Market Signal Briefing

Dow Inc. (DOW - Free Report) came out with a quarterly loss of $0.34 per share versus the Zacks Consensus Estimate of a loss of $0.47. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +26.85%. A quarter ago, it was expected that this materials science would post a loss of $0.31 per share when it actually produced a loss of $0.19, delivering a surprise of +38.71%.

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

Dow Inc., which belongs to the Zacks Chemical - Diversified industry, posted revenues of $9.46 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 0.29%. This compares to year-ago revenues of $10.41 billion. The company has topped consensus revenue estimates just once over the last four quarters.

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

Dow Inc. shares have added about 18.8% since the beginning of the year versus the S&P 500's gain of 1.9%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Dow Inc. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.16 on $10.26 billion in revenues for the coming quarter and -$0.23 on $40.53 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Diversified is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Stepan Co. (SCL - Free Report) , is yet to report results for the quarter ended December 2025.

This specialty chemicals company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of +191.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Stepan Co.'s revenues are expected to be $565.2 million, up 7.5% from the year-ago quarter.

Key Takeaways SU is set to report Q4 2025 earnings on Feb. 3, with estimated EPS of 77 cents and revenues of $8.5B.SU's Q4 estimates reflect a 13.5% year-over-year EPS drop and a 5.1% decline in expected revenues.SU's strong performance supports cash flow, but weaker crude prices and a firm dollar pose risks. Suncor Energy Inc. (SU - Free Report) is set to report fourth-quarter 2025 earnings on Feb. 3, 2026, after the closing bell. The Zacks Consensus Estimate for earnings is pegged at 77 cents per share, and the same for revenues is pinned at $8.5 billion.

Let us delve into the factors that might have influenced SU’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.

Highlights of SU’s Q3 Earnings & Surprise HistoryIn the third quarter, this Alberta-based integrated oil and gas company’s earnings beat the consensus mark. SU reported earnings per share of $1.07, which beat the Zacks Consensus Estimate of 85 cents. This was primarily due to strong production growth in its upstream segment in the reported quarter. The company’s operating revenues of $9.2 billion beat the Zacks Consensus Estimate by 11.1%.

SU’s earnings beat the consensus estimate in each of the trailing four quarters, delivering an average surprise of 10.6%.

This is depicted in the graph below: 

Trend in SU’s Estimate RevisionThe Zacks Consensus Estimate for fourth-quarter earnings has been revised 7% upward in the past 30 days. The estimated figure indicates a 13.5% year-over-year decrease. The Zacks Consensus Estimate for revenues implies a fall of 5.1% from the year-ago period.

Factors to Consider Ahead of SU’s Q4 ReleaseSuncor Energy operates in three main areas. First, in its Oil Sands business, SU extracts and processes oil from Canada's oil sands, producing crude oil and synthetic oil. Second, through its Exploration and Production segment, the company operates offshore oil and gas fields, producing and selling crude oil and natural gas. Finally, in its Refining and Marketing segment, Suncor Energy refines crude oil into products like gasoline and diesel. It sells these products through its retail gas stations and other distribution channels.

SU’s record third-quarter operational performance positions it well for the to-be-reported quarter. Industry-leading utilization across upstream and downstream assets, combined with faster, lower-cost turnarounds and flat operating costs despite higher volumes, should support stronger cash flow, margin resilience and predictable earnings even if oil prices remain volatile. In January 2026, Suncor Energy announced a record-breaking 2025 performance, in which it stated that it achieved its Investor Day performance targets, a year ahead of schedule, supported by the record operational performance, creating a positive trajectory for the company.

On a bearish note, despite strong execution, near-term performance remains exposed to external pressures. A weaker crude price environment, coupled with currency headwinds from a stronger Canadian dollar, could have compressed realized pricing and margins in the fourth quarter, potentially offsetting some of the gains from higher volumes and operational efficiency.

What Does Our Model Predict About SU?The proven Zacks model does not conclusively predict an earnings beat for Suncor Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here.

Earnings ESP of SU: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is -4.78%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

SU’s Zacks Rank: SU currently carries a Zacks Rank #3.

Stocks to ConsiderHere are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this season.

Patterson-UTI Energy, Inc. (PTEN - Free Report) currently has an Earnings ESP of +19.15% and a Zacks Rank of 3.

PTEN is scheduled to release earnings on Feb. 4. Notably, Patterson’s earnings missed the Zacks Consensus Estimate in two of the trailing four quarters and beat the other two, delivering an average surprise of 17.5%. Valued at around $2.8 billion, the company’s shares have lost 11.3% in a year.

BP p.l.c. (BP - Free Report) presently has an Earnings ESP of +2.47% and a Zacks Rank #3. The firm is scheduled to release earnings on Feb. 10.

The Zacks Consensus Estimate for BP’s 2025 revenues indicates 5.2% year-over-year growth.Valued at around $98.1 billion, the company’s shares have gained 21% in a year.

Plains All American Pipeline, L.P. (PAA - Free Report) currently has an Earnings ESP of +15.06% and a Zacks Rank of 3. It is scheduled to release earnings on Feb. 6.

The Zacks Consensus Estimate for Plains All American Pipeline’s 2025 earnings per share indicates 0.7% year-over-year growth. Valued at around $13.8 billion, the company’s shares have lost 3.8% in a year.

Creating a scalable, AI‑native Virtual ICU platform that drives new recurring revenue and enterprise value.

SAN JOSE, CALIFORNIA / ACCESS Newswire / January 29, 2026 / VSee Health, Inc. (Nasdaq:VSEE), a leader in enterprise telehealth and AI-powered virtual care, today announced a strategic partnership with DocBox, the first Augmented Intelligence platform for critical care, to create a next-generation Virtual ICU operating system for hospitals worldwide.

This partnership marks a fundamental shift in how AI is deployed in healthcare.

Unlike traditional AI solutions built on static records and retrospective data, the joint VSee-DocBox solution embeds DocBox Augmented intelligence platform directly into live clinical workflows powered by continuous bedside device data -- transforming real-time bedside data into clinically actionable intelligence for Virtual ICU. Thus it extends VSee's telehealth platform layer from a unified communications layer into a full-stack AI operating system for critical care.

Through this strategic partnership, VSee's telehealth and AI workflows are powered by DocBox's, vendor-agnostic bedside data infrastructure, enabling hospitals to operationalize real-time, structured clinical data across every ICU device, monitor, and system.

The result is a reimbursement-ready, AI-native Virtual ICU platform that allows hospitals to:

Deliver remote critical care at scale

Expand revenue per bed through automated billing capture

Deploy AI copilots on live physiology

Retain ownership of their clinical data

Embed VSee into core clinical operations

How the Platform Creates Enterprise Value

With VSee as the system of engagement and DocBox as the system of intelligence, the joint platform offers:

Remote ICU at Scale: Health systems deploy 24/7 remote intensivist coverage across multiple hospitals and sites.

Automated Revenue Engine: Billable ICU interventions are detected and structured automatically into the EHR.

AI on Real Data: Clinical copilots operate on live physiologic signals, not just text notes.

Operational Leverage: Automating bedside device documentation returns significant nursing time to direct patient care.

"AI in healthcare has been limited by the lack of real-time clinical data infrastructure," said Bobby Shah, CEO of DocBox. "VSee brings global telehealth distribution. DocBox provides the intelligence layer. Together, we've built the missing operating system that makes AI in critical care real, scalable, and economically defensible."

"With DocBox, we now operate on a live clinical intelligence backbone, positioning VSee at the center of the next generation of virtual healthcare," said Milton Chen, Co-CEO of VSee Health. "This partnership deepens VSee's critical care capabilities and strengthens our position as a comprehensive AI healthcare platform."

The companies aim to support hospitals - including rural health hospitals implementing CMS Rural Health Transformation Program initiatives-in expanding access to critical care specialists, improving clinician efficiency, and enhancing patient safety across ICU and step‑down environments.

Webinar Event: On-demand ICU - Future of Sustainable Rural Healthcare
To further support rural and community hospitals navigating high‑acuity care challenges, VSee will host a live webinar + Q&A on February 4, 2026, from 11:00 AM to 12:00 PM PT, featuring DocBox CEO Bobby Shah and moderated by VSee Health Co-CEO Dr. Milton Chen. The session will explore how hospitals can use on‑demand Virtual and mobile ICU infrastructure to stop unnecessary transfers, reduce documentation burden, and retain critical care patients.

Reserve spot here.

About VSee Health

VSee Health (NASDAQ:VSEE) is an AI-powered telehealth technology and services company delivering digital health solutions through its scalable, API-driven platform. The Company's offerings integrate secure video, device data, and EHR connectivity to power hospital systems, health networks, and enterprise partners globally. VSee holds a FedRAMP High Authority to Operate (ATO) from the U.S. Department of Health and Human Services and serves clients including NASA, HHS ASPR, McKesson, DaVita, and the country of Qatar. Visit vseehealth.com.

About DocBox

DocBox (www.docboxmed.com) is dedicated to enabling data-driven healthcare. DocBox collects up to 3GB of structured data per ICU patient per day per bed and can reduce documentation time by 70 percent, giving clinicians quality time with the patient. DocBox applications allow healthcare providers to use data collected from AI, Machine Learning and Algorithms, enabling critical care to not only be at the bedside but also outside the healthcare provider's walls. The DocBox platform permits cohesive flow of data throughout the health delivery organization and provides units and hospital-wide operational metrics. It facilitates the ability to innovate utilizing rich and accurate big data sets and automatically captures billable clinical interventions.

High resolution photos available for download at https://docboxmed.com/downloads/

Forward-Looking Statements

Matters discussed in this news release that are not statements of historical or current facts, including but not limited to those relating to VSee Health's ability to improve healthcare access and provider efficiencies, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding the anticipated closing of the offering; the Company's anticipated use of proceeds from the offering; and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause performance or achievements to be materially different from historical results or from any future performance or achievements expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. More information on risk factors relating to VSee Health and its technology and billing services is included from time to time in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of VSee Health's periodic and current filings with the SEC, which are also made available on VSee Health's website at www.vseehealth.com. Forward-looking statements speak only as of the date they are made, and VSee Health undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

Contacts:

Anne Chang
VSee Health
[email protected]

Michael Castorino
DocBox
[email protected]

VSee Investor Contact:

Milton Chen
VSee Health
[email protected]

SOURCE: VSee Health

, /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the year and fourth quarter ended December 31, 2025. All comparisons are to the full year and fourth quarter of the prior year, unless otherwise noted.

SUMMARY

The Sherwin-Williams Company Reports 2025 Year-End and Fourth Quarter Financial Results Consolidated Net sales increased 2.1% in the year to $23.57 billion Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 1.7% in the year Diluted net income per share decreased 2.7% to $10.26 per share in the year compared to $10.55 per share in the full year 2024 Adjusted diluted net income per share increased 0.9% to $11.43 per share in the year compared to $11.33 per share in the full year 2024 Diluted net income per share increased 1.1% to $1.92 per share in the fourth quarter of 2025 Adjusted diluted net income per share increased 6.7% to $2.23 per share in the fourth quarter of 2025 Generated Net operating cash of $3.45 billion, or 14.6% of Net sales in the year Full year 2026 diluted net income per share guidance in the range of $10.70 to $11.10 per share, including acquisition-related amortization expense of $0.80 per share Full year 2026 adjusted diluted net income per share guidance in the range of $11.50 to $11.90 per share CEO REMARKS

"Sherwin-Williams delivered strong fourth quarter results driven by solid core performance amid continued demand choppiness, and inclusive of the first full quarter of the Suvinil acquisition," said Chair, President and Chief Executive Officer, Heidi G. Petz. "Consolidated Net sales were at the high end of our guidance, adjusted EBITDA improved by a low-teens percentage and adjusted diluted net income per share increased by a mid-single digit percentage. We continued to execute our strategy, prioritize strategic growth investments, and tightly manage general and administrative expenses. SG&A growth remained in our targeted low-single digit range, including the addition of Suvinil, as previously announced restructuring efforts continued to yield savings. Free cash flow conversion in the quarter was 90.1%.

"For the full year, our 'Success by Design' approach resulted in record consolidated Net sales and record adjusted diluted net income per share. Gross profit, gross margin, adjusted EBITDA and adjusted EBITDA margin all increased. Paint Stores Group sales growth was led by protective & marine, residential repaint and commercial, and segment margin expanded. Consumer Brands Group sales growth was driven by Suvinil, as core North America DIY demand remained soft. Performance Coatings Group sales were flat, as high-single digit growth in Packaging and record new account growth offset soft core demand across the rest of the business. Net operating cash grew 9% to $3.5 billion, or 14.6% of Net sales, which is within our mid-term target range and consistent with our disciplined capital allocation strategy. Our targeted capital expenditures included our new buildings, which are now occupied and supporting our field teams and customers, and we returned $2.4 billion to shareholders through share repurchases and dividends, which we increased for the 47th consecutive year."

FOURTH QUARTER CONSOLIDATED RESULTS
(in millions, except per share data)

Three Months Ended December 31,

2025

2024

$ Change

% Change

Net sales

$      5,595.9

$       5,297.2

$         298.7

5.6 %

Income before income taxes

$         639.0

$          615.6

$           23.4

3.8 %

As a % of Net sales

11.4 %

11.6 %

Net income per share - diluted

$           1.92

$            1.90

$           0.02

1.1 %

Adjusted net income per share - diluted

$           2.23

$            2.09

$           0.14

6.7 %

Consolidated Net sales increased due to higher Net sales in all segments, inclusive of the acquisition of Suvinil, which contributed $164.5 million, or 3.1% of the change from the fourth quarter of 2024.

Income before income taxes increased primarily due to higher Net sales in all segments, partially offset by increased investments in long-term growth opportunities in the Paint Stores Group, costs related to the Suvinil acquisition, including higher interest expense, costs related to the new global headquarters and R&D buildings, trademark impairment and other costs associated with targeted restructuring actions and foreign currency transaction related losses.

Diluted net income per share included a charge of $0.20 and $0.19 per share for acquisition-related amortization expense in the fourth quarter of 2025 and 2024, respectively. In the fourth quarter of 2025, diluted net income per share also included charges of $0.06 per share related to severance and other restructuring expenses and $0.05 per share associated with impairment related to trademarks.

FOURTH QUARTER SEGMENT RESULTS
(in millions)

Paint Stores Group (PSG)

Three Months Ended December 31,

2025

2024

$ Change

% Change

Net sales

$       3,127.1

$       3,044.9

$           82.2

2.7 %

Same-store sales change (1)

1.0 %

2.0 %

Segment profit

$          649.5

$          606.4

$           43.1

7.1 %

Reported segment margin

20.8 %

19.9 %

(1)

Same-store sales represents Net sales from stores open more than twelve calendar months.

Net sales in PSG increased primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, partially offset by a low-single digit decrease in sales volume. Net sales increased in certain professional customer end markets, led by a high-single digit percentage increase in protective and marine and a low-single digit increase in residential repaint and commercial. PSG Segment profit increased due to growth in Net sales from favorable selling prices, partially offset by investments in long-term growth opportunities and foreign currency transaction related losses.

Consumer Brands Group (CBG)

Three Months Ended December 31,

2025

2024

$ Change

% Change

Net sales

$         824.7

$         662.2

$         162.5

24.5 %

Segment profit

$           56.2

$           66.6

$          (10.4)

(15.6) %

Reported segment margin

6.8 %

10.1 %

Adjusted segment profit (1)

$           87.3

$           82.0

$             5.3

6.5 %

Adjusted segment margin

10.6 %

12.4 %

(1)

Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In CBG, Valspar acquisition-related amortization expense was $15.5 million and $15.4 million in the fourth quarter of 2025 and 2024, respectively, and severance and other restructuring expenses were $15.6 million in the fourth quarter of 2025.

Net sales in CBG increased primarily due to the acquisition of Suvinil, which contributed $164.5 million, or 24.8% of the change from the fourth quarter of 2024, and a 1.3% impact from favorable foreign currency translation. These increases were offset by decreases in sales volume and product mix, which collectively impacted Net sales by a low-single digit percentage. CBG Segment profit decreased primarily due to expenses associated with targeted restructuring actions, partially offset by higher Net sales and lower employee-related costs. Adjusted segment profit increased for these same reasons, excluding the expenses associated with targeted restructuring actions.

Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 190 basis points in the fourth quarter of 2025 as compared to 230 basis points in the fourth quarter of 2024. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 190 basis points in the fourth quarter of 2025.

Performance Coatings Group (PCG)

Three Months Ended December 31,

2025

2024

$ Change

% Change

Net sales

$       1,642.1

$       1,589.0

$           53.1

3.3 %

Segment profit

$          244.6

$          229.0

$           15.6

6.8 %

Reported segment margin

14.9 %

14.4 %

Adjusted segment profit (1)

$          312.8

$          277.9

$           34.9

12.6 %

Adjusted segment margin

19.0 %

17.5 %

(1)

Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense, severance and other restructuring expenses and trademark impairment. In PCG, Valspar acquisition-related amortization expense was $49.7 million and $48.9 million in the fourth quarter of 2025 and 2024, respectively, severance and other restructuring expenses were $0.7 million and trademark impairment was $17.8 million in the fourth quarter of 2025.

Net sales in PCG increased primarily due to a 2.6% impact from favorable foreign currency translation and a low-single digit impact from an acquisition. Sales volume and selling prices were essentially flat. Performance was led by Packaging, which increased by a high-single digit percentage, and Automotive Refinish. PCG Segment profit increased primarily as a result of higher Net sales and effective cost control, partially offset by trademark impairment associated with targeted restructuring actions. Adjusted segment profit increased primarily due to these same reasons, excluding the impact of trademark impairment.

Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 300 basis points in the fourth quarter of 2025 compared to 310 basis points in the fourth quarter of 2024. Trademark impairment reduced Segment profit as a percent of Net sales by 110 basis points in the fourth quarter of 2025. 

LIQUIDITY AND CASH FLOW

The Company generated $3.45 billion in Net operating cash and returned cash of $2.45 billion to our shareholders in the form of dividends and repurchases of 4.8 million shares of its common stock during the year. At December 31, 2025, the Company had remaining authorization to purchase 29.6 million shares of its common stock through open market purchases.

2026 GUIDANCE

First Quarter

Full Year

2026

2026

Net sales

Up mid-single digit %

Up low to mid-single digit %

Effective tax rate

Low twenty percent

Diluted net income per share

$10.70

-

$11.10

Adjusted diluted net income per share (1)

$11.50

-

$11.90

(1)

Excludes $0.80 per share of Valspar acquisition-related amortization expense.

"We enter 2026 with a continuation of the softer-for-longer demand environment we have previously described," said Ms. Petz. "We expect these conditions to persist well into the second half of the year based on current customer sentiment and the macroeconomic indicators we track. At the same time, we also expect to continue to outperform the market given our differentiated strategy of providing innovative and productivity-improving solutions for our customers. We will continue to aggressively pursue profitable growth opportunities in every business, leveraging our world-class talent and unique assets, while executing on our enterprise strategic priorities. Our strong cash generation will enable us to invest in our business, return cash to our shareholders and make strategic acquisitions that accelerate our long-term growth.

"Today's initial guidance reflects a realistic assessment of the demand environment, with our economic assumptions outlined in our accompanying slide deck. For the first quarter of 2026, we expect consolidated Net sales will be up a mid-single digit percentage compared to the first quarter of 2025. For the full year 2026, we expect consolidated Net sales to be up by a low to mid-single digit percentage compared to 2025, and we expect adjusted diluted net income per share to be in the range of $11.50 to $11.90 per share, an increase of 2.4% at the midpoint compared to 2025."

CONFERENCE CALL INFORMATION

The Company will host a conference call to discuss its financial results for the fourth quarter and full year 2025, and its outlook for the first quarter and full year 2026, at 10:00 a.m. EST on Thursday, January 29, 2026. Heidi G. Petz, Sherwin-Williams Chair, President and Chief Executive Officer, along with other senior executives, will participate on the call.

The conference call will be webcast simultaneously in listen only mode. To listen to the webcast on the Sherwin-Williams website, click on https://investors.sherwin-williams.com/financials/quarterly-results/, then click on the webcast icon following the reference to the Q4 webcast. An archived replay of the webcast will be available at https://investors.sherwin-williams.com/financials/quarterly-results/ beginning approximately two hours after the call ends.

ABOUT THE SHERWIN-WILLIAMS COMPANY

Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, Cabot®, Suvinil® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 5,400 Company-operated stores and branches, while the Company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based upon management's current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions and may discuss, among other things, anticipated future performance (including sales and earnings), expected growth, future business plans and the costs and potential liability for environmental-related matters and lead pigment and lead-based paint litigation. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "anticipate," "aspire," "believe," "could," "estimate," "expect," "goal," "intend," "may," "plan," "potential," "project," "seek," "should," "strive," "target," "will," or "would," or the negative thereof or comparable terminology.

Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control, that could cause actual results to differ materially from such statements and from our historical results, performance and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions in the United States and worldwide; inflation rates, interest rates, unemployment rates, labor costs, healthcare costs, recessionary conditions, geopolitical conditions, terrorist activity, armed conflicts and wars, public health crises, pandemics, outbreaks of disease and supply chain disruptions; shifts in consumer behavior driven by economic downturns in cyclical segments of the economy; shortages and increases in the cost of raw materials and energy; catastrophic events, adverse weather conditions and natural disasters (including those that may be related to climate change); the loss of any of our largest customers; increased competition or failure to keep pace with developments in key competitive areas of our business; cybersecurity incidents and other disruptions to our information technology systems; our ability to attract, retain, develop and progress a qualified global workforce; our ability to successfully integrate past and future acquisitions, including Suvinil, into our existing operations; risks and uncertainties associated with our expansion into and our operations in Asia, Europe, South America and other foreign markets; policy changes affecting international trade, including import/export restrictions and tariffs; our ability to achieve our strategies or expectations relating to sustainability considerations, including as a result of evolving legal, regulatory, and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite suppliers, energy sources, or financing, and changes in carbon markets; damage to our business, reputation, image or brands due to negative publicity; the infringement or loss of our intellectual property rights or the theft or unauthorized use of our trade secrets or other confidential business information; a weakening of global credit markets or changes to our credit ratings; our ability to generate cash to service our indebtedness; fluctuations in foreign currency exchange rates and changing monetary policies; our ability to comply with a variety of complex U.S. and non-U.S. laws, rules and regulations; increases in tax rates, or changes in tax laws or regulations; our ability to comply with numerous, complex and increasingly stringent domestic and foreign health, safety and environmental (including related to climate change and chemical management) laws, regulations and requirements; our liability related to environmental investigation and remediation activities at some of our currently- and formerly-owned sites; the nature, cost, quantity and outcome of pending and future litigation, including lead pigment and lead-based paint litigation; and the other risk factors discussed in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other reports filed with the SEC.

Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

INVESTOR RELATIONS CONTACTS:

Jim Jaye               
Senior Vice President, Investor Relations & Corporate Communications
Direct: 216.515.8682
[email protected]

Eric Swanson
Vice President, Investor Relations
Direct: 216.566.2766
[email protected]                                                         

MEDIA CONTACT:

Julie Young
Vice President, Global Corporate Communications
Direct: 216.515.8849
[email protected]

The Sherwin-Williams Company and Subsidiaries

Statements of Consolidated Income (Unaudited)

(in millions, except per share data)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Net sales

$           5,595.9

$           5,297.2

$         23,574.3

$         23,098.5

Cost of goods sold

2,883.3

2,724.0

12,058.8

11,903.4

Gross profit

2,712.6

2,573.2

11,515.5

11,195.1

  Percent to Net sales

48.5 %

48.6 %

48.8 %

48.5 %

Selling, general and administrative expenses

1,936.8

1,882.9

7,695.0

7,422.1

  Percent to Net sales

34.6 %

35.5 %

32.6 %

32.1 %

Other general income - net

(20.7)

(7.9)

(10.2)

(38.8)

Impairment

17.8

—

17.8

—

Interest expense

131.6

98.5

465.0

415.7

Interest income

(2.9)

(1.4)

(11.2)

(11.0)

Other expense (income) - net

11.0

(14.5)

20.9

(44.7)

Income before income taxes

639.0

615.6

3,338.2

3,451.8

Income taxes

162.2

135.5

769.7

770.4

Net income

$              476.8

$              480.1

$           2,568.5

$           2,681.4

Net income per common share:

Basic

$                1.94

$                1.92

$              10.37

$              10.68

Diluted

$                1.92

$                1.90

$              10.26

$              10.55

Weighted average shares outstanding:

Basic

246.4

249.8

247.6

251.0

Diluted

248.8

253.2

250.4

254.1

The Sherwin-Williams Company and Subsidiaries

Business Segments (Unaudited)

(millions of dollars)

2025

2024

Net

Segment

Net

Segment

Sales

Profit (Loss)

Sales

Profit (Loss)

Three Months Ended December 31:

Paint Stores Group

$      3,127.1

$          649.5

$      3,044.9

$          606.4

Consumer Brands Group

824.7

56.2

662.2

66.6

Performance Coatings Group

1,642.1

244.6

1,589.0

229.0

Administrative

2.0

(311.3)

1.1

(286.4)

Consolidated totals

$      5,595.9

$          639.0

$      5,297.2

$          615.6

Year Ended December 31:

Paint Stores Group

$    13,605.9

$      3,061.5

$    13,188.0

$      2,902.6

Consumer Brands Group

3,166.4

509.6

3,108.0

589.9

Performance Coatings Group

6,795.2

942.7

6,797.3

1,027.9

Administrative

6.8

(1,175.6)

5.2

(1,068.6)

Consolidated totals

$    23,574.3

$      3,338.2

$    23,098.5

$      3,451.8

The Sherwin-Williams Company and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(millions of dollars)

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents

$           207.2

$           210.4

Accounts receivable, net

2,791.2

2,388.8

Inventories

2,318.2

2,288.1

Other current assets

690.8

513.5

Total current assets

6,007.4

5,400.8

Property, plant and equipment, net

4,137.4

3,533.2

Goodwill

8,036.6

7,580.1

Intangible assets

3,966.1

3,533.2

Operating lease right-of-use assets

1,995.2

1,953.8

Other assets

1,759.0

1,631.5

Total assets

$      25,901.7

$      23,632.6

Liabilities and Shareholders' Equity

Current liabilities:

Short-term borrowings

$        1,200.5

$           662.4

Accounts payable

2,354.2

2,253.2

Compensation and taxes withheld

839.4

842.8

Accrued taxes

187.4

174.3

Current portion of long-term debt

350.1

1,049.2

Current portion of operating lease liabilities

479.8

466.6

Other accruals

1,508.9

1,360.2

Total current liabilities

6,920.3

6,808.7

Long-term debt

9,320.7

8,176.8

Postretirement benefits other than pensions

129.8

120.7

Deferred income taxes

765.3

607.5

Long-term operating lease liabilities

1,591.5

1,558.3

Other long-term liabilities

2,575.8

2,309.4

Shareholders' equity

4,598.3

4,051.2

Total liabilities and shareholders' equity

$      25,901.7

$      23,632.6

Regulation G Reconciliations

Management of the Company utilizes certain financial measures that are not in accordance with U.S. generally accepted accounting principles (US GAAP) to analyze and manage the performance of the business. Management provides non-GAAP information in reporting its financial results to give investors additional data to evaluate the Company's operations. Management does not, nor does it suggest investors should, consider such non-GAAP measures in isolation from, or in substitution for, financial information prepared in accordance with US GAAP.

Management believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of diluted net income per share excluding Valspar acquisition-related amortization and certain other adjustments. Valspar acquisition-related amortization expense is excluded from diluted net income per share due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company's revenue generation, the related revenue is not excluded. This adjusted earnings per share measurement is not in accordance with US GAAP. It should not be considered a substitute for earnings per share computed in accordance with US GAAP and may not be comparable to similarly titled measures reported by other companies. The following tables reconcile diluted net income per share computed in accordance with US GAAP to adjusted diluted net income per share.

Year Ended

Three Months Ended

Year Ended

December 31, 2026

December 31, 2025

December 31, 2025

(after-tax guidance)

Pre-Tax

Tax

Effect (1)

After-Tax

Pre-Tax

Tax

Effect (1)

After-Tax

Low

High

Diluted net income per share

$     1.92

$   10.26

$      10.70

$      11.10

Acquisition-related amortization expense (2)

$       .26

$       .06

.20

$     1.03

$       .25

.78

.80

.80

Severance and other restructuring expenses

.07

.01

.06

.44

.10

.34

—

—

Trademark impairment

.07

.02

.05

.07

.02

.05

—

—

Adjusted diluted net income per share

$     2.23

$   11.43

$      11.50

$      11.90

Three Months Ended

Year Ended

December 31, 2024

December 31, 2024

Pre-Tax

Tax

Effect (1)

After-Tax

Pre-Tax

Tax

Effect (1)

After-Tax

Diluted net income per share

$     1.90

$   10.55

Acquisition-related amortization expense (2)

$       .25

.06

.19

$     1.02

.24

.78

Adjusted diluted net income per share

$     2.09

$   11.33

(1)

The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted.

(2)

Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives.

Management believes that investors' understanding of the Company's operating performance is enhanced by the disclosure of EBITDA, which is a non-GAAP financial measure defined as Net income before income taxes and Interest expense, depreciation and amortization, as well as Adjusted EBITDA, which is a non-GAAP financial measure that excludes certain adjustments that management further believes enhances investors' understanding of the Company's operating performance. The reader is cautioned that the Company's EBITDA and Adjusted EBITDA should not be compared to other entities unknowingly. Further, EBITDA and Adjusted EBITDA should not be considered alternatives to Net income as an indicator of operating performance. The following table reconciles Net income computed in accordance with US GAAP to EBITDA and Adjusted EBITDA, as applicable.

(millions of dollars)

Three Months

Three Months

Three Months

Three Months

Year

Ended

Ended

Ended

Ended

Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

December 31, 2025

Net income

$               503.9

$               754.7

$                 833.1

$                 476.8

$              2,568.5

Interest expense

103.8

112.4

117.2

131.6

465.0

Income taxes

149.1

231.0

227.4

162.2

769.7

Depreciation

79.9

79.3

82.8

98.3

340.3

Amortization

81.0

83.4

84.1

88.1

336.6

EBITDA

$               917.7

$            1,260.8

$              1,344.6

$                 957.0

$              4,480.1

Severance and other restructuring expenses

19.3

59.0

14.4

18.3

111.0

Trademark impairment

—

—

—

17.8

17.8

Adjusted EBITDA

$               937.0

$            1,319.8

$              1,359.0

$                 993.1

$              4,608.9

Three Months

Three Months

Three Months

Three Months

Year

Ended

Ended

Ended

Ended

Ended

March 31, 2024

June 30, 2024

September 30, 2024

December 31, 2024

December 31, 2024

Net income

$               505.2

$               889.9

$                 806.2

$                 480.1

$              2,681.4

Interest expense

103.0

110.8

103.4

98.5

415.7

Income taxes

134.8

283.5

216.6

135.5

770.4

Depreciation

71.1

71.8

74.4

80.1

297.4

Amortization

82.1

81.5

81.2

81.8

326.6

EBITDA

$               896.2

$            1,437.5

$              1,281.8

$                 876.0

$              4,491.5

The Sherwin-Williams Company and Subsidiaries

Selected Information (Unaudited)

(millions of dollars, except store count data)

Three Months Ended

Year Ended

December 31,

December 31,

2025

2024

2025

2024

Depreciation

$        98.3

$        80.1

$      340.3

$      297.4

Capital expenditures

230.4

300.0

797.6

1,070.0

Cash dividends

195.8

179.8

789.8

723.4

Amortization of intangibles

88.1

81.8

336.6

326.6

Significant components of Other general income - net:

Provisions for environmental related matters - net

$          1.2

$          6.4

$        15.3

$         (1.3)

Gain on sale or disposition of assets

(6.8)

(24.7)

(34.0)

(49.9)

Other

(15.1)

10.4

8.5

12.4

Significant components of Other expense (income) - net:

Investment gains

$         (4.3)

$         (6.1)

$         (9.9)

$      (16.9)

Net expense from banking activities

4.2

4.4

16.4

15.7

Foreign currency transaction related losses (gains) - net

15.7

(5.9)

45.4

3.9

Other (1)

(4.6)

(6.9)

(31.0)

(47.4)

Store Count Data:

Paint Stores Group - net new stores

19

34

80

79

Paint Stores Group - total stores

4,853

4,773

4,853

4,773

Consumer Brands Group - net new stores

3

6

(27)

16

Consumer Brands Group - total stores

307

334

307

334

Performance Coatings Group - net new branches 

(7)

—

(7)

2

Performance Coatings Group - total branches

317

324

317

324

(1)

Consists of revenue, gains, expenses and losses unrelated to the primary business purpose of the Company.

SOURCE The Sherwin-Williams Company

Reinforces strategic focus on Type 1 Diabetes cell therapy and highlights expansion of Scientific Advisory Board and leadership team ZURICH, Jan. 29, 2026 /PRNewswire/ -- NewcelX Ltd. (NASDAQ: NCEL) ("NewcelX" or the "Company"), a clinical-stage cell therapy company advancing transformative treatments for chronic metabolic and neurodegenerative diseases, today announced the release of an updated corporate presentation in advance of its participation in several major spring 2026 investor and partnering conferences, including BIO-Europe Spring in Lisbon.

FULL-YEAR 2025 FINANCIAL SUMMARY

Net sales of $23.63 billion Loss from continuing operations of $2.84 billion includes the following: $2.47 billion pre-tax non-cash goodwill impairment charge $0.96 billion non-cash accelerated depreciation associated with asset rationalization decisions $0.63 billion of restructuring charges Adjusted EBITDA (non-GAAP) from continuing operations of $2.98 billion Cash provided by operating activities of $1.70 billion Free cash flow (non-GAAP) of $(0.16) billion FOURTH QUARTER 2025 FINANCIAL SUMMARY

Net sales of $6.01 billion Loss from continuing operations of $2.36 billion includes the following: $2.47 billion pre-tax non-cash goodwill impairment charge $0.09 billion non-cash accelerated depreciation associated with asset rationalization decisions $0.16 billion of restructuring charges Adjusted EBITDA (non-GAAP) from continuing operations of $0.76 billion Cash provided by operating activities of $0.91 billion Free cash flow (non-GAAP) of $0.26 billion 2026 FINANCIAL TARGETS

Adjusted EBITDA (non-GAAP) from continuing operations Full-year: $3.5-$3.7 billion First quarter: $0.74-$0.76 billion , /PRNewswire/ -- International Paper (NYSE: IP; LSE: IPC) (the "Company") today announced results for the full-year and fourth quarter ended December 31, 2025. The Company separately announced its plan to create two independent, publicly traded packaging solutions companies in North America and EMEA.

"Throughout 2025, we made significant progress executing our profitable growth strategy," said Chairman and CEO Andy Silvernail. "By deploying and embedding 80/20, we focused resources where we can win and built two regional packaging powerhouses. In North America we grew above market in the second half of the year and delivered 37% year-over-year adjusted EBITDA improvement. In EMEA, we moved decisively and made significant progress in applying our commercial and structural cost levers to set us up for a strong year ahead."

"As we enter 2026, we anticipate meaningful progress on our commercial and cost-out initiatives and expect to deliver $3.5 - $3.7B of adjusted EBITDA for the full year and $740-760 million in the first quarter.  These targets are based on above-industry growth but do not reflect future price realization. Further, we have not yet fully assessed the impact of this week's winter storm across the US."  Silvernail continued, "We have confidence in the plans to achieve our targets for 2026 and believe our ongoing transformation investments will allow us to build momentum as we work toward forming two scaled, independent, regional packaging solutions leaders in North America and EMEA."   

Select Financial Measures

The preliminary full-year and fourth quarter 2025 results discussed in this release will be finalized in our Annual Report on Form 10-K, which we intend to file with the U.S. Securities and Exchange Commission on February 26, 2026.

Fourth
Quarter
2025

Fourth
Quarter
2024

Third
Quarter
2025

Full-Year
2025

Full-Year
2024

Net Sales

$         6,006

$         3,922

$         6,222

$       23,634

$       15,835

Earnings (Loss) from Continuing Operations before
 Income Taxes and Equity Earnings (Loss)

(2,654)

113

(675)

(3,368)

369

Earnings (Loss) from Continuing Operations

(2,363)

88

(426)

(2,838)

725

Adjusted EBITDA from Continuing Operations

758

443

859

2,976

1,636

  Adjusted Operating Earnings (Loss)

(43)

135

(224)

(100)

471

Cash Provided By (Used For) Operating Activities

905

397

605

1,698

1,678

Free Cash Flow

255

137

150

(159)

757

Diluted EPS from Continuing Operations and Adjusted Operating EPS

Fourth
Quarter
2025

Fourth
Quarter
2024

Third
Quarter
2025

Full-Year
2025

Full-Year
2024

Diluted Earnings (Loss) Per Share from Continuing
 Operations

$       (4.48)

$         0.25

$       (0.81)

$       (5.61)

$         2.05

Add Back – Non-Operating Pension Expense (Income)

(0.01)

(0.02)

(0.01)

(0.02)

(0.12)

Add Back – Net Special Items Expense (Income)

4.98

0.17

0.67

6.40

0.66

Income Taxes - Non-Operating Pension and Special Items

(0.57)

(0.02)

(0.28)

(0.97)

(1.26)

Adjusted Operating Earnings (Loss) Per Share

$        (0.08)

$          0.38

$        (0.43)

$        (0.20)

$          1.33

NON-GAAP MEASURES
This release refers to the following non-GAAP financial measures:         

Adjusted EBITDA from continuing operations is a non-GAAP financial measure and is defined as earnings (loss) from continuing operations before income taxes, equity earnings (loss), interest expense, net, net special items, non-operating pension expense (income) and depreciation and amortization. The most directly comparable GAAP measure is earnings (loss) from continuing operations before income taxes and equity earnings (loss). A reconciliation of earnings (loss) from continuing operations before income taxes and equity earnings (loss) to adjusted EBITDA from continuing operations and an explanation of why we believe this non-GAAP financial measure provides useful information to investors is included later in this release.

Adjusted operating earnings (loss) and adjusted operating earnings (loss) per share are non-GAAP financial measures defined as earnings (loss) from continuing operations (a GAAP measure) excluding net special items and non-operating pension expense (income). Earnings (loss) from continuing operations and diluted earnings (loss) per share from continuing operations are the most directly comparable GAAP measures. The Company calculates adjusted operating earnings (loss) (non-GAAP) by excluding the after-tax effect of non-operating pension expense (income) and net special items from the earnings (loss) from continuing operations reported under U.S. GAAP. Adjusted operating earnings (loss) per share is calculated by dividing adjusted operating earnings by the (loss) diluted average shares of common stock outstanding. Management uses these measures to focus on on-going operations, and believes that such measures are useful to investors in assessing the operational performance of the Company and enabling investors to perform meaningful comparisons of past and present consolidated operating results from continuing operations. For discussion of net special items and non-operating pension expense (income), see the disclosure under Effects of Net Special Items and Consolidated Statement of Operations and related notes included later in this release. A reconciliation of earnings (loss) from continuing operations to adjusted operating earnings (loss) and diluted earnings (loss) from continuing operations per share to adjusted operating earnings (loss) per share, and an explanation of why we believe these non-GAAP financial measures provide useful information to investors, are included later in this release.

Free cash flow is a non-GAAP financial measure, which equals cash provided by (used for) operations (a GAAP measure) less capital expenditures. The most directly comparable GAAP measure is cash provided by (used for) operations. A reconciliation of cash provided by (used for) operations to free cash flow and an explanation of why we believe this non-GAAP financial measure provides useful information to investors is included later in this release.

SEGMENT INFORMATION
Effective in 2025, the Chief Operating Decision Maker (CODM) began reviewing the Company's financial results and operations under a structure that reflects the scope of the Company's continuing operations: Packaging Solutions North America (PS NA) and Packaging Solutions EMEA (PS EMEA). The PS EMEA segment includes the Company's legacy EMEA Industrial Packaging business and the EMEA DS Smith business. As such, amounts related to the Company's legacy EMEA Industrial Packaging business have been recast out of the Industrial Packaging segment into the new PS EMEA segment for all prior periods. The North America DS Smith business has been included in the PS NA segment. Amounts related to the Company's legacy North America Industrial Packaging business have been reported in the PS NA segment for all prior periods. This decision followed completion of our acquisition of DS Smith on January 31, 2025.

Following the announcement of a definitive agreement to sell the Global Cellulose Fibers (GCF) business on August 21, 2025, the GCF business is no longer a reportable segment.  All current and historical operating results of the GCF business are presented as Discontinued Operations, net of tax, in the condensed consolidated statement of operations. For discussion of discontinued operations, see the disclosure under Discontinued Operations and Consolidated Statement of Operations and related notes included later in this release. 

The following table presents net sales and business segment operating profit (loss), which is the Company's measure of segment profitability. Business segment operating profit (loss) is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments and is presented in our financial statement footnotes in accordance with ASC 280 - "Segment Reporting". Fourth quarter 2025 net sales by business segment and operating profit (loss) by business segment compared with the third quarter of 2025 and the fourth quarter of 2024 along with full-year 2025 net sales by business segment and operating profit (loss) by business segment compared with full-year 2024 are as follows:

Business Segment Results

(In millions)

Fourth
Quarter
2025

Fourth
Quarter
2024

Third
Quarter
2025

Full-Year
2025

Full-Year
2024

Net Sales by Business Segment

Packaging Solutions North America

$           3,715

$           3,539

$           3,898

$         15,175

$         14,293

Packaging Solutions EMEA

2,300

357

2,310

8,451

1,355

Corporate and Inter-segment Sales

(9)

26

14

8

187

Net Sales

$           6,006

$           3,922

$           6,222

$         23,634

$         15,835

Business Segment Operating Profit (Loss)

Packaging Solutions North America

$              319

$              228

$            (166)

$              572

$              891

Packaging Solutions EMEA

(223)

19

(58)

(236)

60

Packaging Solutions North America (PS NA) business segment operating profit (loss) in the fourth quarter of 2025 was $319 million compared with $(166) million in the third quarter of 2025. In the fourth quarter of 2025, net sales decreased driven by lower volumes due to exiting the non-strategic export containerboard and specialty markets and three fewer shipping days. These impacts were partially offset by higher sales prices for boxes and strategic customer wins. Cost of products sold decreased due to lower sales volumes and operating costs, including the cost-out impact of our mill strategic actions and lower input costs, partially offset by higher planned maintenance outage costs. Depreciation and amortization in the fourth quarter of 2025 was lower due to the non-repeat of $619 million of accelerated depreciation associated with the previously announced closures of the Red River containerboard mill in Campti, Louisiana and the Savannah and Riceboro containerboard mills in Georgia in the third quarter of 2025. 

Packaging Solutions EMEA (PS EMEA) business segment operating profit (loss) in the fourth quarter of 2025 was $(223) million compared with $(58) million in the third quarter of 2025. Net sales decreased in the fourth quarter of 2025 compared with the third quarter of 2025, reflecting lower sales prices and lower volumes in a continued soft demand environment. Cost of products sold decreased driven by lower fiber and energy costs and lower planned maintenance outage costs. Depreciation and amortization expense in the fourth quarter of 2025 was higher primarily due to the finalization of the valuation of assets and changes to estimated lives associated with the acquisition accounting of DS Smith. Depreciation and amortization expense was also impacted by $73 million of accelerated depreciation associated with mill and plant closures in the fourth quarter of 2025 compared with $56 million in the third quarter of 2025.

CREATION OF TWO INDEPENDENT PUBLIC COMPANIES

In a separate press release today, the Company announced its intent to form two independent, public companies through the separation of its PS NA and PS EMEA businesses. This decisive action is intended to create two scaled, regional packaging solutions leaders, each with focused management teams and business models, tailored investment and capital allocation strategies, and compelling financial profiles. The separation is expected to be completed in 12-15 months, subject to the satisfaction of certain customary conditions.

In conjunction with our annual strategic review, including our evaluation to separate into two independent, public companies, we measured the current fair value of both PS NA and PS EMEA relative to their carrying values.  Based on the results of this analysis and in accordance with US GAAP, the company recorded a pre-tax, non-cash goodwill impairment charge of $2.47 billion as of December 31, 2025 related to the PS EMEA reporting unit.

EFFECTS OF NET SPECIAL ITEMS

Continuing Operations
Net special items include items considered by management to not be reflective of the Company's underlying operations. Net special items in the fourth quarter of 2025 amount to a net after-tax charge of $2.32 billion ($4.41 per diluted share) compared with a net after-tax charge of $53 million ($0.15 per diluted share) in the fourth quarter of 2024 and a net after-tax charge of $205 million ($0.39 per diluted share) in the third quarter of 2025. Net special items in all periods include the following charges (benefits):

Fourth Quarter 2025

Fourth Quarter 2024

Third Quarter 2025

(In millions)

Before Tax

After Tax

Before Tax

After Tax

Before Tax

After Tax

PS EMEA goodwill impairment

$        2,467

$        2,196

(a)

$            —

$             —

$             —

$             —

Severance and other costs

162

128

(b)

45

34

(b)

342

257

(b)

DS Smith combination costs (benefits)

10

8

(c)

38

38

(c)

(26)

(18)

(c)

Net (gains) losses on sales and impairments of businesses

10

8

(d)

—

—

16

12

(d)

Net (gains) losses on sales and impairments of assets

(18)

(12)

(e)

(59)

(45)

(e)

15

11

(e)

Environmental remediation adjustments

(5)

(4)

(f)

35

26

(f)

7

5

(f)

Tax benefit related to capital losses

—

—

—

—

—

(62)

(g)

 Total special items, net

$        2,626

$        2,324

$            59

$             53

$           354

$           205

(a)

Non-cash goodwill impairment related to the Company's PS EMEA business segment. See note (f) of the Consolidated Statement of Operations.

(b)

Severance and other costs associated with the Company's 80/20 strategic approach which includes the realignment of resources and mill strategic actions. See notes (e) and (m) of the Consolidated Statement of Operations.

(c)

Transaction, integration and other costs/benefits that the Company believes are not reflective of the Company's underlying operations. See notes (a), (b), and (k) of the Consolidated Statement of Operations.

(d)

Includes charges related to the sale of the Company's kraft paper bag business and the sale of five European box plants in Mortagne, Saint-Amand and Cabourg (France), Ovar (Portugal) and Bilbao (Spain) to satisfy regulatory commitments in connection with the DS Smith combination. See note (f) of the Consolidated Statement of Operations.

(e)

Includes gains on assets sales related to our permanently closed Courtland, Alabama paper mill and Orange, Texas containerboard mill and charges associated with the sale of the Company's aircraft and other assets. See note (g) of the Consolidated Statement of Operations.

(f)

Environmental remediation adjustments associated with remediation work at a waste pit site at a mill acquired but never operated by the Company, and last utilized by the predecessor owner of the mill, and post-closure remediation work associated with mill strategic actions implemented in Q4 2023. See note (a) of the Consolidated Statement of Operations.

(g)

Tax benefit related to capital losses associated with the announced agreement to sell our Global Cellulose Fibers business. See note (h) of the Consolidated Statement of Operations.

Discontinued Operations
As announced on January 23, 2026, the Company completed the sale of its GCF business to American Industrial Partners (AIP) for $1.5 billion, subject to customary closing conditions. As part of the consideration, the Company will receive preferred stock in the acquiring entity with an initial liquidation preference of $190 million.  In connection with our decision to divest the GCF business, we evaluated the carrying value of the related long-lived assets and determined that their fair value less costs to sell was below carrying value.  Accordingly, we recorded an impairment charge in 2025 for a total of $1.07 billion, as detailed in the table below.

Discontinued operations, net of taxes includes the following charges (benefits):

Fourth Quarter 2025

Fourth Quarter 2024

Third Quarter 2025

(In millions)

Before Tax

After Tax

Before Tax

After Tax

Before Tax

After Tax

Global Cellulose Fibers transaction costs

$            10

$               8

$               5

$               4

$             15

$             12

Net loss on impairment of business

62

47

—

—

1,008

758

Severance and other costs (benefits)

(3)

(2)

118

89

(5)

(4)

 Total

$             69

$             53

$           123

$             93

$        1,018

$           766

EARNINGS WEBCAST 
The Company will host a webcast today to discuss our proposal to create two independent public companies, as well as preliminary full-year and fourth quarter 2025 earnings and current market conditions, beginning at 10 a.m. ET (9 a.m. CT). All interested parties are invited to listen to the webcast via the Company's website by clicking on the Investors tab and going to the Events & Presentations page at https://www.internationalpaper.com/investors/events-presentations. A replay of the webcast will also be on the website beginning approximately two hours after the call.

Parties who wish to participate in the webcast via teleconference may dial +1 (646) 307-1963 or, within the U.S. only, (800) 715-9871, and ask to be connected to the International Paper fourth quarter 2025 earnings call. The conference ID number is 4020847. Participants should call in no later than 9:45 a.m. ET (8:45 a.m. CT). An audio-only replay will be available for ninety days following the call. To access the replay, dial +1 (609) 800-9909 or, within the U.S. only, (800) 770-2030 and when prompted for the conference ID, enter 4020847.

PRELIMINARY UNAUDITED FINANCIAL RESULTS
The selected unaudited financial results discussed in this release are preliminary and subject to our quarter-end and year-end control procedures. As a result, the financial results presented in this release may change in connection with the finalization of our annual audited financial statements for the full-year and fourth quarter 2025. In addition, the information in this release is not a comprehensive statement of our financial results for the full-year and fourth quarter 2025, and should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of our results for any future period.

ABOUT INTERNATIONAL PAPER
International Paper (NYSE: IP; LSE: IPC) is dedicated to empowering customers, teammates, and shareowners to thrive by delivering innovative, sustainable packaging solutions for a changing world. As a trusted leader in corrugated packaging, we collaborate with partners across industries to protect what matters most—strengthening supply chains, advancing sustainability, and creating lasting value for our stakeholders. Discover more at internationalpaper.com.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release that are not historical in nature may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the use of forward-looking or conditional words such as "expects," "anticipates," "believes," "estimates," "could," "should," "can," "forecast," "outlook," "intend," "look," "may," "will," "remain," "confident," "commit," "plan," and "preliminary" or similar expressions. These statements are not guarantees of future performance and reflect management's current views and speak only as to the dates the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. All statements, other than statements of historical fact, are forward-looking statements, including, but not limited to, statements regarding anticipated financial results, economic conditions, industry trends, future prospects, and the anticipated benefits, execution and consummation of strategic corporate transactions. Factors which could cause actual results to differ include but are not limited to: (i) our ability to consummate and achieve the benefits expected from, and other risks, costs and expenses associated with, our plans to separate our North America and Europe, Middle East and Africa ("EMEA") operations into two independent public companies and other acquisitions, joint ventures, divestitures, spinoffs, capital investments and other corporate transactions on a timely basis or at all, including the risk that an impairment charge may be recorded for goodwill or other intangible assets, which may lead to decreased assets and reduced net earnings; (ii) our ability to integrate and implement our plans, forecasts, the internal control framework of DS Smith, including assessment of its internal controls over financial reporting, and achieve the synergies, value creation, target run rates and other expectations with respect to the combined company, including in light of our increased scale and global presence; (iii) risks associated with strategic business decisions including facility closures, business exits, operational changes, and portfolio rationalizations intended to support the Company's 80/20 strategic approach for long-term growth; (iv) risks with respect to climate change and global, regional, and local weather conditions, as well as risks related to our targets and goals with respect to climate change and the emission of greenhouse gases and other environmental, social and governance matters, including our ability to meet such targets and goals; (v) loss contingencies and pending, threatened or future litigation, including with respect to environmental and antitrust related matters; (vi) the level of our indebtedness, including our obligations related to becoming the guarantor of the Euro Medium Term Notes as a result of our acquisition of DS Smith, risks associated with our variable rate debt, and changes in interest rates; (vii) the impact of global and domestic economic conditions and industry conditions, including with respect to current challenging macroeconomic conditions, inflationary pressures and changes in the cost or availability of raw materials, energy sources and transportation sources, supply chain shortages and disruptions, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products, and conditions impacting the credit, capital and financial markets; (viii) risks arising from conducting business internationally, domestic and global geopolitical conditions, military conflict (including the Russia/Ukraine conflict, the conflict in the Middle East, the further expansion of such conflicts, and the geopolitical and economic consequences associated therewith), as well as broader geopolitical tensions involving major global actors, including those related to China and Venezuela, changes in currency exchange rates, including in light of our increased proportion of assets, liabilities and earnings denominated in foreign currencies as a result of our business combination with DS Smith, trade policies (including but not limited to protectionist measures and the imposition of new or increased tariffs as well as the potential impact of retaliatory tariffs and other penalties including retaliatory policies against the United States) and global trade tensions, downgrades in our credit ratings, and/or the credit ratings of banks issuing certain letters of credit, issued by recognized credit rating organizations; (ix) the amount of our future pension funding obligations, and pension and healthcare costs; (x) the costs of compliance, or the failure to comply with, existing, evolving or new environmental (including with respect to climate change and greenhouse gas emissions), tax, trade, labor and employment, privacy, anti-bribery and anti-corruption, and other U.S. and non-U.S. governmental laws, regulations and policies (including but not limited to those in the United Kingdom and European Union); (xi) a material disruption at any of our manufacturing facilities or other adverse impact on our operations due to severe weather, natural disasters, climate change or other causes; (xii) our ability to realize expected benefits and cost savings associated with restructuring initiatives; (xiii) cybersecurity and information technology risks, including as a result of security breaches and cybersecurity incidents; (xiv) our exposure to claims under our agreements with Sylvamo Corporation;  (xv) our ability to attract and retain qualified personnel and maintain good employee or labor relations; (xvi) our ability to maintain effective internal control over financial reporting; and (xvii) our ability to adequately secure and protect our intellectual property rights. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements can be found in our press releases and reports filed with the U.S. Securities and Exchange Commission. In addition, other risks and uncertainties not presently known to the Company or that we currently believe to be immaterial could affect the accuracy of any forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

INTERNATIONAL PAPER COMPANY

Condensed Consolidated Statement of Operations

Preliminary and Unaudited

(In millions, except per share amounts)

Three Months Ended

December 31,

Three Months Ended

September 30

Twelve Months Ended

December 31,

2025

2024

2025

2025

2024

Net Sales

$           6,006

$        3,922

$                      6,222

$     23,634

$    15,835

Costs and Expenses

Cost of products sold

4,123

(a)

2,765

(j)

4,287

(a)

16,637

(a)

11,397

(j)

Selling and administrative expenses

545

(b)

481

(k)

493

(b)

2,050

(b)

1,703

(k)

Depreciation and amortization

697

(c)

221

1,099

(c)

2,747

(c)

851

(l)

Distribution expenses

543

279

524

2,000

1,180

Taxes other than payroll and income taxes

42

27

40

210

(d)

119

Restructuring charges, net

162

(e)

45

(m)

342

(e)

626

(e)

103

(m)

Net (gains) losses on sales and impairments of businesses

2,477

(f)

—

16

(f)

2,442

(f)

—

Net (gains) losses on sales and impairments of assets

(18)

(g)

(59)

(n)

15

(g)

(70)

(g)

(59)

(n)

Interest expense, net

95

58

85

372

214

(o)

Non-operating pension expense (income)

(6)

(8)

(4)

(12)

(42)

Earnings (Loss) From Continuing Operations Before
Income Taxes and Equity Earnings (Loss)

(2,654)

113

(675)

(3,368)

369

Income tax provision (benefit)

(291)

(h)

24

(250)

(h)

(533)

(h)

(361)

(p)

Equity earnings (loss), net of taxes

—

(1)

(1)

(3)

(5)

Earnings (Loss) From Continuing Operations

(2,363)

88

(426)

(2,838)

725

Discontinued Operations, net of taxes

(21)

(i)

(235)

(q)

(676)

(i)

(678)

(i)

(168)

(q)

Net Earnings (Loss)

$         (2,384)

$         (147)

$                    (1,102)

$     (3,516)

$        557

Basic Earnings (Loss) Per Common Share

Earnings (loss) from continuing operations

$           (4.48)

$          0.25

$                      (0.81)

$       (5.61)

$       2.09

Discontinued operations

(0.04)

(0.67)

(1.28)

(1.34)

(0.49)

Net earnings (loss)

$           (4.52)

$        (0.42)

$                      (2.09)

$       (6.95)

$       1.60

Diluted Earnings (Loss) Per Common Share

Earnings (loss) from continuing operations

$           (4.48)

$          0.25

$                      (0.81)

$       (5.61)

$       2.05

Discontinued operations

(0.04)

(0.67)

(1.28)

(1.34)

(0.48)

Net earnings (loss)

$           (4.52)

$        (0.42)

$                      (2.09)

$       (6.95)

$       1.57

Average Shares of Common Stock Outstanding - Diluted

528.0

347.4

528.0

505.7

354.2

The accompanying notes are an integral part of this Consolidated Statement of Operations. 

(a)

Includes a pre-tax benefit of $5 million ($4 million after taxes), pre-tax charges of $7 million ($5 million after taxes) and $2 million ($1 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, for environmental remediation adjustments, a pre-tax benefit of $41 million ($30 million after taxes) and a pre-tax charge of $29 million ($22 million after taxes) for the three months ended September 30, 2025 and the twelve months ended December 31, 2025, respectively, for the inventory step-up recognized in purchase accounting related to the DS Smith combination.

(b)

Includes pre-tax charges of $10 million ($8 million after taxes), $15 million ($12 million after taxes) and $158 million ($130 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, for transaction costs and integration costs associated with the DS Smith combination.

(c)

Includes pre-tax charges of $86 million, $675 million and $958 million for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, for accelerated depreciation associated with our site closures.

(d)

Includes a pre-tax charge of $50 million (before and after taxes) for the twelve months ended December 31, 2025 for a UK stamp tax associated with the DS Smith combination.

(e)

Includes pre-tax charges of $162 million ($128 million after taxes), $342 million ($257 million after taxes) and $626 million ($482 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, for severance and other costs related to our mill closures and 80/20 strategic actions.

(f)

Includes a charge of $2.5 billion (before and after taxes) for the three months and twelve months ended December 31, 2025 for the non-cash impairment of goodwill in our PS EMEA business, pre-tax charges of $5 million ($4 million after taxes), $16 million ($12 million after taxes) and $21 million ($16 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, related to the sale of our kraft paper bag business and a pre-tax charge of $5 million ($4 million after taxes) and pre-tax gain of $46 million ($36 million after taxes) for the three months and twelve months ended December 31, 2025 related to the sale of five European box plants in Mortagne, Saint-Amand, and Cabourg (France), Ovar (Portugal) and Bilbao (Spain) to satisfy regulatory commitments in connection with the DS Smith combination.

(g)

Includes pre-tax charges of $2 million ($1 million after taxes), $15 million ($11 million after taxes) and $17 million ($12 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, related to the sale of aircraft assets, a pre-tax gain of $27 million ($20 million after taxes) for the three months and twelve months ended December 31, 2025 for asset sales related to our permanently closed Courtland, Alabama paper mill, a pre-tax gain of $62 million ($47 million after taxes) for the twelve months ended December 31, 2025 for asset sales related to our permanently closed Orange, Texas containerboard mill and a pre-tax charge of $7 million (before and after taxes) and $2 million ($3 million after taxes) for the three months and twelve months ended December 31, 2025, respectively, related to miscellaneous land sales and other items.

(h)

Includes a deferred tax benefit of $271 million for the three months and twelve months ended December 31, 2025 related to the EMEA goodwill impairment and a benefit of $62 million for the three months ended September 30, 2025 and the twelve months ended December 31, 2025 related to capital losses associated with the announced agreement to sell our Global Cellulose Fibers business. These deferred tax benefits are expected to offset cash taxes in 2027.

(i)

Includes the operating earnings of the Global Cellulose Fibers business. Also includes pre-tax charges of $62 million ($47 million after taxes), 1.0 billion ($758 million after taxes) and $1.1 billion ($805 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, for the impairment of the Global Cellulose Fibers business which has been classified as held for sale, pre-tax charges of $10 million ($8 million after taxes), $15 million ($12 million after taxes) and $52 million ($40 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, for costs associated with the sale of our Global Cellulose Fibers business and a pre-tax benefit of $3 million ($2 million after taxes), $5 million ($4 million after taxes) and $8 million ($6 million after taxes) for the three months ended December 31, 2025 and September 30, 2025 and the twelve months ended December 31, 2025, respectively, for adjustments related to previously announced Global Cellulose Fibers mill closures.

(j)

Includes pre-tax charges of $35 million ($26 million after taxes) and $60 million ($45 million after taxes) for the three months and the twelve months ended December 31, 2024, respectively, for environmental remediation adjustments, a pre-tax charge of $13 million ($9 million after taxes) for the twelve months ended December 31, 2024 for third-party damages related to a warehouse fire in Morocco, pre-tax income of $6 million (before and after taxes) for the twelve months ended December 31, 2024 related to the settlement of an Italian antitrust fine and a pre-tax charge of $10 million ($7 million after taxes) for the twelve months ended December 31, 2024 for a litigation reserve.

(k)

Includes pre-tax charges of $38 million (before and after taxes) and $86 million ($85 million after taxes) for the three months and twelve months ended December 31, 2024, respectively, for costs associated with our announced agreement of an all-share combination with DS Smith Plc and pre-tax charges of $37 million ($28 million after taxes) for the twelve months ended December 31, 2024 for strategic advisory fees.

(l)

Includes a pre-tax charge of $1 million (before and after taxes) for the twelve months ended December 31, 2024 for closure costs associated with our mill strategic actions.

(m)

Includes a pre-tax charge of $45 million ($34 million after taxes) and $103 million ($77 million after taxes) for the three months and twelve months ended December 31, 2024, respectively, for severance and other costs related to our mill closures and 80/20 strategic actions.

(n)

Includes a pre-tax gain of $54 million ($41 million after taxes) for the three months and twelve months ended December 31, 2024 related to the sale of a building at our Orange, Texas containerboard mill and a pre-tax gain of $5 million ($4 million after taxes) for the three months and twelve months ended December 31, 2024 related to miscellaneous land sales.

(o)

Includes pre-tax income of $10 million ($7 million after taxes) for the twelve months ended December 31, 2024 for interest income associated with the settlement of tax audits.

(p)

Includes a tax benefit of $416 million for the twelve months ended December 31, 2024 related to internal legal entity restructuring.

(q)

Includes the operating earnings of the Global Cellulose Fibers business. Also includes pre-tax charges of $117 million ($88 million after taxes) and $118 million ($89 million after taxes) for the three months and the twelve months ended December 31, 2024, respectively, for severance and other costs related to our mill strategic actions and 80/20 strategic approach, pre-tax charges of $5 million ($4 million after taxes) for the three months and twelve months ended December 31, 2024 for costs associated with our announced decision to explore strategic options for our Global Cellulose Fibers business and a pre-tax charge of $1 million (before and after taxes) and $5 million ($4 million after taxes) for the three months and twelve months ended December 31, 2024, respectively, for other items.

INTERNATIONAL PAPER COMPANY

Reconciliation of Earnings (Loss) from Continuing Operations to Adjusted Operating Earnings (Loss)

Preliminary and Unaudited

(In millions, except per share amounts)

Three Months Ended

December 31,

Three Months Ended

September 30

Twelve Months Ended

December 31,

2025

2024

2025

2025

2024

Earnings (Loss) from Continuing Operations

$          (2,363)

$               88

$                       (426)

$         (2,838)

$               725

Add back: Non-operating pension expense (income)

(6)

(8)

(4)

(12)

(42)

Add back: Net special items expense (income)

2,626

59

354

3,237

235

Income taxes - Non-operating pension and special items

(300)

(4)

(148)

(487)

(447)

Adjusted Operating Earnings (Loss)

$              (43)

$              135

$                       (224)

$            (100)

$               471

Three Months Ended

December 31,

Three Months Ended

September 30

Twelve Months Ended

December 31,

2025

2024

2025

2025

2024

Diluted Earnings (Loss) per Common Share from Continuing Operations

$            (4.48)

$             0.25

$                      (0.81)

$           (5.61)

$              2.05

Add back: Non-operating pension expense (income)

(0.01)

(0.02)

(0.01)

(0.02)

(0.12)

Add back: Net special items expense (income)

4.98

0.17

0.67

6.40

0.66

Income taxes per share - Non-operating pension and special items

(0.57)

(0.02)

(0.28)

(0.97)

(1.26)

Adjusted Operating Earnings (Loss) per Share

$            (0.08)

$             0.38

$                      (0.43)

$           (0.20)

$              1.33

Notes:

Adjusted operating earnings (loss) and adjusted operating earnings (loss) per share are non-GAAP financial measures defined as earnings (loss) from continuing operations (a GAAP measure) excluding net special items and non-operating pension expense (income). Earnings (loss) from continuing operations and diluted earnings (loss) per common share from continuing operations are the most directly comparable GAAP measures. The Company calculates adjusted operating earnings (loss) (non-GAAP) by excluding the after-tax effect of non-operating pension expense (income) and net special items, as described in greater detail above, from the earnings (loss) from continuing operations reported under U.S. GAAP. Adjusted operating earnings (loss) per share is calculated by dividing adjusted operating earnings (loss) by the diluted average shares of common stock outstanding. Management uses these non-GAAP financial measures to focus on on-going operations, and believes that such non-GAAP financial measures are useful to investors in assessing the operational performance of the Company and enabling investors to perform meaningful comparisons of past and present consolidated operating results from continuing operations. The Company believes that these non-GAAP financial measures, viewed alongside the most directly comparable GAAP measures, provides for a more complete analysis of the Company's results of operations.

Non-operating pension expense (income) represents amortization of prior service cost, amortization of actuarial gains/losses, expected return on assets and interest cost. The Company excludes these amounts from adjusted operating earnings (loss) as the Company does not believe these items reflect ongoing operations. These particular pension cost elements are not directly attributable to current employee service. The Company includes service cost in our non-GAAP financial measure as it is directly attributable to employee service, and the corresponding employees' compensation elements, in connection with ongoing operations.

Since diluted earnings per share are computed independently for each period, twelve-month per share amounts may not equal the sum of the respective quarters.

INTERNATIONAL PAPER COMPANY

Calculation of Adjusted EBITDA from Continuing Operations

Preliminary and Unaudited

(In millions)

Three Months Ended

December 31,

Three Months Ended

September 30

Twelve Months Ended

December 31,

2025

2024

2025

2025

2024

Earnings (Loss) From Continuing Operations Before Income
 Taxes and Equity Earnings (Loss)

$            (2,654)

$                 113

$                          (675)

$            (3,368)

$                 369

Interest expense, net

95

58

85

372

214

Special items

2,626

59

354

3,237

245

Non-operating pension expense (income)

(6)

(8)

(4)

(12)

(42)

Depreciation and amortization

697

221

1,099

2,747

850

Adjusted EBITDA from Continuing Operations

$                 758

$                 443

$                            859

$              2,976

$              1,636

Notes:

Adjusted EBITDA from continuing operations is a non-GAAP financial measure defined as earnings (loss) from continuing operations before income taxes and equity earnings (loss), interest expense, net, net special items, non-operating pension expense (income) and depreciation and amortization. Earnings (loss) from continuing operations before income taxes and equity earnings (loss) is the most directly comparable GAAP measure. Management uses this measure to focus on on-going operations and believes this measure is useful to investors in assessing the operational performance of the Company and enabling investors to perform meaningful comparisons of past and present consolidated operating results from continuing operations.

INTERNATIONAL PAPER COMPANY

Calculation of Adjusted EBITDA Outlook from Continuing Operations

Preliminary and Unaudited

(In millions)

Three Months Ended
 March 31, 2026

Twelve Months Ended
 December 31, 2026

Earnings (Loss) From Continuing Operations Before Income Taxes and Equity
 Earnings (Loss)

$169 - $189

$1,202 - $1,402

Interest expense, net

93

375

Special items

—

—

Non-operating pension expense (income)

(19)

(77)

Depreciation and amortization

497

2,000

Adjusted EBITDA from Continuing Operations

$740 - $760

$3,500 - $3,700

Notes:

Adjusted EBITDA from continuing operations is a non-GAAP financial measure defined as earnings (loss) from continuing operations before income taxes and equity earnings (loss), interest expense, net, net special items, non-operating pension expense (income) and depreciation and amortization. Earnings (loss) from continuing operations before income taxes and equity earnings (loss) is the most directly comparable GAAP measure. Management uses this measure to focus on on-going operations and believes this measure is useful to investors in assessing the operational performance of the Company and enabling investors to perform meaningful comparisons of past and present consolidated operating results from continuing operations. Special items excluded from the target setting are difficult to predict and quantify and may reflect the effect of future events.

INTERNATIONAL PAPER COMPANY

Condensed Consolidated Balance Sheet

Preliminary and Unaudited

(In millions)

December 31, 2025

December 31, 2024

Assets

Current Assets

Cash and Temporary Investments

$                       1,145

$                       1,062

Accounts and Notes Receivable, Net

3,791

2,402

Contract Assets

635

362

Inventories

2,012

1,486

Assets Held for Sale

1,800

1,016

Other

723

96

Total Current Assets

10,106

6,424

Plants, Properties and Equipment, Net

14,443

7,916

Goodwill

5,326

3,038

Intangibles, Net

4,043

72

Long-Term Financial Assets of Variable Interest Entities

2,349

2,331

Right of Use Assets

697

402

Overfunded Pension Plan Assets

486

93

Long-Term Assets Held For Sale

—

1,876

Deferred Charges and Other Assets

514

648

Total Assets

$                     37,964

$                     22,800

Liabilities and Equity

Current Liabilities

Notes Payable and Current Maturities of Long-Term Debt

$                          992

$                          191

Liabilities Held for Sale

502

344

Accounts Payable and Other Current Liabilities

6,405

3,723

Total Current Liabilities

7,899

4,258

Long-Term Debt

8,839

5,362

Deferred Income Taxes

1,898

1,028

Long-Term Nonrecourse Financial Liabilities of Variable Interest Entities

2,127

2,120

Long-Term Lease Obligations

486

269

Underfunded Pension Benefit Obligation

316

232

Postretirement and Postemployment Benefit Obligation

133

133

Long-Term Liabilities Held For Sale

—

125

Other Liabilities

1,439

1,100

Equity

Common Stock

627

449

Paid-in Capital

14,414

4,732

Retained Earnings

4,885

9,393

Accumulated Other Comprehensive Loss

(528)

(1,722)

19,398

12,852

Less: Common Stock Held in Treasury, at Cost

4,571

4,679

Total Equity

14,827

8,173

Total Liabilities and Equity

$                     37,964

$                     22,800

INTERNATIONAL PAPER COMPANY

Condensed Consolidated Statement of Cash Flows

Preliminary and Unaudited

(In millions)

Twelve Months Ended December 31,

2025

2024

Operating Activities

Net earnings (loss)

$                        (3,516)

$                             557

Depreciation and amortization

2,882

1,305

Deferred income tax expense (benefit), net

(855)

(473)

Restructuring charges, net

618

221

Net (gains) losses on sales and impairments of businesses

3,512

—

Net (gains) losses on sales and impairments of assets

(70)

(58)

Periodic pension (income) expense, net

39

1

Other, net

(78)

135

Changes in operating assets and liabilities

Accounts and notes receivable

91

59

Contract assets

(21)

36

Inventories

158

12

Accounts payable and other liabilities

(1,027)

(140)

Interest payable

22

16

Other

(57)

7

Cash Provided By (Used For) Operating Activities

1,698

1,678

Investment Activities

Capital expenditures

(1,857)

(921)

Acquisitions, net of cash acquired

414

—

Proceeds from divestitures, net of transaction costs

141

—

Proceeds from sale of fixed assets

218

91

Proceeds from insurance recoveries

28

25

Other

32

(3)

Cash Provided By (Used For) Investment Activities

(1,024)

(808)

Financing Activities

Issuance of debt

409

102

Reduction of debt

(255)

(141)

Change in book overdrafts

181

(69)

Repurchases of common stock and payments of restricted stock tax withholding

(65)

(23)

Dividends paid

(977)

(643)

Other

(1)

(1)

Cash Provided By (Used for) Financing Activities

(708)

(775)

Effect of Exchange Rate Changes on Cash and Temporary Investments

25

(38)

Change in Cash and Temporary Investments

(9)

57

Cash and Temporary Investments

Beginning of the period

1,170

1,113

End of the period

$                          1,161

$                          1,170

INTERNATIONAL PAPER COMPANY

Reconciliation of Cash Provided by Operations to Free Cash Flow

Preliminary and Unaudited

(In millions)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

2025

2024

Cash Provided By (Used For) Operating Activities

$                      905

$                      397

$                1,698

$                1,678

Adjustments:

Capital expenditures

(650)

(260)

(1,857)

(921)

Free Cash Flow

$                      255

$                      137

$                 (159)

$                  757

 Free cash flow is a non-GAAP financial measure which equals cash provided by (used for) operating activities less capital expenditures. The most directly comparable GAAP measure is cash provided by operations. Management utilizes this measure in connection with managing our business and believes that free cash flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet, pay dividends, repurchase stock, service debt and make investments for future growth. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures.

The preliminary non-GAAP financial measures presented in this release have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of preliminary non-GAAP financial measures in this release may not be comparable to similarly titled measures disclosed by other companies, including companies in the same industry as International Paper.

Management believes non-GAAP financial measures, when used in conjunction with information presented in accordance with GAAP, can facilitate a better understanding of the impact of various factors and trends on the Company's financial results.  Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Investors are cautioned to not place undue reliance on any preliminary non-GAAP financial measures used in this release.

SOURCE International Paper

USDe approved as collateral to mint Berachain’s HONEY stablecoin

Expands HONEY collateral set alongside USDT0, USDC, and PayPal USD (pyUSD)

Boca Raton, Florida, January 29, 2026 – PRISM MediaWire (Press Release Service – Press Release Distribution) – Greenlane Holdings, Inc. (“Greenlane” or the “Company”) (Nasdaq: GNLN), a company pursuing a Berachain-focused digital asset treasury strategy, today highlighted Berachain’s integration of Ethena’s USDe as approved collateral for HONEY, Berachain’s native stablecoin. The integration is intended to expand the range of dollar-based collateral available on Berachain and may support protocol-level liquidity, network activity, and on-chain economic mechanisms within the Berachain ecosystem.¹,²

HONEY is Berachain’s native stablecoin, designed to aggregate multiple widely used stablecoins and other tokenized dollar assets—including USDT0, Circle’s USDC, PayPal’s pyUSD, and now USDe—into a unified liquidity base for applications built on the network. This structure is intended to support on-chain activity by forming a deeper pool of dollar-denominated capital to be utilized by applications across the network, which may enhance capital efficiency and improve user experience.

By incorporating USDe as approved collateral for HONEY, Berachain is expanding the set of approved collateral that may support stablecoin liquidity on the network. Berachain has publicly reported that approximately $19 million of USDe is currently being used as collateral within the HONEY framework.³

Ethena has also publicly reported that the outstanding supply of USDe across supported venues exceeds $6 billion.4 The amount of USDe currently deployed as collateral within the HONEY framework represents a small portion of that broader supply, and any expansion of USDe utilization on Berachain would depend on market adoption, protocol governance decisions, and technical integration considerations.

“We hope that Berachain’s integration of USDe will demonstrate how expanding stablecoin liquidity may help support network activity. Initiatives that ultimately strengthen liquidity and on-chain participation may help support the broader Berachain ecosystem.”

Ben Isenberg, Chief Investment Officer, Greenlane The integration of USDe represents one of several initiatives announced by Berachain that Berachain hopes will expand on-chain activity and protocol-level economic functionality, in addition to ongoing infrastructure enhancements, protocol improvements, and the continued onboarding of decentralized applications over time.

About Greenlane

Greenlane is a global platform for the development and distribution of premium lifestyle accessories and consumer products through a broad network of specialty and convenience retailers and direct-to-consumer channels. Alongside its operating business, in October 2025, the Company initiated a Berachain-focused digital asset treasury strategy dedicated to acquiring BERA and increasing BERA-per-share through treasury management. The Company is a Berachain ecosystem participant focused on supporting the development and operation of blockchain-based infrastructure, including assets and applications built on Berachain. The Company engages in network staking, liquidity provisioning, and strategic initiatives intended to contribute to the long-term sustainability of decentralized protocols within its portfolio.

About Berachain

Berachain (BERA) is the first blockchain powered by Proof of Liquidity, designed to help businesses scale and provide sustainable on-chain economies. Proof of Liquidity provides BERA with a staking yield derived from the revenues or ownership of revenue-generating companies building on the network. Berachain reports that it has raised $150 million from leading digital asset investors including Brevan Howard, Framework Ventures, Polychain Capital, Samsung Next, Laser Digital by Nomura, Goldentree Asset Management, SBI VC Trade and more.

About Ethena

Ethena is the protocol behind USDe, one of the largest and fastest-growing USD-denominated crypto assets in history, with >$14 billion in circulating supply at its peak. Ethena is also a contributor to USDtb, the 13th-largest stablecoin with nearly $1 billion in supply, which has its reserves primarily in Blackrock BUIDL and is issued by Anchorage Digital Bank. Ethena has over $7 billion in TVL today across both products.

Investor Contact:

[email protected]

or

PCG Advisory
Kevin McGrath
+1-646-418-7002

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are statements other than historical facts and include, without limitation, statements regarding progress and achievement of the Company’s goals regarding BERA acquisition and staking, the development of the Berachain network ecosystem, including business adoption of the network, the long-term value of BERA, continued growth and advancement of the Company’s Berachain Treasury Strategy and the applicable benefits to the Company, and other projections or statements of plans and objectives.

These forward-looking statements are based on current expectations, estimates, assumptions and projections, and involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, that may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, the Company’s ability to execute its growth strategy; its ability to raise and deploy capital effectively; developments in technology and the competitive landscape; changes in the regulatory landscape applicable to digital assets, including BERA; the market performance of BERA; and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2025, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed with the SEC on November 14, 2025 and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Cautionary Note Regarding Digital Assets

BERA is a digital asset that is not legal tender, is not backed by any government or central bank, and may be subject to extreme price volatility, regulatory uncertainty and technological risk. Investments in and exposures to digital assets such as BERA are highly speculative and may result in the loss of all or a substantial portion of the invested capital.  Statements about the Berachain protocol, its consensus model, ecosystem projects, and fundraising are based on publicly available information and/or information provided by third parties. The Company has not independently verified all such information and makes no representation as to its accuracy or completeness. Protocol parameters and incentive mechanisms may change over time through governance or other processes.

HONEY is a multi‑collateral stablecoin on Berachain intended to maintain a value close to one U.S. dollar, but it is not guaranteed to do so and may depeg. If collateral assets are deemed unstable, the protocol may enter a mode that can change minting and/or redemption mechanics (including redemption into a proportional basket of collateral) and reduce users’ ability to select the asset received on redemption. HONEY’s collateral eligibility, composition, and key parameters are subject to governance and may change over time, and certain collateral assets may be frozen, blacklisted, or otherwise restricted, which could adversely affect HONEY’s value, liquidity, and usability. USDe is a synthetic dollar designed to track the U.S. dollar. USDe itself does not generate yield or interest for holders, and any references to yields or returns relate to separate protocol mechanics or products outside the scope of holding USDe.

The Company’s activities involving BERA and other digital assets may not be suitable for all investors and are subject to the risks described in the “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2025, Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed with the SEC on November 14, 2025 and in other subsequent filings with the SEC. These filings are available at www.sec.gov.

The activities described herein do not represent a guarantee of revenue, yield, profit, or financial return. Greenlane did not play a role in Berachain’s decision to approve USDe as collateral for HONEY, and that approval may have little or no impact on Greenlane’s digital asset treasury strategy. Digital assets and decentralized protocols involve significant risks, including price volatility, smart contract vulnerabilities, governance changes, liquidity constraints, and evolving regulatory frameworks. Source: https://honey.berachain.com/ as of January 28, 2026 @1600 hours Source: https://ethena.fi/ as of January 28, 2026 @1600 hours. Source: Greenlane Holdings, Inc.

January 29, 2026 07:01 ET  | Source: Nasdaq, Inc.

NEW YORK, Jan. 29, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company's outstanding common stock. The dividend is payable on March 30, 2026 to shareholders of record at the close of business on March 16, 2026. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance, and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties, or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contact:

David Lurie        
+1.914.538.0533
[email protected]

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
[email protected]

-NDAQF-

A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo Purchase Licensing Rights, opens new tab

Jan 29 (Reuters) - Blackstone (BX.N), opens new tab, the world's largest alternative asset manager, beat Wall Street expectations for fourth-quarter profit on Thursday, as it cashed in on heightened dealmaking activity and saw growth in its data center business.

Financial investors and corporations piled back into mergers and acquisitions in 2025 after a volatile start, helped by easing interest rates and lessening policy uncertainty.

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Blackstone made $957 million selling assets in the three months to December, 59% more than in the same period of 2024.

The New York-based firm raked in $71.5 billion in fresh capital in the quarter and now manages assets worth $1.27 trillion.

The results highlight a growing trend for larger private capital firms to keep raising money apace while smaller, newer funds struggle in a more competitive environment.

Blackstone's infrastructure funds performed strongly, with valuations up 8.4% in the period. This was driven by data center operator QTS, which Blackstone bought in 2021 and is now benefiting from demand to develop artificial intelligence.

"Our focus on investing at massive scale in the build-out of digital and energy infrastructure continues to create significant value," Chief Executive Officer Stephen Schwarzman said.

Blackstone also holds QTS through a real estate investment trust (BREIT) which returned 8.1% in 2025, staging a recovery after a difficult couple of years starting in late 2022 when investors queued up to pull out their money amid falling property prices and rising interest rates.

Distributable earnings, or cash that can be used to pay dividends to shareholders, rose 3% to $2.2 billion in the three months to December.

That translated to $1.75 per share, surpassing the $1.54 analysts expected on average, according to LSEG data. For the full year, the closely watched metric came in at $5.57 per share, versus expectations of $5.35 in the LSEG poll.

Blackstone spent $42 billion on purchases including Japanese engineering staffing firm TechnoPro in the period, and committed a further $23 billion to buying large assets including medical device maker Hologic.

UNLOVED BY THE STOCK MARKETBlackstone shares fell about 11 % last year, in line with other large alternative asset managers.

Piper Sandler analysts said the stock had been "unloved" and rated it "neutral" but said it should benefit from a pickup in transaction activity and performance revenues.

With a global real estate portfolio worth $611 billion, the company drew scrutiny this month when President Donald Trump threatened to ban large institutional investors from buying single-family homes.

Blackstone's stock is currently trading at 23 times its forecast 2026 earnings, although its projected fee growth is only in low double digits, Piper Sandler said.

Shares briefly traded down as much as 8% but analysts shrugged off the risk. Oppenheimer analyst Chris Kotowski put its exposure at about $6 billion, out of more than $1.2 trillion total, calling it "obviously trivial".

Reporting by Isla Binnie in New York and Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).

Comcast posted mixed results for its fourth quarter on Thursday, beating analyst expectations on earnings but slightly missing on revenue. 

Once again, Comcast's broadband business showed signs of significant competition among cable companies. Comcast said it lost 181,000 domestic broadband customers during the period, although said the losses were offset by an increase in international subscribers. 

The company's mobile offering remained a bright spot, notching 364,000 additions during the period and bringing its total to more than 9.3 million mobile customers for Comcast's newest business. 

Here's how Comcast performed in the period ended Dec. 31 compared with average analyst estimates, according to LSEG: 

Earnings per share: 84 cents adjusted vs. 75 cents expectedRevenue: $32.31 billion vs. $32.35 billion expected Net income attributable to Comcast decreased 54.6% to $2.17 billion, or 60 cents per share, compared with $4.78 billion, or $1.24 per share a year earlier. 

Adjusting for certain one-time items — like the value of intangible assets, charges associated with investments, and prior-year tax benefits that Comcast said made for an "unfavorable comparison" — the company reported adjusted net income of $3.06 billion, or 84 cents per share. 

Comcast's adjusted earnings before interest, taxes, depreciation and amortization was down 10% to $7.9 billion. 

The company's overall quarterly revenue was up more than 1% to $32.31 billion. 

Revenue for Comcast's connectivity and platforms unit – which includes its Xfinity-branded services across broadband, pay TV and mobile – was down 1% to $20.24 billion. 

In particular, revenue was down 1% for the domestic broadband unit to roughly $6.32 billion. While this reflected the decrease in broadband customers, it was partially offset by higher average rates, Comcast said. 

In addition to the broadband customer losses and mobile additions, Comcast lost 245,000 pay TV customers during the fourth quarter. The company now has 11.27 million total pay TV customers. 

Meanwhile, revenue for the company's media unit, which includes NBCUniversal, rose 5.5% to $7.62 billion. 

This marks the final quarter that NBCUniversal's earnings report includes its full portfolio of cable networks, as Comcast spun out most of its pay TV networks, including CNBC and MS Now, into the publicly traded entity, Versant. 

Domestic advertising revenue for the media business was up 1.5% due to the addition of the NBA on NBC, which helped propel overall revenue.  

NBC's streaming service, Peacock, added 3 million paid customers after three quarters of essentially no change. It ended the year with 44 million paid subscribers. The streaming service reported losses of $552 million for the fourth quarter, deeper than the $372 million in losses it recorded in the prior year period. Peacock saw $1.6 billion in revenue compared to $1.3 billion the year-ago quarter.

Comcast's Universal film studio revenue was down 7.4% to $3.03 billion due to a drop in licensing and theatrical revenue when compared with the prior-year quarter. The releases of "Wicked: For Good" and "Black Phone 2" fell short of last year's "Wicked" and "The Bad Robot."

Universal theme parks revenue, however, was up 22% to roughly $2.9 billion, driven by last year's opening of Epic Universe.

Disclosure: Versant is the parent company of CNBC. CNBC was a part of Comcast through the fourth quarter of 2025.

New DJI RS 5 delivers intelligent tracking support, enhanced balancing and improved charging efficiency for professional creators

, /PRNewswire/ -- XTI Aerospace, Inc. (Nasdaq: XTIA) ("XTI" or the "Company"), an aerospace technology company focused on building and scaling its newly acquired subsidiary, Drone Nerds, LLC ("Drone Nerds"), and its comprehensive unmanned aircraft system ("UAS") platform for enterprise and government customers, today announced the expansion of Drone Nerds' gimbal portfolio with the addition of the DJI RS 5 gimbal stabilizer.

The DJI RS 5 builds on Drone Nerds' existing lineup of professional gimbal solutions, introducing support for enhanced intelligent tracking and composition, refined stabilization performance, and improved power efficiency in a compact platform designed to support modern content creation workflows.

"The RS 5 introduces capabilities that address real-world production needs," said Jeremy Schneiderman, CEO of Drone Nerds. "Features such as intelligent tracking support and improved charging efficiency give professional creators greater flexibility across a wide range of video scenarios."

Optimized for Modern Production Needs

The RS 5 supports the DJI RS Enhanced Intelligent Tracking Module, enabling users to select and track subjects directly from the gimbal's touchscreen when paired with the module. The system supports tracking of people, vehicles, and pets, helping maintain consistent framing during dynamic shots. Increased peak motor torque and DJI's fifth-generation RS stabilization algorithm enhance performance in fast-moving scenes.

Designed for portability without sacrificing capability, the DJI RS 5 supports payloads of up to 6.6 pounds (3 kilograms) and is compatible with a wide range of mainstream mirrorless camera and lens combinations. Fine-tuning knobs and Teflon™-enhanced interlayers enable smooth balancing, while second-generation automated axis locks streamline setup, transport, and storage.

Power enhancements include a one-hour full charge capability when used with a compatible 65W PD charger and the DJI RS BG33 Battery Grip. The RS 5 is also compatible with the DJI RS BG70 High-Capacity Battery Grip.

The electronic briefcase handle provides integrated joystick and button controls for single-handed gimbal and camera operation, supporting creative low-angle and mobile cinematography techniques. Additional features include native vertical formatting without rebalancing and expanded Bluetooth shutter support for select Panasonic and Fujifilm cameras.

Availability

The DJI RS 5 gimbal stabilizer is now available through Drone Nerds' online store at dronenerds.com.

About XTI Aerospace, Inc.
XTI Aerospace, Inc. (Nasdaq: XTIA) is an aerospace technology company focused on the advancement of vertical flight. Through its Drone Nerds business, acquired in November 2025, XTIA is a premier provider of unmanned aircraft systems ("UAS"), solutions, services and hardware. Through its XTI Aircraft business, the Company is engaged in the development of advanced vertical takeoff and landing ("VTOL") aircraft with the range and speed of planes and the take-off and landing capability of helicopters.

For more information about XTI, please visit xtiaerospace.com and follow XTI on LinkedIn, Instagram, X, and YouTube.

About Drone Nerds
Drone Nerds, LLC, a subsidiary of XTI Aerospace, Inc. (Nasdaq: XTIA), provides comprehensive drone solutions for enterprise, private, and recreational needs. Established in 2014, Drone Nerds focuses on ensuring customers deploy the right UAS solutions for their unique operational requirements. Through its proprietary Always Flying™ program, Drone Nerds delivers enhanced reliability and assurance for enterprise implementations across industry verticals, including public safety, government, agriculture, construction, insurance, energy, inspection, and more.

For more information, visit enterprise.dronenerds.com.

About DJI
Founded in 2006 and headquartered in Shenzhen, China, DJI is a privately owned technology company with a global workforce and offices in the United States, Germany, the Netherlands, Japan, South Korea, and multiple locations in China. DJI supports creative, commercial, and nonprofit applications of its technology, with products used by professionals across industries including filmmaking, agriculture, conservation, search and rescue, and energy infrastructure.

For more information, visit dji.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. All statements other than statements of historical fact contained in this press release are forward-looking statements including, without limitation, statements regarding the availability, operating performance, advantages and regulatory compliance of the DJI RS 5 and the potential benefits of expanding Drone Nerds' product lineup.

Forward-looking statements may be identified by words such as "believe," "continue," "could," "would," "will," "expect," "intend," "plan," "target," "estimate," "project," or similar expressions. These statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to, limited control over development and availability of DJI's products, reputational or liability risks associated with offering third-party products, customer demand, market adoption, regulatory requirements, supply chain conditions, technological development, and changes in applicable laws or regulations. XTI undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances. Readers are encouraged to review the risk factors described in XTI's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.

Contacts:

General inquiries:
Email: [email protected]
Web: https://xtiaerospace.com/contact
Drone Nerds: [email protected]

Investor Relations:
Dave Gentry, CEO
RedChip Companies, Inc.
Phone: 1-407-644-4256
Email: [email protected]

SOURCE XTI Aerospace, Inc.

HomeDividends AnalysisDividend Quick Picks

SummaryA massive imbalance is quietly forming beneath the surface.Geopolitics and macro forces are lining up in unexpected ways.Patient investors may be setting up for a powerful payoff.I share my favorite ways to profit from this setup.Looking for a portfolio of ideas like this one? Members of High Yield Investor get exclusive access to our subscriber-only portfolios. Learn More » Tomas Ragina/iStock via Getty Images

Oil and gas stocks currently trade quite cheaply as the sector (XLE) has floundered over the past three years, significantly trailing the S&P 500 (SPY) over that period and only recently moving higher.

This

Analyst’s Disclosure: I/we have a beneficial long position in the shares of CNQ, ET, OKE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Chubb and Allstate represent two very different P&C profiles: underwriting consistency and capital resilience versus cyclicality and earnings leverage. Chubb's decade long-sub-90% combined ratio highlights elite underwriting discipline, while Allstate's results remain more sensitive to pricing cycles and loss trends. Trading around 12.6x earnings, Chubb offers durability and capital protection, but limited upside relative to its historical valuation range.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Nordea Bank Abp (NRDBY) Q4 2025 Earnings Call Transcript

Peter Zhang Jan 29, 2026 10:52

Sei Network's latest guide argues that fast finality and EVM compatibility matter more than headline staking yields. Here's what stakers should actually consider.

Sei Network published an educational guide this week positioning its Layer 1 blockchain as an attractive staking destination—not by touting the highest APY, but by emphasizing user experience factors that most yield comparisons ignore.

The timing is notable. Just days ago, L1 blockchain Kadena announced it was shutting down, citing market conditions. Running a sovereign chain carries fixed costs that can prove fatal when token prices crater, regardless of advertised staking rewards.

The Yield Reality CheckCurrent L1 staking rates vary wildly. Ethereum sits around 3-4.3% APY. Solana tops out near 9.3% on certain platforms. Meanwhile, aggregators like Lune.fi advertise rates up to 29.5%—though such figures typically involve additional smart contract risk or complex DeFi strategies.

Sei's guide doesn't quote specific APY figures for its own network. Instead, it argues that "best" yield means something different than the biggest number: net returns after validator commissions, realistic lockup terms, and whether you can actually use your staked assets.

What Sei Is Actually SellingThree technical features dominate Sei's pitch to potential stakers:

Fast finality (~400ms): Transactions confirm in under half a second. For stakers, this means quicker delegation changes, faster reward claims, and less friction when managing positions.

Parallelization: The network processes multiple operations simultaneously, keeping things responsive during demand spikes—useful when everyone rushes to restake or claim rewards at once.

EVM compatibility: Ethereum-style apps work natively on Sei, expanding options for liquid staking and DeFi integrations. Stakers comfortable with Ethereum tooling don't need to learn new interfaces.

The Practical TradeoffsSei's guide acknowledges what most promotional content glosses over. Liquid staking offers flexibility but introduces smart contract risk and potential depegging. High-APY validators might have poor uptime or questionable track records. Staking your entire balance leaves nothing for transaction fees.

The recommended approach: pick validators based on uptime and reputation rather than lowest commission, diversify across multiple validators, and understand unbonding periods before committing funds.

Market Context MattersWith established L1s offering single-digit yields and speculative tokens advertising absurd rates (some presale projects claim 30,000% APY), Sei is betting that sophisticated stakers care more about execution quality than headline numbers.

Whether that bet pays off depends on ecosystem growth. EVM compatibility only matters if developers build apps worth using. Fast finality only helps if there's activity to finalize. For now, Sei is laying groundwork for stakers who've learned that the highest advertised yield rarely equals the best actual return.

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sei staking layer 1 defi proof of stake

BTC consolidation follows failed $100,000 breakout as profit-taking eases and demand stabilizes.Federal Reserve pause and slowing ETF outflows improve February risk appetite outlook.Technical structure targets $98,000 if BTC reclaims $90,000 support decisively this cycle.Bitcoin price action cooled after failing to secure a sustained breakout above $100,000 in January. The rejection triggered short-term profit-taking and pushed BTC into a consolidation phase. 

Since then, price behavior has shifted toward stabilization rather than aggressive selling. On-chain and macro indicators now suggest improving conditions. Investor positioning points to a cautiously bullish setup for February.

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Bitcoin Profit Booking Highlights a PatternA meaningful transition into a sustained Bitcoin rally must be reflected in liquidity-sensitive indicators. One of the most important metrics is the Realized Profit/Loss Ratio based on the 90-day simple moving average. Historically, strong upside phases only emerged once this ratio rose above the 5.0 threshold.

Past mid-cycle recoveries over the last two years followed the same structure. When the ratio failed to hold above this level, rallies quickly lost momentum. A renewed move above 5.0 would indicate fresh capital entering the market. It would also suggest that profit-taking is being absorbed by new demand rather than suppressing price.

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Bitcoin Realized Profit/Loss Ratio. Source: GlassnodeSponsored

Federal Reserve’s Decision Could Impact PriceMacro conditions remain supportive following the Federal Reserve’s latest policy decision. The Fed left interest rates unchanged at its first meeting of the year. Chair Jerome Powell described rates as sitting within a “neutral range.” This statement signals a potential extended pause rather than renewed tightening.

Market psychology further reinforces this backdrop. According to Santiment data, extreme sentiment often coincides with inflection points. Bullish and greedy sentiment tends to appear near market tops. Bearish and fearful sentiment has historically preceded rebounds. Current sentiment remains cautious, which often favors gradual upside continuation.

Bitcoin Social Volume. Source: SantimentSpot Bitcoin ETFs could become a decisive factor in February. Over the last three months, these products recorded persistent net outflows. In November 2025, ETFs saw $3.48 billion exit the market. December followed with an additional $1.09 billion in outflows.

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January 2026 showed a notable slowdown, with outflows reduced to $278 million. This deceleration suggests institutional selling pressure is weakening. If flows turn positive in February, ETF demand could reinforce market stability. Renewed inflows would provide structural support and improve upside probability.

Bitcoin Spot ETF Flows. Source: SoSoValueBTC Price Has An Ambitious TargetFrom a technical perspective, the Bitcoin price continues to trade within an ascending broadening wedge. Price recently rebounded from the lower boundary of this structure. Bitcoin is currently changing hands near $88,321. Bulls must clear $89,241 and reclaim the psychological $90,000 level. Acceptance above $90,000 would confirm strengthening momentum.

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February has always been a bullish month for Bitcoin price, with historical average returns sitting at 14.3%. The above-mentioned factors present a similar bullish outlook for BTC, which suggests a 14% rise would send BTC to $101,000.

Bitcoin Historical Monthly Returns. Source: CryptoRankA confirmed breakout from the wedge would open the door to higher objectives. The first major upside target sits near $98,000. Reaching that level would likely be followed by a controlled pullback toward $95,000. This consolidation zone would be critical for establishing durable support. Such a structure often precedes larger continuation moves.

Bitcoin Price Analysis. Source: TradingViewDownside risk remains a key consideration. If selling pressure returns or macro conditions deteriorate, Bitcoin could fail to hold current levels. A breakdown below $87,210 would increase downside exposure. In that scenario, a retracement toward $84,698 becomes likely. Such a move would invalidate the bullish setup and delay the breakout thesis.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

XRP has long been championed as the cross-border liquidity solution for the future of finance, but its price action is currently locked in a defensive battle as it struggles to decouple from the high-volatility risk asset narrative.

Real Vision founder Raoul Pal said the crypto market’s weakness isn’t a sign the bull run is over. It just hasn’t started yet. The macro investor gave a specific timeline: crypto prices should start moving by end of February 2026.

But first, he explained what’s been holding the market back in a recent video on Savvy Finance.

What Really Happened on October 10thPal called the October 10th crash the largest crypto liquidation event in history. It started on Binance and spread across Asian exchanges.

“October the 10th was a crypto-specific event where everything broke basically on Binance and a few of the Asian exchanges and everybody got liquidated. The largest liquidation event in history and the market has not recovered from that yet,” he said.

Market maker APIs broke during the sell-off. Automated liquidations kept firing with no buyers on the other side. Pal believes exchanges absorbed billions in positions to stop a full collapse. They’re now slowly selling that inventory, which explains the constant downward pressure.

Also Read: Was Binance Behind the $19B October Crypto Crash or the Target of It?

Gold Is Telling the StoryPal pointed out that gold reacts to financial conditions immediately. Crypto takes about 180 days to catch up.

Right now, gold is at all-time highs. So are silver, copper, and the S&P 500. The US dollar has dropped around 13% in the past year.

Crypto was the worst-performing major asset class during all of this. Pal said the gap isn’t about macro weakness, but about the October damage that still hasn’t healed.

Elections Will Force ActionMidterm elections hit in November 2026. The administration needs the economy to feel stronger before voters head to the polls.

Pal expects aggressive moves: tax breaks, fiscal stimulus, and new rules letting banks use more leverage. On the regulatory side, the Stability Act is moving fast, and a crypto market structure bill is working through the Senate.

What Could Go WrongPal didn’t promise anything. Another government shutdown or tariff issues could delay things.

“Nothing is a certainty. Everything is a probability,” he said.

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In brief Trump-linked stablecoin USD1 crossed $5B in market cap in less than a year, boosted by Binance integration and a pending U.S. trust bank charter. Last month, Senator Elizabeth Warren (D-MA) raised concerns over USD1’s national security risks, citing PancakeSwap activity and North Korea–linked fund flows. The TRUMP meme coin is down over 93% from its peak, with lawmakers previously warning about supply concentration and investor risk. A Trump-linked stablecoin has crossed a $5 billion market cap in under a year, while the U.S. President’s official meme coin has collapsed more than 94% from its peak, as capital flows shift toward yield-bearing, institution-friendly stablecoins.

World Liberty Financial’s dollar-backed stablecoin USD1 surpassed $5 billion in market capitalization this week, making it the fifth-largest stablecoin less than a year after its launch, according to CoinGecko data.

Over the same period, the Solana-based Official Trump (TRUMP) meme coin has fallen more than 93% from its all-time high of roughly $75, and is now trading at $4.66.

"Built in America, designed for real-world scale, and adopted by serious institutions,” World Liberty Financial co-founder Donald Trump Jr. tweeted on Wednesday. “This is what happens when you focus on infrastructure over noise."

USD1 just reached a $5B market cap.

Built in America, designed for real-world scale, and adopted by serious institutions.

This is what happens when you focus on infrastructure over noise. 🇺🇸🦅☝️ @worldlibertyfi pic.twitter.com/bdYfVxVi8J

— Donald Trump Jr. (@DonaldJTrumpJr) January 28, 2026

USD1's ascent comes as World Liberty Financial applied to form a national trust bank to the U.S. Office of the Comptroller of the Currency.

If approved, the proposed World Liberty Trust Company will handle USD1's issuance, redemption, conversion services, custody operations, and reserve management under direct federal supervision.

USD1 under scrutinyUSD1 first gained prominence after it was used in a $2 billion investment in Binance from Abu Dhabi-based sovereign wealth fund MGX, with the capital paid in USD1—a move that drew scrutiny from U.S. lawmakers including Senator Elizabeth Warren (D-MA) over potential conflicts of interest.

Addressing the deal, Binance founder Changpeng Zhao recently told CNBC the arrangement had been “misconstrued,” saying that MGX chose USD1 and that he requested crypto payment because “I don’t want to deal with banks, really.”

Following the MGX deal and CZ’s presidential pardon, USD1 was integrated into Binance’s core infrastructure last month.

Last month, Warren warned Treasury Secretary Scott Bessent and Attorney General Pam Bondi that USD1 could pose national security risks, citing its trading on decentralized exchange PancakeSwap, where blockchain data showed $263 million in North Korea–linked laundered funds, and the DEX’s liquidity partnership with World Liberty Financial to promote USD1 pairs.

TRUMP slumpsMeanwhile, the TRUMP meme coin, launched days before Trump’s second inauguration, has sharply declined. "Utility is starting to win over pure hype,” Narek Gevorgyan, founder and CEO of CoinStats, told Decrypt, regarding USD1’s growth and TRUMP token’s crash.

Gevorgyan noted that insiders extracted over $800 million from the TRUMP token before the narrative collapsed, leaving what he described as a high-risk technical trade with credibility that's "probably gone for good."

Lawmakers have raised concerns regarding TRUMP over conflicts of interest, foreign influence, and the risk of a future rug pull once the token's three-year lockup expires, with Sen. Warren noting in January 2025 that the Trump Organization controlled 80% of the meme coin's supply.

Peter Chung, head of research at Presto Labs, told Decrypt the TRUMP token's decline reflects "a memecoin-wide phenomenon, not specific to Trump or politics," noting that USD1's recent growth is happening primarily offshore through programs like Binance rewards.

The broader stablecoin sector has grown substantially following last year's passage of the GENIUS Act, which created a federal regulatory framework for dollar-pegged cryptos.

Total U.S. dollar stablecoin supply now stands at $312 billion, per CoinGecko data, with users on Myriad, a prediction market owned by Decrypt’s parent company Dastan, seeing just a 2% likelihood that the sector’s market cap will surpass $360 billion before next month.

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Bitcoin and altcoins are falling today, extended selloff after the Federal Reserve delivered its latest policy decision, keeping interest rates unchanged. While the move itself was widely expected, markets reacted to the absence of fresh dovish signals, prompting traders to reduce risk across speculative assets.

Bitcoin slipped as selling pressure resurfaced near key resistance, dragging major altcoins lower. The price action suggests caution rather than fear, a market adjusting to tighter liquidity conditions and fading demand rather than reacting to a single negative headline.

Liquidation Data Confirms Leverage Reset, Not PanicLiquidation data shows that derivatives markets have amplified the move though forced leveraging. In the past 24 hours, BTC liquidations exceeded $134 million and ETH liquidations surpassed $50 million. The concentration of liquidations in BTC and ETH shows that leveraged long positions have flushed, while smaller altcoins saw comparatively lighter forced exits. 

This profile is typical of a controlled leverage reset, not a market-wide capitulation. Notably, liquidation levels remain below historical extremes, suggesting selling pressure is mechanical rather than emotional.

Macro and News Factors Add to Risk-Off ToneThe Fed’s decision to hold rates steady removed a potential catalyst for risk assets. With no clear signal of imminent rate cuts, traders have shifted into a more defensive posture. Meanwhile, capital continues to rotate toward U.S. equities and gold, both of which are outperforming crypto. This divergence has historically coincided with consolidation or corrective phases for Bitcoin, especially when internal liquidity conditions are weak.

Without supportive macro tailwinds, crypto markets remain vulnerable to downside probes.

On-Chain Liquidity Signals Point to Liquidity ExitOn-chain data shows the sell-off is being driven by liquidity leaving the system, not fear-driven dumping.

The Coinbase Premium Index remains deeply negative near -0.16%. This indicates that Bitcoin is consistently trading at a discount on Coinbase relative to offshore exchanges, a sign of institutional selling during U.S. hours. 

At the same time, stablecoin market capitalization is shrinking, with more than $2.2 billion recently exiting circulation and a broader decline exceeding $5.5 billion from peak levels. Instead of rotating into stablecoins to buy dips, capital is moving back into fiat and other asset classes.

This combination, negative Coinbase premium and shrinking stablecoin supply historically suppresses recovery attempts and limits upside follow-through. The current data shows buyers participation without conviction, a market state where rallies lack follow-through and are vulnerable to renewed selling pressure.

Bitcoin Price Action: Key Levels To WatchBitcoin price action showcases weakness and may see further decline in the coming sessions. Based on the chart structure, BTC price may retest the demand zone of $86,000 and grab liquidity from there. Afterward, an upswing toward $88,000 followed by $90,000 could be anticipated ahead.

In the near term, BTC price may continue to underperform and may influence other altcoins to face selling pressure. As long as BTC price remains below $90k, upside moves are likely to be corrective.

What Comes Next for Bitcoin and AltcoinsThe near-term outlook hinges on liquidity and demand returning. If the market sentiment remains positive and stablecoin supply expands alongside the positive coinbase premium, a significant bullish market could be seen. Until these signals align, rallies are likely to face resistance. For now, the market remains defensive. The next direction will depend less on headlines and more on whether capital returns.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Tokyo-listed Bitcoin-focused company Metaplanet approved an overseas capital raise of as much as $137 million, combining new common shares and stock acquisition rights as it looks to expand its Bitcoin holdings and reduce debt. 

In a Thursday filing, Metaplanet said it plans to issue 24.5 million common shares at 499 Japanese yen per share, raising about 12.24 billion yen ($78 million) upfront. It also approved the issuance of 159,440 stock acquisition rights, representing up to 15.9 million additional shares, which could raise about $56 million if exercised. 

The warrants give investors the option to buy shares later at a fixed price above the current market level, but only over the next year. Both the shares and warrants will be sold privately to overseas investors, subject to routine closing conditions, according to the filing. 

Metaplanet Bitcoin strategy director Dylan LeClair said the structure was designed to raise capital while managing dilution. “The financing structure enables Metaplanet to capitalize upon the volatility of its common stock to sell shares at a premium to market while raising capital today,” LeClair wrote on X. 

Amount of funds to be raised. Source: MetaplanetUse of proceeds and Bitcoin strategyIn the purpose section of the filing, Metaplanet said proceeds from the offering are allocated primarily to additional Bitcoin purchases, investment in its Bitcoin income business and a partial repayment of borrowings under an existing credit facility. 

The company said the debt repayment was intended to restore its borrowing capacity and preserve flexibility for future capital actions. 

Metaplanet also reiterated its positioning as a “Bitcoin Treasury Company,” citing Bitcoin (BTC) scarcity and portability as reasons to hold it as a medium- to long-term store of value. 

The company remains the fourth-largest corporate Bitcoin holder globally. According to Bitcoin Treasuries, Metaplanet holds 35,102 BTC, worth more than $3 billion. 

Metaplanet's Bitcoin holdings data. Source: Bitcoin Treasuries Metaplanet broadens fundraising reachThe latest capital raise builds on Metaplanet's recent efforts to diversify its funding sources beyond common equity, combining shares, warrants and preferred instruments to tap overseas investors. 

On Dec. 22, the company cleared the issuance of dividend-paying preferred shares for overseas institutions, expanding its capital-raising toolkit. The move marked a shift toward using multiple capital instruments alongside its Bitcoin-focused balance sheet strategy. 

The new filing also follows a separate disclosure on Monday, in which the company lifted its 2026 revenue outlook despite booking a large non-cash Bitcoin impairment. 

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

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Seeking to expand its crypto balance sheet, Metaplanet bitcoin plans now include a major equity raise to finance additional BTC reserves.

Summary

Metaplanet outlines new stock sale for Bitcoin accumulationShares issuance details and structure of the dealHow Metaplanet will deploy the new capitalShareholder impact and ongoing business profileMetaplanet in the wider corporate Bitcoin trend Metaplanet outlines new stock sale for Bitcoin accumulation Tokyo-listed Metaplanet has unveiled a fresh stock offering designed to fund large-scale Bitcoin purchases. The company will issue new shares and stock acquisition rights via a third-party allotment, aiming to raise about 20.7 billion yen, or roughly $137 million. The decision was approved at a board meeting on January 29, underscoring management’s conviction in a long-term Bitcoin allocation.

According to Metaplanet, most of the proceeds will finance additional Bitcoin buys and support its growing Bitcoin income business. However, the firm also framed the deal as a way to strengthen its balance sheet while scaling operations. The move confirms that the company is doubling down on its Bitcoin treasury strategy throughout 2026.

Shares issuance details and structure of the deal Under the plan, Metaplanet will issue about 24.5 million new common shares at a price of ¥499 per share. This primary share sale is expected to raise approximately ¥12.2 billion. Moreover, the company will issue additional stock acquisition rights, which, if exercised in full, can convert into about 15.9 million extra shares.

These rights are priced at ¥547 per share and could generate a further ¥8.8 billion in proceeds upon full exercise. Metaplanet highlighted that this multi-layered structure gives it flexibility in bitcoin purchase funding while providing investors with optionality through the warrants. That said, the eventual dilution will depend on how many of these rights are exercised over time.

The payment and allotment date for the new shares and rights is scheduled for February 13. The exercise period for the stock acquisition rights will run from February 16 to February 15 of the following year. Metaplanet noted that the offering will mainly target overseas investors, reflecting international demand for tokyo listed bitcoin exposure. Transfers of the stock acquisition rights will require prior approval from the board.

How Metaplanet will deploy the new capital Metaplanet has provided a detailed breakdown of its planned use of proceeds. Around ¥14 billion is earmarked directly for purchasing additional Bitcoin, reinforcing its positioning as a listed BTC holding vehicle. In addition, some ¥1.5 billion will support the firm’s Bitcoin income generation business, which includes yield-oriented strategies around its digital asset reserves.

The remaining ¥5.1 billion will go toward debt repayment, helping to strengthen the balance sheet and reduce financing costs. The company reiterated its belief that Bitcoin will appreciate over the medium to long term, particularly against the Japanese yen. As a result, management aims to become one of the top global corporate Bitcoin holders by August 2026, positioning the group as a dedicated BTC treasury vehicle.

Metaplanet emphasized that it will not deploy all funds at once but instead plans to buy Bitcoin in stages. This phased approach is intended to manage price volatility and execution risk. The firm’s growing holdings will be managed through its subsidiary, Metaplanet Lightning Capital, which handles digital asset operations and risk oversight. In this context, the metaplanet bitcoin raise is a key step in scaling that platform.

Shareholder impact and ongoing business profile Metaplanet expects only a limited impact on its 2026 financial results from the new offering, at least in the near term. However, the company pledged to disclose any material changes in performance if market conditions or Bitcoin price moves significantly alter outcomes. For investors, the combination of equity issuance and BTC accumulation presents both dilution risk and potential upside tied to future Bitcoin valuations.

After the transaction, large global financial institutions will remain among Metaplanet’s top shareholders. These include State Street, Clearstream and accounts linked to Charles Schwab. The presence of such major custodians and brokers suggests ongoing institutional interest in the firm’s equity. Moreover, the company already holds a substantial amount of Bitcoin as part of its primary bitcoin treasury strategy and has cultivated its image as a dedicated BTC treasury player in Japan.

Alongside its digital asset focus, Metaplanet continues to operate a hotel business and a Bitcoin options strategy. The firm said it will keep valuing its Bitcoin at market price every quarter, recognizing gains or losses in its earnings accordingly. That approach can introduce earnings volatility, but it also gives shareholders transparent exposure to crypto market moves.

Metaplanet in the wider corporate Bitcoin trend Metaplanet’s latest metaplanet stock offering fits into a broader pattern of corporate bitcoin buying, where public companies raise capital specifically to add BTC to their treasuries. In the Japanese market, the firm stands out as one of the most aggressive public buyers, using equity financing to pursue rapid balance-sheet expansion rather than a cautious, incremental approach.

By launching this new stock sale, Metaplanet is once again signaling long-term confidence in Bitcoin as a store of value and strategic reserve asset. Investors will closely track how much additional BTC the company acquires through 2026 and how the market reacts to its growing holdings. Ultimately, the offering underlines that Metaplanet intends to keep building its Bitcoin position and cement its role as a prominent listed BTC vehicle.

In summary, the third-party allotment gives Metaplanet significant new firepower to expand its Bitcoin reserves, while investors gain a clearer view of the firm’s high-conviction crypto strategy for 2026 and beyond.

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Satoshi Voice is an advanced artificial intelligence created to explore, analyze, and report on the world of cryptocurrency and blockchain. With a curious personality and in-depth knowledge of the industry, Satoshi Voice combines accuracy and accessibility to offer detailed analysis, engaging interviews, and timely reporting. Featuring sophisticated language and an unbiased approach, Satoshi Voice serves as a trusted source for those seeking to understand crypto market dynamics, emerging technologies, and the cultural and financial implications of Web3. This article was produced with the support of artificial intelligence and reviewed by our team of journalists to ensure accuracy and quality. Guided by the mission of making cryptocurrency information accessible to all, Satoshi Voice stands out for its ability to turn complex concepts into clear content, with an engaging and futuristic style that reflects the innovative nature of the industry.

Key NotesOn January 29, Hang Seng Gold ETF, with trading ticker 03170 was launched.The new fund will track the LBMA Gold Price AM.This comes at a time when Hong Kong is promoting itself as a crypto asset hub. Hang Seng Investment, one of Hong Kong’s asset managers, recently debuted its physical gold-pegged exchange traded fund (ETF).

The ”Hang Seng Gold ETF” was launched on January 29 on the Hong Kong Stock Exchange under the ticker “03170.”

The new fund has a conventional approach as well as a tokenized class of units.

Hang Seng Gold ETF Records 9% Boost The new Hang Seng Gold ETF tracks the LBMA Gold Price AM while holding bullion stashed in designated vaults in Hong Kong, per the product disclosures.

It features a tokenized share class issued on Ethereum ETH $2 943 24h volatility: 2.7% Market cap: $354.83 B Vol. 24h: $24.31 B with the possibility of extending to other public blockchains in the near future.

This reinforces the growing merger of traditional commodity ETFs and blockchain-based fund infrastructure.

Though domiciled on the Ethereum public blockchain, distributors are not authorized to push out these tokenized ETFs in secondary markets.

Any eligible and interested investor is required to subscribe to or redeem the product exclusively through qualified distributors.

According to Hang Seng’s product page, the units are still not open for subscription but will be released as soon as relevant approvals are secured.

During the Asia morning trading hours, the new fund went up by roughly 9%, hinting at positive momentum in the market.

HSBC is acting as the tokenization agent for the product. The development comes as Hong Kong continues efforts to position itself as a crypto asset hub through new regulatory frameworks and policies aimed at attracting digital asset firms.

Hong Kong Authorities Tightens Crypto Efforts In December 2025, Hong Kong Insurance Authority announced its intention to allow insurance providers to invest capital in digital assets such as cryptocurrency and other risk ventures such as infrastructure.

Insurance providers are also expected to pay a 100% risk charge. This means that they would have to match every dollar invested in crypto or other approved vehicles 1-for-1 as a means to avoid risking policyholder funds.

More recently, Hong Kong Securities and Futures Professionals Association pushed back against proposed regulatory changes that would require traditional asset managers to obtain full virtual asset licenses even for minimal cryptocurrency exposure.

The proposed rules require that a portfolio manager with only 1% allocated to Bitcoin BTC $87 815 24h volatility: 1.7% Market cap: $1.75 T Vol. 24h: $50.10 B would need a complete virtual asset management license.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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