Salesforce stock is down for the year yet something beneath the surface is accelerating at a pace that has 38 analysts turning bullish and one model projecting a path to targets that stretch well past current Wall Street consensus.
The 24/7 Wall St. price target for Salesforce (NYSE:CRM | CRM Price Prediction) is $333.49 over the next 12 months. From the current price of $240.93, that works out to 38.4% upside. The stock earns a buy rating with high confidence from the model.
24/7 Wall St. Price Target Summary Metric Value Current Price $240.93 Price Target: 24/7 Wall St. $333.49 Upside/Downside 38.4% Recommendation BUY Confidence Level 90% Salesforce’s comeback hinges on Agentforce. Agentforce annual recurring revenue (ARR) has passed $1.5B, up over 240% YoY, and management raised guidance in August.
Even so, the stock is down 8.41% this year and trades at about 16x forward earnings. That multiple understates a business whose growth is speeding up.
A 33% Rally Since July Puts Salesforce Back on the Map Shares are up 32.96% since late July and up 2.95% over the past month. They slipped 0.62% this week and trailed competitors on Tuesday. The stock sits 10.0% below its 52-week peak of $267.80, yet 65.0% above the low of $146.06.
Second-quarter fiscal 2027 revenue came in at $11.345B, up 10.8%, ahead of the $11.316B estimate. Non-GAAP EPS of $5.90 beat the $3.27 consensus, though $2.53 per share of that came from gains on strategic investments.
Current remaining performance obligations (cRPO), which track signed revenue due over the next 12 months, rose 14% to $33.50B. Full-year revenue guidance moved up to $46.1B to $46.4B.
Why Bulls See $374 Ahead Agentforce and Data 360 together have reached about $3.90B in ARR, up over 210%. Agentic Work Units, a measure of the tasks AI agents complete, hit 3.2B in Q2, up 97% Q/Q. Chief operating officer Miguel Milano said agentic customers “are already at double the AOV with a perspective of nearly quadrupling”. AOV is annual order value.
A $25B accelerated share repurchase brought the diluted share count down to 821M from 962M, and management still targets $63B in revenue by fiscal 2030.
Wall Street mostly agrees: 38 analysts have bullish ratings on the stock, with a consensus target of $287.08. The bull case reaches $374.50.
Debt and Slow Core Growth Are the Risks Worth Watching Noncurrent debt rose to $39.3B to pay for the buyback. Marketing and Commerce grew just 1%, and operating income was flat. Free cash flow growth is guided to only 4% to 5% for the year.
Copilot from Microsoft (NASDAQ:MSFT), now at more than 30 million paid seats, is a real competitive threat. Meanwhile, Q2 free cash flow rose 81.5%, and flat profits partly reflect Informatica integration and $94M in restructuring charges. Even our bear case of $272.88 sits above today’s price.
Salesforce Trades at an Oracle Multiple With Microsoft-Level Cash Flow Microsoft competes directly with Salesforce through Dynamics 365 and Copilot. Shares trade at 27x forward earnings and 58.90x free cash flow, and revenue grew 17.8% last quarter.
Oracle (NYSE:ORCL) sells competing enterprise applications. Its forward multiple of 16x matches Salesforce’s, but heavy AI data center spending drive free cash flow to negative $5.396B last quarter.
Company Forward P/E Latest Revenue Growth Salesforce 16x 10.8% Microsoft 27x 17.8% Oracle 16x 29.61% At 13.77x free cash flow, Salesforce is the cheapest of the three on cash generation. Compared with these peers, our target looks reasonable, and arguably conservative.
Agentforce Momentum Tips the Scale The 24/7 Wall St. price target is $333.49, with a buy rating and 90% confidence. The key factor is AI ARR compounding at triple-digit rates while the stock trades at a single-digit-growth multiple.
I would grow more confident if organic revenue picks up again in the second half, as management has promised. I would get more cautious if Agentforce growth stalls or debt starts pressuring cash returns. For now, the risk-reward looks favorable.
Looking further out, here is where our model projects Salesforce could trade if current growth and market conditions hold.
Year Price Target: 24/7 Wall St. 2026 $261.97 2027 $333.49 2028 $410.24 2029 $472.50 2030 $542.43 The projections rest on Salesforce continuing to execute on its agentic strategy. Faster AI monetization could drive the stock higher than these figures, while losing ground to Microsoft could drive it lower.
Contact [email protected] for any questions or corrections.
Why Rising Rates Could Break the Bull Market Before AI Spending Can Save ItKinross Gold NYSE: KGC said it remains on track to meet its updated 2026 production and cost guidance after reporting third-quarter results that management said were in line with its plan, supported by strong contributions from its Tasiast and Paracatu mines.
The company also reported the deaths of two employees of business partners at its Bald Mountain operation in Nevada. Chief Executive Officer Paul Rollinson said Kinross was “deeply saddened” by the incidents and was committed to reinforcing safety controls across its operations. Chief Operating Officer Bernard Wessels said the company held safety stand-downs across the business and would maintain its focus on fatality prevention and risk management.
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Quarterly production, cash flow and shareholder returns
Gold and Bitcoin Are Rebounding—2 ETFs Give Investors a Different Kind of ExposureKinross produced 425,000 gold equivalent ounces and sold 410,000 ounces in the third quarter. Andrea Freeborough, executive vice president and chief financial officer, said the gap between production and sales reflected timing, including a bank holiday on Sept. 30; the unsold ounces were sold in early October.
Third-quarter cost of sales was $1,485 per ounce, while all-in sustaining costs were $1,947 per ounce. The company reported adjusted earnings of $0.50 per share, adjusted operating cash flow of $831 million and attributable adjusted free cash flow of $391 million excluding working-capital outflows.
Buyer Beware: These 2 Stocks Charts Just Displayed a Death CrossFree cash flow was affected by higher short-term stockpiles at Manh Choh, lower payables and higher prepayments, according to Freeborough. She characterized the working-capital impact as temporary and said some of it was expected to reverse during the fourth quarter.
For the first nine months of 2026, Kinross generated more than $1.8 billion of free cash flow and more than $3 billion of adjusted operating cash flow. The company ended the quarter with $2.6 billion in cash and $1.9 billion in net cash. S&P upgraded Kinross’ credit rating to BBB with a stable outlook during the quarter, matching its ratings at Moody’s and Fitch.
Kinross increased its capital-return commitment in September to 40% to 50% of full-year free cash flow through dividends and share repurchases. During the third quarter, the company repurchased 8.6 million shares for $230 million and paid about $50 million in quarterly dividends. It subsequently bought another $100 million of shares.
Kinross returned more than $950 million to shareholders year-to-date in 2026.
Capital returns represented about 46% of attributable free cash flow in the first nine months.
Since restarting repurchases in April 2025, the company has repurchased more than $1.4 billion in stock, equal to about 5% of its outstanding share count.
Rollinson said the company views its dividend as a lasting commitment, while buybacks offer more flexibility to increase or decrease capital returns over time.
Guidance reaffirmed as La Coipa and Round Mountain stabilize
Kinross reaffirmed its updated full-year production guidance of 1.84 million to 1.86 million ounces, with fourth-quarter production expected to range between 430,000 and 450,000 ounces. The company also maintained cost-of-sales guidance of $1,420 to $1,460 per ounce and all-in sustaining cost guidance of $1,850 to $1,900 per ounce.
The company expects capital expenditures within its original $1.5 billion guidance range, plus or minus 5%. Freeborough said spending could reach the midpoint to upper end of that range as sustaining and growth investment rises in the fourth quarter.
Paracatu produced 146,000 ounces at cost of sales of $1,202 per ounce, while Tasiast produced 120,000 ounces at $1,072 per ounce. Wessels said both operations remained on track to meet full-year plans, with Tasiast continuing as Kinross’ lowest-cost operation.
La Coipa produced 29,000 ounces at cost of sales of $2,194 per ounce. Production was affected by severe winter weather that restricted ore access, as well as higher-than-expected copper grades in sulfide ore that complicated blending. Wessels said mining and milling have since stabilized, with the company rebuilding stockpiles, strengthening ore control and adjusting mill operations.
Round Mountain produced 27,000 ounces at cost of sales of $2,557 per ounce. The operation improved quarter over quarter but remained below the original plan because of lower-than-expected mill grades, recoveries and slower mining rates. Recovery improved to 60% in the third quarter from 44% in the prior quarter, and management said it was targeting approximately 80% recovery during the latter part of the year.
Growth projects advance
Kinross said its three U.S. growth projects—Phase X at Round Mountain, Redbird at Bald Mountain and Curlew in Washington—continue to advance. Redbird 1 produced its first gold in early October, and the company said Redbird 1 and Redbird 2 are expected to extend Bald Mountain’s mine life into the early 2030s.
At Phase X, underground development is about 8% ahead of schedule, with more than 9,600 meters completed. Initial production remains targeted for 2028. Infill drilling has indicated potentially higher tonnes and ounces in early stopes than modeled, although Dunford said the results remain early-stage.
Curlew remains on track for first production in 2028, with underground development ahead of schedule and work progressing on mill refurbishment and tailings dewatering infrastructure.
Kinross is also assessing additional internal mine-life extension opportunities, including Fort Knox Phase 11, which contains approximately 2 million ounces and could begin pre-stripping as early as 2027 if approved. The company expects to provide an update on that project in the first half of 2027.
Great Bear and Lobo-Marte remain long-term priorities
At Great Bear in Ontario, Kinross has completed more than 500 meters of combined underground development on its north and south exploration declines. Detailed engineering for the main project is more than 55% complete, and the company expects to substantially complete that work in the first half of 2027.
First production at Great Bear remains targeted for late 2029. Dunford said capital costs are expected to exceed the prior preliminary economic assessment because of inflation, contractor and labor-market conditions, and scope changes made during detailed engineering. He said management does not expect project capital to double from the prior estimate of $1.4 billion plus $400 million in additional spending associated with the assessment.
Geoff Gold, president of Kinross Gold, said main-project permitting at Great Bear remains on schedule. The company expects a federal decision on its impact statement by late spring 2027 to support construction beginning in summer 2027. Kinross is also progressing impact-benefit agreement negotiations with Lac Seul and Wabauskang First Nations.
In Chile, Kinross continued permitting, detailed engineering and execution planning for Lobo-Marte, where first production is targeted for the early 2030s. The company characterized Lobo-Marte, alongside Great Bear, as a key component of its strategy to increase grades and improve its production profile beginning in 2028.
About Kinross Gold (NYSE:KGC)Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.
Kinross's producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.
Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.
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Satya Nadella described a business model he called no business at all, named no company, and watched a handful of AI cloud stocks drop after hours. The comment may have been positioning, but the numbers behind it are hard to…
A Big Tech CEO just described a business model that looks a lot like the AI clouds Wall Street has been pricing as the next hyperscalers. The Oct. 28 fiscal Q1 2027 call saw Microsoft (NASDAQ:MSFT | MSFT Price Prediction) chief Satya Nadella dismiss growth built on “like 4 customers who buy a lot of capacity from you and you can show a few quarters of growth, and that’s not a business as far as I’m concerned.”
He named no one. After hours, CoreWeave (NASDAQ:CRWV) fell 4.43%, Nebius Group (NASDAQ:NBIS) dropped 5.12% and Microsoft rose 2.41%. CNBC tied the neocloud selloff to Microsoft CapEx coming in below expectations.
Nadella Would Rather Wait Than Chase Mega-Deals Responding a Bernstein analyst on enterprise versus AI-native demand, Nadella laid out his terms: “We have large customers who want to buy from us, and we’re open for business with it. And as long as the pricing is right, we may sell them some. If not, we will be patient about building the breadth business.” He called enterprise adoption “a decade-long thing.” His examples: Unilever automating order taking and trade coupon disputes with agents, Rolls-Royce running jet engine maintenance on Foundry, and Austrian bank RBI running 20-plus business processes end to end.
The numbers fund that patience. Azure revenue grew 48%, revenue hit $92.28 billion, and non-GAAP EPS of $4.89 exceeded the $4.72 estimate.
Three AI Clouds That Fit the Description Nebius: Three customers made up 24%, 21%, and 14% of Q2 2026 revenue. CoreWeave: Its Q1 2026 backlog of $99.4 billion included a Meta Platforms (NASDAQ:META) deal, a $21 billion commitment from Meta, and it flags heavy reliance on a few hyperscalers. Oracle (NYSE:ORCL): Management calls demand “really broad-based” and reveals no concentration figure, yet its Abilene campus has handed 75% of total capacity to a single customer. Oracle also announced plans today to return to positive cash flow. Microsoft Carries Its Own Concentration Risk CFO Amy Hood said a large Azure commitment signed this quarter offset weaker bookings and caused a smaller-than-usual sequential decline in commercial remaining performance obligation, now $677 billion, up 73%. In July, that backlog grew 84% including OpenAI but only 25% excluding it. Goldman Sachs analyst Gabriela Borges stated in her question that OpenAI was 11% of Microsoft’s revenue in the quarter. Microsoft did not confirm that figure.
Real Warning or Positioning Line? Both, and the warning still holds. Microsoft makes its case from a position of strength: operating cash flow of $58 billion. CoreWeave posted free cash flow of negative $5.743 billion and $640 million of quarterly interest expense. When one buyer walks, a leveraged specialist loses far more than a diversified hyperscaler does.
The factor to watch: Nebius’s top-three customer share and CoreWeave’s largest-customer disclosures in their next filings. If those shares shrink, the specialists are building breadth and Nadella’s line was mostly marketing. If they rise, his warning becomes harder to ignore.
Contact [email protected] for any questions or corrections.
Oracle's cloud backlog is exploding and Wall Street analysts are nearly unanimous in calling it a buy, yet the stock keeps sliding. Something has to give, and figuring out which side breaks first could determine whether this is the year's…
Oracle (NYSE:ORCL | ORCL Price Prediction) trades at $130.34. That is 53.07% lower than a year ago, and the stock is priced at roughly 15x forward earnings.
The 24/7 Wall St. price target for Oracle is $200.50 over the next 12 months, which means 53.8% upside. The stock earns a buy rating with high confidence from our model.
24/7 Wall St. Price Target Summary Metric Value Current Price $130.34 Price Target from 24/7 Wall St. $200.50 Upside 53.8% Recommendation BUY Confidence Level 90% The stock has fallen while the business has sped up. Cloud infrastructure revenue grew 121% last quarter, and remaining performance obligations reached $664B. Wall Street’s consensus target of $235.80 sits more than 80% above today’s price.
Record Cloud Growth Collides With a 32% Slide in 2026 Oracle is down 0.61% over the past week, 4.59% over the past month and 32.24% year to date. Shares sit about 51% below the 52-week high of $266.20 and roughly 14% above the $114.08 low.
Fiscal Q1 2027 revenue came in at $19.345B, up 29.6% and ahead of the $19.129B consensus. Non-GAAP EPS of $1.92 beat the $1.74 estimate.
Even so, the stock gave back its post-earnings gain and ended the day down nearly 2% because investors are worried about how Oracle will pay for its datacenter buildout (we covered seven of the power, cooling, and networking suppliers riding that same expansion in a free AI infrastructure report). This week, Oracle expanded its OpenAI partnership, and the stock rose on the news.
Why Bulls See $286 Ahead Management expects about half of the RPO to convert into sales over the next 36 months. GPU utilization was 97.9%, and capacity that came up for renewal was renewed or resold at a 20% premium.
Oracle raised full-year guidance to at least $90B in revenue and $8.10 in non-GAAP EPS. Among analysts, 35 rate the stock a buy or better and only 1 rates it a sell. In our bull case, the stock reaches $286.12.
Cash Burn and Debt Are the Risks Worth Watching Free cash flow was -$5.396B last quarter after -$23.686B in fiscal 2026. Interest expense rose 55% to $1.4B, and Oracle plans to raise about $40B in debt and equity this fiscal year. Software license revenue fell 15%.
There is a contrast. Net cash capex after customer prepayments was $18 billion, and management says each project converts roughly 100% to post-tax EBITDA into free cash flow once it ramps. The bear case of $171.15 still sits above today’s price.
Oracle Trades at a Steep Discount to Microsoft and Amazon Microsoft (NASDAQ:MSFT) competes head-on with Oracle for AI cloud workloads through Azure. Shares trade at 26x forward earnings while its revenue grows 17.7%.
Amazon (NASDAQ:AMZN) runs AWS, the infrastructure leader Oracle is trying to catch, and trades at 23x forward earnings with 19.6% growth. Oracle grows faster than both at a much lower multiple. Next to these peers, the 24/7 Wall St. price target looks conservative.
Company Forward P/E Revenue Growth (YoY) Oracle 15x 29.6% Microsoft 26x 17.7% Amazon 23x 19.6% Oracle Price Prediction 2026-2030 The 24/7 Wall St. price target is $200.50, with a buy rating and 90% confidence. What decides it for me is a forward multiple near 15x on a backlog that is already becoming into revenue.
The case gets stronger if net capex stays within the $70 billion cap. I would get more conservative if funding needs grow beyond the planned raise.
Our model projects where Oracle could trade if current growth trends and market conditions hold.
Year Bear Base Bull 2026 (12-month target) $171.15 $200.50 $286.12 2028 $191.92 $263.65 $396.50 2029 $207.87 $316.35 $551.62 2030 $234.93 $377.80 $669.05 The projections rest on Oracle continuing to execute its current strategy. The biggest key factors are how fast the RPO converts to revenue and whether OpenAI keeps spending at its current rate.
Contact [email protected] for any questions or corrections.
, /PRNewswire/ -- Federal Realty Investment Trust (NYSE: FRT) today reported its results for the third quarter ended September 30, 2026. For the three months ended September 30, 2026 and 2025, net income available for common shareholders per diluted share was $0.74 and $0.69, respectively. Operating income for the same periods was $116.9 million and $110.7 million, respectively.
Highlights for the third quarter include:
Generated Nareit-defined funds from operations available to common shareholders (Nareit FFO) and Core funds from operations available to common shareholders (Core FFO) per diluted share of $1.87 each for the quarter, a 5.6% increase year-over-year.Signed 117 leases for 532,220 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis.On a trailing twelve-month basis, signed 447 leases for 2,601,255 square feet of comparable retail space with rent growth of 14% on a cash basis and 25% on a straight-line basis.Generated Comparable Property property operating income ("Comparable Property POI") growth of 2.5% and Adjusted Comparable Property POI growth (excluding straight-line rents and amortization of in-place leases) of 4.0%.Reported overall portfolio occupancy of 93.8% and a leased rate of 96.5% at quarter end, with:Occupancy flat and leased rate up 40 basis points sequentially.Occupancy flat and leased rate up 110 basis points year-over-year.Continued strong small shop leased rate, ending the quarter at 94.1% leased, representing an increase of 20 basis points sequentially and 80 basis points year-over-year.Issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031.Repurchased 869,748 shares at a weighted average share price of $108.82 for approximately $95 million through October 9, 2026.Subsequent to quarter end, acquired The Summit, an 870,000-square-foot dominant retail center in Birmingham, AL, with a diverse mix of approximately 120 tenants for $508.0 million.Tightened guidance for 2026 earnings per diluted share to $4.23 to $4.27.Raised and tightened guidance for both 2026 Nareit FFO and Core FFO per diluted share to $7.54 to $7.58, representing over 7% Core FFO growth at the midpoint year-over-year."This was a really powerful quarter from a company that uses all the tools in its toolbox to make its portfolio more and more valuable," said Donald C. Wood, President and Chief Executive Officer of Federal Realty. "On the operating side, we delivered strong leasing with materially higher new rents, higher leased occupancy and healthy cash POI growth. On the capital allocation side, we stayed disciplined: share repurchases, incremental development on our existing land and an irreplaceable acquisition," Mr. Wood continued. "The established skill sets of our team and the strength of our balance sheet were on full display this quarter."
Financial Results
Net Income
For the third quarter of 2026, net income available for common shareholders was $64.2 million and earnings per diluted share was $0.74 versus $59.6 million and $0.69, respectively, for the third quarter of 2025.
FFO
Nareit FFO and Core FFO were each $163.0 million, or $1.87 per diluted share, for the third quarter of 2026, compared to $153.0 million, or $1.77 per diluted share, in the third quarter of 2025, a 5.6% per share increase.
Nareit FFO is a non-GAAP supplemental earnings measure which the Trust considers meaningful in measuring its operating performance. Core FFO adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the company's ongoing operating and financial performance. See attachments for a reconciliation of Nareit FFO and Core FFO and a full definition of Core FFO.
Operational Update
Occupancy
The following operational metrics for the commercial portfolio are as of September 30, 2026:
Overall portfolio occupancy was 93.8%, flat sequentially and year-over-year.Overall portfolio leased rate was 96.5%, up 40 basis points sequentially and up 110 basis points year-over-year.Small shop leased rate was 94.1%, up 20 basis points sequentially and up 80 basis points year-over-year.The residential leased rate for comparable properties was 95.7% as of September 30, 2026.
Leasing Activity
During the third quarter of 2026, Federal Realty signed 123 leases totaling 589,726 square feet of retail space. On a comparable space basis, the company signed 117 leases for 532,220 square feet at an average rent of $40.01 per square foot, compared to $35.07 under prior leases, representing a 14% increase on a cash basis and a 25% increase on a straight-line basis.
On a trailing twelve-month basis, Federal Realty signed 447 comparable leases totaling 2,601,255 square feet, representing 14% rent spreads on a cash basis and 25% on a straight-line basis.
Transaction Activity
On October 1, 2026, the company acquired The Summit, Alabama's premier retail destination, an approximately 870,000-square-foot open-air property in Birmingham, AL, for $508.0 million.Acquired from the original developer, The Summit is a 100-acre property developed over more than 30 years. It is the most-visited retail destination in Alabama, drawing nearly 9 million visits annually from a trade area reaching 100 miles in every direction, according to Placer.ai.The tenant roster includes Apple, Trader Joe's, RH, Nordstrom Rack, ALO, Sephora and North Italia, many of which operate their only Alabama location at the property. Recent commitments from Aritzia, Reformation and LoveShackFancy reinforce The Summit's position as the entry point for retailers expanding into Alabama.Additional information is available in the Investors section of www.federalrealty.com, including the company's October 1, 2026 press release and a detailed acquisition overview.** The contents of Federal Realty's website are not included in or incorporated by reference into this press release.
Financing Activity
On August 11, 2026, the company issued $460.0 million of 3.50% exchangeable senior notes due August 15, 2031, with net proceeds of approximately $451 million.The notes are initially exchangeable into common shares at approximately $138.54 per share.To offset potential share dilution from an exchange, the company used $21.7 million of the proceeds to purchase capped calls, which provide protection up to a share price of approximately $165.07, a 40% premium to the August 6, 2026 closing price.See the company's Form 8-K filed on August 11, 2026 for more detail.During the third quarter ended September 30, 2026, and year-to-date through October 9, 2026, the company repurchased and retired a total of 869,748 common shares for $94.7 million, at a weighted average purchase price per share of $108.82.Regular Quarterly Dividends
Federal Realty announced today that its Board of Trustees declared a regular quarterly cash dividend of $1.16 per common share, resulting in an indicated annual rate of $4.64 per common share. The regular common dividend will be payable on January 15, 2027 to common shareholders of record as of January 4, 2027.
Federal Realty's Board of Trustees also declared a quarterly cash dividend on its Class C depositary shares, each representing 1/1000 of a 5.000% Series C Cumulative Preferred Share of Beneficial Interest, of $0.3125 per depositary share. All dividends on the depositary shares will be payable on January 15, 2027 to shareholders of record as of January 4, 2027.
2026 Guidance
Federal Realty has tightened its 2026 earnings per diluted share guidance, and raised and tightened its Nareit FFO and Core FFO guidance, as summarized in the table below:
Full Year 2026 Guidance
Revised Guidance
Prior Guidance
Net income available for common shareholders per diluted share
$4.23 to $4.27
$4.22 to $4.30
Nareit FFO per diluted share
$7.54 to $7.58
$7.48 to $7.56
Core FFO per diluted share
$7.54 to $7.58
$7.48 to $7.56
Comparable Property POI Growth
3.375% to 3.625%
3.25% to 3.75%
Adjusted Comparable Property POI Growth
4.375% to 4.625%
4.00% to 4.50%
% Core FFO growth over the prior year
6.8% - 7.4%
5.9% - 7.1%
Conference Call Information
Federal Realty's management team will present an in-depth discussion of Federal Realty's operating performance on its third quarter 2026 earnings conference call, which is scheduled for Friday, October 30, 2026 at 9:00 AM ET. To participate, please call 833-821-4548 or 412-652-1258 prior to the call start time. The teleconference can also be accessed via a live webcast at www.federalrealty.com in the Investors section. A replay of the webcast will be available on Federal Realty's website at www.federalrealty.com. A telephonic replay of the conference call will also be available through November 13, 2026 by dialing 844-512-2921 or 412-317-6671; Passcode: 10211075.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals. Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in communities where retail demand exceeds supply. This includes a portfolio of open-air shopping centers and mixed-use destinations—such as Santana Row, Pike & Rose, and Assembly Row—which together reflect the company's ability to create distinctive, high-performing environments that serve as vibrant destinations for their communities. Federal Realty's 102 properties include approximately 3,700 tenants in 28.8 million commercial square feet, and approximately 2,700 residential units.
Federal Realty has increased its quarterly dividends to its shareholders for 59 consecutive years, the longest record in the REIT industry. The company is an S&P 500 index member and its shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.federalrealty.com.
Safe Harbor Language
Certain matters discussed within this Press Release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although Federal Realty believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K filed on February 12, 2026 and include the following:
risks that our tenants will not pay rent, may vacate early or may file for bankruptcy or that we may be unable to renew leases or re-let space at favorable rents as leases expire or to fill existing vacancy;risks that we may not be able to proceed with or obtain necessary approvals for any development, redevelopment or renovation project, and that completion of anticipated or ongoing property development, redevelopment or renovation projects that we do pursue may cost more, take more time to complete or fail to perform as expected;risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that new acquisitions may fail to perform as expected, that competition for acquisitions could result in increased prices for acquisitions, that costs associated with the periodic maintenance and repair or renovation of space, insurance and other operations may increase, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate;risks that our growth will be limited if we cannot obtain additional capital, or if the costs of capital we obtain are significantly higher than historical levels;risks associated with general economic conditions, including inflation, tariffs, and local economic conditions in our geographic markets;risks of financing on terms which are acceptable to us, our ability to meet existing financial covenants and the limitations imposed on our operations by those covenants, and the possibility of increases in interest rates that would result in increased interest expense;risks related to our status as a real estate investment trust, commonly referred to as a REIT, for federal income tax purposes, such as the existence of complex tax regulations relating to our status as a REIT, the effect of future changes in REIT requirements as a result of new legislation, and the adverse consequences of the failure to qualify as a REIT; andrisks related to natural disasters, climate change and public health crises (such as worldwide pandemics), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address them, may precipitate or materially exacerbate one or more of the above-mentioned risks, and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period.Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this Press Release. Except as required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events, or otherwise. You should review the risks contained in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2026 and subsequent quarterly reports on Form 10-Q.
Investor Inquiries:
Jill Sawyer
Senior Vice President, Investor Relations
301.998.8265
[email protected]
Media Inquiries:
Brenda Pomar
Senior Director, Corporate Communications
301.998.8316
[email protected]
Federal Realty Investment Trust
Consolidated Balance Sheets
September 30, 2026
September 30,
December 31,
2026
2025
(in thousands, except share and per
share data)
(unaudited)
ASSETS
Real estate, at cost
Operating (including $2,132,453 and $1,832,190 of consolidated variable interest entities, respectively)
$11,369,346
$11,265,167
Construction-in-progress (including $47,661 and $28,418 of consolidated variable interest entities, respectively)
382,154
374,735
11,751,500
11,639,902
Less accumulated depreciation and amortization (including $519,866 and $468,725 of consolidated variable interest entities, respectively)
(3,521,614)
(3,351,881)
Net real estate
8,229,886
8,288,021
Cash and cash equivalents
109,728
107,415
Accounts and notes receivable, net
269,791
249,755
Mortgage notes receivable, net
—
9,091
Investment in partnerships
32,370
31,881
Operating lease right of use assets, net
81,049
83,120
Finance lease right of use assets, net
6,246
6,410
Prepaid expenses and other assets
367,962
354,767
TOTAL ASSETS
$ 9,097,032
$ 9,130,460
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgages payable, net (including $169,228 and $194,176 of consolidated variable interest entities, respectively)
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding
150,000
150,000
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 392,878 shares issued and outstanding
9,822
9,822
Common shares of beneficial interest, $0.01 par, 200,000,000 shares authorized, 86,296,537 and 86,266,009 shares issued and outstanding, respectively
870
869
Additional paid-in capital
4,292,652
4,310,365
Accumulated dividends in excess of net income
(1,215,383)
(1,224,372)
Accumulated other comprehensive income
13,354
2,047
Total shareholders' equity of the Trust
3,251,315
3,248,731
Noncontrolling interests
67,950
70,255
Total shareholders' equity
3,319,265
3,318,986
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 9,097,032
$ 9,130,460
Federal Realty Investment Trust
Consolidated Income Statements
September 30, 2026
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
(in thousands, except per share data)
(unaudited)
REVENUE
Rental income
$ 329,644
$ 313,183
$ 988,198
$ 917,954
Other property income
9,352
8,789
27,039
24,143
Mortgage interest income
28
281
577
833
Total revenue
339,024
322,253
1,015,814
942,930
EXPENSES
Rental expenses
69,317
67,481
208,505
196,894
Real estate taxes
39,811
38,178
117,859
111,426
General and administrative
13,254
11,649
38,649
34,449
Depreciation and amortization
100,260
94,277
300,100
270,464
Total operating expenses
222,642
211,585
665,113
613,233
Gain on sale of real estate
473
—
113,801
77,672
New market tax credit transaction income
—
—
—
14,176
OPERATING INCOME
116,855
110,668
464,502
421,545
OTHER INCOME/(EXPENSE)
Other interest income
1,069
845
2,672
2,493
Interest expense
(49,740)
(47,619)
(148,864)
(134,692)
Income from partnerships
801
605
298
1,687
NET INCOME
68,985
64,499
318,608
291,033
Net income attributable to noncontrolling interests
(2,816)
(2,850)
(7,638)
(9,700)
NET INCOME ATTRIBUTABLE TO THE TRUST
66,169
61,649
310,970
281,333
Dividends on preferred shares
(2,008)
(2,008)
(6,024)
(6,024)
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS
$ 64,161
$ 59,641
$ 304,946
$ 275,309
EARNINGS PER COMMON SHARE, BASIC
Net income available for common shareholders
$ 0.74
$ 0.69
$ 3.52
$ 3.20
Weighted average number of common shares
86,558
85,978
86,262
85,808
EARNINGS PER COMMON SHARE, DILUTED
Net income available for common shareholders
$ 0.74
$ 0.69
$ 3.52
$ 3.20
Weighted average number of common shares
86,558
85,978
86,789
85,808
Federal Realty Investment Trust
Funds From Operations
September 30, 2026
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
(in thousands, except per share data)
Nareit Funds from Operations available for common shareholders (Nareit FFO)
Net income
$ 68,985
$ 64,499
$ 318,608
$ 291,033
Net income attributable to noncontrolling interests
(2,816)
(2,850)
(7,638)
(9,700)
Gain on sale of real estate
(473)
—
(113,801)
(77,672)
Depreciation and amortization of real estate assets
86,499
81,155
257,808
236,251
Amortization of initial direct costs of leases
12,628
12,029
38,888
30,464
Funds from operations
164,823
154,833
493,865
470,376
Dividends on preferred shares
(1,875)
(1,875)
(5,625)
(5,625)
Income attributable to downREIT operating partnership units
610
596
1,801
1,868
Income attributable to unvested shares
(563)
(509)
(1,698)
(1,558)
Nareit FFO
$ 162,995
$ 153,045
$ 488,343
$ 465,061
Weighted average number of common shares, diluted
87,178
86,599
86,883
86,463
Nareit FFO per diluted share
$ 1.87
$ 1.77
$ 5.62
$ 5.38
Core Funds from Operations (Core FFO) (1)
Nareit FFO
$ 162,995
$ 153,045
$ 488,343
$ 465,061
Adjustments:
New market tax credit transaction income, net
—
—
—
(13,004)
Collection of prior period rents deferred during COVID
—
(73)
—
(209)
Core FFO
$ 162,995
$ 152,972
$ 488,343
$ 451,848
Core FFO per diluted share
$ 1.87
$ 1.77
$ 5.62
$ 5.23
Reconciliation of the range of estimated earnings per diluted share to estimated Nareit FFO and Core FFO per diluted share for the full year 2026:
Full Year 2026 Guidance Range
Low
High
Estimated net income available for common shareholders per diluted share
$ 4.23
$ 4.27
Adjustments:
Estimated gain on sale of real estate
(1.31)
(1.31)
Estimated depreciation and amortization
4.62
4.62
Estimated Nareit FFO and Core FFO per diluted share
$ 7.54
$ 7.58
See Glossary of Terms. Individual items may not add up to total due to rounding.
Federal Realty Investment Trust
Comparable Property Information
September 30, 2026
The following information is being provided for "Comparable Properties." Comparable Properties represents our consolidated property portfolio other than those properties that distort comparability between periods in two primary categories: (1) assets that were not owned for the full quarter in both periods presented and (2) assets currently under development or being repositioned for significant redevelopment and investment. The assets excluded from Comparable Properties in Q3 include: Bala Cynwyd on City Avenue residential - Blayr, Friendship Center, Grossmont Center, Pike & Rose Phase IV, Santana West, Willow Grove Shopping Center, and all properties acquired, disposed of, or not consolidated from Q3 2025 to Q3 2026. Comparable Property property operating income ("Comparable Property POI") and Adjusted Comparable Property POI are non-GAAP measures used by management in evaluating the operating performance of our properties period over period. Adjusted Comparable Property POI excludes the impact of straight-line rents and amortization of in-place leases from Comparable Property POI.
Reconciliation of GAAP operating income to Comparable Property POI and Adjusted Comparable Property POI
Three Months Ended
September 30,
2026
2025
(in thousands)
Operating income
$ 116,855
$ 110,668
Add:
Depreciation and amortization
100,260
94,277
General and administrative
13,254
11,649
Gain on sale of real estate
(473)
—
Property operating income (POI)
229,896
216,594
Less: Non-comparable POI - acquisitions/dispositions
(9,272)
(4,991)
Less: Non-comparable POI - redevelopment, development & other
(9,841)
(5,993)
Comparable Property POI
$ 210,783
$ 205,610
Less: Straight-line rents
(3,343)
(5,828)
Less: Amortization of in-place leases
(2,783)
(3,011)
Adjusted Comparable Property POI
$ 204,657
$ 196,771
Glossary of Terms
Nareit-defined Funds From Operations (Nareit FFO): Nareit FFO is a supplemental measure of real estate companies' operating performance. Nareit defines FFO as follows: net income, computed in accordance with GAAP plus real estate related depreciation and amortization, gains and losses on sale of real estate, and impairment write-downs of depreciable real estate. Nareit developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, Nareit FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider Nareit FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of Nareit FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the Nareit definition used by such REITs.
Core Funds From Operations (Core FFO): Core FFO is a supplemental non-GAAP financial measure of performance that adjusts Nareit FFO to exclude the impact of certain items that management considers are not indicative of the Company's ongoing operating and financial performance. These adjustments include, when applicable, (1) gains or losses on early extinguishment of debt, (2) new market tax credit transaction income, (3) executive transition costs, (4) collection of prior period rents which were contractually deferred or payments renegotiated related to the COVID-19 pandemic, and (5) other items as determined by management. Management believes Core FFO provides enhanced comparability across periods and additional insight into the Company's underlying operating results, by excluding items that may reflect short-term fluctuations in net income and Nareit FFO. Core FFO is not intended to be a substitute for net income or Nareit FFO. Comparison of our presentation of Core FFO to similarly titled measures for other REITs may not be meaningful due to possible differences in the way Core FFO is defined or applied by other REITs.
On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Globe Life (GL +1.31%) announced net operating income of $379 million while raising its excess cash flow outlook for 2027. Steady cash generation from underlying policy reserves supports shareholder returns through buybacks and dividends. Managing field agent productivity and pricing discipline across health insurance lines remains essential for multiyear profit growth.
Three things management said stand out.
1. Agency Compensation Adjustments Are Stabilizing Agent CountsAt American Income Life, the company's exclusive agency division that sells life insurance, higher agent productivity offset a decline in sales representatives during the quarter. Management introduced incentive structure changes to boost recruiting and retain experienced field agents across its sales networks.
On our last call, we discussed some compensation adjustments that were implemented at the beginning of the second quarter. These adjustments have helped improve agent productivity and stabilize agent count as the agent count has been relatively flat over the past couple of quarters.
-- James Matthew Darden, Co-Chief Executive OfficerGlobe Life targets returning roughly 70% of full-year net operating income, a measure of core profitability excluding net realized investment gains or losses, to shareholders through dividends and stock repurchases. Transferring policy liabilities to Globe Life Re, its Bermuda reinsurance subsidiary, provides additional cash flow flexibility.
Our first priority is to ensure adequate capital is maintained at our insurance subsidiaries. Once met, we currently believe share repurchases provide the best return or yield to our shareholders over other available alternatives.
-- Thomas Peter Kalmbach, Chief Financial Officer3. Pricing Adjustments Aim to Counter Short-Term Health Claims VolatilityUnderwriting margins in the United American General Agency division, a health insurance segment, faced temporary pressure from a government claims processing delay and severe claims at Evri, a start-up group health business. Management plans to increase renewal rates and adjust underwriting parameters to restore segment profitability.
And the nice thing I like about this business is that we can reprice Evri year upon renewal for experience that we are seeing and we anticipate, as well as if we need to, we can non-renew a group.
-- James Matthew Darden, Co-Chief Executive OfficerLooking AheadHigh-quality bond holdings protect balance sheet stability during broader market fluctuations. The fixed-income portfolio keeps low exposure to high-risk assets, while management watches pricing discipline and agent recruitment trends.
We are well positioned to withstand an economic downturn should 1 occur due to holding historically low percentages of invested assets in BBB and below investment grade bonds.
-- Frank Martin Svoboda, Co-Chief Executive OfficerLong-dated policy liabilities give the business reliable cash flows to fund dividend distributions and share buyback programs. Management expects agency distribution expansion and product repricing to reaccelerate sales growth momentum.
For the full year 2027, we expect mid- to high-single-digit sales growth. And I am confident that we will increase sales growth for this division as the fundamental conditions for agency growth remain in place.
-- James Matthew Darden, Co-Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
First Solar Inc (NASDAQ:FSLR) reported mixed results for the third quarter on Thursday.
The company posted quarterly earnings of $5.30 per share which beat the analyst consensus estimate of $4.60 per share. The company reported quarterly sales of $1.231 billion which missed the analyst consensus estimate of $1.288 billion.
First Solar slashed its FY2026 sales guidance from $4.900 billion-$5.200 billion to $4.600 billion-$4.900 billion.
“Section 232 represents a structural change in how the United States approaches solar manufacturing,” said Mark Widmar, Chief Executive Officer, “As a technology company and the only fully-integrated utility-scale solar manufacturer without dependency on the Chinese crystalline silicon supply chain, we believe we are structurally positioned to benefit from this environment.”
First Solar shares fell 4.7% to $168.50 in pre-market trading.
These analysts made changes to their price targets on First Solar following earnings announcement.
Bernstein analyst Sunaina Ocalan maintained the stock with an Underperform rating and lowered the price target from $197 to $169. Needham analyst Sean Milligan maintained the stock with a Buy and lowered the price target from $303 to $236. Evercore ISI Group analyst Nicholas Amicucci maintained the stock with an In-Line rating and cut the price target from $218 to $189. Considering buying FSLR stock? Here’s what analysts think:
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Ripple recently announced that it expects its annualized product revenue run rate to reach $900 million by the end of 2026.
CEO Brad Garlinghouse shared the figure at the company’s Swell 2026 conference in New York City, describing 2026 as an exceptional year for Ripple.
He highlighted rising transaction volumes and the range of products the company offers institutional customers as major factors behind its progress.
The conference, held from Oct. 27 to 29 in New York, attracted more than 1,500 attendees and over 75 speakers from traditional finance, cryptocurrency, academia, and the wider XRP ecosystem.
The $900 million figure does not represent the total revenue Ripple has earned so far in 2026, but the annualized run rate, which projects the company’s current revenue pace over a 12-month period.
Ripple uses this measure to show how much its product business has grown. However, its actual revenue for the full year will depend on customer activity, market conditions, and demand for its products.
Ripple Sees Growth Across Multiple Products
Ripple attributed its revenue growth to increased activity across several business areas, including payments, custody, its RLUSD stablecoin, prime brokerage, and treasury management.
The company also reported that the number of customers and partners using more than one Ripple product at the same time tripled in 2026. This suggests that customers are using more of Ripple’s services instead of relying on a single product.
Ripple expects the total transaction volume processed through its payments network to approach $150 billion by the end of 2026.
Notably, Ripple holds more than 85 regulatory licenses across international markets and serves over 1,700 financial institutions and enterprises worldwide. According to the company, its growth comes from improvements to its existing products and the integration of acquisitions it completed in 2025.
RLUSD Market Cap Climbs to $2.6 Billion
RLUSD has become an important part of Ripple’s business, reaching a market cap of $2.6 billion when the company announced its revenue outlook at Swell 2026. This represents more than 88% growth since the start of the year.
Ripple launched the dollar-backed stablecoin in December 2024 after receiving regulatory approval from the NYDFS. Since then, RLUSD has expanded across several blockchain networks and gained a dominant share of stablecoin activity on the XRP Ledger.
Cross River Bank announced a partnership to integrate RLUSD into its core platform solutions on the XRP Ledger. Ripple also expanded its partnership with the Bank of New York Mellon on tokenized trade finance built on the same network.
XRP Struggles Despite Ripple’s Expansion
Meanwhile, on Oct. 26, the U.S. Office of the Comptroller of the Currency granted Ripple final approval to establish Ripple National Trust Bank.
The approval gives the company federal-level supervisory standing under the OCC and adds to its existing trust license from the New York Department of Financial Services.
Despite Ripple’s business growth, XRP has declined nearly 30% year-to-date, leaving its market cap near $83 billion.
Holding XRP does not give investors direct ownership of Ripple or a share of its product revenue. As a result, the company’s financial performance does not automatically translate into earnings for XRP holders.
However, Ripple’s growth may affect the token indirectly by increasing activity on the network and influencing investor demand.
Ripple delivered a strong message from one of the cryptocurrency sector’s most prominent stages, as CEO Brad Garlinghouse appeared at Ripple Swell 2026 and simultaneously launched a new advertising campaign at the NASDAQ. The company’s recent moves underscore its intention to reshape public and industry perceptions around crypto.
Pushing back against negative perceptionsBrad Garlinghouse began by reflecting on the changes Ripple and the broader digital asset world have faced in recent years. He noted persistent critical rhetoric from high-profile government officials, pointing specifically to Senator Elizabeth Warren and SEC Chair Gary Gensler as outspoken skeptics. According to Garlinghouse, these figures have often characterized cryptocurrency as a troubled sector dominated by bad actors.
He disputed these depictions during his interview with CNBC reporter Tanaya Macheel, insisting that such broad critiques do not accurately reflect the industry’s reality. Garlinghouse emphasized that blockchain technologies and crypto tokens now offer tangible solutions to real-world challenges faced by companies and individuals. Ripple, a fintech firm best known for its role as the developer of the XRP Ledger and major promoter of the XRP digital asset, aims to bring these solutions to the forefront.
Garlinghouse characterized regulatory hostility as having shaped the narrative of the entire sector for years, but stressed that “real solutions exist, and they are solving real problems for businesses and consumers alike.”
XRP’s profile and revival effortsDuring the discussion, Garlinghouse tied the renewed campaign directly to XRP’s evolution. He reminded the audience that before Ripple’s lengthy legal dispute with the SEC, XRP had once ranked as the second most valuable digital asset after Bitcoin. He acknowledged that the prolonged litigation impacted the project’s reputation and investor confidence, stating, “You get in this fight with the government and people lose some faith.”
With the legal cloud now lifting, Ripple sees new opportunities. Garlinghouse explained that the company has significantly increased its marketing investment, confident that the crypto market’s positive momentum is returning.
Describing Ripple’s revamped strategy, he said, “There’s a lot of momentum and we want to lean into that momentum,” and clarified that the ambition extends to both the XRP ecosystem and the wider cryptocurrency industry.
Crypto analyst Xaif Crypto commented on the news, capturing the sentiment circulating among XRP supporters. He wrote, “Brad Garlinghouse says the time is now. After years of regulatory pressure, Ripple is seeing a shift in the narrative around crypto and they’re ready to push XRP and real-world utility harder. The momentum is back.”
Launching a campaign on a global stageRipple selected Swell 2026 and the backdrop of the NASDAQ to maximize the impact of its new advertising initiative. The decision to launch at these locations was deliberate, as Garlinghouse positioned the campaign as a response to years of cautious or negative market sentiment. The firm, known for its cross-border payments solutions and focus on utility-driven crypto applications, now prioritizes greater investment in marketing, public education, and advocacy for mainstream adoption.
Garlinghouse’s appearance and the campaign launch reflect Ripple’s ongoing push to lead in demonstrating the real-world value of cryptocurrencies, particularly XRP, across financial and business applications.
Mini dictionary: Ripple – A technology company that develops global payment and real-time settlement solutions, best known for its association with the XRP Ledger and the promotion of the XRP cryptocurrency as a bridge asset for cross-border transactions.
Hyperliquid rises 18.3% as Bitcoin loses weekend support and Ethereum nears $2,230. October 30 analysis tracks BTC, ETH, HYPE, BNB and XRP charts and levels.
The broader sell-off followed news of a suspected Binance hack, adding to pressure on Bitcoin, Ethereum, XRP and other major cryptos. Reuters reported that Bitcoin fell to a six-week low as the exchange investigated the breach.
Binance estimated the incident’s impact at approximately $6.3 billion and said around $3 billion had been frozen on-chain. The exchange temporarily suspended deposits and withdrawals and pledged to cover all losses using its SAFU fund and company funds.
Bitcoin Confirms a Break Below Weekend Support
Bitcoin closed Thursday at $77,800, down 4.29%, after reaching $81,882 earlier in the session. The subsequent decline to $77,688.10 established the lowest traded price in the latest 30 completed daily candles. The close was also below Saturday’s $79,120.80 floor, invalidating the recovery condition identified in our October 29 report.
BTC/USD closes below $79,120.80 weekend support as the daily MACD histogram widens to −380.03.
Daily MACD, using 12- and 26-period exponential averages and a nine-period signal EMA, deteriorated. The line fell to −678.76 against a −298.73 signal. The histogram widened below zero to −380.03 from −224.19. This was an expansion of an existing bearish gap, not a new line-signal crossover.
The final completed four-hour candle closed at $77,800, near its $77,688.10 low, with MACD also below its signal. Selling pressure therefore remained evident into the daily close. The latest price of $77,998 showed only a modest recovery from that settlement.
A daily close below $77,688.10 would extend the breakdown. The September 15 low at $74,891.50 is a farther historical reference, rather than an immediate forecast.
To repair the structure, Bitcoin first needs to reclaim $79,120.80, followed by Wednesday’s $80,281.80 low. A close above Thursday’s $81,882 high would invalidate the latest bearish reversal.
Ethereum RSI Approaches Oversold Territory
Ethereum closed Thursday at $2,249.01, falling 4.59% after trading between $2,230.19 and $2,376.99. The close lost Saturday’s $2,279.80 floor, which the October 28 report had identified as the boundary of the weekend recovery. Thursday’s low was the lowest in the latest 60 completed daily sessions.
ETH/USD daily RSI falls to 30.68 as price closes beneath $2,279.80 and approaches the $2,230.19 session low.
The daily 14-period RSI, calculated with Wilder smoothing, fell to 30.68 from 39.02. Momentum approached the conventional oversold threshold of 30 but had not crossed below it at the close. Proximity to that threshold does not confirm that selling has ended or that a rebound must follow.
The latest completed four-hour RSI stood at 35.31. That candle also closed at $2,249.01 after reaching $2,230.19, leaving both timeframes with weak momentum. The latest price of $2,231.74 was close to Thursday’s low, but Friday’s candle remained unfinished.
A daily close beneath $2,230.19 would confirm another downside extension. The immediate recovery test is $2,279.80, followed by Wednesday’s $2,319.54 low.
Regaining those levels would repair the broken support area. A close above $2,376.99 and then Wednesday’s $2,389.93 high would provide stronger evidence that the latest decline is being reversed.
Hyperliquid Reclaims Both Daily Averages
Hyperliquid closed Thursday at $88.79, gaining 10.02% after a wide $78.08–$97.00 session. The close cleared the $82.45 resistance identified in our October 28 report. The $97.00 high was the strongest in the latest 30 completed sessions, although price finished well below it.
HYPE/USD closes above its $81.49 and $81.86 daily EMAs after a 10.02% gain, with $97.00 still overhead.
The 20-day exponential moving average rose to $81.49 from $80.72, while the 50-day EMA increased to $81.86 from $81.57. Price closed above both. However, the faster average remained below the slower one, so the recovery did not produce a bullish daily moving-average crossover.
Daily turnover reached approximately 733,081 HYPE, or 6.71 times the preceding 20-session average on the same exchange pair. That indicates substantially greater participation in the advance. The final four-hour candle nevertheless fell from $93.92 to $88.79, showing a late-session retreat without establishing its cause.
A daily close above $97.00 would confirm a break of Thursday’s high and bring the September 23 high of $98.02 into view.
A return below $82.45 would weaken the confirmed breakout and expose the daily average area near $81.49–$81.86. Losing Thursday’s $78.08 low would invalidate the latest expansion; the broader weekend floor remains $74.33.
BNB Reverses Below Its Lower Bollinger Band
BNB closed Thursday at $696.64, down 8.27% due to the Binance hack, after first reaching $763.84 and then falling to $675.59. The session exceeded Wednesday’s high before reversing below its low, producing a broad outside-day decline. Thursday’s low was the weakest in the latest 30 completed sessions.
BNB/USD closes below its $707.61 lower Bollinger Band after reversing from $763.84 to a $696.64 settlement.
Daily Bollinger Bands, using a 20-day simple moving average and two population standard deviations, placed the midpoint at $735.00 and the lower band at $707.61. The close finished beneath the lower band. The midpoint declined from $737.25, while the band envelope widened sharply as volatility increased.
The final completed four-hour candle also closed beneath its lower band at $718.65. The latest $717.20 price represented a rebound from the daily close, but it did not constitute a confirmed daily return inside the bands. These levels will move as new candles finish.
Reclaiming Saturday’s $717.21 low at a daily close would repair an initial price threshold. Further confirmation requires the midpoint near $735.00 and Wednesday’s $740.97 low.
A close above $763.84 would overturn Thursday’s reversal. On the downside, $675.59 and the September 1 low at $674.39 form the next historical support area; losing both would extend the decline.
XRP $1.20 Support Holds as RSI Nears Oversold
XRP has bounced from the $1.20 area after a sharp two-day decline, but the daily structure remains bearish as price trades below its major moving averages and momentum stays close to oversold territory.
Binance XRP/USDT daily data shows XRP testing $1.20 support as RSI falls toward oversold territory and price remains below the 20-, 50-, and 200-period EMAs.
CoinMarketCap currently places XRP near $1.26, with a 24-hour range between $1.20 and $1.31. The latest fully closed Binance spot XRP/USDT daily candle tracked by ClosedCandle is dated Oct. 29 UTC and shows the broader daily trend still pointing down.
XRP entered Oct. 29 around $1.33 but fell as low as $1.22 before closing near $1.24. Selling continued into Oct. 30, briefly pushing price to approximately $1.20 before the rebound toward $1.26. Binance daily data therefore shows XRP losing the $1.30 area that had supported several sessions earlier in the month.
The decline coincided with a broader crypto selloff following Binance’s major security incident. Binance said its preliminary investigation identified approximately $6.3 billion in affected assets, with roughly $3 billion frozen on-chain. Bitcoin and other major cryptocurrencies also declined sharply as the incident unfolded.
Macro conditions provided little relief. The Federal Reserve kept rates at 3.75%–4% on Oct. 28 while saying inflation remained elevated, and two policymakers dissented in favor of another quarter-point increase.
The Binance daily chart shows RSI(14) at 34.1 on the latest closed candle. That places momentum below the neutral 50 level and close to the conventional oversold threshold of 30, but it does not yet confirm that selling has exhausted itself.
The moving-average structure remains more clearly bearish. XRP’s daily close was approximately 7.1% below the 20-period EMA, 8.7% below the 50-period EMA and 9.6% below the 200-period EMA. All three remain above price, showing that the current bounce has not yet changed the broader trend.
The nearest support is $1.20, today’s intraday low and a level XRP has now defended once.
From the verified $1.26 live quotation, another test of $1.20 would represent a decline of about 4.8%. A sustained daily close below $1.20 would weaken the rebound structure and could shift attention toward the approximately $1.06 region identified as the next broader daily support.
On the upside, XRP first needs to recover the $1.31-$1.33 zone, which acted as support before the latest breakdown. From $1.26, $1.33 sits roughly 5.6% higher.
A move through that area during an unfinished candle would not be enough on its own. The cleaner technical confirmation would be a completed daily close above $1.33 followed by price holding the reclaimed zone.
The next observable test is therefore straightforward: whether XRP can continue defending $1.20 and reclaim $1.31-$1.33 while daily RSI recovers from the low-30s.
PancakeSwap: Unaffected by Binance Security Incident, Contracts and Services Operating Normally
PancakeSwap released a statement noting it was not impacted by today’s Binance security incident, with its contracts and services operating normally. The protocol’s team is closely monitoring the situation. PancakeSwap also stated its support for Binance’s team and all parties involved in responding to the incident, and thanked ecosystem participants for their efforts to support affected users and protect the community.
8 minutes ago
Binance Hacker Accidentally Sends $3.32M in Altcoins to $NEWT Contract, Funds Lost
The Binance hacker sent ~$3.32M worth of altcoins to the $NEWT token contract address by mistake.
The funds are now unrecoverable.
8 minutes ago
A newly created wallet withdrew 68,773 SOL from a centralized exchange (CEX), valued at approximately $6.65 million.
According to Lookonchain's monitoring, a newly created wallet (2VXozU) withdrew 68,773 SOL tokens from Kraken, Bybit, and OKX, valued at approximately $6.65 million.
8 minutes ago
Binance attacker suspected of mistakenly transferring $3.5 million worth of tokens to NEWT contract address, assets have been permanently locked
The Newton Foundation announced in a post that the attacker behind the Binance hack incident apparently made an accidental error earlier today, transferring approximately 8 million NEWT tokens and 17 other tokens directly to the NEWT token contract address. The combined value of these tokens at current prices is around $3.5 million, including tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.
The foundation emphasized that the NEWT token contract itself was not hacked. Inspections confirm the contract is immutable, has no owner or administrator, all management permissions were abandoned on-chain in 2025, and its upgrade function is permanently disabled. As a result, no party, including the foundation, can retrieve tokens directly transferred to the contract.
The foundation added that these tokens are now permanently locked, out of the attacker’s control, and cannot be sold on the market anymore. The relevant investigation findings have been shared with Binance, and the foundation will continue to provide assistance.
8 minutes ago
Keystone suspends all shipments, quarantines affected devices, and shortens the logistics data retention period to 90 days.
Crypto hardware wallet manufacturer Keystone announced in a post that it has shortened its logistics data retention period from 180 days to 90 days, effective immediately. After users receive their goods, they can also contact the support team to request early deletion of relevant data, and the team will process the request promptly. Keystone has suspended all shipments and begun isolating affected devices in all partner warehouses, including Amazon warehouses. The company stated it has sent emails to all affected users and is improving the security of the affected user inquiry page based on feedback. Keystone reminds users that relevant incident emails are only sent from [email protected], and users should verify the sender address. The company will never request mnemonic phrases via email, direct message, or phone; if users receive messages urging immediate action, they should pause operations and confirm with the official first. Keystone will announce its follow-up arrangements in the coming days.
PancakeSwap: Unaffected by Binance Security Incident, Contracts and Services Operating Normally
PancakeSwap released a statement noting it was not impacted by today’s Binance security incident, with its contracts and services operating normally. The protocol’s team is closely monitoring the situation. PancakeSwap also stated its support for Binance’s team and all parties involved in responding to the incident, and thanked ecosystem participants for their efforts to support affected users and protect the community.
8 minutes ago
Binance Hacker Accidentally Sends $3.32M in Altcoins to $NEWT Contract, Funds Lost
The Binance hacker sent ~$3.32M worth of altcoins to the $NEWT token contract address by mistake.
The funds are now unrecoverable.
8 minutes ago
A newly created wallet withdrew 68,773 SOL from a centralized exchange (CEX), valued at approximately $6.65 million.
According to Lookonchain's monitoring, a newly created wallet (2VXozU) withdrew 68,773 SOL tokens from Kraken, Bybit, and OKX, valued at approximately $6.65 million.
8 minutes ago
Binance attacker suspected of mistakenly transferring $3.5 million worth of tokens to NEWT contract address, assets have been permanently locked
The Newton Foundation announced in a post that the attacker behind the Binance hack incident apparently made an accidental error earlier today, transferring approximately 8 million NEWT tokens and 17 other tokens directly to the NEWT token contract address. The combined value of these tokens at current prices is around $3.5 million, including tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.
The foundation emphasized that the NEWT token contract itself was not hacked. Inspections confirm the contract is immutable, has no owner or administrator, all management permissions were abandoned on-chain in 2025, and its upgrade function is permanently disabled. As a result, no party, including the foundation, can retrieve tokens directly transferred to the contract.
The foundation added that these tokens are now permanently locked, out of the attacker’s control, and cannot be sold on the market anymore. The relevant investigation findings have been shared with Binance, and the foundation will continue to provide assistance.
8 minutes ago
Keystone suspends all shipments, quarantines affected devices, and shortens the logistics data retention period to 90 days.
Crypto hardware wallet manufacturer Keystone announced in a post that it has shortened its logistics data retention period from 180 days to 90 days, effective immediately. After users receive their goods, they can also contact the support team to request early deletion of relevant data, and the team will process the request promptly. Keystone has suspended all shipments and begun isolating affected devices in all partner warehouses, including Amazon warehouses. The company stated it has sent emails to all affected users and is improving the security of the affected user inquiry page based on feedback. Keystone reminds users that relevant incident emails are only sent from [email protected], and users should verify the sender address. The company will never request mnemonic phrases via email, direct message, or phone; if users receive messages urging immediate action, they should pause operations and confirm with the official first. Keystone will announce its follow-up arrangements in the coming days.
PancakeSwap: Unaffected by Binance Security Incident, Contracts and Services Operating Normally
PancakeSwap released a statement noting it was not impacted by today’s Binance security incident, with its contracts and services operating normally. The protocol’s team is closely monitoring the situation. PancakeSwap also stated its support for Binance’s team and all parties involved in responding to the incident, and thanked ecosystem participants for their efforts to support affected users and protect the community.
8 minutes ago
Binance Hacker Accidentally Sends $3.32M in Altcoins to $NEWT Contract, Funds Lost
The Binance hacker sent ~$3.32M worth of altcoins to the $NEWT token contract address by mistake.
The funds are now unrecoverable.
8 minutes ago
A newly created wallet withdrew 68,773 SOL from a centralized exchange (CEX), valued at approximately $6.65 million.
According to Lookonchain's monitoring, a newly created wallet (2VXozU) withdrew 68,773 SOL tokens from Kraken, Bybit, and OKX, valued at approximately $6.65 million.
8 minutes ago
Binance attacker suspected of mistakenly transferring $3.5 million worth of tokens to NEWT contract address, assets have been permanently locked
The Newton Foundation announced in a post that the attacker behind the Binance hack incident apparently made an accidental error earlier today, transferring approximately 8 million NEWT tokens and 17 other tokens directly to the NEWT token contract address. The combined value of these tokens at current prices is around $3.5 million, including tokens such as ANIME, ANKR, ARPA, BARD, FTT, LQTY, SIGN, and WOO.
The foundation emphasized that the NEWT token contract itself was not hacked. Inspections confirm the contract is immutable, has no owner or administrator, all management permissions were abandoned on-chain in 2025, and its upgrade function is permanently disabled. As a result, no party, including the foundation, can retrieve tokens directly transferred to the contract.
The foundation added that these tokens are now permanently locked, out of the attacker’s control, and cannot be sold on the market anymore. The relevant investigation findings have been shared with Binance, and the foundation will continue to provide assistance.
8 minutes ago
Keystone suspends all shipments, quarantines affected devices, and shortens the logistics data retention period to 90 days.
Crypto hardware wallet manufacturer Keystone announced in a post that it has shortened its logistics data retention period from 180 days to 90 days, effective immediately. After users receive their goods, they can also contact the support team to request early deletion of relevant data, and the team will process the request promptly. Keystone has suspended all shipments and begun isolating affected devices in all partner warehouses, including Amazon warehouses. The company stated it has sent emails to all affected users and is improving the security of the affected user inquiry page based on feedback. Keystone reminds users that relevant incident emails are only sent from [email protected], and users should verify the sender address. The company will never request mnemonic phrases via email, direct message, or phone; if users receive messages urging immediate action, they should pause operations and confirm with the official first. Keystone will announce its follow-up arrangements in the coming days.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Hyperliquid (HYPE) has seen a sharp rise in trading activity, with volumes jumping more than 680% across major exchanges. The spike was followed by a price recovery that pushed HYPE above $91, raising questions about whether the cryptocurrency is gearing up for another major rally.
Trading Volume Explodes as HYPE Climbs 15%According to CoinGlass data, HYPE is trading around $91.41, up 15.22% over the past 24 hours. Futures trading volume has reached $13.47 billion, while spot volume sits at roughly $1 billion.
HYPE/USDT Chart by TradingViewBinance leads trading activity with $3.89 billion in daily volume, a 789.13% increase. Meanwhile, Hyperliquid's native exchange recorded $3.06 billion, reflecting a 738.72% jump.
HOT Stories
Open interest currently stands at $4.02 billion, pointing to heavy participation in the derivatives market.
That futures activity could bring liquidation risks if prices suddenly reverse.
Technical Indicators Point to Bullish MomentumThe daily TradingView chart shows a strong recovery from recent lows near $75, with HYPE reclaiming several key moving averages.
The latest bullish candle comes with a significant volume spike, suggesting growing market participation.
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Meanwhile, the Relative Strength Index (RSI) has climbed toward 65, signaling strengthening momentum without entering traditionally overbought territory.
Immediate resistance sits between $94 and $98, where selling pressure appeared previously. A decisive breakout above this zone could open the door toward the psychologically important $100 level. On the other hand, failure to hold momentum could trigger a pullback toward $85, followed by stronger support around $80.
Can HYPE Keep Its Rally Going?Despite the impressive price performance, derivatives flows aren't as healthy as they might appear. CoinGlass data shows roughly $32.57 million in liquidations over 24 hours, while futures net outflows reached $50.28 million over 12 hours.
HYPE's combination of rising volume, improving technical indicators, and renewed market interest supports a cautiously bullish outlook.
The $94–98 resistance zone remains the critical level to watch, with a confirmed breakout potentially determining HYPE's next directional move.
Hyperliquid (HYPE) experienced a dramatic increase in trading activity, with overall volume soaring more than 680% across leading cryptocurrency exchanges. This surge in volume coincided with a swift price rebound, pushing HYPE’s value above $91 and drawing renewed interest from market participants.
Price action and volume dynamicsCoinGlass data indicates that HYPE is currently trading near $91.41, reflecting a gain of 15.22% in the past 24 hours. Futures trading volume has reached $13.47 billion, while spot trading volume stands at approximately $1 billion. Binance was the most active exchange for HYPE, recording $3.89 billion in daily volume, an increase of 789.13%. Hyperliquid’s native exchange followed with $3.06 billion in trading volume after a 738.72% rise.
Open interest has climbed to $4.02 billion, suggesting significant participation in the derivatives markets. This heightened activity points to robust trading but could also elevate the risk of rapid liquidations if the price shifts unexpectedly.
Despite rising trading volume and an uptick in price, derivatives flows highlight market risks. Liquidations over the last 24 hours totaled $32.57 million, while net futures outflows amounted to $50.28 million in the same period, based on CoinGlass data.
Technical outlook and key resistance levelsOn the daily TradingView chart, HYPE has recovered sharply from recent lows near $75. The price has regained several important moving averages, underlining the strength of its current rally. The most recent bullish candle was accompanied by a notable spike in volume, indicating growing market interest.
The Relative Strength Index (RSI) has risen toward 65, indicating stronger bullish momentum but remaining below typical overbought readings. Immediate resistance for HYPE is clustered between $94 and $98, where the price has encountered selling pressure in the past. A sustained breakout above this area could position HYPE to test the psychologically significant $100 level. On the downside, if momentum fades, support levels are found at $85 and more firmly at $80.
In light of the substantial volatility and shifting momentum in HYPE, crypto traders are seeking tools that provide high-frequency monitoring and rapid insights. CryptoAppsy‘s real-time charts and smart price alerts offer a streamlined way to track sudden price movements and volume spikes in assets like HYPE, enabling users to respond efficiently to changing technical setups.
Although the market outlook for HYPE is supported by stronger volume and technical signals, data from derivatives markets underscores the need for caution as liquidation events remain a persistent risk.
The $94–98 resistance zone stands out as the critical area in the near term. A confirmed move through this range may define HYPE’s next significant directional shift.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our daily news show 'FOMO HOUR' covering all of the top stories and market action.
GM!
Today’s top news:
Crypto majors rebound fall 1-2% alongside stocks; BTC at $77.5k
Binance hacked for $6.4B by NK, roughly half frozen; Binance to cover losses out of SAFU fund
AAVE forced to freeze v3 and v4 markets on Ethereum after attacker used them
Polymarket paused trading after front-end extension hacked, leading to user losses
HYPE soars after NYSE partnership, Druckenmiller and Elon touts
Binance’s $6.3 Billion Hack Overshadows Hyperliquid’s Biggest DaySomeone stole about $6.4 billion from Binance. That is, by a wide margin, the biggest crypto theft that has ever happened, four times the $1.5 billion taken from Bybit in February 2025.
The money left across three different blockchains: roughly $3.5 billion in ETH, $1.4 billion in BTC, and $630 million on Tron (final accounting still underway).
Luckily, stablecoin issuers can freeze their own tokens; it’s a kill switch built into USDT and USDC. Tether and Circle used it, locking up about $2.39 billion between them. That’s 43% of the haul. That leaves somewhere between $2.6 and $3.2 billion still out there.
Aave also stepped in, freezing its V3 and V4 markets on Ethereum. That’s precautionary, given the worry is an attacker using stolen money to borrow against and leave the protocol holding bad debt.
As this was playing out, Binance stated it’s “aware of reports of a potential security issue” and that user funds are “completely safe,” and paused withdrawals on multiple networks. The clearest comment came from CZ, who no longer runs Binance but is its largest shareholder: it “does look like a hack,” and he expects user funds to be “fully covered.” Later in the evening, Binance announced that it has reserved over $6.34B in company funds to cover losses. So funds are indeed “safu.”
ZachXBT shared that the Binance hack funds were commingled with funds from the $388M Bitget exploit, leading him to believe it’s the same hacker group out of North Korea behind the attack. As for how it happened, Binance pointed to a compromised DevOps engineer’s laptop which was compromised, allowing the attacks to submit the unauthorized transactions, before identifying "additional points of breach" in the following hours.
Markets did what you’d expect. Bitcoin fell below $797,000, ETH fell sub-$2,200 and BNB sub-$700. Over $1.33B in positions got liquidated on the day.
Unfortunately, this came after what was shaping up to be one of the most positive days for a crypto project in its history.
Earlier on Thursday, Trade.xyz announced that Intercontinental Exchange (the company that owns the New York Stock Exchange) is investing in it. The plan is a regulated U.S. venue offering round-the-clock perpetual futures built on Hyperliquid: stocks, indices, commodities, currencies and crypto, with its own exchange and clearing setup, pending CFTC approval.
Stanley Druckenmiller is joining as well, the first of a small group of outside market figures. He already owns the trade; his family office disclosed a $23 million position in Hyperliquid Strategies earlier this year.
So Hyperliquid has its path to a fully regulated perps offering inside the U.S., claims Stanley Druckenmiller as an investor (and a tout on X), and ICE’s CEO said that Hyperliquid was “bigger than NASDAQ.” Doesn’t get much better than that.
I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.
— Stan Druckenmiller (@standuquesne) October 29, 2026
HYPE shot as high as $97 on the day, up more than 20% at peak, before falling to $89 in the Binance hack aftermath. As of this morning, it’s at $93 and still up 8% on the day.
Unfortunately, now we have to deal with the Binance hack aftermath. Hyperliquid is a likely winner as a primary DEX option vs CEXs like Binance (which will likely be less trusted now.) But there’s also a good chance of the entire market being dragged down by fears of more exploits looming.
We will find out soon enough. Expect a bumpy ride…
🌎 Macro Crypto and Markets
Crypto majors are red in the Binance hack aftermath; BTC -3.6% at $77.5k; ETH -4% at $2,235; SOL -4% at $97; HYPE +8% at $92; ZEC -2% at $1,250
Top alt movers include PEPE (+8%), SKY (+5%) and ZRO (+2%)
Oil +2% at $104; Gold -1.2% at $3,980
Stock futures are red after Amazon fell 12% post-earnings; DOW flat, Nasdaq -2.6%
Aave froze every DAO-operated V3 and V4 market (292 reserves across 16 networks) after a wallet tied to the Binance exploiter deposited $60 million in USDT and borrowed 19,762 WETH worth about $44.6 million in a three-minute window
Coinbase posted $719 million in Q3 profit against analyst expectations of a 15-cent loss, though about $715 million of it came from gains on crypto the company holds
Walmart, Eli Lilly, Cigna, Carnival and Arcos Dorados blocked tokenized versions of their shares on the OKX-ICE venue, taking the count to 38 in two weeks
Crypto groups have spent about $176 million across more than 100 midterm races, with Fairshake and its affiliates accounting for $150.8 million through October 20
Roughly $11 billion in Bitcoin options expire on Deribit Friday, about 135,000 BTC and a third of open interest, with max pain at $78,000 against a market near $81,500 and calls outnumbering puts nearly two to one
Trezor told anyone who bought one of its wallets from reseller CryptoBilis since March to move their funds immediately, after a customer in Indonesia reported finding an extra circuit board inside a Safe 5 with a cellular module that reads whatever the screen displays
Corporate Treasuries & ETFs
The Bitcoin ETFs saw $17M in net inflows on Thursday; the ETH ETFs saw $105M in net outflows
Strategy reported $19.53 billion in Q3 net income, nearly all of it a $20.91 billion paper gain on Bitcoin
Meme Coin Tracker
Meme leaders were mostly red; DOGE -4%, SHIB -3%, PEPE +8%, PENGU -8%, TRUMP -8%, SPX -10%, BONK -4%
Robinhood chain leaders were red; Pons -15% to $160M; Cashcat -10% at $90M; AI -12% at $63M; Index +50% led top movers
Solana top movers included Hyperchan +40x, Purr +50%, and GTA6 +25%; Stonk -8% to $105M
💰 Token, Airdrop & Protocol Tracker
Hyperliquid led onchain protocols in revenue on the day with $4.87M amidst the liquidations; Papertrade was next with $2.34M, Uniswap with $1.7M and Pump with $1.69M
Polymarket paused trading after users reported funds leaving their accounts, with Hudson Rock tracing the attack to a compromised script from web monitoring service DebugBear that hunts for logged-in trading sessions
Polygon brought its Open Money Stack to Solana, letting businesses on a chain that has processed over $5 trillion in stablecoin volume this year connect bank
🚚 What is happening in NFTs?
NFT leaders were mixed; Punks +2% at 29.9 ETH, BAYC -1% at 6.2 ETH, Pudgy -1% at 2.5 ETH
Minds dot Games (+12%) and OTC Desks (+12%) led top movers
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Gilead Sciences, Inc. (NASDAQ:GILD) reported better-than-expected earnings for the third quarter on Thursday.
The company posted quarterly earnings of $2.55 per share which beat the analyst consensus estimate of $2.19 per share. The company reported quarterly sales of $8.300 billion which beat the analyst consensus estimate of $7.809 billion.
Gilead Sciences cut its FY2026 adjusted EPS guidance from $(0.65)-$(0.30) to $(1.20)-$(0.85), while increasing sales guidance from $30.100 billion-$30.400 billion to $31.000 billion-$31.300 billion.
“Gilead delivered an exceptional third quarter, with our strongest year-over-year base business growth in more than a decade, reflecting the strength, breadth and durability of our business,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “Our performance enabled us to raise our full year base business revenue guidance again this quarter, bringing the total increase to $1.6 billion since the start of 2026. Our HIV business grew 18% and HIV prevention sales nearly doubled year-over-year. With multiple ongoing and potential launches across HIV and Oncology, important progress in Inflammation and a disciplined operating model, Gilead is well positioned for business growth and impact for patients.”
Gilead shares rose 4.1% to $172.35 in pre-market trading
These analysts made changes to their price targets on Gilead following earnings announcement.
Needham analyst Joseph Stringer maintained the stock with a Buy and raised the price target from $170 to $200. Cantor Fitzgerald analyst Carter Gould maintained the stock with an Overweight rating and boosted the price target from $155 to $175. Considering buying GILD stock? Here’s what analysts think:
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Gilead Sciences had a strong Q3. Sales of Trodelvy, a Trop-2-directed antibody-drug conjugate approved for the treatment of breast cancer, were $506 million, up 41.7% YoY and 10.7% QoQ. On October 22, Gilead agreed to acquire PepStar's oral IL-23R inhibitor program, including HCXT-2001, for $1.275 billion upfront.
Some dividends get taxed twice before they reach your pocket, and the IRS takes its cut whether the market is up or down. Four high-yield stocks exist where the right account type legally eliminates that drag entirely.
Most dividends are taxed annually in a regular brokerage account, and some are taxed at higher rates than others. REIT payouts are generally taxed as ordinary income, and Canadian dividends lose a 15% withholding cut before they reach U.S. investors. A Roth IRA solves both problems. Under federal law, “any qualified distribution from a Roth IRA shall not be includible in gross income” (26 U.S.C. § 408A(d)(1)). The four high-yield payers below gain the most when the IRS can’t take a cut of the compounding.
Altria
Altria (NYSE:MO | MO Price Prediction) pays an annualized forward dividend of $4.44 per share. For $74.33, that works out to a yield of about 5.97%. The most recent raise lifted the quarterly payout to $1.11 from $1.06, declared on August 27, 2026.
Dividend safety: Full-year 2026 adjusted EPS guidance of $5.61 to $5.72 comfortably covers the $4.44 annual payout. Debt-to-EBITDA was 1.9x at June 30, below the company’s target of approximately 2x. Altria’s CFO said that “historically, after we have the dividend, we have about $1 billion excess in cash.” Shareholders’ equity is negative at −$2.618 billion, driven by years of buybacks rather than operating weakness. The quarterly payout has climbed from $0.61 in 2016 to $1.11 today.
Bull case: Marlboro still has pricing power. In the second quarter, price realization on smokeable products reached 4.5%, and Marlboro’s share of the premium segment held at 59.6%. The stock is up 35.13% year-to-date. Altria’s dividends are qualified, so the Roth advantage compounds: every reinvested payout grows without a tax bill along the way.
Risk: Domestic cigarette volumes fell an estimated 4.5% in Q2 after adjusting for trade inventory. NJOY ACE will not return to market in 2026, and Q2 adjusted EPS of $1.48 missed the $1.50 estimate.
Realty Income
Realty Income (NYSE:O) yields 5.43%. It pays $0.2715 a month, for an annualized forward payout of $3.258.
Dividend safety: Realty Income raised its 2026 AFFO per share guidance to $4.44 to $4.45, comfortably topping the annual dividend. (AFFO is the cash-earnings measure REITs use to fund their payouts.) Occupancy stands at 98.8%, and re-leased properties brought in 102.7% of their prior rent. The REIT has A3, A−, and A ratings from Moody’s, S&P, and Fitch. It is a member of the S&P 500 Dividend Aristocrats, with over 31 consecutive years of increases and 673 consecutive monthly dividends. Q2 marked its 115th consecutive quarterly dividend increase.
Bull case: Investment volume guidance rose to $10.0 billion. Q2 deals carried a 7.3% initial cash yield, and a $6 billion hyperscale data center joint venture adds a new source of growth. Realty Income is the strongest Roth candidate on this list because its distributions are nonqualified ordinary income. In a taxable account, you pay tax at your full marginal rate. Inside a Roth, they compound untaxed.
Risk: 65.7% of annualized base rent comes from tenants without investment-grade ratings, with net leverage at 5.4x adjusted EBITDA. The shares are down 0.34% over the past year, a reminder of how sensitive REITs are to interest rates.
Verizon
The only ultra-high-yield name here is Verizon Communications (NYSE:VZ). Its $2.83 annualized payout yields about 6.34% at $44.63.
Dividend safety: Adjusted EPS guidance of $4.99 to $5.04 covers the dividend with plenty of room. Free cash flow is projected at $21.94B to $22.14B for the year. In the first half, free cash flow of $10.2 billion covered $5.9 billion in dividends. Net unsecured leverage stands at 2.5x adjusted EBITDA, and Verizon paid off substantially all of Frontier’s debt 6 months ahead of schedule. Its dividend history shows a higher quarterly payout each year from 2011 through 2026, most recently raising it to $0.7075 from $0.69.
Bull case: Reduced spending on device subsidies is paying off. Adjusted EBITDA margin expanded to 40.1% from 37.1%, and Verizon added 184K postpaid phone customers. CEO Dan Schulman said, “We are growing our dividend, and we are paying down our debt.” AI infrastructure revenue is expected to start contributing in 2027.
Risk: Wireless ARPA, the average revenue per account, fell 1.4% year over year. Total unsecured debt stands at $136.5B, and total revenue slipped 0.7%.
Enbridge
Enbridge (NYSE:ENB) pays a quarterly dividend of C$0.97. Based on its U.S.-listed annualized payout of $2.784 and a price of $48.14, the yield is roughly 5.78%.
Dividend safety: Guidance for distributable cash flow (DCF) per share is C$5.70 to C$6.10, well ahead of the quarterly payout. Q2 adjusted EBITDA rose to $4.78B, and the secured backlog totals C$41B. CEO Greg Ebel pointed to “31 consecutive years of dividend increases.”
Roth angle: Canada’s tax agency states that individual retirement accounts (IRAs) are also exempt under Paragraph 2 of Article XXI of the Canada-U.S. tax treaty. That treaty article covers dividends paid to accounts that provide retirement benefits. In practice, the full Canadian payout can land in a Roth without the usual 15% cut. Confirm that your broker applies the exemption.
Bull case: After 2026, EBITDA, DCF per share, and EPS are expected to grow about 5% annually, supported by demand for LNG exports, utilities, and data centers.
Risk: Debt-to-EBITDA of 5.1x sits above the 4.5x to 5x target range. Exchange rates also move the US-dollar payout: it went from $0.712 in February to $0.696 in August.
Four Payers Built for Tax-Free Compounding
Each of these four companies covers its dividend with earnings or cash flow and has a history of increases. The tax benefits differ. Realty Income’s ordinary-income payouts and Enbridge’s Canadian withholding cost the most in a taxable account. Verizon and Altria offer the highest yields in this group, so you can put them to work compounding tax-free. The broader idea, building an income stream you never have to sell shares to fund, is the subject of a free dividend ladder guide we put together here. Keep an eye on Verizon’s leverage and Altria’s cigarette volumes heading into the next earnings reports.
Contact [email protected] for any questions or corrections.
LyondellBasell (LYB - Free Report) came out with quarterly earnings of $2.54 per share, missing the Zacks Consensus Estimate of $2.73 per share. This compares to earnings of $1.01 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -6.96%. A quarter ago, it was expected that this oil refiner and chemical company would post earnings of $3.56 per share when it actually produced earnings of $4.3, delivering a surprise of +20.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
LyondellBasell, which belongs to the Zacks Chemical - Diversified industry, posted revenues of $8.5 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.30%. This compares to year-ago revenues of $7.73 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
LyondellBasell shares have added about 51% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for LyondellBasell?While LyondellBasell has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for LyondellBasell 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 EPS estimate is $1.74 on $7.95 billion in revenues for the coming quarter and $9.25 on $32.85 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, Chemical - Diversified is currently in the bottom 18% 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.
Tronox (TROX - 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 4.
This producer of titanium ore and titanium dioxide is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-year change of +54.4%. The consensus EPS estimate for the quarter has been revised 37.2% lower over the last 30 days to the current level.
Tronox's revenues are expected to be $852.87 million, up 22% from the year-ago quarter.
Reports Third-Quarter Diluted EPS of $2.37 on a GAAP Basis, an Increase of Over 100.0 Percent; Adjusted Diluted EPS of $3.82, an Increase of Over 100.0 Percent; These Results Include an Unfavorable Impact of $0.11 Per Share Related to Acquired IPR&D and Milestones Expense
Delivers Third-Quarter Net Revenues of $17.404 Billion, an Increase of 10.3 Percent on a Reported Basis or 10.5 Percent on an Operational BasisThird-Quarter Global Net Revenues from the Immunology Portfolio Were $9.165 Billion, an Increase of 16.3 Percent on a Reported Basis, or 16.6 Percent on an Operational Basis; Global Skyrizi Net Revenues Were $5.776 Billion; Global Rinvoq Net Revenues Were $2.706 Billion; Global Humira Net Revenues Were $683 MillionThird-Quarter Global Net Revenues from the Neuroscience Portfolio Were $3.389 Billion, an Increase of 19.4 Percent on a Reported Basis, or 19.5 Percent on an Operational Basis; Global Vraylar Net Revenues Were $1.068 Billion; Global Botox Therapeutic Net Revenues Were $1.080 Billion; Combined Global Ubrelvy and Qulipta Net Revenues Were $847 Million; Global Vyalev Net Revenues Were $286 MillionThird-Quarter Global Net Revenues from the Oncology Portfolio Were $1.696 Billion, an Increase of 0.8 Percent on a Reported Basis, or 0.9 Percent on an Operational Basis; Global Venclexta Net Revenues Were $803 Million; Global Imbruvica Net Revenues Were $522 Million; Global Elahere Net Revenues Were $224 MillionThird-Quarter Global Net Revenues from the Aesthetics Portfolio Were $1.176 Billion, a Decrease of 1.4 Percent on a Reported Basis, or 1.8 Percent on an Operational Basis; Global Botox Cosmetic Net Revenues Were $669 Million; Global Juvederm Net Revenues Were $222 MillionSuccessfully Completed Acquisition of Apogee Therapeutics, Deepening AbbVie's Robust Immunology PipelineRaises 2026 Adjusted Diluted EPS Guidance Range from $13.76 - $13.96 to $13.95 - $13.99, which Includes an Unfavorable Impact of $0.69 Per Share Related to Acquired IPR&D and Milestones Expense Incurred Year-To-Date Through the Third Quarter 2026 Announces 2027 Dividend Increase of 5.2 Percent, Beginning with Dividend Payable in February 2027, /PRNewswire/ -- AbbVie (NYSE:ABBV) announced financial results for the third quarter ended September 30, 2026.
"AbbVie continues to deliver outstanding results, reflecting solid execution across our diverse portfolio," said Robert A. Michael, chairman and chief executive officer, AbbVie. "We also enhanced our long-term growth potential by securing key regulatory approvals, generating differentiated clinical data and completing the acquisition of Apogee Therapeutics. Given our strong outlook and significant momentum, we are once again increasing AbbVie's full-year guidance and raising our quarterly dividend."
Third-Quarter Results
Worldwide net revenues were $17.404 billion, an increase of 10.3 percent on a reported basis, or 10.5 percent on an operational basis.Global net revenues from the immunology portfolio were $9.165 billion, an increase of 16.3 percent on a reported basis, or 16.6 percent on an operational basis.Global Skyrizi net revenues were $5.776 billion, an increase of 22.7 percent on a reported basis, or 22.9 percent on an operational basis.Global Rinvoq net revenues were $2.706 billion, an increase of 23.9 percent on a reported basis, or 24.3 percent on an operational basis.Global Humira net revenues were $683 million, a decrease of 31.2 percent on a reported basis, or 30.6 percent on an operational basis.Global net revenues from the neuroscience portfolio were $3.389 billion, an increase of 19.4 percent on a reported basis, or 19.5 percent on an operational basis.Global Vraylar net revenues were $1.068 billion, an increase of 14.3 percent.Global Botox Therapeutic net revenues were $1.080 billion, an increase of 9.8 percent.Global Ubrelvy net revenues were $449 million, an increase of 26.9 percent.Global Qulipta net revenues were $398 million, an increase of 38.2 percent on a reported basis, or 38.5 percent on an operational basis.Global Vyalev net revenues were $286 million.Global net revenues from the oncology portfolio were $1.696 billion, an increase of 0.8 percent on a reported basis, or 0.9 percent on an operational basis.Global Venclexta net revenues were $803 million, an increase of 10.7 percent.Global Imbruvica net revenues were $522 million, a decrease of 26.1 percent. Global Elahere net revenues were $224 million, an increase of 31.0 percent on a reported basis, or 31.2 percent on an operational basis.Global net revenues from the aesthetics portfolio were $1.176 billion, a decrease of 1.4 percent on a reported basis, or 1.8 percent on an operational basis.Global Botox Cosmetic net revenues were $669 million, an increase of 4.9 percent on a reported basis, or 4.1 percent on an operational basis.Global Juvederm net revenues were $222 million, a decrease of 11.9 percent on a reported basis, or 11.8 percent on an operational basis.On a GAAP basis, the gross margin ratio in the third quarter was 75.4 percent. The adjusted gross margin ratio was 85.1 percent.On a GAAP basis, selling, general and administrative (SG&A) expense was 23.5 percent of net revenues. The adjusted SG&A expense was 21.2 percent of net revenues.On a GAAP basis, research and development (R&D) expense was 14.7 percent of net revenues. The adjusted R&D expense was 13.9 percent of net revenues.Acquired IPR&D and milestones expense was 1.2 percent of net revenues.On a GAAP basis, the operating margin ratio in the third quarter was 36.0 percent. The adjusted operating margin ratio was 48.7 percent.On a GAAP basis, net interest expense was $700 million. The adjusted net interest expense was $688 million.On a GAAP basis, the tax rate in the quarter was 12.6 percent. The adjusted tax rate was 13.6 percent.Diluted earnings per share (EPS) in the third quarter was $2.37 on a GAAP basis. Adjusted diluted EPS, excluding specified items, was $3.82. These results include an unfavorable impact of $0.11 per share related to acquired IPR&D and milestones expense.Note: "Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
Recent Events
AbbVie announced it completed its acquisition of Apogee Therapeutics, deepening AbbVie's robust immunology pipeline with diverse assets targeting dermatologic, respiratory and other inflammatory and immunological diseases. The acquisition includes zumilokibart, a late-stage, half-life extended monoclonal antibody targeting IL-13 for atopic dermatitis (AD), as well as APG273, a potential best-in-category long-acting combination targeting IL-13 and thymic stromal lymphopoietin (TSLP) in asthma.AbbVie announced the U.S. Food and Drug Administration (FDA) approved Skyrizi (risankizumab) for subcutaneous (SC) induction in the treatment of moderately to severely active Crohn's disease (CD). The approval offers adult CD patients an additional option for induction of Skyrizi and is supported by positive data from the Phase 3 AFFIRM study. The FDA also approved an update to the U.S. prescribing information's warning and precautions for Skyrizi, across all indications, to allow healthcare providers to use clinical judgment when determining whether tuberculosis testing is needed. Additionally, AbbVie announced it submitted an application to the European Medicines Agency (EMA) seeking approval for Skyrizi for SC induction in the treatment of adult patients with moderately to severely active CD.AbbVie announced positive topline results from the Phase 3 INTREPID study evaluating the safety and efficacy of lutikizumab, an investigational dual-variable-domain IL-1α/1β antagonist, in adults and adolescents with moderate to severe hidradenitis suppurativa (HS). In the study, lutikizumab met the primary endpoint, achieving a significantly higher response rate of Hidradenitis Suppurativa Clinical Response 75 (HiSCR 75) at Week 16 compared with placebo and also met the majority of ranked secondary endpoints, including significant improvements in HS-related skin pain at Week 8 and significant reductions in the occurrence of HS flares over the first 16 weeks. Lutikizumab was generally well tolerated, with no new safety concerns identified. These data will be presented at a future medical congress. Additional data from this study, including results from a 36-week blinded extension period, are expected next year and will be used to support regulatory submissions for lutikizumab in HS in the second half of 2027.At the American College of Gastroenterology (ACG) 2026 Annual Scientific Meeting, AbbVie shared new Skyrizi and Rinvoq (upadacitinib) data which demonstrated disease control for patients living with inflammatory bowel disease (IBD). Highlights included new Phase 3 AFFIRM data which showed higher rates of clinical and endoscopic response in CD patients treated with SC Skyrizi versus placebo across all efficacy endpoints and observed subgroups; open-label extension analyses that demonstrated sustained endoscopic outcomes over time with Skyrizi, even in patients with complex disease characteristics and prior treatment exposure; and real-world studies that showed patients with advanced CD achieved disease control with Rinvoq, highlighting its potential benefit for difficult-to-treat patients.At the 2026 United European Gastroenterology (UEG) Week, AbbVie showcased 20 presentations that underscored the breadth of its IBD research programs. Key disclosures included late-breaking results from the Phase 2a TARGET-CD trial for combination therapy ABBV-466 (Skyrizi + ABBV-382) which demonstrated higher endoscopic remission rates than either Skyrizi or ABBV-382 monotherapy at Week 12, the primary endpoint, with remission rates continuing to increase through Week 24 in patients with moderate to severe CD. AbbVie also presented long-term and real-world data for Skyrizi and Rinvoq that provided additional insight into clinical and endoscopic outcomes in moderately to severely active CD and ulcerative colitis (UC).At the 2026 European Academy of Dermatology and Venereology (EADV) Congress, AbbVie presented data from 60 abstracts reflecting AbbVie's expanding portfolio across a wide spectrum of immune-mediated skin diseases. Highlights included late-breaking presentations from the Phase 3 Viti-Up-1 and Viti-Up-2 studies of Rinvoq in non-segmental vitiligo (NSV), which showed continued facial and total body repigmentation through week 76; primary results from the Phase 2 APEX Part B study evaluating zumilokibart in adult patients with moderate to severe AD, which showed all three dose regimens met the primary endpoint with significantly greater improvements in Eczema Area and Severity Index-75 (EASI-75) response rates versus placebo at week 16; and data showing how lutikizumab targets neutrophilic inflammation and fibroblast activation in HS.AbbVie announced the FDA approved Juvmo (tavapadon) tablets as the only selective D1/D5 receptor agonist for the treatment of adults with Parkinson's disease (PD). Taken once daily with or without levodopa therapy, Juvmo offers patients a differentiated approach to motor symptom control across the PD continuum. This approval is supported by the Phase 3 TEMPO program, which demonstrated significant improvements in daily functioning, increased "on" time without troublesome dyskinesia and a favorable safety profile.AbbVie announced positive topline results from the Phase 3 LUNA study, which evaluated Qulipta (atogepant), a calcitonin gene-related peptide (CGRP) receptor antagonist, for the preventive treatment of menstrual migraine in adults. In the study, Qulipta demonstrated statistically significant reductions in migraine days associated with the menstrual period, meeting the primary and all eight ranked secondary endpoints versus placebo. Menstrual migraine is a recurrent, debilitating migraine pattern, with attacks occurring around or during the menstrual period. No treatment options are currently approved for menstrual migraine, underscoring the urgent need for care approaches specifically designed for this patient population.At Psych Congress 2026, AbbVie presented new real-world data supporting the effectiveness of Vraylar (cariprazine), which showed meaningful improvements in depressive symptoms, functioning and quality of life among adults living with major depressive disorder and bipolar I depression. These findings provide additional evidence that the benefits observed with Vraylar in clinical trials can also be achieved in routine practice, where patients often have more complex treatment needs. Vraylar is being co-developed by AbbVie and Gedeon Richter.AbbVie announced submission of a Biologics License Application (BLA) to the FDA for etentamig, a next-generation BCMA x CD3 bispecific T-cell engager, for the treatment of patients living with relapsed/refractory multiple myeloma (RRMM). The submission is supported by positive results from the Phase 3 CERVINO study which demonstrated that etentamig achieved significant improvements in overall response rate (ORR, 74%) and progression-free survival (PFS, 60%) versus investigator's choice of standard available therapies in triple-class exposed adults with RRMM who had received at least two prior lines of therapy. Etentamig demonstrated low rates of cytokine release syndrome and fatal infections with monthly dosing from initiation following a single step-up dose. These results support the potential for etentamig treatment across a range of settings, including community-based care, offering a potentially differentiated treatment option for patients and providers.AbbVie and Genmab announced positive topline results from the Phase 3 EPCORE DLBCL-2 trial evaluating fixed treatment duration Epkinly (epcoritamab), a T-cell engaging bispecific antibody with SC administration, in combination with standard of care rituximab, cyclophosphamide, doxorubicin hydrochloride, vincristine, and prednisone (R-CHOP), compared to R-CHOP alone, in newly diagnosed patients with diffuse large B-cell lymphoma (DLBCL). The trial demonstrated a statistically significant and clinically meaningful improvement in PFS in DLBCL patients, as the risk of disease progression or death was reduced by 51%. The safety profile of Epkinly when administered in combination with standard of care R-CHOP was generally well tolerated and consistent with the previously reported safety profiles of the individual agents. Based on the topline results, Genmab and AbbVie will engage global regulatory authorities. Epkinly is being co-developed by AbbVie and Genmab.AbbVie announced the FDA granted two Breakthrough Therapy Designations (BTDs) for telisotuzumab adizutecan (Temab-A), a next-generation, c-Met-directed antibody-drug conjugate (ADC) with a novel topoisomerase 1 inhibitor, in colorectal cancer (CRC) and non-small cell lung cancer (NSCLC). These designations represent the first BTDs for Temab-A.At the 23rd International Myeloma Society (IMS) Annual Meeting, AbbVie presented research demonstrating the breadth of its myeloma pipeline. Highlights included a plenary presentation featuring full results from the Phase 3 CERVINO study evaluating etentamig; as well as data from ABBV-2001, a trispecific T-cell engager; surzetoclax, a BCL-2 inhibitor; and combination approaches.At the 2026 World Conference on Lung Cancer (WCLC), AbbVie shared new data showcasing its strategy aimed at building a lung cancer pipeline spanning next-generation immunotherapies, targeted ADCs and the potential for novel combination approaches. Presentations included clinical data from ABBV-1480, Temab-A and ABBV-706 programs across NSCLC and small cell lung cancer (SCLC). ABBV-1480 is developed in partnership with RemeGen.At the 2026 European Society for Medical Oncology (ESMO), AbbVie presented new data across its solid tumor pipeline that underscored the potential of AbbVie's oncology portfolio to address diverse patient needs through next-generation ADCs, combination approaches and precision medicine. Data across multiple assets in various stages of development highlighted longer-term survival, combination and biomarker findings.Allergan Aesthetics announced the FDA accepted for review its supplemental BLA for Botox Cosmetic (onabotulinumtoxinA) for the temporary improvement in the appearance of marked to very marked masseter muscle prominence (MMP) associated with masseter muscle activity in adults. The submission is supported by two Phase 3 studies, demonstrating statistically significant improvements in MMP and patient satisfaction with treatment. If approved, Botox Cosmetic would become the first neurotoxin indicated for this condition in the U.S. and expand its portfolio to a fifth aesthetic indication.At the European Association for the Study of Diabetes (EASD) 2026 Annual Meeting, AbbVie announced detailed Phase 1 data for ABBV-295, a long-acting amylin analog being developed for the treatment of obesity. Data presented demonstrated an approximately 11- to 12-day half-life and dose-proportional increases in plasma exposure, supporting evaluation of ABBV-295 at dosing intervals beyond weekly administration, including every-other-week and monthly regimens. ABBV-295 also showed meaningful body weight reduction and a favorable tolerability profile at all evaluated dose levels, with topline results announced earlier this year. Findings support advancement of ABBV-295 into Phase 2 development for chronic weight management.AbbVie announced an agreement with Valkai to apply advanced artificial intelligence (AI) across targeted areas of clinical development. The agreement is designed to strengthen integrated AI capabilities across clinical development to help accelerate the pace at which scientific innovation reaches patients.AbbVie and Iambic, a clinical-stage life sciences and technology company developing novel medicines through its AI-driven discovery and development platform, announced a multi-year strategic relationship to accelerate the discovery and development of small molecule therapies in immunology, neuroscience and oncology. The strategic relationship will pursue programs with first-in-class and best-in-class potential, combining Iambic's molecular superintelligence platform with AbbVie's therapeutic area expertise.Full-Year 2026 Outlook
AbbVie is raising its adjusted diluted EPS guidance for the full year 2026 from $13.76 - $13.96 to $13.95 - $13.99, which includes an unfavorable impact of $0.69 per share related to acquired IPR&D and milestones expense incurred year-to-date through the third quarter 2026. The company's 2026 adjusted diluted EPS guidance excludes any impact from acquired IPR&D and milestones that may be incurred beyond the third quarter of 2026, as both cannot be reliably forecasted.
AbbVie does not provide a reconciliation of forward-looking non-GAAP financial measures, including adjusted diluted earnings per share to the most directly comparable generally accepted accounting principles in the United States (GAAP) financial measures because AbbVie is unable to predict with reasonable certainty, without unreasonable effort, the amount and timing of changes in fair value of contingent consideration, intangible asset impairments, acquisition and integration costs, litigation matters, income tax items and other adjustments. These items are uncertain, depend on various factors and could have a material impact on AbbVie's GAAP results for the guidance period.
Company Declares Dividend Increase of 5.2 Percent
AbbVie is announcing today that its board of directors declared an increase in the company's quarterly cash dividend from $1.73 per share to $1.82 per share beginning with the dividend payable on February 16, 2027 to shareholders of record as of January 15, 2027. This reflects an increase of approximately 5.2 percent, continuing AbbVie's strong commitment to returning cash to shareholders through a growing dividend. Since the company's inception in 2013, AbbVie has increased its quarterly dividend by 355 percent. AbbVie is a member of the S&P Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.
Conference Call
AbbVie will host an investor conference call today at 8:00 a.m. Central Time to discuss our third-quarter performance. The call will be webcast through AbbVie's Investor Relations website at investors.abbvie.com. An archived edition of the call will be available after 11:00 a.m. Central Time.
Non-GAAP Financial Results
Financial results for 2026 and 2025 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with GAAP and include all revenue and expenses recognized during the period. Non-GAAP results adjust for certain non-cash items and for factors that are unusual or unpredictable, and exclude those costs, expenses, and other specified items presented in the reconciliation tables later in this release. AbbVie's management believes non-GAAP financial measures provide useful information to investors regarding AbbVie's results of operations and assist management, analysts and investors in evaluating the performance of the business. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP.
Forward-Looking Statements
Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project," "estimate," "intend," "plan," "target," "may," "could" and "will," and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, drug pricing reform and government pricing programs, risks related to the use of artificial intelligence or other emerging technologies, and the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes, tariffs and changes in U.S. and international trade policies, and other uncertainties and risks associated with global business operations. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made.
Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's most recently filed Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and in other documents AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
Media:
Investors:
Cat Langel
Liz Shea
(708) 508-3524
(847) 935-2211
Todd Bosse
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Jeffrey Byrne
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AbbVie Inc.
Key Product Revenues
Quarter Ended September 30, 2026
(Unaudited)
% Change vs. 3Q25
Net Revenues (in millions)
Reported
Operationala
U.S.
Int'l.
Total
U.S.
Int'l.
Total
Int'l.
Total
NET REVENUES
$13,333
$4,071
$17,404
10.5 %
9.8 %
10.3 %
10.6 %
10.5 %
Immunology
7,315
1,850
9,165
16.8
14.1
16.3
15.6
16.6
Skyrizi
5,019
757
5,776
22.9
21.6
22.7
23.2
22.9
Rinvoq
1,924
782
2,706
23.4
25.1
23.9
26.4
24.3
Humira
372
311
683
(39.9)
(16.8)
(31.2)
(15.2)
(30.6)
Neuroscience
2,939
450
3,389
19.3
20.0
19.4
20.7
19.5
Vraylar
1,064
4
1,068
14.3
43.5
14.3
46.0
14.3
Botox Therapeutic
912
168
1,080
10.5
5.8
9.8
5.6
9.8
Ubrelvy
438
11
449
27.3
13.9
26.9
15.0
26.9
Qulipta
333
65
398
32.1
80.2
38.2
82.3
38.5
Vyalev
154
132
286
>100.0
55.6
>100.0
57.2
>100.0
Other Neuroscience
38
70
108
(36.0)
(15.3)
(23.9)
(14.6)
(23.5)
Oncology
973
723
1,696
(5.7)
11.1
0.8
11.4
0.9
Venclexta
385
418
803
13.0
8.7
10.7
8.6
10.7
Imbruvicab
340
182
522
(33.0)
(8.3)
(26.1)
(8.3)
(26.1)
Elahere
166
58
224
9.6
>100.0
31.0
>100.0
31.2
Epkinlyc
43
65
108
>100.0
35.1
57.7
39.5
60.8
Other Oncology
39
—
39
>100.0
62.6
>100.0
62.6
>100.0
Aesthetics
723
453
1,176
(2.3)
0.1
(1.4)
(1.0)
(1.8)
Botox Cosmetic
388
281
669
2.4
8.6
4.9
6.5
4.1
Juvederm Collection
90
132
222
(6.3)
(15.4)
(11.9)
(15.3)
(11.8)
Other Aesthetics
245
40
285
(7.6)
5.5
(6.0)
6.5
(5.9)
Other Key Products
800
165
965
(3.5)
(7.1)
(4.1)
(4.9)
(3.7)
Mavyret
115
150
265
(21.2)
(9.7)
(15.1)
(7.4)
(13.9)
Creon
361
—
361
(2.2)
n/m
(2.2)
n/m
(2.2)
Linzess
324
15
339
3.2
31.1
4.2
31.8
4.2
a
"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
b
Reflects profit sharing for Imbruvica international revenues.
c
Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc.
Key Product Revenues
Nine Months Ended September 30, 2026
(Unaudited)
% Change vs. 9M25
Net Revenues (in millions)
Reported
Operationala
U.S.
Int'l.
Total
U.S.
Int'l.
Total
Int'l.
Total
NET REVENUES
$37,163
$12,233
$49,396
9.9 %
14.0 %
10.9 %
10.7 %
10.1 %
Immunology
19,809
5,432
25,241
14.9
19.7
15.9
16.5
15.2
Skyrizi
13,561
2,203
15,764
25.0
28.9
25.6
24.9
25.1
Rinvoq
5,094
2,256
7,350
20.4
32.8
23.9
29.2
22.9
Humira
1,154
973
2,127
(46.7)
(13.8)
(35.4)
(15.2)
(35.9)
Neuroscience
8,169
1,323
9,492
20.7
27.6
21.6
22.7
20.9
Vraylar
3,034
10
3,044
17.0
44.9
17.1
42.8
17.1
Botox Therapeutic
2,618
513
3,131
12.7
12.6
12.7
8.3
12.0
Ubrelvy
1,147
33
1,180
26.5
31.7
26.7
29.6
26.6
Qulipta
872
172
1,044
32.0
97.2
39.6
91.2
38.9
Vyalev
371
372
743
>100.0
70.9
>100.0
64.0
>100.0
Other Neuroscience
127
223
350
(38.0)
(8.7)
(22.0)
(12.9)
(24.3)
Oncology
2,791
2,186
4,977
(9.5)
14.6
(0.3)
11.5
(1.5)
Venclexta
1,095
1,249
2,344
12.4
12.8
12.6
7.9
10.0
Imbruvicab
1,009
601
1,610
(36.1)
(2.9)
(26.8)
(2.9)
(26.8)
Elahere
487
146
633
7.4
>100.0
24.5
>100.0
23.3
Epkinlyc
104
190
294
64.7
49.9
54.9
50.5
55.3
Other Oncology
96
—
96
>100.0
>100.0
>100.0
>100.0
>100.0
Aesthetics
2,188
1,456
3,644
0.5
4.3
2.0
0.9
0.7
Botox Cosmetic
1,159
906
2,065
6.9
13.1
9.5
8.7
7.6
Juvederm Collection
278
421
699
0.3
(9.8)
(6.0)
(11.8)
(7.2)
Other Aesthetics
751
129
880
(8.1)
1.0
(6.9)
(1.2)
(7.2)
Other Key Products
2,377
518
2,895
3.3
(6.2)
1.5
(9.7)
0.8
Mavyret
431
480
911
(8.8)
(7.8)
(8.3)
(11.2)
(10.1)
Creon
1,067
—
1,067
(5.4)
n/m
(5.4)
n/m
(5.4)
Linzess
879
38
917
25.5
19.9
25.2
16.0
25.0
a
"Operational" comparisons are presented at constant currency rates that reflect comparative local currency net revenues at the prior year's foreign exchange rates.
b
Reflects profit sharing for Imbruvica international revenues.
c
Epkinly U.S. revenues reflect profit sharing. International revenues reflect product revenues as well as profit sharing from certain international territories.
n/m = not meaningful
AbbVie Inc.
Consolidated Statements of Earnings
(Unaudited)
(in millions, except per share data)
Third Quarter
Ended September 30
Nine Months
Ended September 30
2026
2025
2026
2025
Net revenues
$ 17,404
$ 15,776
$ 49,396
$ 44,542
Cost of products sold
4,285
5,304
12,794
13,652
Selling, general and administrative
4,087
3,569
11,297
10,115
Research and development
2,567
2,319
7,383
6,517
Acquired IPR&D and milestones
216
2,680
1,251
3,751
Other operating income
(18)
—
(18)
(24)
Total operating costs and expenses
11,137
13,872
32,707
34,011
Operating earnings
6,267
1,904
16,689
10,531
Interest expense, net
700
667
2,024
1,972
Other expense, net
738
523
4,519
4,630
Earnings before income tax expense
4,829
714
10,146
3,929
Income tax expense
609
526
1,613
1,511
Net earnings
4,220
188
8,533
2,418
Net earnings attributable to noncontrolling interest
2
2
7
8
Net earnings attributable to AbbVie Inc.
$ 4,218
$ 186
$ 8,526
$ 2,410
Diluted earnings per share attributable to AbbVie Inc.
$ 2.37
$ 0.10
$ 4.79
$ 1.34
Adjusted diluted earnings per sharea
$ 3.82
$ 1.86
$ 10.12
$ 7.29
Weighted-average diluted shares outstanding
1,772
1,772
1,772
1,772
a Refer to the Reconciliation of GAAP Reported to Non-GAAP Adjusted Information for further details.
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Quarter Ended September 30, 2026
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 4,829
$ 4,218
$ 2.37
Adjusted for specified items:
Intangible asset amortization
1,669
1,419
0.79
Acquisition and integration costs
408
391
0.22
Change in fair value of contingent consideration
829
809
0.46
Other
131
(42)
(0.02)
As adjusted (non-GAAP)
$ 7,866
$ 6,795
$ 3.82
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs related to the Apogee Therapeutics, Inc. acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2026 included acquired IPR&D and milestone expense of
$216 million on a pre-tax and $205 million on an after-tax basis, representing an unfavorable impact of $0.11 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Quarter Ended September 30, 2026
(in millions)
Cost of
products
sold
SG&A
R&D
Other
operating
income
Interest
expense,
net
Other
expense,
net
As reported (GAAP)
$ 4,285
$ 4,087
$ 2,567
$ (18)
$ 700
$ 738
Adjusted for specified items:
Intangible asset amortization
(1,669)
—
—
—
—
—
Acquisition and integration costs
(4)
(250)
(142)
—
(12)
—
Change in fair value of contingent consideration
—
—
—
—
—
(829)
Other
(11)
(149)
—
18
—
11
As adjusted (non-GAAP)
$ 2,601
$ 3,688
$ 2,425
$ —
$ 688
$ (80)
3. The adjusted tax rate for the third quarter of 2026 was 13.6 percent, as detailed below:
Quarter Ended September 30, 2026
(dollars in millions)
Pre-tax
earnings
Income taxes
Tax rate
As reported (GAAP)
$ 4,829
$ 609
12.6 %
Specified items
3,037
460
15.1 %
As adjusted (non-GAAP)
$ 7,866
$ 1,069
13.6 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Quarter Ended September 30, 2025
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 714
$ 186
$ 0.10
Adjusted for specified items:
Intangible asset amortization
1,871
1,576
0.89
Intangible asset impairment
847
701
0.39
Acquisition and integration costs
212
207
0.12
Change in fair value of contingent consideration
776
755
0.43
Other
(40)
(119)
(0.07)
As adjusted (non-GAAP)
$ 4,380
$ 3,306
$ 1.86
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets. Acquisition and integration costs
primarily reflect costs related to the Capstan acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the three months ended September 30, 2025 included acquired IPR&D and milestone expense of
$2.7 billion on a pre-tax and after-tax basis, representing an unfavorable impact of $1.50 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Quarter Ended September 30, 2025
(in millions)
Cost of
products
sold
SG&A
R&D
Other
expense,
net
As reported (GAAP)
$ 5,304
$ 3,569
$ 2,319
$ 523
Adjusted for specified items:
Intangible asset amortization
(1,871)
—
—
—
Intangible asset impairment
(847)
—
—
—
Acquisition and integration costs
(5)
(144)
(63)
—
Change in fair value of contingent consideration
—
—
—
(776)
Other
(34)
(13)
—
87
As adjusted (non-GAAP)
$ 2,547
$ 3,412
$ 2,256
$ (166)
3. The adjusted tax rate for the third quarter of 2025 was 24.5 percent, as detailed below:
Quarter Ended September 30, 2025
(dollars in millions)
Pre-tax
earnings
Income taxes
Tax rate
As reported (GAAP)
$ 714
$ 526
73.7 %
Specified items
3,666
546
14.9 %
As adjusted (non-GAAP)
$ 4,380
$ 1,072
24.5 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Nine Months Ended September 30, 2026
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 10,146
$ 8,526
$ 4.79
Adjusted for specified items:
Intangible asset amortization
5,106
4,353
2.45
Acquisition and integration costs
431
410
0.23
Change in fair value of contingent consideration
4,734
4,613
2.60
Other
631
95
0.05
As adjusted (non-GAAP)
$ 21,048
$ 17,997
$ 10.12
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Acquisition and integration costs primarily reflect costs related to the Apogee Therapeutics, Inc. acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2026 included acquired IPR&D and milestones expense of
$1.3 billion on a pre-tax and $1.2 billion on an after-tax basis, representing an unfavorable impact of $0.69 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Nine Months Ended September 30, 2026
(in millions)
Cost of
products
sold
SG&A
R&D
Other
operating
income
Interest
expense,
net
Other
expense,
net
As reported (GAAP)
$ 12,794
$ 11,297
$ 7,383
$ (18)
$ 2,024
$ 4,519
Adjusted for specified items:
Intangible asset amortization
(5,106)
—
—
—
—
—
Acquisition and integration costs
(7)
(257)
(155)
—
(12)
—
Change in fair value of contingent consideration
—
—
—
—
—
(4,734)
Other
(20)
(377)
(221)
18
—
(31)
As adjusted (non-GAAP)
$ 7,661
$ 10,663
$ 7,007
$ —
$ 2,012
$ (246)
3. The adjusted tax rate for the first nine months of 2026 was 14.5 percent, as detailed below:
Nine Months Ended September 30, 2026
(dollars in millions)
Pre-tax
earnings
Income taxes
Tax rate
As reported (GAAP)
$ 10,146
$ 1,613
15.9 %
Specified items
10,902
1,431
13.1 %
As adjusted (non-GAAP)
$ 21,048
$ 3,044
14.5 %
AbbVie Inc.
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information
(Unaudited)
1. Specified items impacted results as follows:
Nine Months Ended September 30, 2025
(in millions, except per share data)
Earnings
Diluted
Pre-tax
After-taxa
EPS
As reported (GAAP)
$ 3,929
$ 2,410
$ 1.34
Adjusted for specified items:
Intangible asset amortization
5,593
4,721
2.67
Intangible asset impairment
847
701
0.39
Acquisition and integration costs
273
256
0.14
Change in fair value of contingent consideration
5,089
4,941
2.79
Other
52
(75)
(0.04)
As adjusted (non-GAAP)
$ 15,783
$ 12,954
$ 7.29
a Represents net earnings attributable to AbbVie Inc. Specified items reflect the impact of applicable statutory tax rates.
Intangible asset impairment reflects impairment charges of $847 million related to the Resonic and Durysta intangible assets. Acquisition and integration costs
primarily reflect costs related to the Capstan acquisition.
Reported GAAP earnings and adjusted non-GAAP earnings for the nine months ended September 30, 2025 included acquired IPR&D and milestones expense of
$3.8 billion on a pre-tax and $3.6 billion on an after-tax basis, representing an unfavorable impact of $2.05 to both diluted EPS and adjusted diluted EPS.
2. The impact of the specified items by line item was as follows:
Nine Months Ended September 30, 2025
(in millions)
Cost of
products
sold
SG&A
R&D
Other
operating
income
Other
expense,
net
As reported (GAAP)
$ 13,652
$ 10,115
$ 6,517
$ (24)
$ 4,630
Adjusted for specified items:
Intangible asset amortization
(5,593)
—
—
—
—
Intangible asset impairment
(847)
—
—
—
—
Acquisition and integration costs
(10)
(171)
(92)
—
—
Change in fair value of contingent consideration
—
—
—
—
(5,089)
Other
(126)
(13)
(3)
24
66
As adjusted (non-GAAP)
$ 7,076
$ 9,931
$ 6,422
$ —
$ (393)
3. The adjusted tax rate for the first nine months of 2025 was 17.9 percent, as detailed below:
The pharmaceutical company boosted its profit outlook for the year, and raised its quarterly dividend as both third-quarter results and full-year guidance came in above expectations.
, /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced that a Simon subsidiary has entered into an agreement to acquire University Village, an open-air retail center in Seattle, Washington.
Since opening in the 1950s, University Village has been a vibrant Seattle community hub. Over the decades, it has welcomed a diverse mix of owner-operated boutiques, businesses, and beloved local eateries, many of which have remained for years. Located north of downtown near the University of Washington, the open-air shopping and dining destination features more than 100 businesses and services. Widely regarded as a premier outdoor shopping center, it offers a curated mix of signature national brands, local boutiques, restaurants, and other businesses, including Apple, RH Gallery, Crate & Barrel, Room & Board, Sézane, Lululemon, Aritzia, Vuori, and Din Tai Fung.
"More than thirty years ago, we set out to create more than a retail space—we envisioned Seattle's finest neighborhood gathering place, where local and regional small businesses could thrive alongside quality national brands and families could come together. Looking back, we are deeply grateful. The Village began as an approximately 300,000-square-foot property, but it was never just about bricks and mortar; it was built around a vision of delivering an exceptional customer experience. Today, it has grown to nearly 600,000 square feet," said Susie Plummer, Partner and General Manager, University Village.
"University Village is an exceptional retail destination, and we are pleased to welcome it to our portfolio," said Eli Simon, Chief Executive Officer, President, and Chief Operating Officer of Simon Property Group. "This acquisition underscores our focus on owning distinctive, high-quality assets in strong markets. We look forward to building on the center's success for shoppers, retailers, and the greater Seattle community."
As the property transitions to new stewardship, University Village's owners extend their heartfelt thanks to the business partners, employees, and surrounding community who helped realize the vision of a high-quality shopping and dining destination. "We want to thank everyone who has contributed to University Village's success, past and present, throughout its nearly 70-year history," said Plummer.
The transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon Property Group, Inc. (the "Company") believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce, as well as evolving consumer preferences and purchasing habits; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities, or inappropriate or unacceptable behavior by visitors, at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; risks associated with artificial intelligence, including generative artificial intelligence technologies, and the evolving regulatory environment applicable to those technologies; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments or otherwise.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations (Simon Property Group, NYSE: SPG). Our properties across North America, Europe, and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
Shares of Reddit and Pinterest fell in premarket trading on Friday, after Reddit warned that Google's AI search features could shrink its user base, and Pinterest forecast weak fourth-quarter revenue
U.S. stock futures were mostly lower this morning, with the Nasdaq 100 futures falling over 2% on Friday.
Shares of Pinterest Inc (NYSE:PINS) fell sharply in pre-market trading after the company reported worse-than-expected third-quarter financial results and issued fourth-quarter sales guidance below estimates.
Pinterest reported third-quarter revenue of $1.17 billion, missing analyst estimates of $1.21 billion, according to Benzinga Pro. The idea discovery platform company reported adjusted earnings of 46 cents per share for the period, missing estimates of 48 cents per share.
Pinterest shares dipped 9.1% to $18.10 in pre-market trading.
Here are some other stocks moving lower in pre-market trading.
Alphatec Holdings Inc (NASDAQ:ATEC) fell 29.8% to $7.98 in pre-market trading after reporting weak third-quarter results.Intel Corp (NASDAQ:INTC) fell 27% to $67.19 in pre-market trading after the company reported third-quarter financial results and issued fourth-quarter guidance below estimates.Reddit Inc (NYSE:RDDT) fell 21.3% to $102.00 in pre-market trading after the company issued weak sales forecast for the fourth quarter.Roblox Corp (NYSE:RBLX) fell 18.2% to $42.92 in pre-market trading after posting third-quarter results.Twilio Inc (NYSE:TWLO) tumbled 16.9% to $201.01 in pre-market trading following third-quarter results.Grocery Outlet Holding Corp (NASDAQ:GO) fell 14.6% to $11.00 in pre-market trading.DXC Technology Co (NYSE:DXC) shares declined 14.6% to $13.01 in pre-market trading after the company reported second-quarter financial results and cut its FY27 guidance below estimates.Alignment Healthcare Inc (NASDAQ:ALHC) fell 14% to $6.93 in pre-market trading after the company reported mixed third-quarter financial results.Cypherpunk Technologies Inc (NASDAQ:CYPH) declined 11.2% to $2.94 in pre-market trading.Stryker Corp (NYSE:SYK) dipped 10.5% to $279.00 in pre-market trading after the company reported worse-than-expected third-quarter financial results and cut its FY26 guidance below estimates.Bright Horizons Family Solutions Inc (NYSE:BFAM) fell 10.4% to $60.00 in pre-market trading after the company reported worse-than-expected quarterly sales results and lowered its FY2026 guidance below estimates.Coursera Inc (NYSE:COUR) fell 10.3% to $4.18 in pre-market trading after the company reported third-quarter financial results and issued fourth-quarter sales guidance below estimates.Innovex International Inc (NYSE:INVX) dropped 10.1% to $26.96 in pre-market trading after the company reported mixed third-quarter financial results.Illumina Inc (NASDAQ:ILMN) declined 9.7% to $262.00 in pre-market trading following mixed quarterly results.Dell Technologies Inc (NYSE:DELL) dipped 9.6% to $430.00 in pre-market trading.Babcock & Wilcox Enterprises Inc (NYSE:BW) fell 9.2% to $4.14 in pre-market trading.Arm Holdings PLC – ADR (NASDAQ:ARM) tumbled 8.8% to $208.61 in pre-market trading.Maxlinear Inc (NASDAQ:MXL) dropped 8.4% to $65.59 in pre-market trading.Applied Optoelectronics Inc (NASDAQ:AAOI) declined 8.2% to $72.68 in pre-market trading.Amazon.com Inc (NASDAQ:AMZN) dropped 7.3% to $226.02 in pre-market trading as the company reported weaker-than-expected financial results for the third quarter.Photo via Shutterstock
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Micron Technology (MU -4.98%) has been on a phenomenal bull run over the past year, with its shares jumping nearly 350% in such a short time.
Micron's stunning rally has been driven by impressive growth in both revenue and earnings. The company has emerged as a key player in the global artificial intelligence (AI) data center market, as the memory and storage chips it manufactures help store large data sets and transport data rapidly within data centers and AI chip clusters.
However, investors may now be wondering whether Micron can replicate its bull run. The good news is that it can indeed soar higher, as strong demand for memory chips and tight supply conditions in the industry are likely to persist.
Image source: Micron Technology.
Memory supply is expected to tighten further
AI has created astronomical demand for dynamic random-access memory (DRAM) and NAND flash storage. However, supply growth has significantly trailed the increase in memory demand, leading to a sharp rise in prices.
MU Micron Technology$934.27-$48.96 (-4.98%)
NASDAQ · As of 4:00 PM ET 10/29/26
Importantly, Micron management has great news for investors who missed its bull run over the past year. CEO Sanjay Mehrotra noted on Micron's September earnings call:
We expect memory and storage supply demand conditions to be much tighter in calendar 2027 and 2028 than they were in 2026.
This is a clear indication that the favorable pricing environment supporting Micron's growth isn't going anywhere. For instance, the contract price of high-bandwidth memory (HBM) used in AI accelerators is anticipated to jump by 70%-140% in 2027, according to market research firm TrendForce.
The anticipated jump in HBM prices next year will encourage memory manufacturers to allocate more capacity to producing these chips. Given that HBM consumes three times the wafer capacity of a traditional DRAM chip, it is easy to see why Mehrotra sees tighter memory supply conditions over the next couple of years.
Micron's outstanding growth potential and cheap valuation indicate that it isn't too late for investors to buy it
Micron ended fiscal 2026 with a 9x increase in adjusted earnings per share to $75.52. The stock trades at just 14 times earnings despite such phenomenal growth, a discount to the tech-focused Nasdaq Composite index's earnings multiple of 41.
The forward earnings multiple of 5 is even cheaper, especially considering that Micron's earnings are anticipated to increase by 133% this fiscal year. Moreover, Micron's earnings growth could outpace the 17% year-over-year increase that analysts are projecting for fiscal 2028 due to the tightening memory supply.
All this indicates why Micron's 12-month price target of $1,575 implies potential gains of 60%. However, I won't be surprised to see larger gains in 2027 and beyond, as Micron stock should ideally command a premium valuation given the outstanding earnings growth it is poised to deliver.
China’s ChangXin Memory Technologies (CXMT) reported a more than sevenfold increase in third-quarter revenue on Friday, benefiting from a never-ending demand for memory chips used in artificial intelligence infrastructure amid a squeeze in global supplies.
The results underline the Chinese chipmaker’s growing position in the global memory industry, where established players such as Samsung Electronics, SK Hynix and Micron are facing a more competitive landscape.
The earnings announcement came as US memory and storage stocks also faced pressure ahead of the opening bell.
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CXMT’s surge highlights how supply tightness and AI demand reshape DRAM pricing.
51% of retail investor accounts lose money when trading CFDs with this provider.
CXMT reported net profit attributable to shareholders of 54.4 billion yuan ($8.17 billion) for the three months ended September 30, reversing a loss in the same period last year.
Revenue climbed 613.2% year over year to 118.71 billion yuan ($16.7 billion), representing a 19.3% increase from the previous quarter.
However, the sequential increase in attributable profit was much more modest, at around 3%.
For the first nine months of 2026, revenue reached 269.02 billion yuan, while net profit attributable to shareholders stood at 132.04 billion yuan.
The company had recorded a loss of about 5.3 billion yuan in the corresponding period last year.
CXMT attributed the improvement to higher memory-chip prices amid tight supply, alongside capacity expansion and a shift towards a more favourable product mix.
As major rivals increasingly prioritise higher-value products such as high-bandwidth memory (HBM), CXMT has benefited from demand for conventional DRAM products.
CXMT made its Shanghai stock market debut in July, with shares surging 466% on their first trading day and briefly making it China's most valuable listed company.
Its 58-billion-yuan offering was Asia's largest IPO this year.
However, the stock has since lost ground, closing 2.5% lower on Friday. It has fallen approximately 32% from its August peak as investors reassess valuations and the sustainability of the AI investment boom.
US memory stocks also came under pressure in premarket trading, with Micron dropping over 6% and SanDisk down close to 9.5%. In South Korea, Samsung fell 3% while SK Hynix tumbled to close 7% lower.
Investors are weighing the durability of elevated memory margins against the possibility of additional competition and the overall sustainability of the AI trade.
CXMT had also reported progress on a new DRAM cell architecture known as 4F², designed to fit more memory cells onto a chip and potentially increase storage density.
The company plans to introduce a server-memory product using the technology by the end of 2026.
Samsung and SK Hynix are pursuing similar approaches, making the technology an important area of competition among memory manufacturers.
Earlier reports of CXMT’s progress triggered a selloff across global chip stocks as investors assessed the potential impact on established suppliers.
The technology has yet to demonstrate large-scale commercial production, but CXMT’s rapid financial growth and manufacturing expansion are already adding to pressure on established memory-chip makers.
Sandisk just posted a blowout quarter, announced a massive buyback, and unveiled an 8-for-1 stock split, yet shares cratered anyway and dragged the entire memory sector down with them. What spooked investors enough to sell one of this year's hottest…
A beat-and-raise quarter, a massive buyback and a stock split couldn’t protect one of this year’s biggest memory winners from a sharp selloff. Shares of Sandisk (NASDAQ:SNDK | SNDK Price Prediction) are at $1,212.85, down 9% in morning trading ahead of the opening bell. The VanEck Semiconductor ETF (NASDAQ:SMH), a concentrated chip fund, is at $532.40, down 5%. By contrast, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is at $761.31, down 1%.
Sandisk’s drop comes after a decline in the October 29 regular session before the report. Even so, Sandisk stock was up 460% year to date (YTD) through the prior session’s close, which set a very high bar for any earnings report.
Sandisk Topped Estimates and Lifted Its Q2 Outlook
When the market closed on October 29, Sandisk reported Q1 FY2027 revenue of $11.03 billion, exceeding the $10.7 billion Wall Street analysts expected. Adjusted EPS of $49.51, before the split, beat the $47.15 Wall Street analysts had estimated.
Looking ahead, Sandisk guided Q2 FY2027 adjusted EPS to $55 to $57, above the $54.69 Wall Street analysts forecast. Sandisk’s revenue guidance of $12.2 billion to $12.6 billion has an upper end above the $12.29 billion Wall Street analysts expect.
Data center demand powered the quarter, with Sandisk’s data center revenue rising 61% sequentially to $4.8 billion on AI storage spending. At the edge, the company’s revenue rose 7% to $5.83 billion, while consumer revenue fell 29% to $397 million. Profitability stayed exceptional, with an adjusted gross margin of 85.1%. CEO David Goeckeler cited “robust and growing demand for our products driving outpaced growth in our data center business.”
How Sandisk’s Split and Buyback Affect Shareholders
Sandisk bought back approximately 3.2 million shares for $5 billion during the quarter and generated $5.7 billion in adjusted free cash flow.
With the eight-for-one split, shareholders of record on November 9 receive seven additional shares for each share they own, and split-adjusted trading is expected to begin November 20. For retirement savers, a split doesn’t change Sandisk’s value or anyone’s ownership stake.
Western Digital, Seagate and Micron Slide Alongside Sandisk
Western Digital (NASDAQ:WDC) stock is at $365, down 8%. That decline reduces a rally that still leaves Western Digital up 112% YTD, a far smaller gain than Sandisk’s.
Seagate Technology (NASDAQ:STX) stock is at $648.13, down 7%. Still up 136% YTD, Seagate fell on October 28 after a record quarter, an early sign that strong results weren’t enough for this group.
Micron Technology (NASDAQ:MU) stock is at $874, down 6%, the mildest drop of the group. Sitting on a 206% YTD gain, Micron slid on October 29 as Samsung Electronics’ results showed how high expectations are for memory stocks. The VanEck fund holds Micron but none of the drive makers, which helps explain its narrower decline.
Selling also reached Seoul, where Samsung Electronics fell 6% and the Kospi dropped 5%. Those losses point to profit taking across memory stocks worldwide, with Sandisk caught in the same current.
Flash, Hard Drives and DRAM Put Sandisk in a Different Lane
As a pure NAND flash maker, Sandisk produces wafers through a joint venture with Kioxia and sells much of its output under long-term customer agreements backed by prepayments.
Western Digital and Seagate build mass-capacity hard drives for cloud customers, a storage medium that complements flash. Micron makes dynamic random-access memory (DRAM) and NAND, with high-bandwidth memory (HBM) for AI processors as its main growth engine.
Sandisk’s Pricing Power Faces Its Next Test
Lip-Bu Tan, CEO of a major PC chipmaker, said on October 29 that soaring memory prices will remain a severe industry-wide challenge into 2027. That cuts both ways for Sandisk: tight supply supports its pricing, but the chipmaker says high prices are hurting PC demand. Broader sentiment is shaky too, as the NASDAQ Composite closed more than 1% lower on October 29 amid growing skepticism toward the AI trade.
The bulls can point to Sandisk management’s view that demand is strengthening, with most of next year’s bits already committed under long-term agreements. Bears counter that Sandisk expects a seasonally weak Q3 FY2027 and that consumer sales are softening under higher prices.
Sandisk’s next test is whether data center demand keeps its pricing firm through the split-adjusted entry. One more signal to watch for is steadier trading in Western Digital, Seagate and Micron. Some investors might prefer a cautious approach until the memory selloff resolves.
Contact [email protected] for any questions or corrections.
Collecting four figures a month from dividends without ever selling a share sounds straightforward until you price out what it actually costs and see which companies are holding the whole structure together.
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For most people, a $6,800 monthly dividend check can cover the mortgage, groceries, and more, while your share count never changes. That’s the appeal of living on dividends: you keep your shares, the companies send you a piece of their profits, and you never sell anything to pay the bills.
Here’s what it takes to collect $6,800 a month, or $81,600 a year, from one portfolio split equally among three dividend payers: a fund of mid-sized companies, a biotech giant, and a packaged-food maker. At recent prices, the three together yield about 2.6%. Yield is the annual dividend divided by the stock’s price. At that rate, you’d need around $3.1 million invested, or about $1 million in each holding.
It’s a hefty number, and it’s the real price of the “never sell” promise. Your share count stays the same, but your income still depends on these companies keeping and raising their payouts. The lower the combined yield, the bigger the portfolio you need. (A free guide here explains how to build a dividend ladder you never sell from.)
A Mid-Cap Fund Built on 15-Year Dividend Raisers ProShares S&P MidCap 400 Dividend Aristocrats ETF (CBOE:REGL) holds mid-sized U.S. companies that have raised their dividends for at least 15 consecutive years. Think utilities, regional banks, insurers, and industrial firms. It also spreads your money fairly evenly. In its latest holdings report, each stock made up around 1% to 2% of the fund.
REGL takes one-third of the portfolio. Its trailing yield (the last 12 months of payouts divided by today’s price) is about 2.2%. On a $1 million stake, that’s around $22,400 a year. However, its quarterly checks vary, with the latest payment at about 40 cents a share, down from about 61 cents last December. Budget around the annual total.
Amgen Brings the Fastest Dividend Growth Amgen (NASDAQ:AMGN | AMGN Price Prediction) ranks among the largest biotech companies in the country. It sells drugs for high cholesterol, bone loss, asthma, and cancer. Amgen also takes one-third of the portfolio, yields about 2.2% and generates about $22,600 a year.
Its dividend has risen every year since 2011 and is now nine times its starting level. Its most recent increase was 6%. Amgen pays out about 62% of its official accounting profit as dividends. Compared with the midpoint of its adjusted earnings guidance, that figure drops to about 44%. That leaves room to keep raising. Free cash flow was $3.5 billion last quarter.
Amgen has $57.3 billion of debt, and drug patent expirations are the main long-term threat to its cash flow. You can already see it happening, as sales of Prolia and XGEVA fell 33% last quarter after cheaper biosimilar copies launched.
Smucker Anchors the Portfolio’s Yield J.M. Smucker (NYSE:SJM) makes Folgers, Jif, Uncrustables, Hostess, and Milk-Bone. The yield base is about 3.5%, so its one-third piece throws off around $36,600 a year, most of the time.
Smucker’s quarterly dividend has grown in the records all the way back to 1999, rising from 15 cents to more than $1 today. Its most recent increase was small, about 2%.
On paper, the payout ratio looks high at about 204% of reported earnings because accounting charges reduced reported profit. Against adjusted earnings guidance, it’s closer to 42%, and that guidance gets a one-time lift from tariff refunds. Debt is what really holds back the dividend.
Smucker borrowed heavily to buy Hostess, a deal that closed in November 2023. Management plans to pay down about $500 million of debt this year, and it just reached its target of debt at three times annual operating profit. Until the balance sheet improves, plan on small increases.
What to Check Every Year to Protect the $6,800 Each piece of that $3.1 million plays a different role. Smucker is the steadiest payer of the three, with the longest unbroken record of increases and the highest yield. Amgen brings the fastest dividend growth.
Don’t overlook the risk, though. Two individual stocks make up two-thirds of this portfolio. That’s a concentrated position in two companies, and a bad patent ruling or a stumble at Smucker would hit your income directly.
Once a year, check one thing: did each holding raise its dividend faster than inflation? If the increases stop, your $6,800 buys a little less each year, and you’ll need either more money invested or a higher-yielding mix to make up the gap.
Contact [email protected] for any questions or corrections.
Redfin Presents Iconic Homes of America, a newly launched creative franchise, brings America's history to life through the remarkable homes and people that helped shape the nation.The franchise invites everyone to explore iconic homes through immersive digital experiences and free public events, starting at Philadelphia's Betsy Ross House on November 7. Register to attend on Redfin today., /PRNewswire/ -- Redfin, the real estate brokerage powered by Rocket, today launched Redfin Presents Iconic Homes of America, a new creative franchise. Redfin is celebrating America's 250th anniversary by spotlighting the stories of influential homes in the American story. Featured alongside millions of homes for sale or rent on Redfin.com, these historic properties offer a unique window into the people, pivotal moments and enduring spirit that have shaped America.
Exterior of Betsy Ross House in Philadelphia
Exterior of 1892 Bishop's Palace in Galveston, Texas
Redfin will give people across the country a new way to experience American history, opening the digital doors to each featured property through a dedicated Redfin listing-style page. With immersive tours, detailed photography and compelling stories of the people who lived within the walls, Redfin Presents Iconic Homes of America will bring the past into the present. Each property will also host a free in-person event, complemented by virtual experiences that make these remarkable stories accessible to people nationwide.
The franchise kicks off with extraordinary properties:
The Betsy Ross House in Philadelphia: A landmark associated with the creation of the American flag and the story of a pioneering craftswoman and entrepreneur whose work became part of the nation's identity.1892 Bishop's Palace in Galveston, Texas: A one-of-a-kind blend of elaborate craftsmanship, Texan influence and Gilded Age ambition.Each property will debut separately and remain on Redfin through the end of 2027.
"America's story isn't just written in history books. It's written in the homes where people have dreamed, created, persevered and changed the course of our nation," said Jonathan Mildenhall, Chief Marketing Officer of Rocket. "As we celebrate 250 years of American independence, Redfin Presents Iconic Homes of America is an invitation to rediscover the extraordinary stories behind these front doors, and to recognize that every home, in its own way, is part of the American story."
The Betsy Ross House: A Home Woven into the American Story
Built around 1740, the Betsy Ross House offers a fascinating glimpse into the determination, ingenuity and entrepreneurial spirit of a working woman during America's founding.
The Philadelphia home is associated with Betsy Ross, the upholsterer, entrepreneur and Revolutionary-era flag maker whose story became intertwined with the creation of the first American flag. While historians continue to debate parts of the familiar legend, records show Ross was an accomplished tradeswoman who made flags for the government for decades.
The home's remarkable story extends beyond the Revolutionary era. When it faced demolition in the late 19th century, Americans from across the country came together to preserve it, contributing through 10-cent memberships. It was an early demonstration of the collective pride and community spirit that continue to give historic places their meaning.
Its Redfin listing page looks beyond the legend to explore Ross as a business owner, working mother and survivor who built an extraordinary life within two small, rented rooms.
1892 Bishop's Palace: A Remarkable Gilded Age Home
Built between 1887 and 1892, Bishop's Palace was designed by Nicholas J. Clayton, Galveston's most influential architect, for lawyer and congressman Walter Gresham, his wife, Josephine, and their seven children. The home spans 52 rooms and 19,086 square feet. It became the residence of Bishop Byrne after the Catholic Church purchased it in 1923.
Every detail of the "Broadway beauty" was custom-chosen, from hand-carved woodwork throughout to a dining room ceiling mural painted by Josephine herself. At the heart of the home, an octagonal mahogany rotunda staircase rises beneath French stained glass, surrounded by finishes from Venice, Holland and North Africa.
The property also includes a few conversation pieces, among them Josephine's china collection, the original bed, Walter's desk and Bishop Byrne's player piano. It sits in Galveston's East End Historic District, a neighborhood of colorful historic homes and lush landscaping, with the Gulf only a few blocks south.
Today, Bishop's Palace stands as a one-of-a-kind blend of elaborate craftsmanship, Texan influence and Gilded Age ambition.
Redfin will highlight iconic American homes through the end of 2027. Know a home with a story worth telling? Nominate it for inclusion in the creative franchise using this form. To tour the first properties and get an alert when each new home debuts using this link.
About Redfin
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.
Regeneron (REGN - Free Report) came out with quarterly earnings of $20.07 per share, beating the Zacks Consensus Estimate of $16.08 per share. This compares to earnings of $11.83 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +24.81%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $10 per share when it actually produced earnings of $14.29, delivering a surprise of +42.9%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Regeneron, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $5.12 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 12.43%. This compares to year-ago revenues of $3.75 billion. 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 earnings expectations will mostly depend on management's commentary on the earnings call.
Regeneron shares have added about 6.1% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for Regeneron?While Regeneron 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 Regeneron 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 EPS estimate is $19.99 on $5.21 billion in revenues for the coming quarter and $58.46 on $16.85 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, Medical - Biomedical and Genetics is currently in the top 42% 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.
Dianthus Therapeutics, Inc. (DNTH - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.
This company is expected to post quarterly loss of $1.00 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.
Dianthus Therapeutics, Inc.'s revenues are expected to be $0.7 million, up 74% from the year-ago quarter.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.
When you think of RTX (RTX +1.82%), probably three main things come to mind: Airplane parts (Collins Aerospace), airplane engines (Pratt & Whitney), and of course, the cornucopia of rockets and missiles manufactured by the company that preceded RTX -- Raytheon.
One thing I'll bet does not spring immediately to mind, though, is America's nuclear triad.
And yet, that's the part of Raytheon that just won an $8 billion contract for RTX.
Image source: Getty Images.
Glowing green: RTX's $8 billion nuclear contract
On Tuesday, Oct. 13, the U.S. Air Force announced it has awarded RTX a sole-source contract worth up to $8 billion to restart production on modernized Air Force Nuclear Weapons Center Strategic Communications Terminals.
Based at Kirtland Air Force Base in New Mexico, the AFNWC serves as the Air Force's central hub for managing land-, sea-, and air-launched nuclear weapons, all part of America's strategic nuclear deterrent. Commands from the U.S. government pass through AFNWC en route to nuclear missile carriers along each leg of the nuclear triad. The Air Force didn't provide much information about the specific terminals RTX will be asked to upgrade, but it's likely the terminals that transmit these commands that are the subject of this contract.
RTX RTX$199.40+$3.56 (+1.82%)
NYSE · As of 4:00 PM ET 10/29/26
What it means for RTX stock
The contract begins with an initial award of $800,000. The full $8 billion ceiling value of the contract is part of an effort to modernize "most parts of the nuclear triad at the same time," according to DefenceBlog.com. It will be paid out over 10 years, with a completion date in October 2036.
So what does this mean for RTX stock?
Strange as it sounds to say it -- not as much as you might think. Consider first that RTX is a gigantic aerospace company with $96 billion in annual revenue. RTX's $8 billion nuclear contract, spread over eight years, amounts to only $800 million per year -- less than 1% of RTX's total revenue, according to data from S&P Global Market Intelligence.
The good news is that the Raytheon segment is one of RTX's more profitable divisions. Although the smallest by revenue, Raytheon earns an 11.4% operating profit margin on the revenue that flows through it -- much better than the 7.9% margin at Pratt & Whitney, RTX's biggest business, but also much worse than the 16.2% margin at Collins Aerospace.
On average, these kinds of revenue at these kinds of profit margins imply that winning the nuclear contract might add $90 million or so in operating profit for RTX annually. That's a whole lot better than nothing, but it's still a rounding error next to the $$10.3 billion that RTX earned in operating profit last year.
Given the stock is currently valued at a 31x price-to-earnings ratio, I don't expect it to move the needle for RTX stock -- which still looks overvalued to me.
A disappointing forecast for fourth-quarter current backlog growth sent ServiceNow (NOW -26.95%) tumbling this week despite management raising full-year artificial intelligence revenue targets. Through the Oct. 29, 2026 close, the stock was down 31%, according to data provided by S&P Global Market Intelligence.
ServiceNow stock closed at $109.67 on Thursday, Oct. 29. From the Oct. 23 close on the previous Friday, the S&P 500 gained 1.3%, and the Nasdaq-100 was up 1.5%.
$109.67-$40.46 (-26.95%)
NYSE · As of 4:00 PM ET 10/29/26
Strong AI momentum met a soft backlog forecastIn its third-quarter financial results reported Wednesday, Oct. 28, ServiceNow generated $4.1 billion in total revenue, up 20.5% year over year, while subscription revenue rose 21% to nearly $4 billion. Adjusted earnings per share came in at $1.00, missing the $1.02 consensus estimate.
ServiceNow sells cloud software that automates workflows, helping business teams streamline tasks. Its enterprise platform serves large clients that rely on it to manage internal software tickets and complex workflows.
While management highlighted an 8.5-fold increase in customer deals spanning five or more AI products, the market focused on management's guidance that current backlog growth would be lower than anticipated, up 18.5% year over year on a constant currency basis. This week's slowing backlog outlook shifts the focus from ServiceNow's AI momentum to whether enterprise workflow platforms face long-term growth friction.
The valuation depends on growth holding upServiceNow trades at a trailing price-to-earnings (P/E) ratio of 79, sitting at the high end of its peer range alongside Salesforce at 21 and Workday at 40, so the current valuation requires ServiceNow to deliver robust earnings growth.
Looking ahead, investors should watch the fourth-quarter earnings release in January to see whether current backlog growth stabilizes and whether new AI bundling strategies convert into durable subscription revenue.
Is ServiceNow stock a buy?CFO Gina Mastantuono made clear on the earnings call that the current backlog, or current remaining performance obligations (cRPOs), is a nuanced metric that "does not necessarily capture all of the momentum in the business." Mastantuono cited a half-percentage-point of subscription backlog growth that is excluded from cRPO. This increase in the subscription backlog will be included in revenue but will not be counted in the backlog.
Overall, ServiceNow is delivering strong growth at scale, as evidenced by over 20% year-over-year growth in subscription revenue and a 23% increase in RPO. This is consistent with the company's past performance.
The sell-off reflects real questions about near-term backlog growth, but management's AI traction and steady subscription growth give long-term investors something to weigh.
Before calling the sell-off a buying opportunity, investors may want to wait until the next earnings report, which should bring more clarity to this question and which of those factors carries more weight.
Silver remains under heavy selling pressure as mixed economic signals and restrictive Fed policy leave the historic $50 support level increasingly vulnerable.
A $63 billion financing deal just handed Broadcom a funded customer for its most ambitious revenue forecast yet, but Wall Street is still waiting to see if the chipmaker can actually deliver before it prices any of that in.
Broadcom (NASDAQ:AVGO | AVGO Price Prediction) trades at $345. A new $63 billion financing structure that pays for Anthropic’s Broadcom chips gives the stock a concrete catalyst after a year of trailing the market.
Broadcom designs custom AI accelerators (XPUs), Ethernet networking chips and VMware-based infrastructure software. Semiconductor Solutions produced 70% of revenue last quarter, and AI semiconductor revenue reached $16.70 billion, up 221% year over year.
The shares have fallen behind that growth. The stock sat at $495 around the fiscal second-quarter report and has since slid back to roughly where it started the year. Four Wall Street banks and asset managers then announced a special-purpose financing vehicle to fund Anthropic’s lease of Broadcom XPUs (per deal coverage).
Anthropic Turns a $115 Billion Forecast Into Funded Demand Management expects fiscal 2027 AI semiconductor revenue to roughly double to $115 billion, then hit $230 billion in fiscal 2028, with EPS above $30. On the last earnings call, Hock Tan said “Anthropic is on track to become our largest XPU customer in 2027,” and Broadcom expects Anthropic to use 5 gigawatts next year (all of that capacity still has to be powered and cooled by somebody, and we rounded up seven suppliers doing exactly that in a free AI infrastructure report). The new financing answers the biggest doubt: whether a fast-growing lab can pay for that capacity.
Valuation supports the optimistic argument. Broadcom trades at 18x forward earnings against 45x trailing, with a PEG ratio of 0.339. Morningstar (NASDAQ:MORN) said the Anthropic deal lines up with its bullish forecast (Morningstar).
Six Customers and Open-Ended Guarantees Raise the Stakes The entire forecast depends on six XPU customers. Two of them, Anthropic and OpenAI, needed financing vehicles to buy chips. The CFO said Broadcom “may provide modest residual value guarantees,” and management named no cap on future guarantee exposure. Gross margin is also heading toward roughly 73% as the mix shifts toward XPUs and memory.
Timing is another risk. Revenue lands only once land, power and data-center buildings are ready. Total liabilities stand at $88.458 billion, and a beta of 1.476 means any slip in the ramp would hit the shares hard.
Next Year’s Guidance Could Settle the Debate Patient investors have a case too. The stock trades below its 50-day average of $354.48 and its 200-day average of $367.79, so the market still wants proof. The next earnings report should show whether Broadcom hit its $21.70B AI guide and how strongly it backs the fiscal 2027 outlook.
Wall Street Sees Over 50% Upside While Shares Trail the S&P 500 At $345, Broadcom sits well below the consensus target of $530.14, which implies about 53.7% upside. Price targets carry uncertainty, and 50 analysts cover the stock, and their ratings look like this:
Strong Buy: 7 Buy: 40 Hold: 3 Sell: 0 Broadcom is up 0.23% year to date while the S&P 500 has gained 12.84%. Over the past year, the stock is down 9.96% against an 11.94% gain for the index.
Broadcom’s Funded Demand Meets a Discounted Price At $345, Broadcom’s upside depends on execution and valuation.
In the coming six months, the path runs through Broadcom delivering on its Q4 guide and then confirming fiscal 2027 guidance near $115 billion. Tan said “Our demand actually exceeds this outlook,” and Broadcom has nine straight EPS beats behind it.
At this price, investors pay a forward multiple of 18x for AI revenue that is growing in triple digits. The stock sits far closer to its 52-week low of $288.95 than its $493.28 high, which leans risk/reward toward the upside.
The outlook falls apart if fiscal 2027 guidance comes in short, if Anthropic deployments slip, or if Broadcom takes on large residual value guarantees. Watch all three closely.
Anthropic now has the funding to become Broadcom’s biggest customer, and the market has yet to price that in.
Contact [email protected] for any questions or corrections.
3 Healthcare Giants Just Raised Dividends—Here’s Who Pays the MostStryker NYSE: SYK reported third-quarter organic sales growth of 7.7% and adjusted earnings per share of $3.52, while lowering its full-year outlook to reflect a slowdown in hip and knee procedures, lingering peripheral vascular supply constraints and execution risks tied to capital equipment sales.
Organic sales in the quarter rose 9.1% in MedSurg and Neurotechnology and 5.9% in Orthopaedics. Adjusted EPS increased 10.3% from the prior-year quarter, supported by gross-margin expansion and expense discipline. The company also announced that Spencer Stiles will become its next CEO, succeeding Kevin Lobo.
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Hip and Knee Market Slows
Why Are Insiders Are Dumping Shares of Robinhood, Stryker, and Mercury Systems?Lobo said the company’s overall third-quarter performance fell short of its expectations, largely because of weakness in the hip and knee reconstruction market. U.S. procedure growth slowed amid affordability concerns tied to higher insurance premiums and deductibles, while increased pre-authorization denials created delays in patient access to treatment, he said.
Outside the U.S., Europe and the Middle East remained soft because of regional disruption, strike-related delays and government funding decisions, according to Lobo.
Beware the Death Cross: 3 Stocks Triggering This Spooky Signal“It is now clear that there is a market slowdown,” Lobo said. During the question-and-answer session, he estimated hip and knee market growth at roughly 2.5% for the year, adding that the market appeared to slow further during the third quarter.
Stryker’s U.S. knee sales grew 1.3% organically in the quarter, while U.S. hip sales declined 0.6%, both against strong prior-year comparisons. Lobo said the company also has not been gaining business at its historical rate, citing the disruption caused by a first-quarter cyber incident and a July SAP implementation in Orthopaedics.
Although Mako sales remained strong, Stryker said adoption of its Mako RPS and Triathlon Gold offerings was behind expectations. The company is working to improve commercial execution, competitive conversions and new-product adoption. Lobo also said Stryker plans to introduce a powered hip impactor next year to address a product gap in its hip portfolio.
MedSurg Growth and Vascular Supply Recovery
MedSurg and Neurotechnology posted 9.1% organic growth, including 9.6% growth in the U.S. Endoscopy sales in the U.S. increased 13%, aided by demand for operating room infrastructure and renovations, along with continued double-digit sports medicine growth. Medical sales rose 10%, with double-digit growth from Sage and Smart Care.
Instruments U.S. sales grew 4.8% against a 15.3% comparison in the previous year. Stryker cited double-digit growth in interventional spine and surgical technologies, partly offset by deferred neurosurgical capital purchases ahead of the planned Sonopet 3 launch. The company said the ultrasonic aspiration platform received FDA 510(k) clearance earlier in October.
Vascular U.S. organic sales rose 13%, benefiting from a one-time revenue contribution associated with a regulatory approval milestone at the company’s peripheral vascular joint venture in China. That contribution partly offset sales lost during an ongoing supply disruption.
Lobo said inventory levels and product availability are expected to continue normalizing through year-end. Stryker expects to begin commercializing AVS’s intravascular lithotripsy platform in 2027, subject to FDA approval, and also expects data from the PEERLESS II FlowTriever study.
Margins, Cash Flow and Revised Outlook
Adjusted gross margin was 65.4%, up 40 basis points year over year, reflecting a net tariff benefit and operational efficiencies. Adjusted operating margin increased 60 basis points to 26.2% of sales.
Stryker ended the quarter with about $3.3 billion in cash and cash equivalents. Year-to-date cash from operations totaled $3.3 billion, up approximately 14% from the prior year. The company repurchased $1 billion of stock during the quarter and received board authorization for an additional $3 billion in future repurchases.
The company now expects full-year organic net sales growth of 6.5% to 7%, with adjusted EPS of $14.80 to $14.90. Its updated sales outlook assumes fourth-quarter organic growth similar to the third-quarter rate and continued strength in capital demand, though management said it is taking a more conservative view of its ability to fulfill equipment demand.
For the fourth quarter, Chief Financial Officer Preston Wells identified Trauma and Extremities, Medical and Instruments as expected sources of strength. U.S. Ortho Tech sales rose 18% in the third quarter, driven by Mako demand and orthopaedic power tools, while Trauma and Extremities grew 4.5% against a 13.2% prior-year comparison.
M&A Activity and Product Pipeline
Stryker completed its acquisition of ZuriMED, adding FiberLocker technology for rotator cuff repair and orthopedic soft-tissue augmentation. Lobo called the technology differentiated and said it complements the company’s shoulder portfolio.
The company also announced an investment in CMR Surgical and an agreement to serve as exclusive U.S. sales agent for CMR’s Versius soft-tissue robotic platform. Nick Mead, Stryker’s vice president of investor relations, said Versius has been used in more than 50,000 procedures globally.
Lobo said Stryker intends to take a disciplined, lower-risk approach by commercializing the platform in the U.S. as an investor rather than immediately acquiring CMR. He said the company ultimately hopes to purchase the business if U.S. commercialization proves successful.
Looking toward 2027, management highlighted expected launches or continued ramps for Neptune, AVS, System 10 power tools, the 1888 endoscopy platform, Mako RPS, Triathlon Gold and Mako Shoulder. Wells said Stryker has not provided formal 2027 guidance but expects to grow at the high end of its markets.
About Stryker (NYSE:SYK)Stryker Corporation NYSE: SYK is a global medical technology company that develops and manufactures products used by healthcare providers in hospitals, surgical centers and other clinical settings. Its offerings are designed to support orthopaedic procedures, surgery, emergency care, neurovascular treatment and patient handling.
The company's product portfolio includes orthopaedic implants and instruments, products for trauma and spine procedures, surgical equipment, endoscopy systems, patient beds and stretchers, emergency medical equipment, and neurovascular devices used in the treatment of conditions such as stroke.
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Revenue $14.6 billion, up 12.9% versus prior yearDiluted EPS $4.49, up 15.7% versus prior year$1.7 billion cash from operating activities, 139% of net earnings6.8-to-1 book-to-bill, $220 billion backlog, /PRNewswire/ -- General Dynamics (NYSE: GD) today reported third-quarter 2026 operating earnings of $1.5 billion, and $4.49 per diluted share (EPS), on revenue of $14.6 billion. Compared with the year-ago quarter, revenue increased 12.9%, operating earnings increased 14.7%, and diluted EPS increased 15.7%. Operating margin of 10.5% was a 20-basis-point expansion from the year-ago quarter.
Exhibit H-1 "Our business had exceptional third quarter results, with revenue growth across all four segments, robust bookings and solid operational performance," said Phebe Novakovic, chairman and chief executive officer. "With the consistent growth in our backlog and our significant investment in our businesses over the last decade, we are poised to drive continued performance in the years to come."
Cash and Capital Deployment
Cash provided by operating activities in the quarter totaled $1.7 billion, or 139% of net earnings. During the quarter, the company paid $429 million in dividends, invested $481 million in capital expenditures, and reduced total debt by $500 million. The company ended the quarter with $7 billion in total debt and $4.4 billion in cash and equivalents on hand.
Orders and Backlog
Orders received in the quarter totaled $93.8 billion in the defense segments, driven by large orders in the Marine Systems segment for Virginia- and Columbia-class submarines, and $5 billion in the Aerospace segment, for a total of $98.8 billion. Book-to-bill ratio, defined as orders divided by revenue, was 8.5-to-1 for the quarter for the defense segments, 1.4-to-1 for the Aerospace segment, and 6.8-to-1 on a company-wide basis.
Backlog at the end of the quarter was $220.3 billion. Estimated potential contract value, representing management's estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $50.4 billion. Total estimated contract value, the sum of backlog plus estimated potential contract value, was $270.7 billion.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.
WEBCAST INFORMATION: General Dynamics' financial results conference call will be held on Friday, October 30, 2026, at 9:00 a.m. EDT. A link to the live webcast will be available at www.gd.com and will be available for replay following the call. Corresponding presentation slides will be available for download prior to the call.
This press release may contain forward-looking statements (FLS), including statements about the company's future operational and financial performance, which are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "forecasts," "scheduled," "outlook," "estimates," "should" and variations of these words and similar expressions are intended to identify FLS. In making FLS, we rely on assumptions and analyses based on our experience and perception of historical trends; current conditions and expected future developments; and other factors, estimates and judgments we consider reasonable and appropriate based on information available to us at the time. FLS are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. FLS are not guarantees of future performance and involve factors, risks and uncertainties that are difficult to predict. Actual future results and trends may differ materially from what is forecast in the FLS. All FLS speak only as of the date they were made. We do not undertake any obligation to update or publicly release revisions to FLS to reflect events, circumstances or changes in expectations after the date of this press release. Additional information regarding these factors is contained in the company's filings with the SEC, and these factors may be revised or supplemented in future SEC filings. In addition, this press release may contain some financial measures not prepared in accordance with U.S. generally accepted accounting principles (GAAP). While we believe these non-GAAP metrics provide useful information for investors, there are limitations associated with their use, and our calculations of these metrics may not be comparable to similarly titled measures of other companies. Non-GAAP metrics should not be considered in isolation from, or as a substitute for, GAAP measures. Reconciliations to comparable GAAP measures and other information relating to our non-GAAP measures are included in other filings with the SEC, which are available at investorrelations.gd.com.
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue
$ 14,566
$ 12,907
$ 1,659
12.9 %
Operating costs and expenses
(13,039)
(11,576)
(1,463)
Operating earnings
1,527
1,331
196
14.7 %
Other, net
4
15
(11)
Interest, net
(45)
(74)
29
Earnings before income tax
1,486
1,272
214
16.8 %
Provision for income tax, net
(257)
(213)
(44)
Net earnings
$ 1,229
$ 1,059
$ 170
16.1 %
Earnings per share—basic
$ 4.55
$ 3.93
$ 0.62
15.8 %
Basic weighted average shares outstanding
270.2
269.2
Earnings per share—diluted
$ 4.49
$ 3.88
$ 0.61
15.7 %
Diluted weighted average shares outstanding
273.8
272.6
EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Nine Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue
$ 42,141
$ 38,171
$ 3,970
10.4 %
Operating costs and expenses
(37,734)
(34,267)
(3,467)
Operating earnings
4,407
3,904
503
12.9 %
Other, net
18
51
(33)
Interest, net
(163)
(251)
88
Earnings before income tax
4,262
3,704
558
15.1 %
Provision for income tax, net
(748)
(637)
(111)
Net earnings
$ 3,514
$ 3,067
$ 447
14.6 %
Earnings per share—basic
$ 13.01
$ 11.41
$ 1.60
14.0 %
Basic weighted average shares outstanding
270.2
268.8
Earnings per share—diluted
$ 12.83
$ 11.29
$ 1.54
13.6 %
Diluted weighted average shares outstanding
273.8
271.8
EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue:
Aerospace
$ 3,536
$ 3,234
$ 302
9.3 %
Marine Systems
4,960
4,096
864
21.1 %
Combat Systems
2,386
2,252
134
6.0 %
Technologies
3,684
3,325
359
10.8 %
Total
$ 14,566
$ 12,907
$ 1,659
12.9 %
Operating earnings:
Aerospace
$ 513
$ 430
$ 83
19.3 %
Marine Systems
391
291
100
34.4 %
Combat Systems
330
335
(5)
(1.5) %
Technologies
346
327
19
5.8 %
Corporate
(53)
(52)
(1)
(1.9) %
Total
$ 1,527
$ 1,331
$ 196
14.7 %
Operating margin:
Aerospace
14.5 %
13.3 %
Marine Systems
7.9 %
7.1 %
Combat Systems
13.8 %
14.9 %
Technologies
9.4 %
9.8 %
Total
10.5 %
10.3 %
EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months Ended
Variance
October 4, 2026
September 28, 2025
$
%
Revenue:
Aerospace
$ 10,340
$ 9,322
$ 1,018
10.9 %
Marine Systems
13,963
11,905
2,058
17.3 %
Combat Systems
6,959
6,711
248
3.7 %
Technologies
10,879
10,233
646
6.3 %
Total
$ 42,141
$ 38,171
$ 3,970
10.4 %
Operating earnings:
Aerospace
$ 1,516
$ 1,265
$ 251
19.8 %
Marine Systems
1,049
832
217
26.1 %
Combat Systems
958
950
8
0.8 %
Technologies
1,024
987
37
3.7 %
Corporate
(140)
(130)
(10)
(7.7) %
Total
$ 4,407
$ 3,904
$ 503
12.9 %
Operating margin:
Aerospace
14.7 %
13.6 %
Marine Systems
7.5 %
7.0 %
Combat Systems
13.8 %
14.2 %
Technologies
9.4 %
9.6 %
Total
10.5 %
10.2 %
EXHIBIT E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
(Unaudited)
October 4, 2026
December 31, 2025
ASSETS
Current assets:
Cash and equivalents
$ 4,388
$ 2,333
Accounts receivable
2,529
2,406
Unbilled receivables
8,906
8,380
Inventories
9,124
9,232
Other current assets
1,926
1,897
Total current assets
26,873
24,248
Noncurrent assets:
Property, plant and equipment, net
7,853
7,525
Intangible assets, net
1,231
1,375
Goodwill
20,849
21,009
Other assets
3,399
3,092
Total noncurrent assets
33,332
33,001
Total assets
$ 60,205
$ 57,249
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt
$ 756
$ 1,006
Accounts payable
3,166
2,678
Customer advances and deposits
11,083
9,824
Other current liabilities
3,821
3,288
Total current liabilities
18,826
16,796
Noncurrent liabilities:
Long-term debt
6,260
7,007
Other liabilities
7,827
7,824
Total noncurrent liabilities
14,087
14,831
Shareholders' equity:
Common stock
482
482
Surplus
4,646
4,403
Retained earnings
46,299
44,080
Treasury stock
(23,403)
(22,860)
Accumulated other comprehensive loss
(732)
(483)
Total shareholders' equity
27,292
25,622
Total liabilities and shareholders' equity
$ 60,205
$ 57,249
EXHIBIT F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
Nine Months Ended
October 4, 2026
September 28, 2025
Cash flows from operating activities—continuing operations:
Net earnings
$ 3,514
$ 3,067
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment
525
490
Amortization of intangible and finance lease right-of-use assets
173
182
Equity-based compensation expense
169
146
Deferred income tax provision
335
151
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable
(123)
(314)
Unbilled receivables
(480)
(415)
Inventories
108
(131)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable
488
119
Customer advances and deposits
1,232
45
Other, net
(196)
219
Net cash provided by operating activities
5,745
3,559
Cash flows from investing activities:
Capital expenditures
(918)
(552)
Other, net
18
130
Net cash used by investing activities
(900)
(422)
Cash flows from financing activities:
Dividends paid
(1,263)
(1,188)
Repayment of fixed-rate notes
(1,000)
(1,500)
Purchases of common stock
(604)
(600)
Proceeds from fixed-rate notes
—
747
Other, net
87
235
Net cash used by financing activities
(2,780)
(2,306)
Net cash used by discontinued operations
(10)
(8)
Net increase in cash and equivalents
2,055
823
Cash and equivalents at beginning of period
2,333
1,697
Cash and equivalents at end of period
$ 4,388
$ 2,520
EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Non-GAAP Financial Measures:
Third Quarter
Nine Months
2026
2025
2026
2025
Free cash flow:
Net cash provided by operating activities
$ 1,710
$ 2,109
$ 5,745
$ 3,559
Capital expenditures
(481)
(212)
(918)
(552)
Free cash flow (a)
$ 1,229
$ 1,897
$ 4,827
$ 3,007
October 4, 2026
December 31, 2025
Net debt:
Total debt
$ 7,016
$ 8,013
Less cash and equivalents
4,388
2,333
Net debt (b)
$ 2,628
$ 5,680
Supplemental Aerospace Data:
Third Quarter
Nine Months
2026
2025
2026
2025
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft
35
33
101
95
Mid-cabin aircraft
5
6
18
18
Total
40
39
119
113
Aerospace Book-to-Bill:
Orders (c)
$ 4,970
$ 4,053
$ 14,091
$ 10,417
Revenue
3,536
3,234
10,340
9,322
Book-to-Bill Ratio
1.4x
1.3x
1.4x
1.1x
(a)
We define free cash flow as net cash from operating activities less capital expenditures. We believe free cash flow is a useful measure
for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying debt, funding business
acquisitions, paying dividends and repurchasing our common stock to cover dilution. We use free cash flow to assess the quality of our
earnings and as a key performance measure in evaluating management.
(b)
We define net debt as short- and long-term debt (total debt) less cash and equivalents. We believe net debt is a useful measure for
investors because it reflects the borrowings that support our operations and capital deployment strategy. We use net debt as an
important indicator of liquidity and financial position.
(c)
Excludes customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.
EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
Funded
Unfunded
Total
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
Third Quarter 2026:
Aerospace
$ 24,460
$ 925
$ 25,385
$ 1,374
$ 26,759
Marine Systems
47,289
99,576
146,865
7,644
154,509
Combat Systems
26,983
1,701
28,684
9,588
38,272
Technologies
13,064
6,341
19,405
31,724
51,129
Total
$ 111,796
$ 108,543
$ 220,339
$ 50,330
$ 270,669
Second Quarter 2026:
Aerospace
$ 22,992
$ 985
$ 23,977
$ 1,170
$ 25,147
Marine Systems
42,356
22,826
65,182
7,442
72,624
Combat Systems
27,507
1,843
29,350
10,847
40,197
Technologies
11,256
6,733
17,989
30,945
48,934
Total
$ 104,111
$ 32,387
$ 136,498
$ 50,404
$ 186,902
Third Quarter 2025:
Aerospace
$ 19,476
$ 1,131
$ 20,607
$ 1,147
$ 21,754
Marine Systems
38,757
14,854
53,611
14,839
68,450
Combat Systems
17,232
1,470
18,702
9,553
28,255
Technologies
10,269
6,668
16,937
32,341
49,278
Total
$ 85,734
$ 24,123
$ 109,857
$ 57,880
$ 167,737
*
The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and
unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase
new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order.
For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract
value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.
General Dynamics on Friday posted a nearly 16% rise in third-quarter profit driven by strength in its Gulfstream business jet and shipbuilding operations.
General Dynamics notched higher profit and revenue in the third quarter, as performance once again improved across all of the company's lines of business.
General Dynamics (GD - Free Report) came out with quarterly earnings of $4.49 per share, beating the Zacks Consensus Estimate of $4.14 per share. This compares to earnings of $3.88 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.45%. A quarter ago, it was expected that this defense contractor would post earnings of $3.95 per share when it actually produced earnings of $4.24, delivering a surprise of +7.34%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
General Dynamics, which belongs to the Zacks Aerospace - Defense industry, posted revenues of $14.57 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 6.43%. This compares to year-ago revenues of $12.91 billion. 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 earnings expectations will mostly depend on management's commentary on the earnings call.
General Dynamics shares have added about 10.2% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for General Dynamics?While General Dynamics 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 General Dynamics 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 EPS estimate is $4.51 on $14.72 billion in revenues for the coming quarter and $16.98 on $55.9 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, Aerospace - Defense is currently in the top 38% 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.
One other stock from the same industry, BETA Technologies, Inc. (BETA - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 3.
This company is expected to post quarterly loss of $0.54 per share in its upcoming report, which represents a year-over-year change of +94.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
BETA Technologies, Inc.'s revenues are expected to be $10 million, up 12.1% from the year-ago quarter.
A security breach at Binance has put a simple question back in front of crypto investors: When an exchange is hit, who can they trust with their money? A reported $6.3 billion incident could give Coinbase Global, Inc. (NASDAQ:COIN) an opening to strengthen its pitch around safety and reliability.
, /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global AI cybersecurity leader, announced today that it has received notice of an unsolicited "mini-tender" offer from Tutanota LLC ("Tutanota") to purchase up to 250,000 shares of Palo Alto Networks' common stock at a price of $450.00 per share in cash. The offer represents approximately 0.03% of Palo Alto Networks' outstanding common stock.
Palo Alto Networks does not endorse Tutanota's unsolicited mini-tender offer and is not affiliated or associated in any way with Tutanota, its mini-tender offer, or the offer documents.
The offer price of $450.00 per share is conditioned upon, among other things, the closing price per share of Palo Alto Networks' common stock exceeding $450.00 per share on the last trading day before the offer expires. This means that, unless this condition is waived by Tutanota, Palo Alto Networks stockholders who tender their shares in the offer will receive a below-market price. Tutanota can extend the offer for successive periods of 45 to 180 days, in which case payment would be delayed beyond the scheduled expiration. Stockholders who have already tendered their shares may withdraw them at any time by providing notice in the manner described in the Tutanota offer documents prior to the expiration of the offer, which is currently scheduled for 5:00 p.m. ET, on Monday, November 2, 2026, unless extended.
As Tutanota's mini-tender offer is for less than 5% of Palo Alto Networks' outstanding shares of common stock, it is not subject to many of the disclosure and procedural requirements of Securities and Exchange Commission ("SEC") rules that are designed to protect investors. The SEC has cautioned investors about mini-tender offers, noting that "some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's cautionary advice to investors regarding these offers is on its website at: https://www.sec.gov/investor/pubs/minitend.htm.
Stockholders should obtain current market quotations for their shares, consult with their broker or financial advisor, and exercise caution with respect to Tutanota's mini-tender offer.
Palo Alto Networks encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosures at https://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Palo Alto Networks requests that a copy of this press release be included with all distributions of materials relating to Tutanota's mini-tender offer for shares of Palo Alto Networks' common stock.
About Palo Alto Networks
Palo Alto Networks® (NASDAQ: PANW), the global AI cybersecurity leader, protects our digital way of life with a comprehensive portfolio of cybersecurity solutions and platforms across Network, Cloud, Security Operations, AI and Identity. Trusted by 75,000+ customers and powered by Unit 42® threat intelligence, our AI-driven platforms eliminate complexity, empowering enterprises to modernize with confidence and securing the speed of innovation. Explore the future of security at www.paloaltonetworks.com.
Palo Alto Networks and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States or in certain jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners. Any unreleased services or features (and any services or features not generally available to customers) referenced in this or other press releases or public statements are not currently available (or are not yet generally available to customers) and may not be delivered when expected or at all. Customers who purchase Palo Alto Networks applications should make their purchase decisions based on services and features currently generally available.
Bitcoin (BTC) traded above $77,000 on Friday as crypto market liquidations passed $1.5 billion over 24 hours.
Key points:
Bitcoin stemmed losses after dropping to $76,320 as markets processed details of a $6.3 billion hack on Binance.The effects of the hack on crypto markets were compounded by tech-stock losses that came with Q4 earnings projections. Intel Corporation (INTC) was down 26% premarket on Friday.Bitcoin’s relative strength index prints a bullish divergence on four-hour timeframes as sell-side pressure waned below $77,000.US tech-stock sell-off adds to crypto jitters after Binance hackData from TradingView showed BTC/USD dropping as low as $76,320 amid the fallout from a $6.3 billion hack of the largest cryptocurrency exchange Binance.
Rolling 24-hour liquidations of traders across the industry reached $1.56 billion. Long positions accounted for the majority of this figure at $1.31 billion, per CoinGlass data.
BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass
In its latest update on X, Binance described the attack as “complex,” reporting more than a single security breach during the episode.
“We are still gathering the facts, and will share more directly as we have them,” it wrote.
Downside momentum cooled after the company confirmed that all user losses would be covered from its dedicated SAFU fund and other company resources.
The hack added to macro pressure on crypto, with US stock markets falling on Thursday after tech earnings fell short of expectations. Alphabet missed earnings and revenue targets on Wednesday. In the aftermath, GOOGL fell by 13% to $282, its lowest level since April.
Intel shares plunged 26% premarket on Friday as the company issued a weaker-than-expected outlook, even though Q3 revenue and earnings beat estimates. Intel said it expects Q4 sales of $15 billion to $16 billion, versus analysts’ projected $17 billion to $18 billion.
BTC price bullish divergence emerges at local lowsOn lower timeframes, BTC price metrics returned to levels not seen since BTC/USD hit multiyear lows near $57,000 in late June.
On Thursday, price closed below the lower band of the Bollinger Bands volatility indicator, a phenomenon last observed on June 25. Such a move reflects that price is trading more than two standard deviations below its 20-day simple moving average (SMA). While Bollinger Bands do not produce buy and sell signals, a close below the lower band can imply that a mean reversion is due. The 20-day SMA currently sits at $81,324.
BTC/USD one-day chart with Bollinger Bands data. Source: Cointelegraph/TradingView
The relative strength index (RSI), a popular leading indicator for price momentum, dropped to 34.7 on its 100-point scale on Friday. This is its lowest reading since June 30 and approaching its “oversold” zone below 30.
On the four-hour timeframe, RSI displayed a bullish divergence from the Bitcoin price, delivering a higher swing low compared to a lower low on BTC/USD. Such divergences can signal weakening seller control and a possible local trend change.
BTC/USD four-hour chart with RSI data. Source: Cointelegraph/TradingView
