MarketBeat Week in Review – 10/19 - 10/23Hyatt Hotels NYSE: H reported third-quarter results marked by stronger-than-expected system-wide RevPAR growth, higher fees and a record development pipeline, while management acknowledged continuing demand pressure in Mexico and the Middle East.
System-wide comparable RevPAR rose 7.2% year over year on a constant-currency basis, exceeding the company’s expectations. Hyatt Chairman, President and Chief Executive Officer Mark Hoplamazian said the increase was driven primarily by demand from high-end travelers, continued luxury portfolio strength, and some benefit from the FIFA World Cup in July and the timing of Jewish holidays in September.
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Halliburton Gains Traction: Multiyear Upcycle AheadAverage daily rates increased across all brand categories and accounted for nearly 80% of RevPAR growth, according to Hyatt. The company said it gained 100 basis points of market share year to date, supported by gains in average-rate index.
U.S., International Demand and Segment Trends U.S. RevPAR increased 8.2% in the quarter, including an estimated 50-basis-point benefit from the FIFA World Cup. Select-service hotel RevPAR rose 6.8%, which Hyatt attributed to stronger business-transient demand and easier comparisons with the prior year.
4 Stocks With Demand So Sticky That the AI Sell-Off Barely Touched Them at AllBusiness-transient RevPAR grew about 1% during the quarter, though growth accelerated to more than 4% in September. Group RevPAR rose 8%, aided in part by FIFA-related demand and the holiday-calendar shift. Leisure-transient RevPAR increased about 10%, led again by luxury hotels and resorts.
Outside the U.S., RevPAR rose nearly 6%. Asia Pacific excluding Greater China posted growth of more than 10%, while Greater China RevPAR increased 2.1%. Europe RevPAR rose 4.3%, and Americas RevPAR excluding the U.S. climbed 9.2%, supported by Caribbean resort demand.
The Middle East was a notable exception, with RevPAR declining 3% as strong domestic travel partly offset a 40% drop in international inbound travel. Hyatt expects fourth-quarter results in the region to be weaker because of seasonality and the ongoing geopolitical conflict.
Hyatt’s all-inclusive portfolio faced continued pressure in Cancun, where demand declined by more than 10%. Net Package RevPAR for the all-inclusive business fell 2.5%, though strong demand in the Caribbean and other areas of Mexico helped offset the weakness. Chief Financial Officer Joan Bottarini said Hyatt’s Cancun all-inclusive resorts gained 400 basis points of market share year to date despite the disruption.
Fees, EBITDA and Capital Returns Gross fees increased 15.2% to $327 million, ahead of Hyatt’s expectations. The company cited managed-hotel performance, new hotel openings, new management agreements from the Playa portfolio, and the timing of non-RevPAR fees.
Adjusted EBITDA rose more than 19% year over year after adjusting for asset sales. Hyatt’s distribution segment, however, declined from the prior year and fell short of expectations as Mexico demand and lower flight capacity were weaker than anticipated. The business also continued to be affected by softer demand for four-star properties.
As of Sept. 30, Hyatt had approximately $1.8 billion of total liquidity, including $1.3 billion of available revolving-credit capacity. During the quarter, the company returned about $161 million to shareholders through dividends and share repurchases, bringing year-to-date capital returns to $336 million. Hyatt had about $1.4 billion remaining under its repurchase authorization.
Outlook Raised Despite Regional Headwinds Hyatt raised its full-year system-wide RevPAR growth outlook to 5% to 5.5%, including expected U.S. RevPAR growth of 5% to 6%. It expects international RevPAR growth to be slightly below the U.S. rate for the year.
Full-year net rooms growth is expected to be about 6%. Gross fees are projected to increase 10% to 11%, or to $1.32 billion to $1.335 billion. Adjusted EBITDA is expected to rise 14% to 17%, reaching $1.17 billion to $1.20 billion. Adjusted free cash flow guidance was maintained at $580 million to $630 million. Full-year shareholder capital returns are now expected to total $375 million to $425 million. Bottarini said the company expects approximately $30 million of full-year fee pressure from Mexico and the Middle East relative to its original fourth-quarter guidance, while the combined impact to EBITDA from those issues and the distribution business totals about $60 million. Hyatt also previously identified a $15 million headwind tied to hotel closures in Jamaica. Management currently expects those hotels to reopen in late first quarter or early second quarter of 2027.
Looking toward 2027, Hyatt said booking trends at Americas all-inclusive resorts are up in the high single digits for the first quarter, while air capacity into Cancun is improving. The company also cited a recovery in airlift to Jamaica and continued strength in the Dominican Republic.
Pipeline Reaches Record Level Hyatt ended the quarter with a record development pipeline of about 158,000 rooms, up 12% from a year earlier. Year-to-date signings increased 70%, while construction starts rose more than 40%.
Third-quarter net rooms growth was 3.9%, excluding rooms from the Playa Hotels acquisition that were removed from Hyatt’s room count in the fourth quarter of 2025. Openings included Thompson Seville in Spain and Hyatt Vivid Punta Cana. Hyatt opened 14 upper-midscale hotels during the quarter and expects more than half of its annual openings to occur in the fourth quarter.
Hoplamazian said Hyatt’s newer upper-midscale brands—Hyatt Studios, Hyatt Select and Unscripted by Hyatt—have more than 150 hotels in the pipeline. More than half of U.S. signings for Hyatt’s Essentials brands during the quarter were in markets new to the company.
Management also discussed technology investments intended to accelerate conversions. Hoplamazian said Hyatt has used artificial intelligence to reduce the turnaround time for conversion property-improvement plans from several weeks to one day, and is developing an end-to-end platform spanning deal sourcing through hotel ramp-up.
Hyatt continues to pursue asset sales, including the Hyatt Grand Central New York, while seeking to retain long-term management or franchise agreements. The company also said it expects its recently announced loyalty collaboration with Delta Air Lines to create dual-earning opportunities for customers, with further details expected when Hyatt reports fourth-quarter results.
About Hyatt Hotels (NYSE:H)Hyatt Hotels Corporation is a global hospitality company that develops, owns, manages, franchises and licenses hotels, resorts, vacation properties and other lodging-related businesses. Its portfolio serves business and leisure travelers across full-service, select-service, luxury, lifestyle, wellness, all-inclusive and extended-stay segments.
The company operates a broad collection of brands, including Park Hyatt, Grand Hyatt, Hyatt Regency, Andaz, Thompson Hotels, Hyatt Centric, Hyatt Place, Hyatt House, Miraval, Alila, Destination by Hyatt and The Unbound Collection by Hyatt.
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Scott Watson named senior vice president and group president, Industrial Technologies and Services North America and EMEIA; Shaun Carlson named senior vice president and group president, Precision and Science Technologies segment Appointments are internal promotions, reflecting the depth of Ingersoll Rand’s leadership bench and the company’s commitment to developing leaders from within Mike Weatherred to retire; will serve in an advisory role through May 2028 Thoughtful succession planning supports continuity as the company advances its growth strategy to deliver global end-to-end solutions Board approves new employment agreement with Chairman and Chief Executive Officer Vicente Reynal DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, today announced leadership appointments that reflect the scale of its businesses and position the company for its next phase of growth.
“These appointments reflect the growth of our businesses and the depth of our leadership talent across Ingersoll Rand." -Vicente Reynal, Ingersoll Rand Chairman and CEO
Share Scott Watson has been named senior vice president and group president, Industrial Technologies and Services (IT&S) North America and EMEIA, and Shaun Carlson has been named senior vice president and group president, Precision and Science Technologies (P&ST) segment. Both leaders will report to Vicente Reynal, chairman and chief executive officer.
The company’s businesses have grown significantly in scale and complexity, driven in part by more than 80 acquisitions completed since 2020. That growth has created one of the broadest portfolios of mission-critical technologies backed by a global footprint. These appointments sharpen accountability for commercial execution and operating performance, and position the company to bring the full breadth of its portfolio to customers through end-to-end solutions.
Watson has led the Life Science Technologies platform, transforming it into a growth business. He brings more than 20 years of leadership experience across the life sciences and industrial sectors, including time at McKinsey & Company and in senior roles leading sourcing, manufacturing, and supply chain organizations.
Carlson has led the Precision Technologies platform, where he has driven greater discipline, focus, and execution rigor while strengthening the foundation for long-term growth. He has more than 20 years of commercial and operational leadership experience, including nearly a decade at Dover Corporation, a global industrial manufacturer.
The appointments follow the planned retirement of Mike Weatherred, senior vice president, Precision and Science Technologies segment, Demand Generation, and Execution. Weatherred will support the transition of his responsibilities and then serve in an advisory role, supporting commercial and other projects through May 2028. Ingersoll Rand Execution Excellence (IRX), the company’s process for driving high performance, has become deeply embedded across the organization. Together with the company’s ownership mindset, IRX has been foundational to Ingersoll Rand’s success and will remain central to how the company operates in the new structure.
“These appointments reflect the growth of our businesses and the depth of our leadership talent across Ingersoll Rand,” said Reynal. “Scott and Shaun are proven operators who have delivered results, and their leadership in these roles will position us to move faster, execute with greater focus, and better serve our customers. I want to thank Mike for his many contributions to Ingersoll Rand, and we are fortunate to continue to benefit from his counsel.”
In addition, the Board of Directors has approved a new employment agreement with Reynal, extending his leadership and reinforcing the Board’s confidence in the company’s long-term direction.
“Vicente has built a great company,” said William P. Donnelly, lead independent director of Ingersoll Rand. “In his nearly 10 years as CEO, he has assembled a strong portfolio of businesses, developed a deep bench of leaders, and created a culture where every employee thinks and acts like an owner. The Board and Vicente share an ambitious vision for what Ingersoll Rand can become, and we are excited to have him lead the company into its next phase of growth.”
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE: IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission‑critical flow creation and life science and industrial solutions. Supported by over 80 respected brands, our products and services excel in the most complex and harsh conditions. For more information, visit IRCO.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the expectations of Ingersoll Rand Inc. (the “Company” or “Ingersoll Rand”), regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to,” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.
These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates, or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to geopolitical tensions, natural disaster, catastrophe, cyber events, or other events outside of our control; (2) unexpected costs, charges, or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory, and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.
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TL;DR: Kamino has launched a dedicated Backpack Market on Solana allowing eligible users to post selected Backpack Securities tokenized equities as collateral for USDC borrowing. For Solana DeFi, the new market is a concrete example of tokenization gaining a use beyond holding or trading a representation of a stock.
Kamino has launched a dedicated Backpack Market on Solana allowing eligible users to post selected Backpack Securities tokenized equities as collateral for USDC borrowing. The initial group covers tokens referencing Micron, SK Hynix, SpaceX and SanDisk. The assets are represented as backed one-to-one by securities or security entitlements within Backpack’s regulated structure, while the lending terms are managed by Kamino’s market mechanism and risk curator Allez Labs. The announcement provides a new use for tokenized investment exposure, but it does not turn borrowing against volatile assets into a risk-free product.
The event and the market response
A collateralized loan lets an investor retain exposure to an asset while accessing cash against part of its value. Onchain protocols implement this with smart contracts, collateral ratios, liquidation thresholds and pricing feeds. Kamino describes the Backpack Market as isolated, which is designed to contain exposure to problems arising in separate lending pools. Each eligible token has risk settings that reflect liquidity and oracle coverage. The actual borrowing capacity can vary materially by asset, and maintaining collateral above liquidation thresholds remains the user’s responsibility.
Why the development matters to the crypto market
For Solana DeFi, the new market is a concrete example of tokenization gaining a use beyond holding or trading a representation of a stock. Borrowing against assets can deepen financial activity, but it can also amplify losses if users overextend. The listed tokenized equities are not ordinary Solana-native cryptocurrencies, and their value still depends on underlying securities and the custody arrangement. Traders should distinguish tokens issued by Backpack from the lending infrastructure supplied by Kamino, and scrutinize the risk of sharp price gaps after trading holidays.
Collateralized lending creates real economic exposure even when transactions are executed by code. A borrower may want liquidity without selling an investment, while lenders expect payment for taking risk. Both sides depend on reliable prices, appropriately conservative borrowing limits and an orderly liquidation process. Tokenization introduces another layer: the collateral may represent a security whose underlying market is not open all day. Comparing a DeFi loan with a traditional margin account is useful, provided readers also account for smart-contract risks, redemption restrictions and the absence of the same customer protections.
What the headline does not establish
Tokenized equities bring a difficult timing issue to lending protocols. A blockchain operates through weekends and holidays, but the prices of many underlying shares are established during conventional market sessions. When price feeds hold the most recent market value while an exchange is shut, fresh information can accumulate without changing the displayed collateral ratio. On reopening, a large price adjustment may push a position into liquidation. The market also carries issuer, custody, smart-contract and legal risks that cannot be summarized by a token symbol.
What to watch next
Watch actual supplied collateral, borrowing demand and how the system performs during its first significant gap between closed equity markets and active blockchain trading. Loan-to-value settings and liquidation history will reveal more than the initial list of supported tickers.
Synthetix: Has recovered the SNX tokens stolen from Binance, and will return them upon request.
Synthetix issued a statement noting that the SNX tokens stolen from Binance have been recovered by the Synthetix Protocol DAO, and are now safely held in the Protocol DAO’s Safe wallet. The protocol added that it has notified Binance, and will return the relevant tokens once it receives Binance’s request.
9 minutes ago
Analysis: Traders purchase Bitcoin put options following the Binance hack, with strike prices concentrated between $74,000 and $78,000
After the Binance hack, large traders ramped up their positions in Bitcoin put options for hedging. Nicolas Quatravaux, head of Europe, Middle East and Africa (EMEA) at Paradigm, said that within 8 hours of the incident, the notional value of BTC block trades on the platform reached roughly $590 million, equivalent to half of the related block trading volume on Deribit in the same period, with trades clearly skewed toward put options.
The first large trade took place at 20:38 UTC, before the news was made public: a purchase of put options covering 250 BTC, expiring October 31, with a strike price of $78,000, with a notional size of around $20 million. Three minutes later, another buy of the same contract incurred a cost about 35% higher.
Buy orders were mainly concentrated on strike prices between $74,000 and $78,000, with most expiring this week and mid-November. Notably, two put option trades expiring mid-November with a strike price of $74,000 each covered 1,000 BTC, totaling a notional size of around $155 million.
The report argues that this move is more of a hedge against further short-term pullbacks rather than a bet on an extreme market crash. Meanwhile, call options expiring in March were still being traded in the market, indicating not all traders are taking a defensive stance. Standard Chartered warned that market weakness could persist, and a new market bottom may not form until incident details are clarified and relevant exchanges and protocols unfreeze the involved tokens.
9 minutes ago
CZ: Token recovery efforts appear to have commenced, and Binance can naturally accumulate various tokens via transaction fees.
Binance founder CZ posted that the recovery of token assets appears to have started. He added that when users trade on Binance, they pay trading fees in the traded cryptocurrency, leading the exchange to naturally accumulate various tokens listed on its platform. CZ also emphasized: "User fund security!"
9 minutes ago
Trump: The war with Iran will end soon, no matter what form it takes.
U.S. President Donald Trump said the war with Iran will end soon, by whatever means.
9 minutes ago
CZ responds to Bitcoin's resilience amid market downturns: Traditional market declines typically weigh on the crypto market, yet Bitcoin has demonstrated remarkable resilience.
Binance founder CZ has responded to community discussions about Bitcoin’s resistance to price declines, stating that the leading cryptocurrency’s performance is quite surprising given the larger drops seen in traditional financial markets today. Historically, downturns in traditional markets weigh on crypto prices as investors sell assets to hoard cash, but Bitcoin has shown remarkable resilience this time. Earlier, some community users noted that a $6 billion+ hack on the world’s largest crypto exchange would likely trigger a sharp Bitcoin price slump, yet the token only fell around 3% that day—leading many to believe the market bottom may be approaching.
9 minutes ago
After being liquidated, "Maji" reloaded $250,000 to go long, bringing the total value of his long positions to around $5.88 million.
According to on-chain analyst Yu Jin’s monitoring, after all ETH long positions were liquidated this morning, crypto figure Huang Licheng, nicknamed "Big Brother Ma Ji", deposited 250,000 USDC to go long again in the afternoon. He currently holds long positions in ETH, HYPE, and BTC totaling approximately $5.88 million. This time, he still used high leverage, with the liquidation price for his ETH position standing at $2,161—only about $86 below the market price at that time. Ma Ji has been trading on Hyperliquid for nearly a year and a half, with a cumulative trading volume of $15.86 billion and a total accumulated loss of roughly $37.05 million.
TL;DR: Mirae Asset Securities’ Hong Kong unit announced the completion of a tokenized funding-note issuance on Solana for eligible institutional investors. For Solana markets, the headline provides another institutional blockchain use case distinct from trading memecoins or decentralized exchange tokens.
Mirae Asset Securities’ Hong Kong unit announced the completion of a tokenized funding-note issuance on Solana for eligible institutional investors. The instrument consists of six-month US dollar floating-rate notes issued under the firm’s $3 billion Guaranteed Structured Note Programme, with Marketnode acting as an authorized distributor. Mirae said it handled token issuance, payments and lifecycle processes using in-house technology. The $3 billion number describes the overall programme ceiling, not the amount of this individual sale, which the announcement did not specify.
The event and the market response
The deal illustrates how an established securities product can be represented on a public blockchain without abandoning its private-placement framework. Mirae retains responsibility for the obligation and its servicing, while the token provides a digital holding and distribution format for eligible participants. The notes were not offered to an unrestricted retail audience. Interest payment mechanics, redemption and investor eligibility remain governed by the terms of the security, irrespective of how the ownership record moves across infrastructure.
Why the development matters to the crypto market
For Solana markets, the headline provides another institutional blockchain use case distinct from trading memecoins or decentralized exchange tokens. The network is being used as part of a securities distribution process, but the economic value accrues initially to participants holding the notes and parties servicing them. Tokenized issuance may produce fees and activity, yet it is not a direct price target for SOL. Analysts should track whether comparable issues recur and whether they generate measurable settlement transactions rather than assume the full programme limit is onchain.
An institutional buyer will evaluate the cost of connecting a new rail to its existing systems before celebrating the technology. That includes identity checks, transaction reporting, asset servicing, reconciliation and recovery procedures when something goes wrong. A smaller but repeatable workflow can be commercially more valuable than an enormous theoretical market size. In this case, progress should be measured against the promised operational improvement and the conditions attached to it. Without usage figures, no one can reliably turn a partnership or infrastructure milestone into a forecast of investment returns.
Tokenized finance is often described as a single market, but it covers quite different instruments: cash-like balances, securities, private credit and other claims. Each has different settlement and counterparty risks. Institutional adoption becomes meaningful when service providers can explain who owes what, how a holder exits a position and what happens during a dispute. The detail matters as much as speed. A sound launch can be the beginning of a larger change, although the step from successful integration to widespread, economically useful activity is rarely automatic.
What the headline does not establish
Several important terms are absent from the public announcement, including the issue size, specific coupon, investor identities and evidence of a secondary market. A tokenized security can be difficult to transfer if holders face eligibility checks or if no approved counterparty is willing to buy it. Marketnode’s involvement may support institutional distribution, but it does not establish automatic liquidity. The announcement should therefore be understood as an executed private issuance and technical milestone, not evidence that ordinary Solana users can purchase the notes freely.
What to watch next
The next useful disclosures are the size and pricing of future note issues, permitted transfer arrangements and actual settlement or redemption results. Repeated transactions would help establish that the technology can support a durable product line.
Primary source: Official statement / source documentation.
written by the News Desk and edited by Samuel Rae.
The cryptocurrency market saw one of its biggest selloffs today, wiping out $1.54 billion in leveraged positions as Bitcoin, Ethereum, Solana, and XRP prices tumbled. Meanwhile, the crash erased nearly $64 billion from the global market as its market cap fell to $2.71 trillion, triggered primarily by a major security breach and hack on Binance
Binance Hack Triggers $1.54 billion in LiquidationsAccording to CoinGlass, 237,314 traders were liquidated over the past 24 hours, wiping out a total of $1.54 billion in positions. Traders betting on higher prices suffered the biggest losses, with $1.29 billion in forced closures, accounting for 83.8% of total liquidations.
Meanwhile, short traders also faced heavy liquidations, losing $252.83 million, or around 16.5% of total liquidations. Binance recorded $754.6 million in liquidations, accounting for 49.2% of the market-wide total.
The selloff followed Binance’s reported security breach, which the exchange estimated affected around $6.3 billion in assets.
Meanwhile, Binance pledged to cover the losses and temporarily suspended deposits and withdrawals while conducting security checks.
Bitcoin, ETH, SOL, XRP Traders Take the Biggest HitBitcoin recorded the highest liquidations, with $498.92 million in positions closed. Long positions accounted for 81.2% of those losses as the price fell below key psychological levels.
Ethereum followed with $359.41 million in liquidations, 84.6% of which came from long positions. Together, Bitcoin and Ether accounted for more than half of all forced closures.
Meanwhile, Solana traders lost another $82.75 million, while XRP liquidations reached $38.46 million.
Other major losses included Hyperliquid at $31.71 million, Zcash at $25.21 million, and BNB at $23.42 million.
The price decline added to the pressure. Bitcoin dropped to $76,460 before recovering toward $78,500. Ether briefly fell below $2,200 and later traded near $2,240. Solana touched $98, while XRP dropped to $1.26.
Story Ends Here
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NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Fluence Energy, Inc. (NASDAQ:FLNC) and certain of the company’s senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.
If you invested in Fluence, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/fluence-class-action-lawsuit.
Key Details of the Fluence ($FLNC) Class Action:
Lead Plaintiff Deadline: November 27, 2026Alleged Misconduct: Securities fraud alleging Fluence misrepresented the status of its manufacturing operations and ability to achieve its revenue and EBITDA guidanceLargest Alleged Stock Drop: February 5, 2026 – 34.6% Stock DropCourt: U.S. District Court for the Southern District of New YorkAction: Contact BFA Law to discuss your rights Investors have until November 27, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Fluence securities. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Hatweek v. Fluence Energy, Inc. et al., No. 26-cv-8475.
Why is Fluence Being Sued for Securities Fraud?
Fluence is a provider of energy storage systems and optimization software for the renewable energy and energy storage industries.
According to the complaint, Fluence provided record breaking fiscal year 2026 revenue guidance and significantly increased adjusted EBITA guidance based on its purported ability to capitalize on surging demand for data centers. Fluence assured investors that it had contracted with multiple key production facilities to fulfill demand.
As alleged, Defendants failed to disclose that several new contract manufacturing facilities were not completed, not operational, and/or not capable of producing at the volumes Fluence’s guidance provided.
Why did Fluence’s Stock Drop?
On February 4, 2026, Fluence reported a net loss of $62.6 million and a GAAP gross profit margin of 4.9%, a 6.5% decline year over year, due to “additional estimated costs on two projects” located outside the U.S.
On this news, Fluence’s stock dropped $10.04 per share, or 34.6%, from a closing price of $28.99 per share on February 4, 2026, to $18.95 per share on February 5, 2026.
On August 5, 2026, Fluence reported “weaker than expected revenue” and slashed revenue and adjusted EBITDA guidance because of “production delays at new contract manufacturing facilities.”
On this news, Fluence’s stock dropped $1.02 per share, or 7.2%, from a closing price of $14.23 per share on August 5, 2026, to $13.21 per share on August 6, 2026.
On September 16, 2026, Fluence issued a mid-quarter guidance update and further slashed revenue and adjusted EBITDA guidance because of “delays in the ramp-up of our contract manufacturing facility.”
On this news, Fluence’s stock dropped $1.39 per share, or 15.4%, from a closing price of $9.05 per share on September 16, 2026, to $7.66 per share on September 17, 2026.
Click here for more information: https://www.bfalaw.com/cases/fluence-class-action-lawsuit.
What Can You Do?
If you invested in Fluence, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
BFA’s notable successes include a recovery of over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
Arthur J. Gallagher & Co. (AJG) Q3 2026 Earnings Call October 29, 2026 5:15 PM EDT
Company Participants
J. Gallagher - Chairman & CEO
Douglas Howell - Corporate VP & CFO
Conference Call Participants
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Mark Hughes - Truist Securities, Inc., Research Division
Dean Criscitiello - Wolfe Research, LLC
Michael Zaremski - BMO Capital Markets Equity Research
Andrew Kligerman - TD Cowen, Research Division
Charles Peters - Raymond James & Associates, Inc., Research Division
Yaron Kinar - Mizuho Securities USA LLC, Research Division
David Motemaden - Evercore ISI Institutional Equities, Research Division
Meyer Shields - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good afternoon, and welcome to Arthur J. Gallagher & Company's Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Today's call is being recorded. If you have any objections, you may disconnect at this time.
Some of the comments made during this conference call, including answers given in response to questions, may constitute forward-looking statements within the meaning of the securities laws. The company does not assume any obligation to update information or forward-looking statements provided on this call. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
Please refer to the information concerning forward-looking statements and Risk Factors sections contained in the company's most recent 10-K, 10-Q and 8-K filings for more details on such risks and uncertainties. In addition, for reconciliations of non-GAAP measures discussed on this call as well as other information regarding these measures, please refer to the earnings release and other materials in the Investor Relations section of the company's website.
It is now my pleasure to introduce J. Patrick Gallagher, Jr., Chairman and CEO of Arthur J. Gallagher & Company. Mr. Gallagher, you may begin.
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THORChain’s RUNE jumps 13% after Binance’s record $6.3B hackNorth Korean hackers previously used THORChain to move funds stolen from Bybit and Bitget, prompting calls for the protocol to intervene.
THORChain’s RUNE token rose more than 13% on Friday after Binance confirmed a $6.3 billion hack.
RUNE climbed to $0.67 at the time of writing from a local low of $0.59 at 12:20 a.m. UTC, according to TradingView data.
Onchain investigator ZachXBT reported Friday that funds stolen from Binance and September’s Bitget hack had passed through THORChain before being combined at the same Ethereum address.
ZachXBT said the Bitget attack had been attributed to North Korea-linked TraderTraitor. TRM Labs and Chainalysis have also linked the Binance hack to the group.
THORChain allows users to swap assets across blockchains. North Korean hackers previously used the protocol to launder funds stolen in the $1.4 billion Bybit hack in February 2025. The protocol was also used to move funds stolen in the $388 million Bitget hack.
Following Bitget’s exploit, CEO Gracy Chen called on THORChain to block the attacker’s addresses, saying, “Decentralization is a design principle, not a shield for facilitating known stolen funds.”
THORChain rejected the request, saying it has no mechanism to block individual swaps. It said node operators can pause trading for an entire blockchain or across its network to address security risks.
The Bybit hack also divided contributors as core developer Pluto announced his departure after a halt on Ether trading was reversed. Validator TCB threatened to leave unless the protocol stopped processing North Korea-linked funds.
Subscribe to daily byte-sized crypto news from Cointelegraph Subscribe This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
The Euro managed to hold below the downtrend resistance line as pressure still affects the market. The market again tested the support at 1.1115 and managed to rebound, closing from the resistance zone.
Support at 1.3140-60 managed to push the market to a rebound correction, with prices pushing a few pips above 1.3400 before the drop pressure returned. As we see from the chart, a trading zone is still possible here.
Traders still fear pushing the market further up, as the BOJ may intervene again to support the Yen. A drop formation is looking to test the support zone at 153.90-154.40.
Gold fell below the 4020 support and managed to hit the target and support zone of 3942-76. As we see from the chart, the market faces a chance for a rebound correction as long as it keeps holding above 3942.
Third-quarter net sales of $903.6 million, up 5.6% compared to the prior-year period, including a core sales increase of 5.5%.Net income attributable to shareholders of $86.5 million, or $0.34 per diluted share.Adjusted Net Income per diluted share of $0.47.Net income from continuing operations of $91.6 million, or a margin of 10.1%. Adjusted EBITDA of $215.4 million, or a margin of 23.8%.Increasing 2026 guidance.Gates Industrial Corporation Ltd. (NYSE:GTES), a leading global provider of application-specific fluid power and power transmission solutions, today reported results for the third quarter ended September 26, 2026.
Ivo Jurek, Gates Industrial's Chief Executive Officer, commented, "Our team executed well during the third quarter, resulting in mid-single digit sales growth and a significant gross profit margin increase compared to the prior year period. Sales in our Industrial OEM channel increased high-teens and year-over-year growth in our Industrial Aftermarket channel accelerated relative to last quarter."
Jurek continued, "We have raised our 2026 guidance for profitability and adjusted earnings per share. We are on pace to achieve our previously communicated adjusted EBITDA margin target for the second half of 2026 and our balance sheet provides us with significant capital deployment optionality. I appreciate the effort and commitment of the global Gates teams to achieving new records for the company."
Power Transmission Segment Results
Three months ended
(USD in millions)
September 26,
2026
September 27,
2025
% Change
% Core Change
Net sales
$560.1
$533.3
5.0 %
5.2 %
Adjusted EBITDA
$137.1
$122.1
12.3 %
Adjusted EBITDA margin
24.5 %
22.9 %
160 bps
Nine months ended
(USD in millions)
September 26,
2026
September 27,
2025
% Change
% Core Change
Net sales
$1,681.8
$1,610.6
4.4 %
2.7 %
Adjusted EBITDA
$383.9
$361.6
6.2 %
Adjusted EBITDA margin
22.8 %
22.5 %
30 bps
Fluid Power Segment Results
Three months ended
(USD in millions)
September 26,
2026
September 27,
2025
% Change
% Core Change
Net sales
$343.5
$322.4
6.5 %
6.1 %
Adjusted EBITDA
$78.3
$73.7
6.2 %
Adjusted EBITDA margin
22.8 %
22.9 %
(10 bps)
Nine months ended
(USD in millions)
September 26,
2026
September 27,
2025
% Change
% Core Change
Net sales
$1,014.5
$976.4
3.9 %
2.3 %
Adjusted EBITDA
$220.3
$220.7
(0.2 %)
Adjusted EBITDA margin
21.7 %
22.6 %
(90 bps)
2026 Guidance
The Company is raising its full year 2026 financial guidance. The table below reflects our updated full year 2026 financial guidance.
Prior 2026
Updated 2026
Change (At Midpoint)
Core Sales Growth
2.5% to 4.5%
3.2% to 3.8%
No Change
Adjusted EBITDA
$800 to $830 Million
$809 to $823 Million
+ $1 Million
Adjusted EPS
$1.62 to $1.70
$1.66 to $1.72
+ $0.03
Capital Expenditures
~$120 Million
~$120 Million
No Change
Free Cash Flow Conversion
90%+
90%+
No Change
Share-based metrics in the Company's guidance do not include the effect of any potential share repurchases.
Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures, including expected Core Sales Growth, Adjusted EBITDA, Adjusted Earnings per Share and Free Cash Flow conversion for 2026. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.
Conference Call and Webcast
Gates Industrial Corporation Ltd. will host a conference call today at 10:00 a.m. Eastern Time to discuss the Company's financial results. The live webcast of the conference call and accompanying presentation materials can be accessed through Gates Industrial's website at investors.gates.com. For those unable to access the webcast, the conference call can be accessed by dialing (888) 414-4601 (domestic) or +1 (646) 960-0313 (international) and requesting the Gates Industrial Corporation Third-Quarter 2026 Earnings Conference Call or providing the Conference ID of 5772067. An audio replay of the conference call can be accessed by dialing (800) 770-2030 (domestic) or +1 (647) 362-9199 (international), and providing the passcode 5772067, or by accessing Gates Industrial's website at investors.gates.com.
About Gates Industrial Corporation Ltd.
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse aftermarket channel customers, and to original equipment manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in more than 130 countries across our three commercial regions: the Americas; Europe, Middle East & Africa; and Asia Pacific.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. These statements include, but are not limited to, statements related to expectations regarding the performance of the Company's business and financial results, our ability to capitalize on demand, anticipated sales and margin growth, our capital allocation optionality and statements regarding our outlook for 2026. Such forward-looking statements are subject to various risks and uncertainties, including, among others, U.S. policies, actions or legislation (including the imposition of tariffs), economic, political and other risks associated with international operations (including as a result of the ongoing conflicts in the Middle East and their impact on supply chains, such as reduced availability of certain of our production materials and increased supply costs, and economic conditions), availability of raw materials or other manufacturing inputs at favorable prices in sufficient quantities, or at a given time, changes in our relationships with, or the financial condition, performance, purchasing power or inventory levels of, key channel partners, dependence on the continued operation of our manufacturing facilities, supply chains, distribution systems and information technology systems, our ability to forecast demand or meet significant increases in demand and market acceptance of new product introductions and innovations. Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements can be found under the section entitled "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 27, 2026, each as filed with the Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Gates Industrial Corporation Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended
Nine months ended
(USD in millions, except per share amounts)
September 26,
2026
September 27,
2025
September 26,
2026
September 27,
2025
Net sales
$ 903.6
$ 855.7
$ 2,696.3
$ 2,587.0
Cost of sales
520.3
514.1
1,588.9
1,540.6
Gross profit
383.3
341.6
1,107.4
1,046.4
Selling, general and administrative expenses
247.4
219.2
725.0
666.6
Transaction-related expenses
4.0
0.1
7.6
0.5
Asset impairments
—
0.4
—
1.2
Restructuring expenses
0.6
6.5
2.0
21.1
Operating income from continuing operations
131.3
115.4
372.8
357.0
Interest expense
30.5
34.9
90.4
93.3
Other income
(7.5)
(14.3)
(4.0)
(5.1)
Income from continuing operations before taxes
108.3
94.8
286.4
268.8
Income tax expense (benefit)
16.7
6.1
(49.8)
48.1
Net income from continuing operations
91.6
88.7
336.2
220.7
Loss on disposal of discontinued operations
0.2
0.1
0.6
0.7
Net income
91.4
88.6
335.6
220.0
Less: non-controlling interests
4.9
7.0
18.5
19.9
Net income attributable to shareholders
$ 86.5
$ 81.6
$ 317.1
$ 200.1
Earnings per share
Basic
Earnings per share from continuing operations
$ 0.34
$ 0.32
$ 1.25
$ 0.78
Earnings per share from discontinued operations
—
—
—
—
Earnings per share
$ 0.34
$ 0.32
$ 1.25
$ 0.78
Diluted
Earnings per share from continuing operations
$ 0.34
$ 0.31
$ 1.24
$ 0.77
Earnings per share from discontinued operations
—
—
—
—
Earnings per share
$ 0.34
$ 0.31
$ 1.24
$ 0.77
Gates Industrial Corporation Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
(USD in millions, except share numbers and per share amounts)
As of
September 26,
2026
As of
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$
830.8
$
812.1
Trade accounts receivable, net
885.8
744.2
Inventories
812.9
700.0
Taxes receivable
40.0
43.4
Prepaid expenses and other assets
190.7
181.8
Total current assets
2,760.2
2,481.5
Non-current assets
Property, plant and equipment, net
597.6
609.0
Goodwill
2,025.6
2,035.2
Pension surplus
6.8
7.6
Intangible assets, net
1,092.7
1,192.4
Right-of-use assets
140.6
137.1
Taxes receivable
31.1
5.4
Deferred income taxes
728.6
640.0
Other non-current assets
51.3
43.2
Total assets
$
7,434.5
$
7,151.4
Liabilities and equity
Current liabilities
Debt, current portion
$
30.0
$
36.2
Trade accounts payable
441.9
433.7
Taxes payable
33.7
27.0
Accrued expenses and other current liabilities
304.3
238.5
Total current liabilities
809.9
735.4
Non-current liabilities
Debt, less current portion
2,190.9
2,196.3
Post-retirement benefit obligations
58.4
68.8
Lease liabilities
125.0
124.5
Taxes payable
72.2
62.1
Deferred income taxes
40.9
49.3
Other non-current liabilities
196.3
225.8
Total liabilities
3,493.6
3,462.2
Shareholders' equity
—Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares:
251,130,549 (December 31, 2025: authorized shares: 3,000,000,000; outstanding shares:
253,543,540)
2.5
2.6
—Additional paid-in capital
2,651.9
2,633.3
—Accumulated other comprehensive loss
(932.0)
(917.1)
—Treasury shares
—
(37.5)
—Retained earnings
1,836.4
1,652.7
Total shareholders' equity
3,558.8
3,334.0
Non-controlling interests
382.1
355.2
Total equity
3,940.9
3,689.2
Total liabilities and equity
$
7,434.5
$
7,151.4
Gates Industrial Corporation Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended
(dollars in millions)
September 26,
2026
September 27,
2025
Cash flows from operating activities
Net income
$ 335.6
$ 220.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
169.2
159.1
Foreign exchange and other non-cash financing income
(26.0)
(20.3)
Share-based compensation expense
24.3
22.4
Decrease in post-employment benefit obligations, net
(4.4)
(13.1)
Deferred income taxes
(115.9)
(6.3)
Asset impairments
—
1.2
Gain on disposal of property, plant and equipment
0.1
0.2
Other operating activities
5.2
4.7
Changes in operating assets and liabilities:
—Accounts receivable
(144.5)
(71.4)
—Inventories
(118.0)
(6.7)
—Accounts payable
8.1
(40.9)
—Prepaid expenses and other assets
9.5
0.9
—Taxes payable
(1.0)
(30.7)
—Other liabilities
27.8
(10.8)
Net cash provided by operating activities
170.0
208.3
Cash flows from investing activities
Purchases of property, plant and equipment
(53.8)
(54.4)
Purchases of intangible assets
(8.6)
(26.0)
Cash paid under company-owned life insurance policies
(11.0)
(10.4)
Cash received under company-owned life insurance policies
9.4
2.4
Proceeds from the sale of property, plant and equipment
1.0
2.2
Settlement of net investment hedges
15.9
—
Other investing activities
—
(0.7)
Net cash used in investing activities
(47.1)
(86.9)
Cash flows from financing activities
Issuance of shares
3.5
9.8
Repurchase of shares
(96.1)
(13.0)
Payments of long-term debt
(9.4)
(114.1)
Employee taxes paid from shares withheld
(8.7)
(20.1)
Dividends paid to non-controlling interests
(2.5)
(6.5)
Other financing activities
7.8
9.0
Net cash used in financing activities
(105.4)
(134.9)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
1.3
21.0
Net increase in cash and cash equivalents and restricted cash
18.8
7.5
Cash and cash equivalents and restricted cash at the beginning of the period
815.0
684.8
Cash and cash equivalents and restricted cash at the end of the period
$ 833.8
$ 692.3
Supplemental schedule of cash flow information
Interest paid
$ 90.4
$ 95.9
Income taxes paid
$ 65.0
$ 84.4
Accrued capital expenditures
$ 2.5
$ 2.2
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. Management uses Adjusted EBITDA as its key profitability measure. This is a non-GAAP measure that represents EBITDA before certain items that impact comparison of the performance of our business either period-over-period or with other businesses. We use Adjusted EBITDA as our measure of segment profitability to assess the performance of our businesses, and it is used for consolidated Gates as well because we believe it is important to consider our total profitability on a basis that is consistent with that of our operating segments. Adjusted EBITDA margin is Adjusted EBITDA for a particular period expressed as a percentage of net sales for that period.
Management uses Adjusted Net Income as an additional measure of profitability. Adjusted Net Income is a non-GAAP measure that represents net income attributable to shareholders before certain items that impact comparison of the performance of our business, either period-over-period or with other businesses. Beginning with the three months ended June 29, 2024, we revised our definition of Adjusted Net Income to adjust for discrete tax items, which are significant, unusual or infrequently occurring tax items. We have revised the prior period amounts to conform to our current period presentation.
Management uses Adjusted Gross Profit as an additional measure of operating performance. Adjusted Gross Profit is a non-GAAP measure that represents gross profit before certain items that impact the comparability of our results, such as restructuring costs and inventory adjustments, specific to the remeasurement of certain inventories on a Last-in-First-out ("LIFO") basis. Adjusted Gross Profit margin is Adjusted Gross Profit expressed as a percentage of net sales. We use Adjusted Gross Profit and Adjusted Gross Profit margin because they provide insight into the underlying profitability of our core operations by excluding items that are not indicative of ongoing business performance.
Core sales is a non-GAAP measure that represents net sales for the period excluding the impacts of movements in average currency exchange rates and the first-year impacts of acquisitions and disposals, when applicable. Core sales growth is the change in core sales expressed as a percentage of prior period net sales. We present core sales growth because it allows for a meaningful comparison of year-over-year performance without the volatility caused by foreign currency gains or losses, or the incomparability that would be caused by the impact of an acquisition or disposal.
Management uses Free Cash Flow to measure cash generation. Free Cash Flow is a non-GAAP measure that represents net cash provided by operations less capital expenditures. Free Cash Flow Conversion is a measure of Free Cash Flow expressed as a percentage of Adjusted Net Income. We use this metric as a measure of the success of our business in converting Adjusted Net Income into cash.
These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please see below for a reconciliation of historical non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP.
Gates Industrial Corporation Ltd.
Reconciliation of Net Income from Continuing Operations to Adjusted EBITDA
(Unaudited)
Three months ended
Nine months ended
(USD in millions)
September 26,
2026
September 27,
2025
September 26,
2026
September 27,
2025
Net income from continuing operations before taxes
$ 91.6
$ 88.7
$ 336.2
$ 220.7
Adjusted for:
Income tax expense (benefit)
16.7
6.1
(49.8)
48.1
Interest expense
30.5
34.9
90.4
93.3
Depreciation and amortization
56.4
53.6
169.2
159.1
Transaction-related expenses (1)
4.0
0.1
7.6
0.5
Asset impairments
—
0.4
—
1.2
Restructuring expenses
0.6
6.5
2.0
21.1
Share-based compensation expense
8.6
6.7
24.3
22.4
Inventory adjustments (2) (included in cost of sales)
1.8
2.6
9.4
5.6
Restructuring related expenses (included in cost of sales)
5.5
2.1
12.0
4.5
Restructuring related expenses (included in SG&A)
8.2
3.7
14.8
8.3
Cybersecurity incident insurance recovery (3)
—
(5.2)
—
(5.2)
Other (income) expenses, excluding foreign
currency transaction gain or loss and insurance
recoveries(4)
(8.5)
(4.4)
(11.9)
2.7
Adjusted EBITDA
$ 215.4
$ 195.8
$ 604.2
$ 582.3
Net Sales
$ 903.6
$ 855.7
$ 2,696.3
$ 2,587.0
Net income from continuing operations margin
10.1 %
10.4 %
12.5 %
8.5 %
Adjusted EBITDA margin
23.8 %
22.9 %
22.4 %
22.5 %
(1)
Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions,
including the acquisition of businesses, and equity and debt transactions.
(2)
Inventory adjustments include the reversal of the adjustment to remeasure certain inventories on a Last-in-First-out ("LIFO") basis.
(3)
In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023
for which we previously excluded $5.2 million of expenses from Adjusted EBITDA.
(4)
Other (income) expenses excludes foreign currency transaction (gains) losses of $(1.1) million and $3.2 million and insurance losses
of $2.2 million and $4.7 million during the three and nine months ended September 26, 2026, respectively, and foreign currency
transaction losses and insurance recoveries of $9.9 million and $7.8 million during the three and nine months ended September 27,
2025, respectively.
Gates Industrial Corporation Ltd.
Reconciliation of Net Income Attributable to Shareholders to Adjusted Net Income
(Unaudited)
Three months ended
Nine months ended
(USD in millions, except share numbers and per share amounts)
September 26,
2026
September 27,
2025
September 26,
2026
September 27,
2025
Net income attributable to shareholders
$ 86.5
$ 81.6
$ 317.1
$ 200.1
Adjusted for:
Loss on disposal of discontinued operations
0.2
0.1
0.6
0.7
Amortization of intangible assets arising from the
2014 acquisition of Gates
29.5
29.2
88.4
86.5
Transaction-related expenses (1)
4.0
0.1
7.6
0.5
Asset impairments
—
0.4
—
1.2
Restructuring expenses
0.6
6.5
2.0
21.1
Restructuring related expenses (included in cost
of sales)
5.5
2.1
12.0
4.5
Restructuring related expenses (included in
SG&A)
8.2
3.7
14.8
8.3
Share-based compensation expense
8.6
6.7
24.3
22.4
Inventory adjustments (2) (included in cost of
sales)
1.8
2.6
9.4
5.6
Adjustments relating to post-retirement benefits
0.2
0.4
5.7
1.3
Financing and other FX related losses
(6.4)
(2.7)
(9.7)
8.3
Cybersecurity incident insurance recovery (3)
—
(5.2)
—
(5.2)
Discrete tax items (4)
(6.5)
(13.5)
(113.5)
(20.6)
Other adjustments
(1.1)
(1.8)
(4.2)
(4.6)
Estimated tax effect of the above adjustments
(11.6)
(9.5)
(33.8)
(34.4)
Adjusted Net Income
$ 119.5
$ 100.7
$ 320.7
$ 295.7
Diluted weighted-average number of shares
outstanding
255.6
261.6
256.0
261.1
Adjusted Net Income per diluted share
$ 0.47
$ 0.39
$ 1.25
$ 1.13
(1)
Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions,
including the acquisition of businesses, and equity and debt transactions.
(2)
Inventory adjustments include the reversal of the adjustment to remeasure certain inventories on a Last-in-First-out ("LIFO") basis.
(3)
In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023
for which we previously excluded $5.2 million of expenses from Adjusted Net Income.
(4)
Discrete tax items include changes in uncertain tax positions relating to prior years, changes in tax laws or rates, changes in valuation
allowances, excess tax benefits on stock option exercises, and prior year adjustments in various foreign jurisdictions in which returns
were filed.
Gates Industrial Corporation Ltd.
Reconciliation of Gross Profit to Adjusted Gross Profit
(Unaudited)
Three months ended
Nine months ended
(USD in millions)
September 26,
2026
September 27,
2025
September 26,
2026
September 27,
2025
Net sales
$ 903.6
$ 855.7
$ 2,696.3
$ 2,587.0
Cost of sales
520.3
514.1
1,588.9
1,540.6
Gross Profit
383.3
341.6
1,107.4
1,046.4
Inventory adjustments (1) (included in cost of sales)
1.8
2.6
9.4
5.6
Restructuring related expenses (included in cost of
sales)
5.5
2.1
12.0
4.5
Adjusted Gross Profit
$ 390.6
$ 346.3
$ 1,128.8
$ 1,056.5
Gross Profit margin
42.4 %
39.9 %
41.1 %
40.4 %
Adjusted Gross Profit margin
43.2 %
40.5 %
41.9 %
40.8 %
(1)
Inventory adjustments include the reversal of the adjustment to remeasure certain inventories on a Last-in-First-out ("LIFO") basis.
Gates Industrial Corporation Ltd.
Reconciliation of Net Sales to Core Sales Growth
(Unaudited)
Three months ended September 26, 2026
(dollars in millions)
Power
Transmission
Fluid Power
Total
Net sales for the three months ended September 26, 2026
$ 560.1
$ 343.5
$ 903.6
Impact on net sales of movements in currency rates
0.8
(1.4)
(0.6)
Core sales for the three months ended September 26, 2026
$ 560.9
$ 342.1
$ 903.0
Net sales for the three months ended September 27, 2025
533.3
322.4
855.7
Increase in net sales
$ 26.8
$ 21.1
$ 47.9
Increase in net sales on a core basis (core sales)
$ 27.6
$ 19.7
$ 47.3
Net sales increase
5.0 %
6.5 %
5.6 %
Core sales increase
5.2 %
6.1 %
5.5 %
Nine months ended September 26, 2026
(dollars in millions)
Power
Transmission
Fluid Power
Total
Net sales for the nine months ended September 26, 2026
$ 1,681.8
$ 1,014.5
$ 2,696.3
Impact on net sales of movements in currency rates
(27.9)
(15.6)
(43.5)
Core sales for the nine months ended September 26, 2026
$ 1,653.9
$ 998.9
$ 2,652.8
Net sales for the nine months ended September 27, 2025
$ 1,610.6
$ 976.4
$ 2,587.0
Increase in net sales
$ 71.2
$ 38.1
$ 109.3
Increase in net sales on a core basis (core sales)
3 Stocks Flashing Rare Buy Signals After the Market's Wildest MonthDT Midstream NYSE: DTM raised its 2026 adjusted EBITDA guidance after reporting third-quarter adjusted EBITDA of $301 million and reaching final investment decisions on approximately $400 million of new organic growth projects.
Chairman and CEO David Slater said the company’s year-to-date performance supported a higher outlook, while demand for natural gas infrastructure continues to be supported by LNG exports, new power generation and anticipated data-center-related electricity demand. DT Midstream now expects 2026 adjusted EBITDA of $1.185 billion to $1.225 billion, while reaffirming its early 2027 outlook.
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“We continue to execute our pure-play natural gas-focused strategy, commercializing organic growth opportunities supported by strong customer demand,” Slater said.
New Midwestern and Guardian Investments
The company said it reached FID on three projects in its pipeline segment, taking total committed capital to about $2.4 billion. Slater said this represents approximately 70% of the company’s five-year organic project backlog and is roughly twice its 2026 adjusted EBITDA guidance. Committed capital has increased 50% over the past nine months, he said.
President and COO Chris Zona detailed the projects, including the MIST Southbound Phase 1 expansion, or MIST S1, on the Midwestern pipeline system. The project is designed to serve incremental power-generation demand in Southern Indiana and is expected to increase Midwestern’s capacity by about 300 million cubic feet per day, or 20%.
MIST S1 is backed by investment-grade utilities under 20-year negotiated-rate contracts and is expected to enter service in the fourth quarter of 2029. The expansion includes incremental compression and pipeline looping.
DT Midstream also approved a pipeline lateral to serve a proposed 900-megawatt power plant. That lateral has a 20-year demand-based contract with a utility offtaker and is expected to begin service in the first half of 2028.
“Together, these projects demonstrate our ability to leverage the strategic location of our Midwestern pipeline to capture growth through both mainline and lateral investments,” Zona said.
The company also approved the second phase of its Guardian Pipeline modernization program, which is expected to enter service in the third quarter of 2030. The first phases of modernization at Guardian, Midwestern and Viking remain on schedule, according to Zona. Guardian recently received Federal Energy Regulatory Commission approval for its rate-case settlement, which will provide recovery for the first-phase modernization investment beginning in mid-2027.
Further Pipeline, Storage Opportunities Under Review
Management said it continues to evaluate additional growth projects across its network. On Millennium, DT Midstream has launched an open season for the Ramapo Enhancement project, intended to add capacity for Northeast demand with a targeted fourth-quarter 2028 in-service date.
Other opportunities cited by management include the Vector 2030 expansion, Guardian G4 expansion and Haynesville system expansions. The Guardian G3 project is continuing through the FERC certificate process, with an order expected in mid-2027, Zona said. All other projects currently under construction or development remain on schedule and on budget.
During the question-and-answer session, executives said MIST’s next potential phases are being evaluated for customer needs in 2030 and 2031. The company’s initial nonbinding open season for the broader MIST opportunity was oversubscribed, while a subsequent binding open season for 2029 capacity supported the Phase 1 investment decision.
Slater said the company is focused on supplying the new MIST S1 contracts primarily through the Rockies Express Pipeline, or REX, while emphasizing Midwestern’s ability to receive gas from multiple pipelines exiting Appalachia, as well as from Vector and other southern connections.
Management also pointed to demand for additional storage, particularly high-deliverability storage that could help customers manage volatility associated with growing power-generation needs. Zona cited an opportunity to provide enhanced deliverability services at the company’s Washington 10 asset.
Third-Quarter Results and Capital Outlook
Third-quarter adjusted EBITDA of $301 million was $4 million below the prior quarter. Pipeline segment results increased $2 million sequentially, driven by higher revenue from joint venture pipelines. Gathering segment results declined $6 million, reflecting lower Northeast volumes, CFO Jeff Jewell said.
For the fourth quarter, DT Midstream expects results to be below third-quarter levels due to offline capacity and incremental expenses at Stonewall, as well as lower Northeast gathering volumes tied to producer curtailments and downstream outages.
The company raised its 2026 distributable cash flow guidance to a range of $860 million to $890 million. It also reduced its 2026 growth-capital range to $375 million to $425 million, citing capital efficiency. The revised midpoint represents a reduction of more than 10% from the prior capital range midpoint.
MIST S1 and the power-plant lateral are expected to require $275 million to $325 million of investment.
Guardian Phase II modernization is expected to require $130 million to $150 million.
Committed capital for 2027 is approximately $610 million.
Total committed capital across 2026 and 2027 is approximately $1 billion.
DT Midstream expects year-end leverage of about 2.8 times on an on-balance-sheet basis and approximately 3.4 times on a proportionate basis.
The board approved a third-quarter dividend of $0.88 per share, unchanged from the prior quarter. Jewell said the company remains committed to increasing the dividend in line with adjusted EBITDA growth.
Natural Gas Demand Outlook
Slater said third-party forecasts project U.S. natural gas demand will grow by more than 25 billion cubic feet per day through 2030, driven by LNG exports and increasing power demand. He said geopolitical tensions in the Middle East could contribute to a longer-lasting shift toward U.S. LNG supply.
Management also cited utility regulatory filings in the Upper Midwest that contemplate substantial new natural-gas-fired generation in the early to mid-2030s. Slater said Michigan utility integrated resource plans alone include 3.5 gigawatts of new generation in the early 2030s, which he estimated could require 600 million to 700 million cubic feet per day of additional gas demand.
Gathering volumes during the quarter averaged 2.17 billion cubic feet per day in the Haynesville and 1.25 billion cubic feet per day in the Northeast. The company expects Haynesville volumes to remain near third-quarter levels in the fourth quarter, while Northeast volumes are expected to decline due to producer curtailments and downstream outages.
On the longer-term outlook, executives said near-term commodity-price weakness has contributed to some curtailments, particularly in the Northeast. However, they characterized the market as shifting from a supply-push environment toward a demand-pull market as LNG, industrial and power demand expands.
About DT Midstream (NYSE:DTM)DT Midstream, Inc NYSE: DTM is an independent North American energy company focused on the transportation, storage and gathering of natural gas. The company owns and operates interstate and intrastate pipeline systems, natural gas storage facilities, and gathering and processing infrastructure that connect producers with utilities, power generators, industrial customers and other energy markets.
DT Midstream's operations are concentrated in the United States, including the Midwest, Northeast and Gulf Coast regions.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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On its third-quarter 2026 earnings call, held on Oct. 29, 2026, Howmet (HWM +5.51%) announced a 29% year-over-year revenue increase to $2.7 billion and raised its full-year outlook. Rapidly expanding demand for artificial intelligence data center power and commercial aircraft replacements is driving multiyear growth across gas turbines and engine components. This backlog gives the company multiyear earnings visibility and expanding profit margins.
Three key takeaways from management's comments highlight the road ahead.
1. Data Center Power Demand Accelerates Industrial Gas Turbine GrowthRapid data center expansion has created an urgent need for electrical power, driving high demand for land-based industrial gas turbines (IGT). Management now expects to double its IGT sales in three years instead of five, reaching $2.5 billion by the end of the decade.
This impact is likely to be felt in the outer years beyond 2028, since the new capacity currently being installed is totally sold out.
-- John Plant, Executive Chairman and Chief Executive Officer2. Commercial Aerospace Spares Provide Durable Multiyear Revenue SupportAirlines are flying older aircraft longer while waiting for new commercial planes, forcing more frequent maintenance, repair, and overhaul (MRO) engine shop visits. High passenger travel and new engine time-on-wing limits continue to push commercial aerospace spare parts sales higher.
This means that spares demand will continue to be very robust. The current extraordinary aircraft OE order backlog will ensure that new aircraft production continues and increases throughout 2027 and beyond.
-- John Plant, Executive Chairman and Chief Executive OfficerHowmet repurchased $500 million in stock during the third quarter and expanded its share buyback authorization by $5 billion. High free cash flow, or cash left after operating expenses and capital investments, allows the company to fund growth projects without adding net debt.
Most importantly, the whole of the IGT growth serving broad-based demand across industrial, oil and gas, as well as data centers, will be completed without adding any debt to the company.
-- John Plant, Executive Chairman and Chief Executive OfficerLooking AheadHigh operational demand across aerospace, defense, and power markets is straining production capacity, prompting investments in seven new manufacturing plants. Proprietary casting technologies and multiyear customer contracts protect long-term margins, while management strategically tracks facility capacity and contract definitization.
We're going to increase our engineering staffing again in 2027 by a similar number that we did in 2025 and 2026, as an example, to keep ourselves at the forefront of all the developments.
-- John Plant, Executive Chairman and Chief Executive OfficerOperational discipline and scale position the business to capture expanding power and aviation demand through 2030.
We see growth in both commercial aero and IGT as we go into the next decade.
-- John Plant, Executive Chairman and Chief Executive OfficerThe Motley Fool has positions in and recommends Howmet Aerospace. The Motley Fool has a disclosure policy.
Deckers Outdoor Corporation is rated a Buy, with attractive risk-reward driven by international growth, product innovation, and disciplined pricing. DECK's HOKA brand is launching new products and expanding wholesale distribution, aiming to regain sales momentum and broaden its customer base. UGG's expanded year-round product portfolio and positive early-season demand should reduce sales seasonality and support revenue growth.
OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ: GPRE) today announced an agreement for the transfer of Clean Fuel Production Tax Credits, also known as 45Z tax credits, generated across Green Plains' operating facilities, all of which are expected to qualify under the program. The agreement provides for the transfer of a minimum of $250 million of 45Z credits expected to be generated in 2026, and the buyers will purchase additional credits up to a total of $325 million, with an option.
Thomas J. McInerney, President & CEO, to Retire December 31, 2026
Jerome Upton Named President & CEO, Angela Simmons Named CFO, Effective January 1, 2027
RICHMOND, Va.--(BUSINESS WIRE)--Genworth Financial, Inc. (NYSE: GNW) today announced that Tom McInerney has notified the Board of Directors of his decision to retire as President & Chief Executive Officer and step down from Genworth’s Board of Directors, effective December 31, 2026. At that time, the Board of Directors expects to name Jerome Upton, currently Genworth’s Chief Financial Officer, as President and CEO and appoint him to Genworth’s Board of Directors. Angela Simmons, currently Chief Financial Officer of Genworth’s Closed Block, is expected to become Executive Vice President and Chief Financial Officer.
“On behalf of the Board, I want to thank Tom for his outstanding leadership and commitment to Genworth,” said Melina Higgins, Chair of Genworth’s Board of Directors. “During his tenure, Genworth significantly strengthened its financial foundation, delivered substantial value to shareholders, and advanced a vision for the future of the company in CareScout. The Board is confident that Jerome will carry this strong progress forward. Jerome’s deep knowledge of Genworth, broad leadership experience, and integral role in shaping our strategy make him the right leader to guide the next chapter for the company.”
“I am grateful for the Board’s confidence and honored to lead Genworth in this new chapter,” said Upton. “Over the past 28 years, I have developed a deep appreciation and understanding of our people, our businesses, and the customers who depend on us. I look forward to building on the strong foundation we established under Tom’s leadership, executing our strategy with discipline, and working every day to create long-term value for our customers, shareholders, and associates.”
“It has been a privilege to lead Genworth over the past 14 years and work with such talented and dedicated people,” said McInerney. “I am very proud of the progress we have made together—from strengthening our financial position and returning capital to shareholders to addressing the challenges of our legacy long-term care business and launching CareScout. Jerome has been a trusted partner in this work, and I believe he, Angela, and the broader management team will continue to position Genworth for long-term success.”
Jerome Upton has been with the company and its predecessors since 1998 and has served as Genworth’s CFO since March 2023. Over that time, he has held several executive leadership roles in finance and operations across different business lines and geographies. Jerome’s contributions have been integral in developing Genworth’s strategy, and he has worked closely with Tom to drive the company’s improved financial and operating position.
Angela Simmons has been with Genworth since 2002, holding leadership roles spanning capital markets, SEC reporting, controllership and finance. Prior to becoming the Closed Block CFO in 2020, Angela served as Controller for U.S. Life Insurance and spent more than a decade leading Genworth’s SEC Reporting function. She played an integral role in ensuring Genworth’s financial strength over time and maintaining the self-sustainability of its Closed Block.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a publicly traded holding company headquartered in Richmond, Virginia. Through its family of brands—including CareScout, Genworth, and Enact—Genworth uses its more than 150 years of experience to help families navigate the aging journey with clarity and confidence, offering guidance, products, and services that support caregiving decisions, long-term care planning, and the financial challenges of aging. Genworth is the majority owner of Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information, visit https://www.genworth.com.
Cautionary Note Regarding Forward Looking Statements
This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” “may” or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company’s future business and financial performance. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements or views expressed in this press release. These risks and uncertainties include, but are not limited to, those disclosed in the risk factor section of Genworth’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on February 27, 2026. Genworth undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws
Oracle’s Force Majeure Notice Exposes a Bigger Problem for the AI Build-OutBlue Owl Capital NYSE: OWL reported third-quarter 2026 fee-related earnings of $0.27 per share and distributable earnings of $0.24 per share, with fee-related earnings rising 15% and distributable earnings increasing 14% over the prior 12 months.
The company declared a quarterly dividend of $0.23 per share, payable Nov. 23 to shareholders of record on Nov. 10. Chief Financial Officer Alan Kirshenbaum said third-quarter distributable earnings exceeded the dividend and that Blue Owl expects to over-earn the dividend again in the fourth quarter and continue doing so through 2027 and beyond.
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Assets, fundraising and embedded fee growth TPG Built a Record Year, Then Lost 40%—Is the Selloff Overdone? Co-Chief Executive Officer Marc Lipschultz said Blue Owl’s assets under management grew 12% year over year to $330 billion, supported by fundraising across credit, real assets and GP strategic capital. The firm raised $12.6 billion during the third quarter and $49 billion during the past 12 months.
Blue Owl had a record quarter for institutional fundraising, according to management. Institutional and insurance clients accounted for nearly three-quarters of equity capital raised over the past 12 months. The firm said institutional and insurance investors represented about 70% of equity capital raised during that period, with commitments from those investors up approximately 20% from a year earlier.
MarketBeat Week in Review – 03/30 - 04/03Kirshenbaum said $36 billion of AUM was not yet earning fees at quarter-end, up nearly 30% from the prior year. Once deployed, that capital is expected to generate approximately $400 million in annual management fees, representing about 16% embedded growth relative to 2025 management fees.
Credit represented 45% of total fundraising over the past 12 months. Third-quarter credit fundraising totaled $5.6 billion, including $2.3 billion in investment-grade credit, $1.8 billion in direct lending and $1.1 billion in alternative credit. The quarter included a $1 billion insurance mandate from Voya. Real assets fundraising rose 37% over the past 12 months. Blue Owl also returned more than $20 billion to investors over the past 12 months, Lipschultz said.
Investment performance and market opportunities Management said changes in interest-rate expectations and higher yields have created new opportunities across its businesses. Lipschultz said the company’s direct lending portfolio is floating rate, allowing existing loans to reprice as the SOFR curve changes while the firm evaluates new lending opportunities in a higher base-rate and wider-spread environment.
For the 12 months ended in the third quarter, Blue Owl reported gross returns of 9.3% in direct lending and 10.3% in alternative credit. Kirshenbaum said direct lending’s realized loss rate was 12 basis points annually across the total portfolio, while the technology lending book recorded a net gain. Revenue and EBITDA growth among portfolio companies remained in the mid- to high-single-digit range, he said.
In real assets, gross returns over the past 12 months were 12.3% for net lease, 13.4% for digital infrastructure and 6.4% for real estate credit. The company cited more than $140 billion in near-term net lease and digital infrastructure opportunities.
Blue Owl completed $1.4 billion of net lease realizations during the quarter at average cap rates 100 basis points below entry levels, according to Kirshenbaum. The sales generated an average 18% net internal rate of return and 1.5x multiple of invested capital.
Lipschultz also pointed to demand for real estate credit financing, describing the market as a “buyer’s market” as borrowers seek refinancing amid constrained capital availability. He said the company has created dedicated pools of capital for real estate credit opportunities and sees that business as a potential area of long-term growth.
Digital infrastructure strategy Management spent substantial time discussing digital infrastructure, emphasizing that its strategy centers on buildings leased over long periods to investment-grade tenants rather than a broad bet on artificial intelligence. Lipschultz said the company typically enters leases of 15 to 20 years with annual rent escalators and seeks to limit exposure to short-term reletting, construction timing, site energization and token pricing risks.
Kirshenbaum said Blue Owl has more than 130 data centers either operating or under construction, representing nearly 14 gigawatts of leased and owned capacity, as well as a 21-gigawatt pipeline. The firm expects its next digital infrastructure fund to have an 18- to 24-month fundraising period through roughly mid-2028, with an overall target of $10 billion.
Blue Owl’s retail-focused digital infrastructure vehicle, ODIT, reached approximately $4.6 billion in AUM in less than a year. Management said it is continuing to expand the product’s distribution footprint.
Company executives also distinguished chip and GPU financing from data-center investing. Lipschultz said chip financings involve greater technology risk and shorter durations than long-lived, leased digital infrastructure assets, but said the firm sees opportunities to structure financings for its credit businesses.
Wealth flows, margins and 2027 outlook In private wealth, third-quarter inflows increased 14% sequentially. Kirshenbaum said redemption requests for Blue Owl Capital Corporation, or OCIC, declined for a second consecutive quarter, with more than 90% of the vehicle’s 90,000 shareholders remaining fully invested. He said redemption requests at ORENT declined for a fifth straight quarter and reached a nine-quarter low.
The company said newer wealth vehicles continued to gain scale. Its alternative credit interval fund, OWLCX, was approaching $3 billion in AUM after launching slightly more than a year ago. Year-to-date inflows from 1031 exchange structures into ORENT tripled from the comparable period a year earlier, management said.
Blue Owl’s fee-related earnings margin was 58.6% for the first nine months of 2026, slightly above its 58.5% outlook. Kirshenbaum said the company expects a modest margin increase in the fourth quarter and modest margin expansion in 2027.
For full-year 2026, management reiterated confidence that it would exceed fee-related earnings of $1.02 per share and distributable earnings of $0.89 per share. The company also reiterated its expectation that management-fee growth in 2027 will be higher than in 2026, supported by fee-paying deployment, fundraising annualization, higher rates, reduced credit management-fee offsets and new product launches.
In closing, Lipschultz characterized Blue Owl’s outlook around “diversification, performance and inflection,” saying the company sees accelerating growth in the second half of 2026 continuing into 2027.
About Blue Owl Capital (NYSE:OWL)Blue Owl Capital Inc NYSE: OWL is an alternative asset manager that provides private-market investment solutions to institutional investors, financial professionals, and other clients. The company focuses on strategies designed to deliver income, long-term capital appreciation, and customized exposure to private markets.
Blue Owl operates across three primary platforms: Credit, GP Strategic Capital, and Real Estate. Its credit business provides private financing to companies, including direct lending and other asset-backed and specialty finance strategies.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Blue Owl Capital Right Now?Before you consider Blue Owl Capital, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Blue Owl Capital wasn't on the list.
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Dividend stocks are selling off as interest rates surge. The inflation spike may prove temporary despite the ongoing war. Falling rates could eventually trigger a major recovery in dividend stocks.
MARLBOROUGH, Mass.--(BUSINESS WIRE)--BJ's Wholesale Club (NYSE: BJ) announced today that its Mesquite, Texas, location will open on November 6. The new club at 4355 Childress Avenue is BJ's fifth location in Texas and will offer unbeatable value on everyday essentials in a convenient one-stop shop. Members save on fresh foods, produce, full-service deli items, fresh bakery goods, household essentials, home décor, pet supplies, toys, consumer electronics and more. BJ's members love the true trea.
Cover image via U.Today 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.
0.05% of SHIB supply appears to be locked in an uncertain fate, as according to longtime Shiba Inu community member Mazrael, nearly 500 billion SHIB, or about 0.05% of supply worth nearly $2.3 million, was transferred to the address tagged "Binance Hot Wallet Exploiter 2": 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c.
This follows the recent hack at major exchange Binance, deemed the largest in crypto history, with an estimated total impact reported at around $6.3 billion. The hack, according to CryptoQuant, began with one transaction on Oct. 29, 2026, at 20:24 UTC: the wallet "Binance 14" sent out 167,464 ETH, worth $1.6 billion in USDT and 63 other tokens.
@Yamoshi160 🤔 https://t.co/kUBdClBx78
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— Mazrael.shib (@Mazrael_shib) October 30, 2026 Mazrael reports the Binance hacker's SHIB holdings to be 499,926,072,560 SHIB, which is 0.05% of the Shiba Inu supply, sharing a screenshot of Etherscan data to back up this claim.
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In a separate post, Mazrael noted the address "Binance Hot Wallet Exploiter 2" (0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c) to be a brand-new address with no prior history. Etherscan tags it as "Exploit" and "Heist," and it currently holds 499.9 billion SHIB worth $2.25 million, along with large amounts of other tokens (USDT, USDC, ETH) that were swept from Binance-labeled hot wallets.
Binance's initial investigation suggests the security incident involved a compromised DevOps engineer's laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. It, however, found no evidence of any wallet private key leak.
Warning IssuedIn the wake of the security incident, which saw Binance's hot wallets swept and 499.9 billion SHIB stolen, Mazrael highlighted the importance of self-custody, saying, "Not your keys, not your SHIB."
Not your keys, not your SHIB. Binance hot wallets just got swept. ~500B $SHIB (0.05% of supply, ~$2.3M) walked straight into the collector tagged “Binance Hot Wallet Exploiter 2”: 0x5227f603C1eE34CE3C06eFe6477003BDfCCB2f8c EIP-7702 delegation + operator sweep. One call, inventory gone. ETH, stables, alts, the whole bag. Tornado-funded setup, fresh address, classic. CEXs: “user funds are safe” Chain: *posts the receipts* #ShibArmy #NotYourKeys #DeFi https://t.co/Zcp62OTFJK
— Mazrael.shib (@Mazrael_shib) October 30, 2026 While centralized exchanges offer convenience, users of exchange platforms may have to depend on the security and operational safeguards of those services.
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Binance has confirmed an estimated total impact of about $6.3 billion for the hack, with around $3 billion in assets frozen on-chain so far. The crypto exchange says it will cover all losses from the SAFU fund and the company's funds, reiterating that user funds remain safe.
It is important to keep in mind that frozen funds, recovered funds, and funds ultimately lost are different things, with the final, irrecoverable loss still unknown.
Golden Cross Alert: 3 Stocks With Major Upside PotentialDarling Ingredients NYSE: DAR reported third-quarter 2026 net income of $267 million, or $1.67 per diluted share, compared with $19 million, or $0.12 per share, a year earlier, as contributions from its Global Ingredients operations and Diamond Green Diesel increased earnings and cash flow.
Third-quarter net sales rose to $1.8 billion from $1.6 billion in the prior-year period. Combined adjusted EBITDA totaled approximately $514 million, compared with $245 million in the third quarter of 2025. The total included about $310 million from the Global Ingredients business and $204 million from Darling’s share of Diamond Green Diesel, according to Chairman and Chief Executive Officer Randall C. Stuewe.
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Darling Ingredients In Buy Range After Q2 Earnings ReportFor the first nine months of 2026, Darling posted net income of $789 million, or $4.91 per diluted share, on sales of $5.1 billion. Combined adjusted EBITDA for the nine-month period exceeded $1.6 billion, up from $690 million a year earlier.
Balance Sheet Improves as Cash Flow Increases The company reduced net debt by approximately $420 million during the quarter and repurchased about $76 million of shares. Its leverage ratio improved to roughly 1.7 times at quarter-end, compared with 2.9 times at the end of 2025, Chief Financial Officer Bob Day said.
The 10 Top-Rated Stocks by Wall Street Analysts in August 2021Darling received approximately $170 million in cash from Diamond Green Diesel during the quarter, including roughly $33 million in dividends and $138 million from production tax credit sales. Day said the core business generated more than $300 million in cash through current earnings, the sale of most non-core grease trap assets, and the sale of its European casings business.
The company reaffirmed full-year 2026 combined adjusted EBITDA guidance of $2.2 billion to $2.3 billion. Stuewe said Darling remains on track to reduce net debt to $3 billion or less by year-end, with additional production tax credit monetizations expected in the fourth quarter.
Management said it expects its 2026 effective tax rate to be about 25%, with approximately $35 million of cash taxes expected for the remainder of the year.
Timing and Accounting Items Affected Core Results While Global Ingredients generated approximately $310 million of adjusted EBITDA in the quarter, Day said sequential results were affected by increased long-term incentive accruals and inventory-related accounting adjustments expected to reverse, at least in part, during the fourth quarter.
About $15 million was tied to the deferral of half the profit on Darling feedstock sold to Diamond Green Diesel. Because Darling owns 50% of the joint venture, accounting rules require the company to defer half of the margin until the feedstock is processed into fuel and sold by the venture. Day said that deferred profit should return to Darling’s results when the associated fuel is sold in the fourth quarter.
A lower-of-cost-or-market adjustment in the Feed Segment also weakened late in the quarter because an unusually high volume of products remained in transit at quarter-end. Combined with other timing items, the effects totaled approximately $30 million, Day said. Excluding those effects, core ingredients EBITDA was at the high end of the company’s prior guidance, at around $340 million.
Darling said protein demand and prices remained strong, while it expects fat prices to strengthen in the fourth quarter. Stuewe said tariffs in Canada and Brazil continue to challenge some trade flows, though the company is working to develop alternative markets. In the Food Segment, strong collagen sales in China partially offset tariff-related pressure on South American shipments.
The company also said its Nextida collagen portfolio continued to gain repeat and new orders. Darling recently launched NxCogni, a collagen product aimed at mental clarity and cognitive resilience. Its planned joint venture with Tessenderlo continues through the regulatory process, with a targeted closing in the first quarter of 2027.
Diamond Green Diesel Volumes and Margins Diamond Green Diesel sold 315 million gallons during the third quarter and generated Darling’s share of EBITDA of $204 million, equivalent to an average margin of approximately $1.30 per gallon. That compared with a $2.9 million loss for Darling’s share in the year-earlier quarter.
Management attributed the difference between realized margins and higher replacement margins to several temporary factors, including hedging losses on feedstock that had not yet been converted into fuel, lower production tax credit capture from a heavier use of foreign feedstocks, declining RIN values during the quarter, and a short-term third-party hydrogen outage in the Gulf Coast.
The hydrogen outage reduced production volumes, with Diamond Green Diesel producing below the company’s prior 335 million-gallon expectation. Management expects the venture to produce approximately 325 million gallons in the fourth quarter.
Day said the feedstock hedge losses should reverse when associated products are sold, either through higher renewable diesel or sustainable aviation fuel prices and margins or through cash returns if futures prices decline. He also said production tax credit value should improve as the company returns to a more typical domestic feedstock mix.
Management said fourth-quarter replacement margins are strong and that Diamond Green Diesel is realizing margins closer to spot-market conditions. Stuewe said the company expects Diamond Green Diesel’s full-year performance to reflect capture of roughly $1.50 to $2 per gallon on about 1.2 billion gallons.
Capital Allocation and Policy Outlook During the question-and-answer session, Stuewe said management and the board are considering the company’s financial policy once net debt reaches approximately $2.5 billion. Possible uses of excess cash could include additional share repurchases or a dividend, though no decision has been made.
Management also discussed the regulatory outlook for renewable fuels. Day said the company expects the Environmental Protection Agency to complete its supplemental Set 2 ruling and small-refinery-exemption reallocation process before advancing its Set 3 rulemaking. He said Darling expects the Set 3 process to begin after that, potentially resulting in a rule by the middle of next year covering two or three years, with management favoring a longer period for greater market certainty.
About Darling Ingredients (NYSE:DAR)Darling Ingredients Inc NYSE: DAR is a global developer and producer of sustainable ingredients and renewable energy solutions. The company collects and transforms animal by-products, used cooking oil, food waste and other organic materials into value-added products, helping divert waste from landfills and recover materials for reuse.
Its products include fats, proteins, meals, collagen, gelatin and specialty ingredients used in animal feed, pet food, food, pharmaceuticals and industrial applications.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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EWING, N.J.--(BUSINESS WIRE)--Church & Dwight Co., Inc. (NYSE: CHD) today announced that the Company exceeded its third quarter outlook with stronger than forecasted sales and earnings growth. Net sales increased 1.0% to $1,602 million in the third quarter, exceeding the Company's outlook of a 1% decline and reflecting the benefits of the 2025 strategic portfolio actions. Organic sales grew 5.1%, well above the Company's 3% outlook, with growth across all three divisions, driven primarily b.
The consumer packaged goods company on Friday said it has firmed up its sales growth target to 0.5%, within its previous guidance range of between flat and 1% growth.
, /PRNewswire/ -- Equifax® (NYSE: EFX) will participate in upcoming investor conferences.
Mark W. Begor, Chief Executive Officer, and John Gamble, Chief Financial Officer, will participate in the J.P. Morgan Ultimate Services Investor Conference in New York on Tuesday, November 17, 2026, including participation in a Fireside Chat at 11:00 a.m., Eastern Time.
The company invites investors to join a live webcast of this Fireside Chat event at: https://investor.equifax.com/news-events/ir-calendar. A replay of this Fireside Chat will be available within 24 hours after the event on the company's Investor Relations website.
Trevor Burns, Senior Vice President of Corporate Investor Relations, will attend the RBC Global TIMT Conference on Wednesday, November 18, 2026.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
FOR MORE INFORMATION:
Molly Clegg for Equifax
[email protected]
SUMMIT, N.J.--(BUSINESS WIRE)--Kenvue Inc. (NYSE: KVUE) today announced financial results for the fiscal third quarter ended September 27, 2026.
“We are pleased to have delivered our fourth consecutive quarter of net and organic sales growth, with strong performance in Self Care and Essential Health, along with margin expansion and strong cash generation,” said Kirk Perry, Chief Executive Officer. “Our results reflect continued momentum from disciplined execution, ongoing productivity initiatives, and investment in our brands and innovation. We are strongly on track to deliver our business transformation that we began last year. I want to thank our entire organization for their dedication to delighting our consumers and customers, disciplined execution, and delivering what was promised.”
Perry continued, “As we near the completion of our value-creating combination with Kimberly-Clark and bring together our two companies, the team is excited about the opportunities ahead.”
Third Quarter Summary
Net sales increased 3.2% vs the prior year period, reflecting Organic sales growth of 2.9% and a foreign currency benefit of 0.3%. Gross profit margin was 59.5% vs 59.1% in the prior year period. Adjusted gross profit margin1 was 61.5% vs 61.2% in the prior year period. Operating income margin was 18.2% vs 16.7% in the prior year period. Adjusted operating income margin1 was 21.9% vs 21.5% in the prior year period. Diluted earnings per share were $0.22 vs $0.21 in the prior year period. Adjusted diluted earnings per share1 were $0.29 vs $0.28 in the prior year period. Due to the pending transaction with Kimberly-Clark, the Company will not be providing forward-looking guidance. Third Quarter 2026 Financial Results
Net Sales and Organic Sales
Third quarter 2026 Net sales increased 3.2% vs the prior year period, primarily reflecting Organic sales growth of 2.9% and a foreign currency benefit of 0.3%. Organic sales growth was driven by volume growth of 1.6% and favorable value realization of 1.3%.
Gross Profit Margin and Operating Income Margin
Third quarter 2026 Gross profit margin was 59.5% vs 59.1% in the prior year period. Adjusted gross profit margin was 61.5% vs 61.2% in the prior year period. The year-over-year change in both measures primarily reflects savings from productivity gains attributable to our global supply chain optimization initiatives, U.S. tariff refunds, and favorable value realization, partially offset by the impact from inflation as well as unfavorable transactional foreign exchange.
Third quarter 2026 Operating income margin was 18.2% vs 16.7% in the prior year period. Third quarter 2026 Adjusted operating income margin was 21.9% vs 21.5% in the prior year period. The year-over-year change in both measures reflects the year-over-year change in Gross profit margin and Adjusted gross profit margin, as well as savings from our cost optimization actions, including the 2026 Restructuring Initiative and Our Vue Forward, partially offset by a year-over-year increase in brand support.
Interest Expense, Net and Taxes
Third quarter 2026 Interest expense, net was $89 million vs $93 million in the prior year period.
Third quarter Effective tax rate was 29.4% vs 24.3% in the prior year period. The Adjusted effective tax rate1 was 24.7% in the current period vs 24.0% in the prior year period. The year-over-year increase in both measures largely reflects a reduction in favorable discrete return-to-provision adjustments as compared to the prior year, partially offset by the impact of tax law changes.
Net Income Per Share (“Earnings Per Share”)
Third quarter 2026 Diluted earnings per share were $0.22 vs $0.21 in the prior year period. Adjusted diluted earnings per share were $0.29 in the current period vs $0.28 in the prior year period.
Third Quarter 2026 Business Segment Results
Self Care
Third quarter 2026 Net sales increased 5.9% vs the prior year period, reflecting Organic sales growth of 5.4% and a foreign currency benefit of 0.5%. Organic sales growth was driven by a volume increase of 3.4% and favorable value realization of 2.0%. Organic sales increased in Asia Pacific (“APAC”), benefiting from favorable inventory-related comparisons following prior year trade inventory depletion, while strong innovation and commercial execution in Pain Care enabled Motrin® to outperform the market as the region experienced rising flu incidences. Smoking Cessation delivered low double-digit Organic sales growth in the quarter, led by Europe, Middle East, and Africa (“EMEA”) and APAC, reflecting strong demand and commercial execution for Nicorette®. Pepcid® continued to outperform the category, benefitting from strong commercial and innovation-led initiatives. In the U.S., consumption trends improved sequentially, and Tylenol® gained market share despite lower seasonal incidences versus the prior year period and continued category softness.
Skin Health and Beauty
Third quarter 2026 Net sales increased 0.1% vs the prior year period, reflecting Organic sales decline of 0.5% and a foreign currency benefit of 0.6%. Organic sales decline was driven by a volume decrease of 1.7%, partially offset by favorable value realization of 1.2%. Organic sales declined vs the prior year period reflecting distribution losses and timing of promotions in the U.S. and the impact of retailer negotiations in Europe. Hair Care was a key growth driver during the quarter, delivering low double-digit Organic sales growth, led by Rogaine®, which achieved its fourth consecutive quarter of market share gains, and continued momentum behind OGX®. Innovation continued to contribute to Organic sales performance across all regions, including the expansion of North America Sun Care with the launch of Neutrogena® Cloud Tech™ featuring BEMT (bemotrizinol) and the brand's proprietary technology, continued expansion of Neutrogena® Ultra Sheer® Sun, and momentum behind OGX® ProGrowth and ProGrowth + Peptide platforms.
Essential Health
Third quarter 2026 Net sales increased 2.5% vs the prior year period, reflecting Organic sales growth of 2.5%. Organic sales growth was driven by a volume increase of 2.0% and favorable value realization of 0.5% with growth across all regions. Baby Care delivered growth for the quarter driven by Johnson’s Baby® across all regions supported by social commerce acceleration, strong activations, and innovation. Women’s Health also contributed to growth, led by Stayfree®, which benefited from recent product launches in India, and o.b.®, which returned to growth in EMEA following its brand restage and pricing actions. Wound Care continued to gain market share, supported by BAND-AID® Brand PRO HEAL® 5 Day Protect, distribution expansion, and retailer activations. Innovation remained a key growth driver, including Stayfree® Secure Nights and XpertXL in India, the ongoing rollout of Listerine® On-The-Go mouthwash packets, and Johnson’s Baby® innovations in Latin America.
Cash Flow and Balance Sheet
Fiscal nine months ended September 27, 2026 Net cash flows from operating activities were $1.9 billion vs $1.3 billion in the prior year period, with the improvement driven by an increase in net income and by lower use of working capital. Capital expenditures were $0.3 billion vs $0.4 billion in the prior year period, as Free cash flow1 increased to $1.6 billion vs $1.0 billion in the prior year period. Total cash and cash equivalents were $1.0 billion as of September 27, 2026 vs $1.1 billion as of December 28, 2025. Total debt was $8.2 billion as of September 27, 2026 vs $8.5 billion as of December 28, 2025.
2026 Restructuring Initiative
As previously disclosed, on February 17, 2026, the Company’s Board of Directors approved an initiative (the “2026 Restructuring Initiative”) that aims to optimize its operating model, transform its supply chain, reduce complexity, and drive operational efficiencies, while strengthening core capabilities. The Initiative is expected to result in pre-tax restructuring expenses and other charges totaling approximately $250 million in fiscal year 2026.
No Conference Call
Due to the pending transaction with Kimberly-Clark, Kenvue will not be hosting a quarterly conference call. This press release will be posted on the Company’s website at investors.kenvue.com.
About Kenvue
Kenvue Inc. is the world’s largest pure-play consumer health company by revenue. Built on more than a century of heritage, our iconic brands, including Aveeno®, BAND-AID® Brand, Johnson’s®, Listerine®, Neutrogena®, and Tylenol®, are science-backed and recommended by healthcare professionals around the world. At Kenvue, we realize the extraordinary power of everyday care. Our teams work every day to put that power in consumers’ hands and earn a place in their hearts and homes. Learn more at kenvue.com.
1Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures to supplement the financial measures prepared in accordance with U.S. GAAP. There are limitations to the use of the non-GAAP financial measures presented herein. These non-GAAP financial measures are not prepared in accordance with U.S. GAAP, nor do they have any standardized meaning under U.S. GAAP. In addition, other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Accordingly, the non-GAAP financial measures may not be comparable to such similarly titled non-GAAP financial measures used by other companies. The Company cautions you not to place undue reliance on these non-GAAP financial measures, but instead to consider them with the most directly comparable U.S. GAAP measure. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation. These non-GAAP financial measures should be considered supplements to, not substitutes for, or superior to, the corresponding financial measures calculated in accordance with U.S. GAAP.
The Company believes the presentation of these measures is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. The Company believes these measures help improve investors’ ability to understand the Company’s operating performance and makes it easier to compare the Company’s results with other companies. In addition, the Company believes these measures are also among the primary measures used externally by the Company’s investors, analysts, and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in our industry.
Below are definitions and the reconciliation to the most closely related GAAP measures for the non-GAAP measures used in this press release.
Adjusted diluted earnings per share: We define Adjusted diluted earnings per share as Adjusted net income divided by the weighted average number of diluted shares outstanding. Management views this non-GAAP measure as useful to investors as it provides a supplemental measure of the Company’s performance over time.
Adjusted EBITDA margin: We define EBITDA as U.S. GAAP Net income adjusted for interest, provision for taxes, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for restructuring expenses and operating model optimization initiatives, costs incurred in connection with our establishment as a standalone public company (“Separation-related costs”), conversion of stock-based awards, stock-based awards granted to individuals employed by Kenvue as of October 2, 2023 (“Founder Shares”), expenses incurred in connection with the pending transaction with Kimberly-Clark (“Pending Transaction and other related costs”), costs associated with the Skillman sale-leaseback, and the impact of the deferred transfer of certain assets and liabilities from Johnson & Johnson in certain jurisdictions (the “Deferred Markets”). We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of U.S. GAAP Net sales. Management believes this non-GAAP measure is useful to investors as it provides a supplemental perspective to the Company’s operating efficiency over time.
Adjusted effective tax rate: We define Adjusted effective tax rate as U.S. GAAP Effective tax rate adjusted for the tax effects on special item adjustments including amortization of intangible assets, restructuring expenses and operating model optimization initiatives, Separation-related costs, conversion of stock-based awards, Founder Shares, Pending Transaction and other related costs, and costs associated with the Skillman sale-leaseback. We also exclude taxes related to the Deferred Markets. Management believes this non-GAAP measure is useful to investors as it provides a supplemental measure of the Company’s performance over time.
Adjusted gross profit margin: We define Adjusted gross profit margin as U.S. GAAP Gross profit margin adjusted for amortization of intangible assets, Separation-related costs, conversion of stock-based awards, Founder Shares, operating model optimization initiatives, and Pending Transaction and other related costs. Management believes this non-GAAP measure is useful to investors as it provides a supplemental perspective to the Company’s operating efficiency over time.
Adjusted net income: We define Adjusted net income as U.S. GAAP Net income adjusted for amortization of intangible assets, restructuring expenses and operating model optimization initiatives, Separation-related costs, conversion of stock-based awards, Founder Shares, Pending Transaction and other related costs, costs associated with the Skillman sale-leaseback, the impact of the Deferred Markets, and their related tax impacts (i.e., special items). Adjusted net income excludes the impact of items that may obscure trends in our underlying performance. Management believes this non-GAAP measure is useful to investors as the Company uses Adjusted net income for strategic decision making, forecasting future results, and evaluating current performance.
Adjusted operating income: We define Adjusted operating income as U.S. GAAP Operating income adjusted for amortization of intangible assets, restructuring expenses and operating model optimization initiatives, Separation-related costs, conversion of stock-based awards, Founder Shares, Pending Transaction and other related costs, costs associated with the Skillman sale-leaseback, and the impact of the Deferred Markets. Management believes this non-GAAP measure is useful to investors as management uses Adjusted operating income to assess the Company’s financial performance.
Adjusted operating income margin: We define Adjusted operating income margin as Adjusted operating income as a percentage of U.S. GAAP Net sales. Management believes this non-GAAP measure is useful to investors as it provides a supplemental perspective to the Company’s operating efficiency over time.
Free cash flow: We define Free cash flow as U.S. GAAP Net cash flows from operating activities adjusted for purchases of property, plant, and equipment. Management believes this non-GAAP measure is useful to investors as it provides a view of the Company’s liquidity after deducting capital expenditures, which are considered a necessary component of our ongoing operations.
Organic sales: We define Organic sales as U.S. GAAP Net sales excluding the impact of changes in foreign currency exchange rates and the impact of acquisitions and divestitures. We report changes in Organic sales on a period-over-period basis. Management believes reporting period-over-period changes in Organic sales provides investors with supplemental information that is useful in assessing the Company’s results of operations by excluding the impact of certain items that we believe do not directly reflect our underlying operations.
Market Share Information
The Company uses market share and related metrics, including Average Weekly Recommendations, as indicators to assess business performance and trends. Market share references in this press release are derived from a combination of consumption and market share data provided by third-party vendors and internal estimates. Unless otherwise indicated, such references represent the percentage of the dollar value of sales of our products, relative to all product sales in the category in the countries in which the Company operates and purchases data.
Market share data is subject to inherent limitations, including the availability and timing of underlying information. In particular, market share data is not generally available for certain retail channels. The Company measures market share through the most recent period for which market share data is available, which generally reflects a lag time of one or two months. While the Company believes the third-party vendors it uses to provide data are reliable, it has not independently verified the accuracy or completeness of such data or its underlying assumptions. In addition, the Company’s reported market share data may differ from that reported by other companies due to differences in category definitions, geographic scope, internal estimates and other factors.
Cautions Concerning Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements about management’s expectations of Kenvue’s future operating and financial performance, product development, market position, and business strategy. Such forward-looking statements include statements regarding the pending transaction with Kimberly-Clark. Forward-looking statements may be identified by the use of words such as “plans,” “expects,” “will,” “anticipates,” “estimates,” and other words of similar meaning. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Kenvue and its affiliates. Risks and uncertainties include, but are not limited to: the inability to execute on Kenvue’s business development strategy; inflation and other economic factors, such as interest rate and currency exchange rate fluctuations, as well as existing or proposed tariffs and other constraints on trade both in the U.S. and in foreign markets; the ability to successfully manage local, regional, or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow Kenvue to effect any dividend payments; Kenvue’s ability to maintain satisfactory credit ratings and access capital markets, which could adversely affect its liquidity, capital position, and borrowing costs; competition, including technological advances, new products, and intellectual property attained by competitors; challenges inherent in new product research and development; uncertainty of commercial success for new and existing products and digital capabilities; challenges to intellectual property protections, including counterfeiting; the ability of Kenvue to successfully execute strategic plans, including the 2026 Restructuring Initiative and any other restructuring or cost-saving initiatives; the impact of business combinations and divestitures, including any ongoing or future transactions; manufacturing difficulties or delays, internally or within the supply chain; product efficacy or safety concerns resulting in product recalls or regulatory action; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations and other stakeholder requirements; changes in behavior and spending patterns of consumers; natural disasters, acts of war, or terrorism, catastrophes, or epidemics, pandemics, or other disease outbreaks; financial instability of international economies and legal systems and sovereign risk; the inability to realize the benefits of the separation from Kenvue’s former parent, Johnson & Johnson; the risk of disruption or unanticipated costs in connection with the separation; the Company’s inability to consummate the pending transaction with Kimberly-Clark due to, among other things, market, regulatory, and other factors; the potential for disruption to the Company’s business resulting from the pending transaction with Kimberly-Clark; and potential adverse effects on the Company’s stock price from the suspension or consummation of the pending transaction with Kimberly-Clark. A further list and descriptions of these risks, uncertainties, and other factors can be found in Kenvue’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other filings, available at investors.kenvue.com or on request from Kenvue. Any forward-looking statement made in this release speaks only as of the date of this release. Kenvue undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or developments or otherwise.
Kenvue Inc.
Condensed Consolidated Statements of Operations
(Unaudited; Dollars in Millions, Except Per Share Data; Shares in Millions)
Fiscal Three Months Ended
Fiscal Nine Months Ended
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Net sales
$
3,886
$
3,764
$
11,750
$
11,344
Cost of sales
1,572
1,538
4,833
4,689
Gross profit
2,314
2,226
6,917
6,655
Selling, general, and administrative expenses
1,569
1,512
4,559
4,553
Restructuring expenses
33
84
163
204
Other operating expense, net
6
1
23
19
Operating income
706
629
2,172
1,879
Other expense, net
8
10
19
26
Interest expense, net
89
93
274
281
Income before taxes
609
526
1,879
1,572
Provision for taxes
179
128
519
432
Net income
$
430
$
398
$
1,360
$
1,140
Net income per share
Basic
$
0.22
$
0.21
$
0.71
$
0.59
Diluted
$
0.22
$
0.21
$
0.71
$
0.59
Weighted-average number of shares outstanding
Basic
1,921
1,918
1,919
1,917
Diluted
1,926
1,923
1,923
1,925
Organic Sales Change
The following tables present a reconciliation of the change in Net sales, as reported, to the change in Organic sales, a non-GAAP measure, for the periods presented:
Fiscal Three Months Ended September 27, 2026 vs. September 28, 2025(1)
Reported Net Sales Change
Impact of Foreign Currency
Organic Sales Change
(Unaudited)
Total Organic Sales Change
Price/Mix(2)
Volume
Self Care
5.9
%
0.5
%
5.4
%
2.0
%
3.4
%
Skin Health and Beauty
0.1
0.6
(0.5
)
1.2
(1.7
)
Essential Health
2.5
—
2.5
0.5
2.0
Total
3.2
%
0.3
%
2.9
%
1.3
%
1.6
%
Fiscal Nine Months Ended September 27, 2026 vs. September 28, 2025(1)
Reported Net Sales Change
Impact of Foreign Currency
Organic Sales Change
(Unaudited)
Total Organic Sales Change
Price/Mix(2)
Volume
Self Care
3.3
%
2.2
%
1.1
%
1.6
%
(0.5
)%
Skin Health and Beauty
4.5
1.8
2.7
1.6
1.1
Essential Health
3.2
1.5
1.7
(0.1
)
1.8
Total
3.6
%
1.9
%
1.7
%
1.0
%
0.7
%
(1) Acquisitions and divestitures did not impact the reported Net sales change.
(2) Price/Mix reflects value realization.
Total Segment Net Sales and Adjusted Operating Income
Segment Net sales for the periods presented were as follows:
Net Sales
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited; Dollars in Millions)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Self Care
$
1,656
$
1,564
$
4,944
$
4,786
Skin Health and Beauty
1,039
1,038
3,211
3,074
Essential Health
1,191
1,162
3,595
3,484
Total segment net sales
$
3,886
$
3,764
$
11,750
$
11,344
Segment Adjusted operating income for the periods presented was as follows:
Adjusted Operating Income
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited; Dollars in Millions)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Self Care Adjusted operating income
$
537
$
520
$
1,674
$
1,613
Skin Health and Beauty Adjusted operating income
149
137
503
378
Essential Health Adjusted operating income
315
307
929
897
Total
$
1,001
$
964
$
3,106
$
2,888
Reconciliation to Adjusted operating income (non-GAAP):
Depreciation(1)
77
75
234
226
General corporate/unallocated expenses
71
82
210
251
Other operating expense, net
6
1
23
19
Other—impact of Deferred Markets
(4
)
(5
)
(25
)
(30
)
Adjusted operating income (non-GAAP)
$
851
$
811
$
2,664
$
2,422
Reconciliation to Income before taxes:
Amortization of intangible assets(2)
64
66
193
193
Separation-related costs(4)
6
17
16
79
Restructuring expenses and operating model optimization initiatives(3)
41
97
188
232
Conversion of stock-based awards
—
1
1
5
Other—impact of Deferred Markets
4
5
25
30
Founder Shares
—
(4
)
3
4
Pending Transaction and other related costs(5)
28
—
60
—
Skillman sale-leaseback
2
—
6
—
Operating income
$
706
$
629
$
2,172
$
1,879
Other expense, net
8
10
19
26
Interest expense, net
89
93
274
281
Income before taxes
$
609
$
526
$
1,879
$
1,572
Non-GAAP Financial Information
The following tables present reconciliations of GAAP to non-GAAP for the periods presented:
Fiscal Three Months Ended September 27, 2026
(Unaudited; Dollars in Millions)
As Reported
Adjustments
Reference
As Adjusted
Net sales
$
3,886
—
$
3,886
Gross profit
$
2,314
75
(a)
$
2,389
Gross profit margin
59.5
%
61.5
%
Operating income
$
706
145
(a)-(c)
$
851
Operating income margin
18.2
%
21.9
%
Net income
$
430
138
(a)-(d)
$
568
Net income margin
11.1
%
14.6
%
Interest expense, net
$
89
Provision for taxes
$
179
Depreciation and amortization
$
141
EBITDA (non-GAAP)
$
839
81
(b)-(c), (e)
$
920
EBITDA margin (non-GAAP)
21.6
%
23.7
%
Detail of Adjustments
Cost of Sales
SG&A/Restructuring Expenses
Other Operating Expense, Net
Provision for Taxes
Total
Amortization of intangible assets(2)
$
64
$
—
$
—
$
—
$
64
Restructuring expenses(3)
—
33
—
—
33
Operating model optimization initiatives(3)
6
2
—
—
8
Separation-related costs, conversion of stock-based awards, and Founder Shares(4)
4
2
—
—
6
Pending Transaction and other related costs(5)
1
27
—
—
28
Skillman sale-leaseback
—
2
—
—
2
Impact of Deferred Markets—minority interest expense
—
—
1
—
1
Impact of Deferred Markets—provision for taxes
—
—
3
(3
)
—
Tax impact on special item adjustments
—
—
—
(4
)
(4
)
Total
$
75
$
66
$
4
$
(7
)
$
138
(a)
(b)
(c)
(d)
Cost of sales less amortization
$
11
(e)
Fiscal Three Months Ended September 28, 2025
(Unaudited; Dollars in Millions)
As Reported
Adjustments
Reference
As Adjusted
Net sales
$
3,764
—
$
3,764
Gross profit
$
2,226
79
(a)
$
2,305
Gross profit margin
59.1
%
61.2
%
Operating income
$
629
182
(a)-(c)
$
811
Operating income margin
16.7
%
21.5
%
Net income
$
398
140
(a)-(d)
$
538
Net income margin
10.6
%
14.3
%
Interest expense, net
$
93
Provision for taxes
$
128
Depreciation and amortization
$
141
EBITDA (non-GAAP)
$
760
116
(b)-(c), (e)
$
876
EBITDA margin (non-GAAP)
20.2
%
23.3
%
Detail of Adjustments
Cost of Sales
SG&A/Restructuring Expenses
Other Operating Expense, Net
Provision for Taxes
Total
Amortization of intangible assets(2)
$
66
$
—
$
—
$
—
$
66
Restructuring expenses(3)
—
84
—
—
84
Operating model optimization initiatives(3)
8
5
—
—
13
Separation-related costs, conversion of stock-based awards, and Founder Shares(4)
5
9
—
—
14
Impact of Deferred Markets—minority interest expense
—
—
2
—
2
Impact of Deferred Markets—provision for taxes
—
—
3
(3
)
—
Tax impact on special item adjustments
—
—
—
(39
)
(39
)
Total
$
79
$
98
$
5
$
(42
)
$
140
(a)
(b)
(c)
(d)
Cost of sales less amortization
$
13
(e)
Fiscal Nine Months Ended September 27, 2026
(Unaudited; Dollars in Millions)
As Reported
Adjustments
Reference
As Adjusted
Net sales
$
11,750
—
$
11,750
Gross profit
$
6,917
229
(a)
$
7,146
Gross profit margin
58.9
%
60.8
%
Operating income
$
2,172
492
(a)-(c)
$
2,664
Operating income margin
18.5
%
22.7
%
Net income
$
1,360
418
(a)-(d)
$
1,778
Net income margin
11.6
%
15.1
%
Interest expense, net
$
274
Provision for taxes
$
519
Depreciation and amortization
$
427
EBITDA (non-GAAP)
$
2,580
299
(b)-(c), (e)
$
2,879
EBITDA margin (non-GAAP)
22.0
%
24.5
%
Detail of Adjustments
Cost of Sales
SG&A/Restructuring Expenses
Other Operating Expense, Net
Provision for Taxes
Total
Amortization of intangible assets(2)
$
193
$
—
$
—
$
—
$
193
Restructuring expenses(3)
—
163
—
—
163
Operating model optimization initiatives(3)
20
5
—
—
25
Separation-related costs, conversion of stock-based awards, and Founder Shares(4)
12
8
—
—
20
Pending Transaction and other related costs(5)
4
56
—
—
60
Skillman sale-leaseback
—
6
—
—
6
Impact of Deferred Markets—minority interest expense
—
—
10
—
10
Impact of Deferred Markets—provision for taxes
—
—
15
(15
)
—
Tax impact on special item adjustments
—
—
—
(59
)
(59
)
Total
$
229
$
238
$
25
$
(74
)
$
418
(a)
(b)
(c)
(d)
Cost of sales less amortization
$
36
(e)
Fiscal Nine Months Ended September 28, 2025
(Unaudited; Dollars in Millions)
As Reported
Adjustments
Reference
As Adjusted
Net sales
$
11,344
—
$
11,344
Gross profit
$
6,655
233
(a)
$
6,888
Gross profit margin
58.7
%
60.7
%
Operating income
$
1,879
543
(a)-(c)
$
2,422
Operating income margin
16.6
%
21.4
%
Net income
$
1,140
423
(a)-(d)
$
1,563
Net income margin
10.0
%
13.8
%
Interest expense, net
$
281
Provision for taxes
$
432
Depreciation and amortization
$
419
EBITDA (non-GAAP)
$
2,272
350
(b)-(c), (e)
$
2,622
EBITDA margin (non-GAAP)
20.0
%
23.1
%
Detail of Adjustments
Cost of Sales
SG&A/Restructuring Expenses
Other Operating Expense, Net
Provision for Taxes
Total
Amortization of intangible assets(2)
$
193
$
—
$
—
$
—
$
193
Restructuring expenses(3)
—
204
—
—
204
Operating model optimization initiatives(3)
20
8
—
—
28
Separation-related costs, conversion of stock-based awards, and Founder Shares(4)
20
68
—
—
88
Impact of Deferred Markets—minority interest expense
—
—
12
—
12
Impact of Deferred Markets—provision for taxes
—
—
18
(18
)
—
Tax impact on special item adjustments
—
—
—
(102
)
(102
)
Total
$
233
$
280
$
30
$
(120
)
$
423
(a)
(b)
(c)
(d)
Cost of sales less amortization
$
40
(e)
(1) Depreciation consists of depreciation of property, plant, and equipment and amortization of integration and development costs capitalized in connection with cloud computing arrangements.
(2) Relates to the amortization of definite-lived intangible assets (primarily trademarks, trade names, and customer lists) over their estimated useful lives.
(3) Restructuring expenses and operating model optimization initiatives in the fiscal three and nine months ended September 27, 2026 related to the 2026 Restructuring Initiative and in the fiscal three and nine months ended September 28, 2025 related to the 2024 Multi-year Restructuring Initiative and were composed of the following:
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited; Dollars in Millions)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Employee-related costs (one-time severance and other termination benefits)
$
10
$
32
$
87
$
78
Information technology and project-related costs
31
60
101
147
Other implementation costs
—
5
—
7
Total restructuring expenses and operating model optimization initiatives
$
41
$
97
$
188
$
232
Restructuring expenses and operating model optimization initiatives include accelerated depreciation expense on assets related to the 2026 Restructuring Initiative for the fiscal three and nine months ended September 27, 2026.
(4) Separation-related costs relate to non-recurring costs incurred in connection with our establishment of Kenvue as a standalone public company. Separation-related costs, the impact of the conversion of stock-based compensation awards, and the incremental stock-based compensation from the issuance of the Founder Shares, were composed of the following:
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited; Dollars in Millions)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Information technology and other
$
2
$
12
$
4
$
63
Legal entity name change
4
5
12
16
Total separation-related costs
$
6
$
17
$
16
$
79
Conversion of stock-based awards
—
1
1
5
Founder Shares
—
(4
)
3
4
Total separation-related costs, conversion of stock-based awards, and Founder Shares
$
6
$
14
$
20
$
88
(5) Pending Transaction and other related costs consist of expenses incurred in connection with the pending transaction with Kimberly-Clark, including advisory fees, legal costs, professional service costs, and other related costs.
The following table presents reconciliations of the Effective tax rate, as reported, to Adjusted effective tax rate for the periods presented:
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Effective tax rate
29.4
%
24.3
%
27.6
%
27.5
%
Adjustments:
Tax-effect on special item adjustments
(4.9
)
(0.7
)
(2.8
)
(1.8
)
Taxes related to Deferred Markets
0.2
0.4
0.2
0.4
Adjusted Effective tax rate (non-GAAP)
24.7
%
24.0
%
25.0
%
26.1
%
The following table presents a reconciliation of Diluted earnings per share, as reported, to Adjusted diluted earnings per share for the periods presented:
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Diluted earnings per share
$
0.22
$
0.21
$
0.71
$
0.59
Adjustments:
Separation-related costs
—
0.01
0.01
0.04
Restructuring expenses and operating model optimization initiatives
0.02
0.05
0.10
0.12
Amortization of intangible assets
0.03
0.03
0.10
0.10
Pending Transaction and other related costs
0.01
—
0.03
—
Tax impact on special item adjustments
—
(0.02
)
(0.03
)
(0.05
)
Other
0.01
—
—
0.01
Adjusted diluted earnings per share (non-GAAP)
$
0.29
$
0.28
$
0.92
$
0.81
The following table presents a reconciliation of Net cash flows from operating activities, as reported, and Purchases of property, plant, and equipment, as reported, to Free cash flow for the periods presented:
Fiscal Nine Months Ended
(Unaudited; Dollars in Billions)
September 27, 2026
September 28, 2025
Net cash flows from operating activities
$
1.9
$
1.3
Purchases of property, plant, and equipment
(0.3
)
(0.4
)
Free cash flow (non-GAAP)
$
1.6
$
1.0
Note: Numbers may not foot due to rounding.
Other Supplemental Financial Information
The following table presents the Company’s Net sales by geographic region for the periods presented:
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited; Dollars in Millions)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Net sales by geographic region
North America
$
1,761
$
1,765
$
5,526
$
5,500
Europe, Middle East, and Africa
970
959
2,918
2,772
Asia Pacific
741
672
2,164
2,072
Latin America
414
368
1,142
1,000
Total Net sales by geographic region
$
3,886
$
3,764
$
11,750
$
11,344
The following table presents the Company’s Research and development expenses for the periods presented. Research and development expenses are included within Selling, general, and administrative expenses.
Fiscal Three Months Ended
Fiscal Nine Months Ended
(Unaudited; Dollars in Millions)
September 27, 2026
September 28, 2025
September 27, 2026
September 28, 2025
Research & Development
$
96
$
94
$
274
$
284
The following table presents the Company’s Cash and cash equivalents, Total debt, and Net debt balance as of the periods presented:
Kenvue reported higher profit and revenue as it works to turn around its business ahead of its $40 billion acquisition by consumer-products company Kimberly-Clark.
, /PRNewswire/ -- AAON, Inc. (NASDAQ: AAON) ("The Aaon Group", or the "Company"), a leader in high-performance HVAC and thermal management solutions, announces that it has scheduled its quarterly conference call and webcast for Monday, November 9, 2026, at 5:00 p.m. EST to discuss third quarter 2026 financial results. The results will be released after market close.
The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast. The dial-in is accessible at 1-888-880-3330. To access the listen-only webcast, please register at The Aaon Group Third Quarter 2026 Conference Call.
On the next business day following the call, a replay of the call will be available on the Company's website at https://investors.theaaongroup.com/
About The Aaon Group
The Aaon Group provides high-performance HVAC and thermal management solutions for commercial, industrial, and data center environments. Through two strong brands, AAON and BASX, the company designs and manufactures highly configurable and custom-engineered equipment focused on efficiency, performance, reliability, and long-term customer value. For more information, please visit theaaongroup.com.
Contact Information
Joseph Mondillo
Director of Investor Relations & Corporate Strategy
Email: [email protected]
NEW ALBANY, Ohio, Oct. 30, 2026 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (NYSE: ANF) will host its quarterly earnings conference call for all interested parties on Tuesday, November 24, 2026, at 8:30 a.m. ET. A press release detailing the company’s third quarter results is expected to be issued shortly after 7:30 a.m. ET. In addition, a presentation of the third quarter results will be available on the company’s website at approximately 7:30 a.m. ET.
Conference Call:To access the conference call by phone, participants will need to register to obtain a dial-in phone number and an access code. Register for the call using this link. Webcast:To listen to a live webcast of the call, please visit corporate.abercrombie.com/investors/news-and-events/events/ and click the link to the webcast. Replay:A replay of the webcast will be available at corporate.abercrombie.com/investors shortly after the call ends and will be archived for one year.
Further information is available at corporate.abercrombie.com. Important information may be disseminated initially or exclusively via the website: investors should consult the site to access this information.
About Abercrombie & Fitch Co.
Abercrombie & Fitch Co. (NYSE: ANF) is a global, digitally led omnichannel specialty retailer of apparel and accessories catering to kids through millennials with assortments curated for their specific lifestyle needs.
The company operates a family of brands, including Abercrombie brands and Hollister brands, each sharing a commitment to offer products of enduring quality and exceptional comfort that support global customers on their journey to being and becoming who they are. Abercrombie & Fitch Co. operates approximately 850 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites abercrombie.com, abercrombiekids.com, and hollisterco.com.
Top-Line Growth Accelerates Sequentially, Delivering Second Consecutive Quarter of Sales Growth
Raises Full-Year Sales Outlook
ATLANTA--(BUSINESS WIRE)--Newell Brands (NASDAQ: NWL) today announced its third quarter 2026 financial results.
Chris Peterson, Newell Brands President and Chief Executive Officer, said, "Top-line growth accelerated sequentially as Newell Brands delivered its second consecutive quarter of year-over-year growth in sales. Growth during the quarter was broad-based, with both the U.S. and International delivering growth along with four of our six businesses and seven of our top 10 brands. Our investment in consumer understanding, brand building, innovation, and marketing continues to expand distribution and drive growth. Based on these solid results and the dramatic improvements we have made across the key capabilities required to win in our industry, we are raising our full year sales outlook and now expect to deliver positive sales growth in both the fourth quarter and full year 2026."
Mark Erceg, Newell Brands Chief Financial Officer, said, "Stronger sales and world-class productivity efforts allowed third quarter normalized gross and operating margins to expand significantly versus last year and normalized earnings per share to come in at the high end of our guidance range despite inflation that exceeded our expectations. Higher projected sales than previously anticipated and additional cost containment efforts give us the confidence to maintain the midpoints of our normalized operating margin and normalized earnings per share outlooks. Deleveraging remains a top priority and, consistent with that, we anticipate reducing total debt and factoring by a couple hundred million dollars this year."
Third Quarter 2026 Highlights
Net sales were $1.9 billion, an increase of 3.7% compared with the prior year period. Core sales grew 3.3% compared with the prior year period. Gross margin increased to 34.7% compared with 34.1% in the prior year period. Normalized gross margin increased to 35.2% compared with 34.5% in the prior year period. Operating margin decreased to 1.4% compared with 6.6% in the prior year period. Normalized operating margin increased to 9.8% compared with 8.9% in the prior year period. Net loss was $81 million compared with net income of $21 million in the prior year period. Normalized net income was $86 million compared with $70 million in the prior year period. Diluted loss per share was $0.19 compared with diluted EPS of $0.05 in the prior year period. Normalized diluted EPS was $0.20 compared with $0.17 in the prior year period. Normalized EBITDA increased to $248 million compared with $225 million in the prior year period. Raised the full-year 2026 outlook for net sales and core sales, maintained the midpoints of normalized operating margin and normalized EPS and revised the operating cash flow outlook. Third Quarter 2026 Operating Results
Net sales were $1.9 billion, an increase of 3.7% compared with the prior year period, reflecting core sales growth of 3.3% and favorable foreign exchange.
Gross margin was 34.7% compared with 34.1% in the prior year period, with the positive impact from higher net sales and gross productivity more than offsetting headwinds from inflation. Normalized gross margin was 35.2% compared with 34.5% in the prior year period.
Operating income was $27 million compared with $119 million in the prior year period. Operating margin was 1.4% compared with 6.6% in the prior year period. The current period included a non-cash impairment charge of $101 million related to an indefinite-lived tradename. Normalized operating income was $184 million, or 9.8% of sales, compared with $162 million, or 8.9% of sales, in the prior year period. The year-over-year increase in normalized results primarily reflected higher net sales and improved gross margin.
Net interest expense was $86 million compared with $83 million in the prior year period.
Income tax benefit was $11 million compared with an income tax provision of $21 million in the prior year period. The normalized income tax provision was $9 million compared with $6 million in the prior year period.
Net loss was $81 million compared with net income of $21 million in the prior year period. Normalized net income was $86 million compared with $70 million in the prior year period. Normalized EBITDA was $248 million compared with $225 million in the prior year period.
Diluted loss per share was $0.19 compared with diluted EPS of $0.05 in the prior year period. Normalized diluted EPS was $0.20 compared with $0.17 in the prior year period.
An explanation of non-GAAP measures disclosed in this release and a reconciliation of these non-GAAP results to comparable GAAP measures, if available, are included in the tables attached to this release.
Balance Sheet and Cash Flow
Year-to-date operating cash flow was $93 million compared with $103 million in the prior year period.
At the end of the third quarter of 2026, Newell Brands had debt outstanding of $4.8 billion and cash and cash equivalents of $249 million, compared with $4.8 billion and $229 million, respectively, at the end of the third quarter of 2025.
During the third quarter of 2026, the Company entered into a new $800 million asset-based revolving credit facility, replacing the existing secured revolving credit facility and extending the facility's general maturity to 2031. The Company also issued $600 million of 6.250% senior notes due 2031 and used the proceeds to redeem its 6.375% senior notes due 2027 and repay a portion of the borrowings under the new facility.
Third Quarter 2026 Operating Segment Results
The Home & Commercial Solutions segment generated net sales of $1.01 billion compared with $942 million in the prior year period, reflecting core sales growth of 6.0%, as well as the impact of favorable foreign exchange. Core sales increased in the Kitchen, Home Fragrance and Commercial businesses. Operating loss was $37 million, or negative 3.7% of sales, compared with operating income of $40 million, or 4.2% of sales, in the prior year period. The current period included a non-cash impairment charge of $101 million related to an indefinite-lived tradename. Normalized operating income was $86 million, or 8.5% of sales, compared with $64 million, or 6.8% of sales, in the prior year period.
The Learning & Development segment generated net sales of $692 million compared with $681 million in the prior year period, reflecting core sales growth of 2.3%, as well as the impact of unfavorable foreign exchange. Core sales grew in the Writing business while the Baby business was roughly flat. Operating income was $137 million, or 19.8% of sales, compared with $124 million, or 18.2% of sales, in the prior year period. Normalized operating income was $157 million, or 22.7% of sales, compared with $130 million, or 19.1% of sales, in the prior year period.
The Outdoor & Recreation segment generated net sales of $169 million compared with $183 million in the prior year period, reflecting a core sales decline of 6.4%, as well as the impact of unfavorable foreign exchange. Operating loss was $14 million, or negative 8.3% of sales, compared with $8 million, or negative 4.4% of sales, in the prior year period. Normalized operating loss was $10 million, or negative 5.9% of sales, compared with $1 million, or negative 0.5% of sales, in the prior year period.
Outlook
The Company initiated its outlook for the fourth quarter and raised its full-year 2026 sales outlook, reflecting third-quarter performance and updated expectations for the fourth quarter. Higher sales expectations and additional cost containment are offsetting additional inflation, enabling the Company to maintain the midpoints of its full-year normalized operating margin and normalized EPS outlooks.
Q4 2026 Outlook
Net Sales
1% to 3%
Core Sales
1% to 3%
Normalized Operating Margin
8.4% to 9.0%
Normalized EPS
$0.17 to $0.19
Updated Full-Year 2026 Outlook
Previous Full-Year 2026 Outlook
Net Sales
2% to 3%
1% to 2%
Core Sales
1% to 2%
Flat to 1%
Normalized Operating Margin
10.0% to 10.4%
10.0% to 10.4%
Normalized EPS
$0.74 to $0.76
$0.73 to $0.77
The Company revised its full-year 2026 operating cash flow outlook primarily due to two one-time non-operating items, the first of which relates to the previously announced termination of its non-qualified defined benefit plans. This transaction is expected to generate a net cash benefit of approximately $60 million, but the benefit payments are classified as operating cash outflows while the associated proceeds are classified as investing cash inflows. The accounting treatment lowers expected operating cash flows by approximately $85 million, including related cash taxes. The second item reflects lower than previously anticipated proceeds from receivables factoring as the Company reduces its reliance on these programs following its upsized bond refinancing. Based on these two items the Company has revised its full-year operating cash flow guidance to approximately $150 million.
The Company has presented forward-looking statements regarding core sales, normalized operating margin and normalized EPS. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. In reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, the Company is unable to present a quantitative reconciliation of forward-looking normalized operating margin or normalized EPS to the most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company's future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the Company's actual results and preliminary financial data set forth above may be material.
Conference Call
Newell Brands’ third quarter 2026 earnings conference call will be held today, October 30, at 7:30 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investors section of the Company’s website at www.newellbrands.com. A webcast replay will be made available in the Quarterly Earnings section of the Company’s website.
Non-GAAP Financial Measures
This release and the accompanying remarks contain non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the "SEC") and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
The Company uses certain non-GAAP financial measures that are included in this press release, the additional financial information and accompanying remarks both to explain its results to stockholders and the investment community and in the internal evaluation and management of its businesses. The Company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance and liquidity using the same tools that management uses to evaluate the Company’s past performance, reportable segments, prospects for future performance and liquidity, and (b) determine certain elements of management incentive compensation.
The Company’s management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, divestitures, retail store openings and closings, certain market and category exits, changes in foreign exchange and customer returns due to a product recall from year-over-year comparisons. The effect of changes in foreign exchange on reported sales is calculated by applying the prior year average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions and divestitures), with the difference between the current year reported sales and constant currency sales presented as the foreign exchange impact increase or decrease in core sales. The Company’s management believes that “normalized” gross margin, "normalized" overheads, “normalized” operating income, “normalized” operating margin, "normalized EBITDA", “normalized” net income, “normalized” diluted earnings per share and “normalized” income tax benefit or expense, which exclude restructuring and restructuring-related expenses; impairment charges; amortization of acquisition-related intangible assets; divestiture costs; costs related to acquisitions, integration and financing of acquired businesses; hyperinflationary adjustments and one-time and other events such as expenses related to certain legal proceedings, costs related to the extinguishment of debt; certain tax benefits and charges; pension settlement charges; costs related to a product recall; certain facility fire related costs; write-off of assets not placed into service and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations and liquidity. “Normalized EBITDA” is an ongoing liquidity measure (that excludes non-cash items) and is calculated as normalized earnings before interest, tax, depreciation, amortization and stock-based compensation expense.
The Company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the Company determines the year to date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated normalized tax expense or benefit.
The Company defines "net debt" as short-term debt, current portion of long-term debt and long-term debt less cash and cash equivalents.
While the Company believes these non-GAAP financial measures are useful in evaluating the Company’s performance and liquidity, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.
About Newell Brands
Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, DYMO, EXPO, Elmer’s, Oster, NUK, Spontex and Campingaz. Newell Brands is focused on delighting consumers by lighting up everyday moments.
This press release and additional information about Newell Brands are available on the Company’s website, www.newellbrands.com.
Forward-Looking Statements
Some of the statements in this press release and its exhibits, particularly those anticipating future financial performance, business prospects, growth, operating strategies, future macroeconomic conditions and similar matters, are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements generally can be identified by the use of words or phrases, including, but not limited to, "guidance," "outlook," “intend,” “anticipate,” “believe,” “estimate,” “project,” “target,” “plan,” “expect,” “setting up,” "beginning to,” “will,” “should,” “would,” "could," “resume,” “remain confident,” "remain optimistic," "seek to," or similar statements. We caution that forward-looking statements are not guarantees because there are inherent difficulties in predicting future results. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to:
the Company’s ability to optimize costs and cash flow and mitigate the impact of soft global demand and retailers’ inventory rebalancing through discretionary and overhead spend management, advertising and promotion expense optimization, demand forecast and supply plan adjustments and actions to improve working capital; the Company’s dependence on the strength of retail and consumer demand and commercial and industrial sectors of the economy in various countries around the world; the Company’s ability to improve productivity, reduce complexity and streamline operations, including but not limited to successful implementation of Enterprise Resource Planning System consolidation and other technology and operational simplification projects; risks related to the Company’s substantial indebtedness and current leverage profile, ability to refinance upcoming bond maturities on favorable terms, or at all, and potential increases in interest rates or changes in the Company’s credit ratings including the failure to maintain financial covenants which if breached could subject us to cross-default and acceleration provisions in our debt documents; the impact on the Company’s operations and financial condition resulting from the current global macroeconomic environment, including the impact of tariffs imposed by the U.S. and retaliatory tariffs imposed by foreign countries, and the Company’s ability to effectively execute its mitigation plans, including securing receipt of tariff refunds and defending related litigation; competition with other manufacturers and distributors of consumer products; major retailers’ strong bargaining power and consolidation of the Company’s customers; supply chain and operational disruptions in the markets in which we operate, including as a result of geopolitical and macroeconomic conditions and any global military conflicts including those between Russia and Ukraine and in the Middle East; changes in the prices and availability of labor, transportation, raw materials and sourced products, including significant inflation and oil price volatility, and the Company’s ability to offset cost increases through pricing and productivity in a timely manner; the Company’s ability to effectively execute its turnaround plan, including the Productivity Plan announced in December 2025 and other restructuring and cost saving initiatives; the Company’s ability to develop innovative new products, to develop, maintain and strengthen end-user brands and to realize the benefits of increased advertising and promotion spend; the risks inherent to the Company’s foreign operations, including currency fluctuations, exchange controls and pricing restrictions; future events that could adversely affect the value of the Company’s assets and/or stock price and require additional impairment charges; unexpected costs or expenses associated with dispositions; the cost and outcomes of governmental investigations, inspections, lawsuits, legislative requests or other actions by third parties, the potential outcomes of which could exceed policy limits, to the extent insured; the Company’s ability to maintain effective internal control over financial reporting; risk associated with the use of artificial intelligence in the Company’s operations and the Company’s ability to properly manage such use; a failure or breach of one of the Company’s key information technology systems, networks, processes or related controls or those of the Company’s service providers; the impact of United States and foreign regulations on the Company’s operations, including environmental remediation costs and legislation and regulatory actions related to product safety, data privacy and climate change; the potential inability to attract, retain and motivate key employees; changes in tax laws and the resolution of tax contingencies resulting in additional tax liabilities; product liability, product recalls or related regulatory actions; the Company’s ability to protect its intellectual property rights; the impact of climate change and the increased focus of governmental and non-governmental organizations and customers on sustainability issues, as well as external expectations related to environmental, social and governance considerations; significant increases in the funding obligations related to the Company’s pension plans; and other factors listed from time to time in our SEC filings, including but not limited to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other filings. The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Management’s application of U.S. GAAP requires the pervasive use of estimates and assumptions in preparing the condensed consolidated financial statements. The Company continues to be impacted by inflationary pressures, soft global demand, major retailers' focus on tight control over inventory levels, elevated interest rates and indirect macroeconomic impacts from geopolitical conflicts, which has required greater use of estimates and assumptions in the preparation of our condensed consolidated financial statements. Although we believe we have made our best estimates based upon current information, actual results could differ materially and may require future changes to such estimates and assumptions, including reserves, which may result in future expense or impairment charges.
The information contained in this press release and the tables is as of the date indicated. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments. In addition, there can be no assurance that the Company has correctly identified and assessed all of the factors affecting the Company or that the publicly available and other information the Company receives with respect to these factors is complete or correct.
NEWELL BRANDS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share amounts)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
Change
2026
2025
Change
Net sales
$
1,873
$
1,806
3.7%
$
5,416
$
5,307
2.1%
Cost of products sold
1,224
1,190
3,442
3,503
Gross profit
649
616
5.4%
1,974
1,804
9.4%
Selling, general and administrative expenses
508
492
3.3%
1,499
1,471
1.9%
Restructuring costs, net
13
5
30
22
Impairment of goodwill, intangibles and other assets
101
—
101
—
Operating income
27
119
(77.3)%
344
311
10.6%
Non-operating expenses:
Interest expense, net
86
83
257
237
Loss on extinguishment of debt
16
—
16
13
Other (income) expense, net
17
(6
)
29
3
Income (loss) before income taxes
(92
)
42
NM
42
58
(27.6)%
Income tax provision (benefit)
(11
)
21
50
28
Net income (loss)
$
(81
)
$
21
NM
$
(8
)
$
30
NM
Weighted average common shares outstanding:
Basic
425.9
419.1
424.2
417.9
Diluted
425.9
423.5
424.2
422.4
Earnings (loss) per share:
Basic
$
(0.19
)
$
0.05
$
(0.02
)
$
0.07
Diluted
$
(0.19
)
$
0.05
$
(0.02
)
$
0.07
Dividends per share
$
0.07
$
0.07
$
0.21
$
0.21
* NM - NOT MEANINGFUL
NEWELL BRANDS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions)
September 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$
249
$
203
Accounts receivable, net
980
987
Inventories
1,596
1,281
Prepaid expenses and other current assets
529
237
Total current assets
3,354
2,708
Property, plant and equipment, net
1,156
1,209
Operating lease assets
437
453
Goodwill
3,082
3,101
Other intangible assets, net
1,453
1,634
Deferred income taxes
792
825
Other assets
654
785
Total assets
$
10,928
$
10,715
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
1,121
$
931
Other accrued liabilities
1,518
1,464
Short-term debt and current portion of long-term debt
—
130
Total current liabilities
2,639
2,525
Long-term debt
4,841
4,543
Deferred income taxes
7
50
Operating lease liabilities
411
433
Other noncurrent liabilities
666
773
Total liabilities
8,564
8,324
Total stockholders' equity
2,364
2,391
Total liabilities and stockholders' equity
$
10,928
$
10,715
NEWELL BRANDS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Nine Months Ended September 30,
2026
2025
Cash flows from operating activities:
Net income (loss)
$
(8
)
$
30
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
234
231
Impairment of goodwill, intangibles and other assets
101
—
Deferred income taxes
(39
)
16
Stock based compensation expense
50
46
Pension settlement charge
26
—
Other, net
13
(13
)
Changes in operating accounts:
Accounts receivable
2
(13
)
Inventories
(320
)
(2
)
Prepaid expenses and other current assets
(159
)
13
Accounts payable
196
(14
)
Accrued liabilities and other, net
(3
)
(191
)
Net cash provided by operating activities
93
103
Cash flows from investing activities:
Capital expenditures
(131
)
(177
)
Proceeds from settlement of swaps
16
25
Proceeds from life insurance policies
133
24
Purchases of investment securities
(109
)
(16
)
Other investing activities, net
(21
)
29
Net cash used in investing activities
(112
)
(115
)
Cash flows from financing activities:
Proceeds from (payments on) short-term debt, net
(130
)
150
Payments on current portion of long-term debt
—
(1,235
)
Net proceeds from issuance of long-term debt and revolving credit facility
1,102
1,235
Payments on long-term debt and revolving credit facility
(795
)
—
Cash dividends
(97
)
(90
)
Other financing activities, net
(4
)
(1
)
Net cash provided by financing activities
76
59
Exchange rate effect on cash, cash equivalents and restricted cash
(2
)
3
Increase in cash, cash equivalents and restricted cash
55
50
Cash, cash equivalents and restricted cash at beginning of period
220
219
Cash, cash equivalents and restricted cash at end of period
$
275
$
269
Supplemental disclosures:
Restricted cash at beginning of period
$
17
$
21
Restricted cash at end of period
26
40
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
The following tables present a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures in accordance with GAAP for the three and nine months ended September 30, 2026 and a comparison to prior year. The Company has chosen to present the following non-GAAP measures to investors to enable additional analyses of past, present and future operating performance and as a supplemental means of evaluating the Company’s performance and operating results absent the effect of certain items that are deemed to be stand-alone items apart from the Company’s core operations (“Normalized Adjustments”). While these costs or gains are not expected to continue for any individual transaction on an ongoing basis, similar types of costs, expenses and charges or gains have occurred in prior periods.
Normalized Adjustments in 2026 and 2025 include the following:
Restructuring and restructuring-related costs
The company incurs restructuring and restructuring-related costs in connection with various discrete initiatives, including our Global Productivity Plan announced in December 2025, previously disclosed initiatives such as our Realignment Plan in 2024 as well as other discrete actions. Restructuring charges primarily relate to severance and other employee termination costs as well as contract termination and other costs. Restructuring-related costs are costs that are directly attributable to a restructuring action or exit activity and would not have been incurred absent the action. Restructuring-related costs primarily relate to duplicative costs pending facility closure, asset valuation adjustments and disposal gains or losses and consulting costs. Restructuring-related costs primarily related to manufacturing and distribution personnel, facilities and assets are generally recorded in cost of products sold, while restructuring-related costs primarily related to office facilities and assets and professional or clerical personnel are generally recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Restructuring charges primarily related to the Global Productivity Plan and Realignment Plan for the three and nine months ended September 30, 2026 and 2025, respectively.
Amortization expense and impairments of acquired intangible assets
Represents the amortization expense and impairment charges associated with acquired intangible assets.
Argentina hyperinflationary currency movements
Represents the favorable or unfavorable movement in Argentine pesos related to our subsidiary operating in Argentina, which is considered a hyperinflationary economy.
(Gain) loss on divestitures and transaction costs
Represents the gain or loss on disposal of businesses or investments, which represents the difference between the fair value (less costs to sell) and carrying value of the business or investment being disposed, as well as transaction costs associated with acquisitions and divestitures.
(Gain) loss on pension settlement
Represents charges associated with settlement of certain of the Company’s defined benefit plans, which relates to the recognition of previously unrecognized actuarial losses in accumulated other comprehensive loss.
Other adjustments
Primarily includes loss on extinguishment of debt, recall costs for certain French Door Countertop Ovens, fire-related costs, net of insurance recoveries, write-off of assets not placed into service and expenses related to U.S. Tax Court legal proceeding disclosed in Footnote 10 - Income Taxes to our condensed consolidated financial statements contained in our most recent quarterly report on Form 10-Q.
Normalized income tax adjustments
The Company uses a “with” and “without” approach to calculate normalized income tax expense or benefit. At an interim period, the Company determines the year-to-date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated normalized tax expense or benefit. In addition, normalized income tax adjustments includes the income tax expense ($30 million, for each of the three months ended September 30, 2026 and 2025, $51 million and $52 million for the nine months ended September 30, 2026 and 2025, respectively) that results from the amortization of a prior year normalized tax benefit. The three and nine months ended September 30, 2025 also includes a net charge of $5 million and $9 million, respectively, related to certain discrete items including (1) an incremental tax charge relating to the Company's transition tax associated with the implementation of the Tax Cuts and Jobs Act in 2017 and (2) remeasurement of deferred taxes resulting from change in a U.S. income tax rate and surrender of insurance policies previously accounted for as a permanent difference.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
CERTAIN LINE ITEMS
(Amounts in millions, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Gross profit, as reported under GAAP
$
649
$
616
$
1,974
$
1,804
As a % of net sales
34.7
%
34.1
%
36.4
%
34.0
%
Normalized Adjustments:
Restructuring-related costs:
Asset valuation adjustments and disposal gains or losses
—
—
1
1
Duplicative costs pending facility closure or exit of business activity
—
—
—
3
Argentina hyperinflationary charge
1
2
2
6
Other, net
10
7
11
7
Normalized gross profit
$
660
$
625
$
1,988
$
1,821
As a % of net sales [1]
35.2
%
34.5
%
36.7
%
34.3
%
Operating income, as reported under GAAP
$
27
$
119
$
344
$
311
As a % of net sales
1.4
%
6.6
%
6.4
%
5.9
%
Normalized Adjustments:
Restructuring:
Severance and other employee termination costs
13
4
28
21
Contract termination and other costs
—
1
2
1
Restructuring-related costs:
Asset valuation adjustments and disposal gains or losses
2
3
2
15
Duplicative costs pending facility closure or exit of business activity
1
1
3
9
Consulting costs
—
(1
)
—
(1
)
Amortization of acquired intangible assets
23
24
71
70
Impairment of acquired intangible assets
101
—
101
—
Loss on divestitures and transaction costs
—
1
3
1
Argentina hyperinflationary charge
1
2
2
6
Other, net
16
8
26
8
Total normalized adjustments to operating income, as reported under GAAP
157
43
238
130
Normalized operating income
$
184
$
162
$
582
$
441
As a % of net sales [1]
9.8
%
8.9
%
10.7
%
8.3
%
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
CERTAIN LINE ITEMS
(Amounts in millions, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Income (loss) before income taxes, as reported under GAAP
$
(92
)
$
42
$
42
$
58
Normalized Adjustments:
Restructuring:
Severance and other employee termination costs
13
4
28
21
Contract termination and other costs
—
1
2
1
Restructuring-related costs:
Asset valuation adjustments and disposal gains or losses
2
3
2
15
Duplicative costs pending facility closure or exit of business activity
1
1
3
9
Consulting costs
—
(1
)
—
(1
)
Amortization of acquired intangible assets
23
24
71
70
Impairment of acquired intangible assets
101
—
101
—
(Gain) loss on divestitures and transaction costs
(1
)
(11
)
2
(12
)
Loss on pension settlement
19
—
26
—
Argentina hyperinflationary charge
2
6
4
14
Other, net
27
7
38
22
Normalized income before income taxes
$
95
$
76
$
319
$
197
Income tax provision (benefit), as reported under GAAP
$
(11
)
$
21
$
50
$
28
Effective income tax rates, as reported under GAAP
(12.0
)%
50.0
%
119.0
%
48.3
%
Normalized income tax adjustments
20
(15
)
24
4
Normalized income tax provision
$
9
$
6
$
74
$
32
Effective income tax rates, as adjusted
9.5
%
7.9
%
23.2
%
16.2
%
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
CERTAIN LINE ITEMS
(Amounts in millions, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Weighted average common shares outstanding:
Basic
425.9
419.1
424.2
417.9
Diluted
435.8
423.5
431.9
422.4
Net income (loss) and diluted earnings (loss) per share, as reported under GAAP
$
(81
)
$
(0.19
)
$
21
$
0.05
$
(8
)
$
(0.02
)
$
30
$
0.07
Normalized Adjustments:
Restructuring:
Severance and other employee termination costs
13
0.03
4
0.01
28
0.06
21
0.05
Contract termination and other costs
—
—
1
—
2
—
1
—
Restructuring-related costs:
Asset valuation adjustments and disposal gains or losses
2
—
3
0.01
2
—
15
0.04
Duplicative costs pending facility closure or exit of business activity
1
—
1
—
3
0.01
9
0.02
Consulting costs
—
—
(1
)
—
—
—
(1
)
—
Amortization of acquired intangible assets
23
0.05
24
0.06
71
0.16
70
0.17
Impairment of acquired intangible assets
101
0.23
—
—
101
0.23
—
—
(Gain) loss on divestitures and transaction costs
(1
)
—
(11
)
(0.03
)
2
—
(12
)
(0.03
)
Loss on pension settlement
19
0.04
—
—
26
0.06
—
—
Argentina hyperinflationary charge
2
—
6
0.01
4
0.01
14
0.03
Other, net
27
0.06
7
0.02
38
0.09
22
0.05
Normalized income tax adjustments
(20
)
(0.05
)
15
0.04
(24
)
(0.06
)
(4
)
(0.01
)
Total normalized adjustments, net of tax
167
49
253
135
Normalized net income and
normalized diluted earnings per share*
$
86
$
0.20
$
70
$
0.17
$
245
$
0.57
$
165
$
0.39
*Totals may not add due to rounding
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
(Amounts in millions)
SEGMENT REPORTING
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Change
Net
Sales
Reported Operating Income (Loss)
Reported Operating Margin
Normalized
Items [1]
Normalized
Operating Income (Loss) [1]
Normalized Operating Margin
Net
Sales
Reported Operating Income (Loss)
Reported Operating Margin
Normalized
Items [1]
Normalized
Operating Income (Loss) [1]
Normalized Operating Margin [2]
Net Sales
Normalized
Operating
Income (Loss)
$
%
$
%
Home and Commercial Solutions
$
1,012
$
(37
)
(3.7
)%
$
123
$
86
8.5
%
$
942
$
40
4.2
%
$
24
$
64
6.8
%
$
70
7.4
%
$
22
34.4
%
Learning and Development
692
137
19.8
%
20
157
22.7
%
681
124
18.2
%
6
130
19.1
%
11
1.6
%
27
20.8
%
Outdoor and Recreation
169
(14
)
(8.3
)%
4
(10
)
(5.9
)%
183
(8
)
(4.4
)%
7
(1
)
(0.5
)%
(14
)
(7.7
)%
(9
)
NM
Corporate
—
(59
)
—
%
10
(49
)
—
%
—
(37
)
—
%
6
(31
)
—
%
—
—
%
(18
)
(58.1
)%
$
1,873
$
27
1.4
%
$
157
$
184
9.8
%
$
1,806
$
119
6.6
%
$
43
$
162
8.9
%
$
67
3.7
%
$
22
13.6
%
Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2025
Change
Net
Sales
Reported Operating Income (Loss)
Reported Operating Margin
Normalized
Items [1]
Normalized
Operating Income (Loss) [1]
Normalized Operating Margin
Net
Sales
Reported Operating Income (Loss)
Reported Operating Margin
Normalized
Items [1]
Normalized
Operating Income (Loss) [1]
Normalized Operating Margin [2]
Net Sales
Normalized
Operating
Income (Loss)
$
%
$
%
Home and Commercial Solutions
$
2,695
$
9
0.3
%
$
163
$
172
6.4
%
$
2,646
$
62
2.3
%
$
66
$
128
4.8
%
$
49
1.9
%
$
44
34.4
%
Learning and Development
2,137
553
25.9
%
30
583
27.3
%
2,062
424
20.6
%
16
440
21.3
%
75
3.6
%
143
32.5
%
Outdoor and Recreation
584
(17
)
(2.9
)%
14
(3
)
(0.5
)%
599
(5
)
(0.8
)%
17
12
2.0
%
(15
)
(2.5
)%
(15
)
NM
Corporate
—
(201
)
—
%
31
(170
)
—
%
—
(170
)
—
%
31
(139
)
—
%
—
—
%
(31
)
(22.3
)%
$
5,416
$
344
6.4
%
$
238
$
582
10.7
%
$
5,307
$
311
5.9
%
$
130
$
441
8.3
%
$
109
2.1
%
$
141
32.0
%
* NM - NOT MEANINGFUL
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
CORE SALES GROWTH BY SEGMENT
Three Months Ended September 30, 2026
Nine Months Ended September 30, 2026
Net Sales Growth
(Reported)
Divestitures and Other,
Net [2]
Currency
Impact [3]
Core
Sales
Growth [1] [4]
Net Sales Growth
(Reported)
Divestitures and Other,
Net [2]
Currency
Impact [3]
Core
Sales
Growth [1] [4]
Home and Commercial Solutions
7.4
%
(0.3
)%
(1.1
)%
6.0
%
1.9
%
—
%
(2.0
)%
(0.1
)%
Learning and Development
1.6
%
0.5
%
0.2
%
2.3
%
3.6
%
0.3
%
(0.6
)%
3.3
%
Outdoor and Recreation
(7.7
)%
0.3
%
1.0
%
(6.4
)%
(2.5
)%
0.7
%
(0.5
)%
(2.3
)%
Total Company
3.7
%
—
%
(0.4
)%
3.3
%
2.1
%
0.2
%
(1.4
)%
0.9
%
CORE SALES GROWTH BY GEOGRAPHY
Three Months Ended September 30, 2026
Nine Months Ended September 30, 2026
Net Sales Growth
(Reported)
Divestitures and Other,
Net [2]
Currency
Impact [3]
Core
Sales
Growth [1] [4]
Net Sales Growth
(Reported)
Divestitures and Other,
Net [2]
Currency
Impact [3]
Core
Sales
Growth [1] [4]
North America
2.8
%
(0.1
)%
0.1
%
2.8
%
1.9
% 0.2
%
—
%
2.1
%
International
5.5
%
0.4
%
(1.5
)%
4.4
%
2.4
% 0.2
%
(3.8
)%
(1.2
)%
Total Company
3.7
%
—
%
(0.4
)%
3.3
%
2.1
% 0.2
%
(1.4
)%
0.9
%
[1]
“Core Sales” provides a consistent basis for year-over-year comparisons in sales as it excludes the impacts of acquisitions, divestitures, retail store openings and closings, certain market and category exits, as well as changes in foreign currency.
[2]
"Divestitures and other, net" includes certain product line exits, divestitures, returns related to the French Door Countertop Ovens recall (within the Home and Commercial Solutions segment) and current and prior period net sales from retail store closures (consistent with standard retail practice).
[3]
“Currency Impact” represents the effect of foreign currency on 2026 reported sales and is calculated by applying the 2025 average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions and divestitures) and comparing to 2025 reported sales.
[4]
Totals may not add due to rounding.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
(Amounts in millions)
NORMALIZED EBITDA RECONCILIATION
Three Months Ended
September 30,
Change
Nine Months Ended
September 30,
Change
2026
2025
$
%
2026
2025
$
%
Net income (loss), as reported under GAAP [1]
$
(81
)
$
21
$
(102
)
NM
$
(8
)
$
30
$
(38
)
NM
Total normalized adjustments, net of tax [2]
167
49
253
135
Normalized net income [2]
86
70
245
165
Normalized income tax [3]
9
6
74
32
Interest expense, net [1]
86
83
257
237
Normalized depreciation and amortization [2] [4] [5]
54
53
163
161
Stock-based compensation [4]
13
13
50
46
Normalized EBITDA [6]
$
248
$
225
$
23
10.2
%
$
789
$
641
$
148
23.1
%
*NM - NOT MEANINGFUL
[1]
Refer to “Condensed Consolidated Statements of Operations (Unaudited)” for the three and nine months ended September 30, 2026 and 2025 in this release.
[2]
Refer to Total normalized adjustments, net of tax in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2026 and 2025 in this release.
[3]
Refer to Normalized income tax provision in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2026 and 2025 in this release.
[4]
Refer to "Condensed Consolidated Statement of Cash Flows (Unaudited)" for the nine months ended September 30, 2026 and 2025 in this release.
[5]
Normalized depreciation and amortization exclude the amortization of acquired intangibles. For the three months ended September 30, 2026 and 2025 excludes $23 million and $24 million, respectively and $71 million and $70 million for the nine months ended September 30, 2026 and 2025, respectively.
[6]
The Company defines Normalized EBITDA as earnings before interest, taxes, depreciation and amortization, adjusted for certain items and non-cash stock-based compensation expense.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
(Amounts in millions)
NET DEBT AND TRAILING-TWELVE MONTHS NORMALIZED EBITDA RECONCILIATION
Trailing-twelve months ended
September 30, 2026
Twelve months ended
December 31, 2025
Trailing-twelve months ended
September 30, 2025
Net debt reconciliation:
Short-term debt and current portion of long-term debt
$
—
$
130
$
237
Long-term debt
4,841
4,543
4,540
Gross debt
4,841
4,673
4,777
Less: Cash and cash equivalents
249
203
229
Net debt [1]
$
4,592
$
4,470
$
4,548
Net loss, as reported under GAAP
$
(323
)
$
(285
)
$
(24
)
Normalized adjustments:
Restructuring:
Severance and other employee termination costs
67
60
25
Contract termination and other costs
3
2
2
Restructuring-related costs:
Asset valuation adjustments and disposal gains or losses
4
17
20
Duplicative costs pending facility closure or exit of business activity
6
12
12
Consulting costs
—
(1
)
—
Amortization of acquired intangible assets
93
92
94
Impairment of acquired intangible assets
441
340
85
Gain on divestitures and transaction costs
8
(6
)
(5
)
(Gain) loss on pension settlement
26
—
(1
)
Argentina hyperinflationary charge
6
16
17
Other, net
59
43
34
Normalized income tax adjustments
(70
)
(50
)
(25
)
Total normalized adjustments, net of tax
643
525
258
Normalized net income
320
240
234
Normalized income tax
76
34
28
Interest expense, net
341
321
309
Normalized depreciation and amortization [2]
221
219
215
Stock based compensation expense
72
68
71
Normalized EBITDA
$
1,030
$
882
$
857
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
(Amounts in millions)
NORMALIZED OVERHEADS
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Selling, general and administrative expenses, as reported under GAAP [1]
$
508
$
492
$
1,499
$
1,471
Normalized Adjustments: [2]
Amortization of acquired intangible assets
23
24
71
70
Restructuring-related costs
3
3
4
19
Transactions costs and other
6
2
18
2
Normalized selling, general and administrative expenses
476
463
1,406
1,380
Advertising and promotion costs
129
124
325
306
Normalized overheads [3]
$
347
$
339
$
1,081
$
1,074
As a % of net sales [4]
18.5
%
18.7
%
20.0
%
20.2
%
[1]
Refer to “Condensed Consolidated Statements of Operations (Unaudited)” for the three and nine months ended September 30, 2026 and 2025 in this release.
[2]
Refer to Total normalized adjustments, net of tax in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2026 and 2025 in this release.
[3]
Normalized overheads is calculated as selling, general and administrative expenses as reported under GAAP adjusted for certain items that are deemed stand-alone items apart from the Company's core operations ("Normalized Adjustments") and excluding advertising and promotion costs. Refer to Total normalized adjustments to operating income (loss), as reported under GAAP in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2026 and 2025 in this release for further information.
[4]
The three and nine months ended September 30, 2025, normalized overhead as a percent of net sales were calculated using net sales that exclude the $5 million impact of returns related to the French Door Countertop Ovens recall for purposes of comparability.
NEWELL BRANDS INC.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)
CORE SALES OUTLOOK
Three Months Ending
December 31, 2026
Twelve Months Ending
December 31, 2026
Estimated net sales change (GAAP)
1%
to
3%
2%
to
3%
Estimated currency impact [1] and divestitures and other, net [2]
Newell Brands swung to a loss in the latest quarter, as higher sales and recent cost-savings efforts weren't able to fully offset steeper-than-expected inflation.
The world’s largest crypto exchange Binance has completed an initial investigation into the hack, calling it a “security incident.” The exchange revealed that a compromised DevOps engineer’s laptop enabled unauthorized withdrawals of Bitcoin, Ethereum, and other crypto assets worth billions.
Binance Hack: Estimates $6.3 Billion in Total Impact, $3 Billion Frozen
In an official announcement on October 30, Binance claimed the security incident or hack happened due to a compromised DevOps engineer’s laptop. It allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions.
The estimated total impact sits at around $6.3 billion, with $3 billion frozen on-chain through blockchain partners. However, Binance confirmed wallet private keys remain safe and plans to share proof of reserves once the remediation process is complete.
“We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified,” said Binance.
Binance has temporarily suspended deposits and withdrawals after the hack. It has revoked affected authorizations and is working with law enforcement and blockchain intelligence partners to trace and recover funds.
Crypto Exchange to Cover All Losses
Binance will cover all losses from the SAFU fund and the company’s funds. Executives also confirmed that user funds are safe.
“Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice,” Binance added.
Crypto companies moved quickly to contain the stolen funds. Tether froze almost $1.57 billion in USDT and Circle froze over $800 million in USDC after the Binance hack. Additional assets were reportedly frozen by other issuers.
Binance co-CEO Yi He on Binance Hack
Binance co-founder Changpeng “CZ” Zhao confirmed that co-CEO Yi He remained awake all night to manage the situation. “User funds are SAFU! Yet, this pregnant lady pulled an all nighter, along side hundreds of Binancians,” he said.
CZ also revealed that many crypto industry allies and even competitors came together and provided the needed help. “It hurts, but we will survive,” he added.
Yi He engaged security teams to review all relevant information with urgency. “We will provide updates through official Binance channels as soon as we have verified information.” She also warned users to remain cautious of scams and not trust unofficial links, messages, or requests for account information.
Yi He appreciated the swift action by Tether, Circle, Ripple, and others to freeze funds. She confirmed that Binance will cover all losses in the hack.
**Service Update**
Deposits remain unaffected and continue to operate as normal.
Our team is currently working on enhancements to the withdrawal service and related address controls. We expect to begin resume withdrawal services in the next 48 hours.
Bitcoin price has fallen nearly 2% over the past 24 hours to $78,420, as a multibillion-dollar security breach at Binance triggered selling across crypto markets and wiped out more than $1.5 billion in leveraged trading positions.
Summary
Bitcoin fell 2.08% to $78,419.97 as news of the Binance security breach weighed on the cryptocurrency market.
The sell-off triggered approximately $1.54 billion in crypto liquidations, including $1.3 billion in long positions.
The Federal Reserve held rates at 3.75%–4%, with two officials favoring an increase.
U.S. spot Bitcoin ETFs reportedly attracted $17.07 million on October 29 despite falling cryptocurrency prices.
Bitcoin faces resistance around $80,188, with traders watching $76,300 and $73,000 as potential support levels.
According to CoinGlass, about 239,000 traders faced liquidations totaling $1.54 billion over 24 hours, with bullish positions accounting for roughly $1.30 billion. Bitcoin briefly traded below $77,000 before recovering toward $78,500, although buyers have struggled to reclaim the $80,000 level.
The largest reported single liquidation was an $11.09 million BTC/USDT position on Binance. Meanwhile, the exchange said its October 29 security incident affected approximately $6.3 billion in cryptocurrency, with roughly $3 billion frozen through coordinated recovery efforts.
Binance hack sends Bitcoin price below $80,000
The market decline accelerated after Binance disclosed unauthorized transfers involving several exchange-controlled wallets. The suspected breach affected assets across multiple blockchains, including Bitcoin, Ethereum and Tron.
Binance’s initial investigation pointed to a compromised DevOps engineer’s laptop, which may have allowed an attacker to access internal systems and submit unauthorized withdrawals. The company said it found no evidence of leaked wallet private keys.
As previously reported by crypto.news, blockchain security firm Blockaid identified an Ethereum transaction containing 50 wallet authorizations, one of which successfully gave the attacker control over a major Binance hot wallet.
The exchange has pledged to cover customer losses through its SAFU fund and company resources. Deposits remain operational, but withdrawals were paused while security teams upgraded withdrawal systems and address controls.
During the sell-off, Bitcoin fell alongside other major cryptocurrencies as traders closed leveraged positions. Long liquidations accounted for most of the $1.54 billion market-wide total, adding selling pressure as prices moved lower.
Source: CoinGlass
Federal Reserve decision adds pressure to crypto markets
Bitcoin was already struggling before the Binance incident, with investors assessing the Federal Reserve’s October 28 interest rate decision.
The Federal Reserve maintained its benchmark rate between 3.75% and 4%, while two officials voted for a quarter-point increase. Policymakers said inflation remained elevated despite continued economic growth.
Bitcoin had fallen below $80,000 following the decision, even as institutional investment products continued attracting fresh capital.
Market data supplied for October 30 showed Bitcoin maintaining a 65% correlation with the S&P 500 and 61% with gold. The figures indicate that the assets had recently moved in similar directions, although they do not establish that macroeconomic conditions caused the latest cryptocurrency sell-off.
Bitcoin ETFs attract inflows despite widespread selling
U.S. spot Bitcoin exchange-traded funds continued attracting investment ahead of the latest market decline.
According to SoSoValue data, the funds recorded $17.07 million in net inflows on October 29, extending their positive streak to four trading sessions.
Bitcoin spot ETF net inflow, source: SoSoValue
The previous three sessions had brought in nearly $423.66 million, following withdrawals totaling roughly $773.5 million on October 22 and 23.
Despite the recovery in Bitcoin ETF inflows, the cryptocurrency remained below $80,000. Ethereum ETFs experienced a different pattern, recording approximately $105 million in net withdrawals on October 29.
Attention has now turned to Bitcoin options expiring on October 30. Deribit data indicated that contracts with a notional value of almost $10.8 billion were scheduled to expire, with $78,000 identified as a major options positioning level.
$10.86B in Bitcoin options expire tomorrow, and traders are paying a serious premium for downside protection.
BTC's short-dated put options are priced more than 10 volatility points above calls, according to Deribit.
A lot of the open calls sit between $90K and $100K. With BTC… pic.twitter.com/epVLUilqws
— That Martini Guy ₿ (@MartiniGuyYT) October 29, 2026
Bitcoin price analysis: can BTC reclaim $80,000?
Bitcoin’s daily chart continues to show bearish momentum, with the cryptocurrency trading below its nine-day exponential moving average of $80,188.
The latest rebound from approximately $76,500 toward $78,556 has not yet reversed the recent pattern of lower highs. A daily close above $80,188 would put the $82,000–$84,000 resistance region back in focus.
Bitcoin price chart, source: crypto.news
Meanwhile, the moving average convergence divergence indicator remains negative, with a MACD reading of -797.94 against a signal line of -384.42. The histogram stands at -413.52, showing that downward momentum remains stronger than the recent recovery.
Crypto analyst Rekt Capital observed that Bitcoin had not yet experienced the extreme selling volume often associated with capitulation. He identified approximately $81,400 as an important weekly level after Bitcoin struggled to hold above it.
Ali Martinez identified the 200-day moving average near $73,000 as another potential downside area if selling continues.
Separately, Doctor Profit argued that Binance could eventually need to buy replacement assets to cover unrecovered losses. His bullish interpretation depends on future recovery arrangements and purchases that Binance has not quantified.
$BTC:
Binance needs to replace the missing assets. Whatever cannot be restored through recoveries or existing company holdings needs to be BOUGHT BACK. The exact purchase amounts have not been announced.
The estimated impact is $6.3 BILLION, with approximately $3 BILLION…
— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 30, 2026
The immediate technical levels remain $80,188 on the upside and approximately $76,300 below the market, with the $73,000 region identified by Ali Martinez as a possible lower support area.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST) announced today that its Board of Directors declared a quarterly cash dividend of $1.86 per share of its common stock. The dividend is payable on Friday, November 27, 2026, to shareholders of record on Friday, November 13, 2026. While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discr.
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Harley-Davidson, Inc. ( HOG ) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT Company Participants Arthur Starrs - CEO, President & Director Jonathan Root - CFO & Chief Commercial Officer Conference Call Participants Spencer Hanus Joseph Altobello - Raymond James & Associates, Inc., Research Division Anthony Bonadio - Wells Fargo Securities, LLC, Research Division Noah Zatzkin - KeyBanc Capital Markets Inc., Research Division Craig Kennison - Robert W. Baird & Co. Incorporated, Research Division Andrew Didora - BofA Securities, Research Division Tristan Thomas-Martin - BMO Capital Markets Equity Research James Hardiman - Citigroup Inc., Research Division Robin Farley - UBS Investment Bank, Research Division Presentation Operator Thank you for standing by, and welcome to the Harley-Davidson 2026 Third Quarter Investor and Analyst Conference Call.
BFA Law is investigating the $23.50 per share merger, announced on October 26, 2026, in which Bon Secours Mercy Health, Inc. is set to acquire Surgery Partners, while Surgery Partners’ largest stockholder, Bain Capital, is rolling over its equity into the post-merger entity; current stockholders are notified to contact the firm | Source: Bleichmar Fonti & Auld
NEW YORK, Oct. 30, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it is investigating the going private merger whereby Surgery Partners, Inc. (NASDAQ: SGRY) is being taken private by Bon Secours Mercy Health, Inc. Surgery Partners is incorporated in Delaware.
If you are a current stockholder of Surgery Partners, Inc., you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/surgery-partners-merger-investigation.
Key Details of the Surgery Partners ($SGRY) Investigation:
Investigation Overview: Breaches of Fiduciary Duty in connection with the merger in which Surgery Partners’ largest stockholder, Bain Capital, is rolling over their equity, but all other stockholders are being cashed out for $23.50 per share.Action: Contact BFA Law to discuss your rights Why is the Surgery Partners Transaction being Investigated?
In the October 26, 2026 announcement of the merger, Surgery Partners disclosed that it was being taken private by Bon Secours Mercy Health, Inc., for a price of $23.50 per share. At the same time, the company disclosed that Bain Capital would be rolling over its equity into the post-merger entity. Bain Capital currently owns 39% of the company’s outstanding shares.
Surgery Partners has reported that the decision to enter into the merger was approved by a special committee of its board of directors, and the merger is conditioned on the majority approval of the minority stockholders. While Bain Capital’s ownership of the enterprise will continue, public stockholders have no opportunity to continue owning Surgery Partners after the merger.
BFA is investigating whether the terms of the merger comply with Delaware law, including whether Bain Capital’s self-interest in the merger caused related breaches of fiduciary duty, and whether the per share price is a fair price for the public stockholders’ shares of Surgery Partners stock.
If you are a current holder of Surgery Partners stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.
Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”
Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
3 Financial Stocks Positioned for the Fed’s Next Move After Jackson HoleCullen/Frost Bankers NYSE: CFR reported third-quarter 2026 net income of $178.5 million, up 3.4% from a year earlier, as loan growth, deposit gains and branch-expansion activity supported results. Earnings per share rose 6.4% year over year to $2.84 from $2.67.
Return on average assets was 1.31%, compared with 1.32% in the prior-year quarter, while return on average common equity was 16.16%, compared with 16.72% a year earlier. Average deposits totaled $43.6 billion, rising 3.6% year over year, and average loans reached $23.4 billion, up 9%.
Get Cullen/Frost Bankers alerts:
Consumer and Commercial Growth Are Major U.S. Banks At Risk Of Credit-Ratings Downgrades? Chairman and CEO Phil Green said the company’s consumer bank continued to benefit from investments in expansion, products and technology. Consumer loans ended the quarter at $4.66 billion, an 18.7% increase from a year earlier. Consumer real estate lending was a major contributor, and Frost’s mortgage portfolio surpassed $1 billion.
Green said 46% of mortgage customers since the program began were new to Frost, and 37% of those new customers subsequently opened additional products. Consumer deposits increased by $297 million during the quarter, primarily reflecting higher money-market balances. Consumer non-interest income rose $2.6 million, or 9.4%, from a year earlier.
Time To Buy Regional Banks? Insider Buying Says YesCommercial activity also remained strong. Frost’s 90-day weighted loan pipeline reached a record $2.5 billion, up 16% from the previous record set in the second quarter. New commercial loan commitments increased 4% from the second quarter, bringing year-to-date commitments 19% higher. Commitments for core loans under $10 million reached a quarterly record of $1.2 billion.
The company added more than 1,000 new commercial relationships for the sixth consecutive quarter, according to management. Expansion locations accounted for 21% of new commercial relationships, while relationships generated through bank merger-and-acquisition disruption were up 73% year to date from the prior-year period.
During the question-and-answer session, Chief Financial Officer Dan Geddes said loan growth was broad-based. About 40% of linked-quarter growth came from commercial and industrial loans and owner-occupied real estate, another 40% came from investor commercial real estate, and most of the remaining growth came from one-to-four-family consumer real estate lending.
Branch Expansion Adds to Earnings Geddes said the branch expansion strategy contributed $0.22 per share, or 8.4% of earnings per share, during the third quarter. Year-to-date expansion-related accretion totaled $0.51 per share, or 6.6% of earnings per share.
Loans from expansion branches increased 40% year over year and represented 13.9% of total loans, compared with 10.8% a year earlier. Deposits from those branches rose 23% and represented 9.1% of total deposits, up from 7.6%. Expansion locations held $3.25 billion in loans and $4 billion in deposits at quarter-end.
The company opened one Dallas-area location during the quarter and expects to open four more by year-end, bringing the 2026 total to 12. Geddes said Frost currently plans about 14 openings in 2027 and expects annual openings to remain in a range of roughly 12 to 15 in the near term, with the potential for a higher pace over time.
Green said expansion depends not only on branch sites but also on recruiting the right local bankers and coordinating branch activity with Frost’s other business lines. He said the company has secured future locations in Texas markets but does not want to outpace its ability to execute its relationship-based strategy.
Margin, Securities and Funding Net interest margin increased 3 basis points from the second quarter to 3.78%. Geddes said the improvement reflected a mix shift from lower-yielding balances at the Federal Reserve into loans and investment securities, partly offset by higher volumes of interest-bearing deposits and customer repurchase agreements.
The investment portfolio averaged $21.2 billion, up $592 million from the prior quarter. During the quarter, Frost purchased $1.6 billion of securities, including agency mortgage-backed securities, Treasuries and municipal securities. The tax-equivalent yield on the total investment portfolio increased 13 basis points sequentially to 4.09%.
The company’s available-for-sale securities portfolio had a net unrealized loss of $2 billion at quarter-end, compared with $1.1 billion at the end of the second quarter, reflecting the recent increase in rates. The investment portfolio’s duration was five years, up from 4.9 years in the prior quarter.
Average deposits increased $950 million from the second quarter, with about 65% of the growth in interest-bearing deposits. Average deposits in October were $44.4 billion, Geddes said. The cost of interest-bearing deposits rose 12 basis points sequentially to 1.73%.
Looking forward, Geddes said Frost expects overall deposit betas of roughly 50% to 55% if rates rise, while loan betas are expected to be about 80%. The company’s outlook assumes one 25-basis-point Federal Reserve rate increase in December.
Credit Quality and Updated Outlook Total problem loans were $902 million at quarter-end, down from $917 million in the second quarter but above $828 million a year earlier. Non-performing assets declined to $67 million from $114 million in the prior quarter after a large multifamily commercial real estate loan paid off in full through an expected property sale.
Net charge-offs totaled $8.4 million, compared with $9.5 million in the second quarter and $6.6 million a year earlier. Annualized net charge-offs equaled 14 basis points of average loans.
Management said it continues to monitor older-vintage multifamily projects, as well as interest-rate-sensitive homebuilder loans. Green said Frost had several remaining multifamily credits with different maturity dates, but he expressed confidence in the borrowers and the bank’s underwriting. Geddes said homebuilder loans totaled about $290 million, while consumer credit performance remained healthy.
For full-year 2026, Frost raised its guidance for net interest income growth to 5% to 5.5%, from a prior range of 4.75% to 5.25%. It also raised expected average loan growth to 8% to 8.5% and lifted its non-interest income growth outlook to 8.5% to 9%.
Net interest margin is expected to improve by approximately 10 to 13 basis points from the 2025 full-year level of 3.66%. Average deposit growth is expected to be 2% to 3%. Non-interest expense growth is expected to be about 5%, reflecting additional incentive compensation accruals and advertising spending. Net charge-offs are expected to equal 15 to 20 basis points of average loans. The effective tax rate is projected at 15.5% to 16%. Frost repurchased approximately 93,000 shares for $15 million during the third quarter. Year-to-date repurchases totaled $175 million, or 1.26 million shares, under its $300 million authorization.
About Cullen/Frost Bankers (NYSE:CFR)Cullen/Frost Bankers, Inc is a financial holding company headquartered in San Antonio, Texas. Its principal subsidiary, Frost Bank, provides banking and financial services to individuals, businesses and institutions throughout Texas.
Frost Bank offers personal and commercial deposit accounts, loans, mortgages, treasury management, payments and other business banking services. The company also provides wealth management, trust and investment services, brokerage services and insurance solutions through its related businesses.
Frost traces its history to 1868, when Thomas Claiborne Frost founded the bank in San Antonio.
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