Sberbank od 1. prosince zpřístupní svým 110,6 milionu retailových klientů Bitcoin, Ether a USDT poté, co jí Banka Ruska schválila provoz burzy a digitálního depozitáře.
Sberbank, the largest bank in Russia, plans to make Bitcoin, Ethereum, and Tether’s USDT accessible to its 110.6 million retail customers starting December 1. The bank received approval from the Bank of Russia to operate as both a cryptocurrency exchange and a digital depository, according to recent announcements.
Launch details and access channelsThe new crypto assets will become available through Sberbank’s existing digital platforms, including SberBank Online, SberInvestments, and SberBusiness. As of the last quarter, Sberbank also served 3.5 million corporate clients. These established channels are already widely used by Russian consumers for day-to-day banking activities.
The exchange and depository licenses were cleared by the Bank of Russia, with the depository permit coming six days prior to the exchange approval on October 12. Sberbank indicated that the digital depository status will allow the bank to provide crypto trading and custody services within interfaces familiar to its clients.
“This status will allow the bank to provide services related to organizing the circulation of digital currency on interfaces which clients already use.”
Sberbank’s launch date is contingent on the finalization of secondary regulations by the central bank. The bank is now authorized to act as a counterparty to client trades and record client holdings in-house, eliminating the need for third-party platforms.
Asset offerings and investor restrictionsFor the initial rollout, only Bitcoin, Ether, and USDT are included in the Bank of Russia’s draft list for retail trading. Anatoly Popov, Deputy Chairman of Sberbank, has estimated that the annual crypto trading volume in Russia could reach 4 trillion rubles, approximately $48 billion, after the introduction of these services.
In recent years, Sberbank has expanded its digital asset services, offering structured bonds and digital financial products linked to cryptocurrencies. In December 2025, the bank conducted a test of a crypto-backed loan involving qualified investors, and its offerings now extend to crypto baskets as well.
First Deputy Chairman Alexander Vedyakhin explained that a digital depository would be central to the new infrastructure, maintaining records of client cryptocurrency rights and accounting for off-chain transactions.
Mini dictionary: Digital depository, a platform or entity designated to store, record, and track digital assets and cryptocurrency holdings for users, often performing custodial and settlement functions outside of public blockchains.
Regulatory framework and transaction limitsUnder the latest regulations, approved intermediaries such as Sberbank may sell up to 300,000 rubles (around $3,600) of digital assets annually to each non-qualified retail investor. Buyers must pass a knowledge test before making such purchases. Despite the ability to buy cryptocurrencies like Bitcoin, Sberbank clients will not be able to use crypto for goods and services payments within Russia, in line with the country’s prohibition on crypto payments for transactions.
Further, the law specifically prohibits transfers of digital currency between individuals and bans transfers to non-custodial wallets. The Bank of Russia clarified that individual-to-individual digital currency transfers are forbidden under Part 5 of Article 31 of Federal Law No. 282-FZ, although certain direct deals will be permitted until July 1, 2027.
AssetStatus for Retail BuyersYearly Cap (Non-qualified)Bitcoin (BTC)Approved300,000 RUBEthereum (ETH)Approved300,000 RUBUSDTApproved300,000 RUBPresident Vladimir Putin signed the law “On digital currencies and digital rights” in August, putting it into effect on September 1. Until July 2027, some limited direct peer-to-peer crypto deals are still permitted.
Sberbank is one of nine companies on the Bank of Russia’s register of exchange operators, alongside other major Russian institutions such as VTB and T-Invest Lab. The depository register includes five entities, featuring VTB and Atomyze. Currently, Sberbank, VTB, and Atomyze are all subject to Western sanctions in response to Russia’s actions in Ukraine, and authorities have accused Moscow of using digital assets to attempt to bypass these restrictions.
Optimum spustil na hlavní síti Etherea mump2p, který podle vlastních údajů zrychluje šíření dat 2–3× a podporuje stakování více než 1,4 milionu ETH v hodnotě 3,4 miliardy USD.
Optimum wants one number to do the work before anything else: $3.4 billion. That is the dollar value of Ethereum stake the startup says its block-propagation protocol, mump2p, is already “boosting” after going live on Ethereum mainnet on October 20. The launch went out on X with a simpler claim — that data now moves across Ethereum two to three times faster than the default network.
The Optimum team is pleased to announce our first mainnet deployment, mump2p on Ethereum. With mump2p, data moves across all of Ethereum 2-3x faster, boosting validator performance and network health.
$3.4B of Ethereum stake is already being boosted by mump2p, and we’re now… pic.twitter.com/6HP0eMAd3D
— Optimum (@get_optimum) October 20, 2026
Behind the headline sit 16 node operators, roughly 22,000 validator keys, and more than 1.4 million ETH in active stake, according to Optimum’s launch announcement. It is the first production deployment of Random Linear Network Coding, or RLNC, on Ethereum’s consensus layer — technology co-invented by MIT professor Muriel Médard, who is also Optimum’s co-founder and chief executive.
What mump2p actually changes
mump2p runs as a sidecar gateway beside a validator’s consensus client. It does not replace GossipSub, the gossip protocol Ethereum’s consensus layer uses by default, and it does not touch consensus rules, execution, or signing keys. Blocks and attestations still travel the default path; mump2p adds a second, coded channel that can deliver the same data sooner.
Under the hood, the protocol breaks a block into fragments and sends random linear combinations of those fragments. A receiving node reconstructs the full block after collecting enough linearly independent pieces. Because every node can forward and recombine fragments before the entire message arrives, the network stops re-sending identical data through every hop — the main source of gossip overhead.
Validators reach mump2p through two services. Signal lets a validator receive blocks and attestations earlier than it would over GossipSub alone and is free. Accelerate propagates the blocks a validator sends and is offered to operators running 200 or more validators, according to Optimum’s product page.
The $3.4 billion number, deconstructed
The “Total Value Boosted” figure is easy to decode. Divide $3.4 billion by 1.4 million ETH and you get about $2,428 per ether — almost exactly where ETH traded around the launch, and just below the $2,454 it printed on CoinGecko at the time of writing. Total Value Boosted is not a separate economic quantity. It is staked ether multiplied by the market price, given a new name.
Optimum says its reach is “more than 3%” of all staked ETH. The arithmetic holds: 1.4 million ETH is about 3.2% of the roughly 43.7 million ETH locked in the Beacon Chain.
The speed claims are where the numbers begin to drift. The launch post says “2-3x faster.” The homepage advertises “2-4x faster” and a “90% first seen” rate. The press release cites 2.42 times faster block delivery and 7.88 times lower arrival variance, with mump2p users seeing the block first in nine of ten measurements. All of it is self-reported, and the announcement does not disclose how the measurements were gathered.
There is also a count that does not match. The homepage says “20 mainnet partners & counting,” while the release names 16 node operators. Optimum did not explain the gap.
What faster blocks actually buy a validator
Ethereum validators earn rewards in small, regular increments for attesting to blocks. When they attest late or on the wrong head, they forfeit part of that reward. A validator that reliably sees blocks a few hundred milliseconds sooner misses fewer head votes and collects a steadier stream.
The second payoff sits on the proposal side. A block proposer has a narrow window to collect bids from builders before it must commit. Accelerate is pitched as a way to wait longer for higher MEV bids and still land the block on time. That is a measurable margin for large operators — and the reason a liquid restaking provider would make the software mandatory.
Rok Kopp, ether.fi’s co-founder and chief growth officer, framed the decision in the announcement: “We don’t mandate new infrastructure across our entire validator set unless we’re confident it raises the bar for our stakers and for the network.” Optimum says ether.fi now requires all 12 of its node operators to run mump2p.
What isn’t proven yet
The numbers are Optimum’s own. There is no independent benchmark, and ether.fi has not published anything about the mandate on its own blog, docs, or governance forum. The 2.42x and 7.88x figures also appeared in an Optimum-sponsored Four Pillars report in August, which described a test across 30 gateways while the protocol was still preparing for mainnet.
The full operator list, as Optimum published it: Blockdaemon, Everstake, P2P.org, Stakefish, Luganodes, InfStones, Meria, Finoa, Node.Monster, HashKey Cloud, DSRV, RockX, Nansen, Validatrium, Ebunker and Validation Cloud. That roster spans most of the institutional staking market — and none of them independently confirmed the performance numbers either.
“Permissionless” deserves the same scrutiny. Optimum’s marketing describes free, permissionless onboarding, but its own August blog post called the network “permissioned for now,” with operators connecting through an API key issued by the company.
There is also a hard bound on what mump2p can do. It accelerates how quickly data arrives; it does not make Ethereum settle transactions faster or process more of them. The upside is concentrated in attestation timing and the proposer’s bid window — real money for operators, but not a consensus upgrade.
Médard put the pitch in sharper terms in the announcement: “In traditional finance, firms spend billions shaving milliseconds off execution because speed is money. The same economics now apply to Ethereum’s top operators.” And: “This goes beyond validator performance. Optimum is the optimal acceleration path, built on a new coded networking approach for systems that are truly decentralized.”
The next signals are concrete. An independent benchmark of mump2p’s mainnet numbers, an official ether.fi confirmation, and the launch of “Optimum for Traders” — which the team says is coming without a date — would each move the story from self-reported claims toward verified validator infrastructure.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Dash Platform 5.0 má být spuštěna na mainnetu 26. října; protokol 14 bude aktivován 8. listopadu, pokud upgrade podpoří více než 67 % aktivních evonodů.
Dash Platform 5.0 (you are here)
Who moderates Yappr?
How to start or join a Yappr moderation team
Dash Platform 5.0 is one of the biggest Platform releases we have shipped. It has been live on testnet since October 15, and we plan to release it for mainnet next Monday, October 26.
This is the first of three posts. This one covers what is in 5.0 and when it goes live. The second explains how moderation elections work and why Yappr uses them. The third is a step-by-step guide to starting or joining a moderation team.
The short answer
The dates. Platform 5.0 is released for mainnet on Monday, October 26. If enough evonodes have upgraded, the upgrade locks in on Friday, October 30, and protocol version 14 goes live on Sunday, November 8.
The headlines. Apps can moderate themselves, and communities can elect their moderators. Any token can have its own shielded pool, so balances and payments can be private. Apps can charge fees and earn from them, in the open. Data contracts can check their own links and rules without smart contracts. And apps can show provable trending lists, leaderboards and “posts I liked” pages, at a much lower cost.
What to do. Node operators: update with dashmate before October 30. App developers: move to the 5.0 SDKs before November 8.
The timeline
Here is every date, from testnet through to Yappr opening on mainnet:
Figure 1. Every date in one place. The mainnet times come from the epoch schedule and can shift by a few minutes. The Yappr dates are the earliest possible: they assume the contracts are registered the day after activation and a team applies as soon as elections open.
This week we are testing Yappr on testnet end to end: elections, moderation and the new contracts. That is the last big rehearsal before mainnet.
How an upgrade goes live
Releasing 5.0 does not switch mainnet over by itself. The evonodes decide when, and they do it in three steps that follow Platform’s epochs. On mainnet an epoch lasts 9 days and 3 hours.
Figure 2. An upgrade can only lock in at the start of an epoch, and it goes live one full epoch later. Mainnet epochs last 9 days and 3 hours.
Signal. Every evonode running 5.0 marks each block it proposes as ready for protocol 14. The network keeps one up-to-date vote per evonode.
Lock in. At the start of the next epoch, the network counts. If more than 67% of active evonodes signalled 14, the upgrade locks in. From that moment it cannot be stopped, and the activation date is fixed.
Go live. For one full epoch the network keeps running the old rules, which gives everyone time to finish upgrading. Protocol 14 starts with the first block of the epoch after that.
The epoch that matters started on Wednesday, October 21, and ends on Friday, October 30 at about 18:52 UTC. Evonodes that upgrade after the release on Monday and propose a block before Friday count toward the vote. If fewer than 67% have signalled by then, nothing breaks: the network simply counts again at the next boundary, which would move lock-in to November 8 and activation to November 18.
On its first block, protocol 14 also does some one-time setup. It adds two new system contracts, Moderation Charters and App Connect, updates DashPay, Withdrawals and Token History, and prepares the storage the new features need.
If you run a node
Update with dashmate as soon as the release is out, and before Friday, October 30, so that your evonode’s vote counts:
Do a full stop and start rather than restarting Platform alone: 5.0 needs Core to reload its RPC settings once, and Drive will not start until it has. Every Platform node needs 5.0 before November 8. A node still on 4.x keeps running until then, with a warning in its logs, and stops at the activation block until it is upgraded. 5.0 is also ready for Dash Core 24.
If you build apps
Move to the 5.0 SDKs (@dashevo/evo-sdk 5.0 and the 5.0 Rust SDK) before November 8. Document ids, the way documents are stored and the proofs clients accept all change at protocol 14, so documents created by older SDKs are refused once it is live. Contracts that charge the new action fees also need every write to state the fee it agrees to, which the 5.0 SDKs handle for you.
What is in 5.0
5.0 is a big release, so here it is at a glance first. Each card jumps to its section.
Moderation: Banlists, suspensions, warnings and removals with public reasons. Elected moderation teams.
Private tokens: A shielded pool for any token, plus non-transferable tokens and once-per-identity airdrops.
Earning: Action fees for app owners and moderators, fee agreements, sponsored gas, cheaper short-lived data.
Smarter contracts: Links the network checks, rules without smart contracts, lists, expiry dates, fair name claims.
Queries: Provable top lists, trending windows, hashtags, “posts I liked” and whole feeds in one proof.
Keys and login: Keys limited to one app, spending budgets and expiry, contract groups, App Connect.
Names and votes: Cheaper usernames and votes, fairer ties, protection against flooding.
Under the hood: Smarter withdrawal limits, shielded credits, Core 24, GroveDB 6.1, hardening.
Apps can moderate themselves
Until now, nothing on Dash Platform could keep an abusive identity out of an app. With 5.0, a data contract can keep a banlist, a suspension list and a warning list, and its moderators can remove documents. Every action carries a public reason, a removed document leaves a record behind, and a removal can be undone within a week. A contract can also hand moderation to a team that masternodes and evonodes elect from public charters, paid from the app’s own fees. The second post in this series explains how that works and why Yappr uses it.
Private tokens with shielded pools
This is one of the parts of 5.0 I am most excited about. Any token can now have its own shielded pool, using the same Orchard technology Platform already uses for private Dash credits. Tokens in the pool are held as private notes, and inside it nobody can see who holds how much, or who paid whom.
Figure 3. Tokens enter a pool from a balance or straight from the issuer, move privately inside it, and leave to any identity or pay for an app action. Inside the pool, nobody can see who holds what or who paid whom.
In and out. Holders move tokens from their balance into the pool, and back out to any identity. Moving in shows the amount, and moving out shows the amount and who receives it. Everything in between is private.
Straight from the issuer. An issuer can mint new tokens directly into the pool, release scheduled distributions into it, and sell tokens straight into it, so tokens can be private from the moment they exist.
Private payments in apps. When an app charges a token for an action, like creating a document, the cost can be paid from the pool.
No identity at all. A private transfer, a withdrawal to a recipient, or a purchase into the pool can pay its fee from Platform’s shielded Dash, so no identity shows up anywhere.
There are trade-offs, and I want to be upfront about them. Each token has its own pool, so a token’s privacy grows with how many people use that pool: a pool holding a handful of notes hides very little. An issuer can require a minimum number of notes, up to 250, before tokens can leave the pool. A token with a pool cannot freeze or confiscate balances, because nobody holds a note in a way an issuer could act on, so those controls have to be switched off for good when the token is created. Pausing a token still works. Whether a token has a pool is decided when the token is created and cannot be changed later.
That makes shielded pools a good fit for things like a community currency, rewards, or paying people in a token, where balances are nobody else’s business.
More for tokens
Tokens can now be non-transferable, for things like points, reputation or allowances that should stay with the person who earned them. A token can offer a once-per-identity claim, an airdrop that every identity can take exactly once. And token payments for documents now respect a token’s pause and freeze rules.
Apps can earn, in the open
Apps could already charge their own tokens for actions. 5.0 adds fees in plain credits, split between the app’s owner and its moderators, and it is designed so users always know what they are paying.
Action fees
A document type can charge a fixed fee in credits for an action: creating, replacing, deleting, transferring, repricing or buying a document. Each fee has two parts. One goes into a pot for the app’s owner, the other into a pot for its moderators. The fee is either a fixed amount, or it follows the network’s fee multiplier, so it stays in step with normal fees. Only actions that actually happen pay, and the fees are fixed when the contract is created, so an app cannot quietly raise them later.
For example, creating a post could cost an extra 0.001 Dash for the moderators and 0.0001 Dash for the app’s owner, on top of the normal network fee.
Paying out the pots
Each pot can be claimed once per epoch, about every nine days. The owner pot goes to the contract owner. The moderators pot is split equally among the moderators, or, for an elected team, the way its charter says. Anyone can look up how much is in each pot and when it was last claimed, with a proof.
No surprise charges
Every write to a priced action states the fee its signer saw, and for fees that follow the multiplier, how much of a rise the signer accepts, for example up to 20%. If the price would be higher than what was signed, the network refuses the write and charges nothing for the attempt. A fall in price is always fine. So an app can never make a transaction you already signed cost more.
Sponsored gas and free usage
For actions paid with a token, the app’s owner can now pay the network fee instead of the user. Combined with optional token costs, this makes “free” apps possible: the app hands out tokens, people use the app for free while their tokens last, and then carry on paying normal fees themselves. A user who adds a priority tip to their own transaction still pays for that tip.
Pay only for how long data lives
Documents that expire (see smarter contracts) pay storage for their lifetime only, not forever. A document that lives for a day costs 4 credits per byte, one that lives a year about 1,360, against 27,000 per byte for permanent storage. The fee is paid out to the epochs the document actually lives through.
Smarter data contracts
Data contracts got a lot more expressive in 5.0, without becoming smart contracts. Everything here is declared in the contract and checked by every node, with no code to run.
Links the network checks
A property can now say what it points at, and the network checks that the target exists whenever a document is created or replaced. A target can be an identity, a contract, a token, one of an identity’s keys, or another document.
Document targets come in three kinds, and the difference matters:
Permanent documents can never disappear, so a link to one can never dangle.
Moderated documents can only be removed by moderators, and every removal leaves a record, so the link always leads somewhere: to the document or to its removal record.
Deletable documents can disappear, so a link to one is checked again every time the linking document changes.
Finding the right target
A link can do more than point at an id:
Find it by its fields. A link can find its target through a unique index and check the target’s fields. A bid can require an auction that is open, has not ended, has a reserve price no higher than the bid, and is not owned by the bidder.
Gate who may write. A type can require its writer to be linked to something, such as “only members of this team may post” or “only people with a profile may comment”.
Pick from a list. A value can be required to be one of the entries in a list on another document, like a removal that must name one of a team’s elected members.
Combine targets. One link can accept any of several targets, or require all of them.
Require things of a contract or a key. A link to a contract can require it to be read-only, a certain age, or moderated by an elected team. A link to a key can require the key’s purpose, and that it is limited to this contract.
A document can carry up to 256 links.
Rules every node enforces
A document type can now state rules about its own fields, and every write must satisfy them. Rules can do arithmetic, compare values and text, check lists, test whether fields are present, and combine all of that with and, or, not and if-then. They can also read three things beyond the document itself:
Totals of other documents, such as “at most 10 listings per seller” or “pledges stay within the goal”.
The previous version of the document, such as “a closed order stays closed” or “a counter never goes down”.
The document it links to, such as “a bid must meet the auction’s reserve price”.
A type can have up to 16 rules. The arithmetic is exact, so an overflow or a division by zero refuses the write instead of quietly rounding.
Rules for deleting
The same kind of rules can decide when an owner may delete a document. A poll can refuse to be deleted while any vote still points at it. A document can also be made deletable only when something else uses it up, which is how a “reserve, then claim” flow works.
Fields that freeze
A contract can now make fields unchangeable, either from the moment a document is created or once a condition holds. A post’s author never changes, its text can be edited for the first five minutes, and its body freezes once it is published.
Lists, sizes and generated values
Lists. A property can be a typed list of up to 1,024 numbers, strings, identifiers or byte values, such as up to 10 unique tags on a post.
“Not yourself”. An identifier can be required to differ from another one, or from the owner: you cannot delegate to yourself, and a buyer cannot be the seller.
Byte limits. A text field can be capped in bytes as well as characters, which matters for emoji and other wide characters.
Generated values. The network can fill in a field from another one, for example a lowercase, look-alike-safe version of a username, so “Bob” and “B0B” cannot both be taken.
Shorter schemas. Identifiers and fixed-size byte fields have short spellings.
Adding a required field later
A contract update can now add a required field. Documents written before the update stay valid without it, because every document records which version of the contract it was written under.
Documents that expire
A document type can set a lifetime, from one hour to one year, after which the network deletes its documents on its own. Stories, invitations and offers no longer need someone to clean them up, and they cost much less to store, as described under earning.
Claiming names fairly
Any contract can now run a “commit, then reveal” flow, the same idea DPNS uses for usernames. You first publish a hidden commitment to a value, then reveal it in a later block. Watchers cannot see the value in time to copy it, and if several people commit to the same value, only the earliest valid commitment can reveal. This stops front-running for names, handles and anything else first-come, first-served.
Encryption declared in the contract
A contract can declare exactly how a field is encrypted: to whom, with which keys, and with which scheme. Wallets read the recipe straight from the contract. This is how private join requests for moderation teams and App Connect logins work.
For contract authors
A few authoring rules change at protocol 14:
Property and document type names can no longer contain a -.
Reordering the indexes in a contract update is now allowed.
A contract update cannot change an integer’s size or sign.
Transient values are never stored, even on a replace.
Unsigned integers now sort by value in indexes. The activation block rewrites existing index keys to match.
Top lists, trends and feeds, with proofs
Social apps count and rank things all day. In 5.0 they can do it on chain, and every answer comes with a proof that a light client can check against the network itself, without trusting the node it asked.
Top lists
A ranked index keeps groups in order by their count, sum or average. “Top 10 posts by likes”, “best-rated stores” or “hashtags with more than 100 posts” read just the entries they return, so the proof stays small however many groups exist. Queries use plain ORDER BY and HAVING, up to 100 results at a time.
Trending windows
A time-range index sorts documents into rolling windows, such as the last hour starting every 15 minutes, or each day. That is what trending lists and “today’s leaderboard” need. A window can also be unique, which gives rules like “one post per day”. Old windows can be dropped automatically after up to a week.
Number bands
The same windows work over any number, so an app can group listings by price band or players by score band.
Likes and follows that cost less
Some documents are really just entries in an index: a like, a follow, a bookmark. 5.0 lets a type store only those index entries, with no full document, which cuts the storage of a small document by more than half. Such types can keep a counter per group instead of an entry per document, start counters at zero so a post with no likes still ranks, and keep an entry in a trending window even after an unlike.
Indexing what a document links to
An index can include a value from the document a link points at, without storing it twice. Indexing replies by the post’s author answers “every reply to my posts” directly.
Hashtags and mentions
A list property can be indexed element by element, so a post appears once under each of its tags. “Posts tagged dash, newest first”, “posts that mention me” and “most used hashtags” all become simple queries.
“Posts I liked” in one proof
A chained query answers a question that spans two document types, like “the posts I liked”, in a single request with a single proof. The client checks the join itself, so a node cannot steer the result.
A whole feed card in one request
A composite query loads a page together with everything it needs, such as quoted posts, counts, profiles, names and whether you liked each post, under one merged proof. Yappr’s home feed is built on these.
Smaller improvements
Queries can use more than one IN clause on consecutive index fields.
Anyone can now list every contract on Platform, in pages, and check the latest version of up to 100 contracts in one proved request.
A range query can prove that a range is empty.
Keys and login
Giving an app a key used to mean trusting it with a lot. 5.0 makes keys much narrower, and adds a proper way to log in to apps with your wallet.
Keys limited to one app
An authentication key can now be bound to a single contract, a single document type, or a contract group. A bound key can only sign document and token actions inside its bounds. A key you give a social app can post and like on that app, and nothing else.
Budgets and expiry dates
A key can also carry a spending budget in credits and an expiry date. Once the budget is spent or the date has passed, the network refuses the key. A game could get a key that can spend at most 0.1 Dash and stops working after 30 days. You can later raise a key’s budget or extend its expiry, and anyone can check, with a proof, how much a key has left. To restrict a key further, you disable it.
Contract groups
An identity can now bundle several contracts, document types and tokens into a contract group, for example all the contracts that make up one app. A key bound to the group covers the whole app. Groups can only grow, and anyone can read what is in a group.
App Connect: log in with your wallet
App Connect is a new system contract for logging in to apps with your wallet:
The app asks to connect.
You approve in your wallet, and choose what the app may do: which contract, how much it may spend, and for how long.
The wallet registers those limited keys on your identity and posts them for the app, encrypted so only the app can read them.
The app picks up its keys, checks they are live, and you are logged in. Your wallet’s own keys never leave the wallet.
The Swift example app already uses the same idea to log a browser in over Bluetooth: you check a pairing code on both screens, choose the key’s lifetime and budget, and your phone hands the browser a limited key directly.
Key fixes
Contract-level encryption and decryption keys that always point at an identity’s latest key now register correctly. Before 5.0, registering one failed.
Names and votes
Contested usernames, the ones masternodes vote on, get cheaper, fairer and harder to abuse.
Cheaper names and votes
The fund to contest a name halves, from 0.2 Dash to 0.1 Dash. A masternode vote costs 80% less, down from 0.0001 Dash to 0.00002 Dash.
Ties go to the earliest
When a contest ends in a tie, the contender who entered first now wins. Before 5.0 the latest one did. This applies to every contest that ends after protocol 14 is live.
No flooding
A contest can hold at most 1,000 contenders, and joining gets more expensive as it fills up. The fund doubles once a contest has 250 contenders, and again every 50 after that:
Contenders already in
Fund to join a name contest
0 to 249
0.1 Dash
250 to 299
0.2 Dash
300 to 349
0.4 Dash
700 to 749
102.4 Dash
950 to 999
3,276.8 Dash
A contender states the most it is willing to pay and is charged the current amount. The final count of a contest now covers every contender.
Contests that always have a winner
A contested index can now be declared without a Lock option, so the contest always ends with a winner, and a lone contender wins as soon as the join window closes. Usernames keep the Lock option. Moderation elections use the new kind.
Cleaner votes
Identifiers among a contest’s values are now stored one way, so writing the same name two ways cannot split one contest into two. And the SDKs now read how many contenders a contest has and set the fund to pay automatically.
Under the hood
Not everything in 5.0 is a feature you will see. These changes make Platform safer, steadier and ready for what comes next.
Smarter withdrawal limits
The daily withdrawal limit used to be a flat 2,000 Dash. It is now 15% of all the credits Platform held a day earlier, and never less than 500 Dash, so it grows with Platform. Withdrawals also have to fit a second limit tied to Dash Core’s credit pool, which never drops below 1,500 Dash. For the first day after activation, the old 2,000 Dash limit still applies.
Withdrawals too small to send
A withdrawal so small that Core can never send it used to be retried forever. It now ends with a clear failed status. Those credits are not refunded.
Shielded credits
Credits can now move straight from an identity into the shielded pool, and from the shielded pool back into an existing identity.
Dash Core 24
5.0 understands Dash Core 24’s new blocks, transactions and masternode types. Protocol 14 needs to be active on mainnet before Core 24’s new rules activate there, which is one more reason to upgrade on time.
GroveDB 6.1
Platform moves to GroveDB 6.1, its storage engine, and fee estimates now size counting and summing trees correctly.
System contract updates
DashPay profiles can carry a Core payment address, a Platform payment address and a shielded address.
Withdrawals gains the failed status.
Token History records once-per-identity claims.
App Connect and Moderation Charters are new.
How documents are stored
Documents are now stored in a new format that records which version of the contract each one was written under, which is what makes adding required fields later possible. New document ids also include a number tied to the transaction that creates them, so every id can only ever be used once. The 5.0 SDKs handle both.
What happens on the activation block
The first block of protocol 14 does some one-time work: it rewrites unsigned number index keys, adds App Connect and Moderation Charters, updates DashPay, Withdrawals and Token History, records a version for every existing contract, and creates the storage the new features need.
Hardening
5.0 also carries a long list of fixes and hardening from audits, testing and testnet. The node also stops rewriting its entire saved state on every block, which makes it lighter to run.
What comes after 5.0
Some things are deliberately not in 5.0. Replacing a seated moderation team through a challenge vote, amending a team’s charter, and appeals all come in later versions. On Yappr, mainnet opens for posting once the network has elected its first moderation team, which at the earliest is about eleven days after protocol 14 goes live.
Dogecoin traded near $0.079 on October 20, 2026, according to CoinMarketCap, about 33% below where it started the year and 89% below its record of $0.7376, set on May 8, 2021. Our base case puts DOGE at $0.07 to $0.11 at the end of 2026, centered near $0.09, with a bull case of $0.16 to $0.20 and a bear case near $0.06. Prediction markets lean the same way: on Polymarket, traders give DOGE about a 12% chance of reaching $0.16 before the end of the year and about a 44% chance of falling to $0.06, and there is no contract for $1 at all.
This page replaces our May 2024 forecast. Since then, Dogecoin rallied to about $0.48 in December 2024, missed the $1 targets that were common going into 2025, ended 2025 near $0.117 and slid to about $0.068 on August 1, 2026. Spot Dogecoin ETFs arrived but drew little money, Bitwise is closing its fund, and X Money launched without any crypto features. The algorithmic models that update daily stay close to the current price for December, with CoinCodex at about $0.10 to $0.11 and Changelly near $0.09, and none of the five we reviewed puts DOGE at $1 before 2029.
What Is Dogecoin?
Dogecoin was created in December 2013 by software engineers Billy Markus and Jackson Palmer as a lighthearted alternative to Bitcoin, named after the Shiba Inu “doge” internet meme. It is a proof-of-work blockchain that uses the Scrypt algorithm, and since 2014 it has been merge-mined with Litecoin, which means Litecoin miners can secure Dogecoin at the same time.
Two design choices shape its price. First, supply is uncapped: the network issues a fixed 10,000 DOGE per block, with a new block about every minute, which adds about 5.26 billion coins a year. Second, the base layer is built for payments and tipping rather than smart contracts, so most of DOGE’s value comes from its brand, its community and its role as the original meme coin rather than from applications built on it.
DOGE Market Data: October 2026
MetricValuePrice~$0.079Market Cap~$12.4 billion (11th largest)Circulating Supply~156.4 billion DOGEMax SupplyNone (about 5.26 billion new DOGE a year)All-Time High$0.7376 (May 8, 2021)Distance From All-Time HighAbout -89%2025 PerformanceAbout -63% ($0.316 to $0.117)2026 So FarAbout -33%, range ~$0.068 to ~$0.157US Spot DOGE ETF Assets~$14.9 million (SoSoValue, mid-October)Meme Coin Sector Share~43% of a ~$29 billion sector (CoinGecko)
Sources: CoinMarketCap and CoinGecko on October 20, 2026; Binance and CoinMarketCap price history; SoSoValue ETF data.
For the live quote and daily levels, see our Dogecoin price today page.
Dogecoin Price History: From a Joke to $0.74
Dogecoin spent its first years trading for fractions of a cent. Its first major rally came in the initial coin offering boom: DOGE climbed from about $0.001 in November 2017 to about $0.0188 on January 7, 2018, before losing most of those gains in the 2018 bear market.
The defining run came in 2021. Driven by retail trading, Reddit communities and a stream of posts from Elon Musk, who called DOGE “the people’s crypto” in February 2021, the token rose from under a cent in January to its all-time high of $0.7376 on May 8, 2021, giving it a market value close to $90 billion at the peak. The 2022 bear market took it back to about $0.050 on June 18, 2022.
The last cycle was smaller. DOGE traded near $0.10 in early October 2024, then more than quadrupled to about $0.484 in December 2024 as Bitcoin broke records. It started 2025 near $0.316 and touched about $0.434 in January, but it ended the year near $0.117, a loss of roughly 63%. In 2026 it peaked at about $0.157 in early January and fell to about $0.068 on August 1, its lowest level of the year, before a late-summer rebound faded in October.
PeriodKey PriceJanuary 7, 2018~$0.0188 (first cycle peak)May 8, 2021$0.7376 (all-time high)June 18, 2022~$0.050 (bear market low)December 2024~$0.484 (last cycle high)January 2025~$0.434 (2025 high)December 31, 2025~$0.117 (2025 close)August 1, 2026~$0.068 (2026 low so far)October 20, 2026~$0.079
How Did 2025 Dogecoin Predictions Hold Up?
Going into 2025, $1 was the most popular target. Galaxy Digital’s research team, led by Alex Thorn, predicted in its 2025 outlook that Dogecoin would finally hit $1 and a $100 billion market cap. InvestingHaven projected a 2025 range of $0.222 to $1.445, BTCDirect forecast about $1.12 by December 2025, and analyst Dima James Potts drew a path to $1.50. The algorithmic models were far more cautious: Changelly put the 2025 average near $0.24, and DigitalCoinPrice capped the year at $0.20.
The cautious models won. DOGE never got above about $0.434, set in January, and closed 2025 near $0.117, below the 2025 averages that even the cautious models expected. Three factors stood out: Bitcoin peaked in October 2025 and then fell sharply, a large share of retail speculation went to newer meme coins and token launch platforms rather than DOGE, and the ETF demand that bulls expected never arrived in size. The lesson for 2026 forecasts is that DOGE has tended to follow Bitcoin’s cycle with higher volatility, not to break away from it.
The ETF Era: What Dogecoin Funds Have (and Have Not) Done
US investors can now buy Dogecoin through regulated funds. The REX-Osprey DOGE ETF (DOJE) launched on September 18, 2025, Grayscale’s Dogecoin Trust ETF (GDOG) began trading on NYSE Arca on November 24, 2025, and the 21Shares Dogecoin ETF (TDOG), endorsed by House of Doge, the corporate arm of the Dogecoin Foundation, followed on Nasdaq on January 22, 2026.
Demand has been minimal. US spot Dogecoin ETFs held about $14.9 million in combined net assets in mid-October, according to SoSoValue data, and recorded no net flows in the first weeks of October. By comparison, US Zcash funds hold about $602 million and the Canary HBAR ETF about $68 million. Bitwise stopped trading its Dogecoin ETF on October 14 and will pay remaining shareholders in cash on October 22, and in July CleanCore sold substantially all of its 463 million DOGE to fund an AI business.
There is still an institutional story. House of Doge has traded on Nasdaq as HODO since July 1, 2026, after its merger with Brag House Holdings, and filed in September to raise up to $100 million in securities. For now, though, DOGE’s price is set on crypto exchanges by retail traders, not by fund flows.
The 4-Year Cycle: Is It Still Relevant for DOGE?
Dogecoin’s major peaks have followed Bitcoin’s four-year halving cycle: January 2018 came about 18 months after the July 2016 halving, May 2021 about a year after the May 2020 halving, and December 2024 about eight months after the April 2024 halving. Each DOGE peak came during a late-stage Bitcoin rally, when retail speculation was at its most intense.
If the pattern holds, the 2026 drawdown is the bear phase of the cycle, and the next meaningful DOGE rally would come around Bitcoin’s next halving, expected in 2028, and the year after it. That is why most models show DOGE’s best years in 2028 and 2029 rather than in 2026 or 2027. The pattern is not guaranteed: ETFs, regulation and the rise of new meme coin platforms have all changed how money moves through crypto, and DOGE’s share of retail attention is smaller than in 2021.
Dogecoin Price Predictions Compared: Analysts, Models and Prediction Markets
Wall Street banks do not publish Dogecoin price targets, so forecasts come from crypto analysts, algorithmic models and prediction markets.
SourceForecastDatePolymarket~12% chance of $0.16 in 2026; ~2% for $0.52; ~44% for $0.06October 20, 2026CoinCodex2026 range ~$0.079 to $0.111; ~$0.123 by 2030; “will not reach $1”October 20, 2026Changelly2026 average ~$0.092; 2030 average ~$0.115October 20, 2026CoinLore2030 bull case ~$0.67; first passes $1 in 2032 in its bull caseOctober 20, 2026Gate2030 range ~$0.104 to $0.154October 20, 2026Telegaon$1 in 2029; 2030 range ~$1.06 to $1.48September 10, 2026Ali Martinez (analyst)Possible move to $0.16 to $0.17 if $0.081 holds as supportOctober 16, 2026
The spread is wide, but the centre of gravity is low. Four of the five algorithmic models keep DOGE below $0.80 through 2030, and Telegaon, the outlier, last updated its page on September 10 and starts from a price well above today’s. Polymarket’s 2026 market does not list $1, and its highest listed level, $0.52, trades at about 2%.
YearBear CaseBase CaseBull CaseEnd of 2026$0.06$0.07 to $0.11$0.16 to $0.202027$0.041$0.086$0.572028$0.060$0.18$0.822030$0.089$0.12$1.482035$0.15$0.34$3.042040$0.21$0.67$5.84
How this table is built: the 2026 row is our own scenario analysis, based on current chart levels, fund flows and Polymarket odds. Rows for 2027 to 2040 summarize five forecasting models (CoinCodex, Changelly, CoinLore, Telegaon and Gate; Gate does not publish 2035 and 2040 figures) as of October 20, 2026, using Changelly’s written forecasts: the bear case is the lowest published low, the base case is the median of their average or base-case figures, and the bull case is the highest published high. All bull figures come from Telegaon. Speculative, not financial advice.
Dogecoin Price Prediction 2026
DOGE enters the final ten weeks of 2026 near $0.079, about 10% below its 50-day and 200-day moving averages, which sit near $0.088 and $0.087 on Binance daily closes and are close to forming a “death cross.” The October low of about $0.0761 on October 18 is the key support, and $0.081, where about 36 billion DOGE last changed hands according to Glassnode data shared by analyst Ali Martinez, is the first level to reclaim.
Dogecoin Price Prediction for the End of 2026
Base case ($0.07 to $0.11): DOGE follows Bitcoin sideways into the Federal Reserve’s October 28 decision and the year-end, holding above its August low. This range matches CoinCodex’s 2026 projection of about $0.079 to $0.111.
Bull case ($0.16 to $0.20): a Bitcoin recovery toward $100,000 revives retail risk appetite and DOGE doubles from current levels, as it has done several times in short bursts. Polymarket puts the chance of $0.16 at about 12% and $0.20 at about 8%.
Bear case ($0.06): Bitcoin loses its October lows, altcoins sell off further and DOGE breaks below its August 1 low of about $0.068. Polymarket prices a drop to $0.06 at about 44%.
Dogecoin Price Prediction 2027
The models are split for 2027. CoinCodex sees DOGE averaging about $0.17 in December 2027, Changelly about $0.086 and Gate about $0.083, while CoinLore’s base case is about $0.068 and its bear case $0.041. The median base case is about $0.086, close to today’s price, which reflects a view that 2027 would be a recovery year in Bitcoin’s cycle rather than a breakout year for meme coins.
Dogecoin Price Prediction 2028
2028 is the year most models favor. Bitcoin’s next halving is expected that year, and CoinCodex’s December 2028 average of about $0.23 and Changelly’s 2028 average of about $0.18 are the highest figures either model publishes before the 2030s. The median base case is about $0.18 and the highest published figure, Telegaon’s, about $0.82. Even the bull case implies a market value of roughly $140 billion at a supply of about 167 billion DOGE.
Dogecoin Price Prediction 2030
For 2030, the median base case is about $0.12, with Changelly at about $0.115, CoinCodex at about $0.123, Gate at about $0.108 and CoinLore at about $0.149. Telegaon is the only model above $1, at $1.06 to $1.48. With about 178 billion DOGE expected in circulation by the end of 2030, a $1 price would mean a market value near $178 billion, more than 14 times today’s.
Dogecoin Price Prediction 2035 and 2040
Long-range figures are speculative. For 2035, the median base case of four models is about $0.34, and the range runs from Changelly’s low of about $0.15 to Telegaon’s high of about $3.04; CoinLore’s bull case is about $1.31. For 2040, the median base case is about $0.67, CoinLore’s base case reaches about $1.03 and its bull case about $2.95, while CoinCodex’s projection stays near $0.30. By then supply would be close to 230 billion DOGE, so $1 would mean a market value of about $230 billion.
Will Dogecoin Reach $1?
Not in 2026, and probably not before the next major bull cycle. From about $0.079, DOGE needs a gain of roughly 1,170% to reach $1, which implies a market value of about $156 billion today, enough to make it the fourth-largest cryptocurrency, and more as supply grows. Only one of the five models we reviewed puts DOGE above $1 by 2030, and Polymarket does not even list a $1 contract for 2026. Our full analysis of whether Dogecoin can reach $1 covers the maths, the catalysts and what would have to happen first, and our report on whether Dogecoin is dead looks at the bear case.
Key Factors Driving Dogecoin Price in 2026 to 2030
Bitcoin’s direction and cycle. DOGE has tracked Bitcoin with higher volatility in every cycle. A recovery in Bitcoin, which trades near $81,000 after peaking at $126,198 in October 2025, is the first condition for any DOGE rally; see our Bitcoin price prediction.
Retail and meme coin sentiment. DOGE accounts for about 43% of a meme coin sector worth about $29 billion, according to CoinGecko. Its biggest rallies came when retail speculation peaked, and competition from newer meme coins has diluted its share of that money.
Elon Musk and X. Musk’s posts have moved DOGE more than any other single factor. X Money launched to US subscribers on July 27, 2026, without any cryptocurrency features, so the long-awaited payments catalyst has not materialized.
Institutional demand. Spot ETFs, House of Doge’s Nasdaq listing and corporate treasuries have so far added little buying, and CleanCore’s sale in July shows treasury holders can also become sellers.
Supply inflation. About 5.26 billion new DOGE a year, roughly 3.4% of supply today, means the price needs steady new demand just to stay flat.
Utility. Projects such as DogeOS, which opened a public testnet for Ethereum-style apps on September 30, could give DOGE more uses, but none is live on mainnet, and DeFiLlama counts only about $1.7 million locked in Dogecoin applications.
Macro conditions. Higher interest rates weigh on speculative assets; the Federal Reserve raised rates in September and meets again on October 28, with futures markets pricing a real chance of another increase.
Bull Case vs. Bear Case
Bull CaseBear CaseBitcoin sets new records after the 2028 halving and retail speculation returnsBitcoin stays in a range or falls further, and altcoins keep losing shareX Money or another major platform adds DOGE paymentsMusk’s businesses keep crypto out of their productsETF inflows grow from millions to hundreds of millions of dollarsETFs stay small and more funds close, as Bitwise’s hasDogeOS and other projects bring real usage to DogecoinUtility stays limited and supply inflation keeps weighing on priceDOGE retakes $0.16 to $0.20 by year-end and $0.50 or more in the next cycleDOGE breaks its August low and trades toward $0.05 to $0.06
Where to Buy Dogecoin
Dogecoin is available on major exchanges including Binance, Coinbase, Kraken, KuCoin, Gate, OKX and Bybit. US investors can also buy the Grayscale (GDOG), 21Shares (TDOG) or REX-Osprey (DOJE) funds through a brokerage account, and DOGE can be held in self-custody wallets that support the Dogecoin network. For daily price levels, see our crypto market today page.
Data sources: CoinMarketCap and CoinGecko (price, supply, market capitalization and sector data), Binance and CoinMarketCap historical data (price history and moving averages), SoSoValue and fund issuers (ETF data), DeFiLlama (applications), Polymarket (prediction-market odds), and the published forecasts of CoinCodex, Changelly, CoinLore, Telegaon, Gate, Galaxy Digital, InvestingHaven, BTCDirect, DigitalCoinPrice and analysts Dima James Potts and Ali Martinez, as of October 20, 2026.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are volatile; always do your own research before investing.
Related reading: Will Dogecoin Reach $1? The Honest Answer for 2026 and Beyond.
Frequently Asked Questions
What is the Dogecoin price prediction for 2026?
Our base case puts Dogecoin at $0.07 to $0.11 at the end of 2026, centered near $0.09, with a bull case of $0.16 to $0.20 and a bear case near $0.06. DOGE trades near $0.079 on October 20. Polymarket traders give it about a 12% chance of reaching $0.16 before year-end and about 44% of falling to $0.06.
What will Dogecoin be worth in 2030?
Most models put DOGE well below $1 in 2030. Across five forecasting models we reviewed, the median base case for 2030 is about $0.12, with Changelly near $0.115, CoinCodex near $0.123 and CoinLore near $0.149. Only Telegaon, whose page was last updated on September 10, expects DOGE above $1 by then, at $1.06 to $1.48.
Will Dogecoin reach $1?
Not in 2026 and probably not before the next major bull cycle. From about $0.079, DOGE needs a gain of roughly 1,170% to reach $1, which would mean a market value of about $156 billion, enough to make it the fourth-largest cryptocurrency. Only one of five models we reviewed sees $1 by 2030, and Polymarket does not list $1 for 2026.
Can Dogecoin reach $10?
That is extremely unlikely. With about 156.4 billion DOGE in circulation, a $10 price would mean a market value of about $1.56 trillion, roughly the size of Bitcoin today and more than half of the entire crypto market, which is worth about $2.72 trillion. Even the most optimistic model we reviewed, Telegaon, only reaches about $5.84 by 2040.
What is Dogecoin’s all-time high?
Dogecoin’s all-time high is $0.7376, set on May 8, 2021, during a rally driven by retail traders and Elon Musk’s posts. In the last cycle it peaked at about $0.484 in December 2024, and its 2025 high was about $0.434 in January. At about $0.079 in October 2026, DOGE trades roughly 89% below its record.
Why did Dogecoin fall in 2025 and 2026?
DOGE followed Bitcoin lower after Bitcoin peaked at $126,198 in October 2025, and it fell harder, as it usually does. Retail speculation moved to newer meme coins, spot Dogecoin ETFs hold only about $14.9 million, and X Money launched without crypto. DOGE lost about 63% in 2025 and another 33% so far in 2026.
Do Dogecoin ETFs affect the price?
So far, very little. US spot Dogecoin ETFs held about $14.9 million in combined net assets in mid-October, according to SoSoValue, about 0.1% of DOGE’s market value, and recorded no net flows in early October. Bitwise is closing its Dogecoin ETF, with a cash payout on October 22. Funds from Grayscale, 21Shares and REX-Osprey remain on the market.
Does Elon Musk still move the Dogecoin price?
His posts can still trigger short spikes, but his influence has faded since 2021. The most cited catalyst, Dogecoin payments on X, has not happened: X Money opened to US Premium subscribers on July 27, 2026, with dollar balances, a Visa card and yield, but no Bitcoin, no Dogecoin and no stablecoin. A future DOGE integration remains speculation.
Is Dogecoin a good investment?
Dogecoin is a high-risk, speculative asset whose price depends mainly on Bitcoin’s direction, retail sentiment and Elon Musk’s attention rather than on cash flows or usage. Its supply grows by about 5.26 billion coins a year, and it trades about 89% below its 2021 high. It suits only investors who can tolerate large swings and losses. This is not financial advice.
Input Output plánuje po hard forku Dijkstra prostřednictvím upgradu Leios nejprve zvýšit kapacitu Cardana na troj- až pětinásobek; aktivace vyžaduje registraci hlasovacích klíčů pro přibližně 90–95 % delegovaného staku.
Input Output has outlined a staged rollout for Cardano’s Leios upgrade, targeting an initial three to five times today’s transaction capacity before later governance votes could raise it to 10–15 times.
Summary
Leios targets 3–5x Cardano’s current capacity initially, with later gains toward 10–15x. Activation needs voting-key registration covering roughly 90–95% of delegated stake. Later capacity changes require mainnet load results and separate governance votes. Only 21 of 103 listed Cardano apps have enabled leaderboard transaction tracking. Input Output said in its Oct. 20 update that Leios will arrive with the Dijkstra hard fork, followed by stake pool registration, live network load exercises, and at least two protocol parameter updates.
The developer’s plan separates the network upgrade from the steps needed to activate Leios and permit more traffic. Pools must first register new voting keys, with the current estimate requiring roughly 90–95% of delegated stake before Leios can operate.
“The hard fork makes the protocol available,” Input Output wrote. The update gives no fixed Dijkstra activation date. Its proposed capacity gains remain subject to mainnet results and community approval.
Cardano Leios needs pool registration after Dijkstra Under Input Output’s rollout plan, stake pool operators will generate BLS voting keys after the hard fork and register them through updated pool certificates. Each registration becomes active at the next epoch boundary.
BLS signatures allow hundreds of pool votes to be combined into a compact certificate. Input Output says Leios needs votes representing at least 75% of all active stake to certify an endorser block, which carries references to transactions awaiting processing.
Registration must sit comfortably above that threshold to allow for pools that are offline or slow to respond. The developer estimates participation from roughly the top 500–900 pools, although the exact activation requirement depends on parameters still being finalized.
Pools without a registered BLS key can continue producing Praos blocks, according to the update, but cannot vote on Leios endorser blocks. Key registration requires no separate vote from delegated representatives or the Constitutional Committee.
The preparation follows Cardano’s July 18 van Rossem hard fork, which moved mainnet to Protocol Version 11, as crypto.news previously reported. Intersect confirmed that upgrade after testing and approval from the network’s governance bodies.
Capacity changes require separate governance approval Before Dijkstra, Input Output plans a constitutional update covering the new protocol parameters and the limits within which governance can change them. Its roadmap assigns preparation of those guardrails to the Intersect Parameters Committee, with the Plutus team updating the guardrails script.
The developer lists different approval thresholds for each stage. The constitutional amendment needs support from delegated representatives representing 75% of stake and two-thirds of the Constitutional Committee.
For the hard fork, the stated requirements are 60% of DRep stake, 51% of stake pool operator stake, and two-thirds of the committee. Later throughput changes require 67% of DRep stake, 51% of SPO stake, and two-thirds of committee members.
Once Leios is operating, Input Output plans controlled bursts of mainnet traffic to measure block delivery, voting speed, certificate reliability and the processing room left on nodes. Each proposed capacity step should include measurements from the preceding settings.
The initial target uses today’s Praos ceiling of roughly 4.5 kilobytes of transactions per second as its baseline. Multiplying that figure by the announced ranges gives approximately 13.5–22.5 TxkB/s initially and 45–67.5 TxkB/s at the later target.
These figures measure transaction data capacity, not a fixed number of transactions per second. The number of transactions that fit depends on their size.
Input Output says governance can change the Leios limits without another hard fork, provided the proposals remain within the approved constitutional guardrails.
Earlier testing reached roughly six times the Praos ceiling In an Aug. 20 engineering account, the Leios team recorded a MusashiNet peak of 26.8 TxkB/s against a Praos mainnet ceiling of 4.51 TxkB/s. The figures produce a ratio of approximately 5.94 times.
The team said the 41-day Earth phase involved more than 127,000 blocks and 63 registered pools. Traffic came from synthetic load generation and participating operators, so the results describe testnet performance rather than customer demand.
Its account documented implementation problems, including memory leaks, chain forks, stalled synchronization, and a network halt caused by handling an invalid certificate as a fatal error. The team said it corrected the faults.
For mainnet, Input Output’s Oct. 20 plan starts with conservative settings because the live network includes approximately 2,700 registered pools using different machines, connections and configurations.
Leios retains Praos ranking blocks and adds endorser blocks when pending traffic exceeds what a ranking block can carry, the developer explained. Transactions processed through endorser blocks are expected to reach the ledger in roughly 45–60 seconds.
Dijkstra preparation has proceeded through separate software releases. September’s node 11.1.1 release addressed operational issues ahead of later versions intended to introduce the new era’s features.
Intersect’s earlier two-phase Dijkstra roadmap placed Linear Leios in the first phase and Peras in a separate upgrade targeted for the second quarter of 2027. Its schedule described delivery dates as estimates subject to testing and governance.
App leaderboard covers projects with tracking enabled In a separate Oct. 20 X post, Cardano said 21 of the 103 apps listed on its website had enabled transaction tracking. Projects appear on the leaderboard once tracking is switched on, and participation is open to all projects building on Cardano.
The figures put tracking participation at approximately 20.4% of listed apps. Cardano’s statement describes which projects contribute to the leaderboard; it does not establish transaction totals for the remaining 82 apps.
On network economics, Input Output said more than 85% of epoch rewards currently come from Cardano’s Reserve. Its update cited a CIP-164 estimate that fee income would require sustained traffic of roughly 50–70 TxkB/s to reach break-even.
“Leios creates a route to that level of activity,” the developer wrote. “It does not create demand by itself.”
Dijkstra’s other planned features include nested transactions, account enhancements, guard scripts, Plutus V4, freely withdrawable staking rewards and a pledge-leverage parameter. According to Input Output, those changes arrive with the hard fork and do not depend on Leios reaching its later capacity targets.
Tether’s USDT shed nearly $1 billion in market capitalization over five days in mid-October 2026, a contraction that is putting pressure on Bitcoin’s recovery at a delicate moment.
The numbers behind the contraction On-chain analytics firm CryptoQuant tracked the $1 billion decline as Bitcoin was attempting to rebuild upward momentum. The broader picture, drawn from data compiled by Crystal Intelligence, is harder to ignore.
USDT balances held across 19 major exchanges and lending platforms fell by $4.6 billion between early July and October 1, 2026. Over that same period, those platforms absorbed approximately $1.9 billion in competing stablecoins, primarily USDC and RLUSD, suggesting traders did not exit the market entirely but did rotate away from Tether specifically.
Bybit illustrated that rotation most sharply. The exchange shed $1.66 billion in USDT while simultaneously adding $315 million in RLUSD, making it the single platform with the largest net USDT outflow in the dataset.
Overall USDT supply declined about 0.4%, or approximately $647 million, through September 2026, leaving the total near $184 billion. By October 20, that figure had slipped further to around $183 billion.
Why stablecoin supply and Bitcoin price are connected The 2024 and 2025 Bitcoin rallies coincided with repeated multi-billion-dollar expansions in USDT’s market cap. Each wave of new issuance effectively refueled demand at a systemic level, giving traders and institutions the dry powder to push prices higher.
The $1.9 billion that flowed into USDC and RLUSD during the same period that USDT lost $4.6 billion at exchanges is a gap, not a replacement. Competing stablecoins are growing, but they are not yet moving in volumes large enough to make the overall liquidity picture neutral.
What traders and investors should watch First, watch net USDT issuance. Tether mints and redeems USDT based on client demand. A return to net minting, especially in large tranches, would indicate that institutional and retail demand for stablecoin liquidity is recovering.
Second, monitor the USDC and RLUSD inflows at major exchanges. If competing stablecoins continue gaining ground, the question becomes whether their combined growth can offset USDT’s retreat and keep overall liquidity conditions stable for Bitcoin trading pairs.
Third, keep an eye on Bybit’s balance sheet in particular. As the platform with the largest single USDT outflow in this dataset, its trajectory will serve as a leading indicator for whether exchange-level stablecoin rotation is accelerating or stabilizing.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
BAT během dne vzrostl o 12,28 % na 0,1967 USD po proražení klesající rezistence formace vlajky směrem vzhůru; další možnou překážkou je zóna 0,2160 USD.
Basic Attention Token [BAT] saw a daily price gain of 12.28% at press time, as the expanding ecosystem around Brave triggered renewed attention across the market.
The price surge was accompanied by heightened market participation, with the token’s 24-hour trading volume also jumping 92.35% to $43.24 million.
Notably, this rally emerged as Brave continued its ecosystem expansion, with its browser reaching 128 million monthly active users.
For context, Brave is a privacy-focused web browser that utilizes BAT to reward participants for viewing advertisements and supporting content creators.
Particularly, Brave Rewards Card registrations reportedly crossed 200,000, reflecting growing interest in the financial services of the company.
The role of BAT within Brave’s rewards and payments ecosystem also triggered attention as the platform expanded its reach.
Spot outflows meet aggressive futures buying
Additionally, BAT’s Spot and Futures markets offered further insight into its price recovery, beyond Brave’s ecosystem expansion.
According to CoinGlass, BAT had $434.06K in negative Spot Netflows at press time, indicating that withdrawals outnumbered deposits.
Notably, the latest reading followed substantial exchange inflows earlier in October, including one daily spike exceeding $2 million on the 13th of October. The return to negative Netflows therefore reflected a reduced immediate exchange-side supply.
Additionally, BAT’s Futures Taker CVD indicator remained taker-buy dominant at reporting time, suggesting a more robust cumulative aggressive buying than selling.
These readings together supported BAT’s price recovery, even though a sustained demand remained necessary to extend the price rally.
Source: BAT Spot Netflow on CoinGlass
Negative funding persists despite heavy short liquidations
On the contrary, the derivatives’ positioning continued to reflect considerable bearish sentiment, despite BAT’s market expansion. In particular, the OI-Weighted Funding Rate remained negative at -0.0072%. Also notably, the earlier October readings registered deeper negative spikes, highlighting periods of stronger bearish positioning.
The liquidation figures, however, revealed a significant pressure on the short sellers, with the token recording $197.89K in shorts against $52.53K in longs. Consequently, the short positions accounted for nearly 80% of the total liquidations.
This imbalance ultimately reflected losses among the bearish traders, although the negative funding implied continued short-side positioning.
Source: CoinGlass
BAT breaks pennant resistance – Is $0.2160 next?
BAT’s daily chart structure showed a rapid price recovery from $0.1000 before facing a rejection around the $0.2160 zone.
Following the price rejection, Basic Attention Token subsequently consolidated within a bullish pennant flag while defending the $0.1715 support. The most recent candle, however, pushed above the pennant’s descending resistance, reaching $0.1967.
In fact, this emerging structural breakout reinforced the bullish continuation outlook, even though the daily candle had not confirmed the move. The Chaikin Money Flow, meanwhile, remained positive at 0.19, suggesting a continued capital inflow.
The RSI indicator, on the other hand, stood at 66.86, below its Moving Average of 73.85, marking a cooling bullish strength. The indicator nevertheless remained above the 50 threshold, supporting the broader bullish structure.
Ultimately, in case BAT sustains its pennant breakout, the token stands a better chance of revisiting the $0.2160 supply zone again.
Source: BAT/USDT Chart on TradingView
Final Summary
Brave’s growing user base coincided with BAT’s rally and renewed trading activity.
BAT broke above its bullish pennant, opening another potential test of $0.2160 resistance.
Luganodes spustil RPC přístup k sítím TRON, Ethereum a Bitcoin prostřednictvím jediného API klíče. Vývojáři získají 25 milionů bezplatných výpočetních jednotek měsíčně; placené tarify začínají na 49 USD.
Luganodes has opened RPC access to TRON developers as part of a three-network service with a standard free allowance of 25 million compute units a month.
Summary
Luganodes launched RPC access for TRON, Ethereum, and Bitcoin using one API key.
Developers receive 25 million free compute units monthly, with paid plans starting at $49.
Free accounts stop serving requests once their monthly allowance runs out.
Dedicated deployments offer full and archive nodes separately from shared subscriptions.
Luganodes announced the service on Oct. 14, listing TRON, Ethereum, and Bitcoin mainnet access through one API key. Paid subscriptions start at $49 a month, according to the company’s launch notice.
The provider says free accounts need no payment card and stop serving traffic once the monthly allowance runs out. Its launch page offers 100 million compute units for the first month to users signing up by Oct. 20, with other free-plan limits unchanged.
Luganodes RPC prices requests by method
In its launch notice, Luganodes says each supported method has a published compute-unit cost. The company describes its standard subscriptions as shared infrastructure and offers separate dedicated deployments with full and archive nodes.
On its TRON staking page, the operator identifies itself as a Super Representative active since July 2022. TRON’s network documentation says 27 elected Super Representatives secure its production network.
The provider’s staking page lists a 5% commission and says 95% of rewards go to voters. Those are staking terms published by Luganodes, separate from the RPC subscription prices in its launch announcement.
TRON developers have several hosted access options
TRON’s developer documentation lists Ankr, GetBlock, QuickNode, NOWNodes, Chainstack, TronQL and Alchemy among third-party mainnet providers. The directory describes different access models, including shared nodes, dedicated nodes, and services requiring API keys.
Chainstack’s listed coverage includes the Nile testnet as well as mainnet. Most providers in the directory are listed for mainnet alone, according to the network guide, which directs developers to check individual services for current coverage.
For testing, the same guide distinguishes Shasta from Nile. Shasta supports learning and pre-production checks, while Nile gives developers access to upcoming features, parameter changes, and governance proposals. A private network is another documented option for local development.
TRON’s RPC provider guide describes hosted services as an alternative to running a full node. Self-hosting requires hardware, bandwidth, and operating work, while hosted access uses a provider’s subscription limits and service commitments.
The guide recommends comparing daily request allowances, peak request rates, supported interfaces, node locations and historical-state access. It specifically asks developers to check whether a provider supports TRON-specific calls, including account-resource queries, instead of only a generic interface.
TronGrid, the network’s hosted node service, provides FullNode, SolidityNode, JSON-RPC and gRPC access, according to the guide. Its listed networks include mainnet, Shasta and Nile, with production traffic requiring an API key.
Ethereum tools cover part of TRON’s interface
TRON’s API reference describes JSON-RPC as a way to reuse Ethereum development tools, including ethers, viem and Web3.js. The documentation cautions that some Ethereum methods have no matching TRON implementation or behave differently because the networks use different underlying mechanisms.
The reference says JSON-RPC covers only part of TRON’s node capabilities. Applications needing other functions may need the native HTTP or gRPC interfaces alongside it.
For transaction submission, the documented HTTP process builds an unsigned transaction, signs it locally, and broadcasts the signed result. TRON’s guide directs developers handling confirmed balances or deposit crediting to solidified-state interfaces.
For operators running their own nodes, the reference says HTTP and gRPC are enabled by default, while JSON-RPC must be switched on manually in the node configuration.
TronGrid’s indexed services provide account histories, token-transfer histories and contract events, according to the API reference. Tronscan maintains a separate interface for explorer data and aggregate statistics.
Stablecoin activity supplies the network context
TRON DAO Research recorded $2.2126 trillion in stablecoin settlement during the third quarter, as crypto.news previously reported in its coverage of quarterly network activity. The report put total transactions at roughly 1.10 billion and network fees at $701.4 million.
At the end of the quarter, combined USDT and USDD supply stood at $93.88 billion, according to the same research. The figures describe different measures, with settlement counting transfers over a period and supply recording outstanding tokens at a date.
Messari’s second-quarter figures, covered on Aug. 11, put USDT transfers at $2.1 trillion and TRON’s stablecoin capitalization at $89.2 billion. USDT accounted for $87.9 billion of that balance, compared with $78.7 billion on Ethereum at quarter-end.
The same Messari figures put average daily USDT transfers at $22.8 billion and the network’s share of tracked USDT supply at 47.6% at the end of June.
On Sep. 24, MeshWallet announced a $10 million private funding round for its TRON-based USDT wallet. The Tallinn-based company said private investors and small family offices led the funding, which would support product development and expansion of its user base.
MeshWallet says its wallet handles transfer charges in USDT, letting customers send the stablecoin without keeping a separate TRX balance. The company described the product as self-custodial and said it planned new features for retail and business users.
Tržby společnosti Redwire ve druhém čtvrtletí meziročně vzrostly zhruba o 89 % na rekordních 117,1 milionu USD, a to díky více než desetinásobnému růstu segmentu obranných technologií.
Like many stocks that went public by merging with a special purpose acquisition company, Redwire Corporation (RDW -1.89%) hasn't been a particularly fun ride for early investors. Shares are down roughly 21% over the last five years after brief spikes of optimism eventually faded.
That said, past performance doesn't equal future performance. And Redwire's relatively small size could make it a compelling alternative to larger space and defense-related companies. Let's dig deeper to see if a $5,000 investment made right now has millionaire-maker potential.
RDW Redwire$8.30-$0.16 (-1.89%)
NYSE · As of 4:00 PM ET 10/20/26
Why Redwire? In 2020, the private equity firm AE Industrial Partners combined two of its holdings (Adcole Space and Deep Space Systems) to create a new entity called Redwire to focus on the burgeoning space industry. Redwire was able to hit the ground running because of its strong relationship with government clients like NASA, to which it supplies power systems, optics, and other types of advanced hardware.
Redwire's technology has featured in high-profile missions; the company supplied solar arrays to the International Space Station and imaging and navigation systems to Artemis 2, which recently made a crewed flyby of the moon.
Redwire's work with NASA speaks to the quality of its hardware, which represents an economic moat. And over the long haul, investors should expect these missions to be a consistent source of revenue -- especially as the U.S. government shows a growing willingness to contract low-orbit-related space work to the private sector.
Business is booming Redwire's second-quarter earnings demonstrate impressive business momentum. Revenue jumped roughly 89% year over year to a record of $117.1 million, and huge demand has led to a backlog worth $542.1 million. Perhaps surprisingly, however, very little of this expansion is coming from the company's legacy space industrial business. Instead, Redwire is quickly becoming a next-generation defense contractor.
The wars in Ukraine and the Middle East have exposed the limitations of traditional military platforms like aircraft carriers, ballistic missiles, and interceptors -- the last of which often cost far more than the projectiles they are being used to destroy.
In response, governments around the world are investing heavily in military modernization, with a huge focus on next-generation combat technology like drones and space-based systems.
Image source: Getty Images.
Redwire has responded to the megatrend with the 2025 acquisition of Edge Autonomy, a company that specializes in uncrewed aerial systems (UASes) and surveillance technology. This deal has some synergies with Redwire's existing space optics business. More importantly, the deal gives the company a massive new growth driver selling these systems to defense clients. This month, Redwire delivered $13.8 million worth of its Stalker UAS system to the U.S. National Guard for operator training.
In total, Redwire's defense tech segment surged more than tenfold to $61.9 million. And investors should expect this business to represent the lion's share of the company's growth and value creation going forward.
Right now, Redwire seems to have most of the ingredients to be a millionaire maker over the long term. It serves a large and disruptive opportunity in military modernization, and its high-profile clients suggest it has already established a strong relationship with the government. That said, the best news may be the bottom line.
While Redwire is still far from sustainable profitability, things are moving in the right direction. Second-quarter gross margins have soared from negative 30.9% to 27.8%. And this has helped to narrow operating losses from a blistering $91.9 million in the second quarter of 2025 to $22.1 million this time around. While it remains to be seen whether this trend can be maintained (acquisitions often lead to a temporary bump in operating performance), Redwire investors have a lot to be optimistic about.
Turning $5,000 into a million is a tall order for any company. But Redwire may be more likely to pull it off than the average stock.
Aster DEX and BNB Chain are running a bStocks campaign until October 31 with up to $50,000 in $NVDAB and $20,000 in $ASTER for spot and perpetual traders of tokenized US stocks.
@Aster_DEX and @BNBCHAIN are running a trading competition until October 31 for users of bStocks, the tokenized US stocks from @bstocksfinance. The campaign offers up to $70,000 in rewards across two tracks, one for spot traders and one for perpetual futures users.
How the rewards workSpot traders of five bStocks, including Nvidia, Circle and Strategy, share up to $50,000 in $NVDAB. The pool starts at $10,000 and grows to $50,000 as total trading volume passes $50 million and $100 million.
A further $20,000 in $ASTER is reserved for perpetual traders. To qualify, users must post at least $500 in bStocks as collateral and reach $5,000 in perpetual volume. Rewards are capped at $50 per user.
Entrants must register and switch off Account Privacy. Their wallets and trading volumes will be shown publicly. Aster's own site lists the promotion as a bStocks Trading and Collateral Campaign with up to $70,000 in rewards.
What bStocks arebStocks are issued by a Binance affiliate.
Aster is one of the DeFi venues where they can be used.
The product has grown quickly. More broadly, BNB Chain says
Campaigns like this are a common way for exchanges and chains to build liquidity in new asset classes. For $ASTER and $BNB holders, the volume thresholds in the spot pool are the number to watch before the October 31 deadline.
SourcesCrypto Briefing: Binance's bStocks crosses $1 billion in assets
BNB Chain Blog: Access 709+ tokenized stocks on BNB Chain
Trust Wallet: Access bStocks on Trust Wallet
One contract, many customers (CAP-84)If you run an exchange, a ramp, or a custodial product on Stellar, you likely already use muxed accounts. A muxed account is one Stellar account with an ID attached, so every customer gets their own address to deposit to while the funds all land in the same account and you track who owns what offchain. It's how a business holds customer funds without opening an account per customer.
Smart accounts have no equivalent. A smart account is an account that is a smart contract rather than a keypair, which lets it set its own rules for who can spend, whether through a passkey, multisig, or a spending policy.
More businesses are choosing a smart account over a classic account for exactly that flexibility, but a smart account that holds customer balances has no way to tell incoming payments apart, which has meant one contract per customer. That works for ten customers. It doesn't work for a million.
CAP-84 closes the gap. A contract address can now carry a 64-bit ID, written as a new address format that starts with W.
💡 Why W? “It's an upside-down M. We considered reusing M, but decided it was better to have a distinct type so developers always know what they're working with.”—Jake Urban, Senior Engineering Manager (Wallet), Stellar Development Foundation
Send a token to a muxed contract address and it lands in the contract as before, with the ID recorded in the transfer event so your application knows which customer it was for.
The design reuses the muxed-account machinery, so if your code already handles M addresses, the W address follows the same pattern. It is still a new address type and developers need to account for it in applications and smart contracts: (1) update your SDKs and (2) add the W address variant to your type checks.
What it means for you: if your product holds customer funds in a smart account, you can now run the same omnibus model you run on classic accounts. If you provide smart-account infrastructure to other businesses, this lets your customers do the same without deploying a contract per end user. If you build wallets or explorers, expect W addresses after the upgrade. See the upgrade guide.
Quantum-safe signatures for smart contracts (CAP-87)Stellar, like almost every major blockchain, secures accounts with elliptic-curve signatures: Ed25519, secp256k1 and secp256r1. These rest on a math problem that today's computers can't solve, but a large enough quantum computer could.
No publicly known quantum computer can do this today but public keys sit on the ledger in plain view, and migrating a network to new cryptography takes years, so the industry has started early.
In 2024, the US National Institute of Standards and Technology (NIST) finalized its post-quantum signature standards. ML-DSA is one of them, and it already ships in mainstream software such as OpenSSL, Java and AWS's key management service.
CAP-87 lets Stellar smart contracts verify ML-DSA signatures. Verifying one takes far more computation than verifying an Ed25519 signature, so Bell does it inside Stellar Core rather than in contract code. That keeps it cheap to call, and it means the implementation is written and tested once, against the official test vectors, instead of by every contract author.
What it means for you: This is the first onchain piece of Stellar's Quantum Preparedness Plan. A custom account contract can now require a quantum-safe signature to spend, which is the building block wallets and custodians need before they can offer quantum-safe contract accounts.
CAP-87 protects authorization inside smart contracts. Network transaction signatures stay Ed25519 for now; a native post-quantum signer for classic accounts will come in a future protocol change.
The pieces around it already exist, since the hardware security modules and key-management services custodians rely on ML-DSA today. What comes next is adoption, and that is still in its research phase across the industry.
A millisecond clock for the ledger (CAP-88)In September, Adapter (Protocol 28) brought mainnet ledger close times down from about 5.7 seconds to 5 seconds. CAP-88 sets up the next step.
Today, Stellar records each ledger's close time in whole seconds, so the network can only target whole-second intervals, and never less than one second apart. At five or six seconds that never mattered. As close times keep falling, it becomes the thing that sets the pace. Moving the ledger to a millisecond clock opens up finer-grained close times for future protocol changes to target.
What it means for you: CAP-88 is the protocol-level prerequisite for faster ledgers. The Stellar Core team is already using it to test faster ledger close times on experimental branches.
Bell changes the format of the ledger header so anything that reads the ledger data needs to understand the format. If you use a Stellar SDK, upgrade before the votes and you should be covered.
If you read ledger data without an SDK (an indexer, an explorer, an analytics pipeline or custom tooling) update your XDR definitions before the upgrade or your decoder will stop working. While the library requires an update, note that the previous closeTime field will not change, and still reports whole seconds. Details are in the upgrade guide under “Breaking changes.”
Objem stablecoinů v síti Stellar ve 3. čtvrtletí mezikvartálně vzrostl o 121 %, zatímco hodnota tokenizovaných aktiv reálného světa dosáhla 4,1 miliardy USD.
Stellar, a blockchain platform focused on facilitating fast and low-cost cross-border transactions, reported significant growth in stablecoin transactions, tokenized asset adoption, and developer activity in its third-quarter update released ahead of the Meridian conference.
Key network and ecosystem developmentsAccording to Stellar’s latest report, stablecoin volume on the network saw a 121% increase from the previous quarter. The total value of real-world assets (RWAs) tokenized on Stellar reached $4.1 billion by the end of the quarter. These numbers reflect growing demand for blockchain-powered payments and financial products.
Stablecoins play a crucial role on the network, supporting digital dollar transfers and settlement, while tokenized assets enable the blockchain-based representation of traditional financial instruments. With broadening adoption in these sectors, Stellar aims to become a leader in the evolving digital finance landscape.
Stellar recorded $4.1 billion in real-world assets, a 121% jump in stablecoin volumes, and 3,922 monthly active developers, underscoring surging use in the network’s core areas.
The quarterly report also notes that Stellar has added new Tier 1 validators, implemented two protocol upgrades, and maintained 99.99% network uptime. The number of active monthly developers reached 3,922, reflecting a steady increase in community engagement and technical contributions.
This growth highlights Stellar’s strategy to enhance infrastructure, reliability, and ecosystem development as the network positions itself for broader institutional and retail use.
Mini dictionary: Real-world assets (RWAs) are traditional assets such as currencies, commodities, or stocks that have been tokenized and represented on a blockchain network to enable easier trading and settlement.
Stablecoin and tokenized asset surgeRecent data confirm that real-world asset tokenization has emerged as a major driver of activity on Stellar. As banks and financial institutions increasingly explore blockchain for settlements and asset issuance, networks supporting RWAs, including Stellar, are attracting new use cases and users.
The rapid increase in stablecoin volumes illustrates heightened interest in digital dollar and fiat-backed transactions. Combined with rising developer contributions, these trends point to substantial growth across multiple aspects of the Stellar ecosystem.
However, analysts note that an increase in network activity and tokenized value does not directly translate into higher demand or price appreciation for XLM, the native asset of the network. Market movements in XLM still depend on trading dynamics and broader cryptocurrency market conditions.
MetricQ2 2026Q3 2026Stablecoin volumeLower by 121%Up 121% quarter over quarterReal-World Assets (RWAs)Not specified$4.1 billionActive monthly developersNot specified3,922XLM price technical outlookXLM, Stellar’s native token, is trading near $0.176 as of the most recent updates. Crypto analyst Crypto With Gopal has identified a falling wedge formation on XLM’s price chart. The analyst stated that a breakout above $0.180 could trigger a move toward $0.190, with a broader upside target of $0.220 if buying momentum continues.
Crypto With Gopal highlighted that a breakthrough above $0.180 may lead to a price reversal targeting $0.190, with $0.220 as a longer-term resistance point.
Traders are closely monitoring the $0.180 resistance area. A sustained move above this level could signal a shift from the current consolidation phase, but analysts caution that technical breakout patterns alone may not guarantee further price recovery.
Conversely, if XLM fails to hold its support near $0.174, the token could face renewed selling pressure, potentially slowing the recent recovery effort despite the network’s positive fundamentals.
Meridian conference and upcoming catalystsThe upcoming Meridian conference, organized by Stellar, is expected to provide more insights into the network’s ongoing development, partnerships, and overall growth strategy. The event will focus on advances in payments, stablecoins, and tokenized assets as Stellar seeks to consolidate its role in the digital finance sector.
The ability of Stellar to maintain momentum, strengthen its ecosystem, and translate network usage into value for XLM will be key areas of focus for both investors and analysts in the near term.
Circle navázal partnerství se společností Allaria, která bude na argentinských trzích poskytovat oboustranné kotace pro pár USDC/ARS a zvýší institucionální likviditu USDC.
Circle is doubling down on Argentina. On October 20, 2026, the USDC issuer announced a strategic partnership with Allaria, a local capital markets firm, to deepen USDC liquidity and widen institutional access in the country.
What the Allaria deal actually does
At the center of the agreement is two-sided USDC/ARS quoting across local markets. That means Allaria will stand ready to both buy and sell USDC against the Argentine peso, posting prices on each side of the trade.
The service is aimed at eligible participants rather than the general public. So this is plumbing for institutions and qualified players, not a retail app launch.
Allaria is not a newcomer looking for a crypto pivot. The firm is a leading Argentine securities house with more than 55 years of experience, offering brokerage and asset management services.
Circle’s second Argentine move this year
The Allaria tie-up is not Circle’s first local partnership in 2026. In July, the company teamed up with Grupo BIND to open institutional access to USDC through BIND’s BEN platform.
That earlier deal targeted payments and treasury management for institutions, operating under Argentina’s PSAV licensing regime for virtual asset service providers. When it was announced, USDC’s market capitalization had surpassed $70 billion.
Circle CEO Jeremy Allaire has pointed to a better macroeconomic backdrop as part of the rationale. He has cited improved fiscal indicators and relaxed currency regulations, arguing that Argentina looks more attractive for foreign investment than it did two years earlier.
USDC’s foothold in a USDT region
Across much of Latin America, Tether’s USDT has been the dominant stablecoin. Argentina appears to be breaking that mold.
USDC now accounts for roughly 46% of stablecoin transaction volume in the country. That is close to half of all activity, in a region where its main rival has typically held the upper hand.
What this means for the market
For institutions operating in Argentina, the practical change is better access to dollar-denominated digital liquidity. A treasury team that wants to hold or move USDC now has an established local firm quoting peso prices, rather than relying on fragmented or offshore venues.
There are risks, too. Argentina’s economic improvement is a recent development, and Allaire’s optimism rests on fiscal and currency conditions that have reversed before. Regulation is another variable. Both partnerships depend on local frameworks such as PSAV licensing, so any change in how Argentine authorities treat virtual assets could affect how these services operate.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
IREN (IREN -4.00%), a vertically integrated AI cloud and data center operator, closed at $26.62, down 4.00%. Premarket funding worries and rate fears pressured the stock, while investors are watching AI data center financing and guidance next.
Trading volume reached 69.7M shares, coming in about 52% above its three-month average of 45.9M shares. IREN IPO'd in 2021 and has grown 9% since going public.
How the markets moved todayS&P 500 closed at 7,711, up 0.26%, while the Nasdaq Composite finished at 26,425, down 0.02%. Among AI cloud services and vertically integrated data center infrastructure peers, Applied Digital closed at $19.33, up 0.42%, and Core Scientific closed at $13.79, up 0.44%, indicating steadier demand for nearby infrastructure names.
What this means for investorsIREN stock continues to suffer as debt-related fears weigh on it and its neocloud peers.
Its $7.6 billion in debt is lower in relative and absolute terms than that of its peer CoreWeave. Nonetheless, like CoreWeave, it depends on debt.
IREN did state that its data center segment currently carries no debt. Still, bond ratings remain a worry. Admittedly, if financing becomes too costly, it may have to turn to share issuance to fund construction, which could place further strain on its stock.
IREN Iren$26.62-$1.11 (-4.00%)
NASDAQ · As of 4:00 PM ET 10/20/26
Additionally, unlike CoreWeave, it remains heavily involved in its legacy Bitcoin mining enterprise, and that part of the business continues to generate the majority of IREN's revenue.
Indeed, Bitcoin's recent performance could shield the stock from some of the concerns surrounding its AI cloud business. Nonetheless, as long as interest rate concerns call IREN's financing options into question, the cloud stock may struggle to recover in the near term.
Centrus Energy vykazuje smluvní závazky na dodávky LEU a HALEU v hodnotě 4,5 miliardy USD a patří mezi významné komerční producenty HALEU pro pokročilé reaktory.
Racing to load up on shares of advanced nuclear reactor makers like NuScale Power and Oklo, growth investors have recognized the robust opportunity that these stocks afford as the nuclear energy renaissance continues to roll along.
But many investors have passed on shares of these companies, recognizing significant risks, from uncertainty about whether they will receive the requisite regulatory approvals to the lack of a guarantee that they will generate profits. Fortunately, there's one under-the-radar nuclear stock that provides a robust wealth-building opportunity -- and it doesn't have to build a single nuclear reactor.
Image source: Getty Images.
Centrus Energy's $4.5 billion backlog may just be the beginning Fueling up an advanced nuclear reactor isn't as simple as gassing up your car during your morning commute. Many small modular reactors (SMRs) require a specialized form of uranium called high-assay low-enriched uranium (HALEU). Of the few companies engaged in the commercial production of HALEU, Centrus Energy (LEU -0.22%) is one of the most notable.
LEU Centrus Energy$109.88-$0.24 (-0.22%)
NYSE · As of 4:00 PM ET 10/20/26
In fact, the company brands itself as the "only HALEU enricher in the Western World with entrenched first-mover advantages" capable of addressing the growing commercial HALEU market, driven by growth in the advanced reactor market. This expertise complements the company's current low-enriched uranium (LEU) operations.
The company's allure is clear. Centrus reported a $4.5 billion backlog of LEU and HALEU sales commitments in an August investor presentation. As SMR makers secure the necessary licenses and commence commercial operations, Centrus should see continued demand for its enriched uranium products.
Centrus can put you on the path to millionaire status It's impossible to say for sure whether Centrus stock will flourish, but the company's dominant competitive advantage is compelling. Since the nuclear energy stock has a $2.4 billion market cap, it's reasonable to think it could grow tenfold to a market cap north of $20 billion. Uranium powerhouse Cameco, after all, has a $35 billion market cap. So it's possible a $10,000 Centrus investment could mint a millionaire.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.
One of Tuesday's better-performing bank stocks was one of the sector's more low-key companies. Dime Commercial Bancshares (DCOM +5.97%) saw its shares zoom 6% higher on Tuesday, while the S&P 500 index could only muster a 0.3% gain. An encouraging quarterly earnings report and the announcement of a fresh acquisition drove investors into the stock that day.
Image source: Getty Images.
Double-digit rises for DimeDime's third-quarter total revenue rose by 19% year over year to more than $135 million. This, despite the New York-based bank's loans falling marginally over that stretch to under $10.8 billion. Deposits, on the other hand, increased 7% to $12.8 billion.
On the bottom line, attributable net income not under generally accepted accounting principles (non-GAAP, or adjusted) leaped almost 50% higher to $39.1 million ($0.91 per share).
In the earnings release, Dime said its cautious approach was paying off. It quoted CEO Stuart Lubow as saying that "Our balance sheet, with $2.2 billion of cash and an 83% loan-to-deposit ratio, was intentionally constructed keeping in mind the potential for an elevated interest rate environment. We believe this highly liquid balance sheet uniquely positions Dime versus our local peers."
$41.01+$2.31 (+5.97%)
NYSE · As of 4:00 PM ET 10/20/26
Buying a peerDime is aiming to grow by acquiring one of those peers. Also on Tuesday, the company announced it had signed a deal to purchase ES Bancshares (ESBS +5.50%). The transaction, which Dime said would bolster its presence in the New York City boroughs of Brooklyn and Staten Island, is to be effected through a mix of cash and Dime Stock totaling around $58 million.
Both pieces of news are encouraging, with Dime doing a good job lifting the bottom line despite a loan book that isn't growing hotly, and seizing an opportunity to capture market share in its region (the ES Bancshares deal is priced at only around 1.1 times that company's tangible book value per share).
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
In brief Zcash rose 8.5% in 24 hours to $1,215.85, the best performer among the largest tokens. Total crypto market cap climbed 1.68% to $2.78 trillion, while the Fear & Greed Index sits at a neutral 51. Oil near $110 a barrel and Treasury yields above 5% remain the main threat to the rebound. Crypto markets bounced on Tuesday, and Zcash led the rebound. The privacy coin rose 8.5% in 24 hours to $1,215.85, lifting its market capitalization to $20.57 billion.
Bitcoin gained 1.57% to $83,195, and Ethereum climbed 2.90% to $2,463.35. Nearly every major crypto asset that isn’t a stablecoin finished the day higher.
Myriad: How high will Bitcoin go? Click to make your prediction.The broader market followed. Total crypto market capitalization rose 1.68% to $2.78 trillion, and the CMC20 index, which tracks the 20 largest cryptocurrencies, gained 1.45% to $169.87 per unit, meaning the samller caps played a more relevant role in today’s surge. This was also expected after days of heavy losses, especially among the coins with the largest market capitalizations and most trading volume.
The bounce followed a rebound in tech. Chip and AI stocks recovered on Monday from last week's selloff, with the Nasdaq Composite gaining about 1.1%, and crypto has often moved in step with technology shares. Bitcoin also found buyers near $80,000 to $81,000
Money from traditional investors helped. Bitcoin and other crypto exchange-traded funds, which let investors hold the assets through a regular brokerage account, recorded net inflows of $526.7 million,. Monday's inflows were the biggest in a month.
Bitcoin ETF flows. Image: DecryptTreasury yields remain the main pressure point, with the 10-year note above 5%. A yield is the annual return investors demand for lending to the U.S. government. When it climbs, safe bonds compete with riskier assets like crypto and stocks for the same money.
The macro backdrop is still tense. Brent crude oil trades near $110 a barrel, and expensive oil feeds inflation by raising the cost of fuel, shipping and goods. Higher inflation raises the odds that the Federal Reserve keeps rates high or even raises them again, which pushes bond yields up. Higher yields pull money out of risk assets, so crypto tends to fall when oil spikes and rise when it cools.
Zcash outran everyone for several reasons. It had dropped about 25% over the past month, so the bounce partly reflects an oversold market in which traders who had borrowed to bet on higher prices were already forced out through liquidations. Liquidations happen when an exchange automatically closes a borrowed-money position after losses reach a set limit, which adds selling pressure. With that selling spent, the price had room to snap back.
Zcash price data. Image: Investing.comZcash also has its own set of potential catalysts. Developers are due to decide on the NU7 network upgrade today, and traders often buy ahead of such events. Privacy coins have also been strong lately. Competing privacy coin Monero is up 15.29% over seven days to $609.87.
Zcash is a high-beta asset, meaning it moves harder than the market in both directions. It’s up 8.5% today compared to Bitcoin's 1.57% gain. It is up only 1.17% over the last seven days, so the day's jump has not yet erased the month's decline.
Crypto market sentiment at the moment is broadly neutral. The Fear & Greed Index, a 0-to-100 gauge of market mood where lower readings mean fear and higher readings mean greed, reads 51. The CoinMarketCap Altcoin Season Index stands at 60. A reading of 75 or higher signals altcoin season, 25 or below signals Bitcoin season, and 60 sits in between, so neither camp has control.
The next test is policy. The Federal Reserve meets on October 27 and 28, and traders will watch whether it signals further rate hikes.
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Zodl otevřel čekací listinu pro aplikaci Vault pro macOS určenou k dlouhodobé vlastní správě shielded ZEC. Přístup do betaverze bude uvolňovat ve skupinách po 100 uživatelích.
Zodl has opened a waitlist for its macOS Vault app, with beta access planned in groups of 100 people for a product focused on long-term storage of shielded Zcash.
Summary
Zodl Vault lists macOS support for long-term self-custody of shielded ZEC.
Beta access will open in groups of 100 people.
An earlier Zodl update reported more than 4,100 beta signups.
The official waitlist page gives no public launch date or tester selection criteria.
Zodl’s official signup page states that prospective testers can register with an email address and will receive access through a staged rollout.
“Beta access opens one hundred people at a time.”
In its Oct. 14 newsletter, ZecHub described Vault as a desktop application for long-term self-custody of shielded ZEC and dated its introduction to Oct. 7. The publication linked the announcement to Zodl’s official account.
An Oct. 18 ZecHub ecosystem digest cited a Zodl update saying more than 4,100 people had signed up for the Vault beta. The figure represents registrations reported before that digest, rather than a current count of people using the application.
The official waitlist page gives the size of each admission group without specifying a public launch date or explaining how testers will be selected. Its macOS listing does not establish plans for Windows or Linux.
ZecHub’s Oct. 14 description referred to invitations being released in batches. The signup page itself describes how access will open, without confirming how many invitations have been sent.
Zodl’s mobile wallet already supports hardware signing
On its main website, Zodl describes its existing mobile wallet as a self-custody application whose users control their keys and funds. Its hardware-wallet instructions say users can connect a Keystone device, manage the associated funds through the app, and approve outgoing transactions on the hardware.
The mobile product accepts transparent ZEC and prompts users to shield an incoming transparent balance, according to the website. Once shielded, those funds can be used for private payments.
For cross-chain transfers, the company describes CrossPay as a way to send shielded ZEC while a recipient receives another asset, such as Bitcoin or a stablecoin. Its swaps use NEAR Intents to exchange between ZEC and supported cryptocurrencies.
Those descriptions concern the existing mobile app. The Vault registration page does not list equivalent payment, swap, or hardware-signing features.
As crypto.news previously reported on Feb. 17, the team announced the Zashi wallet’s rebrand to Zodl after leaving Electric Coin Company. Its Feb. 16 statement said the name change would arrive through an app update without changing wallet functionality, security, or user data.
Shielded ZEC balances provide separate network context
Zcash Stats recorded 4.96 million ZEC in shielded pools on Oct. 18, compared with 4.91 million ZEC 28 days earlier, according to Oct. 19 crypto.news coverage of shielded pool balances. The dashboard put the shielded share near 29.2% of circulating supply.
The tracker distinguishes coins held in shielded pools from transaction activity. Its aggregate figures do not identify individual holders or payment amounts.
Zakura has separately proposed a wallet feature that assigns a different incoming viewing key to each Zcash swap through NEAR Intents. In an Oct. 19 account of the wallet privacy proposal, developer Adam Tucker described the potential exposure of swap addresses permanently recorded on NEAR’s public blockchain.
According to Tucker, a sufficiently powerful future quantum computer could recover a viewing key from an exposed address and reveal payments associated with the account. His proposed design would limit the recovered information to a single swap while leaving the existing spending key unchanged.
Zakura said software wallets built with its libraries could begin integrating the feature in the coming weeks, with hardware-wallet support following later.
Nexo v USA využívá infrastrukturu Bakkt pro úschovu a obchodování s digitálními aktivy. Dceřiné společnosti Bakkt mají newyorskou licenci BitLicense a licence pro převod peněz.
You might wonder: Is Nexo legit and safe? Here's what we can back up with facts you can check yourself.
Nexo has operated since 2018. As of Q2 2026, more than 10 million clients use Nexo worldwide, and the platform has paid them over $1.5 billion in interest.
In the United States, Nexo works with Bakkt, an NYSE-listed company whose US trading infrastructure is backed by a New York BitLicense and broad US money transmitter license coverage. Nexo's infrastructure is independently audited against SOC 2 Type 2, ISO 27001, and other internationally recognized frameworks, and its SOC 3 report is public.
This guide covers what Nexo is, who it works with, how it's audited, how your account is protected, and the risks to weigh.
The short answerTrack record: Nexo has operated since 2018 and, as of Q2 2026, serves more than 10 million clients worldwide. Galaxy Research ranks it the third-largest CeFi crypto lender it tracks.Licensed US partner: Bakkt, an NYSE-listed company whose operating subsidiaries hold a New York BitLicense and state money transmitter licenses across the US, powers custody and trading services for Nexo clients in the United States.Independently audited: SOC 2 Type 2 three years in a row, a public SOC 3 report, and ISO 27001, 27017, and 27018.Protected by default: Every withdrawal passes through an anti-scam engine in real time, and data is protected with TLS and AES 256-bit encryption.What is Nexo?Nexo is a premier digital assets wealth platform built to help clients grow, manage, and preserve their crypto. Operating since 2018, it serves more than 10 million clients across 200+ jurisdictions, has processed over $465 billion, has paid more than $1.5 billion in interest to clients, and runs a loan book of over $1.7 billion.
Important note: All figures are global, as of Q2 2026, and are updated quarterly.
Nexo brings together:
Flexible Yield and Fixed-term Yield to generate yield of up to 16% per year on crypto assets, with or without a set term. Crypto-backed loans to borrow against holdings without selling them, including Zero-interest Credit.Trading tools to buy, sell, and swap digital assets.Nexo Private, for portfolios of $100,000 or more, where clients get a dedicated relationship manager, priority assistance, and bespoke OTC services on custom terms. Explore Nexo Private.The Nexo Card (available in the EEA and the UK): the first dual-mode crypto card, with no monthly, annual, or inactivity fees. Borrow against your crypto in Credit Mode or spend it directly in Debit Mode, switch with one tap, and pay at more than 100 million merchants worldwide. 24/7 client care from a dedicated team.Important note: The Nexo Card is currently unavailable for US residents. Availability of Yield products and specific crypto asset support for US clients remains subject to state-level regulatory requirements and Bakkt partner integration terms.
How does Nexo rank among crypto lenders?Galaxy Research ranks Nexo the third-largest CeFi crypto lender it tracks, measured by crypto-collateralized loan book. At the end of Q2 2026, Nexo held a 7.51% market share, up 49 basis points on the quarter.
Read the full analysis in Galaxy Research's The State of Crypto Leverage Q2 2026, published August 17, 2026.
Who holds Nexo clients' assets in the US?Bakkt powers institutional-grade custody and trading infrastructure for Nexo clients in the United States.
Bakkt is an NYSE-listed company (NYSE: BKKT). Through regulated operating subsidiaries like Bakkt Crypto Solutions, LLC, and Bakkt Trust Company LLC, it holds a New York BitLicense alongside money transmitter licenses across multiple US jurisdictions. Bakkt positions its infrastructure as purpose-built for financial institutions, fintech platforms, and digital asset firms.
Bakkt announced the partnership on February 17, 2026, to support Nexo's US offering and enable compliant digital asset custody and trading services for Nexo clients.
You can read the announcement on Bakkt's investor relations website and check Nexo's partner overview on the Nexo Fundamentals page.
What do Nexo's certifications actually mean?Nexo’s information security practices are assessed against internationally recognized frameworks. An independent audit firm reviews SOC 2 Type 2 every year. Accredited certification bodies issue the ISO 27001, 27017, and 27018 certificates and check them through periodic surveillance audits. CSA STAR Level 1 is a self-assessment that Nexo publishes openly. A certification only helps if you know what it tests, so here is each one in plain terms.
SOC 2 Type 2, audited by A-LIGN, three years in a row.
What it checks: An external audit firm examines how Nexo handles data and who can access it, then tests whether those controls continue to work over time, not just on a single day. The 2025 audit also covers privacy. Why it matters: It's the difference between a company saying it has safeguards and an auditor confirming they operated.SOC 3 Type 2, the public version.
What it is: the same evaluation, written for a general audience. The full SOC 2 report contains sensitive details, so it isn't published. SOC 3 is the open summary, based on the AICPA's criteria for security, availability, and confidentiality. Why it matters: It makes the audit result public. Nexo can share the outcome openly instead of just saying it passed.ISO 27001 - the international standard for managing information security.
What it checks: Whether a company runs security as a continuous, documented process: finding risks, setting controls, and reviewing them regularly. Why it matters: It shows repeatable discipline, not one-off fixes.ISO 27017, for cloud services (certified by RINA).
What it checks: The additional controls that services running in the cloud need. Why it matters: Nexo's platform runs on cloud infrastructure, so this covers where client data actually lives.ISO 27018, for personal data in the cloud (certified by RINA).
What it checks: How personal information, such as client identity details, is handled and kept private in cloud environments. Why it matters: It puts the handling of your personal data under an audited international standard.CSA STAR Level 1, a public cloud registry entry.
What it is: The Cloud Security Alliance is an industry group that sets best practices for cloud security. It asks providers 261 questions about how they manage and control their cloud systems. CSA STAR Level 1 is a self-assessment of Nexo’s cloud controls, published in CSA’s public registry.Why it matters: The answers are open to everyone, so you can read them and compare them with other providers.Taken together, they answer three questions: does Nexo follow recognized standards, has an outside party tested that it does, and can you read the results yourself? For background on the latest audit cycle, see Nexo completes third consecutive SOC 2 and SOC 3 audits.
Important note: Security audits and certifications assess information security controls.
What US licenses does Nexo hold directly?Nexo Financial LLC holds a California Financing Law license (No. 60DBO-109416), issued by the California Department of Financial Protection and Innovation (DFPI), permitting state-regulated lending activities. Custody and digital asset trading services for US clients are facilitated through its licensed partner, Bakkt.
What do clients say about Nexo?On Trustpilot, Nexo is rated 4.4 out of 5 from 18,751 reviews (as of October 20, 2026). Read client reviews on Trustpilot.
Nexo's client care team is available 24/7. Clients with a portfolio of $100,000 or more can join Nexo Private and get access to high-touch wealth solutions, priority assistance, exclusive OTC services, event passes, and more exclusive benefits.
How does Nexo protect your account?Nexo runs protection on every account and every transaction by default, and gives clients tools to add more.
Built in
Anti-scam engine. Every withdrawal is analyzed in real time before funds leave the platform. If something looks off, the client sees a plain-language prompt explaining the concern, and in rare high-risk cases, a transaction may be briefly paused for review.Encryption. Data in transit is secured using modern TLS encryption, while data at rest is safeguarded with AES-256 encryption—the same standard utilized by leading financial institutions and tier-one cloud providers worldwide.Yours to switch on
Two-factor authentication (2FA). Once you turn it on, it’s required at login and for sensitive actions: withdrawals, Address Book edits, and changes to security settings. Even with your password, no one can move funds without the second factor. An authenticator app is stronger than SMS.Anti-phishing code. A personal code that appears in the footer of every legitimate Nexo email. An email without it didn't come from Nexo.Address whitelisting. Withdrawals are locked to saved addresses (up to 500), with a configurable Extra Security delay on newly added ones.Channel validator. Any email address, social handle, or URL claiming to be Nexo can be checked at nexo.com/channel-validator.For the full walkthrough, read How Nexo's security works, and how to strengthen your account.
What industry awards has Nexo won?Independent industry awards include:
Consumer Lending Product of the Year (2026): FinTech Breakthrough Award for Zero-interest Credit, covered on FinTech Breakthrough. Best PayTech for CX (2025): recognized at The Digital Banker Excellence in Digital CX Awards, covered on Crypto Times.Best Loyalty Program (2025): recognized by The Digital Banker. Best Crypto Wallet (2025): winner at the 9th Annual FinTech Breakthrough Awards, announced via GlobeNewswire.Consumer Payments Innovation Award (2024): FinTech Breakthrough Award for the Nexo Card, covered on TradingView.What other initiatives does Nexo have in the US? Nexo is making history as the first-ever Title Partner of the Nexo Dallas Open—a premier ATP 500 event and the only indoor championship on the U.S. ATP Tour. Kicking off in 2026, this multi-year alliance goes far beyond sports sponsorship.
Nexo is driving its "Wealth Forward" vision directly into the local community by partnering in a major court resurfacing project at the Ford Center at The Star.
By modernizing playing surfaces and expanding access for youth and recreational players, Nexo is delivering both a next-generation fan experience and a tangible, positive impact across North Texas.
What should you know about Nexo before using it?Nexo’s ongoing commitment to security is reflected in its audits, certifications, and carefully chosen industry partners. A few factors are still worth understanding before you start using any crypto platform:
Market movements. Crypto prices can move quickly, in either direction.Borrowing against crypto. If the value of your collateral falls significantly, part of it may be sold to repay the loan.Changing rates. Yields and borrowing rates can change over time, and past rates don't predict future ones.Evolving rules. Crypto regulation continues to develop.Frequently asked questions1. What is Nexo?
Nexo is a premier digital assets wealth platform that helps clients grow, manage, and preserve their crypto. It has operated since 2018 and serves more than 10 million clients worldwide (Q2 2026), with yield products, crypto-backed loans, trading tools, Private Clients services for portfolios of $100,000 or more, and 24/7 client care. Not every service is available in every jurisdiction.
2. Is Nexo a credible platform?
Yes. Nexo is an operating company that has been active since 2018. It works with Bakkt, an NYSE-listed US partner; Galaxy Research ranks it third among the CeFi crypto lenders it tracks; and its information security controls have been independently audited, with SOC 2 Type 2 reports for three consecutive years.
3. Is Nexo safe?
Nexo’s information security controls are independently audited under SOC 2 Type 2 and certified to ISO 27001, and its US partner, Bakkt, is an NYSE-listed company whose subsidiaries hold a New York BitLicense and state-level money transmitter licenses. Withdrawals pass through a real-time anti-scam engine, and data is protected via modern TLS and AES-256 encryption. These audits cover information security, not financial solvency, and Nexo products aren’t insured by the FDIC or SIPC.
4. How does Nexo rank among crypto lenders?
Galaxy Research ranks Nexo the third-largest CeFi crypto lender it tracks, by crypto-collateralized loan book, with a 7.51% market share at the end of Q2 2026.
5. Who holds Nexo clients' assets in the US?
Bakkt powers custody and trading infrastructure for Nexo clients in the United States. Bakkt is an NYSE-listed company whose operating entities hold a New York BitLicense and money transmitter licenses across multiple US states.
6. What do Nexo's certifications mean?
SOC 2 Type 2, audited by A-LIGN, tests that Nexo's data controls keep working over time. SOC 3 is the public summary of that audit. ISO 27001, 27017, and 27018 are international standards for information security management, cloud controls, and personal data in the cloud. CSA STAR Level 1 is a self-assessment of Nexo’s cloud controls, published in CSA’s public registry.
These materials are accessible globally, and the availability of this information does not constitute access to the services described, which services may not be available in certain jurisdictions. These materials are for general information purposes only and not intended as financial, legal, tax, or investment advice, offer, solicitation, recommendation, or endorsement to use any of the Nexo Services and are not personalized, or in any way tailored to reflect particular investment objectives, financial situation or needs. Yield and interest rates are not guaranteed, are subject to change, and may vary by eligibility, selected term, and wealth tier. References to Yield are product names and do not represent rates of return or performance. Nexo products are not bank deposits and are not insured by the FDIC or SIPC. Digital assets are subject to a high degree of risk, including but not limited to volatile market price dynamics, regulatory changes, and technological advancements. The past performance of digital assets is not a reliable indicator of future results. Digital assets are not money or legal tender, are not backed by the government or by a central bank, and most do not have any underlying assets, revenue stream, or other source of value. Independent judgment based on personal circumstances should be exercised, and consultation with a qualified professional is recommended before making any decision.
Services are provided by Bakkt Crypto Solutions, LLC. Digital assets may be held or serviced by third-party custodians, exchanges, lenders, or other service providers. Your ability to access or recover assets depends on the provider’s operational resilience and financial condition. If a provider becomes insolvent or experiences an operational disruption, you may experience delays in access to assets and could lose some or all of your assets. For more information, visit Bakkt Disclosures.
Tesla a SpaceX vytvořily nezávislé výbory k prověření možné fúze; fúze by u Tesly vyžadovala 50 % hlasů ze všech akcií, nikoli jen od těch, kteří hlasují.
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Elon Musk said Tesla and SpaceX have created committees to discuss a potential merger. Bloomberg/Getty Images Houston, we have an update on all that SpaceX-Tesla merger chatter.
During SpaceX's Tuesday earnings call, Elon Musk said both of the companies had created "special committees of independent directors" to discuss a potential merger.
Musk, who helms both companies and owns billions of dollars in stock of each, said he can't be part of those exploratory groups.
"Do I think it would be a good idea? Yes," he said on the call. "But at the end of the day, the shareholders have to be supportive of this, and particularly on the Tesla side, we will need a 50% vote of all shares, not just those who vote, but of all shareholders."
He said clearing that bar would be "quite a high hurdle."
It's the most detailed update investors have received yet on the idea of a tie-up, which has been the subject of much chatter since SpaceX went public earlier this year. If the companies ultimately decide to merge, it would further consolidate Musk's business empire, often referred to as Musk Inc.
His businesses have been on a consolidation kick. In 2025, xAI acquired Musk's social media company, X (formerly Twitter), and in February, SpaceX acquired xAI.
Musk also runs the brain-chip startup, Neuralink, and the tunnel-building firm The Boring Company. Both operate independently, but have had business collaborations within Musk Inc.
Tesla and SpaceX's stocks were up in after-hours trading following the news. SpaceX was up around 6.6% and Tesla 1.6%.
Musk sees clear benefits in tying the knot"I do think there's a lot of merit to combining the companies as we are pretty much in the superintelligence singularity," Musk said during the call.
SpaceX and Tesla have worked together on a host of projects, including artificial intelligence software, chip design, TeraFab manufacturing efforts, robotics, Starlink satellite connectivity, and SpaceX's ability to launch payloads into orbit, Musk and SpaceX president Gwynne Shotwell said.
The most recent result of that partnership: On Thursday, Tesla demoed its long-awaited Roadster, which includes a version with SpaceX technology. The high-powered sports car's top trim will include cold-gas thrusters. The car launched, hovered, and flipped in the air during the demo.
While Musk is for the two companies tying the knot, he said investors shouldn't think it's a sure thing.
"I don't think we should necessarily assume that a SpaceX and Tesla merger is a certainty," he added. "That would be overstating it."
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Ben Shimkus is a reporter for the Business News desk. He writes about cars, transportation, retail, and jobs. Ben's reporting has appeared in Rolling Stone, The Verge, Automotive News, USA Today, AutoBody News, LGBTQ Nation, TopSpeed, and Out Magazine. He's also held staff writing positions at The U.S. Sun and the Daily Mail. He graduated from NYU with a Master's in journalism in 2024. Email Ben at [email protected] or message him privately on Signal at bshimkus.41.
Netflix ve své zprávě o výsledcích za třetí čtvrtletí nezmínil videohry ani podcasty, což podle této zprávy naznačuje přesun pozornosti k filmům a seriálům.
Netflix co-CEO Ted Sarandos no longer has anything to say about the company's move into video games or podcasts. Patrick T. Fallon / AFP via Getty Images For years, Netflix has been telling investors how excited it is about its move into video games.
More recently, it has also started talking up its move into podcasts.
But when the company released its third-quarter earnings on Tuesday, the streamer had nothing to say about either foray.
What does that mean? Netflix won't say. But I'm pretty comfortable coming up with my own conclusion: Netflix doesn't think games or podcasts are going to do much for its business, at least in the near future.
That also tracks with new reporting from The Wall Street Journal, which says that Netflix has recently "stopped pushing games and podcasts, focusing more on its core movie and TV offerings."
5G disappointed consumers and phone carriers. Who's cashing in?
That's logical, given the most pressing problem the company has: figuring out how to make movies and TV shows that attract new subscribers, and that get its existing subscribers to spend more time on the service.
But it's also a real turnaround, at least in its messaging.
Netflix has consistently talked up games since it launched that business in 2021. In 2022, cofounder Reed Hastings predicted that Netflix would eventually "be a big leader in games." And the company has frequently pointed out its ambitions in its quarterly updates to investors.
Last quarter, for instance, the company highlighted a new World Cup game, and an app for kids games, and said it had "increasing confidence that we are building a foundation with exciting future growth potential."
It has also spent the last two quarters talking up its move into podcasts. In April, it said podcasts were a "potential incremental engagement opportunity." Three months later, it told investors that podcasts were good because they gave viewers more reasons to watch the service during the day (as opposed to the evening, where half of its viewing happens) and on mobile phones.
But on Tuesday, it had nothing to say about either category, other than a single legalese mention about forward-looking statements. But it did make a reference to other people's video games: It said a 27-minute trailer for Take-Two's highly anticipated "Grand Theft Auto VI," which it showed exclusively for a six-hour window, had been a hit.
Both games and podcasts make a certain kind of sense for Netflix, in theory: The company has often talked about the fact that gaming is a big competitor for its viewers' time. So why not try to harvest some of that attention for itself? And video podcasts are really just another term for "talk shows on a budget" — so why not offer those up to viewers as well?
The flip side: It's been hard to understand how Netflix would be able to create games that are better or more popular than everyone else in the game business. And it's an open question whether viewers who turn to Netflix in search of distracting entertainment would be interested in low-fi chats.
Maybe both categories eventually turn into something meaningful for Netflix one day. But the company seems to be saying that won't happen anytime soon.
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Netflix's Ted Sarandos said the streamer needs to step up its US content. Noam Galai/Getty Images Netflix needs to make better shows and movies in the US, its co-CEO said after its third-quarter earnings report.
"We do need better execution in the US," co-CEO Ted Sarandos said on the company's Q3 earnings call on Tuesday.
Netflix's global content — including Latin America, Europe, the Middle East, Africa, and Asia — "is largely working," Sarandos told investors.
"The US is also working. It's just not growing as fast as it could, or as fast as we'd like," Sarandos said.
Netflix's biggest market is the US and Canada, which made up about 44% of its revenue this quarter at $5.6 billion. Next are Europe and the Middle East, followed by Latin America and the Asia-Pacific region.
Why Tesla is at a tipping point
Sarandos said the US "had some really solid doubles and triples this year" but added that "the other territories count on some of those titles being home runs, so that they'll travel around the world."
Netflix announced last week that it will be replacing content chief Bela Bajaria, who had overseen the streamer's movies and shows since 2023, with former Disney and Fox executive Peter Rice.
The streaming giant is also moving on from film chief Dan Lin. Rice will oversee Netflix's movies until the company fills his role.
Co-CEO Greg Peters said on the earnings call that Netflix's goal is to take its content slate "from very good to great."
Besides subbing out content execs, Netflix also cut roughly 1,000 workers in what was its biggest round of staff reductions since 2022.
Netflix shares entered Tuesday's earnings report down about 44% in the last 12 months. The stock fell 6% in after-hours trading following the company's report, which showed a third consecutive quarter of slowing revenue growth.
Wall Street has grown concerned about Netflix's engagement growth, especially as the paid streaming leader competes with free streamers like YouTube.
"There is a lot to be excited about, but I know that we could do better," Sarandos said.
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James Faris is a media correspondent in New York City.He covers the business of media & entertainment, specifically the streaming, TV, and AI strategies of Hollywood giants like Disney, Skydance (Paramount-WBD), and Netflix. He previously wrote about the stock market, the economy, and real estate.James joined Business Insider after graduating magna cum laude from James Madison University.Email James at [email protected] and follow him on LinkedIn.
United Airlines ve čtvrtletí končícím v září 2026 vykázala upravený zisk 2,54 USD na akcii a tržby ve výši 17,88 mld. USD, čímž zaostala za očekáváním trhu.
United Airlines (UAL - Free Report) came out with quarterly earnings of $2.54 per share, missing the Zacks Consensus Estimate of $2.6 per share. This compares to earnings of $2.78 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -2.31%. A quarter ago, it was expected that this airline would post earnings of $1.92 per share when it actually produced earnings of $1.99, delivering a surprise of +3.65%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
United, which belongs to the Zacks Transportation - Airline industry, posted revenues of $17.88 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.2%. This compares to year-ago revenues of $15.23 billion. The company has topped consensus revenue estimates two 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.
United shares have lost about 14.5% since the beginning of the year versus the S&P 500's gain of 12.4%.
What's Next for United?While United has underperformed 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 United was unfavorable. 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 #5 (Strong Sell) for the stock. So, the shares are expected to underperform 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 $1.75 on $18.4 billion in revenues for the coming quarter and $7.87 on $68.03 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, Transportation - Airline is currently in the bottom 7% 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, JetBlue Airways (JBLU - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on October 27.
This airline is expected to post quarterly loss of $0.52 per share in its upcoming report, which represents a year-over-year change of -30%. The consensus EPS estimate for the quarter has been revised 46.7% lower over the last 30 days to the current level.
JetBlue Airways' revenues are expected to be $2.82 billion, up 21.5% from the year-ago quarter.
Goldman Sachs nabídla 2,25 miliardy USD za společnost NEOS Investments, správce ETF s aktivy pod správou ve výši 36,5 miliardy USD, čímž posiluje své aktivity v oblasti správy aktiv.
Sometimes, it's a buyer's market. On other occasions, it's a seller's market. In the exchange-traded funds (ETFs) industry in 2026, it's both.
This year, eight ETF issuers have been acquired or are in the process of being acquired. Three others were purchased in the fourth quarter of 2025, so it's fair to say this is a busy stretch of ETF industry consolidation. Goldman Sachs (GS +1.03%) is participating in that trend.
Goldman Sachs is acquiring NEOS Investments, but alone, that deal won't send the stock back to its all-time high. Image source: Getty Images
Goldman, a top-20 U.S. ETF issuer, accounts for two of those 11 deals, with the most recent being the August announcement of a $2.25 billion bid to acquire privately held NEOS Investments. It's a smart deal for Goldman, but on its own, it may not be enough to return the stock to its all-time high. Let's get into why that may be the case.
The math is tricky
With a market value of nearly $270 billion as of Oct. 16, Goldman is one of the largest financial companies by market cap, so it takes a lot to move the needle on acquisitions.
Additionally, the stock closed at $881.26 on Oct. 16, well below the record closing high of $1,146.65 notched on July 15. So a 30.1% rally is required to get back to that all-time high. It's hard to envision a bolt-on acquisition being the driving force behind a 30% surge by a $270 billion company.
Goldman's bread and butter in terms of revenue and profit generation is investment banking and trading of assets such as bonds, commodities, currencies, and equities. So while Goldman Sachs Asset Management (GSAM), the roof under which the bank's ETF unit resides, manages an impressive $3.3 trillion in assets, the asset and wealth management unit contributed just $5.1 billion of the bank's $18.7 billion in third-quarter revenue.
GS Goldman Sachs Group$884.81+$9.03 (+1.03%)
NYSE · As of 4:00 PM ET 10/20/26
It's reasonable to surmise that if NEOS had been part of GSAM before the end of the third quarter, it would've boosted that unit's revenue, but not by enough to spark a 30% surge, and that may remain true even through 2028.
It's still a smart acquisition
Even if the NEOS purchase isn't the determining factor in sending Goldman shares back to record highs and beyond, the acquisition is likely to prove fruitful over the long term. When it was announced in August, NEOS had $30 billion in assets under management. Still, that figure has since swelled to $36.5 billion, cementing the target's status as one of the fastest-growing ETF issuers.
NEOS's growth is impressive. It's even more so when considering the issuer's initial batch of ETFs is barely more than four years old (it acquired some older funds).
That growth is a testament to the popularity of covered call ETFs, NEOS's specialty. In short order, NEOS has become one of the largest issuers of options income ETFs because many of its funds are adept at delivering high yields and large income streams to investors without subjecting them to erosion of their invested capital.
With dividend yields on broad equity benchmarks low and bond yields too high for comfort, alternative sources of income are all the more attractive, indicating that NEOS is positioned to be a long-term contributor to the broader Goldman Sachs ecosystem even if it doesn't carry the buyer's stock back to old glory.
NEAR Protocol launches NEAR Business, a multisig treasury platform for Web3 firms and crypto desks covering 35+ chains, built on NEAR Intents with a 0.35% swap fee.
NEAR Protocol (@NEARProtocol) has launched NEAR Business, a multisig treasury management platform aimed at Web3 companies, institutional crypto desks and venture firms. The product is pitched as an institutional-grade alternative to traditional custody and treasury software.
What NEAR Business offersThe platform supports payroll distribution, capital deployment and cross-chain operations across more than 35 blockchain networks, including $BTC, $ETH and $SOL. Teams manage these activities from a single control panel and do not need third-party bridge protocols.
A related NEAR-linked treasury product, Trezu, describes a similar setup. The site also lists public and confidential treasury modes, bulk payments and audit-ready exports.
Multisig wallets are widely used for business treasuries because they spread signing authority across several people. according to B2BinPay's guide to business multisig wallets.
Pricing and the NEAR Intents backboneNEAR Business runs on the NEAR Intents Solver Protocol. It charges a 0.35% swap fee and subsidises transaction gas costs, a structure designed to drive settlement value for $NEAR. NEAR Protocol positions the pricing against traditional institutional custody providers that charge annual SaaS licence fees above $18,000.
NEAR Intents has grown quickly as a cross-chain settlement layer. More recently, according to Digital Today, which cited U.Today.
The scale of that activity gives NEAR Business an existing liquidity base for the cross-chain swaps it offers. Whether treasury teams adopt it will depend on how the 0.35% fee compares with existing tools and on how institutions weigh non-custodial multisig setups against regulated custodians. NEAR Protocol has not published adoption figures for the new product.
Sources:
Trezu: multi-chain confidential multisig treasuryNEAR: 2025 milestones and NEAR Intents growthDigital Today: NEAR Intents swap volume
NEAR Protocol přidal XRP na near.com. Uživatelé mohou vkládat XRP z XRP Ledgeru, směňovat je a provádět platby s důvěrnými transakcemi aktivovanými ve výchozím nastavení.
NEAR Protocol has added XRP to near.com, letting users deposit from the XRP Ledger, swap and pay with confidential transactions powered by NEAR Intents.
XRP is now available on near.com, the all-in-one crypto app from @NEARProtocol, with confidential transactions enabled by default. Users can deposit $XRP directly from the XRP Ledger, swap it for other assets and use it to make payments.
What the XRP integration offersThe listing means XRP holders can move funds into the app without first converting to another asset. Once inside, they can swap XRP for other tokens or spend it, all from a single interface.
Privacy is the main selling point. @XRP transactions on near.com are confidential by default, which keeps sender addresses, amounts and routing off public $NEAR explorers. A recipient receives the funds without seeing the sender's address or wallet history. Routing is handled by @near_intents, NEAR's system for swapping assets across chains.
The feature builds on NEAR's wider privacy push. CoinDesk reported that near.com launched in February as a super app, with a confidential mode that keeps balances, transfers and trading activity private within the network's security framework. NEAR co-founder Illia Polosukhin said at the time that onchain transparency is not realistic for day-to-day use.
How confidential execution worksAccording to NEAR's own documentation on Confidential Intents, transactions run on a NEAR private shard, a dedicated execution environment operated by a decentralized set of independent, permissioned validators. It connects to NEAR mainnet through a bridge based on trusted execution environments (TEEs). When a user goes confidential on near.com, deposits, transfers and swaps stay out of public view, and funds can be moved between confidential and public accounts at any time.
The design has limits. An explainer from the LeoDex exchange notes that this is confidentiality rather than anonymity, because deposits into and withdrawals out of the system remain visible on public chains.
Demand for the feature appears to be real. NEAR said in a general availability announcement that over 40% of volume across near.com used Confidential Mode within weeks of launch. That figure comes from NEAR itself and has not been independently verified.
For XRP holders, the addition offers a way to swap and pay across chains without exposing wallet history on public explorers. The XRP Ledger is also among the networks supported by NEAR's recently launched NEAR Business treasury platform, according to Crypto Briefing.
SourcesCoinDesk: NEAR launches Near.com super app
NEAR: Confidential Intents
Crypto Briefing: NEAR launches crypto treasury platform
Chubb ve třetím čtvrtletí vykázal čistý zisk ve výši 2,84 mld. USD, což představuje meziroční nárůst o 1,5 %, neboli 7,30 USD na akcii, meziročně o 4,4 % více.
Net income was $2.84 billion, up 1.5%, and core operating income was $2.98 billion, down 2.2%. For the nine months, net income and core operating income were a record $8.02 billion and $8.60 billion, respectively, up 12.9% and 21.0%.
P&C net premiums written were $13.18 billion, up 1.9%.
North America Commercial was down 2.7%, or up 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance.
North America Personal was up 5.3%.
North America Agriculture was up 5.1%.
Overseas General was up 6.7%, or 5.2% in constant dollars. Consumer insurance was up 7.2% and commercial insurance was up 6.3%; Latin America, Asia and Europe were up 11.7%, 7.5% and 6.8%, respectively.
P&C underwriting income was $2.06 billion, with a combined ratio of 84.1%. P&C current accident year underwriting income excluding catastrophe losses was $2.26 billion, up 3.3%, with a combined ratio of 82.6%. For the nine months, P&C underwriting income was $5.79 billion, up 33.7%, and was $6.39 billion, up 6.1%, on a current accident year excluding catastrophe losses basis. Both were records.
Total pre-tax net catastrophe losses were $705 million compared with $285 million in the prior year.
Total pre-tax favorable prior period development was $511 million compared with $361 million in the prior year.
Life Insurance net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars. International life insurance net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Insurance segment income was $369 million, up 11.4%, or 14.7% in constant dollars, with International Life income up 7.0%, or 10.9% in constant dollars. For the nine months, Life Insurance segment income was $1.03 billion, up 9.3%, or 10.0% in constant dollars, with International Life income up 10.8%, or 11.8% in constant dollars.
Pre-tax net investment income was $1.79 billion, up 8.6%, and adjusted net investment income was $1.89 billion, up 6.3%. Both were records.
Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.6% and annualized core operating ROE was 14.9%.
Book value and tangible book value per share increased 5.1% and 5.7%, respectively, from September 30, 2025. Tangible book value per share excluding AOCI was up 15.4% over the same period.
, /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2026 of $2.84 billion, or $7.30 per share, and core operating income of $2.98 billion, or $7.66 per share. Book value per share and tangible book value per share increased by 5.1% and 5.7%, respectively, from September 30, 2025 and now stand at $191.43 and $126.96. For the last three months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $4.48 billion in Chubb's investment portfolio, partially offset by $551 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 11.1% and 15.4% from September 30, 2025.
Effective Q3 2026, segment income and core operating income have been redefined to exclude intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" in this press release and the Table of Contents page in the Q3 2026 Chubb Limited Financial Supplement for additional information. Prior-period results have been restated to reflect these changes.
Chubb Limited
Third Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$2,844
$2,801
1.5 %
$7.30
$6.99
4.4 %
Adjusted net realized (gains) losses, net of tax
94
48
95.8 %
0.25
0.12
108.3 %
Integration expenses and severance, net of tax
8
1
NM
0.02
-
NM
Market risk benefits (gains) losses, net of tax
55
120
(54.2) %
0.14
0.30
(53.3) %
Amortization of deferred tax asset from Bermuda law
(60)
36
NM
(0.15)
0.09
NM
Amortization of fair value adjustments, net of tax
39
42
(7.1) %
0.10
0.10
-
Core operating income, net of tax
$2,980
$3,048
(2.2) %
$7.66
$7.60
0.8 %
Annualized return on equity (ROE)
15.3 %
15.9 %
Core operating return on tangible equity (ROTE)
21.6 %
24.8 %
Core operating ROE
14.9 %
16.6 %
For the nine months ended September 30, 2026, net income was $8.02 billion, or $20.46 per share, and core operating income was $8.60 billion, or $21.94 per share. Book value per share and tangible book value per share increased by 1.5% and 0.6%, from December 31, 2025. For the last nine months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $6.03 billion in Chubb's investment portfolio, partially offset by $643 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 7.4% and 10.1%, from December 31, 2025.
Chubb Limited
Nine Months Ended Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$8,018
$7,100
12.9 %
$20.46
$17.61
16.2 %
Adjusted net realized (gains) losses, net of tax
396
(428)
NM
1.02
(1.06)
NM
Integration expenses and severance, net of tax
21
3
NM
0.05
0.01
NM
Market risk benefits (gains) losses, net of tax
39
213
(81.7) %
0.10
0.53
(81.1) %
Amortization of deferred tax asset from Bermuda law
4
91
(95.6) %
0.01
0.22
(95.5) %
Amortization of fair value adjustments, net of tax
119
127
(6.3) %
0.30
0.31
(3.2) %
Core operating income, net of tax
$8,597
$7,106
21.0 %
$21.94
$17.62
24.5 %
Annualized return on equity (ROE)
14.5 %
13.9 %
Core operating return on tangible equity (ROTE)
21.2 %
19.9 %
Core operating ROE
14.6 %
13.2 %
For the nine months ended September 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $6 million and $47 million, respectively for adjusted net realized gains and losses; $(7) million and nil for integration expenses and severance; $(7) million and $(38) million for market risk benefits gains and losses; $(33) million and $(36) million for amortization of fair value adjustments; and $2.09 billion and $1.75 billion for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a really strong quarter with strong contributions from all of our businesses. Our diversification is highly supportive of growth and sustained margins which speak to our underwriting discipline, a hallmark of our company.
"P&C underwriting, investment and life income results led to core operating earnings of $2.98 billion, or $7.66 per share. Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025. For the first nine months of the year, which is a more meaningful perspective, core operating income is a record $8.6 billion, or $21.94 per share, up 21% and 24.5%, respectively, from the prior year.
"Annualized core operating return on tangible equity is 21.6% and core operating ROE is 14.9%. Tangible book value per share is up 5.7% from the prior year. This was impacted by the mark-to-market due to higher interest rates. Adjusting for AOCI, tangible book value per share increased 15.4%.
"For the quarter, P&C underwriting income is $2.1 billion, which led to a combined ratio of 84.1%, and on a current accident year ex-CAT basis, our combined ratio is 82.6%, simply excellent. Year-to-date underwriting income of $5.8 billion is up nearly 34% from 2025.
"On the investment side of our business, adjusted net investment income is a record $1.9 billion, supported by rising interest rates and an excellent fixed-income investment environment, which we have been anticipating for some time, given government deficits and the capital investment cycle. On the alternative asset side, as publicly announced in the quarter, Strategic Holdings, our holding company partnership with KKR, agreed to sell our investment in USI Insurance Services to Aon, which is expected to result in a realized gain of $460 million on an investment of $740 million.
"While the market continues to grow more competitive in commercial P&C across the board, particularly in the U.S. and London, the substantial majority of our underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms.
"We are benefiting from our diversification. Overseas General grew 6.7%, with Latin America up 11.7%, Asia up 7.5% and Europe up about 7%. North America personal lines was up 5.3% and agriculture was up 5.1%. North America commercial was down 2.7%, impacted by a reduction in exposure, including increased use of reinsurance and underwriting related non-renewal actions, predominantly property and financial lines-related. I fully expect North America commercial growth to improve in future quarters.
"Our deep local presence and capabilities globally, our large and growing invested asset along with rising interest rates, and operating discipline provide us continued growth opportunities and sustainability of value creation. I am confident in our ability to continue to outperform and to generate strong growth in operating earnings and EPS and, most important, double-digit growth in tangible book value."
Operating highlights for the quarter ended September 30, 2026 were as follows:
Chubb Limited
Q3
Q3
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Consolidated
Net premiums written (increase of 1.8% in constant dollars)
$
15,143
$
14,866
1.9 %
P&C
Net premiums written (increase of 1.6% in constant dollars)
$
13,183
$
12,934
1.9 %
Underwriting income
$
2,061
$
2,259
(8.8) %
Combined ratio
84.1 %
81.8 %
Current accident year underwriting income excluding catastrophe losses (CATs)
$
2,255
$
2,183
3.3 %
Current accident year combined ratio excluding CATs
82.6 %
82.5 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 1.1% in constant dollars)
$
11,651
$
11,476
1.5 %
Underwriting income
$
1,894
$
2,079
(8.9) %
Combined ratio
83.4 %
81.0 %
Current accident year underwriting income excluding CATs
$
2,085
$
2,029
2.7 %
Current accident year combined ratio excluding CATs
81.8 %
81.6 %
Life Insurance
Net premiums written (increase of 3.7% in constant dollars)
$
1,960
$
1,932
1.4 %
Segment income (increase of 14.7% in constant dollars)
$
369
$
332
11.4 %
Consolidated net premiums earned increased 3.9%, or 4.0% in constant dollars. P&C net premiums earned increased 4.3%, or 4.0% in constant dollars.
Operating cash flow was $6.07 billion and adjusted operating cash flow was $5.55 billion. Both were records.
Total capital returned to shareholders in the quarter was $1.57 billion, comprising share repurchases of $1.18 billion at an average purchase price of $344.32 per share and dividends of $393 million. Total capital returned to shareholders for the nine months was $4.47 billion, comprising share repurchases of $3.30 billion at an average purchase price of $332.33 per share and dividends of $1.17 billion.
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2026 are presented below:
Chubb Limited
Q3
Q3
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written
$
8,953
$
8,935
0.2 %
Combined ratio
81.3 %
79.2 %
Current accident year combined ratio excluding CATs
80.7 %
80.6 %
North America Commercial P&C Insurance
Net premiums written (increase of 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)
$
5,512
$
5,663
(2.7) %
Major accounts retail and excess and surplus (E&S) wholesale (increase of 1.2% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)
$
3,210
$
3,379
(5.0) %
Middle market and small commercial (with P&C lines up 2.6%, or up 4.0% excluding workers' compensation payroll-related premium adjustments (1), and financial lines down 5.9%, or up 1.8% adjusting for underwriting related exposure changes including additional reinsurance)
$
2,302
$
2,284
0.8 %
Combined ratio
86.3 %
81.5 %
Current accident year combined ratio excluding CATs
82.1 %
80.8 %
North America Personal P&C Insurance
Net premiums written
$
1,909
$
1,814
5.3 %
Combined ratio
60.3 %
65.1 %
Current accident year combined ratio excluding CATs
69.9 %
72.1 %
North America Agricultural Insurance
Net premiums written
$
1,532
$
1,458
5.1 %
Combined ratio
89.3 %
88.0 %
Current accident year combined ratio excluding CATs
89.0 %
89.7 %
Overseas General Insurance
Net premiums written (increase of 5.2% in constant dollars)
$
3,943
$
3,695
6.7 %
Commercial P&C
$
2,248
$
2,114
6.3 %
Consumer P&C
$
1,695
$
1,581
7.2 %
Combined ratio
86.4 %
83.3 %
Current accident year combined ratio excluding CATs
84.3 %
84.4 %
Global Reinsurance
Net premiums written
$
287
$
304
(5.6) %
Combined ratio
80.7 %
77.4 %
Current accident year combined ratio excluding CATs
78.7 %
75.6 %
Life Insurance
Net premiums written (increase of 3.7% in constant dollars)
$
1,960
$
1,932
1.4 %
Net premiums written and deposits (increase of 17.7% in constant dollars)
$
2,797
$
2,428
15.2 %
Segment income (increase of 14.7% in constant dollars)
$
369
$
332
11.4 %
(1) Relates to workers' compensation annual payroll-related audit premium adjustments which are made in the third quarter every year, as previously disclosed were significantly larger in 2025.
North America Commercial P&C Insurance: The combined ratio increased 4.8 percentage points, including a 3.1 percentage point increase from higher CATs, a 1.0 percentage point increase in the underlying loss ratio and a 0.3 percentage point increase in the underlying expense ratio with the acquisition ratio up, both driven by shift in mix of business, primarily due to reduction in property business.
North America Personal P&C Insurance: The combined ratio decreased 4.8 percentage points, including a 4.3 percentage point decrease from higher favorable prior period development (PPD) and a 2.2 percentage point decrease in the underlying loss ratio, partially offset by a 1.7 percentage point increase from higher CATs.
North America Agricultural Insurance: The combined ratio increased 1.3 percentage points, including a 1.9 percentage point increase from lower favorable PPD, partially offset by a 0.6 percentage point decrease in the underlying expense ratio.
Overseas General Insurance: The combined ratio increased 3.1 percentage points, including a 5.0 percentage point increase from higher CATs and a 1.0 percentage point increase in the underlying acquisition expense ratio, due to shift in the mix of business, offset by a 1.8 percentage point decrease from higher favorable PPD, and a 0.9 percentage point decrease in the underlying loss ratio.
Life Insurance: Net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars, with International Life of $1.60 billion, down 0.6%, or up 2.0% in constant dollars, reflecting an adverse impact of 8.8 percentage points in constant dollars, from a one-time large transaction in the prior year, and Chubb Benefits up 11.7%, or 12.1% in constant dollars. International life net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Segment income was $369 million, up 11.4%, or 14.7% in constant dollars, primarily reflecting growth in International Life of 7.0%, or 10.9% in constant dollars.
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated September 30, 2026, which is posted on Chubb's investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its third quarter earnings conference call on Wednesday, October 21, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, click here to register and receive dial-in numbers.
In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb's ownership interest and exclude the non-controlling interest.
Segment income and core operating income for current and prior periods have been redefined to reflect the definition of segment income and core operating income adopted in Q3 2026, which excludes intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" below for more information.
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.
Regulation G – Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of nil in Q3 2026 and $1 million in Q3 2025, and including investment income of $97 million and $127 million in Q3 2026 and Q3 2025, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $3 million and $7 million for the nine months ended September 30, 2026 and 2025, and the investment income from private equity partnerships was $343 million and $349 million for the nine months ended September 30, 2026 and 2025. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities.
P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value adjustments of acquired invested assets and long-term debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. References in this release to "current accident year" or "underlying" metrics exclude catastrophe losses and prior period development, unless stated otherwise.
Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses), market risk benefits gains (losses), amortization of fair value adjustments, and other items described in this paragraph. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we believe that amortization of certain fair value adjustments arising from the application of acquisition method accounting to acquired businesses does not represent the associated true economic costs and also affects comparability of our operating results to peers. We therefore exclude amortization of fair value adjustments, which includes amortization expenses of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations (primarily agency distribution relationships and renewal rights); in contrast, amortization expenses associated with value of business acquired (VOBA) and unearned premium reserves (UPR) intangible assets are included in core operating income as they are generally comparable to underwriting expenses recognized by peers. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. These costs, as well as the amortization of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations, are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.
Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.
See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.
NM – not meaningful comparison
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
September 30
2026
December 31
2025
Assets
Investments
$
172,507
$
168,720
Cash and restricted cash
3,010
2,470
Total invested assets
175,517
171,190
Insurance and reinsurance balances receivable
18,188
15,944
Reinsurance recoverable on losses and loss expenses
20,611
20,338
Goodwill and other intangible assets ($26,021 and $25,775 represents
Chubb portion as of 9/30/2026 and 12/31/2025, respectively)
26,665
26,448
Other assets
42,528
38,407
Total assets
$
283,509
$
272,327
Liabilities
Unpaid losses and loss expenses
$
91,829
$
88,018
Unearned premiums
28,608
26,279
Other liabilities
84,560
78,251
Total liabilities
204,997
192,548
Shareholders' equity
Chubb shareholders' equity, excl. AOCI
82,710
78,732
Accumulated other comprehensive income (loss) (AOCI)
(9,483)
(4,975)
Chubb shareholders' equity
73,227
73,757
Noncontrolling interests
5,285
6,022
Total shareholders' equity
78,512
79,779
Total liabilities and shareholders' equity
$
283,509
$
272,327
Book value per common share
$
191.43
$
188.59
Tangible book value per common share
$
126.96
$
126.22
Book value per common share, excl. AOCI
$
216.22
$
201.31
Tangible book value per common share, excl. AOCI
$
150.70
$
136.91
Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
Midnight Network představila Nightmode, funkci pro soukromí napříč blockchainy využívající MPC trezory pro Bitcoin, Ethereum, Solana a Tron bez tradičního mostu. Mainnet má být spuštěn s upgradem Ledgeru v9.
Midnight Network has unveiled Nightmode, a cross-chain privacy feature built with Sig Network that uses MPC vaults to extend $NIGHT privacy tools to Bitcoin, Ethereum, Solana and Tron.
Midnight Network has unveiled Nightmode, a cross-chain privacy feature built with @MidnightNtwrk and @Sig_Network. It is designed to extend Midnight's privacy tools to chains including Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL) and Tron ($TRX) without relying on a conventional bridge.
Nightmode is due to go live on mainnet with ledger v9, Midnight's next major network upgrade, later this year.
How Nightmode worksUsers lock coins in vaults on their home chain and receive a matching private balance on Midnight, guarded by shared keys. According to Crypto Economy, the vaults are Multi-Party Computation (MPC) contracts, and the original assets stay on their native network rather than moving through a traditional bridge. The same report says a vault is governed by seven private cryptographic signatures, and that Midnight records each deposit and issues tokens representing the user's balance in a shielded pool.
Sig Network describes itself as a signing network. On its website, it says no single signer holds the key and that it signs only requests that come from a contract on Midnight. It also says Midnight contracts can hold accounts on Ethereum, so users can trade on Uniswap or lend on Aave while their identities stay shielded.
On apps such as Uniswap, trade amounts stay public but the user behind them stays hidden. KuCoin News reports that users can trade, swap or stake the shielded tokens, and that burning them redeems the original native assets. The same report says Nightmode supports selective disclosure based on zero-knowledge proofs, aimed at meeting compliance requirements.
Context: ledger v9 and Midnight's push into DeFiLedger v9 is also the upgrade tied to Midnight's planned Solana support. Hokanews reports that Midnight Foundation CTO Sebastien Guillemot said the Solana integration remains on testnet, with a mainnet rollout scheduled for later in 2026. Midnight's own roadmap says the project is extending NightMode to additional blockchains, giving users on those networks access to private transactions on Midnight and giving Midnight users access to the liquidity held there.
Crypto Economy notes that the design targets DeFi, payments and real-world asset settlement, and that it does not claim transaction detail becomes invisible. Trade values remain visible, while identity information stays unlinked.
Nightmode is still pending mainnet release, so its real-world performance and security remain to be tested. Users should watch for the ledger v9 launch date and any audits of the vault design.
Staking Etherea dosáhl ve 3. čtvrtletí rekordních 43,8 milionu ETH, tedy téměř 36 % celkové nabídky ETH, zatímco anualizovaný výnos klesl z 2,81 % na 2,63 %.
Ethereum staking hit a new record in the third quarter of 2026, but investors found themselves earning smaller yields as rewards were spread across a wider pool of staked ETH.
According to Bitwise's latest quarterly staking report, 43.8 million ETH, which is nearly 36% of the total supply, was locked into staking at the end of September. At the same time, annualized staking yields averaged 2.63%, down from 2.81% in the prior quarter.
"As more ETH is staked, rewards are distributed across a larger pool, reducing the yield earned on each ETH," the researchers wrote.
Staked Ethereum QoQ. Source: BitwiseInstitutional staking drives Ethereum inflowsEthereum recorded net staking inflows of just under 2 million ETH in the third quarter, its sixth consecutive quarter of positive flows.
Institutional staking has been a big driver of these flows. Bitwise pointed to Bitmine, the leading Ethereum treasury company led by Tom Lee, whose staking rose more than 1,000% from 410,000 ETH in December to 5.07 million ETH as of Sept. 27.
Newly issued ETH accounted for more than 96% of Ethereum's staking yield, leaving the rest to come from transaction tips and revenue from ordering transactions (MEV).
In the same period, Ethereum network revenue fell to roughly $40.6 million from $63 million in the second quarter.
Solana staking hits record 69% of supplySolana's active staking numbers also hit a record, climbing to 440.5 million SOL, totaling 69% of the total supply. Similar to Ethereum, gross staking yields fell around 6%, with newly issued tokens making up 90% of returns.
The network recorded 14.2 billion transactions, up 45% from the second quarter, while average transaction costs stayed mostly flat.
Solana Non-Vote Transactions. Source: BitwiseTransaction fees jumped 49% to $76 million, driven mostly by memecoin trading. Tokenized equities trading volume climbed 45% to more than $6.9 billion.
R3 uvádí, že banky přesouvají využití blockchainu od snižování nákladů ke generování výnosů; tokenizace dluhopisů a alternativních aktiv by měla v příštím roce zrychlit.
Blockchain technology developer R3 co-founder Todd McDonald said on StrataMedia’s Talking Tokens podcast that banks’ approach to blockchain is shifting from early-stage trials to practical commercial applications. Financial institutions are now leveraging blockchain to launch new products and reach new customers, with their core focus moving from cost reduction to revenue generation. McDonald argues open blockchain networks hold greater development advantages, and all markets will eventually transition to on-chain operations. R3, which previously focused on providing private blockchain networks for banks, is now collaborating with the Solana Foundation to build the next-generation Corda as a Solana-based protocol, taking the lead in launching yield vaults that allow investors to deposit stablecoins and earn tokens backed by real-world assets. McDonald also noted that fixed income and alternative assets are poised to become hot segments in the tokenization space over the next year, with growth potential outpacing the currently more mature tokenized U.S. dollars and money market funds. R3 added that its on-chain real-world assets (RWA) have surpassed $10 billion, with its investors including Bank of America, HSBC, Wells Fargo, and Barclays.
Kamino, the Solana lending protocol, will give higher deposit caps and loan-to-value ratios to assets secured by Chainlink CCIP after a security review.
Kamino, the Solana lending protocol, has set out a tiered approach to cross-chain collateral. Assets that move between chains using @chainlink's Cross-Chain Interoperability Protocol (CCIP) will qualify for higher deposit caps and loan-to-value (LTV) ratios, meaning users can borrow more against them. The change follows a security review by @kamino.
What Kamino changed for CCIP assets
Kamino pointed to CCIP's default setup, in which 16 independent node operators verify each cross-chain transfer. Chainlink's own documentation describes the same design:
Tokens whose issuers set up their own cross-chain verification face a heavier review process. Kamino said these assets can expect lower caps and, in some cases, rejection or delisting. The protocol also said it can already pause markets for some cross-chain assets on Solana when it detects warning signs such as unbacked supply.
Why it matters for DeFi lendingThe decision ties collateral terms to the security model of the bridge or messaging layer an asset uses. Cross-chain bridges have been a recurring weak point in crypto. One industry explainer estimates that
Kamino's role in tokenized asset lending is also growing. Solana Compass, citing Blockworks Research data, reports that As more tokenized collateral arrives from other chains, the protocol's rules on how that collateral travels carry more weight.
Chainlink has also been expanding CCIP's features. Crypto Briefing reports that under that upgrade,
For borrowers, the practical effect is that the route a token takes across chains can now influence how much they can borrow against it on Kamino. Issuers weighing a custom verification setup face a trade-off between flexibility and more favourable lending terms.
SourcesCrypto Briefing: Kamino validates Chainlink CCIP for cross-chain collateral
Chainlink: CCIP, The Secure and Decentralized Cross-Chain Standard
Solana Compass: Kamino Finance project review
More than 450 tokenized US stocks and ETFs from Ondo Finance are now live on Jumper, the cross-chain app from LI.FI, across Ethereum, Solana, BNB Chain and HyperEVM.
More than 450 tokenized US stocks and ETFs from @Ondo are now live on @jumperapp, the cross-chain trading app launched by @lifiprotocol. Users can access them on Ethereum ($ETH), Solana ($SOL), BNB Chain ($BNB) and HyperEVM.
Each token is backed by real shares held with US-registered broker-dealers. LI.FI first opened Ondo's stocks to its partner apps in June.
How the rollout reached JumperLI.FI announced on June 22 that Ondo's tokenized assets were available through its network. According to LI.FI, the launch covered Ethereum and BNB Chain, with Solana listed as coming soon. The company said any integration partner could unlock the assets through its existing LI.FI integration.
LI.FI describes itself as powering cross-chain routing across more than 1,000 apps, wallets, fintechs and neobanks. Jumper is the consumer-facing app built on that infrastructure, which now gives retail users a direct route to the Ondo catalog.
Solana support followed this week. Solana Compass reported that LI.FI said on October 19 that Ondo's tokenized US stocks and ETFs on Solana were live through LI.FI Intents. The outlet noted that neither company had named a specific app or wallet that had switched the assets on.
What the tokens are, and who can hold themOndo Global Markets, since rebranded Ondo Stocks, launched in September 2025. MetaMask's explainer says the product runs on a mint-and-redeem model: Ondo, through its broker-dealer partner, buys and holds the underlying asset when a token is issued. It names Alpaca Markets as the US-registered broker-dealer that custodies the assets, with Ankura Trust providing independent verification.
The tokens give economic exposure rather than direct share ownership. CCN reported at launch that the assets mirror the performance of the underlying securities but do not grant shareholder rights such as voting, and that access was restricted to non-US and non-UK investors. Users should check eligibility in their jurisdiction before trading.
The platform has grown quickly. The Defiant reported in June that Ondo added 173 assets, taking its catalog past 430 across Ethereum, Solana and BNB Chain, and that Ondo holds more than 70% share among tokenized equity issuers, citing RWA.xyz.
Sources:
LI.FI: Ondo Tokenized Stocks Are Now Live on LI.FISolana Compass: LI.FI Brings Ondo Tokenized Stocks and ETFs to SolanaMetaMask: What is Ondo Stocks?
Synchrony zvýšila celoroční výhled zisku na přibližně 9,50 USD na zředěnou akcii a rozšiřuje úvěrová partnerství do nákupních kanálů využívajících AI a digitálních peněženek.
On its third-quarter 2026 earnings call, held on Oct. 20, 2026, Synchrony (SYF -1.19%) raised its full-year earnings expectation to approximately $9.50 per diluted share. The company is expanding its credit partnerships into artificial intelligence shopping channels and digital wallets to secure future deal flow.
Two key takeaways highlight how this strategy protects long-term value.
1. Artificial Intelligence Integration Secures Distribution at Digital CheckoutShopping channels are shifting toward automated purchasing agents and digital wallets. Embedded partnerships keep consumer financial products visible when buyers browse and compare deals.
Synchrony's enterprise collaboration with OpenAI is designed to strengthen our positioning at the center of AI's next chapter in shopping and payments.
-- Brian D. Doubles, President and Chief Executive Officer2. Data Analytics Drives Credit Approval for Younger Demographic GroupsGen Z and millennial shoppers represent the fastest-growing spend categories across the portfolio. Proprietary underwriting tools evaluate cash flows to approve younger buyers without taking excessive credit risk.
Synchrony leverages over 9 thousand data variables and cash flow underwriting to responsibly deliver purchase power to credit-ready customers.
-- Brian D. Doubles, President and Chief Executive OfficerLooking AheadPurchase volume is running near historic highs, and executives aren't hiding their satisfaction with consumer resilience. Deep retail partner relationships and proprietary data tools provide structural cost advantages as shopping moves online. Management is watching payment normalization and portfolio seasoning across new partner programs.
So as we look to the remainder of this year and the years ahead, Synchrony is executing on what we set out to do.
-- Brian D. Doubles, President and Chief Executive OfficerCapital allocation remains focused on returning excess cash through share buybacks while investing in technology. Expanding multi-product flexibility ensures the portfolio maintains high returns over time.
Our disciplined approach to growth positions us to deliver consistent market leading returns and we are investing in our competitive differentiation to drive long term earnings power and intrinsic value while also returning significant capital to shareholders.
-- Brian J. Wenzel, Executive Vice President and Chief Financial OfficerSynchrony Financial is an advertising partner of Motley Fool Money. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Agree Realty (ADC - Free Report) came out with quarterly funds from operations (FFO) of $1.15 per share, beating the Zacks Consensus Estimate of $1.14 per share. This compares to FFO of $1.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +0.88%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.13 per share when it actually produced FFO of $1.14, delivering a surprise of +0.88%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Agree Realty, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $213.88 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.33%. This compares to year-ago revenues of $183.22 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Agree Realty shares have lost about 8.6% since the beginning of the year versus the S&P 500's gain of 12.4%.
What's Next for Agree Realty?While Agree Realty has underperformed 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 FFO outlook. Not only does this include current consensus FFO 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 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 estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Agree Realty was mixed. 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 #3 (Hold) for the stock. So, the shares are expected to perform in line with 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 FFO estimate is $1.16 on $216.85 million in revenues for the coming quarter and $4.56 on $833.97 million 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, REIT and Equity Trust - Retail is currently in the top 41% 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.
Simon Property (SPG - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on November 5.
This shopping mall real estate investment trust is expected to post quarterly earnings of $3.32 per share in its upcoming report, which represents a year-over-year change of +3.1%. The consensus EPS estimate for the quarter has been revised 0% lower over the last 30 days to the current level.
Simon Property's revenues are expected to be $1.73 billion, up 8% from the year-ago quarter.
Capital One ve třetím čtvrtletí zvýšila čistý zisk na 3,5 miliardy USD neboli 5,61 USD na zředěnou akcii; čisté výnosy vzrostly mezikvartálně o 3 % na 16,3 miliardy USD.
Is Capital One Financial Corp (COF) Fairly Valued After Q3 Earnings Beat? EPS: $5.61, Revenue: $16.3B, GF Score: 89/100
Solid Financial Performance Amid Integration Challenges with Discover
Capital One Financial Corp COF released its 8-K filing on October 20, 2026, reporting a third-quarter net income of $3.5 billion, translating to $5.61 per diluted share. This marks an increase from both the preceding quarter and the same quarter of the previous year.
Capital One Financial is one of America's largest banks, originating primarily from credit cards and becoming the largest U.S. credit card issuer by purchase volume following its 2025 acquisition of Discover Financial Services. The Discover deal provided a proprietary global payments network, positioning Capital One uniquely in the market similar to American Express. The bank supports its Consumer Banking segment with auto lending, where it ranks as a top-tier lender, and operates a national digital banking model with a focus on cafés. Its Commercial Banking division caters to middle-market companies and commercial real estate, all rooted in data-driven underwriting that has defined the company since its 1994 founding by Richard Fairbank.
Performance Overview and ChallengesCapital One's third-quarter results illustrate a robust performance wherein total net revenue increased by 3% to $16.3 billion compared to the previous quarter. Notably, the adjusted net income rose significantly to $6.69 per diluted share. However, challenges remain with the integration of Discover, as noted by CEO Richard D. Fairbank:
The Discover integration continues to go well and we’re making good progress on delivering the expected synergies."This integration not only adds complexity to operations but also necessitates continuous investment to foster growth and deliver shareholder value.
The bank reported a decrease in the provision for credit losses, down by $73 million to $2.9 billion, showcasing a responsible lending approach that can mitigate risks associated with credit losses, especially within a dynamic economic landscape.
Financial AchievementsAmong Capital One's key financial achievements is a net interest margin of 8.41%, an increase of 40 basis points from the prior quarter. The efficiency ratio stood at 54.19%, reflecting a stable operational environment. The company also posted solid pre-provision earnings of $7.5 billion, underscoring its capacity to generate income, which is crucial for sustaining lending and absorbing potential credit losses.
The balance sheet indicates healthy growth, with loans held for investment increasing by $5.4 billion, or 1%, totaling $462.5 billion at quarter-end. Specific segments such as auto loans and consumer banking saw significant increases. Importantly, despite a 1% decrease in total deposits to $480.7 billion, Capital One's focus on credit card lending appears to be driving growth.
MetricQ3 2026Q2 2026Q3 2025Net Income$3.5 billion$3.0 billion$3.2 billionEarnings Per Share (EPS)$5.61$4.73$4.83Total Net Revenue$16.3 billion——Net Interest Margin8.41%——Provision for Credit Losses$2.9 billion——
Analysis of PerformanceOverall, Capital One Financial Corp COF exhibits a strong trajectory of earnings growth alongside a stable operational focus, especially in the face of integration challenges. The notable increases in net income and earnings per share, alongside efficient cost management, position the company favorably for future opportunities. However, investor sentiments may remain cautious due to ongoing adjustments following the Discover acquisition.
Moreover, fluctuations in deposit levels and provisions for credit losses could hint at potential volatility, depending on economic conditions. Continuous monitoring of credit quality and integration processes will be essential in the upcoming quarters.
GuruFocus Valuation CheckAccording to GuruFocus data, Capital One Financial Corp COF holds a GF Score of 89/100, indicating a strong outlook for the firm. However, the current market price of $201.56 is approximately 8.6% overvalued compared to the GF Value of $185.66. This suggests that investors may need to be cautious about making new purchases at this valuation level.
The company's profitability rank of 9/10 and growth rank of 10/10 highlight its strong performance in generating earnings and maintaining a robust growth trajectory. Nevertheless, the financial strength score of 3/10 indicates some risk associated with its financial stability. Insiders have been selling shares totaling $80.8 million over the past 12 months, which typically serves as a cautionary signal for investors as it may reflect a lack of confidence in immediate future growth.
For a deeper dive, visit the Capital One Financial Corp stock page on GuruFocus.
Explore the complete 8-K earnings release (here) from Capital One Financial Corp for further details.
GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $185.66 (8.6% overvalued); its GF Score™ is 89/100; 33 gurus currently hold the stock, with 16 adding and 15 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full Capital One Financial Corp COF research.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Interparfums ve třetím čtvrtletí roku 2026 udržela tržby na úrovni 430 mil. USD; tržby v Evropě vzrostly o 4 %, zatímco v USA klesly o 7 % kvůli zpožděným dodávkám dárkových sad.
2026 Third Quarter Conference Call Scheduled for November 5, 2026 | Source: Interparfums, Inc.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Interparfums, Inc. (NASDAQ GS: IPAR) (“Interparfums” or the “Company”) today announced net sales for three and nine months ended September 30, 2026.
Net Sales
($ in millions)Three Months EndedNine Months EndedSeptember 30,September 30, 2026 2025 % Change 2026 2025 % Change Total Interparfums, Inc. $430 $430 flat $1,115 $1,102 +1% European based net sales $306 $295 +4% $789 $784 +1% United States based net sales $127 $137 (7%) $336 $327 +3% Eliminations of intercompany sales ($4) ($3) n/a ($10) ($9) n/a The average dollar/euro exchange rate for the 2026 third quarter was 1.15 compared to 1.17 in the 2025 third quarter, leading to a 0.4% foreign exchange loss. For the first nine months, the average dollar/euro exchange rate was 1.16 compared to 1.12 in the first nine months of 2025, leading to a 1.5% foreign exchange gain.Data may not foot due to rounding.
Management Commentary:
Jean Madar, Chairman & Chief Executive Officer of Interparfums, stated, “Consolidated sales held stable at $430 million in the 2026 third quarter compared to the prior year period, producing year-to-date sales growth of 1%. Sales by European based operations were especially strong, which helped to offset weaker performance by United States based operations following an exceptional period of growth in the second quarter of 2026. The ongoing war in the Middle East represented a headwind of 1% in the third quarter and 2% for the first nine months.
“Our global brand portfolio and diverse fragrances enable us to reach a wide range of consumers and pursue multiple avenues for growth, with strength across key brands and markets helping to offset softer demand elsewhere. We are aligning our product offerings and commercial strategies with evolving consumer preferences. We are investing in our future with expanded partnerships and new exclusive license agreements, while preparing for a promising 2026 holiday season and an exciting 2027, driven by a series of blockbuster launches and new brand additions.”
European Based Operations
Mr. Madar continued, “Sales from our European based operations rose 4% in the 2026 third quarter, reflecting organic growth of 3% and a 1% contribution from new brands, partially offset by a 1% foreign exchange headwind.
“Coach fragrances have delivered outstanding performance so far in 2026, with sales rising by 23% and 15% during the third quarter and first nine months of 2026, respectively. The brand continues to benefit from its immense popularity in the United States, the strength of the established women’s and men’s lines, and the success of the two new line extensions launched earlier this year.”
“Montblanc fragrance sales returned to growth, increasing 12% in the third quarter after flat second quarter sales, producing 8% growth for the first nine months of 2026, driven by the success of Montblanc Legend Elixir and Montblanc Explorer Infinite, launched in the first and third quarters, respectively.
“Jimmy Choo fragrance sales rose 1% in the third quarter, leading to 5% growth in the first nine months of 2026. The brand’s sustained performance was driven by the continued success of the I Want Choo and Jimmy Choo Man franchises, supported by several line extensions launched over the past twelve months, including I Want Choo Midnight, which launched in the third quarter.
“Lacoste fragrance sales returned to growth in the third quarter, rising 4%, driven by Original Intense, the newest women’s launch in the Original franchise. This improvement followed a challenging first half of 2026, which reflected a strong prior-year comparison due to strong innovation and softer conditions in Eastern Europe, where the brand has a strong presence. While year-to-date sales declined 9%, the third-quarter performance is encouraging as we look ahead to major developments planned for 2027 and beyond.”
United States Based Operations
Mr. Madar continued, “Sales by our United States based operations decreased by 7% during the 2026 third quarter, driven largely by supply chain disruptions that resulted in the delayed shipment of giftsets for select brands. These delays represented approximately $10 million in sales, which will now be recognized in the fourth quarter. Excluding this impact, sales would have been flat. Year-to-date sales grew 3%, driven by 2% organic growth and a favorable foreign exchange impact of 1%. Excluding the impact of the delayed giftset shipments, sales would have increased 6%.
“Fragrance sales of GUESS, our largest United States based brand, rose by 3% and 7% during the third quarter and first nine months of 2026, respectively. Growth was driven by the continuing success of the Iconic franchise which was enhanced by the launches of two new extensions earlier this year, as well as extensions launched for the Amore and Seductive franchises.
“Donna Karan/DKNY fragrance sales declined 9% during the third quarter following double digit growth in the second quarter of 2026. The third quarter sales decline was driven by innovation phasing and giftset shipment delays. Brand sales grew 4% in the first nine months of the year.
“Ferragamo fragrance sales declined 22% in the third quarter due to innovation phasing but were only down 2% on a year-to-date basis. The brand was impacted by challenging market conditions in Europe, which is the core region for the brand.
“Roberto Cavalli fragrance sales increased 4% and 6% during the third quarter and first nine months of 2026, respectively, despite a difficult macro-economic environment in the Middle East, the brand’s largest market, and exceptionally high prior year growth comparisons. The brand’s growth this year has been driven by the enduring popularity of last year’s blockbuster Serpentine launch, as well as brand extensions released earlier in 2026, and the partnership with Kiko Milano.”
Mr. Madar concluded, “While some aspects of the market environment remain challenging, we are encouraged by the trajectory of our business and maintain a measured but positive outlook for the balance of the year, 2027 and beyond.”
2026 Third Quarter Results and Conference Call Details
The Company will issue financial results for the three and nine months ended September 30, 2026, on Wednesday, November 4, 2026, after the close of the stock market. Management will host a conference call to discuss financial results and business operations beginning at 11:00 am ET on Thursday, November 5, 2026.
Interested parties may participate in the live call by dialing:
U.S. / Toll-free: (877) 423-9820
International: (201) 493-6749
Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin.
A live audio webcast will also be available in the “Events” tab within the Investor Relations section of the Company’s website at www.interparfumsinc.com, or by clicking here. The conference call will be available for webcast replay for approximately 90 days following the live event.
About Interparfums, Inc.:
Operating in the global fragrance business since 1982, Interparfums, Inc. produces and distributes a wide array of prestige fragrance and fragrance related products under license and other agreements with brand owners. The Company manages its business in two operating segments, European based operations, through its 72% owned subsidiary, Interparfums SA, and United States based operations, through wholly owned subsidiaries in the United States and Italy.
Our licensed portfolio of prestige brands includes Abercrombie & Fitch, Anna Sui, Boucheron, Coach, Donna Karan/DKNY, Emanuel Ungaro, Ferragamo, Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, Longchamp, MCM, Moncler, Montblanc, Oscar de la Renta, Puma, Roberto Cavalli, and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world through an extensive and diverse network of distributors. Interparfums, Inc. is also the registered owner of several trademarks including Annick Goutal, Lanvin, Off-White, Rochas, and Solférino.
Forward-Looking Statements:
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. In some cases, you can identify forward-looking statements by forward-looking words such as "anticipate,” "believe", "could", "estimate", "expect", "intend", "may", "should", "will", and "would" or similar words. You should not rely on forward-looking statements, because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in Interparfums' annual report on Form 10-K for the fiscal year ended December 31, 2025, and the reports Interparfums files from time to time with the Securities and Exchange Commission. Interparfums does not intend to and undertakes no duty to update the information contained in this press release.
Contact Information:
Interparfums, Inc. or The Equity Group Inc.
Michel Atwood Devin Sullivan: (212) 836-9608 / [email protected]
Chief Financial Officer Conor Rodriguez: (212) 836-9628 / [email protected]
(212) 983-2640 www.theequitygroup.com
www.interparfumsinc.com
America's nuclear energy renaissance is being driven by a few big forces. There is rising demand for energy in a growing economy, and artificial intelligence (AI) data centers need stable, reliable power supplies. Nuclear energy can be a part of the mix to meet this growing demand.
But the U.S. military needs power, too. The U.S. Army recently announced a new agreement with several nuclear energy companies to build nuclear microreactors for U.S. military installations. On Aug. 26, the Department of the Army announced $2.2 billion in funding to several companies to own, construct, and operate nuclear microreactors. This is part of the Army's Janus Program, launched in 2025 to help provide the U.S. military with next-generation nuclear energy.
The goal of this $2.2 billion funding is to provide safe, reliable, secure nuclear power to the U.S. military through more than 20 nuclear microreactors. Microreactors are a type of small modular reactor, meaning they can be built out of modular, factory-assembled parts. This can enable more flexible, faster construction at lower cost than for traditional, larger-scale nuclear power plants.
One publicly traded company selected as a vendor for these new Army nuclear microreactors was BWX Technologies (BWXT -1.17%). Let's see why this nuclear energy stock could be a good choice for long-term investors.
Image source: Getty Images.
BWX Technologies (BWXT): Experienced in providing nuclear energy for the U.S. Navy
It makes sense that the U.S. Army would choose BWXT to help build nuclear microreactors. That's because BWXT already builds nuclear reactors for the U.S. Navy.
BWX Technologies is a well-established defense contractor with extensive experience since the 1950s as a nuclear energy supplier and partner for the U.S. Navy. BWXT nuclear reactors power U.S. Navy nuclear submarines and nuclear-powered aircraft carriers.
BWXT stock has gained about 136% in the past five years but has declined by about 40% in the past six months.
BWXT BWX Technologies$134.24-$1.59 (-1.17%)
NYSE · As of 4:00 PM ET 10/20/26
It's not the only nuclear energy stock that has gone through a sell-off. But BWXT's future might be brighter than that of most nuclear stocks. On its most recent quarterly earnings report, BWX Technologies raised its 2026 guidance for revenue, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), non-GAAP earnings per share (EPS), and free cash flow.
Unlike some small modular reactor companies, BWXT has a proven track record of deploying its technology and earning profits. Compared to some companies that have promising technologies but no profits, BWXT might offer a more stable, well-established way to invest in the future of nuclear energy.
Americký Úřad pro kontrolu potravin a léčiv (FDA) spojil sterilní veterinární přípravek Neogen Vet HYCOAT se závažnými infekcemi a úhynem nejméně 20 koní; společnost Neogen jej stáhla z trhu v lednu 2026.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Neogen Corporation (“Neogen” or the “Company”) (NASDAQ: NEOG). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Neogen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 29, 2026, the U.S. Food and Drug Administration (“FDA”) announced that it had issued a warning letter to Neogen “following an investigation that linked a veterinary wound care product labeled as sterile, Neogen Vet HYCOAT (hyaluronate sodium sterile solution), to serious infections and deaths in horses.” The FDA said that “[t]his incident involved at least 20 horse deaths, making it the largest number of horse deaths ever associated with a quality defect in an FDA-regulated veterinary medical product and the most deaths of any animal species linked to microbiological contamination of an FDA-regulated product labeled as sterile” and further stated that “Neogen initiated a voluntary recall of HYCOAT in late January 2026.”
On this news, Neogen’s stock price fell $0.99 per share, or 7.22%, to close at $12.73 per share on September 29, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
HCA snížila celoroční výhled zisku poté, co změna skladby plátců snížila čtvrtletní tržby přibližně o 400 mil. USD. Akcie 14. července klesly o 6,95 %.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of HCA Healthcare, Inc. ("HCA" or the "Company") (NYSE: HCA). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether HCA and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On July 14, 2026, HCA issued a press release reporting its preliminary financial and operating results for the second quarter of 2026. Among other items, HCA sharply lowered its full-2026 profit guidance, citing an unfavorable shift in the Company's payer mix, which impacted revenue by approximately $400 million in the quarter.
On this news, HCA's stock price fell $27.14 per share, or 6.95%, to close at $363.60 per share on July 14, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Bank OZK ve třetím čtvrtletí roku 2026 vykázala čistý zisk připadající na kmenové akcionáře ve výši 164,3 milionu USD, což představuje meziroční pokles o 9,0 %; zisk na akcii činil 1,50 USD.
LITTLE ROCK, Ark., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the third quarter of 2026 was $164.3 million, a decrease of 9.0% from $180.5 million for the third quarter of 2025, but an increase of 0.6% from $163.3 million for the second quarter of 2026. For the first nine months of 2026, net income available to common stockholders was $487.0 million, a 7.7% decrease from $527.4 million for the first nine months of 2025. Diluted earnings per common share (“EPS”) for the third quarter of 2026 were $1.50, a decrease of 5.7% from $1.59 for the third quarter of 2025, but an increase of 0.7% from $1.49 for the second quarter of 2026. EPS for the first nine months of 2026 were $4.43, a 4.5% decrease from $4.64 for the first nine months of 2025.
George Gleason, Chairman and Chief Executive Officer, stated, “We are pleased to report our solid financial results for the quarter including net income available to common stockholders of $164.3 million; EPS of $1.50; an annualized return on average assets of 1.55%; a net interest margin of 4.24%; an efficiency ratio of 39.9%; and record levels of total assets, loans and deposits. We continued to make significant progress on numerous strategic initiatives. We believe we are well-positioned for the future."
MANAGEMENT COMMENTS, FINANCIAL SUPPLEMENT AND CONFERENCE CALL
In connection with this release, the Bank released its management comments on its quarterly results and a financial supplement, which are available at the Bank's investor relations website.
Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Wednesday, October 21, 2026. Interested parties may access the conference call live via webcast on the Bank’s investor relations website, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.
GENERAL INFORMATION
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in 268 offices in nine states including Arkansas, Georgia, Florida, Texas, North Carolina, Tennessee, New York, California and Mississippi and had $43.2 billion in total assets as of September 30, 2026. For more information, visit ozk.com.
The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website and are also available on the Bank’s investor relations website at ir.ozk.com. Use this online form to receive automated email notifications for these materials.
FORWARD-LOOKING STATEMENTS
This press release and other communications by the Bank and its management may include certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” "feels," “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Bank’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Bank’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.
Super Micro Computer očekává v 1. čtvrtletí tržby ve výši 18,5–19,5 mld. USD, což je výrazně nad odhadem analytiků ve výši 15,23 mld. USD, a to díky silné poptávce po datových centrech pro AI.
Super Micro Computer (SMCI.O) said on Tuesday it expects quarterly revenue and profit margin well above Wall Street estimates as the server maker benefits from relentless AI data center demand, sending its shares 11.3% higher in after-hours trading.
Rivals Dell (DELL.N) and HPE (HPE.N) gained between 3.5% and 4.9%. Nvidia (NVDA.O), the AI chip giant, was up 1.5%.
Big Tech's race to build out data centers has made firms such as Super Micro among the biggest beneficiaries of the AI boom. The top four cloud-computing companies, a group that includes Microsoft, Google and Amazon, are expected to spend more than $700 billion on AI infrastructure this year.
That is showing up in Super Micro's results.
The server maker expects revenue between $18.5 billion and $19.5 billion in the first quarter, compared with analysts’ average estimate of $15.23 billion, according to data compiled by LSEG. That expectation is also well above the company’s prior revenue forecast of $14.5 billion to $15.5 billion.
Super Micro also now expects gross margins to be in the range of 12% to 12.5%, versus the prior expectation of 10.4% to 10.8%, and above analysts' estimate of 10.15%, primarily due to customer and product mix.
Pomerantz LLP prověřuje možné porušení zákonů o cenných papírech ze strany společnosti Concentrix poté, co snížila výhled tržeb a upraveného zisku na akcii. Společnost následně vykázala nepeněžní snížení hodnoty goodwillu ve výši 1,05 mld. USD.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Concentrix Corporation (“Concentrix” or the “Company”) (NASDAQ: CNXC). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Concentrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On June 29, 2026, Concentrix reported its financial results for the second quarter of its 2026 fiscal year. Among other items, Concentrix reduced its revenue and adjusted earnings forecasts, citing faster offshoring and customer spending reductions.
On this news, Concentrix’s stock price fell $2.82 per share, or 11.18%, to close at $22.41 per share on 30, 2026.
Then, on September 29, 2026, Concentrix again lowered its revenue outlook and disclosed a $1.05 billion noncash goodwill impairment, primarily attributed to its stock’s trading range and market capitalization. Together with its fiscal 2025 impairment, the charges totaled approximately $2.57 billion.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Pomerantz vyšetřuje ACADIA kvůli možnému porušení zákonů o cenných papírech poté, co lék remlifanserin těsně nesplnil primární cíl studie; akcie společnosti 24. září klesly o 12,78 %.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of ACADIA Pharmaceuticals Inc. (“Acadia” or the “Company”) (NASDAQ: ACAD). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Acadia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 24, 2026, Acadia issued a press release “announc[ing] Phase 3 enabling topline results from the Phase 2 portion of the ongoing RADIANT clinical trial program evaluating remlifanserin for the treatment of hallucinations and delusions associated with Alzheimer’s disease psychosis (ADP).” Among other data, the Company disclosed that remlifanserin at 60 mg “narrowly missed” the primary endpoint of a clinical tool designed to measure the severity of the disease.
On this news, Acadia’s stock price fell $3.25 per share, or 12.78%, to close at $22.18 per share on September 24, 2026.
Then, on September 25, 2026, multiple analysts downgraded Acadia, citing the disappointing trial results.
On this news, Acadia’s stock price fell $1.50 per share, or 6.76%, to close at $20.68 per share on September 25, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
United States, 19th October 2026: MoneyGram, one of the world’s leading global payments networks, has joined XDC Network as an institutional validator.
By operating a validator node, MoneyGram will participate directly in XDC Network’s consensus infrastructure, helping validate transactions and support the security and resilience of a network built for payments, trade finance and real-world assets.
Founded over 85 years ago, MoneyGram moves money for around 60 million active customers through nearly 500,000 retail locations across more than 200 countries and territories. In June 2026, the company launched MGUSD, its own U.S. dollar stablecoin, embedded in the MoneyGram app as the foundation for a growing suite of financial services.
“The next wave of payments will not only be initiated by people but increasingly by AI agents transacting on their behalf, and that demands networks that are trustworthy, fast and secure, “ said Ritesh Kakkad, Co-Founder, XDC Network. “That trust comes from who stands behind the infrastructure. Every transaction on XDC is secured by our validators, and each institution that joins reinforces the infrastructure on which the future of global payments will be built.”
Added Chen Shanlong, Chief Partnerships Officer, XDC Network, “Running a validator node gives MoneyGram and other likeminded financial institutions a direct role in network governance and the opportunity to shape the future of onchain payments.”
MoneyGram’s move reflects a broader shift among established payments companies, which are moving from piloting stablecoins to building them into the core of their operations.
“MoneyGram has spent the past several years integrating blockchain into our payment infrastructure,” said Luke Tuttle, Chief Product and Technology Officer, MoneyGram. “By joining XDC Network as a validator, we’re contributing directly to the infrastructure supporting the network while continuing to build toward more open, interoperable ways to move money globally.”
MoneyGram joins a validator set that already includes SBI Holdings, Amber Premium, Animoca Brands, CertiK, Clear Street, Cointelegraph Decentralization Guardians, Deutsche Telekom, HashKey Cloud, Hex Trust, NTT DOCOMO Global, Republic and Taurus among other regulated institutions spread across Asia, the Middle East, Europe and North America. With a global payments network now in the set, XDC Network’s roster increasingly reflects the companies that move money in the real economy, not only those building for digital assets.
About XDC Network
XDC Network is an open-source, EVM-compatible Layer-1 blockchain built for payments, trade finance and real-world assets, offering high throughput, low fees and enterprise-grade security, while being ISO 20022–compliant to support interoperability with global financial messaging and payment systems. XDC Network underpins a growing ecosystem of regulated digital money, trade, and settlement solutions across the globe.
About MoneyGram MoneyGram is a global payments network that enables seamless money transfers through a digitally powered, omnichannel platform supporting both fiat and stablecoin transactions. Backed by over 85 years of trust, the company delivers fast, reliable cross-border financial solutions for consumers, developers and agents worldwide.
The company serves over 60 million active customers across 200+ countries and territories, nearly half a million retail locations and a rapidly expanding digital ecosystem reaching billions of devices. As one of the most recognized and trusted names in global payments, MoneyGram continues to reinvent how money moves, helping people around the world support their loved ones and build better futures. Learn more at corporate.moneygram.com.
Media Contact
Rachna Baruah | XDC Network | [email protected]
, /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, announced that the Board of Directors declared a regular quarterly cash dividend on its common stock of $0.20 per share payable December 10, 2026 to shareholders of record at the close of business on November 10, 2026. This represents an increase of approximately 10 percent from the same quarter a year ago.
"Rollins has a consistent and long-standing history of increasing our dividend as we grow our business," said Will Harkins, Executive Vice President and Chief Financial Officer. "With the current increase, we have doubled our regular dividend since the beginning of 2022, while continuing to meaningfully invest in our business. This is a reflection of our disciplined and balanced approach to capital allocation, our commitment to creating value for shareholders, and the confidence we have in our future," Mr. Harkins concluded.
About Rollins, Inc.
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with approximately 22,000 employees from more than 850 locations. Rollins is parent to Aardwolf Pestkare, Clark Pest Control, Crane Pest Control, Critter Control, Fox Pest Control, HomeTeam Pest Defense, Industrial Fumigant Company, MissQuito, Northwest Exterminating, OPC Pest Services, Orkin, Orkin Australia, Orkin Canada, Orkin UK, Safeguard, Romex Pest Control, Saela Pest Control, Trutech, Waltham Services, Western Pest Services, and more. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company's disciplined and balanced approach to capital allocation, commitment to create value for shareholders, and confidence in its future.
These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and may also be described from time to time in our future reports filed with the SEC.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law.
For Further Information Contact
Lyndsey Burton
(404) 888-2348
Third quarter revenue of $1,143 million increased 3% sequentiallyThird quarter operating income of $153 million increased 43% sequentiallyThird quarter net income of $120 million increased 208% sequentially; net income margin of 10.5%Third quarter adjusted EBITDA* of $254 million increased 14% sequentially; adjusted EBITDA margin* of 22.2% increased 204 basis points sequentiallyThird quarter cash provided by operating activities of $192 million and adjusted free cash flow* of $155 millionShareholder return of $47 million for the quarter, which included dividend payments of $19 million and share repurchases of $28 millionCompleted the acquisition of NCS Multistage Holdings, Inc. (“NCS Multistage”) in a stock-and-cash transaction, strengthening Weatherford’s completions portfolio and expanding capabilities in reservoir diagnostics and well performance solutionsSecured shareholder approval for the redomestication to Delaware, a strategic initiative expected to generate approximately $20 million to $30 million of annual cash savings beginning in 2027, subject to previously disclosed regulatory and court approvalsSubsequent to quarter end, issued notice to redeem all of 8.625% Senior Notes due 2030 in an aggregate principal amount of $236 million, further improving gross leverage* and enhancing future adjusted free cash flow conversion*Equinor awarded Weatherford a two-year extension and a new offshore completions award, across several strategic frame agreements to provide its integrated completions portfolio for the Statfjord and Oseberg licenses on the Norwegian Continental Shelf *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
HOUSTON, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the third quarter of 2026.
Revenues for the third quarter of 2026 were $1,143 million, an increase of 3% sequentially and a decrease of 7% year-over-year. Operating income in the third quarter of 2026 was $153 million, an increase of 43% sequentially and a decrease of 14% year-over-year. Net income in the third quarter of 2026 was $120 million, with a 10.5% margin, an increase of 208%, or 697 basis points, sequentially, and an increase of 48%, or 392 basis points, year-over-year. Adjusted EBITDA* was $254 million, with a 22.2% margin*, an increase of 14% or 204 basis points, sequentially, and a decrease of 6% but an expansion of 39 basis points, year-over-year. Basic income per share in the third quarter of 2026 was $1.66, an increase of 200% sequentially and an increase of 47% year-over-year. Diluted income per share in the third quarter of 2026 was $1.66, an increase of 199% sequentially and an increase of 48% year-over-year.
Third quarter 2026 cash flows provided by operating activities were $192 million, an increase of 10% sequentially and an increase of 39% year-over-year. Adjusted free cash flow* was $155 million, an increase of 12% sequentially and an increase of 57% year-over-year. Capital expenditures were $45 million in the third quarter of 2026, an increase of 7% sequentially and an increase of 2% year-over-year.
Girish Saligram, President and Chief Executive Officer, commented, “The One Weatherford team delivered an excellent third quarter, with adjusted EBITDA margin* expanding 204 basis points sequentially to 22.2% and adjusted free cash flow* of $155 million. Even as conflict-related operational disruptions in the Middle East weighed on activity levels, the strength of our diversified portfolio, disciplined cost management, and outstanding execution across the organization drove margin expansion and strong cash generation. These results demonstrate the durability of our operating model, agility to pivot in any phase of the cycle and the earnings potential of the business as activity recovers.
We also made significant progress on our strategic priorities during the quarter. The closing of the NCS Multistage acquisition strengthens our completions portfolio, broadens our technology capabilities, and positions us to realize meaningful cost and commercial synergies. We further enhanced our capital structure by issuing a notice to redeem the remaining $236 million principal amount of our 2030 Senior Notes, reducing future interest expense. Shareholders approved our proposed redomestication to Delaware, an important step toward a simpler, more efficient corporate structure and improved free cash flow generation. Finally, our Enterprise Resource Planning (“ERP”) transformation remains on track, with our first major application launching very smoothly in the third quarter, enabling greater process standardization, simplification, operational efficiency and scalability across the enterprise.
We enter the final quarter of the year with strong momentum to springboard into 2027. While the recent events in the Middle East have dampened expectations of a quick recovery, we still see a meaningful ramp in adjusted EBITDA* in the fourth quarter and are increasing our full year adjusted free cash flow* guidance yet again. We see significant market opportunities for growth heading into 2027 and are very well positioned to capitalize on those.”
*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Operational & Commercial Highlights
Equinor awarded Weatherford a two-year extension and a new offshore completions award, across several strategic frame agreements to provide its integrated completions portfolio for the Statfjord and Oseberg licenses on the Norwegian Continental Shelf.A major operator awarded Weatherford a 46-unit contract for the supply of Progressive Cavity Pumping systems, a hallmark of our Artificial Lift capability, to support well completions in Venezuela.Eldorado Drilling (formerly known as Vantage Drilling) awarded Weatherford a contract to supply a comprehensive Managed Pressure Drilling (“MPD”) equipment package for a 7th-generation ultra-deepwater drillship for a deepwater drilling campaign offshore Indonesia in water depths of approximately 1,700 meters.A major operator awarded Weatherford a four-year contract to provide Tubular Running Services (“TRS”) and Intervention Services & Drilling Tools (“ISDT”), expanding our support across offshore exploration, development and decommissioning activities in Australia.A National Oil Company (“NOC”) in South-East Asia awarded Weatherford a three-year deepwater liner hanger contract for conventional and expandable liner systems.Seplat Energy awarded Weatherford a five-year contract to provide Completions Products and Services, including Gas Lift Solutions, for its shallow offshore operations in Nigeria.Brunei Shell Petroleum awarded Weatherford a five-year contract extension for Thru-Tubing Services which covers the delivery of Weatherford’s thru-tubing portfolio across onshore and offshore wells in Brunei, reinforcing a long-standing partnership focused on safe, reliable and efficient well intervention solutions.A major operator awarded Weatherford a 30-month contract to provide MPD services in Argentina.Joint Operations (Saudi Arabian Chevron Inc. - Kuwait Gulf Oil Company) awarded Weatherford a four-year contract for Foresite® and Cygnet® software.Kuwait Oil Company awarded Weatherford a five-year contract to provide Directional Drilling, Measurement While Drilling and Logging While Drilling services.A major drilling contractor awarded Weatherford a one-year contract to provide integrated services for offshore operations in Mexico. Technology Highlights
Drilling & Evaluation (“DRE”) In Thailand, Weatherford deployed its Magnus Saker™ drilling system across six high-temperature well sections, achieving 100% geological target success through single-run shoe-to-shoe operation. The campaign eliminated an additional drilling assembly trip, saved over 100 operational hours, equivalent to over five rig days, and delivered significant customer savings while exceeding the operator’s drilling performance target.In the United Kingdom (“UK”), Weatherford completed the first deployment of its Dual Advanced Kickover Tool technology to replace multiple gas-lift valves in a highly deviated offshore well. The solution completed the work in two intervention runs rather than the four typically required, reducing intervention runs by half, saving rig time and reducing personnel exposure at the wellsite.
Well Construction and Completions (“WCC”)
With our acquisition of NCS Multistage, we now bring into our portfolio a differentiated completions technology platform that has surpassed 500,000 frac stages completed since 2009. During the quarter, we secured a Deepwater Gulf of America award for its frac sleeves and service tools following four years of collaborative development with a major international operator. The award expands our footprint into the offshore market, creates a platform for future growth, and highlights the potential to leverage these technologies across a broader range of completion applications.In Saudi Arabia, Weatherford deployed a three-stage DV (“Differential Valve”) Tool for the cementing of a 9-5/8” casing string for Aramco. An open hole annulus casing packer enabled isolation, allowing higher-density fluids in subsequent stages, while staged tools restored internal gas tight integrity, and a V0-rated packer secured the casing-to-casing annulus, supporting an optimized cement program and long-term well integrity.In Malaysia, Weatherford completed the first Mature Asset Rejuvenation by Surveillance System (“MARS”) deployment of its kind in Asia for Petronas to evaluate a gas-lift well where a restricted internal diameter prevented the use of conventional tools. The technology completed a full diagnostic survey and accurately identified the leak location, enabling multi-point gas-lift injection diagnosis while avoiding alternative intervention methods. Production and Intervention (“PRI”) In the U.S., Weatherford completed the first commercial installation of its ForeSite® Power Regenerative System retrofit on an existing rod-lift well. The system captures and reuses energy generated during each pumping cycle, delivering over 50% in energy savings while lowering operating costs and emissions without requiring replacement of the installed drive.In Colombia, Weatherford completed the world’s first deployment of its SandSure™ XT sand consolidation technology to control sand production without conventional downhole screens. The solution consolidated the sand in place, reducing intervention requirements and lifecycle costs while preserving production performance and improving long-term well reliability. Corporate Treasury
Debt repayment: On October 20, 2026, Weatherford issued a notice to redeem all of its 8.625% Senior Notes due 2030 (the “2030 Senior Notes”) in an aggregate principal amount of $236 million. The 2030 Senior Notes will be redeemed at 100% of their principal amount, plus accrued and unpaid interest to and including the redemption date of October 30, 2026. The redemption is expected to be funded using cash on hand and is expected to reduce annualized cash interest expense by approximately $20 million. This disclosure does not constitute a notice of redemption with respect to the 2030 Senior Notes.
Credit Ratings: During the third quarter of 2026, Fitch Ratings and S&P Global Ratings revised their outlook on Weatherford to ‘Positive Outlook’ from ‘Stable Outlook’ and affirmed the Company’s ‘BB’ credit rating. Moody’s affirmed its ‘Ba2’ rating with a ‘Positive Outlook’. Despite the challenging conditions in the Middle East, these actions recognize Weatherford’s continued improvement in credit profile, supported by a stronger balance sheet, enhanced financial flexibility, and prudent capital allocation.
Shareholder Return
During the third quarter of 2026, Weatherford paid dividends of $19 million and repurchased shares for $28 million, resulting in a total shareholder return of $47 million. During the nine months ended September 30, 2026, Weatherford paid dividends of $59 million and repurchased shares for approximately $54 million, resulting in a total shareholder return of $113 million.
On October 15, 2026, our Board declared a cash dividend of $0.275 per share of the Company’s ordinary shares. The dividend is payable on December 3, 2026, to shareholders of record as of November 6, 2026.
Other Events
The shareholders of Weatherford approved all proposals required to effect the Company’s updated plan of redomestication from Ireland to Delaware, including approval at both the Scheme Meeting and Extraordinary General Meeting. The redomestication remains subject to previously disclosed closing conditions, including sanction by the Irish High Court. Subject to satisfaction of those conditions, the Company expects the transition to become effective during the fourth quarter of 2026. The redomestication shareholder vote marks a significant milestone in Weatherford’s continued transformation and advances the Company’s plan to establish a corporate structure better aligned with its global operations, long-term strategy, and shareholder base. This transaction is expected to generate $20 million to $30 million in annual cash savings beginning in 2027, which we believe is an important contributor to continued improvement in adjusted free cash flow conversion.
Results by Reportable Segment
Drilling and Evaluation (“DRE”)
Three Months Ended Variance($ in Millions) Sep 30,
2026 Jun 30,
2026 Sep 30,
2025 Seq. YoYRevenue $331 $291 $346 14 % (4)%Segment Adjusted EBITDA $90 $58 $83 55 % 8 %Segment Adj EBITDA Margin 27.2 % 19.9 % 24.0 % 726 bps 320 bps
Third quarter 2026 DRE revenue of $331 million increased by $40 million, or 14% sequentially, primarily from higher MPD and Drilling Services activity in Latin America and higher MPD and Wireline activity in the Middle East/North Africa/Asia, partly offset by lower MPD activity in Europe/Sub-Sahara Africa/Russia. Year-over-year DRE revenue decreased by $15 million, or 4%, primarily from lower Wireline and Drilling-related Services activity, partly offset by higher MPD activity in Latin America.
Third quarter 2026 DRE segment adjusted EBITDA of $90 million increased by $32 million, or 55% sequentially, primarily from higher MPD and Drilling Services activity and strong fall through in the Middle East/North Africa/Asia and Latin America, partly offset by lower fall through in North America. Year-over-year DRE segment adjusted EBITDA increased by $7 million, or 8%, primarily from higher fall through in the Middle East/North Africa/Asia and Europe/Sub-Sahara Africa/Russia, partly offset by lower activity and fall through in North America.
Well Construction and Completions (“WCC”)
Three Months Ended Variance
($ in Millions) Sep 30,
2026 Jun 30,
2026 Sep 30,
2025 Seq. YoY
Revenue $450 $433 $468 4 % (4)%Segment Adjusted EBITDA $100 $107 $125 (7)% (20)%Segment Adj EBITDA Margin 22.2 % 24.7 % 26.7 % (249)bps (449)bps
Third quarter 2026 WCC revenue of $450 million increased by $17 million, or 4% sequentially, primarily from higher Completions activity in North America and higher Liner Hangers activity in the Middle East/North Africa/Asia, partly offset by lower Completions activity in Latin America. Year-over-year, WCC revenues decreased by $18 million, or 4%, primarily from lower activity in Middle East/North Africa/Asia, partly offset by higher Completions activity in North America and Latin America.
Third quarter 2026 WCC segment adjusted EBITDA of $100 million decreased by $7 million, or 7% sequentially, primarily from lower fall through in North America and lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher TRS and Completions activity and fall through in the Middle East/North Africa/Asia. Year-over-year WCC segment adjusted EBITDA decreased by $25 million, or 20%, primarily from lower fall through in North America, partly offset by higher Completions and Cementation Products activity and fall through in Latin America.
Production and Intervention (“PRI”)
Three Months Ended Variance($ in Millions) Sep 30,
2026 Jun 30,
2026 Sep 30,
2025 Seq. YoYRevenue $314 $316 $326 (1)% (4)%Segment Adjusted EBITDA $73 $70 $59 4 % 24 %Segment Adj EBITDA Margin 23.2 % 22.2 % 18.1 % 110 bps 515 bps
Third quarter 2026 PRI revenue of $314 million decreased by $2 million, or 1% sequentially, primarily from lower international Pressure Pumping activity, partly offset by higher Artificial Lift and Subsea Intervention activity in Latin America. Year-over-year PRI revenue decreased by $12 million, or 4%, primarily from lower ISDT and Artificial Lift activity in North America and lower Pressure Pumping and ISDT activity in Latin America, partly offset by higher ISDT and Pressure Pumping activity in Europe/Sub-Sahara Africa/Russia.
Third quarter 2026 PRI segment adjusted EBITDA of $73 million increased by $3 million, or 4%, sequentially, primarily from higher international Pressure Pumping fall through and higher ISDT and Digital Solutions activity and fall through in the Middle East/North Africa/Asia, partly offset by lower fall through in North America. Year-over-year PRI segment adjusted EBITDA increased by $14 million, or 24% primarily from higher activity and fall through in Europe/Sub-Sahara Africa/Russia, and higher fall through in the Middle East/North Africa/Asia, partly offset by lower ISDT and Pressure Pumping activity in Latin America.
Revenue by Geography
Three Months Ended
Variance($ in Millions) Sep 30,
2026
Jun 30,
2026
Sep 30,
2025
Seq. YoYNorth America $236 $205 $243 15% (3)% International $907 $900 $989 1% (8)%Latin America 225 197 214 14% 5%Middle East/North Africa/Asia 447 446 533 —% (16)%Europe/Sub-Sahara Africa/Russia 235 257 242 (9)% (3)%Total Revenue $1,143 $1,105 $1,232 3% (7)%
North America
Third quarter 2026 North America revenue of $236 million increased by $31 million, or 15%, sequentially, primarily from higher activity across all reported segments, especially Completions activity in U.S. Land and Canada Land, partly offset by lower Completions activity in U.S. offshore. Year-over-year, North America revenue decreased by $7 million, or 3%, primarily from lower activity in ISDT and Artificial Lift product lines, especially in U.S. Land, partly offset by higher Completions activity.
International
Third quarter 2026 international revenue of $907 million increased by $7 million, or 1% sequentially and decreased by $82 million, or 8% year-over-year.
Third quarter 2026 Latin America revenue of $225 million increased by $28 million, or 14% sequentially, primarily from higher Drilling-related Services and Integrated Services & Projects (“ISP”) activity in Mexico and higher MPD activity in the Caribbean, partly offset by lower Completions and Pressure Pumping activity. Year-over-year, Latin America revenue increased by $11 million, or 5%, primarily from higher MPD activity in the Caribbean and higher Completions activity, partly offset by lower Drilling-related Services activity in Argentina and Mexico.
Third quarter 2026 Middle East/North Africa/Asia revenue of $447 million was largely flat sequentially, as lower ISP activity was partly offset by higher MPD and Liner Hangers activity. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $86 million, or 16%, primarily from subdued activity on account of heightened geopolitical tensions partly offset by higher Cementation Products activity.
Third quarter 2026 Europe/Sub-Sahara Africa/Russia revenue of $235 million decreased by $22 million, or 9% sequentially, primarily from lower activity across the reported segments, partly offset by higher Wireline activity in Europe. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue decreased by $7 million, or 3%, primarily from lower Wireline and Liner Hangers activity, partly offset by higher activity in the PRI segment.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
Conference Call Details
Weatherford will host a conference call on Wednesday, October 21, 2026, to discuss the Company’s results for the third quarter ended September 30, 2026. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.
Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until November 4, 2026, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 855-669-9658 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 2939769. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.
Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777 [email protected]
This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, public health issues such as pandemics, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from the Russia Ukraine conflict, conflicts in the Middle East (including the Iran conflict) or instability in Latin America, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts and our incorporation of artificial intelligence tools; increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies; our ability to timely collect from customers; our ability to manage our workforce and systems, including the impact of our enterprise resource planning system implementation and business enhancements; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; the realization of additional cost savings and operational efficiencies, including as a result of our proposed Redomestication from Ireland to Delaware; our ability to receive, in a timely manner and on satisfactory terms, required court approval and to satisfy the other conditions to the proposed Redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the proposed Redomestication; the occurrence of difficulties in connection with the Redomestication, including any costs related thereto; the risk that the proposed Redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the proposed Redomestication; the future financial performance of Weatherford following the Redomestication; our ability to successfully integrate NCS Multistage and to achieve the anticipated benefits and synergies of the acquisition within the expected time period or at all.
These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Weatherford International plcSelected Statements of Operations (Unaudited) Three Months Ended Nine Months Ended($ in Millions, Except Per Share Amounts) September
30, 2026 June
30, 2026 September
30, 2025 September
30, 2026 September
30, 2025Revenues: DRE Revenues $331 $291 $346 $943 $1,031 WCC Revenues 450 433 468 1,326 1,365 PRI Revenues 314 316 326 926 987 All Other 48 65 92 205 246 Total Revenues 1,143 1,105 1,232 3,400 3,629 Operating Income: DRE Segment Adjusted EBITDA[1] $90 $58 $83 $220 $226 WCC Segment Adjusted EBITDA[1] 100 107 125 317 371 PRI Segment Adjusted EBITDA[1] 73 70 59 197 184 All Other[2] 10 6 14 29 37 Corporate[2] (19) (18) (12) (53) (42)Depreciation and Amortization (70) (71) (67) (211) (193)Share-based Compensation (15) (11) (10) (38) (26)Gain on Sale of Business — — — — 70 Restructuring Charges (6) (9) (11) (28) (51)Redomestication (6) (12) — (30) — Other Charges, Net (4) (13) (3) (20) (19)Operating Income 153 107 178 383 557 Other Expense: Interest Expense, Net of Interest Income of $13, $11, $11, $34, and $36 (15) (16) (23) (48) (70)Other Expense, Net (9) (16) (16) (26) (61)Income Before Income Taxes 129 75 139 309 426 Income Tax Provision (4) (33) (52) (33) (108)Net Income 125 42 87 276 318 Net Income Attributable to Noncontrolling Interests 5 3 6 9 25 Net Income Attributable to Weatherford $120 $39 $81 $267 $293 Basic Income Per Share $1.66 $0.55 $1.13 $3.71 $4.04 Basic Weighted Average Shares Outstanding 71.9 71.9 71.9 71.9 72.4 Diluted Income Per Share $1.66 $0.55 $1.12 $3.70 $4.02 Diluted Weighted Average Shares Outstanding 72.2 72.2 72.2 72.2 72.7
[1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
[2] All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting. Weatherford International plc
Selected Balance Sheet Data (Unaudited)
($ in Millions) September 30, 2026
December 31, 2025
Assets: Cash and Cash Equivalents $1,161 $987 Restricted Cash 37 55 Accounts Receivable, Net 1,105 1,234 Inventories, Net 861 836 Property, Plant and Equipment, Net 1,160 1,124 Intangibles, Net 288 285 Liabilities: Accounts Payable 595 650 Accrued Salaries and Benefits 277 285 Current Portion of Long-term Debt 264 30 Long-term Debt 1,216 1,455 Shareholders’ Equity: Total Shareholders’ Equity 1,992 1,696 Weatherford International plcSelected Cash Flows Information (Unaudited) Three Months Ended Nine Months Ended($ in Millions) September
30, 2026 June
30, 2026 September
30, 2025 September
30, 2026 September
30, 2025Cash Flows From Operating Activities: Net Income $125 $42 $87 $276 $318 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Depreciation and Amortization 70 71 67 211 193 Foreign Exchange Losses 5 10 10 11 40 Gain on Disposition of Assets (15) (7) (2) (28) (6)Gain on Sale of Business — — — — (70)Deferred Income Tax Provision (Benefit) (44) — 11 (35) 13 Share-Based Compensation 15 11 10 38 26 Changes in Accounts Receivable, Inventory, Accounts Payable, Accrued Salaries and Benefits and Income Taxes Payable 27 64 (69) 65 (116)Other Changes, Net 9 (16) 24 (35) 10 Net Cash Provided By Operating Activities 192 175 138 503 408 Cash Flows From Investing Activities: Capital Expenditures for Property, Plant and Equipment (45) (42) (44) (141) (175)Proceeds from Disposition of Assets 8 6 5 17 11 Proceeds from Sale of Business — — — — 97 Purchases of Blue Chip Swap Securities (9) (11) (20) (23) (103)Proceeds from Sales of Blue Chip Swap Securities 8 11 20 22 102 Business Acquisition, Net of Cash Acquired (13) — — (13) — Other Investing Activities (3) (6) (7) (26) (14)Net Cash Used In Investing Activities (54) (42) (46) (164) (82) Cash Flows From Financing Activities: Repayments of Long-term Debt (8) (9) (7) (25) (80)Distributions to Noncontrolling Interests (4) (5) (8) (9) (16)Tax Remittance on Equity Awards (2) (1) — (20) (20)Share Repurchases (28) (16) (7) (54) (94)Dividends Paid (19) (20) (18) (59) (54)Other Financing Activities (1) 2 (7) — (13)Net Cash Used In Financing Activities $(62) $(49) $(47) $(167) $(277) Weatherford International plcNon-GAAP Financial Measures Defined (Unaudited)
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow Conversion* – Adjusted free cash flow conversion* is a non-GAAP measure that is calculated by dividing adjusted free cash flow* by adjusted EBITDA*. Management believes adjusted free cash flow conversion* is useful to assess the level of normalized liquidity generated in the operating cycle. Adjusted free cash flow conversion* should be considered in addition to, but not as a substitute for the GAAP measures described above for the respective components, and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.
Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for, the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Gross Leverage* – Gross Leverage* is a non-GAAP measure which is calculated by dividing total debt by adjusted EBITDA* for the trailing 12 months. Management believes gross leverage* is useful to understand our ability to repay and service our debt. Gross leverage* should be considered in addition to, but not as a substitute for, total debt divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled
Weatherford International plcGAAP to Non-GAAP Financial Measures Reconciled (Unaudited) Three Months Ended Nine Months Ended($ in Millions, Except Margin in Percentages) September
30, 2026 June
30, 2026 September
30, 2025 September
30, 2026 September
30, 2025Revenues $1,143 $1,105 $1,232 $3,400 $3,629 Net Income Attributable to Weatherford $120 $39 $81 $267 $293 Net Income Margin 10.5% 3.5% 6.6% 7.9% 8.1%Adjusted EBITDA* $254 $223 $269 $710 $776 Adjusted EBITDA Margin* 22.2% 20.2% 21.8% 20.9% 21.4% Net Income Attributable to Weatherford $120 $39 $81 $267 $293 Net Income Attributable to Noncontrolling Interests 5 3 6 9 25 Income Tax Provision 4 33 52 33 108 Interest Expense, Net of Interest Income of $13, $11, $11, $34, and $36 15 16 23 48 70 Other Expense, Net 9 16 16 26 61 Operating Income 153 107 178 383 557 Depreciation and Amortization 70 71 67 211 193 Other Charges, Net[1] 4 13 3 20 19 Gain on Sale of Business — — — — (70)Restructuring Charges 6 9 11 28 51 Redomestication 6 12 — 30 — Share-Based Compensation 15 11 10 38 26 Adjusted EBITDA* $254 $223 $269 $710 $776 Net Cash Provided By Operating Activities $192 $175 $138 $503 $408 Capital Expenditures for Property, Plant and Equipment (45) (42) (44) (141) (175)Proceeds from Disposition of Assets 8 6 5 17 11 Adjusted Free Cash Flow* $155 $139 $99 $379 $244
[1] Other Charges, Net in the three and nine months ended September 30, 2026 primarily includes mergers and acquisitions costs. Other Charges, Net in the three and nine months ended September 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits. *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined Weatherford International plcGAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited) ($ in Millions) September
30, 2026
June
30, 2026
September
30, 2025
Current Portion of Long-term Debt $264 $30 $126 Long-term Debt 1,216 1,450 1,462 Total Debt $1,480 $1,480 $1,588 Cash and Cash Equivalents $1,161 $1,100 $967 Restricted Cash 37 37 64 Total Cash $1,198 $1,137 $1,031 Components of Net Debt Current Portion of Long-term Debt $264 $30 $126 Long-term Debt 1,216 1,450 1,462 Less: Cash and Cash Equivalents 1,161 1,100 967 Less: Restricted Cash 37 37 64 Net Debt* $282 $343 $557 Net Income for trailing 12 months $405 $366 $405 Adjusted EBITDA* for trailing 12 months $1,001 $1,016 $1,102 Net Leverage* (Net Debt*/Adjusted EBITDA*) 0.28x 0.34x 0.51x
*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
RESTON, Va., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Stride, Inc. (NYSE: LRN), one of the nation’s most successful technology-based education companies, today announced its results for the first quarter of fiscal year 2027 ended September 30, 2026.
First Quarter Fiscal 2027 Highlights Compared to 2026
Revenue of $639.4 million, compared with $620.9 millionIncome from operations of $84.3 million, compared with $69.0 millionNet income of $64.9 million, compared with $68.8 millionDiluted net income per share of $1.45, compared with $1.40Adjusted operating income of $78.6 million, compared with $81.1 million (1)Adjusted EBITDA of $111.8 million, compared with $108.4 million (1)Adjusted earnings per share of $1.37, compared with $1.52 (1) First Quarter Fiscal 2027 Summary Financial Metrics
Three Months Ended September 30, Change 2026/2025 2026 2025 $ % (In thousands, except percentages and per share data)Revenues$639,378 $620,884 $18,494 3.0% Income from operations 84,268 68,983 15,285 22.2%Adjusted operating income (1) 78,646 81,138 (2,492) (3.1)% Net income 64,919 68,800 (3,881) (5.6)%Net income per share, diluted 1.45 1.40 0.05 3.6%Adjusted earnings per share (1) 1.37 1.52 (0.15) (9.9)% EBITDA (1) 119,202 98,217 20,985 21.4%Adjusted EBITDA (1) 111,810 108,439 3,371 3.1% (1) To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income (loss), EBITDA, adjusted EBITDA, and adjusted earnings per share. Management believes that these additional measures provide useful information to investors relating to our financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below.
Revenue Data
Three Months Ended September 30, Change 2026/2025 2026 2025 $ % (In thousands, except percentages)General Education$356,606 $363,116 $(6,510) (1.8)%Career Learning Middle - High School 272,098 241,500 30,598 12.7%Adult 10,674 16,268 (5,594) (34.4)%Total Career Learning 282,772 257,768 25,004 9.7%Total Revenues 639,378 620,884 18,494 3.0% Enrollment and Revenue Per Enrollment Data
First quarter enrollments averaged 241.4K, down (2.5)% compared to 247.7K enrollments in the first quarter of fiscal year 2026. Of the total enrollments, 112.2K were Career Learning enrollments, up 2.0% compared to 110.0K Career Learning enrollments in the first quarter of fiscal 2026.
Enrollments include those students in full service public or private programs where Stride provides a combination of curriculum, technology, and instructional and support services, inclusive of administrative support and may include enrollments for which Stride receives no public funding or revenue. Stride does not report enrollments for our Adult Learning business.
Revenue per enrollment for the first quarter was $2,556, up 7.0% compared to $2,388 in the first quarter of fiscal year 2026. General Education revenue per enrollment was $2,670, up 5.0%, and Career Learning revenue per enrollment was $2,425, up 10.4%, compared to fiscal year 2026. If the mix of enrollments changes, our revenues will be impacted to the extent the average revenues per enrollment are significantly different.
Cash Flow and Capital Allocation
As of September 30, 2026, the Company’s cash and cash equivalents and marketable securities totaled $884.2 million, compared with $1,034.1 million reported at June 30, 2026.
Capital expenditures for the three months ended September 30, 2026 were $24.5 million, compared to $21.7 million in the three months ended September 30, 2025, and were comprised of $17.9 million of capitalized software development and $6.6 million of capitalized curriculum development.
Fiscal Year 2027 Outlook
The Company is forecasting the following for the full fiscal year 2027:
Revenue in the range of $2.530 billion to $2.610 billionCapital expenditures in the range of $70 million to $80 million. Note that capital expenditures include the purchase of property and equipment, and capitalized software and curriculum development costs as defined on our Statement of Cash FlowsEffective tax rate of 24% to 26%Adjusted operating income in the range of $500 million to $530 million (2) The Company is forecasting the following for the second quarter of fiscal year 2027:
Revenue in the range of $625 million to $645 millionCapital expenditures in the range of $19 million to $21 million. Note that capital expenditures include the purchase of property and equipment, and capitalized software and curriculum development costs as defined on our Statement of Cash FlowsAdjusted operating income in the range of $135 million to $145 million (2) (2) In addition to providing an outlook for revenue and capital expenditures, adjusted operating income is provided as a supplemental non-GAAP financial measure as management believes that it provides useful information to our investors. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. Please also see Special Note on Forward-Looking Statements below.
Conference Call
The Company will discuss its first quarter fiscal year 2027 financial results during a conference call scheduled for Tuesday, October 20, 2026 at 5:00 p.m. Eastern Time (ET).
A live webcast of the call will be available at investors.stridelearning.com/events-and-presentations. To participate in the live call, investors and analysts should dial (833) 461-5787 (domestic) or +1 (585) 542-9983 (international) and provide the conference ID number 305 592 627. Please access the website at least 15 minutes prior to the start of the call.
A replay of the call will be posted at investors.stridelearning.com/events-and-presentations.
About Stride Inc.
Stride Inc. (NYSE: LRN) is redefining lifelong learning with innovative, high-quality education solutions. Serving learners in primary, secondary, and postsecondary settings, Stride provides a wide range of services including K-12 education, career learning, professional skills training, and talent development. Stride reaches learners in all 50 states and over 100 countries. Learn more at stridelearning.com.
Special Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, such as any statements that look to future events and include, among other things, our expectations regarding: mix of enrollment, revenue per enrollment, future financial and other trends, forecasts, assumptions and guidance, and future share repurchases. We have tried, whenever possible, to identify these forward-looking statements using words such as “outlook,” “forecasts,” “anticipates,” “trends,” “believes,” “estimates,” “continues,” “likely,” “may,” “opportunity,” “potential,” “projects,” “will,” “will be,” “expects,” “plans,” “intends,” “should,” “would” and similar expressions to identify forward-looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, but are not limited to: reduction of per pupil funding amounts at the schools we serve; inability to achieve a sufficient level of new enrollments to sustain our business model or to meet financial or operational guidance; limitations of the enrollment data we present, which may not fully capture trends in the performance of our business; failure to enter into new school contracts or renew existing contracts, in part or in their entirety; failure of the schools we serve, our vendors, or us to comply with our contracts, or federal, state and local laws and regulations, resulting in a loss of funding, an obligation to repay funds previously received, contractual remedies, or actions or proceedings against us; governmental investigations that could result in fines, penalties, settlements, or injunctive relief; declines or variations in academic performance outcomes of the students and schools we serve, including due to the evolution of curriculum standards, testing programs and state accountability metrics; harm to our reputation resulting from poor performance or misconduct by operators or us in any school in our industry and/or in any school which we operate; legal and regulatory challenges from opponents of virtual public education or for-profit education companies; potential violation of laws and regulations relating to privacy and data protection, including such laws and regulations as may apply to children’s data; changes in national and local economic and business conditions and other factors, such as natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments; discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts, or a reduction or termination in the scope of services, with schools; failure to develop the Career Learning business; entry of new competitors with superior technologies (including artificial intelligence (“AI”)) and lower prices; unsuccessful integration of mergers, acquisitions and joint ventures; failure to further develop, maintain and enhance our technology, products, services and brands; inadequate recruiting, training and retention of effective teachers and employees; infringement of our intellectual property; disruptions to our Internet-based learning and delivery systems, including, but not limited to, our data storage systems and third-party cloud infrastructure, systems and facilities, including as a result of cybersecurity attacks; misuse or unauthorized disclosure of student and personal data; failure to prevent or mitigate a cybersecurity incident that affects our systems or our data; problems in the implementation of new information technology systems and technology; failure by us or third parties to maintain and support information technology systems, including addressing quality issues and timely delivering new products and enhancements; risks related to the use, implementation and regulation of AI and other emerging technologies, including in the education of children, and their use by third-party vendors; risks related to our stock repurchase program; the extent to which we acquire businesses or change our capital allocation strategy or the implementation thereof; changes in our effective tax rate and additional liabilities; and other risks and uncertainties associated with our business described in the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended June 30, 2026 and any subsequently filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements reflect our management’s expectations or predictions of future conditions, events or results based on various assumptions and estimates. They are not guarantees of future performance. Our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release or that we make from time to time, and to consider carefully the factors discussed above. All information in this press release is as of today’s date, and the Company undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except where we are expressly required to do so by law.
Financial Statements
The financial statements set forth below are not the complete set of Stride, Inc.’s financial statements for the three months ended September 30, 2026 and are presented below without footnotes. Readers are encouraged to obtain and carefully review Stride Inc.’s Quarterly Report on Form 10-Q for the three months ended September 30, 2026, including all financial statements contained therein and the footnotes thereto, filed with the SEC, which may be retrieved from the SEC’s website at www.sec.gov or from Stride Inc.’s Investor Relations website at investors.stridelearning.com.
STRIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, 2026
2025
(In thousands except share and per share data)Revenues$639,378 $620,884 Instructional costs and services 398,261 378,761 Gross margin 241,117 242,123 Selling, general, and administrative expenses 156,849 173,140 Income from operations 84,268 68,983 Interest expense, net (2,906) (3,075)Other income, net 1,477 16,914 Income before income taxes and income (loss) from equity method investments 82,839 82,822 Income tax expense (17,840) (14,423)Income (loss) from equity method investments (80) 401 Net income attributable to common stockholders$64,919 $68,800 Net income attributable to common stockholders per share: Basic$1.57 $1.59 Diluted$1.45 $1.40 Weighted average shares used in computing per share amounts: Basic 41,479,826 43,371,952 Diluted 44,828,092 49,222,851 STRIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS September 30, June 30, 2026
2026
(audited)ASSETS(In thousands except share and per share data) Current assets Cash and cash equivalents$547,750 $754,501 Accounts receivable, net of allowance of $31,751 and $31,302 854,808 664,788 Inventories, net 22,665 38,250 Prepaid expenses 75,345 43,052 Marketable securities 241,425 203,499 Other current assets 12,414 12,033 Total current assets 1,754,407 1,716,123 Property and equipment, net 172,974 102,042 Capitalized software, net 101,916 95,002 Capitalized curriculum development costs, net 59,963 56,895 Intangible assets, net 9,106 10,876 Goodwill 246,676 246,676 Deposits and other assets 185,914 207,938 Total assets $2,530,956 $2,435,552 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable$75,884 $46,742 Accrued liabilities 68,400 95,446 Accrued compensation and benefits 28,220 62,896 Deferred revenue 6,817 20,553 Current portion of finance lease liability 85,463 60,477 Current portion of operating lease liability 2,374 2,737 Current portion of debt 418,431 - Total current liabilities 685,589 288,851 Long-term finance lease liability 104,661 56,455 Long-term operating lease liability 8,106 8,316 Long-term debt — 417,995 Deferred tax liability 41,137 13,033 Other long-term liabilities 19,698 18,573 Total liabilities 859,191 803,223 Commitments and contingencies Stockholders’ equity Preferred stock, par value $0.0001; 10,000,000 shares authorized; zero shares issued or outstanding — — Common stock, par value $0.0001; 100,000,000 shares authorized; 49,681,525 and 49,126,917 shares issued; and 42,031,838 and 41,477,230 shares outstanding, respectively 4 4 Additional paid-in capital 714,347 739,829 Accumulated other comprehensive loss (60) (59)Retained earnings 1,249,564 1,184,645 Treasury stock of 7,649,687 shares at cost (292,090) (292,090)Total stockholders’ equity 1,671,765 1,632,329 Total liabilities and stockholders' equity $2,530,956 $2,435,552 STRIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended September 30, 2026
2025
(In thousands)Cash flows from operating activities Net income $64,919 $68,800 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization expense 34,934 29,234 Stock-based compensation expense (7,392) 10,222 Deferred income taxes 29,425 49,472 Provision for credit losses 2,143 3,377 Amortization of fees on debt 435 429 Noncash operating lease expense 352 2,661 Other 8,092 (3,989)Changes in assets and liabilities: Accounts receivable (191,894) (253,026)Inventories, prepaid expenses, deposits and other current and long-term assets (18,356) (36,322)Accounts payable 27,881 15,716 Accrued liabilities (28,566) (45,356)Accrued compensation and benefits (33,257) (30,882)Operating lease liability (899) (879)Deferred revenue and other liabilities (12,604) (5,237)Net cash used in operating activities (124,787) (195,780)Cash flows from investing activities Purchase of property and equipment (4) (306)Capitalized software development costs (17,911) (13,713)Capitalized curriculum development costs (6,567) (7,677)Sale of other investments 35,110 - Other acquisitions, loans and investments, net of distributions (886) (2,574)Proceeds from the maturity of marketable securities 61,638 61,767 Purchases of marketable securities (117,295) (62,220)Net cash used in investing activities (45,915) (24,723)Cash flows from financing activities Repayments on finance lease obligations (16,540) (11,961)Repurchase of restricted stock for income tax withholding (19,509) (31,594)Net cash used in financing activities (36,049) (43,555)Net change in cash, cash equivalents and restricted cash (206,751) (264,058)Cash, cash equivalents and restricted cash, beginning of period 754,501 782,497 Cash, cash equivalents and restricted cash, end of period $547,750 $518,439 Non-GAAP Financial Measures
To supplement our financial statements presented in accordance with GAAP, we have presented adjusted operating income (loss), EBITDA, adjusted EBITDA, and adjusted earnings per share, which are not presented in accordance with GAAP.
Adjusted operating income (loss) is defined as income (loss) from operations as adjusted for amortization of intangible assets, stock-based compensation, and other one-time charges or gains.EBITDA is defined as income (loss) from operations as adjusted for depreciation and amortization.Adjusted EBITDA is defined as income (loss) from operations as adjusted for depreciation and amortization, stock-based compensation, and other one-time charges or gains.Adjusted earnings per share (adjusted EPS) is defined as net income (loss) attributable to common stockholders as adjusted for the amortization of intangible assets, stock-based compensation, and other one-time charges or gains net of tax impact divided by the diluted weighted average number of common shares outstanding less the shares expected to be received for the capped call transaction related to Stride’s convertible senior notes. Adjusted operating income (loss), adjusted EBITDA, and adjusted EPS exclude stock-based compensation, which consists of expenses for restricted stock, restricted stock units, and performance stock units.
Management believes that the presentation of these non-GAAP financial measures provides useful information to investors relating to our financial performance. Adjusted operating income (loss), adjusted EBITDA and adjusted EPS remove stock-based compensation, which is a non-cash charge that varies based on market volatility and the terms and conditions of the awards. EBITDA and adjusted EBITDA remove depreciation and amortization, which can vary depending upon accounting methods and the book value of assets. Adjusted operating income (loss), adjusted EBITDA and adjusted earnings per share remove one-time charges or gains which are not related to core operating activities and are not indicative of our ongoing operating performance. Additionally, adjusted EPS includes the impact from shares expected to be received by the Company to offset potential dilution from the convertible senior notes. EBITDA and adjusted EBITDA provide a measure of corporate performance exclusive of capital structure and the method by which assets were acquired.
Management uses these non-GAAP financial measures:
as additional measures of operating performance because they assist in comparing the Company’s performance on a consistent basis; andin presentations to the members of the Company’s Board of Directors to enable the Board to review the same measures used by management to compare the Company’s current operating results with corresponding prior periods. Other companies may define these non-GAAP financial measures differently and, as a result, these non-GAAP financial measures may not be directly comparable to similar non-GAAP financial measures used by other companies. Although these non-GAAP financial measures are used to assess the performance of the business, the use of non-GAAP financial measures is limited as they include and/or do not include certain items included and/or not included in the most directly comparable GAAP financial measure.
These non-GAAP financial measures should be considered in addition to, and not as a substitute for, revenues, income (loss) from operations, net income (loss) and diluted net income (loss) per share or other related financial information prepared in accordance with GAAP. Adjusted EBITDA is not intended to be a measure of liquidity. You are cautioned not to place undue reliance on these non-GAAP financial measures.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below.
First Quarter Fiscal Year 2027
Reconciliation of Income from Operations to Adjusted Operating Income
Three Months Ended
September 30,
2026
2025
(In thousands) Income from operations$84,268 $68,983 Amortization of intangible assets 1,770 1,933 Stock-based compensation expense (7,392) 10,222 Adjusted operating income$78,646 $81,138 Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Three Months Ended
September 30, 2026
2025
(In thousands)Net income$64,919 $68,800 Interest expense, net 2,906 3,075 Other income, net (1,477) (16,914)Income tax expense 17,840 14,423 (Income) loss from equity method investments 80 (401)Depreciation and amortization 34,934 29,234 EBITDA 119,202 98,217 Stock-based compensation expense (7,392) 10,222 Adjusted EBITDA$111,810 $108,439 Reconciliation of Net Income Attributable to Common Stockholders and Diluted Net Income Per Share to Adjusted Earnings Per Share
Three Months Ended September 30, 2026
2025
(In thousands)Net income attributable to common stockholders$64,919 $68,800 Amortization of intangible assets 1,770 1,933 Stock-based compensation expense (7,392) 10,222 Income tax effect from adjustments above (2,038) (8,969)Adjusted net income attributable to common stockholders$57,259 $71,986 Share computation: Weighted average common shares — diluted 44,828,092 49,222,851 Effect of capped call transactions (2,958,006) (1,803,506)Adjusted weighted average common shares — diluted 41,870,086 47,419,345 Adjusted earnings per share$1.37 $1.52 Three Months Ended September 30, 2026
2025
(per share)Diluted net income per share$1.45 $1.40 Amortization of intangible assets 0.04 0.04 Stock-based compensation expense (0.16) 0.20 Income tax effect from adjustments above (0.05) (0.18)Effect of capped call transactions 0.09 0.06 Adjusted earnings per share$1.37 $1.52 Fiscal Year 2027 Outlook
Reconciliation of Income from Operations to Adjusted Operating Income (unaudited)
Three Months Ended
Year Ended
December 31, 2026
June 30, 2027
Low
High
Low
High
(In millions) Income from operations$126.0 $134.5 $479.5 $503.5 Amortization of intangible assets 1.5 2.0 5.5 7.5 Stock-based compensation expense 7.5 8.5 15.0 19.0 Adjusted operating income$135.0 $145.0 $500.0 $530.0
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”), the holding company for Valley National Bank, announced today its regular preferred and common dividends. The declared quarterly dividends to shareholders of record on December 15, 2026 are as follows:
A cash dividend of $0.517321 per share to be paid December 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series A;
A cash dividend of $0.500132 per share to be paid December 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series B;
A cash dividend of $0.515625 per share to be paid December 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series C; and
A cash dividend of $0.11 per share will be paid January 4, 2027 on Valley’s common stock.
The common stock cash dividend amount per share was unchanged as compared to the previous quarter dividend. The common cash dividend should not be used as an indicator of future dividends to Valley’s common stockholders.
About Valley
As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $66 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.
Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about Valley’s business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Valley’s actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to those risk factors disclosed in Valley’s Annual Report on Form 10-K for the year ended December 31, 2025.
Contact:Travis Lan Senior Executive Vice President and Chief Financial Officer (973) 686-5007
DoorDash souhlasil s vyrovnáním ve výši 131,5 milionu USD s městem New York kvůli údajnému nedostatečnému odměňování zaměstnanců. Scott+Scott prověřuje možné porušení povinností vedením společnosti.
DOORDASH, INC. INVESTOR ALERT: Scott+Scott Attorneys at Law LLP Investigates DoorDash, Inc.'s Directors and Officers for Breach of Fiduciary Duties -- DASH Scott+Scott Attorneys at Law LLP has launched an urgent investigation into whether certain officers and directors of DoorDash, Inc. (NASDAQ: DASH) failed to manage DoorDash in an acceptable manner, breaching their fiduciary duties to DoorDash, and whether DoorDash and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is heading the investigation—what shareholders need to know:
On September 22, 2026, DoorDash agreed to a $131.5 million settlement of claims by New York City regarding underpayment of DoorDash’s workers.If you own DoorDash common stock, join our investigation on behalf of DoorDash and its shareholders by filling out the form here.If you own DoorDash common stock and you wish to discuss this investigation—at no cost for you—please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or [email protected].
About this investigation – FAQ:
Q1: What is this ongoing investigation into DoorDash about?
A: According to our investigation, owners of DoorDash common stock have been impacted by massive civil liability against DoorDash from settlement of litigation by New York City regarding underpayment of DoorDash workers. Scott+Scott has a decades-long track record in fighting for corporate governance and monetary recoveries on behalf of companies and their shareholders.
Q2: How does this Scott+Scott investigation work?
A: Joining our investigation is easy and at no cost for you. By filling out the form here, we will let you know your rights as a DoorDash shareholder, and how the process works and what you can expect. If you currently own DoorDash stock, we look forward to hearing from you.
To learn more about Scott+Scott, our attorneys, or complex case resolution, please visit www.scott-scott.com.
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Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Proti společnosti Duolingo byla podána hromadná žaloba kvůli údajnému podvodu s cennými papíry po zpomalení růstu počtu denně aktivních uživatelů a slabším výhledu pro rok 2026.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Duolingo, Inc. (“Duolingo” or the “Company”) (NASDAQ: DUOL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Duolingo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until December 7, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Duolingo securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On November 5, 2025, the Company reported its third quarter (“3Q”) financial results, revealing another sequential decline in daily active user (“DAU”) growth to 36%, a substantial drop from 49% in 1Q 2025 and 40% during 2Q 2025. Duolingo revealed a reversal of the Company’s monetization push and stated that going forward, the Company would prioritize user growth over monetization and that the Company needed to invest more in “teaching better across all our subjects.”
On this news, Duolingo’s stock price fell $66.28 per share, or 25%, to close at $193.74 per share on November 6, 2025.
Then, on January 12, 2026, Duolingo announced that its Chief Financial Officer, Matthew Skaruppa, had resigned. The Company also provided limited, preliminary fourth quarter (“4Q”) 2025 operating metrics, shocking investors by revealing DAU growth of only 30% – nearly six points of additional deceleration from 3Q 2025.
On this news, Duolingo’s stock price fell $14.92 per share, or 8.5%, to close at $161.74 per share on January 12, 2026.
Finally, on February 26, 2026, Duolingo announced its 4Q 2025 financial results, confirmed the slowdown in DAU growth, and revealed the financial consequences of its strategy shift were neither “small” nor “little”; rather, they would result in material negative impacts on 2026 bookings, DAU growth rates, revenue, and adjusted EBITDA. To that end, Duolingo stated 2026 DAU growth would come in at a mere 20% and be accompanied by lower bookings and less profitability.
On this news, Duolingo’s stock price fell $16.45 per share, or 14%, to close at $101.00 per share on February 27, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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