In addition to quality and affordable new construction, this modern townhome community is designed for low-maintenance living. Future residents will also love amenities like community walking trails, a playground, a dog park, access to open space, and convenient proximity to the Daniel Morgan Trail System (known as "The Dan") and Downtown Spartanburg.

Join the Interest List for Grand Opening updates and more: www.CenturyCommunities.com/EllisonTownhomesSC

"Featuring quality, affordable, and low-maintenance townhomes in a prime Spartanburg location, this new community has a lot to offer," said Cliff Niederpruem, Regional President. "Sales will start soon and opportunities are limited, so it's an ideal time to join our interest list and ensure you're the first to know about available homes and special offers."

ELLISON TOWNHOMES | SPARTANBURG, SC
Coming soon from the low $200s

Low-maintenance modern townhomes Contemporary design with open-concept layouts 3 bedrooms and 1,402 square feet Attached 1-bay garages Standard features include quartz countertops, Kohler® water fixtures, LG® stainless-steel appliances, and luxury vinyl-plank flooring Easy commute to prime regional hubs like Greenville, along with area colleges and universities Quick access to local attractions like Downtown Spartanburg, the Daniel Morgan Trail System, additional parks and recreational opportunities—such as fishing, biking and kayaking—plus dining, shopping, farmers markets and more along E. Blackstock Road Convenient location near I-85 Community Location
4010 Chessgrove Way
Spartanburg, SC 29307
864.509.9195

VISIT OUR SALES STUDIO

While our state-of-the-art online homebuying process allows you to buy on your terms—24 hours a day, 7 days a week, 365 days a year—we also offer in-person assistance from local experts at our Upstate Sales Studio.

Upstate Studio
1401 Woodruff Road, Suite B
Greenville, SC 29615
864.509.9195

THE FREEDOM OF ONLINE HOMEBUYING

Century Complete is proud to feature its industry-first online homebuying experience on all available homes in South Carolina, allowing homebuyers to easily find their best fit and purchase when they're ready—all while continuing to work with their local real estate agent of choice. Homebuyers can further streamline the homebuying process by financing online with Century Complete's affiliate lender, Inspire Home Loans®.

How it works:

Shop homes at CenturyCommunities.com Click "Buy Now" on any available home Fill out a quick Buy Online form Electronically submit an initial earnest money deposit Electronically sign a purchase contract via DocuSign® Learn more about the Buy Online experience at www.CenturyCommunities.com/online-homebuying.

About Century Communities
Century Communities, Inc. (NYSE: CCS) is one of the nation's largest homebuilders and a recognized industry leader in online home sales. Newsweek has named the Company one of America's Most Trustworthy Companies for three consecutive years. Century Communities has also been designated as one of U.S. News & World Report's Best Companies to Work For (2025–2026). Through its Century Communities and Century Complete brands, Century's mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 16 states and over 45 markets across the U.S., and also offers mortgage, title, insurance brokerage, and escrow services in select markets through its Inspire Home Loans, Parkway Title, IHL Home Insurance Agency, and IHL Escrow subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com. 

SOURCE Century Communities, Inc.

Key Takeaways Ovintiv posted Q4 EPS of $1.39, beating estimates as output and gas prices rose.Revenues fell 1.9% Y/Y to $2.1B on lower oil volumes and weaker realized oil prices.OVV closed the NuVista buy, sold Anadarko assets and plans up to 75% FCF returns in 2026. Ovintiv Inc. (OVV - Free Report) reported fourth-quarter 2025 adjusted earnings per share of $1.39, which beat the Zacks Consensus Estimate of 98 cents. The bottom line also increased from the year-ago level of $1.35. The outperformance was driven by higher plant condensate, natural gas liquids and natural gas production volumes and higher average realized natural gas prices.

The Denver, CO-based oil and gas exploration and production company’s total revenues of $2.1 billion decreased 1.9% from the year-ago quarter’s figure due to lower oil production volumes and lower average realized oil and plant condensate prices. However, the top line beat the Zacks Consensus Estimate by 10.2%.

On Feb. 23, 2026, Ovintiv's board of directors declared a quarterly dividend of 30 cents per share, which will be paid on March 31, to its shareholders of record as of March 13.

The company demonstrated a strong commitment to shareholder value in 2025, distributing a total of approximately $612 million. This was achieved through $304 million in share buybacks, representing 7.8 million shares and $308 million in base dividend payments.

The company completed the $2.7 billion acquisition of NuVista Energy Ltd. on Feb. 3, 2026, adding roughly 100 MBOE/d of production, about 930 net equivalent well locations and nearly 140,000 net acres of land. In parallel, it agreed to divest its Anadarko assets, making an announcement in February 2026 of a definitive deal to sell them for total cash proceeds of $3 billion.

OVV’s Q4 Production & PricesTotal fourth-quarter production was 623,400 barrels of oil equivalent per day (BOE/d) compared with 579,900 BOE/d in the prior-year period. The figure beat our prediction of 620,000 BOE/d.

Natural gas production increased to 1,905 million cubic feet per day (MMcf/d) in the fourth quarter of 2025 from 1,680 MMcf/d in the prior-year quarter. Additionally, the figure marginally missed our estimate of 1,906 MMcf/d.

Total liquids production increased to 305.9 thousand barrels per day (Mbbls/d) in the fourth quarter of 2025 from 299.8 Mbbls/d in the prior-year quarter. Furthermore, the figure beat our prediction of 304 Mbbls/d.

In the fourth quarter of 2025, natural gas contributed approximately 50.9%, and liquids accounted for about 49.1% of the total production.

Ovintiv's realized natural gas price was $2.65 per thousand cubic feet compared with the year-ago level of $2.42. The realized oil price decreased to $61.89 per barrel from $67.93 in the prior-year quarter.

OVV’s Costs, Capex & Balance SheetTotal expenses of $1.7 billion decreased 21.7% from the year-ago quarter’s figure of $2.2 billion. However, the figure was higher than our projection of $1.6 billion.

Ovintiv’s cash from operating activities in the quarter under review was $954 million, compared to the year-ago figure of $1 billion.

OVV's capital investments were $465 million compared with $552 million in the year-ago period. The company generated a non-GAAP free cash flow of $508 million in the reported quarter.

As of Dec. 31, the company had cash and cash equivalents worth $35 million and long-term debt of $4.4 billion. Its debt-to-capitalization was 28.2%.

OVV’s Asset PerformanceIn the fourth quarter of 2025, average production from the Permian Basin reached approximately 219 MBOE/d, with liquids making up 79% of the total. A total of 30 net wells were brought online during the period. For the full year 2026, capital spending in this region is projected to be between $1.325 billion and $1.375 billion, supporting the development of around 5 rigs and 125-135 net wells.

From the Montney play, fourth-quarter output averaged 305 MBOE/d, with liquids contributing about 25% of the volume. The company turned in 20 net wells during the quarter. Full-year 2026 capital expenditures for Montney are expected to be between $875 million and $925 million, supporting the development of 6 rigs and 130-140 net well additions.

OVV’s Q1 & 2026 GuidanceOvintiv expects its total production for the first quarter of 2026 to be between 660 MBOE/d and 680 MBOE/d. This includes oil and condensate production between 220 Mbbls/d and 225 Mbbls/d, natural gas liquids production of 96-100 Mbbls/d and natural gas production between 2,075 MMcf/d and 2,125 MMcf/d. Capital investment for the first quarter is projected between $600 million and $650 million.

This Zacks Rank #4 (Sell) company has projected its full-year 2026 capital investment between $2.2 billion and $2.3 billion. For 2026, OVV anticipates total production to average between 620 MBOE/d and 645 MBOE/d. Full-year oil and condensate production is expected to range from 205 Mbbls/d to 212 Mbbls/d, while NGLs production is projected between 80 Mbbls/d and 85 Mbbls/d. Natural gas production for the year is estimated to be between 2,000 MMcf/d and 2,100 MMcf/d.

Ovintiv expects to return at least 75% of its full-year 2026 non-GAAP free cash flow to shareholders. Over the longer term, the company has updated its capital return strategy to distribute between 50% and 100% of annual non-GAAP free cash flow through a mix of base dividends and share repurchases. To enable execution of the new framework, the company’s board of directors has authorized a share buyback program totaling $3 billion.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Earnings at a GlanceWhile we have discussed OVV’s fourth-quarter results in detail, let us take a look at three other key reports in this space.

TechnipFMC plc (FTI - Free Report) reported fourth-quarter 2025 adjusted earnings of 70 cents per share, which beat the Zacks Consensus Estimate of 51 cents. The bottom line also increased from the year-ago quarter’s reported profit of 54 cents. The outperformance is primarily driven by strong results in both the Subsea and the Surface Technologies segments.

Newcastle & Houston-based oil and gas equipment and services provider’s revenues of $2.5 billion missed the Zacks Consensus Estimate by 25 million. However, the top line increased from the year-ago quarter’s reported figure of $2.4 billion.

As of Dec. 31, 2025, FTI had cash and cash equivalents worth $1 billion and long-term debt of $395.7 million, with a debt-to-capitalization of 10.5%.

ProPetro Holding Corp. (PUMP - Free Report) reported a fourth-quarter 2025 adjusted profit per share of 1 cent, which beat the Zacks Consensus Estimate of a loss of 13 cents. The bottom line also improved from the year-ago loss of 1 cent per share, backed by a 16.3% year-over-year decline in costs and expenses.

Revenues of $290 million beat the consensus mark of $280 million. This improvement can be attributed to better-than-expected service revenues in the Wireline and Hydraulic Fracturing segments. Revenues in the Wireline segment reached $55.4 million, surpassing the consensus estimate by 7.4%. Revenues in the Hydraulic Fracturing segment reached $203.9 million, surpassing the consensus estimate by 1.4%. However, the top line decreased 9.6% from the year-ago quarter’s level of $321 million. This was due to a year-over-year decline in service revenues from the Hydraulic Fracturing and Cementing segments.

As of Dec. 31, 2025, PUMP had $91.3 million in cash and cash equivalents and $45 million in borrowings under its ABL Credit Facility.

Targa Resources Corp. (TRGP - Free Report) reported fourth-quarter 2025 adjusted earnings of $2.51 per share, which beat the Zacks Consensus Estimate of $2.39. The bottom line also increased from the year-ago quarter’s level of $1.44. The outperformance can be attributed to the increased operating margin in the company’s Gathering and Processing segment and Logistics and Transportation segment, and a decrease in the company’s product costs.

Total quarterly revenues of $4 billion decreased from the prior-year quarter’s level of $4.4 billion. The top line also missed the Zacks Consensus Estimate of $5.2 billion. The weak quarterly revenues can be attributed to lower sales of commodities.

As of Dec. 31, 2025, TRGP had cash and cash equivalents of $166.1 million and long-term debt of $16.7 billion, with a debt-to-capitalization of around 83.9%.

NETSOL Technologies (NTWK - Free Report) reported a solid second-quarter fiscal 2026, highlighted by double-digit year-over-year revenue growth, improved margins and a return to operating profitability. Strength in implementation activity and steady subscription growth drove the results, while management raised its full-year revenue outlook.

Q2 Revenues Climb 21% on Implementation StrengthTotal net revenues for the fiscal second quarter ended Dec. 31, 2025, rose 21.1% to $18.8 million from $15.5 million in the prior-year period.

The rally was primarily fueled by service revenues, which jumped 40.9% to $9.6 million, reflecting active implementations and project timing. Recurring subscription and support revenues increased 5.1% to $9.1 million.

Subscription and support revenues accounted for 48.3% of the total revenues in the quarter compared with 55.6% in the prior year, as services made up a larger portion of the revenue mix.

Margin Expansion Drives Operating TurnaroundGross profit improved to $9 million, representing 48% of net revenues, from 44.5% in the year-ago quarter. Cost of sales increased to $9.8 million, primarily reflecting higher salaries and travel expenses, but operating leverage more than offset the higher cost base.

Income from operations totaled $1.3 million against a loss of $0.5 million in the prior-year quarter.

On the bottom line, GAAP net income attributable to NETSOL was $0.2 million, or 2 cents per diluted share, against a loss of $1.1 million, or 10 cents per diluted share, a year ago.

Non-GAAP EBITDA improved to $1.7 million from a loss of $0.8 million in the prior-year period.

H1 Performance Reflects Revenue Growth, GAAP LossFor the six months ended Dec. 31, 2025, total net revenues rose to $33.8 million from $30.1 million in the prior-year period.

Recurring subscription and support revenues increased 7.2% year over year to $18 million, while service revenues climbed 17.9% to $15.6 million.

Gross profit for the first half was $14.9 million, or 44.2% of revenues. Despite improved operating trends, GAAP net loss attributable to NETSOL widened to $2.1 million, or 18 cents per diluted share, from a loss of $1.1 million, or 9 cents per diluted share, in the prior-year period.

Solid Balance Sheet Supports Growth StrategyNETSOL ended the quarter with cash and cash equivalents of $18.1 million, up from $17.4 million at June 30, 2025. Working capital stood at $26.4 million, while total stockholders’ equity was $35.9 million, or $3.04 per diluted share.

Management highlighted a current ratio of 2.3, underscoring balance sheet strength and liquidity flexibility.

AI Expansion & Contract WinsManagement emphasized implementation activity as a leading indicator of future recurring revenue growth. In the quarter, the company launched “Check,” an AI-enabled credit decisioning engine embedded within its loan origination platform.

NETSOL also secured a $50-million, four-year contract extension with a Tier 1 global auto captive, reinforcing long-term revenue visibility.

Executives stated that AI investments are being deployed both within the product portfolio and across internal operations to enhance efficiency and scalability.

FY26 Outlook RaisedEncouraged by first-half execution and pipeline visibility, management raised its fiscal 2026 revenue guidance to $73 million or better.

Leadership cited multi-year contracts, recurring revenue base expansion and continued investment in its AI-enabled Transcend platform as key drivers supporting the upgraded outlook.

TakeawayNETSOL’s second-quarter fiscal 2026 reflected a meaningful shift toward operating profitability, supported by strong services growth and an improved gross margin. While subscription growth was more moderate, implementation momentum, AI-driven product expansion and a strengthened revenue outlook suggest management is positioning the company for sustained top-line expansion and margin improvement in the second half of fiscal 2026.

Key Takeaways Iovance reported a Q4 loss of 18 cents per share on $87M in revenues, topping estimates.IOVA's Amtagvi sales rose 33% to $65M, lifting gross margin to 50% after restructuring.IOVA shares jumped 31% on 50% ORR data in sarcoma and a new study plan. Iovance Biotherapeutics (IOVA - Free Report) incurred a fourth-quarter 2025 loss of 18 cents per share, narrower than the Zacks Consensus Estimate of a loss of 22 cents. In the year-ago quarter, the company reported a loss per share of 26 cents.

Total revenues for the fourth quarter rose 17.6% year over year to $87 million, generated entirely from the sales of the company’s two marketed drugs. The top line beat the Zacks Consensus Estimate of $75 million.

IOVA's Q4 Earnings in DetailIovance currently has two marketed drugs in its portfolio — the IL-2 product Proleukin and the TIL therapy Amtagvi. While Proleukin is approved to treat metastatic renal cell carcinoma and metastatic melanoma in adults, Amtagvi is approved for the advanced melanoma indication.

IOVA recorded approximately $65 million from Amtagvi sales during the quarter, representing a 33.4% year-over-year increase, driven by robust demand. This figure beat the Zacks Consensus Estimate of $61 million.

Proleukin generated $22 million during the quarter, down 12% year over year. The figure beat the Zacks Consensus Estimate of $15 million.

Discussion on Operating CostsResearch & development expenses totaled $71.2 million in the fourth quarter, up 0.3% from the year-ago period.

Selling, general and administrative expenses declined 14% from the prior-year quarter’s figure to $36.4 million, mainly due to lower stock compensation expenses.

As a result of a restructuring plan initiated in August, Iovance has started experiencing the benefits of cost optimization. The company reported a gross margin of 50% in the fourth quarter compared with 43% in the previous quarter, driven by improved operational efficiency.

As of Dec. 31, 2025, Iovance had cash, cash equivalents and investments of $303 million compared with $307 million as of Sept. 30, 2025. Management now expects its existing cash balance to fund operations into the third quarter of 2027.

IOVA’s Full-Year 2025 ResultsFor 2025, Iovance reported total revenues of approximately $264 million, representing a 61% year-over-year increase. Revenues were within the guidance range of $250 million to $300 million in the first full year of Amtagvi’s launch.

The company recorded a net loss per share of $1.09, narrower than a loss of $1.28 per share in 2024.

Updates on IOVA’s Pipeline & Other NewsIn a separate press release, the company reported encouraging data from an early-stage study evaluating Amtagvi in heavily pretreated advanced undifferentiated pleomorphic sarcoma (UPS) and dedifferentiated liposarcoma (DDLPS) patients. Data from the study showed that patients treated with the therapy achieved an objective response rate (ORR) of 50%.

Based on this positive data, Iovance plans to start a single-arm registrational study in second-line advanced UPS and DDLPS in the second quarter of 2026. It also intends to engage with the FDA to discuss a potential regulatory pathway for approval.

Shares of IOVA rose 31% on Tuesday after the company announced the above results. Investors cheered this positive update as treatment options for advanced UPS and DDLPS are limited. Recent studies have reported ORRs of less than 5%. The company's better-than-expected fourth-quarter results and growth in Amtagvi sales also impressed investors. However, over the past year, the stock has declined 29.2% against the industry’s 18.8% growth.

Image Source: Zacks Investment Research

Regulatory applications for Amtagvi in the melanoma indication are under review, with potential approvals in the United Kingdom and Australia in the first half of 2026. In 2025, IOVA voluntarily withdrew its regulatory filing in the European Union due to a lack of alignment with the European Medicines Agency on the clinical data supporting the submission. The company is in discussions with the agency to resubmit a marketing authorization application in 2026.

Iovance continues to advance its development programs for Amtagvi. It is evaluating the drug in combination with Merck’s Keytruda in the phase III TILVANCE-301 study as a potential treatment for frontline advanced melanoma. This study will also serve as a confirmatory study seeking full approval for Amtagvi in the melanoma indication.

Beyond melanoma, Iovance is developing Amtagvi in patients with previously treated advanced non-squamous non-small cell lung cancer (NSCLC) under the phase II IOV-LUN-202 study. In November 2025, IOVA provided an interim update from the IOV-LUN-202 study, which showed that treatment with Amtagvi achieved an objective response rate of around 26%, which is twice the number compared to the current standard of care chemotherapy.

Based on these results, the company intends to submit a supplemental biologics license application to the FDA seeking approval for expanded use in the NSCLC indication later this year, with a potential launch in the second half of 2027.

Amtagvi is being evaluated in separate mid-stage studies for previously treated advanced endometrial cancer and melanoma.

IOVA’s Zacks Rank & Stocks to ConsiderIovance currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Harmony Biosciences (HRMY - Free Report) , Assertio Holdings (ASRT - Free Report) and Castle Biosciences (CSTL - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Harmony Biosciences’ 2026 earnings per share have risen from $3.72 to $4.00. HRMY shares have lost 23.7% over the past year.

Harmony Biosciences’ earnings beat estimates in two of the trailing four quarters but missed in the remaining quarters, with the average surprise being 7.20%.

Over the past 60 days, estimates for Assertio’s 2026 loss per share have narrowed from 30 cents to 28 cents. ASRT shares have gained 1.6% over the past year.

Assertio’s earnings beat estimates in one of the trailing four quarters and missed in the remaining three quarters, with the average negative surprise being 35.21%.

Over the past 60 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.06 to 96 cents. CSTL shares have risen 19.5% over the past year.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 66.11%.

AMERICAN REBEL LIGHT BEER EXECUTING THE "DISTRIBUTOR FIRST" STRATEGY: Legacy MillerCoors Network Delivers Immediate Scale, Completing Critical Southeastern Territory to Support Major Retail Chain Wins.

A TIER-ONE ALLIANCE: Gulf Distributing’s 50-Year Legacy and Advanced Logistics Network to Drive Rapid Retail Penetration Across Grocery, Convenience, and On-Premise Channels.

NASHVILLE, TN, Feb. 25, 2026 (GLOBE NEWSWIRE) -- American Rebel Beverages, a division of American Rebel Holdings, Inc. (NASDAQ: AREB), today announced a massive victory in its "Distributor First" expansion strategy: a statewide distribution agreement with Gulf Distributing Holdings, LLC, one of the Southeast’s most respected and operationally advanced beverage wholesalers. This partnership marks a major milestone in American Rebel Light Beer’s expansion, bringing full-coverage distribution across the entire state of Alabama through Gulf Distributing’s integrated network. By partnering with Gulf Distributing—a legacy MillerCoors house with over 50 years of market leadership—American Rebel Light Beer secures a powerful platform to service every county in the state.

A Powerhouse Partnership with Gulf Distributing to Fill the Map for American Rebel

Gulf Distributing is not just a participant in the market; they are a dominant force. Their network serves a diverse mix of chain retailers, independent stores, military communities, tourism corridors, and high-volume on-premise accounts. This agreement, recently executed on February 13th, seamlessly fills a critical geographic footprint, connecting the Gulf Coast to the Tennessee Valley, and ensures American Rebel Light Beer is positioned for rapid growth in one of the Southeast’s most strategically important beverage markets.

Leadership Commentary: Relentless Execution for American Rebel Light Beer

"Gulf Distributing Holdings is one of the most capable and respected wholesalers in the Southeastern USA and partnering with them gives American Rebel Light Beer a powerful statewide (Alabama) platform," said Andy Ross, CEO of American Rebel Holdings. "Alabama is a priority market for us—culturally, geographically, and strategically. Gulf Distributing’s execution standards and multi-division reach make them the ideal partner to accelerate our growth. We are excited to bring Alabamians American Rebel Light Beer - America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem Singing, Stand Your Ground Beer."

"Our 'Distributor First' strategy is built around partnering with top-tier wholesalers who know how to win, and Gulf Distributing has been doing exactly that for decades," said Todd Porter, President of American Rebel Beverages. "Their statewide footprint, operational discipline, and ability to build brands across grocery, convenience, and on-premise channels give us a strong foundation. This positions American Rebel Light Beer - America’s Patriotic Beer - for rapid expansion and long-term brand strength across the entire state of Alabama."

Why Gulf Distributing (Alabama)? A Legacy of Winning

American Rebel selected Gulf Distributing because they embody the operational rigor required to build a national brand.

Deep Roots: Tracing its roots to the early 1970s, Gulf has evolved into a sophisticated, fully integrated system capable of managing high-volume brands.Operational Scale: Gulf’s ability to execute complex retail programs and maintain relationships with the state’s most important accounts is unmatched.Regional Dominance: Beyond Alabama, Gulf’s reach extends into Mississippi via a dedicated Red Bull division, proving their capability as a multi-state operator for premium, high-velocity brands. Targeting a High-Velocity Patriot Market – Alabama

Alabama represents a "Sweet Spot" for American Rebel Light Beer.

The Market: With over five million residents and a strong domestic light beer consumer base, the state offers a massive platform for growth.The Culture: Alabama’s identity—rooted in patriotism, college sports, country music, and the outdoor lifestyle—aligns perfectly with American Rebel’s "God, Family, and Country" positioning. It is the perfect home for American Rebel Light Beer - America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem Singing, Stand Your Ground Beer.The Territory: From the beaches of the Gulf Coast to the college towns of Tuscaloosa and Auburn, and the military communities near Redstone Arsenal, the territory provides a diverse, high-energy environment for the brand to scale.

Just in Time: The American Rebel Light Beer 250th Anniversary "Patriot Pack"

This distribution win comes just as American Rebel prepares to launch the 250th Anniversary Patriot Pack. Pre-orders are now open for this limited-edition run, which will hit stores in mid-May 2026, just in time for Memorial Day and the peak of America’s 250th Birthday celebrations. Thanks to Gulf Distributing, Alabamians will have the opportunity to have "America’s Patriotic Beer" in hand to celebrate Independence Day.

About American Rebel Light Beer

Brewed for patriots who love their country, American Rebel Light Beer is a premium domestic light lager—crisp, clean, all-natural, and bold—crafted for beer drinkers who want full-flavor refreshment with a lighter feel. With approximately 100 calories, 3.2g of carbohydrates, and 4.3% ABV per 12 oz serving, American Rebel Light is brewed without corn, rice, or added sweeteners that are common in many mass-produced light beers. Since its launch in April 2024, American Rebel Light Beer has rolled out in 18 states and continues to expand nationwide as America’s Patriotic, “healthy-for-you” light beer brewed for patriots who love this country. Anchored by its signature brand statement “America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand-Your-Ground Beer,” it celebrates freedom, Life, Liberty, and the pursuit of the American Dream, inspiring consumers to Stand Tall, Stand Proud, Be Loud.

Headquartered in Nashville, Tennessee, American Rebel Light Beer is proudly served in leading honky-tonk establishments up and down Lower Broadway, bringing patriotic refreshment to the heart of Music City. The brand pursues a Distributor-First growth strategy, prioritizing strong partnerships with leading wholesalers to rapidly expand retail and on-premise availability, accelerate placements in chains and key accounts, and build nationwide momentum through consistent execution and consumer access.

Since its launch in September 2024, American Rebel Light Beer has executed distribution agreements with top-tier partners in Tennessee, Connecticut, Kansas, Kentucky, Ohio, Iowa, Missouri, North Carolina, Florida, Indiana, Virginia, Mississippi, Minnesota, Arkansas, Pennsylvania, Massachusetts, West Virginia and most recently Alabama.

Visit www.americanrebelbeer.com for more information.

Retail & Distribution Inquiries:
Todd Porter, President, American Rebel Beverages
[email protected]

About American Rebel Holdings, Inc. (NASDAQ: AREB)

American Rebel Holdings, Inc. is a diversified patriotic lifestyle company founded by CEO Andy Ross – originally known for its branded safes and personal security products – that has expanded into the beverage, apparel, and accessories markets. In 2024, the company introduced American Rebel Light Beer, a premium domestic light lager that has since launched in multiple states and is quickly gaining recognition as “America’s Patriotic Beer.” American Rebel Light Beer is brewed all-natural and without adjuncts, delivering a crisp and refreshing taste that resonates with consumers’ values of freedom and quality.

Headquartered in Nashville, Tennessee, American Rebel Holdings continues to champion patriotic principles through its products, branding, and community engagement.

With the introduction and rapid growth of American Rebel Light Beer—America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand-Your-Ground Beer—the Company continues to execute its distribution-first growth strategy across the United States and is leveraging its brand position as “America’s Patriotic Brand™ to build a scalable national platform across multiple consumer categories.

To learn more, visit www.americanrebel.com and www.americanrebelbeer.com.

Watch the American Rebel Story as told by our CEO Andy Ross: The American Rebel Story

Investor Relations:
[email protected]
www.AmericanRebelBeer.com
www.AmericanRebel.com

Forward‑Looking Statements

This press release contains “forward‑looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding: the anticipated benefits and success of the Company’s distribution agreement with Gulf Distributing Holdings, LLC and the Company’s Distributor‑First strategy; the timing, scope, and success of planned retail, on‑premise, and off‑premise rollouts in Alabama during 2026; the Company’s expectations regarding distribution momentum, retail velocity, shelf gains, chain interest, and on/off‑premise growth opportunities within Gulf Distributing’s Alabama territory; the Company’s ability to complete additional distribution agreements, expand coverage within states, and “fill out the footprint” to meet increasing retailer inquiries; the Company’s ability to secure, maintain, and expand retail authorizations, including any planned resets, rollouts, placements, or account expansions referenced in this release; the Company’s expectations regarding the timing, production, availability, market reception, and sales performance of the limited‑edition 250th Anniversary “Patriot Pack,” including the special 16 oz cans and 12‑packs, which is currently in pre‑production; the Company’s expectations for pre‑order fulfillment, shipment, and retail availability of the Patriot Pack starting in mid‑May 2026 through October 2026, or until supplies are depleted; the potential for increased consumer demand and repeat purchases during key patriotic holidays such as Memorial Day and Independence Day; and the Company’s expectations regarding future sales, growth, and financial performance.

Forward‑looking statements are based on current expectations, estimates, projections, and assumptions and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward‑looking statements due to a variety of risks and uncertainties, including those described in the Company’s filings with the U.S. Securities and Exchange Commission, as well as risks related to: the ability of Gulf Distributing Holdings, LLC and its subsidiaries to effectively market, merchandise, and distribute American Rebel Light Beer and to achieve expected placements, authorizations, and sales results; the Company’s ability to secure, maintain, and realize expected benefits of planned venue placements, sponsorships, and brand activation programs; production delays, supply chain disruptions, packaging availability, regulatory and quality approvals, changes in consumer preferences, competitive pressures in the beverage industry, and the ability to meet pre‑order commitments or maintain inventory levels for limited‑edition products, including the 250th Anniversary Patriot Pack, which is currently in pre‑production and for which there can be no assurance that final production will occur or that orders will be fulfilled on the expected or implied timeline, in expected quantities, or at all; and general economic, market, and industry conditions.

Forward-looking statements are based on current expectations, estimates, projections, and assumptions and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of risks and uncertainties, including, without limitation, those described in the Company’s filings with the U.S. Securities and Exchange Commission, as well as risks related to: the ability of the Company’s distributors and other channel partners to effectively market, merchandise, and distribute American Rebel Light Beer and to achieve expected placements, authorizations, and sales results; the Company’s ability to secure, maintain, and expand retail authorizations, including the risk that anticipated resets, rollouts, placements, chain authorizations, or account expansions may be delayed, modified, reduced, not implemented, or terminated; the Company’s ability to execute successful on-premise and off-premise programs and to achieve expected results from marketing, promotional, sponsorship, sampling, and other brand-activation initiatives, and the risk that any such initiatives may be delayed, modified, not launched, or may not achieve expected results; the Company’s ability to convert expressions of interest, discussions, pipeline activity, and event-generated follow-ups into signed agreements, purchase orders, sustained distribution, reorders, and profitable sales; production delays, supply chain disruptions, packaging availability constraints, regulatory and quality approvals, changes in consumer preferences, and competitive pressures in the beverage industry; the Company’s ability to meet pre-order commitments or maintain inventory levels for limited-edition or new packaging initiatives, including the 250th Anniversary Patriot Pack, which is currently in pre-production, and for which there can be no assurance that final production will occur or that orders will be fulfilled on the expected or implied timeline, in expected quantities, or at all; the Company’s ability to obtain and maintain required federal, state, and local permits and licenses, and to comply with evolving laws and regulations governing alcoholic beverages, including labeling approvals, distribution restrictions, advertising limitations, and excise taxes; the Company’s ability to maintain adequate liquidity, manage cash flows, and access capital when needed on acceptable terms, and the risk of dilution in connection with any future financings; the impact of the reverse stock split on the liquidity, trading volume, and volatility of the Company’s common stock; the Company’s receipt of a Nasdaq delisting notice, the risk that the Company’s appeal and Nasdaq Hearings Panel hearing may not be successful, and the risk that the Company may be unable to regain or maintain compliance with Nasdaq continued listing requirements (including minimum bid price, market value, stockholders’ equity, and other criteria); risks associated with a potential delisting from Nasdaq and the Company’s contingency planning for seeking quotation or listing on the OTC Markets, including reduced liquidity, increased volatility, and adverse effects on the Company’s ability to raise capital; the risk of delays, disruptions, or errors by the Company’s transfer agent, DTC, or brokerage firms in processing the reverse stock split or distributing any rounding adjustments; the dilutive effect of rounding up fractional shares or providing round-lot shareholder protection; and general economic, market, and industry conditions.

Additional information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10‑K and subsequent Quarterly Reports on Form 10‑Q and Current Reports on Form 8‑K, as such filings may be amended or supplemented from time to time. Readers are cautioned not to place undue reliance on forward‑looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward‑looking statements except as required by law.

American Rebel Holdings Inc

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Salesforce (NYSE: CRM) reports Q4 FY2026 results after the bell tonight, and there is really only one number that matters. The metric worth watching closely is whether Agentforce is generating real, measurable revenue at scale. That is the question that has been hanging over Salesforce for the better part of a year, and tonight investors finally get an answer.

Turning Hype Into Hard Numbers Last quarter, CEO and co-founder Marc Benioff came out swinging. Agentforce and Data 360 combined ARR hit nearly $1.4 billion, up 114% year-over-year. That is a genuinely impressive number, and the market rewarded it briefly. The stock jumped roughly 9.5% in the single day after the Q3 filing. But then something interesting happened: the stock kept falling. As of this morning, CRM is down about 30% year-to-date and nearly 39% over the past year.

The market is essentially saying: we have seen the ARR chart, now show us the revenue. That is the shift happening in real time. Investors moved past the launch excitement and are now asking whether Agentforce translates into durable, recurring top-line growth or whether it is a feature dressed up as a product line.

Benioff’s own framing is worth sitting with. On the Q3 call, he made the economic case directly, stating that “an agent could have handled that call, which likely cost the hospital around $100, while we could have done it for about $1.50. This highlights the message for our clients about relieving some of their staff to focus on strategic priorities, rather than on administrative tasks.”

That is a compelling value proposition. The question tonight is whether customers are actually signing contracts around it at scale, or whether the conversations are still happening in pilot mode.

Why This Number Beats Every Other Number Tonight Salesforce’s core CRM business is mature. Revenue grew about 9% year-over-year last quarter, which is solid but not the kind of growth that justifies a premium valuation in a world where AI is supposed to be reshaping enterprise software. The bull case for CRM is not about the legacy business. It is entirely about whether Agentforce represents a new, higher-margin, usage-based revenue stream that can accelerate growth above that 9% baseline.

COO Brian Millham said it plainly on the last call: “Those 200 deals, sort of, tip of the iceberg when we think about the opportunity that’s ahead of us for Agentforce.” That was Q3. Tonight we find out if the iceberg is actually there.

The bear case, articulated loudly by researchers like Citrini, is that AI agents are eroding per-seat SaaS pricing across the industry. The entire sector has felt it. The worry is not that Agentforce fails, but that the broader AI shift compresses Salesforce’s pricing power faster than Agentforce can replace it. One Fortune 500 company reportedly negotiated a 30% SaaS discount by citing AI alternatives. That is the structural threat hiding behind the growth narrative.

What a Real Answer Looks Like Tonight The signal to watch is not whether Salesforce beats the $3.05 non-GAAP EPS consensus, though prediction markets are pricing in roughly an 80% chance of a beat. The real signal is whether management discloses Agentforce revenue contribution that shows acceleration from the $1.4 billion ARR baseline, and whether the full-year revenue guidance of $41.45 to $41.55 billion gets maintained or raised alongside commentary that ties AI products directly to the pipeline. The cRPO figure, which came in at $29.4 billion last quarter, up 11%, will also tell you whether Agentforce deals are showing up in committed future revenue or staying in the pilot bucket.

If Benioff walks out tonight with concrete Agentforce revenue numbers showing the $1.4 billion ARR was a floor and not a ceiling, the valuation picture at current prices shifts materially. If the answer is more vision and fewer hard numbers, analysts will likely reassess their growth assumptions. Tonight is the moment Salesforce either validates the AI story it has been telling for two years or signals the timeline is longer than advertised.

Key Takeaways SHOO Q4 revenues grow 29% y/y, fueled by Kurt Geiger and core footwear gains.Adjusted EPS of 48 cents beat estimates but fell 12.7% y/y as costs rose and margins narrowed.SHOO expects 9-11% revenue growth in 2026 but withheld earnings guidance amid tariff uncertainty. Steven Madden, Ltd. (SHOO - Free Report) has reported fourth-quarter 2025 results, wherein the top and bottom lines surpassed the Zacks Consensus Estimate. Total revenues increased, while earnings decreased from the year-ago period.

Growth in the quarter was supported by the improved performance in the core Steve Madden footwear business and a meaningful contribution from the newly acquired Kurt Geiger brand. Management highlighted building momentum in its flagship brand and sees significant growth opportunities ahead, particularly within Kurt Geiger London.

While the company anticipates some near-term pressure from its private-label operations, higher operating costs and ongoing tariff uncertainty, it emphasized that underlying fundamentals remain solid. With resonant product assortments, effective marketing and strong brand relevance, the company believes it is well-positioned to drive sustainable long-term growth and shareholder value.

Steven Madden’s Quarterly Performance: Key InsightsSHOO posted adjusted quarterly earnings of 48 cents per share, which beat the Zacks Consensus Estimate of 46 cents. The metric fall 12.7% from 55 cents in the prior-year period.

Total revenues rose 29.4% year over year to $753.7 million. Net sales of $749.8 million grew 29.5%, and licensing fee income of $3.9 million increased 10.2% from the year-ago period. The top line surpassed the consensus estimate of $753 million.

Adjusted gross profit rose 40.1% year over year to $329.9 million, which surpassed our estimate of $310.1 million. We note that the adjusted gross margin expanded 340 basis points (bps) to 43.8%.

The company’s adjusted operating expenses increased 52.5% year over year to $278.9 million. Our estimate for the metric was $267.6 million. As a percentage of revenues, adjusted operating expenses increased 560 bps year over year to 37%.

Steven Madden has reported an adjusted operating income of $50.9 million, down 3.2% from the prior-year quarter. The adjusted operating margin decreased 220 bps to 6.8%. We expected an adjusted operating margin of 5.7% for the quarter.

SHOO’s Segmental PerformanceIn the fourth quarter of 2025, wholesale revenues totaled $433.3 million, representing a 7.5% surge from the year-ago period. When excluding the recently acquired Kurt Geiger business, wholesale revenues decreased 2.6% year over year. We expected wholesale revenues of $429.4 million in the fourth quarter.

Within the wholesale segment, footwear revenues were up 11%, or 5.5% excluding Kurt Geiger, while accessories and apparel revenues increased 3.1%, but declined 13%, excluding Kurt Geiger. The adjusted gross margin in this segment was 31.5%, up 100 basis points year over year, primarily reflecting the addition of the Kurt Geiger business, partially offset by the impacts of newly implemented tariffs on products imported into the United States.

Direct-to-consumer revenues for the quarter were $316.6 million, up 79.9% year over year. Excluding Kurt Geiger, direct-to-consumer sales grew 1.6%. The adjusted gross margin was 59.8%, down 220 basis points year over year, reflecting the effects of new import tariffs and the addition of the Kurt Geiger concessions business. We anticipated direct-to-consumer revenues of $312.2 million in the fourth quarter.

At the end of the fourth quarter, the company operated 399 brick-and-mortar retail stores, including 98 outlet locations, along with seven e-commerce websites and 133 company-operated concessions in international markets.

SHOO’s Financial Health SnapshotAs of Dec. 31, 2025, the company had total debt outstanding of $234.2 million, and cash and cash equivalents of $112.4 million, resulting in net debt of $121.7 million. The capital expenditure in 2025 was $42.7 million.

The company did not repurchase any shares of its common stock in the open market during 2025. In the fourth quarter and for 2025, the company used $5.2 million and $13.5 million, respectively, to acquire shares in connection with the net settlement of employees’ stock awards.

SHOO announced a cash dividend of 21 cents per share, payable on March 20, 2026, to stockholders of record as of the close of business on March 11.

SHOO Stock Past 3-Month Performance

Image Source: Zacks Investment Research

SHOO’s 2026 OutlookFor 2026, the company expects revenues to increase 9-11% from that reported in 2025. However, given the uncertainty related to recent changes in U.S. tariff policy, the company is not issuing any earnings guidance at this time.

In the past three months, shares of this Zacks Rank #4 (Sell) company have lost 10.4% compared with the industry’s 0.4% decline.

Stocks to ConsiderSome better-ranked stocks are FIGS Inc. (FIGS - Free Report) , American Eagle Outfitters Inc. (AEO - Free Report) and Boot Barn Holdings, Inc. (BOOT - Free Report) .

FIGS is a direct-to-consumer healthcare apparel and lifestyle brand. It flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for FIGS’ current financial-year earnings and sales indicates growth of 400% and 7.1%, respectively, from the year-ago actuals. FIGS delivered a trailing four-quarter average earnings surprise of 87.5%.

American Eagle is a specialty retailer of casual apparel, accessories and footwear. It currently sports a Zacks Rank of 1.

The Zacks Consensus Estimate for AEO’s current fiscal-year earnings and sales implies a decline of 20.7% and growth of 2.6%, respectively, from the year-ago actuals. American Eagle delivered a trailing four-quarter average earnings surprise of 35.1%.

Boot Barn operates as a lifestyle retail chain devoted to western and work-related footwear, apparel and accessories. It currently has a Zacks Rank of 2 (Buy).

The Zacks Consensus Estimate for Boot Barn’s fiscal 2026 earnings and sales implies growth of 26% and 17.6%, respectively, from the year-ago actuals. BOOT delivered a trailing four-quarter average earnings surprise of 4.9%.

Key Takeaways Q4 oil slumped on oversupply, while gas surged on LNG demand and winter boost.Q4 earnings for the Energy sector are seen up 14% YoY despite flat revenues and pricing strain.PBA, CTRA and LNG show weak ESP signals, limiting clear beat visibility. We are entering the thick of the fourth quarter earnings season for the Oil/Energy sector, with some of the S&P 500 companies expected to come up with results tomorrow. Energy investors are bracing for a mixed but potentially rewarding stretch. Oil prices weakened sharply year over year, pressured by global oversupply and softer demand across major economies. Yet natural gas told a different story, climbing on strong LNG exports, colder weather and rising power needs from AI-driven data centers. With earnings growth expected to outpace revenue gains, this season could reveal which energy players are best positioned to navigate shifting commodity trends.

Year-Over-Year Commodity Price ComparisonIn the fourth quarter of 2025, West Texas Intermediate crude averaged $59.64 per barrel, down from $70.69 a year earlier. Given crude oil’s sensitivity to geopolitical tensions, supply disruptions and economic cycles, this sharp drop points to a broader shift in global supply-demand dynamics. The decline was largely caused by persistent oversupply amid muted demand growth. OPEC+ started easing its voluntary output cuts in September, adding barrels to the market, while steady production from U.S. shale and other non-OPEC producers such as Brazil, Guyana and Canada further lifted inventories.

Demand conditions were also soft, reflecting slower economic activity in major markets like China and Europe, rising electric vehicle adoption and trade tariff uncertainties during the Trump administration.

Meanwhile, natural gas prices moved higher in fourth-quarter 2025, with Henry Hub averaging $3.75 per MMBtu compared with $2.44 a year ago. The increase was supported by colder winter weather in North America, robust LNG exports to Europe and Asia and stronger power demand from rapidly expanding AI-driven data centers.

How Will Q4 Earnings React to Fluctuating Commodity Prices?Despite a decline in oil prices, the picture looks rather upbeat for the fourth-quarter earnings season. Per the latest Earnings Trends report, the energy sector is on track for an earnings boost compared to a year earlier, when it was just about in the positive territory. Per our expectations, fourth-quarter earnings for the sector are expected to rise 14% year over year, marking a clear improvement from the 3.2% growth recorded in the prior quarter. However, revenue growth remains subdued, with fourth-quarter revenues down 0.3% versus the year-earlier period, reflecting ongoing pricing and demand pressures.

Approximately 58.3% of S&P 500 oil and energy companies have released their fourth-quarter results so far. Total earnings for these companies are up a stronger 26.5% year over year, even as revenues slipped 1%. Notably, 85.7% of reporting companies beat EPS estimates and the same percentage beat revenue estimates, resulting in a healthy blended beat rate of 71.4%. Furthermore, the sector's projected net margin for the fourth quarter is a healthy 1.10%.

Oil/Energy Companies’ Earnings in FocusIn light of this context, let’s explore how the following oil and energy companies are shaping up ahead of their fourth-quarter earnings reports on Feb. 26 and how they’re poised to tackle the challenges they face.

Our proprietary model indicates that a company needs to have the right combination of two key ingredients — a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — to increase the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Let’s explore three prominent companies and evaluate how they are positioned before their fourth-quarter earnings release.

Pembina Pipeline Corporation (PBA - Free Report) is slated to report fourth-quarter results after the closing bell. In the last reported quarter, this Canada-based, midstream operator’s earnings missed the Zacks Consensus Estimate by 31.1% on weaker year-over-year results in the Marketing & New Ventures segment and soft delivery in the Pipelines segment. Over the trailing four quarters, PBA missed earnings estimates twice, beat once and was in line once, delivering a negative average surprise of 5.3%. This is depicted in the chart below:

Our proven model does not conclusively predict an earnings beat for Pembina this time around. This is because it has an Earnings ESP of 0.00% and a Zacks Rank #4. The Zacks Consensus Estimate for PBA’s fourth-quarter earnings and revenues is pegged at 50 cents per share and $1.1 billion, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.

On the other hand, Coterra Energy Inc. (CTRA - Free Report) is scheduled to report quarterly earnings following the market's close. Our proven model does not conclusively predict an earnings beat for Coterra Energy this time around. This is because it has an Earnings ESP of -4.25% and a Zacks Rank #5 (Strong Sell) at present.

Coterra Energy is an independent upstream operator engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids.

The Zacks Consensus Estimate for Coterra Energy’s fourth quarter earnings is pegged at 45 cents per share, indicating an 8.2% decline from the prior-year reported figure. CTRA’s earnings beat the Zacks Consensus Estimate thrice in the last four quarters and missed once, delivering an average surprise of 6.6%.

This is depicted in the chart below:

Finally, Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report quarterly earnings before the opening bell. For Cheniere Energy, things are not so bright this time around, as it has an Earnings ESP of -0.22% and carries a Zacks Rank #3 at present.

Cheniere Energy is primarily engaged in the business of liquefied natural gas (“LNG”). It constructs and operates LNG terminal, and is also involved in LNG and natural gas marketing.

The Zacks Consensus Estimate for LNG’s fourth quarter earnings is pegged at $3.83 per share, indicating an 11.6% decrease from the prior-year reported figure. LNG’s earnings beat the Zacks Consensus Estimate thrice in the last four quarters while missing once, delivering an average surprise of 80%.

This is depicted in the chart below:

The market expects Tourmaline Oil Corp. (TRMLF - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of -55.1%.

Revenues are expected to be $1.09 billion, down 6.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 17.1% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Tourmaline Oil Corp.?For Tourmaline Oil Corp., the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -122.86%.

On the other hand, the stock currently carries a Zacks Rank of #5.

So, this combination makes it difficult to conclusively predict that Tourmaline Oil Corp. will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Tourmaline Oil Corp. would post earnings of $0.47 per share when it actually produced earnings of $0.36, delivering a surprise of -23.40%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Tourmaline Oil Corp. doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Sight Sciences, Inc. (SGHT - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on March 4. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of +26.1%.

Revenues are expected to be $20.27 million, up 6.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.36% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Sight Sciences?For Sight Sciences, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +15.15%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Sight Sciences will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Sight Sciences would post a loss of$0.26 per share when it actually produced a loss of -$0.16, delivering a surprise of +38.46%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Sight Sciences appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAnother stock from the Zacks Medical - Instruments industry, NeuroPace, Inc. (NPCE - Free Report) , is soon expected to post loss of $0.14 per share for the quarter ended December 2025. This estimate indicates a year-over-year change of +22.2%. Revenues for the quarter are expected to be $25.95 million, up 20.9% from the year-ago quarter.

The consensus EPS estimate for NeuroPace has been revised 15.3% lower over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%.

This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that NeuroPace will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Wall Street expects a year-over-year decline in earnings on lower revenues when Cross Country Healthcare (CCRN - Free Report) reports results for the quarter ended December 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on March 4, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis provider of health care staffing and workforce management services is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -25%.

Revenues are expected to be $252.25 million, down 18.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 12.5% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Cross Country?For Cross Country, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Cross Country will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Cross Country would post earnings of $0.04 per share when it actually produced earnings of $0.03, delivering a surprise of -25.00%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Cross Country doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

The market expects Abercrombie & Fitch (ANF - Free Report) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended January 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on March 4. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis teen clothing retailer is expected to post quarterly earnings of $3.56 per share in its upcoming report, which represents a year-over-year change of -0.3%.

Revenues are expected to be $1.67 billion, up 5.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.22% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Abercrombie?For Abercrombie, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.24%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Abercrombie will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Abercrombie would post earnings of $2.14 per share when it actually produced earnings of $2.36, delivering a surprise of +10.28%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Abercrombie doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

The market expects Advanced Flower Capital Inc. (AFCG - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on March 4. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents a year-over-year change of -113.8%.

Revenues are expected to be $5.39 million, down 41.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 150% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Advanced Flower Capital Inc.?For Advanced Flower Capital Inc., the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +25.00%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Advanced Flower Capital Inc. will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Advanced Flower Capital Inc. would post earnings of $0.19 per share when it actually produced earnings of $0.16, delivering a surprise of -15.79%.

The company has not been able to beat consensus EPS estimates in any of the last four quarters.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Advanced Flower Capital Inc. doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

American Eagle Outfitters (AEO - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended January 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on March 4, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis teen clothing retailer is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +31.5%.

Revenues are expected to be $1.73 billion, up 7.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 60% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for American Eagle?For American Eagle, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -2.82%.

On the other hand, the stock currently carries a Zacks Rank of #1.

So, this combination makes it difficult to conclusively predict that American Eagle will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that American Eagle would post earnings of $0.43 per share when it actually produced earnings of $0.53, delivering a surprise of +23.26%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

American Eagle doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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ROSEMONT, Ill.--(BUSINESS WIRE)--Wynnchurch Capital, L.P. (“Wynnchurch”), a leading middle-market private equity firm, today announced that it has signed a definitive agreement to acquire Arcosa Marine Products, Inc. (“Arcosa Marine” or the “Company”) from Arcosa, Inc. (NYSE: ACA). The transaction represents a corporate carve-out of Arcosa, Inc.’s marine products business and will establish Arcosa Marine as an independent, standalone platform under Wynnchurch ownership.

Headquartered in Covington, Louisiana, Arcosa Marine is a leading manufacturer of hopper barges, tank barges, fiberglass covers, and marine components serving the inland waterway transportation market. The Company serves a diversified customer base moving dry agricultural goods, aggregates, petroleum products, and other bulk cargo throughout the Upper and Lower Mississippi and Ohio River systems. Arcosa Marine operates six strategically located manufacturing facilities across the inland waterway system.

Greg Gleason, Managing Partner at Wynnchurch, said, “Arcosa Marine is a leading barge manufacturer with strong fundamentals, attractive end markets, and a long-standing reputation for quality and safety. As a standalone business, we believe the Company will benefit from a dedicated strategic focus and enhanced operational flexibility. This investment highlights Wynnchurch’s capability in executing complex carve-outs and partnering with industrial businesses to drive operational improvement and long-term growth.”

Mike MacKay, Principal at Wynnchurch, added, “Arcosa Marine operates in a critical segment of the U.S. transportation infrastructure with favorable long-term demand drivers. We see meaningful opportunities to invest in the Company’s operations and pursue both organic and strategic growth initiatives. We look forward to working closely with management to accelerate these value creation opportunities.”

The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals, and is expected to close in the coming months.

Paul Hastings served as legal advisor to Wynnchurch in connection with the transaction. Wells Fargo served as financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to Arcosa, Inc.

About Arcosa Marine:
Arcosa Marine is a manufacturer of hopper barges, tank barges, fiberglass covers, and marine components serving the inland waterway freight transportation market. The Company serves a diversified customer base moving dry agricultural goods, aggregates, petroleum products, and other bulk cargo throughout the Upper and Lower Mississippi and Ohio River systems. Arcosa Marine operates six strategically located manufacturing facilities across the inland waterway system.

About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement.

Wynnchurch manages a number of private equity funds with $8.6 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recently, Wynnchurch acquired Charter Industries, a leading provider of edgebanding and complementary products. Other recent investments include: Astro Shapes, a leading manufacturer of custom aluminum extrusions; Principal Industries, a leading provider of LED components and engineered assemblies; and ORS Nasco, North America’s largest pure wholesaler of industrial MRO supplies. For more information, please visit: https://www.wynnchurch.com or follow us on LinkedIn.

More News From Wynnchurch Capital, L.P.

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CANADA - 2025/10/01: In this photo illustration, the UnitedHealth Group (United Health) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

UnitedHealth (UNH) stock has dropped by 23.1% in under a month, from $356 on January 23, 2026 to $274 now, primarily due to a "perfect storm" of disappointing 2026 financial guidance and a major regulatory shock, with the Trump administration proposing essentially flat reimbursement rates for 2027 (an increase of only 0.09%), which was significantly lower than industry models.

Question: Should you consider buying during this dip?

Buying on dips is a practical tactic for high-quality stocks that have a track record of rebounding from declines. It appears that UNH stock meets fundamental quality criteria. Historically, the average return for the 12-month duration following sharp declines was 42%, with the median peak return reaching 57%. We classify a sharp dip as a stock decreasing by 30% or more within a 30-day timeframe.

Here, we explore the history of declines and the returns that followed.

Historical Median Returns After DipsHistorical Median Returns After Dips

Trefis

Detailed Historical Dip-Wise AnalysisSince January 1, 2010, UNH experienced two instances where the dip threshold of -30% within 30 days was reached.

MORE FOR YOU

57% median peak return within 1 year of the dip event256 days is the median duration to peak return after a dip event-12% median maximum drawdown within 1 year of the dip eventUNH Stock Detailed Historical Dip-Wise Analysis

Trefis

UnitedHealth Passes Core Financial Quality EvaluationsTo minimize the risk of a dip indicating a deteriorating business condition, it is essential to assess revenue growth, profitability, cash flow, and balance sheet robustness.

UNH Stock Financial Quality Evaluations

Trefis

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Key Takeaways Constellium posted 28% revenue growth in Q4, led by packaging and aerospace strength.CSTM generated $178M free cash flow in 2025 and cut leverage to 2.5x.Alcoa's 2026 EPS seen up 37.4%, but rising costs pressure margins. Alcoa Corporation (AA - Free Report) and Constellium SE (CSTM - Free Report) are two prominent players in the aluminum sector with global operations and diversified portfolios. With aluminum prices remaining high, driven by global economic uncertainties and trade tensions, comparing these two industry participants is particularly relevant for investors seeking exposure to the Zacks Metal Products - Distribution industry.

Growing demand for lighter and energy-efficient electric vehicles, recycled aluminum and rechargeable batteries has made aluminum an attractive investment. The metal is witnessing higher demand as industries proceed toward the goal of sustainability and efficiency. Also, an increase in air travel has led aircraft manufacturers to ramp up production, spurring demand for aluminum alloys for fuselages and wings.

Amid such a backdrop, let’s take a closer look at both the companies’ fundamentals, growth prospects and challenges to find out which one is a better investment today.

The Case for AlcoaSolid momentum in electrical and packaging markets is driving the company’s Aluminum segment’s performance. Also, the restart of the San Ciprián (Spain), Alumar (Brazil) and Lista (Norway) smelters has increased AA’s overall production capacity. Alcoa’s production from the Aluminum segment increased 5% year over year in 2025 to 2,319 kilo metric tons.

Third-party revenues from the Aluminum segment increased 4%, aided by higher volumes and an increase in average realized third-party price. For 2026, Alcoa expects the segment to produce 2.4-2.6 million tonnes, while shipments are projected to be 2.6-2.8 million tonnes.

Alcoa’s Alumina segment is reaping the benefits from strong production and productivity improvement at its refineries. However, the closure of the company’s Kwinana refinery has been affecting its production and shipment volumes. For 2026, alumina production is anticipated to be in the band of 9.7-9.9 million tonnes, while shipments are likely to be 11.8-12.0 million tonnes.

Despite the positives, AA has been grappling with escalating costs and expenses over time. In fourth-quarter 2025, its cost of sales rose 5.2% year over year and represented 82.7% of net sales (up 480 basis points). High raw material, labor and freight costs are pushing up the costs of sales. Escalating costs pose a threat to the company’s bottom line.

The Case for ConstelliumThe strongest driver of Constellium’s business at the moment is the Packaging & Automotive Rolled Products segment. The segment’s shipments increased 11% year over year to 265,000 metric tons in fourth-quarter 2025, buoyed by a robust demand environment.

Revenues from the segment increased 34% to $1.35 billion, supported by higher metal prices. Significant orders for packaging and automotive rolled products, driven by growth in demand from packaging and automotive markets, augur well for the segment in the quarters ahead.

Also, strength in the Aerospace & Transportation segment bodes well for CSTM. The segment’s shipments increased 21% year over year to 53,000 metric tons in the fourth quarter. Revenues from the segment increased 23% to $527 million, supported by higher shipments and metal prices. Healthy orders for transportation, industry and defense rolled products are driving the segment’s performance.
The company’s total revenues increased 28% to $2.2 billion compared with the prior-year quarter, driven by strength in the segments and higher metal prices.

Constellium remains committed to rewarding its shareholders handsomely through share buybacks. For instance, the company generated a solid free cash flow of $178 million in 2025 and returned approximately $115 million to shareholders through share repurchases. CSTM also focuses on cost-control measures and successfully lowered leverage to 2.5x at 2025-end.

How Does the Zacks Consensus Estimate Compare for AA & CSTM?While the Zacks Consensus Estimate for Alcoa’s 2026 sales implies year-over-year growth of 8.3%, the same for earnings per share (EPS) indicates an increase of 37.4%. AA’s EPS estimates have been trending upward over the past 60 days for both 2026 and 2027.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CSTM’s 2026 sales and EPS implies year-over-year growth of 15.6% and 6.8%, respectively. The company’s EPS estimates for both 2026 and 2027 have increased over the past 60 days.

Image Source: Zacks Investment Research

Price Performance and Valuation of AA & CSTMIn the past year, Alcoa’s shares have gained 82.4%, while Constellium stock has soared 113%.

Image Source: Zacks Investment Research

Alcoa is trading at a forward 12-month price-to-earnings ratio of 11.84X, below its median of 13.50X over the last three years. Constellium’s forward earnings multiple sits at 11.77X compared with its median of 9.77X over the same time frame.

Image Source: Zacks Investment Research

Final TakeConstellium’s strength in the packaging and aerospace segments, along with its growth investments and shareholder-friendly policies, bodes well for strong growth in the quarters ahead. Additionally, CSTM’s upward earnings estimates appear to be appealing and instill investor confidence.

In contrast, Alcoa’s strength in electrical and packaging markets has been dented by escalating operating costs and expenses. Also, AA’s expensive valuation warrants a cautious approach for existing investors.

While Constellium sports a Zacks Rank #1 (Strong Buy), Alcoa currently has a Zacks Rank #3 (Hold). Given these factors, CSTM seems a better pick for investors than AA currently. You can see the complete list of today’s Zacks #1 Rank stocks here.

Icahn Enterprises L.P. (IEP) Q4 2025 Earnings Call February 25, 2026 10:00 AM EST

Company Participants

Robert Flint - Chief Accounting Officer & Principal Accounting Officer
Andrew Teno - President, CEO & Director of Icahn Enterprises GP, Inc.
Ted Papapostolou - CFO, Director & Secretary of Icahn Enterprises G.P. Inc

Presentation

Operator

Good morning, and welcome to the Icahn Enterprises L.P. Fourth Quarter 2025 Earnings Call with Andrew Teno, President and CEO, Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement.

Robert Flint
Chief Accounting Officer & Principal Accounting Officer

Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries.

Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law.

This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation. We also present