Track market-moving stories before they get noisy

Intel shares INTC plunged about 26% in premarket trading on Friday after the chipmaker issued a weaker-than-expected fourth-quarter revenue forecast, citing continued weakness in the global personal computer market and manufacturing constraints. The decline followed the company's third-quarter earnings report, which showed adjusted earnings per share of 52 cents, beating analysts' expectations of 40 cents.

Dell Technologies Inc. (NYSE:DELL) stock is trading lower by almost 9% during Friday's premarket session as investors react to the PC shipment slowdown concerns raised during Intel Corporation's (NASDAQ:INTC) third-quarter fiscal 2026 results posted after Thursday's closing bell.

DCAI revenue surged nearly 80% YoY to $7.3 billion, making servers the clearest driver of Intel's recovery. Intel's Q4 outlook implies operating income could roughly halve as PC weakness exposes its large fixed manufacturing cost base. PC inventory corrections may persist into 2027, although weaker client demand could free manufacturing capacity for higher-growth server products.

Pfizer's dividend yield sits near 6%, but the company paid out more in dividends last year than it generated in free cash flow. Before income investors panic or pile in, the real story behind that coverage gap deserves a close…

Pfizer (NYSE:PFE | PFE Price Prediction) shares have risen 24.41% year-to-date to $29.68, and the stock still yields 5.82%. That yield leaves retirement-income investors with one big question. Pfizer is paying out more than it brings in as free cash flow.

Dividends Outran Free Cash Flow in 2025
In 2025, Pfizer paid $9.8 billion in dividends. Its free cash flow (operating cash flow minus capital spending) was $9.1 billion. Dividends ate up 107.7% of free cash flow. The market ratios show the same thing: the dividend yield is higher than the 5.40% free cash flow yield.

On earnings, the gap is wider. Trailing diluted EPS is $0.76, while the annual dividend is $1.72 per share. The quarterly payout is $0.43, up from $0.42 in 2024.

Why Reported Results Trail the Payout
One-time charges explain much of the gap. Second-quarter 2026 GAAP results showed a net loss of $248 million. That loss came after a $3.8 billion impairment tied to a failed Phase 3 trial for sigvotatug vedotin and $867 million in legal charges. An impairment is a write-down. It brings down reported profit, but no cash leaves the company.

Timing also played a part. Operating cash flow for the quarter was $835 million, while dividends paid came to $2.451 billion. In the same quarter, Pfizer made its final TCJA repatriation tax payment of about $2.6 billion. Adjusted EPS of $0.77 beat the $0.68 estimate.

Bourla Says the Dividend Will Survive Every Scenario
On the second-quarter call, Chief Executive Albert Bourla replied directly to concerns about a dividend cut:

“We feel extremely confident that, even in the most stretched scenarios that we are running, we will be able to maintain our dividend. I want once and for all to make that clear to all: the dividend will be maintained and, after the LOE period, will start growing again.”

Cecile Guegan, who was named new interim CFO, described the priorities this way:

“Reinvesting in the business at appropriate returns, maintaining and, over time, growing our dividend and preserving optionality for future value-enhancing actions, including share repurchases.”

The numbers support that pledge. Pfizer raised its 2026 revenue guidance to $60.5-$62.5 billion. Its adjusted EPS guidance of $2.80 to $3.00 covers the dividend. The company bought back no stock in 2025 and plans none in 2026. Savings from its cost restructuring program now total $6.7 billion through 2029.

Debt and Fading COVID Sales Are the Pressure Points
Its financial position is less comfortable. Pfizer held $976 million in cash and $10.723 billion in short-term investments at June 30. Total debt was $63.194 billion, and net debt was 2.76 times EBITDA. Management expects leverage to stay “around current level or modestly higher” as major drugs lose patent protection. It also brings down its 2026 COVID revenue outlook to about $4 billion, down from $5 billion.

Peers face the same pressure. At Bristol Myers Squibb (NYSE:BMY), Revlimid sales fell 47% in the third quarter. Even so, Bristol raised its $0.63 quarterly dividend for a 17th consecutive year and produced $4.2 billion of operating cash flow in the quarter. Merck (NYSE:MRK) grew third-quarter revenue 4.68% to $18.085 billion, though sales of Keytruda, its biggest drug, slid 5%.

Verdict: Secure for Now, With No Growth Until 2029
The dividend looks safe in the near term. Adjusted earnings cover it, one-time tax and impairment costs explain most of the shortfall, and buybacks remain on hold. Meanwhile, the balance sheet is filling part of the gap. Bourla expects Pfizer to “return to growth from 2029 onward”. Until then, investors should expect little or no dividend growth. The number to watch is full-year 2026 free cash flow, compared with a dividend bill of about $9.8 billion.

Contact [email protected] for any questions or corrections.

Chevron Corp. CVX reported stronger-than-expected third-quarter earnings on Friday as disruptions to global fuel supplies lifted refining margins, helping the oil major offset weaker contributions from its oil and gas production business. The stock was up 1.25% in premarket trading.

Chevron (CVX - Free Report) came out with quarterly earnings of $5.28 per share, beating the Zacks Consensus Estimate of $4.78 per share. This compares to earnings of $1.85 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.46%. A quarter ago, it was expected that this oil company would post earnings of $5.8 per share when it actually produced earnings of $6.06, delivering a surprise of +4.48%.

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

Chevron, which belongs to the Zacks Oil and Gas - Integrated - International industry, posted revenues of $67.8 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 12.09%. This compares to year-ago revenues of $49.73 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Chevron shares have added about 51.9% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for Chevron?While Chevron has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Chevron was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.63 on $62.49 billion in revenues for the coming quarter and $18.20 on $242.24 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Integrated - International is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Flowco Holdings Inc. (FLOC - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on November 4.

This company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of -42.4%. The consensus EPS estimate for the quarter has been revised 2.9% higher over the last 30 days to the current level.

Flowco Holdings Inc.'s revenues are expected to be $249 million, up 40.7% from the year-ago quarter.

Chevron (NYSE:CVX | CVX Price Prediction) beat third-quarter estimates this morning, helped by refining profits as diesel prices rose (per CNBC). For income investors, though, the more useful number is how much cash Chevron hands back compared with the free…

Chevron (NYSE:CVX | CVX Price Prediction) beat third-quarter estimates this morning, helped by refining profits as diesel prices rose (per CNBC). For income investors, though, the more useful number is how much cash Chevron hands back compared with the free cash flow it actually makes. That is the shareholder return payout ratio: dividends plus buybacks, divided by free cash flow.

Why 149.7% of Free Cash Flow Went Back to Shareholders
In 2025, Chevron generated $16.6 billion of free cash flow, meaning operating cash flow minus capital spending. It paid $12.8 billion in dividends, or 76.9% of that total, and bought back $12.1 billion of stock. Put together, shareholder returns came to 149.7% of free cash flow.

What This Ratio Reveals That Earnings Miss
Earnings mostly tell you where oil prices went. This ratio tells you whether the payout comes from the business or the balance sheet, since any dollar returned above 100% of free cash flow must come from cash on hand or borrowing. Total debt rose from $24.5 billion at the end of 2024 to $40.8 billion at the end of 2025, a year that also included the Hess acquisition. A strong balance sheet can cover that gap for a while, but eventually it has to close.

2026 Cash Flow Is Rewriting the Math
This year looks very different. First-quarter free cash flow came in at negative $1.549 billion because of working capital swings, but Chevron still bought back $2.5 billion of stock. In the second quarter, free cash flow reached $18.10 billion, against $3.504 billion in dividends and $3.003 billion in buybacks. That put the payout ratio at about 36%.

The third quarter added $12.00 billion of free cash flow, up 156.9% from a year ago. Chevron also paid down $3.5 billion of debt, and net debt fell $7.8 billion. Free cash flow for the first nine months totals about $28.6 billion, already above all of 2025. Prices did much of the work: Brent averaged $97 a barrel, compared with $69 a year earlier.

A Dividend That Held Through 2020
The quarterly dividend is now $1.78. It was $1.71 in 2025, $1.63 in 2024, and $1.51 in 2023. In 2020, Chevron kept it at $1.29 instead of cutting. January’s 4% raise was its 39th consecutive annual increase. The company described it as the kind of multi-decade run we screened for in our free Dividend Kings guide. At the $7.12 annualized rate and 1.975 billion shares outstanding, the dividend costs about $14.1 billion a year.

Signals That Separate a Raise From a Squeeze
Chevron has two ways to return cash, and buybacks are the one it can adjust, since they can shrink in a weak year without hurting the company’s reputation, while the dividend works as a promise. Management says Hess assets generate free cash flow “roughly double the incremental dividends,”. On the positive side, Chevron reached $3 billion of structural cost cuts six months early. On the negative side, if Brent drifts back toward $69, the combined payout could rise above 100% again just as the debt cuts begin to reverse.

The shares are up 58.27% year to date and trade at about 37 times earnings, so a lot of this cash windfall is already reflected in the price.

Verdict: Watch the Buyback Line
The payout ratio matters more than the earnings beat because it shows Chevron paying for its dividend from cash it earned this year. The key thing to watch is the 2027 buyback rate announced alongside the expected January dividend increase. If buybacks are set to fit inside free cash flow, the raise run looks safe.

Contact [email protected] for any questions or corrections.

Two industrial giants both reported earnings this week, and one beat estimates while the other missed, yet both stocks fell. Before you decide which belongs in a retirement portfolio, the balance sheets tell a story the headlines skipped.

Boeing (NYSE:BA | BA Price Prediction) or Caterpillar (NYSE:CAT): which one better fits a retirement-focused portfolio on the numbers? Both industrial giants reported third-quarter results this week. Boeing missed estimates on October 27, 2026. Caterpillar beat estimates on October 29, 2026, yet still sold off. In the premarket on October 30, 2026, Boeing traded at $171.15 and Caterpillar at $637.01. After comparing the two, Caterpillar screens stronger on the income and balance-sheet metrics retirement investors typically consider.

Execution and Business Quality: Caterpillar Takes the Round
Boeing posted adjusted EPS of −$0.34, missing the −$0.20 consensus, on revenue of $24.19 billion, which also fell short of estimates. Commercial Airplanes ran a negative 6.5% operating margin. Defense, Space & Security revenue grew 15% to $7.93 billion, and the 737-7 and 737-10 both won FAA certification. On the goal of stabilizing 737 output at 47 per month, CEO Kelly Ortberg said, “I’m expecting it’ll take us into next year to get fully stable at this rate.” First 777X delivery is targeted for 2027.

Caterpillar delivered adjusted EPS of $7.20, beating the $7.04 consensus for a fifth consecutive beat, as revenue rose 17.26% to $20.68 billion. Power Generation revenue climbed 30% on data center demand, and management is taking turbine orders into 2030. One note: the quarter included $128 million of IEEPA tariff recoveries, which boosted reported operating profit. Net income still rose 42.9% to $3.29 billion.

Cash Flow and Shareholder Returns: Caterpillar Dominates
Cash returns carry the most weight for income-focused investors. Caterpillar generated $3.8 billion of MP&E free cash flow in the quarter and returned $2 billion to shareholders, including $1.2 billion of buybacks. Its quarterly dividend rose to $1.63 from $1.51. That is an annualized forward payout of $6.52, or about a 1% yield at the current price. The company is a Dividend Aristocrat with 30+ years of consecutive increases. (We ranked ten names with even longer streaks by valuation in a free Dividend Kings report.)

Boeing’s last common ex-dividend date was February 13, 2020. Its only dividend line now covers mandatory convertible preferred stock, at $87 million in Q3. Free cash flow turned positive at $464 million, but full-year 2025 free cash flow was negative $1.88 billion. Debt of $45.9 billion compares with $20.7 billion of cash and marketable securities and just $6.55 billion of shareholders’ equity, against Caterpillar’s $21.48 billion.

Risk and the Road Ahead: Caterpillar Carries Less Baggage
Caterpillar’s selloff came down to expectations, as our earlier coverage of the Caterpillar report detailed. The beat arrived without a raised outlook. Management forecast “moderate sales growth” for the fourth quarter, and fellow AI power names had raised guidance the day before. The stock had run hot at a trailing P/E of 31. It now trades 20.2% lower over one month, at a forward P/E of 22, supported by a record $78 billion backlog.

Boeing’s risks run deeper. Shares are down 24.2% year to date at a forward P/E of 44, and its $10 billion 2029 free cash flow target assumes 777X certification by mid-year 2027. Ortberg admitted that wings “are what have caused us the instability.” A record $745 billion backlog and the Navy sixth-generation fighter win add meaningful upside, yet all of it hinges on execution. Over ten years, Caterpillar shares rose 672% versus 21% for Boeing.

Verdict: Caterpillar Screens Stronger on Retirement Metrics
Caterpillar wins all three rounds. A retiree gets a rising dividend, steady buybacks, profitable growth, and a backlog tied to data center power. Furthermore, the October pullback has trimmed the valuation premium. Boeing’s profile is different: its case rests on a multi-year cash flow recovery that carries heavy leverage and no common dividend. Watch Caterpillar’s 2027 outlook in its next earnings report, plus Boeing’s 737 rate stability and 777X certification progress.

Contact [email protected] for any questions or corrections.

Salesforce stock is down for the year yet something beneath the surface is accelerating at a pace that has 38 analysts turning bullish and one model projecting a path to targets that stretch well past current Wall Street consensus.

The 24/7 Wall St. price target for Salesforce (NYSE:CRM | CRM Price Prediction) is $333.49 over the next 12 months. From the current price of $240.93, that works out to 38.4% upside. The stock earns a buy rating with high confidence from the model.

24/7 Wall St. Price Target Summary Metric Value Current Price $240.93 Price Target: 24/7 Wall St. $333.49 Upside/Downside 38.4% Recommendation BUY Confidence Level 90% Salesforce’s comeback hinges on Agentforce. Agentforce annual recurring revenue (ARR) has passed $1.5B, up over 240% YoY, and management raised guidance in August.

Even so, the stock is down 8.41% this year and trades at about 16x forward earnings. That multiple understates a business whose growth is speeding up.

A 33% Rally Since July Puts Salesforce Back on the Map Shares are up 32.96% since late July and up 2.95% over the past month. They slipped 0.62% this week and trailed competitors on Tuesday. The stock sits 10.0% below its 52-week peak of $267.80, yet 65.0% above the low of $146.06.

Second-quarter fiscal 2027 revenue came in at $11.345B, up 10.8%, ahead of the $11.316B estimate. Non-GAAP EPS of $5.90 beat the $3.27 consensus, though $2.53 per share of that came from gains on strategic investments.

Current remaining performance obligations (cRPO), which track signed revenue due over the next 12 months, rose 14% to $33.50B. Full-year revenue guidance moved up to $46.1B to $46.4B.

Why Bulls See $374 Ahead Agentforce and Data 360 together have reached about $3.90B in ARR, up over 210%. Agentic Work Units, a measure of the tasks AI agents complete, hit 3.2B in Q2, up 97% Q/Q. Chief operating officer Miguel Milano said agentic customers “are already at double the AOV with a perspective of nearly quadrupling”. AOV is annual order value.

A $25B accelerated share repurchase brought the diluted share count down to 821M from 962M, and management still targets $63B in revenue by fiscal 2030.

Wall Street mostly agrees: 38 analysts have bullish ratings on the stock, with a consensus target of $287.08. The bull case reaches $374.50.

Debt and Slow Core Growth Are the Risks Worth Watching Noncurrent debt rose to $39.3B to pay for the buyback. Marketing and Commerce grew just 1%, and operating income was flat. Free cash flow growth is guided to only 4% to 5% for the year.

Copilot from Microsoft (NASDAQ:MSFT), now at more than 30 million paid seats, is a real competitive threat. Meanwhile, Q2 free cash flow rose 81.5%, and flat profits partly reflect Informatica integration and $94M in restructuring charges. Even our bear case of $272.88 sits above today’s price.

Salesforce Trades at an Oracle Multiple With Microsoft-Level Cash Flow Microsoft competes directly with Salesforce through Dynamics 365 and Copilot. Shares trade at 27x forward earnings and 58.90x free cash flow, and revenue grew 17.8% last quarter.

Oracle (NYSE:ORCL) sells competing enterprise applications. Its forward multiple of 16x matches Salesforce’s, but heavy AI data center spending drive free cash flow to negative $5.396B last quarter.

Company Forward P/E Latest Revenue Growth Salesforce 16x 10.8% Microsoft 27x 17.8% Oracle 16x 29.61% At 13.77x free cash flow, Salesforce is the cheapest of the three on cash generation. Compared with these peers, our target looks reasonable, and arguably conservative.

Agentforce Momentum Tips the Scale The 24/7 Wall St. price target is $333.49, with a buy rating and 90% confidence. The key factor is AI ARR compounding at triple-digit rates while the stock trades at a single-digit-growth multiple.

I would grow more confident if organic revenue picks up again in the second half, as management has promised. I would get more cautious if Agentforce growth stalls or debt starts pressuring cash returns. For now, the risk-reward looks favorable.

Looking further out, here is where our model projects Salesforce could trade if current growth and market conditions hold.

Year Price Target: 24/7 Wall St. 2026 $261.97 2027 $333.49 2028 $410.24 2029 $472.50 2030 $542.43 The projections rest on Salesforce continuing to execute on its agentic strategy. Faster AI monetization could drive the stock higher than these figures, while losing ground to Microsoft could drive it lower.

Contact [email protected] for any questions or corrections.

Satya Nadella described a business model he called no business at all, named no company, and watched a handful of AI cloud stocks drop after hours. The comment may have been positioning, but the numbers behind it are hard to…

A Big Tech CEO just described a business model that looks a lot like the AI clouds Wall Street has been pricing as the next hyperscalers. The Oct. 28 fiscal Q1 2027 call saw Microsoft (NASDAQ:MSFT | MSFT Price Prediction) chief Satya Nadella dismiss growth built on “like 4 customers who buy a lot of capacity from you and you can show a few quarters of growth, and that’s not a business as far as I’m concerned.”

He named no one. After hours, CoreWeave (NASDAQ:CRWV) fell 4.43%, Nebius Group (NASDAQ:NBIS) dropped 5.12% and Microsoft rose 2.41%. CNBC tied the neocloud selloff to Microsoft CapEx coming in below expectations.

Nadella Would Rather Wait Than Chase Mega-Deals Responding a Bernstein analyst on enterprise versus AI-native demand, Nadella laid out his terms: “We have large customers who want to buy from us, and we’re open for business with it. And as long as the pricing is right, we may sell them some. If not, we will be patient about building the breadth business.” He called enterprise adoption “a decade-long thing.” His examples: Unilever automating order taking and trade coupon disputes with agents, Rolls-Royce running jet engine maintenance on Foundry, and Austrian bank RBI running 20-plus business processes end to end.

The numbers fund that patience. Azure revenue grew 48%, revenue hit $92.28 billion, and non-GAAP EPS of $4.89 exceeded the $4.72 estimate.

Three AI Clouds That Fit the Description Nebius: Three customers made up 24%, 21%, and 14% of Q2 2026 revenue. CoreWeave: Its Q1 2026 backlog of $99.4 billion included a Meta Platforms (NASDAQ:META) deal, a $21 billion commitment from Meta, and it flags heavy reliance on a few hyperscalers. Oracle (NYSE:ORCL): Management calls demand “really broad-based” and reveals no concentration figure, yet its Abilene campus has handed 75% of total capacity to a single customer. Oracle also announced plans today to return to positive cash flow. Microsoft Carries Its Own Concentration Risk CFO Amy Hood said a large Azure commitment signed this quarter offset weaker bookings and caused a smaller-than-usual sequential decline in commercial remaining performance obligation, now $677 billion, up 73%. In July, that backlog grew 84% including OpenAI but only 25% excluding it. Goldman Sachs analyst Gabriela Borges stated in her question that OpenAI was 11% of Microsoft’s revenue in the quarter. Microsoft did not confirm that figure.

Real Warning or Positioning Line? Both, and the warning still holds. Microsoft makes its case from a position of strength: operating cash flow of $58 billion. CoreWeave posted free cash flow of negative $5.743 billion and $640 million of quarterly interest expense. When one buyer walks, a leveraged specialist loses far more than a diversified hyperscaler does.

The factor to watch: Nebius’s top-three customer share and CoreWeave’s largest-customer disclosures in their next filings. If those shares shrink, the specialists are building breadth and Nadella’s line was mostly marketing. If they rise, his warning becomes harder to ignore.

Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today reported its results for the third quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, net income available for common shareholders per diluted share was $0.74 and $0.69, respectively. Operating income for the same periods was $116.9 million and $110.7 million, respectively.

Highlights for the third quarter include:

Generated Nareit-defined funds from operations available to common shareholders (Nareit FFO) and Core funds from operations available to common shareholders (Core FFO) per diluted share of $1.87 each for the quarter, a 5.6% increase year-over-year.Signed 117 leases for 532,220 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis.On a trailing twelve-month basis, signed 447 leases for 2,601,255 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis.Generated Comparable Property property operating income ("Comparable Property POI") growth of 2.5% and Adjusted Comparable Property POI growth (excluding straight-line rents and amortization of in-place leases) of 4.0%.Reported overall portfolio occupancy of 93.8% and a leased rate of 96.5% at quarter end, with:Occupancy flat and leased rate up 40 basis points sequentially.Occupancy flat and leased rate up 110 basis points year-over-year.Continued strong small shop leased rate, ending the quarter at 94.1% leased, representing an increase of 20 basis points sequentially and 80 basis points year-over-year.Issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031.Repurchased 869,748 shares at a weighted average share price of $108.82 for approximately $95 million through October 9, 2026.Subsequent to quarter end, acquired The Summit, an 870,000-square-foot dominant retail center in Birmingham, AL, with a diverse mix of approximately 120 tenants for $508.0 million.Tightened guidance for 2026 earnings per diluted share to $4.23 to $4.27.Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per diluted share to $7.54 to $7.58, representing over 7% Core FFO growth at the midpoint year-over-year."This was a really powerful quarter from a company that uses all the tools in its toolbox to make its portfolio more and more valuable," said Donald C. Wood, President and Chief Executive Officer of Federal Realty. "On the operating side, we delivered strong leasing with materially higher new rents, higher leased occupancy and healthy cash POI growth. On the capital allocation side, we stayed disciplined: share repurchases, incremental development on our existing land and an irreplaceable acquisition," Mr. Wood continued. "The established skill sets of our team and the strength of our balance sheet were on full display this quarter."

Financial Results

Net Income

For the third quarter of 2026, net income available for common shareholders was $64.2 million and earnings per diluted share was $0.74 versus $59.6 million and $0.69, respectively, for the third quarter of 2025.

FFO

Nareit FFO and Core FFO were each $163.0 million, or $1.87 per diluted share, for the third quarter of 2026, compared to $153.0 million, or $1.77 per diluted share, in the third quarter of 2025, a 5.6% per share increase.

Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the company's ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and a full definition of Core FFO.

Operational Update

Occupancy

The following operational metrics for the commercial portfolio are as of September 30, 2026:

Overall portfolio occupancy was 93.8%, flat sequentially and year-over-year.Overall portfolio leased rate was 96.5%, up 40 basis points sequentially and up 110 basis points year-over-year.Small shop leased rate was 94.1%, up 20 basis points sequentially and up 80 basis points year-over-year.The residential leased rate for comparable properties was 95.7% as of September 30, 2026.

Leasing Activity

During the third quarter of 2026, Federal Realty signed 123 leases totaling 589,726 square feet of retail space. On a comparable space basis, the company signed 117 leases for 532,220 square feet at an average rent of $40.01 per square foot, compared to $35.07 under prior leases, representing a 14% increase on a cash basis and a 25% increase on a straight-line basis.

On a trailing twelve-month basis, Federal Realty signed 447 comparable leases totaling 2,601,255 square feet, representing 14% rent spreads on a cash basis and 25% on a straight-line basis.

Transaction Activity

On October 1, 2026, the company acquired The Summit, Alabama's premier retail destination, an approximately 870,000-square-foot open-air property in Birmingham, AL, for $508.0 million.Acquired from the original developer, The Summit is a 100-acre property developed over more than 30 years. It is the most-visited retail destination in Alabama, drawing nearly 9 million visits annually from a trade area reaching 100 miles in every direction, according to Placer.ai.The tenant roster includes Apple, Trader Joe's, RH, Nordstrom Rack, ALO, Sephora and North Italia, many of which operate their only Alabama location at the property. Recent commitments from Aritzia, Reformation and LoveShackFancy reinforce The Summit's position as the entry point for retailers expanding into Alabama.Additional information is available in the Investors section of www.federalrealty.com, including the company's October 1, 2026 press release and a detailed acquisition overview.** The contents of Federal Realty's website are not included in or incorporated by reference into this press release.

Financing Activity

On August 11, 2026, the company issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031, with net proceeds of approximately $451 million.The notes are initially exchangeable into common shares at approximately $138.54 per share.To offset potential share dilution from an exchange, the company used $21.7 million of the proceeds to purchase capped calls, which provide protection up to a share price of approximately $165.07, a 40% premium to the August 6, 2026 closing price.See the company's Form 8-K filed on August 11, 2026 for more detail.During the third quarter ended September 30, 2026, and year-to-date through October 9, 2026, the company repurchased and retired a total of 869,748 common shares for $94.7 million, at a weighted average purchase price per share of $108.82.Regular Quarterly Dividends

Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.16 per common share, resulting in an indicated annual rate of $4.64 per common share. The regular common dividend will be payable on January 15, 2027 to common shareholders of record as of January 4, 2027.

Federal Realty's Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on January 15, 2027 to shareholders of record as of January 4, 2027.

2026 Guidance

Federal Realty has tightened its 2026 earnings per diluted share guidance, and raised and tightened its Nareit FFO and Core FFO guidance, as summarized in the table below:

Full Year 2026 Guidance

Revised Guidance

Prior Guidance

Net income available for common shareholders per diluted share

$4.23 to $4.27

$4.22 to $4.30

Nareit FFO per diluted share

$7.54 to $7.58

$7.48 to $7.56

Core FFO per diluted share

$7.54 to $7.58

$7.48 to $7.56

Comparable Property POI Growth

3.375% to 3.625%

3.25% to 3.75%

Adjusted Comparable Property POI Growth

4.375% to 4.625%

4.00% to 4.50%

% Core FFO growth over the prior year

6.8% - 7.4%

5.9% - 7.1%

Conference Call Information

Federal Realty's management team will present an in-depth discussion of Federal Realty's operating performance on its third quarter 2026 earnings conference call, which is scheduled for Friday, October 30, 2026 at 9:00 AM ET. To participate, please call 833-821-4548 or 412-652-1258 prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty's website at www.federalrealty.com. A telephonic replay of the conference call will also be available through November 13, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10211075.

About Federal Realty

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose, and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 102 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.

Federal Realty has increased its quarterly dividends to its shareholders for 59 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.

Safe Harbor Language

Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026 and include the following:

risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; andrisks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2026 and subsequent quarterly reports on Form 10-Q.

Investor Inquiries:

Jill Sawyer

Senior Vice President, Investor Relations

301.998.8265

[email protected]

Media Inquiries:

Brenda Pomar

Senior Director, Corporate Communications

301.998.8316

[email protected]

Federal Realty Investment Trust
Consolidated Balance Sheets
September 30, 2026

September 30,

December 31,

2026

2025

(in thousands, except share and per
share data)

(unaudited)

ASSETS

Real estate, at cost

Operating (including $2,132,453 and $1,832,190 of consolidated variable interest entities, respectively)

$11,369,346

$11,265,167

Construction-in-progress (including $47,661 and $28,418 of consolidated variable interest entities, respectively)

382,154

374,735

11,751,500

11,639,902

Less accumulated depreciation and amortization (including $519,866 and $468,725 of consolidated variable interest entities, respectively)

(3,521,614)

(3,351,881)

Net real estate

8,229,886

8,288,021

Cash and cash equivalents

109,728

107,415

Accounts and notes receivable, net

269,791

249,755

Mortgage notes receivable, net

—

9,091

Investment in partnerships

32,370

31,881

Operating lease right of use assets, net

81,049

83,120

Finance lease right of use assets, net

6,246

6,410

Prepaid expenses and other assets

367,962

354,767

TOTAL ASSETS

$        9,097,032

$        9,130,460

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Mortgages payable, net (including $169,228 and $194,176 of consolidated variable interest entities, respectively)

$           496,694

$           521,759

Notes payable, net

997,121

1,057,331

Senior notes and debentures, net

3,389,769

3,364,010

Accounts payable and accrued expenses

248,407

219,678

Dividends payable

102,492

99,792

Security deposits payable

33,552

31,548

Operating lease liabilities

70,396

72,304

Finance lease liabilities

12,999

12,903

Other liabilities and deferred credits

237,859

250,494

Total liabilities

5,589,289

5,629,819

Commitments and contingencies

Redeemable noncontrolling interests

188,478

181,655

Shareholders' equity

Preferred shares, authorized 15,000,000 shares, $0.01 par:

5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding

150,000

150,000

5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding

9,822

9,822

Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 86,296,537 and 86,266,009 shares issued and outstanding, respectively

870

869

Additional paid-in capital

4,292,652

4,310,365

Accumulated dividends in excess of net income

(1,215,383)

(1,224,372)

Accumulated other comprehensive income

13,354

2,047

Total shareholders' equity of the Trust

3,251,315

3,248,731

Noncontrolling interests

67,950

70,255

Total shareholders' equity

3,319,265

3,318,986

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$        9,097,032

$        9,130,460

Federal Realty Investment Trust
Consolidated Income Statements
September 30, 2026

Three Months Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

(in thousands, except per share data)

(unaudited)

REVENUE

Rental income

$       329,644

$       313,183

$       988,198

$       917,954

Other property income

9,352

8,789

27,039

24,143

Mortgage interest income

28

281

577

833

Total revenue

339,024

322,253

1,015,814

942,930

EXPENSES

Rental expenses

69,317

67,481

208,505

196,894

Real estate taxes

39,811

38,178

117,859

111,426

General and administrative

13,254

11,649

38,649

34,449

Depreciation and amortization

100,260

94,277

300,100

270,464

Total operating expenses

222,642

211,585

665,113

613,233

Gain on sale of real estate

473

—

113,801

77,672

New market tax credit transaction income

—

—

—

14,176

OPERATING INCOME

116,855

110,668

464,502

421,545

OTHER INCOME/(EXPENSE)

Other interest income

1,069

845

2,672

2,493

Interest expense

(49,740)

(47,619)

(148,864)

(134,692)

Income from partnerships

801

605

298

1,687

NET INCOME

68,985

64,499

318,608

291,033

Net income attributable to noncontrolling interests

(2,816)

(2,850)

(7,638)

(9,700)

NET INCOME ATTRIBUTABLE TO THE TRUST

66,169

61,649

310,970

281,333

Dividends on preferred shares

(2,008)

(2,008)

(6,024)

(6,024)

NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS

$         64,161

$         59,641

$       304,946

$       275,309

EARNINGS PER COMMON SHARE, BASIC

Net income available for common shareholders

$              0.74

$              0.69

$              3.52

$              3.20

Weighted average number of common shares

86,558

85,978

86,262

85,808

EARNINGS PER COMMON SHARE, DILUTED

Net income available for common shareholders

$              0.74

$              0.69

$              3.52

$              3.20

Weighted average number of common shares

86,558

85,978

86,789

85,808

Federal Realty Investment Trust
Funds From Operations
September 30, 2026

Three Months Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

(in thousands, except per share data)

Nareit Funds from Operations available for common shareholders (Nareit FFO)

Net income

$         68,985

$         64,499

$       318,608

$       291,033

Net income attributable to noncontrolling interests

(2,816)

(2,850)

(7,638)

(9,700)

Gain on sale of real estate

(473)

—

(113,801)

(77,672)

Depreciation and amortization of real estate assets

86,499

81,155

257,808

236,251

Amortization of initial direct costs of leases

12,628

12,029

38,888

30,464

Funds from operations

164,823

154,833

493,865

470,376

Dividends on preferred shares

(1,875)

(1,875)

(5,625)

(5,625)

Income attributable to downREIT operating partnership units

610

596

1,801

1,868

Income attributable to unvested shares

(563)

(509)

(1,698)

(1,558)

Nareit FFO

$       162,995

$       153,045

$       488,343

$       465,061

Weighted average number of common shares, diluted

87,178

86,599

86,883

86,463

Nareit FFO per diluted share

$              1.87

$              1.77

$              5.62

$              5.38

Core Funds from Operations (Core FFO) (1)

Nareit FFO

$       162,995

$       153,045

$       488,343

$       465,061

Adjustments:

New market tax credit transaction income, net

—

—

—

(13,004)

Collection of prior period rents deferred during COVID

—

(73)

—

(209)

Core FFO

$       162,995

$       152,972

$       488,343

$       451,848

Core FFO per diluted share

$              1.87

$              1.77

$              5.62

$              5.23

Reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:

Full Year 2026 Guidance Range

Low

High

Estimated net income available for common shareholders per diluted share

$                       4.23

$                       4.27

Adjustments:

Estimated gain on sale of real estate

(1.31)

(1.31)

Estimated depreciation and amortization

4.62

4.62

Estimated Nareit FFO and Core FFO per diluted share

$                       7.54

$                       7.58

See Glossary of Terms. Individual items may not add up to total due to rounding.

Federal Realty Investment Trust
Comparable Property Information
September 30, 2026

The following information is being provided for "Comparable Properties." Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q3 include: Bala Cynwyd on City Avenue residential - Blayr, Friendship Center, Grossmont Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q3 2025 to Q3 2026. Comparable Property property operating income ("Comparable Property POI") and Adjusted Comparable Property POI are non-GAAP measures used by management in evaluating the operating performance of our properties period over period. Adjusted Comparable Property POI excludes the impact of straight-line rents and amortization of in-place leases from Comparable Property POI.

Reconciliation of GAAP operating income to Comparable Property POI and Adjusted Comparable Property POI

Three Months Ended

September 30,

2026

2025

(in thousands)

Operating income

$            116,855

$            110,668

Add:

Depreciation and amortization

100,260

94,277

General and administrative

13,254

11,649

Gain on sale of real estate

(473)

—

Property operating income (POI)

229,896

216,594

Less: Non-comparable POI - acquisitions/dispositions

(9,272)

(4,991)

Less: Non-comparable POI - redevelopment, development & other

(9,841)

(5,993)

Comparable Property POI

$            210,783

$            205,610

Less: Straight-line rents

(3,343)

(5,828)

Less: Amortization of in-place leases

(2,783)

(3,011)

Adjusted Comparable Property POI

$            204,657

$            196,771

Glossary of Terms

Nareit-defined Funds From Operations (Nareit FFO): Nareit FFO is a supplemental measure of real estate companies' operating performance. Nareit defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. Nareit developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, Nareit FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider Nareit FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of Nareit FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.

Core Funds From Operations (Core FFO): Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company's ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company's underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.

SOURCE Federal Realty Investment Trust

On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Globe Life (GL +1.31%) announced net operating income of $379 million while raising its excess cash flow outlook for 2027. Steady cash generation from underlying policy reserves supports shareholder returns through buybacks and dividends. Managing field agent productivity and pricing discipline across health insurance lines remains essential for multiyear profit growth.

Three things management said stand out.

1. Agency Compensation Adjustments Are Stabilizing Agent CountsAt American Income Life, the company's exclusive agency division that sells life insurance, higher agent productivity offset a decline in sales representatives during the quarter. Management introduced incentive structure changes to boost recruiting and retain experienced field agents across its sales networks.

On our last call, we discussed some compensation adjustments that were implemented at the beginning of the second quarter. These adjustments have helped improve agent productivity and stabilize agent count as the agent count has been relatively flat over the past couple of quarters.
-- James Matthew Darden, Co-Chief Executive OfficerGlobe Life targets returning roughly 70% of full-year net operating income, a measure of core profitability excluding net realized investment gains or losses, to shareholders through dividends and stock repurchases. Transferring policy liabilities to Globe Life Re, its Bermuda reinsurance subsidiary, provides additional cash flow flexibility.

Our first priority is to ensure adequate capital is maintained at our insurance subsidiaries. Once met, we currently believe share repurchases provide the best return or yield to our shareholders over other available alternatives.
-- Thomas Peter Kalmbach, Chief Financial Officer3. Pricing Adjustments Aim to Counter Short-Term Health Claims VolatilityUnderwriting margins in the United American General Agency division, a health insurance segment, faced temporary pressure from a government claims processing delay and severe claims at Evri, a start-up group health business. Management plans to increase renewal rates and adjust underwriting parameters to restore segment profitability.

And the nice thing I like about this business is that we can reprice Evri year upon renewal for experience that we are seeing and we anticipate, as well as if we need to, we can non-renew a group.
-- James Matthew Darden, Co-Chief Executive OfficerLooking AheadHigh-quality bond holdings protect balance sheet stability during broader market fluctuations. The fixed-income portfolio keeps low exposure to high-risk assets, while management watches pricing discipline and agent recruitment trends.

We are well positioned to withstand an economic downturn should 1 occur due to holding historically low percentages of invested assets in BBB and below investment grade bonds.
-- Frank Martin Svoboda, Co-Chief Executive OfficerLong-dated policy liabilities give the business reliable cash flows to fund dividend distributions and share buyback programs. Management expects agency distribution expansion and product repricing to reaccelerate sales growth momentum.

For the full year 2027, we expect mid- to high-single-digit sales growth. And I am confident that we will increase sales growth for this division as the fundamental conditions for agency growth remain in place.
-- James Matthew Darden, Co-Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Ripple recently announced that it expects its annualized product revenue run rate to reach $900 million by the end of 2026. 

CEO Brad Garlinghouse shared the figure at the company’s Swell 2026 conference in New York City, describing 2026 as an exceptional year for Ripple. 

He highlighted rising transaction volumes and the range of products the company offers institutional customers as major factors behind its progress. 

The conference, held from Oct. 27 to 29 in New York, attracted more than 1,500 attendees and over 75 speakers from traditional finance, cryptocurrency, academia, and the wider XRP ecosystem.

The $900 million figure does not represent the total revenue Ripple has earned so far in 2026, but the annualized run rate, which projects the company’s current revenue pace over a 12-month period. 

Ripple uses this measure to show how much its product business has grown. However, its actual revenue for the full year will depend on customer activity, market conditions, and demand for its products.

Ripple Sees Growth Across Multiple Products
Ripple attributed its revenue growth to increased activity across several business areas, including payments, custody, its RLUSD stablecoin, prime brokerage, and treasury management. 

The company also reported that the number of customers and partners using more than one Ripple product at the same time tripled in 2026. This suggests that customers are using more of Ripple’s services instead of relying on a single product. 

Ripple expects the total transaction volume processed through its payments network to approach $150 billion by the end of 2026. 

Notably, Ripple holds more than 85 regulatory licenses across international markets and serves over 1,700 financial institutions and enterprises worldwide. According to the company, its growth comes from improvements to its existing products and the integration of acquisitions it completed in 2025.

RLUSD Market Cap Climbs to $2.6 Billion
RLUSD has become an important part of Ripple’s business, reaching a market cap of $2.6 billion when the company announced its revenue outlook at Swell 2026. This represents more than 88% growth since the start of the year. 

Ripple launched the dollar-backed stablecoin in December 2024 after receiving regulatory approval from the NYDFS. Since then, RLUSD has expanded across several blockchain networks and gained a dominant share of stablecoin activity on the XRP Ledger.

Cross River Bank announced a partnership to integrate RLUSD into its core platform solutions on the XRP Ledger. Ripple also expanded its partnership with the Bank of New York Mellon on tokenized trade finance built on the same network. 

XRP Struggles Despite Ripple’s Expansion 
Meanwhile, on Oct. 26, the U.S. Office of the Comptroller of the Currency granted Ripple final approval to establish Ripple National Trust Bank. 

The approval gives the company federal-level supervisory standing under the OCC and adds to its existing trust license from the New York Department of Financial Services. 

Despite Ripple’s business growth, XRP has declined nearly 30% year-to-date, leaving its market cap near $83 billion. 

Holding XRP does not give investors direct ownership of Ripple or a share of its product revenue. As a result, the company’s financial performance does not automatically translate into earnings for XRP holders.

However, Ripple’s growth may affect the token indirectly by increasing activity on the network and influencing investor demand.

Hyperliquid Fees Hit 30-Day High as Perpetuals Volume Doubles

Bitcoin ETFs See $30.47M Inflow, Ethereum ETFs Experience $62.28M Outflow

Oct 30 Update:
#Bitcoin ETFs:
1D NetFlow: +395 $BTC(+$30.47M)??
7D NetFlow: +3,503 $BTC(+$270.52M)??
#Ethereum ETFs:
1D NetFlow: -27,947 $ETH(-$62.28M)??
7D NetFlow: -109,709 $ETH(-$244.49M)??

8 minutes ago

PancakeSwap: Unaffected by Binance Security Incident, Contracts and Services Operating Normally

PancakeSwap released a statement noting it was not impacted by today’s Binance security incident, with its contracts and services operating normally. The protocol’s team is closely monitoring the situation. PancakeSwap also stated its support for Binance’s team and all parties involved in responding to the incident, and thanked ecosystem participants for their efforts to support affected users and protect the community.

8 minutes ago

Binance Hacker Accidentally Sends $3.32M in Altcoins to $NEWT Contract, Funds Lost

The Binance hacker sent ~$3.32M worth of altcoins to the $NEWT token contract address by mistake.
The funds are now unrecoverable.

8 minutes ago

A newly created wallet withdrew 68,773 SOL from a centralized exchange (CEX), valued at approximately $6.65 million.

According to Lookonchain's monitoring, a newly created wallet (2VXozU) withdrew 68,773 SOL tokens from Kraken, Bybit, and OKX, valued at approximately $6.65 million.

8 minutes ago

Binance attacker suspected of mistakenly transferring $3.5 million worth of tokens to NEWT contract address, assets have been permanently locked

The Newton Foundation announced in a post that the attacker behind the Binance hack incident apparently made an accidental error earlier today, transferring approximately 8 million NEWT tokens and 17 other tokens directly to the NEWT token contract address. The combined value of these tokens at current prices is around $3.5 million, including tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.
The foundation emphasized that the NEWT token contract itself was not hacked. Inspections confirm the contract is immutable, has no owner or administrator, all management permissions were abandoned on-chain in 2025, and its upgrade function is permanently disabled. As a result, no party, including the foundation, can retrieve tokens directly transferred to the contract.
The foundation added that these tokens are now permanently locked, out of the attacker’s control, and cannot be sold on the market anymore. The relevant investigation findings have been shared with Binance, and the foundation will continue to provide assistance.

8 minutes ago

Keystone suspends all shipments, quarantines affected devices, and shortens the logistics data retention period to 90 days.

Crypto hardware wallet manufacturer Keystone announced in a post that it has shortened its logistics data retention period from 180 days to 90 days, effective immediately. After users receive their goods, they can also contact the support team to request early deletion of relevant data, and the team will process the request promptly. Keystone has suspended all shipments and begun isolating affected devices in all partner warehouses, including Amazon warehouses. The company stated it has sent emails to all affected users and is improving the security of the affected user inquiry page based on feedback. Keystone reminds users that relevant incident emails are only sent from [email protected], and users should verify the sender address. The company will never request mnemonic phrases via email, direct message, or phone; if users receive messages urging immediate action, they should pause operations and confirm with the official first. Keystone will announce its follow-up arrangements in the coming days.

8 minutes ago

Bitcoin ETFs See $30.47M Inflow, Ethereum ETFs Experience $62.28M Outflow

Oct 30 Update:
#Bitcoin ETFs:
1D NetFlow: +395 $BTC(+$30.47M)??
7D NetFlow: +3,503 $BTC(+$270.52M)??
#Ethereum ETFs:
1D NetFlow: -27,947 $ETH(-$62.28M)??
7D NetFlow: -109,709 $ETH(-$244.49M)??

8 minutes ago

PancakeSwap: Unaffected by Binance Security Incident, Contracts and Services Operating Normally

PancakeSwap released a statement noting it was not impacted by today’s Binance security incident, with its contracts and services operating normally. The protocol’s team is closely monitoring the situation. PancakeSwap also stated its support for Binance’s team and all parties involved in responding to the incident, and thanked ecosystem participants for their efforts to support affected users and protect the community.

8 minutes ago

Binance Hacker Accidentally Sends $3.32M in Altcoins to $NEWT Contract, Funds Lost

The Binance hacker sent ~$3.32M worth of altcoins to the $NEWT token contract address by mistake.
The funds are now unrecoverable.

8 minutes ago

A newly created wallet withdrew 68,773 SOL from a centralized exchange (CEX), valued at approximately $6.65 million.

According to Lookonchain's monitoring, a newly created wallet (2VXozU) withdrew 68,773 SOL tokens from Kraken, Bybit, and OKX, valued at approximately $6.65 million.

8 minutes ago

Binance attacker suspected of mistakenly transferring $3.5 million worth of tokens to NEWT contract address, assets have been permanently locked

The Newton Foundation announced in a post that the attacker behind the Binance hack incident apparently made an accidental error earlier today, transferring approximately 8 million NEWT tokens and 17 other tokens directly to the NEWT token contract address. The combined value of these tokens at current prices is around $3.5 million, including tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.
The foundation emphasized that the NEWT token contract itself was not hacked. Inspections confirm the contract is immutable, has no owner or administrator, all management permissions were abandoned on-chain in 2025, and its upgrade function is permanently disabled. As a result, no party, including the foundation, can retrieve tokens directly transferred to the contract.
The foundation added that these tokens are now permanently locked, out of the attacker’s control, and cannot be sold on the market anymore. The relevant investigation findings have been shared with Binance, and the foundation will continue to provide assistance.

8 minutes ago

Keystone suspends all shipments, quarantines affected devices, and shortens the logistics data retention period to 90 days.

Crypto hardware wallet manufacturer Keystone announced in a post that it has shortened its logistics data retention period from 180 days to 90 days, effective immediately. After users receive their goods, they can also contact the support team to request early deletion of relevant data, and the team will process the request promptly. Keystone has suspended all shipments and begun isolating affected devices in all partner warehouses, including Amazon warehouses. The company stated it has sent emails to all affected users and is improving the security of the affected user inquiry page based on feedback. Keystone reminds users that relevant incident emails are only sent from [email protected], and users should verify the sender address. The company will never request mnemonic phrases via email, direct message, or phone; if users receive messages urging immediate action, they should pause operations and confirm with the official first. Keystone will announce its follow-up arrangements in the coming days.

8 minutes ago

Hyperliquid (HYPE) experienced a dramatic increase in trading activity, with overall volume soaring more than 680% across leading cryptocurrency exchanges. This surge in volume coincided with a swift price rebound, pushing HYPE’s value above $91 and drawing renewed interest from market participants.

Price action and volume dynamicsCoinGlass data indicates that HYPE is currently trading near $91.41, reflecting a gain of 15.22% in the past 24 hours. Futures trading volume has reached $13.47 billion, while spot trading volume stands at approximately $1 billion. Binance was the most active exchange for HYPE, recording $3.89 billion in daily volume, an increase of 789.13%. Hyperliquid’s native exchange followed with $3.06 billion in trading volume after a 738.72% rise.

Open interest has climbed to $4.02 billion, suggesting significant participation in the derivatives markets. This heightened activity points to robust trading but could also elevate the risk of rapid liquidations if the price shifts unexpectedly.

Despite rising trading volume and an uptick in price, derivatives flows highlight market risks. Liquidations over the last 24 hours totaled $32.57 million, while net futures outflows amounted to $50.28 million in the same period, based on CoinGlass data.

Technical outlook and key resistance levelsOn the daily TradingView chart, HYPE has recovered sharply from recent lows near $75. The price has regained several important moving averages, underlining the strength of its current rally. The most recent bullish candle was accompanied by a notable spike in volume, indicating growing market interest.

The Relative Strength Index (RSI) has risen toward 65, indicating stronger bullish momentum but remaining below typical overbought readings. Immediate resistance for HYPE is clustered between $94 and $98, where the price has encountered selling pressure in the past. A sustained breakout above this area could position HYPE to test the psychologically significant $100 level. On the downside, if momentum fades, support levels are found at $85 and more firmly at $80.

In light of the substantial volatility and shifting momentum in HYPE, crypto traders are seeking tools that provide high-frequency monitoring and rapid insights. CryptoAppsy‘s real-time charts and smart price alerts offer a streamlined way to track sudden price movements and volume spikes in assets like HYPE, enabling users to respond efficiently to changing technical setups.

Although the market outlook for HYPE is supported by stronger volume and technical signals, data from derivatives markets underscores the need for caution as liquidation events remain a persistent risk.

The $94–98 resistance zone stands out as the critical area in the near term. A confirmed move through this range may define HYPE’s next significant directional shift.

Gilead Sciences, Inc. (NASDAQ:GILD) reported better-than-expected earnings for the third quarter on Thursday.

The company posted quarterly earnings of $2.55 per share which beat the analyst consensus estimate of $2.19 per share. The company reported quarterly sales of $8.300 billion which beat the analyst consensus estimate of $7.809 billion.

Gilead Sciences cut its FY2026 adjusted EPS guidance from $(0.65)-$(0.30) to $(1.20)-$(0.85), while increasing sales guidance from $30.100 billion-$30.400 billion to $31.000 billion-$31.300 billion.

“Gilead delivered an exceptional third quarter, with our strongest year-over-year base business growth in more than a decade, reflecting the strength, breadth and durability of our business,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “Our performance enabled us to raise our full year base business revenue guidance again this quarter, bringing the total increase to $1.6 billion since the start of 2026. Our HIV business grew 18% and HIV prevention sales nearly doubled year-over-year. With multiple ongoing and potential launches across HIV and Oncology, important progress in Inflammation and a disciplined operating model, Gilead is well positioned for business growth and impact for patients.”

Gilead shares rose 4.1% to $172.35 in pre-market trading

These analysts made changes to their price targets on Gilead following earnings announcement.

Needham analyst Joseph Stringer maintained the stock with a Buy and raised the price target from $170 to $200. Cantor Fitzgerald analyst Carter Gould maintained the stock with an Overweight rating and boosted the price target from $155 to $175. Considering buying GILD stock? Here’s what analysts think:

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Some dividends get taxed twice before they reach your pocket, and the IRS takes its cut whether the market is up or down. Four high-yield stocks exist where the right account type legally eliminates that drag entirely.

Most dividends are taxed annually in a regular brokerage account, and some are taxed at higher rates than others. REIT payouts are generally taxed as ordinary income, and Canadian dividends lose a 15% withholding cut before they reach U.S. investors. A Roth IRA solves both problems. Under federal law, “any qualified distribution from a Roth IRA shall not be includible in gross income” (26 U.S.C. § 408A(d)(1)). The four high-yield payers below gain the most when the IRS can’t take a cut of the compounding.

Altria
Altria (NYSE:MO | MO Price Prediction) pays an annualized forward dividend of $4.44 per share. For $74.33, that works out to a yield of about 5.97%. The most recent raise lifted the quarterly payout to $1.11 from $1.06, declared on August 27, 2026.

Dividend safety: Full-year 2026 adjusted EPS guidance of $5.61 to $5.72 comfortably covers the $4.44 annual payout. Debt-to-EBITDA was 1.9x at June 30, below the company’s target of approximately 2x. Altria’s CFO said that “historically, after we have the dividend, we have about $1 billion excess in cash.” Shareholders’ equity is negative at −$2.618 billion, driven by years of buybacks rather than operating weakness. The quarterly payout has climbed from $0.61 in 2016 to $1.11 today.

Bull case: Marlboro still has pricing power. In the second quarter, price realization on smokeable products reached 4.5%, and Marlboro’s share of the premium segment held at 59.6%. The stock is up 35.13% year-to-date. Altria’s dividends are qualified, so the Roth advantage compounds: every reinvested payout grows without a tax bill along the way.

Risk: Domestic cigarette volumes fell an estimated 4.5% in Q2 after adjusting for trade inventory. NJOY ACE will not return to market in 2026, and Q2 adjusted EPS of $1.48 missed the $1.50 estimate.

Realty Income
Realty Income (NYSE:O) yields 5.43%. It pays $0.2715 a month, for an annualized forward payout of $3.258.

Dividend safety: Realty Income raised its 2026 AFFO per share guidance to $4.44 to $4.45, comfortably topping the annual dividend. (AFFO is the cash-earnings measure REITs use to fund their payouts.) Occupancy stands at 98.8%, and re-leased properties brought in 102.7% of their prior rent. The REIT has A3, A−, and A ratings from Moody’s, S&P, and Fitch. It is a member of the S&P 500 Dividend Aristocrats, with over 31 consecutive years of increases and 673 consecutive monthly dividends. Q2 marked its 115th consecutive quarterly dividend increase.

Bull case: Investment volume guidance rose to $10.0 billion. Q2 deals carried a 7.3% initial cash yield, and a $6 billion hyperscale data center joint venture adds a new source of growth. Realty Income is the strongest Roth candidate on this list because its distributions are nonqualified ordinary income. In a taxable account, you pay tax at your full marginal rate. Inside a Roth, they compound untaxed.

Risk: 65.7% of annualized base rent comes from tenants without investment-grade ratings, with net leverage at 5.4x adjusted EBITDA. The shares are down 0.34% over the past year, a reminder of how sensitive REITs are to interest rates.

Verizon
The only ultra-high-yield name here is Verizon Communications (NYSE:VZ). Its $2.83 annualized payout yields about 6.34% at $44.63.

Dividend safety: Adjusted EPS guidance of $4.99 to $5.04 covers the dividend with plenty of room. Free cash flow is projected at $21.94B to $22.14B for the year. In the first half, free cash flow of $10.2 billion covered $5.9 billion in dividends. Net unsecured leverage stands at 2.5x adjusted EBITDA, and Verizon paid off substantially all of Frontier’s debt 6 months ahead of schedule. Its dividend history shows a higher quarterly payout each year from 2011 through 2026, most recently raising it to $0.7075 from $0.69.

Bull case: Reduced spending on device subsidies is paying off. Adjusted EBITDA margin expanded to 40.1% from 37.1%, and Verizon added 184K postpaid phone customers. CEO Dan Schulman said, “We are growing our dividend, and we are paying down our debt.” AI infrastructure revenue is expected to start contributing in 2027.

Risk: Wireless ARPA, the average revenue per account, fell 1.4% year over year. Total unsecured debt stands at $136.5B, and total revenue slipped 0.7%.

Enbridge
Enbridge (NYSE:ENB) pays a quarterly dividend of C$0.97. Based on its U.S.-listed annualized payout of $2.784 and a price of $48.14, the yield is roughly 5.78%.

Dividend safety: Guidance for distributable cash flow (DCF) per share is C$5.70 to C$6.10, well ahead of the quarterly payout. Q2 adjusted EBITDA rose to $4.78B, and the secured backlog totals C$41B. CEO Greg Ebel pointed to “31 consecutive years of dividend increases.”

Roth angle: Canada’s tax agency states that individual retirement accounts (IRAs) are also exempt under Paragraph 2 of Article XXI of the Canada-U.S. tax treaty. That treaty article covers dividends paid to accounts that provide retirement benefits. In practice, the full Canadian payout can land in a Roth without the usual 15% cut. Confirm that your broker applies the exemption.

Bull case: After 2026, EBITDA, DCF per share, and EPS are expected to grow about 5% annually, supported by demand for LNG exports, utilities, and data centers.

Risk: Debt-to-EBITDA of 5.1x sits above the 4.5x to 5x target range. Exchange rates also move the US-dollar payout: it went from $0.712 in February to $0.696 in August.

Four Payers Built for Tax-Free Compounding
Each of these four companies covers its dividend with earnings or cash flow and has a history of increases. The tax benefits differ. Realty Income’s ordinary-income payouts and Enbridge’s Canadian withholding cost the most in a taxable account. Verizon and Altria offer the highest yields in this group, so you can put them to work compounding tax-free. The broader idea, building an income stream you never have to sell shares to fund, is the subject of a free dividend ladder guide we put together here. Keep an eye on Verizon’s leverage and Altria’s cigarette volumes heading into the next earnings reports.

Contact [email protected] for any questions or corrections.

Reports Third-Quarter Diluted EPS of $2.37 on a GAAP Basis, an Increase of Over 100.0 Percent; Adjusted Diluted EPS of $3.82, an Increase of Over 100.0 Percent; These Results Include an Unfavorable Impact of $0.11 Per Share Related to Acquired IPR&D and Milestones Expense
  Delivers Third-Quarter Net Revenues of $17.404 Billion, an Increase of 10.3 Percent on a Reported Basis or 10.5 Percent on an Operational BasisThird-Quarter Global Net Revenues from the Immunology Portfolio Were $9.165 Billion, an Increase of 16.3 Percent on a Reported Basis, or 16.6 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $5.776 Billion; Global Rinvoq Net Revenues Were $2.706 Billion; Global Humira Net Revenues Were $683 MillionThird-Quarter Global Net Revenues from the Neuroscience Portfolio Were $3.389 Billion, an Increase of 19.4 Percent on a Reported Basis, or 19.5 Percent on an Operational Basis; Global Vraylar Net Revenues Were $1.068 Billion; Global Botox Therapeutic Net Revenues Were $1.080 Billion; Combined Global Ubrelvy and Qulipta Net Revenues Were $847 Million; Global Vyalev Net Revenues Were $286 MillionThird-Quarter Global Net Revenues from the Oncology Portfolio Were $1.696 Billion, an Increase of 0.8 Percent on a Reported Basis, or 0.9 Percent on an Operational Basis; Global Venclexta Net Revenues Were $803 Million; Global Imbruvica Net Revenues Were $522 Million; Global Elahere Net Revenues Were $224 MillionThird-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.176 Billion, a Decrease of 1.4 Percent on a Reported Basis, or 1.8 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $669 Million; Global Juvederm Net Revenues Were $222 MillionSuccessfully Completed Acquisition of Apogee Therapeutics, Deepening AbbVie's Robust Immunology PipelineRaises 2026 Adjusted Diluted EPS Guidance Range from $13.76 - $13.96 to $13.95 - $13.99, which Includes an Unfavorable Impact of $0.69 Per Share Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date Through the Third Quarter 2026  Announces 2027 Dividend Increase of 5.2 Percent, Beginning with Dividend Payable in February 2027, /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the third quarter ended September 30, 2026.

"AbbVie continues to deliver outstanding results, reflecting solid execution across our diverse portfolio," said Robert A. Michael, chairman and chief executive officer, AbbVie. "We also enhanced our long-term growth potential by securing key regulatory approvals, generating differentiated clinical data and completing the acquisition of Apogee Therapeutics. Given our strong outlook and significant momentum, we are once again increasing AbbVie's full-year guidance and raising our quarterly dividend."

Third-Quarter Results

Worldwide net revenues were $17.404 billion, an increase of 10.3 percent on a reported basis, or 10.5 percent on an operational basis.Global net revenues from the immunology portfolio were $9.165 billion, an increase of 16.3 percent on a reported basis, or 16.6 percent on an operational basis.Global Skyrizi net revenues were $5.776 billion, an increase of 22.7 percent on a reported basis, or 22.9 percent on an operational basis.Global Rinvoq net revenues were $2.706 billion, an increase of 23.9 percent on a reported basis, or 24.3 percent on an operational basis.Global Humira net revenues were $683 million, a decrease of 31.2 percent on a reported basis, or 30.6 percent on an operational basis.Global net revenues from the neuroscience portfolio were $3.389 billion, an increase of 19.4 percent on a reported basis, or 19.5 percent on an operational basis.Global Vraylar net revenues were $1.068 billion, an increase of 14.3 percent.Global Botox Therapeutic net revenues were $1.080 billion, an increase of 9.8 percent.Global Ubrelvy net revenues were $449 million, an increase of 26.9 percent.Global Qulipta net revenues were $398 million, an increase of 38.2 percent on a reported basis, or 38.5 percent on an operational basis.Global Vyalev net revenues were $286 million.Global net revenues from the oncology portfolio were $1.696 billion, an increase of 0.8 percent on a reported basis, or 0.9 percent on an operational basis.Global Venclexta net revenues were $803 million, an increase of 10.7 percent.Global Imbruvica net revenues were $522 million, a decrease of 26.1 percent. Global Elahere net revenues were $224 million, an increase of 31.0 percent on a reported basis, or 31.2 percent on an operational basis.Global net revenues from the aesthetics portfolio were $1.176 billion, a decrease of 1.4 percent on a reported basis, or 1.8 percent on an operational basis.Global Botox Cosmetic net revenues were $669 million, an increase of 4.9 percent on a reported basis, or 4.1 percent on an operational basis.Global Juvederm net revenues were $222 million, a decrease of 11.9 percent on a reported basis, or 11.8 percent on an operational basis.On a GAAP basis, the gross margin ratio in the third quarter was 75.4 percent. The adjusted gross margin ratio was 85.1 percent.On a GAAP basis, selling, general and administrative (SG&A) expense was 23.5 percent of net revenues. The adjusted SG&A expense was 21.2 percent of net revenues.On a GAAP basis, research and development (R&D) expense was 14.7 percent of net revenues. The adjusted R&D expense was 13.9 percent of net revenues.Acquired IPR&D and milestones expense was 1.2 percent of net revenues.On a GAAP basis, the operating margin ratio in the third quarter was 36.0 percent. The adjusted operating margin ratio was 48.7 percent.On a GAAP basis, net interest expense was $700 million. The adjusted net interest expense was $688 million.On a GAAP basis, the tax rate in the quarter was 12.6 percent. The adjusted tax rate was 13.6 percent.Diluted earnings per share (EPS) in the third quarter was $2.37 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $3.82. These results include an unfavorable impact of $0.11 per share related to acquired IPR&D and milestones expense.Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates. 

Recent Events

AbbVie announced it completed its acquisition of Apogee Therapeutics, deepening AbbVie's robust immunology pipeline with diverse assets targeting dermatologic, respiratory and other inflammatory and immunological diseases. The acquisition includes zumilokibart, a late-stage, half-life extended monoclonal antibody targeting IL-13 for atopic dermatitis (AD), as well as APG273, a potential best-in-category long-acting combination targeting IL-13 and thymic stromal lymphopoietin (TSLP) in asthma.AbbVie announced the U.S. Food and Drug Administration (FDA) approved Skyrizi (risankizumab) for subcutaneous (SC) induction in the treatment of moderately to severely active Crohn's disease (CD). The approval offers adult CD patients an additional option for induction of Skyrizi and is supported by positive data from the Phase 3 AFFIRM study. The FDA also approved an update to the U.S. prescribing information's warning and precautions for Skyrizi, across all indications, to allow healthcare providers to use clinical judgment when determining whether tuberculosis testing is needed. Additionally, AbbVie announced it submitted an application to the European Medicines Agency (EMA) seeking approval for Skyrizi for SC induction in the treatment of adult patients with moderately to severely active CD.AbbVie announced positive topline results from the Phase 3 INTREPID study evaluating the safety and efficacy of lutikizumab, an investigational dual-variable-domain IL-1α/1β antagonist, in adults and adolescents with moderate to severe hidradenitis suppurativa (HS). In the study, lutikizumab met the primary endpoint, achieving a significantly higher response rate of Hidradenitis Suppurativa Clinical Response 75 (HiSCR 75) at Week 16 compared with placebo and also met the majority of ranked secondary endpoints, including significant improvements in HS-related skin pain at Week 8 and significant reductions in the occurrence of HS flares over the first 16 weeks. Lutikizumab was generally well tolerated, with no new safety concerns identified. These data will be presented at a future medical congress. Additional data from this study, including results from a 36-week blinded extension period, are expected next year and will be used to support regulatory submissions for lutikizumab in HS in the second half of 2027.At the American College of Gastroenterology (ACG) 2026 Annual Scientific Meeting, AbbVie shared new Skyrizi and Rinvoq (upadacitinib) data which demonstrated disease control for patients living with inflammatory bowel disease (IBD). Highlights included new Phase 3 AFFIRM data which showed higher rates of clinical and endoscopic response in CD patients treated with SC Skyrizi versus placebo across all efficacy endpoints and observed subgroups; open-label extension analyses that demonstrated sustained endoscopic outcomes over time with Skyrizi, even in patients with complex disease characteristics and prior treatment exposure; and real-world studies that showed patients with advanced CD achieved disease control with Rinvoq, highlighting its potential benefit for difficult-to-treat patients.At the 2026 United European Gastroenterology (UEG) Week, AbbVie showcased 20 presentations that underscored the breadth of its IBD research programs. Key disclosures included late-breaking results from the Phase 2a TARGET-CD trial for combination therapy ABBV-466 (Skyrizi + ABBV-382) which demonstrated higher endoscopic remission rates than either Skyrizi or ABBV-382 monotherapy at Week 12, the primary endpoint, with remission rates continuing to increase through Week 24 in patients with moderate to severe CD. AbbVie also presented long-term and real-world data for Skyrizi and Rinvoq that provided additional insight into clinical and endoscopic outcomes in moderately to severely active CD and ulcerative colitis (UC).At the 2026 European Academy of Dermatology and Venereology (EADV) Congress, AbbVie presented data from 60 abstracts reflecting AbbVie's expanding portfolio across a wide spectrum of immune-mediated skin diseases. Highlights included late-breaking presentations from the Phase 3 Viti-Up-1 and Viti-Up-2 studies of Rinvoq in non-segmental vitiligo (NSV), which showed continued facial and total body repigmentation through week 76; primary results from the Phase 2 APEX Part B study evaluating zumilokibart in adult patients with moderate to severe AD, which showed all three dose regimens met the primary endpoint with significantly greater improvements in Eczema Area and Severity Index-75 (EASI-75) response rates versus placebo at week 16; and data showing how lutikizumab targets neutrophilic inflammation and fibroblast activation in HS.AbbVie announced the FDA approved Juvmo (tavapadon) tablets as the only selective D1/D5 receptor agonist for the treatment of adults with Parkinson's disease (PD). Taken once daily with or without levodopa therapy, Juvmo offers patients a differentiated approach to motor symptom control across the PD continuum. This approval is supported by the Phase 3 TEMPO program, which demonstrated significant improvements in daily functioning, increased "on" time without troublesome dyskinesia and a favorable safety profile.AbbVie announced positive topline results from the Phase 3 LUNA study, which evaluated Qulipta (atogepant), a calcitonin gene-related peptide (CGRP) receptor antagonist, for the preventive treatment of menstrual migraine in adults. In the study, Qulipta demonstrated statistically significant reductions in migraine days associated with the menstrual period, meeting the primary and all eight ranked secondary endpoints versus placebo. Menstrual migraine is a recurrent, debilitating migraine pattern, with attacks occurring around or during the menstrual period. No treatment options are currently approved for menstrual migraine, underscoring the urgent need for care approaches specifically designed for this patient population.At Psych Congress 2026, AbbVie presented new real-world data supporting the effectiveness of Vraylar (cariprazine), which showed meaningful improvements in depressive symptoms, functioning and quality of life among adults living with major depressive disorder and bipolar I depression. These findings provide additional evidence that the benefits observed with Vraylar in clinical trials can also be achieved in routine practice, where patients often have more complex treatment needs. Vraylar is being co-developed by AbbVie and Gedeon Richter.AbbVie announced submission of a Biologics License Application (BLA) to the FDA for etentamig, a next-generation BCMA x CD3 bispecific T-cell engager, for the treatment of patients living with relapsed/refractory multiple myeloma (RRMM). The submission is supported by positive results from the Phase 3 CERVINO study which demonstrated that etentamig achieved significant improvements in overall response rate (ORR, 74%) and progression-free survival (PFS, 60%) versus investigator's choice of standard available therapies in triple-class exposed adults with RRMM who had received at least two prior lines of therapy. Etentamig demonstrated low rates of cytokine release syndrome and fatal infections with monthly dosing from initiation following a single step-up dose. These results support the potential for etentamig treatment across a range of settings, including community-based care, offering a potentially differentiated treatment option for patients and providers.AbbVie and Genmab announced positive topline results from the Phase 3 EPCORE DLBCL-2 trial evaluating fixed treatment duration Epkinly (epcoritamab), a T-cell engaging bispecific antibody with SC administration, in combination with standard of care rituximab, cyclophosphamide, doxorubicin hydrochloride, vincristine, and prednisone (R-CHOP), compared to R-CHOP alone, in newly diagnosed patients with diffuse large B-cell lymphoma (DLBCL). The trial demonstrated a statistically significant and clinically meaningful improvement in PFS in DLBCL patients, as the risk of disease progression or death was reduced by 51%. The safety profile of Epkinly when administered in combination with standard of care R-CHOP was generally well tolerated and consistent with the previously reported safety profiles of the individual agents. Based on the topline results, Genmab and AbbVie will engage global regulatory authorities. Epkinly is being co-developed by AbbVie and Genmab.AbbVie announced the FDA granted two Breakthrough Therapy Designations (BTDs) for telisotuzumab adizutecan (Temab-A), a next-generation, c-Met-directed antibody-drug conjugate (ADC) with a novel topoisomerase 1 inhibitor, in colorectal cancer (CRC) and non-small cell lung cancer (NSCLC). These designations represent the first BTDs for Temab-A.At the 23rd International Myeloma Society (IMS) Annual Meeting, AbbVie presented research demonstrating the breadth of its myeloma pipeline. Highlights included a plenary presentation featuring full results from the Phase 3 CERVINO study evaluating etentamig; as well as data from ABBV-2001, a trispecific T-cell engager; surzetoclax, a BCL-2 inhibitor; and combination approaches.At the 2026 World Conference on Lung Cancer (WCLC), AbbVie shared new data showcasing its strategy aimed at building a lung cancer pipeline spanning next-generation immunotherapies, targeted ADCs and the potential for novel combination approaches. Presentations included clinical data from ABBV-1480, Temab-A and ABBV-706 programs across NSCLC and small cell lung cancer (SCLC). ABBV-1480 is developed in partnership with RemeGen.At the 2026 European Society for Medical Oncology (ESMO), AbbVie presented new data across its solid tumor pipeline that underscored the potential of AbbVie's oncology portfolio to address diverse patient needs through next-generation ADCs, combination approaches and precision medicine. Data across multiple assets in various stages of development highlighted longer-term survival, combination and biomarker findings.Allergan Aesthetics announced the FDA accepted for review its supplemental BLA for Botox Cosmetic (onabotulinumtoxinA) for the temporary improvement in the appearance of marked to very marked masseter muscle prominence (MMP) associated with masseter muscle activity in adults. The submission is supported by two Phase 3 studies, demonstrating statistically significant improvements in MMP and patient satisfaction with treatment. If approved, Botox Cosmetic would become the first neurotoxin indicated for this condition in the U.S. and expand its portfolio to a fifth aesthetic indication.At the European Association for the Study of Diabetes (EASD) 2026 Annual Meeting, AbbVie announced detailed Phase 1 data for ABBV-295, a long-acting amylin analog being developed for the treatment of obesity. Data presented demonstrated an approximately 11- to 12-day half-life and dose-proportional increases in plasma exposure, supporting evaluation of ABBV-295 at dosing intervals beyond weekly administration, including every-other-week and monthly regimens. ABBV-295 also showed meaningful body weight reduction and a favorable tolerability profile at all evaluated dose levels, with topline results announced earlier this year. Findings support advancement of ABBV-295 into Phase 2 development for chronic weight management.AbbVie announced an agreement with Valkai to apply advanced artificial intelligence (AI) across targeted areas of clinical development. The agreement is designed to strengthen integrated AI capabilities across clinical development to help accelerate the pace at which scientific innovation reaches patients.AbbVie and Iambic, a clinical-stage life sciences and technology company developing novel medicines through its AI-driven discovery and development platform, announced a multi-year strategic relationship to accelerate the discovery and development of small molecule therapies in immunology, neuroscience and oncology. The strategic relationship will pursue programs with first-in-class and best-in-class potential, combining Iambic's molecular superintelligence platform with AbbVie's therapeutic area expertise.Full-Year 2026 Outlook

AbbVie is raising its adjusted diluted EPS guidance for the full year 2026 from $13.76 - $13.96 to $13.95 - $13.99, which includes an unfavorable impact of $0.69 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2026. The company's 2026 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the third quarter of 2026, as both cannot be reliably forecasted.

AbbVie does not provide a reconciliation of forward-looking non-GAAP financial measures, including adjusted diluted earnings per share to the most directly comparable generally accepted accounting principles in the United States (GAAP) financial measures because AbbVie is unable to predict with reasonable certainty, without unreasonable effort, the amount and timing of changes in fair value of contingent consideration, intangible asset impairments, acquisition and integration costs, litigation matters, income tax items and other adjustments. These items are uncertain, depend on various factors and could have a material impact on AbbVie's GAAP results for the guidance period.

Company Declares Dividend Increase of 5.2 Percent

AbbVie is announcing today that its board of directors declared an increase in the company's quarterly cash dividend from $1.73 per share to $1.82 per share beginning with the dividend payable on February 16, 2027 to shareholders of record as of January 15, 2027. This reflects an increase of approximately 5.2 percent, continuing AbbVie's strong commitment to returning cash to shareholders through a growing dividend. Since the company's inception in 2013, AbbVie has increased its quarterly dividend by 355 percent. AbbVie is a member of the S&P Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

About AbbVie

AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Conference Call

AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our third-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.

Non-GAAP Financial Results

Financial results for 2026 and 2025 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with GAAP and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project," "estimate," "intend," "plan," "target," "may," "could" and "will," and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, drug pricing reform and government pricing programs, risks related to the use of artificial intelligence or other emerging technologies, and the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes, tariffs and changes in U.S. and international trade policies, and other uncertainties and risks associated with global business operations. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made.

Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's most recently filed Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and in other documents AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

Media:

Investors:

Cat Langel

Liz Shea

(708) 508-3524

(847) 935-2211

Todd Bosse

(847) 936-1182

Jeffrey Byrne

(847) 938-2923

AbbVie Inc.

Key Product Revenues

Quarter Ended September 30, 2026

(Unaudited) 

% Change vs. 3Q25

Net Revenues (in millions)

Reported

Operationala

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$13,333

$4,071

$17,404

10.5 %

9.8 %

10.3 %

10.6 %

10.5 %

Immunology

7,315

1,850

9,165

16.8

14.1

16.3

15.6

16.6

Skyrizi

5,019

757

5,776

22.9

21.6

22.7

23.2

22.9

Rinvoq

1,924

782

2,706

23.4

25.1

23.9

26.4

24.3

Humira

372

311

683

(39.9)

(16.8)

(31.2)

(15.2)

(30.6)

Neuroscience

2,939

450

3,389

19.3

20.0

19.4

20.7

19.5

Vraylar

1,064

4

1,068

14.3

43.5

14.3

46.0

14.3

Botox Therapeutic

912

168

1,080

10.5

5.8

9.8

5.6

9.8

Ubrelvy

438

11

449

27.3

13.9

26.9

15.0

26.9

Qulipta

333

65

398

32.1

80.2

38.2

82.3

38.5

Vyalev

154

132

286

>100.0

55.6

>100.0

57.2

>100.0

Other Neuroscience

38

70

108

(36.0)

(15.3)

(23.9)

(14.6)

(23.5)

Oncology

973

723

1,696

(5.7)

11.1

0.8

11.4

0.9

Venclexta

385

418

803

13.0

8.7

10.7

8.6

10.7

Imbruvicab

340

182

522

(33.0)

(8.3)

(26.1)

(8.3)

(26.1)

Elahere

166

58

224

9.6

>100.0

31.0

>100.0

31.2

Epkinlyc

43

65

108

>100.0

35.1

57.7

39.5

60.8

Other Oncology

39

—

39

>100.0

62.6

>100.0

62.6

>100.0

Aesthetics

723

453

1,176

(2.3)

0.1

(1.4)

(1.0)

(1.8)

Botox Cosmetic

388

281

669

2.4

8.6

4.9

6.5

4.1

Juvederm Collection     

90

132

222

(6.3)

(15.4)

(11.9)

(15.3)

(11.8)

Other Aesthetics

245

40

285

(7.6)

5.5

(6.0)

6.5

(5.9)

Other Key Products                                                                                

800

165

965

(3.5)

(7.1)

(4.1)

(4.9)

(3.7)

Mavyret

115

150

265

(21.2)

(9.7)

(15.1)

(7.4)

(13.9)

Creon

361

—

361

(2.2)

n/m

(2.2)

n/m

(2.2)

Linzess

324

15

339

3.2

31.1

4.2

31.8

4.2

a

"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

b

Reflects profit sharing for Imbruvica international revenues.

c

Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.

n/m = not meaningful

AbbVie Inc.

Key Product Revenues

Nine Months Ended September 30, 2026

(Unaudited)

% Change vs. 9M25

Net Revenues (in millions)

Reported

Operationala

U.S.

Int'l.

Total

U.S.

Int'l.

Total

Int'l.

Total

NET REVENUES

$37,163

$12,233

$49,396

9.9 %

14.0 %

10.9 %

10.7 %

10.1 %

Immunology

19,809

5,432

25,241

14.9

19.7

15.9

16.5

15.2

Skyrizi

13,561

2,203

15,764

25.0

28.9

25.6

24.9

25.1

Rinvoq

5,094

2,256

7,350

20.4

32.8

23.9

29.2

22.9

Humira

1,154

973

2,127

(46.7)

(13.8)

(35.4)

(15.2)

(35.9)

Neuroscience

8,169

1,323

9,492

20.7

27.6

21.6

22.7

20.9

Vraylar

3,034

10

3,044

17.0

44.9

17.1

42.8

17.1

Botox Therapeutic                                                                               

2,618

513

3,131

12.7

12.6

12.7

8.3

12.0

Ubrelvy

1,147

33

1,180

26.5

31.7

26.7

29.6

26.6

Qulipta

872

172

1,044

32.0

97.2

39.6

91.2

38.9

Vyalev

371

372

743

>100.0

70.9

>100.0

64.0

>100.0

Other Neuroscience

127

223

350

(38.0)

(8.7)

(22.0)

(12.9)

(24.3)

Oncology

2,791

2,186

4,977

(9.5)

14.6

(0.3)

11.5

(1.5)

Venclexta

1,095

1,249

2,344

12.4

12.8

12.6

7.9

10.0

Imbruvicab

1,009

601

1,610

(36.1)

(2.9)

(26.8)

(2.9)

(26.8)

Elahere

487

146

633

7.4

>100.0

24.5

>100.0

23.3

Epkinlyc

104

190

294

64.7

49.9

54.9

50.5

55.3

Other Oncology

96

—

96

>100.0

>100.0

>100.0

>100.0

>100.0

Aesthetics

2,188

1,456

3,644

0.5

4.3

2.0

0.9

0.7

Botox Cosmetic

1,159

906

2,065

6.9

13.1

9.5

8.7

7.6

Juvederm Collection

278

421

699

0.3

(9.8)

(6.0)

(11.8)

(7.2)

Other Aesthetics

751

129

880

(8.1)

1.0

(6.9)

(1.2)

(7.2)

Other Key Products          

2,377

518

2,895

3.3

(6.2)

1.5

(9.7)

0.8

Mavyret

431

480

911

(8.8)

(7.8)

(8.3)

(11.2)

(10.1)

Creon

1,067

—

1,067

(5.4)

n/m

(5.4)

n/m

(5.4)

Linzess

879

38

917

25.5

19.9

25.2

16.0

25.0

a

"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.

b

Reflects profit sharing for Imbruvica international revenues.

c

Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.

n/m = not meaningful

AbbVie Inc.

Consolidated Statements of Earnings

(Unaudited)

(in millions, except per share data)

Third Quarter

Ended September 30

Nine Months

Ended September 30

2026

2025

2026

2025

Net revenues

$    17,404

$    15,776

$    49,396

$    44,542

Cost of products sold

4,285

5,304

12,794

13,652

Selling, general and administrative

4,087

3,569

11,297

10,115

Research and development

2,567

2,319

7,383

6,517

Acquired IPR&D and milestones

216

2,680

1,251

3,751

Other operating income

(18)

—

(18)

(24)

Total operating costs and expenses

11,137

13,872

32,707

34,011

Operating earnings

6,267

1,904

16,689

10,531

Interest expense, net

700

667

2,024

1,972

Other expense, net

738

523

4,519

4,630

Earnings before income tax expense

4,829

714

10,146

3,929

Income tax expense

609

526

1,613

1,511

Net earnings

4,220

188

8,533

2,418

Net earnings attributable to noncontrolling interest

2

2

7

8

Net earnings attributable to AbbVie Inc.

$      4,218

$        186

$      8,526

$      2,410

Diluted earnings per share attributable to AbbVie Inc.                                                                                              

$        2.37

$       0.10

$        4.79

$        1.34

Adjusted diluted earnings per sharea

$        3.82

$       1.86

$      10.12

$        7.29

Weighted-average diluted shares outstanding

1,772

1,772

1,772

1,772

a Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details.

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Quarter Ended September 30, 2026

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$        4,829

$        4,218

$          2.37

Adjusted for specified items:

Intangible asset amortization

1,669

1,419

0.79

Acquisition and integration costs

408

391

0.22

Change in fair value of contingent consideration                                                                                                                   

829

809

0.46

Other

131

(42)

(0.02)

As adjusted (non-GAAP)

$        7,866

$        6,795

$          3.82

a  Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Acquisition and integration costs primarily reflect costs related to the Apogee Therapeutics, Inc. acquisition.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2026 included acquired IPR&D and milestone expense of

$216 million on a pre-tax and $205 million on an after-tax basis, representing an unfavorable impact of $0.11 to both diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows:

Quarter Ended September 30, 2026

(in millions)

Cost of
products
sold

SG&A

R&D

Other
operating
income

Interest
expense,
net

Other
expense,
net

As reported (GAAP)

$   4,285

$   4,087

$   2,567

$      (18)

$    700

$     738

Adjusted for specified items:

Intangible asset amortization

(1,669)

—

—

—

—

—

Acquisition and integration costs

(4)

(250)

(142)

—

(12)

—

Change in fair value of contingent consideration                                                                      

—

—

—

—

—

(829)

Other

(11)

(149)

—

18

—

11

As adjusted (non-GAAP)

$   2,601

$   3,688

$   2,425

$       —

$    688

$      (80)

3.     The adjusted tax rate for the third quarter of 2026 was 13.6 percent, as detailed below:

Quarter Ended September 30, 2026

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$        4,829

$          609

12.6 %

Specified items

3,037

460

15.1 %

As adjusted (non-GAAP)                                                                                                                                                        

$        7,866

$        1,069

13.6 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Quarter Ended September 30, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$          714

$          186

$          0.10

Adjusted for specified items:

Intangible asset amortization

1,871

1,576

0.89

Intangible asset impairment

847

701

0.39

Acquisition and integration costs

212

207

0.12

Change in fair value of contingent consideration                                                                                                                    

776

755

0.43

Other

(40)

(119)

(0.07)

As adjusted (non-GAAP)

$        4,380

$        3,306

$          1.86

a  Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets. Acquisition and integration costs

primarily reflect costs related to the Capstan acquisition.

Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2025 included acquired IPR&D and milestone expense of

$2.7 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $1.50 to both diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows: 

Quarter Ended September 30, 2025

(in millions)

Cost of
products
sold

SG&A

R&D

Other
expense,
net

As reported (GAAP)

$   5,304

$   3,569

$   2,319

$     523

Adjusted for specified items:

Intangible asset amortization

(1,871)

—

—

—

Intangible asset impairment

(847)

—

—

—

Acquisition and integration costs

(5)

(144)

(63)

—

Change in fair value of contingent consideration                                                                                                                

—

—

—

(776)

Other

(34)

(13)

—

87

As adjusted (non-GAAP)

$   2,547

$   3,412

$   2,256

$    (166)

 3.     The adjusted tax rate for the third quarter of 2025 was 24.5 percent, as detailed below:

Quarter Ended September 30, 2025

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$          714

$          526

73.7 %

Specified items

3,666

546

14.9 %

As adjusted (non-GAAP)                                                                                                                                                        

$        4,380

$       1,072

24.5 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Nine Months Ended September 30, 2026

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$       10,146

$        8,526

$          4.79

Adjusted for specified items:

Intangible asset amortization

5,106

4,353

2.45

Acquisition and integration costs

431

410

0.23

Change in fair value of contingent consideration                                                                                                                        

4,734

4,613

2.60

Other

631

95

0.05

As adjusted (non-GAAP)

$       21,048

$       17,997

$        10.12

a  Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.

Acquisition and integration costs primarily reflect costs related to the Apogee Therapeutics, Inc. acquisition.

Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2026 included acquired IPR&D and milestones expense of

$1.3 billion on a pre-tax and $1.2 billion on an after-tax basis, representing an unfavorable impact of $0.69 to both diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows: 

Nine Months Ended September 30, 2026

(in millions)

Cost of
products
sold

SG&A

R&D

Other
operating
income

Interest
expense,
net

Other
expense,
net

As reported (GAAP)

$  12,794

$  11,297

$    7,383

$      (18)

$  2,024

$    4,519

Adjusted for specified items:

Intangible asset amortization

(5,106)

—

—

—

—

—

Acquisition and integration costs

(7)

(257)

(155)

—

(12)

—

Change in fair value of contingent consideration                                                                  

—

—

—

—

—

(4,734)

Other

(20)

(377)

(221)

18

—

(31)

As adjusted (non-GAAP)

$    7,661

$  10,663

$    7,007

$        —

$  2,012

$     (246)

3.     The adjusted tax rate for the first nine months of 2026 was 14.5 percent, as detailed below:

Nine Months Ended September 30, 2026

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$       10,146

$        1,613

15.9 %

Specified items

10,902

1,431

13.1 %

As adjusted (non-GAAP)                                                                                                                                                        

$       21,048

$        3,044

14.5 %

AbbVie Inc.

Reconciliation of GAAP Reported to Non-GAAP Adjusted Information

(Unaudited)

1.     Specified items impacted results as follows:

Nine Months Ended September 30, 2025

(in millions, except per share data)

Earnings

Diluted

Pre-tax

After-taxa

EPS

As reported (GAAP)

$        3,929

$        2,410

$          1.34

Adjusted for specified items:

Intangible asset amortization

5,593

4,721

2.67

Intangible asset impairment

847

701

0.39

Acquisition and integration costs

273

256

0.14

Change in fair value of contingent consideration                                                                                                                   

5,089

4,941

2.79

Other

52

(75)

(0.04)

As adjusted (non-GAAP)

$       15,783

$       12,954

$          7.29

 a  Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates. 

Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets. Acquisition and integration costs

primarily reflect costs related to the Capstan acquisition.

Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2025 included acquired IPR&D and milestones expense of

$3.8 billion on a pre-tax and $3.6 billion on an after-tax basis, representing an unfavorable impact of $2.05 to both diluted EPS and adjusted diluted EPS.

2.     The impact of the specified items by line item was as follows: 

Nine Months Ended September 30, 2025

(in millions)

Cost of
products
sold

SG&A

R&D

Other
operating
income

Other
expense,
net

As reported (GAAP)

$ 13,652

$ 10,115

$   6,517

$     (24)

$   4,630

Adjusted for specified items:

Intangible asset amortization

(5,593)

—

—

—

—

Intangible asset impairment

(847)

—

—

—

—

Acquisition and integration costs

(10)

(171)

(92)

—

—

Change in fair value of contingent consideration                                                                                           

—

—

—

—

(5,089)

Other

(126)

(13)

(3)

24

66

As adjusted (non-GAAP)

$   7,076

$   9,931

$   6,422

$      —

$    (393)

3.     The adjusted tax rate for the first nine months of 2025 was 17.9 percent, as detailed below:

Nine Months Ended September 30, 2025

(dollars in millions)

Pre-tax
earnings

Income taxes

Tax rate

As reported (GAAP)

$        3,929

$        1,511

38.5 %

Specified items

11,854

1,310

11.1 %

As adjusted (non-GAAP)                                                                                                                                                         

$       15,783

$        2,821

17.9 %

SOURCE AbbVie

, /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced that a Simon subsidiary has entered into an agreement to acquire University Village, an open-air retail center in Seattle, Washington.

Since opening in the 1950s, University Village has been a vibrant Seattle community hub. Over the decades, it has welcomed a diverse mix of owner-operated boutiques, businesses, and beloved local eateries, many of which have remained for years. Located north of downtown near the University of Washington, the open-air shopping and dining destination features more than 100 businesses and services. Widely regarded as a premier outdoor shopping center, it offers a curated mix of signature national brands, local boutiques, restaurants, and other businesses, including Apple, RH Gallery, Crate & Barrel, Room & Board, Sézane, Lululemon, Aritzia, Vuori, and Din Tai Fung.

"More than thirty years ago, we set out to create more than a retail space—we envisioned Seattle's finest neighborhood gathering place, where local and regional small businesses could thrive alongside quality national brands and families could come together. Looking back, we are deeply grateful. The Village began as an approximately 300,000-square-foot property, but it was never just about bricks and mortar; it was built around a vision of delivering an exceptional customer experience. Today, it has grown to nearly 600,000 square feet," said Susie Plummer, Partner and General Manager, University Village.

"University Village is an exceptional retail destination, and we are pleased to welcome it to our portfolio," said Eli Simon, Chief Executive Officer, President, and Chief Operating Officer of Simon Property Group. "This acquisition underscores our focus on owning distinctive, high-quality assets in strong markets. We look forward to building on the center's success for shoppers, retailers, and the greater Seattle community."

As the property transitions to new stewardship, University Village's owners extend their heartfelt thanks to the business partners, employees, and surrounding community who helped realize the vision of a high-quality shopping and dining destination.  "We want to thank everyone who has contributed to University Village's success, past and present, throughout its nearly 70-year history," said Plummer.

The transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions.

Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon Property Group, Inc. (the "Company") believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce, as well as evolving consumer preferences and purchasing habits; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities, or inappropriate or unacceptable behavior by visitors, at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; risks associated with artificial intelligence, including generative artificial intelligence technologies, and the evolving regulatory environment applicable to those technologies; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.

The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments or otherwise.

About Simon      
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations (Simon Property Group, NYSE: SPG). Our properties across North America, Europe, and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

SOURCE Simon

Palantir is scheduled to report its quarterly financial results, which could have significant implications for AI stock investors.

U.S. stock futures were mostly lower this morning, with the Nasdaq 100 futures falling over 2% on Friday.

Shares of Pinterest Inc (NYSE:PINS) fell sharply in pre-market trading after the company reported worse-than-expected third-quarter financial results and issued fourth-quarter sales guidance below estimates.

Pinterest reported third-quarter revenue of $1.17 billion, missing analyst estimates of $1.21 billion, according to Benzinga Pro. The idea discovery platform company reported adjusted earnings of 46 cents per share for the period, missing estimates of 48 cents per share.

Pinterest shares dipped 9.1% to $18.10 in pre-market trading.

Here are some other stocks moving lower in pre-market trading.

Alphatec Holdings Inc (NASDAQ:ATEC) fell 29.8% to $7.98 in pre-market trading after reporting weak third-quarter results.Intel Corp (NASDAQ:INTC) fell 27% to $67.19 in pre-market trading after the company reported third-quarter financial results and issued fourth-quarter guidance below estimates.Reddit Inc (NYSE:RDDT) fell 21.3% to $102.00 in pre-market trading after the company issued weak sales forecast for the fourth quarter.Roblox Corp (NYSE:RBLX) fell 18.2% to $42.92 in pre-market trading after posting third-quarter results.Twilio Inc (NYSE:TWLO) tumbled 16.9% to $201.01 in pre-market trading following third-quarter results.Grocery Outlet Holding Corp (NASDAQ:GO) fell 14.6% to $11.00 in pre-market trading.DXC Technology Co (NYSE:DXC) shares declined 14.6% to $13.01 in pre-market trading after the company reported second-quarter financial results and cut its FY27 guidance below estimates.Alignment Healthcare Inc (NASDAQ:ALHC) fell 14% to $6.93 in pre-market trading after the company reported mixed third-quarter financial results.Cypherpunk Technologies Inc (NASDAQ:CYPH) declined 11.2% to $2.94 in pre-market trading.Stryker Corp (NYSE:SYK) dipped 10.5% to $279.00 in pre-market trading after the company reported worse-than-expected third-quarter financial results and cut its FY26 guidance below estimates.Bright Horizons Family Solutions Inc (NYSE:BFAM) fell 10.4% to $60.00 in pre-market trading after the company reported worse-than-expected quarterly sales results and lowered its FY2026 guidance below estimates.Coursera Inc (NYSE:COUR) fell 10.3% to $4.18 in pre-market trading after the company reported third-quarter financial results and issued fourth-quarter sales guidance below estimates.Innovex International Inc (NYSE:INVX) dropped 10.1% to $26.96 in pre-market trading after the company reported mixed third-quarter financial results.Illumina Inc (NASDAQ:ILMN) declined 9.7% to $262.00 in pre-market trading following mixed quarterly results.Dell Technologies Inc (NYSE:DELL) dipped 9.6% to $430.00 in pre-market trading.Babcock & Wilcox Enterprises Inc (NYSE:BW) fell 9.2% to $4.14 in pre-market trading.Arm Holdings PLC – ADR (NASDAQ:ARM) tumbled 8.8% to $208.61 in pre-market trading.Maxlinear Inc (NASDAQ:MXL) dropped 8.4% to $65.59 in pre-market trading.Applied Optoelectronics Inc (NASDAQ:AAOI) declined 8.2% to $72.68 in pre-market trading.Amazon.com Inc (NASDAQ:AMZN) dropped 7.3% to $226.02 in pre-market trading as the company reported weaker-than-expected financial results for the third quarter.Photo via Shutterstock

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China’s ChangXin Memory Technologies (CXMT) reported a more than sevenfold increase in third-quarter revenue on Friday, benefiting from a never-ending demand for memory chips used in artificial intelligence infrastructure amid a squeeze in global supplies.

The results underline the Chinese chipmaker’s growing position in the global memory industry, where established players such as Samsung Electronics, SK Hynix and Micron are facing a more competitive landscape.

The earnings announcement came as US memory and storage stocks also faced pressure ahead of the opening bell.

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CXMT’s surge highlights how supply tightness and AI demand reshape DRAM pricing.

51% of retail investor accounts lose money when trading CFDs with this provider.

CXMT reported net profit attributable to shareholders of 54.4 billion yuan ($8.17 billion) for the three months ended September 30, reversing a loss in the same period last year.

Revenue climbed 613.2% year over year to 118.71 billion yuan ($16.7 billion), representing a 19.3% increase from the previous quarter.

However, the sequential increase in attributable profit was much more modest, at around 3%.

For the first nine months of 2026, revenue reached 269.02 billion yuan, while net profit attributable to shareholders stood at 132.04 billion yuan.

The company had recorded a loss of about 5.3 billion yuan in the corresponding period last year.

CXMT attributed the improvement to higher memory-chip prices amid tight supply, alongside capacity expansion and a shift towards a more favourable product mix.

As major rivals increasingly prioritise higher-value products such as high-bandwidth memory (HBM), CXMT has benefited from demand for conventional DRAM products.

CXMT made its Shanghai stock market debut in July, with shares surging 466% on their first trading day and briefly making it China's most valuable listed company.

Its 58-billion-yuan offering was Asia's largest IPO this year.

However, the stock has since lost ground, closing 2.5% lower on Friday. It has fallen approximately 32% from its August peak as investors reassess valuations and the sustainability of the AI investment boom.

US memory stocks also came under pressure in premarket trading, with Micron dropping over 6% and SanDisk down close to 9.5%. In South Korea, Samsung fell 3% while SK Hynix tumbled to close 7% lower.

Investors are weighing the durability of elevated memory margins against the possibility of additional competition and the overall sustainability of the AI trade.

CXMT had also reported progress on a new DRAM cell architecture known as 4F², designed to fit more memory cells onto a chip and potentially increase storage density.

The company plans to introduce a server-memory product using the technology by the end of 2026.

Samsung and SK Hynix are pursuing similar approaches, making the technology an important area of competition among memory manufacturers.

Earlier reports of CXMT’s progress triggered a selloff across global chip stocks as investors assessed the potential impact on established suppliers.

The technology has yet to demonstrate large-scale commercial production, but CXMT’s rapid financial growth and manufacturing expansion are already adding to pressure on established memory-chip makers.

Collecting four figures a month from dividends without ever selling a share sounds straightforward until you price out what it actually costs and see which companies are holding the whole structure together.

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For most people, a $6,800 monthly dividend check can cover the mortgage, groceries, and more, while your share count never changes. That’s the appeal of living on dividends: you keep your shares, the companies send you a piece of their profits, and you never sell anything to pay the bills.

Here’s what it takes to collect $6,800 a month, or $81,600 a year, from one portfolio split equally among three dividend payers: a fund of mid-sized companies, a biotech giant, and a packaged-food maker. At recent prices, the three together yield about 2.6%. Yield is the annual dividend divided by the stock’s price. At that rate, you’d need around $3.1 million invested, or about $1 million in each holding.

It’s a hefty number, and it’s the real price of the “never sell” promise. Your share count stays the same, but your income still depends on these companies keeping and raising their payouts. The lower the combined yield, the bigger the portfolio you need. (A free guide here explains how to build a dividend ladder you never sell from.)

A Mid-Cap Fund Built on 15-Year Dividend Raisers ProShares S&P MidCap 400 Dividend Aristocrats ETF (CBOE:REGL) holds mid-sized U.S. companies that have raised their dividends for at least 15 consecutive years. Think utilities, regional banks, insurers, and industrial firms. It also spreads your money fairly evenly. In its latest holdings report, each stock made up around 1% to 2% of the fund.

REGL takes one-third of the portfolio. Its trailing yield (the last 12 months of payouts divided by today’s price) is about 2.2%. On a $1 million stake, that’s around $22,400 a year. However, its quarterly checks vary, with the latest payment at about 40 cents a share, down from about 61 cents last December. Budget around the annual total.

Amgen Brings the Fastest Dividend Growth Amgen (NASDAQ:AMGN | AMGN Price Prediction) ranks among the largest biotech companies in the country. It sells drugs for high cholesterol, bone loss, asthma, and cancer. Amgen also takes one-third of the portfolio, yields about 2.2% and generates about $22,600 a year.

Its dividend has risen every year since 2011 and is now nine times its starting level. Its most recent increase was 6%. Amgen pays out about 62% of its official accounting profit as dividends. Compared with the midpoint of its adjusted earnings guidance, that figure drops to about 44%. That leaves room to keep raising. Free cash flow was $3.5 billion last quarter.

Amgen has $57.3 billion of debt, and drug patent expirations are the main long-term threat to its cash flow. You can already see it happening, as sales of Prolia and XGEVA fell 33% last quarter after cheaper biosimilar copies launched.

Smucker Anchors the Portfolio’s Yield J.M. Smucker (NYSE:SJM) makes Folgers, Jif, Uncrustables, Hostess, and Milk-Bone. The yield base is about 3.5%, so its one-third piece throws off around $36,600 a year, most of the time.

Smucker’s quarterly dividend has grown in the records all the way back to 1999, rising from 15 cents to more than $1 today. Its most recent increase was small, about 2%.

On paper, the payout ratio looks high at about 204% of reported earnings because accounting charges reduced reported profit. Against adjusted earnings guidance, it’s closer to 42%, and that guidance gets a one-time lift from tariff refunds. Debt is what really holds back the dividend.

Smucker borrowed heavily to buy Hostess, a deal that closed in November 2023. Management plans to pay down about $500 million of debt this year, and it just reached its target of debt at three times annual operating profit. Until the balance sheet improves, plan on small increases.

What to Check Every Year to Protect the $6,800 Each piece of that $3.1 million plays a different role. Smucker is the steadiest payer of the three, with the longest unbroken record of increases and the highest yield. Amgen brings the fastest dividend growth.

Don’t overlook the risk, though. Two individual stocks make up two-thirds of this portfolio. That’s a concentrated position in two companies, and a bad patent ruling or a stumble at Smucker would hit your income directly.

Once a year, check one thing: did each holding raise its dividend faster than inflation? If the increases stop, your $6,800 buys a little less each year, and you’ll need either more money invested or a higher-yielding mix to make up the gap.

Contact [email protected] for any questions or corrections.