Anthropic uvedl ve výzkumném náhledu agenta Claude Duet, který má autonomně spravovat e-maily a nákupy; později bude k dispozici předplatitelům tarifů Pro a Max.
Anthropic just put a proactive AI agent on your phone that reads your email and shops for you before you ask, and it is heading straight into territory Meta already claimed with 10 million users. The real fight is over…
Anthropic built its business selling Claude to companies and developers. Now it wants a spot on your phone, where it would manage your inbox and your shopping cart before you ask.
The company has introduced Claude Duet, its first consumer-facing AI agent, as a research preview with a waitlist. It will eventually be available to Pro and Max subscribers.
Duet is a proactive agent. It handles tasks such as shopping and reading email without waiting for you to ask, putting it up against OpenAI’s agents and Meta Platforms’ (NASDAQ:META | META Price Prediction) Muse agent.
Anthropic is coming late. Meta said on October 21, 2026, that more than 10 million people in the US and Canada had already set up Muse.
For investors, the question is who gets the value once every leading lab offers an agent. Meta closed at $697.52. The stock is up 5.93% year to date but down 5.9% over the past month.
Proactive Agents Turn Trust Into the Product
A chatbot answers questions. A proactive agent reads your email and spends your money, so its mistakes cost real dollars.
That makes permissions central. You have to grant account access, and someone has to carry the liability when an agent buys the wrong item.
Anthropic’s safety reputation is likely its best edge. A lab known for care may have an easier time getting access to inboxes and payment cards.
Meta is working on the same problem. Mark Zuckerberg said Meta plans a “Muse Confidential VM,” “which will make it so that even Meta cannot see your content.”
Meta’s Distribution Lead Will Be Hard to Close
Meta’s apps reach 3.64 billion people daily. Duet starts behind a waitlist inside a paid subscription.
In consumer technology, reach usually counts for more than model quality. Zuckerberg said shopping is Muse’s biggest use case, with over a quarter of active users engaging in shopping and an average purchase size above $200.
Meta had to ask Stripe to raise credit limits in the first week. Muse also comes to Meta smart glasses next month.
Switching costs are still low, however. If Duet handles email or purchases better, it could pull users away from free products.
Ads Versus Subscriptions Will Set the Margins
Anthropic plans to make money from paid levels. Meta wants the core product free for most people, with businesses paying commerce fees and power users paying for advanced models.
Shopping agents put search and display advertising at risk, because price-comparison software never scrolls past an ad. Meta wants to take a cut of the transaction instead. It is building an agentic-commerce protocol with partners including Sierra, Walmart, Stripe and Shopify.
Its ad engine pays for all of this. Third-quarter advertising revenue reached $63.06 billion, helped by a 14% rise in ad pricing.
Computing Bills Could Outrun Early Revenue
Agents run around constantly, which increases demand for chips and cloud capacity. Meta’s third-quarter capital expenditures were $34.9 billion, and it expects $135 billion to $145 billion for 2026.
That spending drove quarterly free cash flow to-$2.1 billion. CFO Susan Li said, “We expect total serving costs to rise” as Muse grows.
Meta expects to make Muse more than 10x more cost-efficient within a year, though the data-center expansion behind every leading agent still has to be powered and cooled by someone (we profiled seven of those suppliers in a free report, here). Anthropic has no advertising cash behind it, so subscriptions will have to cover those costs.
Privacy rules, purchase errors, and models becoming interchangeable are risks for every company here. Meta also recorded a $9.89 billion charge tied to a settlement with state attorneys general.
Whether AI Agents Can Pay Off for Investors
The bull case is that agents open new revenue in commerce, subscriptions, and enterprise software. Li said Meta’s new AI businesses could start adding revenue in 2027.
The bear case is cost. Meta’s free cash flow has already gone negative, and Duet adds another well-funded competitor that could push prices down.
On balance, Meta is the clearest listed example of a company already building revenue around AI agents. Revenue grew 26.1% to $64.60 billion while the company paid for Muse, as our live coverage of the quarter showed.
Without the legal charge, EPS would have been $7.40, and the stock trades at a P/E of about 25. It’s worth tracking whether Duet’s waitlist turns into paying users, but Meta’s reach puts it in a stronger position today.
Contact [email protected] for any questions or corrections.
Elon Musk compared training Optimus to raising a toddler.
Riccardo De Luca/Anadolu via Getty Images
Tesla is sending its Optimus humanoid robot back to school.
Speaking on the company's earnings call on Wednesday, CEO Elon Musk compared training the EV maker's humanoid robot to raising a toddler.
Musk said that while Tesla's autonomous driving models can learn from data collected by its massive fleet of vehicles, its Optimus robot has to learn by watching people do tasks and practicing them itself, a process similar to how humans learn.
"You can see this when you have a toddler, and they initially are sort of wobbly, and they don't know how to do things, and eventually, they learn to wipe their own ass, which is a big milestone," Musk told investors.
"They learn to read and do all sorts of things, and they learn this by playing. And we actually need Optimus to play at scale in order to have it be really good at tasks in the real world," Musk said.
Musk said Tesla expects to begin delivering Optimus to consumers by the end of 2027.
Bloomberg/Getty Images
The Tesla CEO added that the company was building out an "Optimus Academy" where prototypes can practice a wide range of tasks and generate training data to teach future versions of Optimus.
"For Optimus to get the training data we need, we actually need to make a lot of Optimi. So we need to make, I think, on the order of 10,000 or 20,000 bots and then have them do self-play," said Musk.
Tesla said on Wednesday that it had begun production of Optimus at its Fremont factory, with Musk saying the company expects to begin delivering Optimus to customers by the end of next year.
The near-trillionaire cautioned that production would be "somewhat bumpy" and that development of the humanoid robot still has some way to go.
He listed the challenges of designing durable yet responsive robotic hands, as well as AI capable of handling open-ended tasks, among the main hurdles Tesla faces.
Tesla is not alone in setting up robot academies to provide training data for humanoid robots.
Unlike large language models like ChatGPT, which were trained on the vast corpus of text data available on the internet, robotics faces a shortage of real-world training data to teach humanoids to navigate the physical world.
Other startups, such as Texas-based Apptronik, have also set up "data factories" where robots load conveyor belts and sort objects to generate training data to combat the data shortage.
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Tesla's (TSLA.O) shares slid 5% in premarket trading on Thursday as the EV maker's reduced capital spending forecast raised questions about the pace of investment behind Elon Musk's AI, robotics and autonomous-driving ambitions.
The company on Wednesday lowered its 2026 capital spending forecast to about $20 billion from more than $25 billion after spending far less than expected on AI and robotics in the third quarter, which led to a surprise positive free cash flow.
The strong position may prove valuable as CEO Musk explores combining Tesla with the far more capital-intensive SpaceX (SPCX.O).
But "investors are likely to come away with mixed feelings," J.P.Morgan analysts, led by Rajat Gupta, wrote in a note. "The delay helps near-term cash burn but also suggests delays in investments that matter for fruition of long-term opportunities."
Wednesday's management commentary suggested spending will be ramped up in 2027 and 2028 as Tesla continues to fund robotaxi, Optimus, AI compute and Terafab milestones, the brokerage said.
Tesla's shares have declined about 14% this year, in contrast to the Nasdaq's (.IXIC) roughly 15% gain. The stock is about 23% below its record intraday high of $498.83, reached in December 2025.
Its valuation, however, remains well above peers: Tesla traded at 188.24 times its forward earnings estimates, compared with 6.58 for Ford (F.N) and 5.16 for General Motors (GM.N).
"The risk is Tesla now enters a period of limbo while investors await news on a potential combination with SpaceX, which ... might face significant regulatory hurdles," said Russ Mould, investment director at AJ Bell.
Finské úřady nařídily Googlu dočasně zastavit práce na dvou lokalitách datových center poté, co firma u Muhosu bez potřebného posouzení vlivů na životní prostředí vykácela odhadem 250 000 stromů.
Behind a wire fence lies a vast gaping wound of earth. Before Google’s arrival a few months ago, an estimated quarter of a million trees occupied the 330 hectares (815 acres) of forest near the town of Muhos in rural northern Finland. Now they are all gone.
After the tech company illegally stripped the entire area to build a datacentre – taking even the top soil with it – all that remains is a vast expanse of mud indented with the trail marks of machinery, puddles and mounds of earth, roots and branches. Residents say that brown water flowing off the site is going into a stream that feeds the Oulujoki River.
“It doesn’t end. It goes on and on,” says Mari Annala, an ecologist from the Finnish Association for Nature Conservation (SLL), looking at drone footage of the former forest from the perimeter.
Mari Annala is a Finnish environmental expert, researcher and board member of the Oulu region district of the Finnish Association for Nature Conservation. Photograph: Jarno Artika/The GuardianWith 145 new datacentres at various stages of planning, Finland has found itself at the forefront of the tech companies’ latest push. As well as its relative geopolitical and geological stability and abundance of land, the cool climate makes it especially attractive for saving on energy costs.
Earlier this month, Google was ordered by the Finnish Licensing and Supervision Authority (LVV) to temporarily stop work on Muhos and another site about 100km south-east in the village of Otanmäki after it failed to complete the necessary environmental impact assessments before clearcutting the land. The news has prompted widespread outcry and a national reckoning over what role, if any, the country should play in the global rush to build datacentres to keep up with rapid AI development.
Last week, Google’s Finland country manager, Antti Järvinen, apologised for the forest clearings but claimed the company had acted “on the best understanding we had of the legislation at the time”.
In the northern Finnish town of Muhos, the forest has already been cut down on land acquired by Google, with excavators now clearing the ground and rumbling trucks shuttling back and forth to the construction area located next to major power lines. Photograph: Alessandro Rampazzo/AFP/Getty ImagesMuhos and Otanmäki are part of a €13bn AI infrastructure project by Google that has attracted criticism from Donald Trump, who would rather the centres were built in the US and has publicly called for the company to reconsider. It is the biggest ever project of its kind in the Nordic country.
The Finnish government, which has presided over deep spending cuts, has encouraged the investment. Last month, when the Google plans were announced, the country’s prime minister, Petteri Orpo, said attracting investment was a “top priority” and “the value of the data economy extends far beyond direct investment”. He said the Google deal would “deliver lasting benefits for both parties”.
But the revelations over Google’s misconduct have prompted public concern over what these deals mean for nearby communities, energy prices for Finnish households and Finland’s natural environment, a national source of pride. The datacentre push is likely to become a key election issue when Finns go to the polls in April.
Google’s clearcut area is 3km long and 2km wide, 330 hectares in total, and 400 metres from the Oulujoki River. Photograph: Jarno Artika/The GuardianIn addition to the 250,000 trees felled at Muhos, Annala estimates that an additional 150,000 trees were felled at Otanmäki. Because the trees have been felled illegally, she says wood from the two sites cannot be sold to wood-processing plants.
The move has also prompted questions over why Finland’s renewable energy sources are being used to power international corporations.
More than 93,000 people have signed a petition demanding more datacentre regulation and a fee to compensate local communities for environmental damage. Since the scandal broke, Orpo has described what happened in Muhos as a “cold shower”.
Hanna Halmeenpää, chair of SLL’s board, said she had been incredulous when she discovered Google’s law breaking. “At first I couldn’t believe it,” she said. “I have never heard that any company has done anything like this in Finland.” She said the system depended a lot on trust, which she believes Google took advantage of. “They bought the vast land area and they just started to cut it, just like that,” she said. “It’s pure arrogance and it’s amazing.”
Three electrical pylons next to the Google clearcut. Photograph: Jarno Artika/The GuardianThe speed of developments had shocked the country, she said. “Many people are just watching the news and asking each other: ‘What’s happening now? What can we do about it? And do we have to take all these datacentre projects in Finland?’”
Jussi Kangasharju, head of computer science at the University of Helsinki, said that while datacentres brought a limited number of jobs, potentially boosting the local economy, the benefits on a national level were minimal. “Really, for Finland, there are no benefits,” he said. “They are international companies serving international customers. Very little corporate taxes go to Finland. Datacentres ultimately have very little benefit for others except the datacentre operator.”
Hanna Halmeenpää, chair of the board of the Finnish Association for Nature Conservation, near the site where Google’s new datacentre is to be built in Muhos. Photograph: Alessandro Rampazzo/AFP/Getty ImagesWith legislation still playing catchup, there is a rush to get projects under way as fast as possible.
Some are calling for a centralised body to coordinate datacentre projects, rather than leaving so much of the decision-making down to municipalities that are likely to prioritise the immediate needs of the local area.
In Muhos and Otanmäki, there are people who support the projects, along with the jobs and land taxes they will bring into the local area. But many believe they have been sold short by municipalities.
Google has illegally stripped the entire area, removing even the top soil. Photograph: Jarno Artika/The GuardianAntti Jakonen, who lives in Muhos, said that, although the trees felled represented a small fraction of Finland’s overall forests, he objected to the manner in which it had been carried out. “It has been done in the wrong way. American style. No sense. No sense at all,” he said. The former entrepreneur and fisher wants Google to compensate by helping to restore the local salmon population destroyed decades ago by hydropower.
In Otanmäki, the disruption to nature and to residents’ daily lives is being vividly felt. When the trees were felled, the wolves who had lived there came to the village, said Anni Ranta, 53, whose family has lived there for generations.
Pentti Korhonen, a wilderness guide, has lived in Otanmäki for 12 years. Photograph: Jarno Artika/The GuardianA former mining village, the area is known for its rare earth elements. Ranta’s family live at the centre of the village next to a triangular church spire and a former bar that has been empty for years. The peaceful forest used to extend for miles from the village. Now the sound of building work next to the clearcut Google site reverberates.
“We had wolves coming into the village because all the wild animals moved out of the forest,” said Ranta. “They fled. What worries me about the datacentres is also the noise because this is hardrock soil. Even when we are standing here talking,” she added, stamping her feet, “it’s like a drum.”
Such is her strength of feeling against the arrival of Google that she is thinking of moving out. She also fears the datacentre could make the village a target for Russia, with whom Finland shares a long border. “I don’t want them here,” she said of Google. “I don’t want them in Finland at all. I don’t like the whole idea of AI and the world changing and the way it’s changing. It’s going too fast, too soon.”
Vesa Hyyryläinen, a biologist, drives past the construction area next to the Google clearcuts in Otanmäki. Photograph: Jarno Artika/The GuardianHer father, Pentti Korhonen, a retired wilderness guide, said that since the forest was destroyed, the water in the stream has turned brown. “There is no need at all for datacentres in Finland. No need for datacentres at all,” he said.
Vesa Hyyryläinen, chair of the local SLL district, said three-toed woodpeckers nesting in the forest had been pushed out. “All of us nature conservationists are very worried about our Finnish political situation and politics,” said the biologist and osprey expert. “I wonder why we have to sacrifice so much of our nature. They give everything away too easily.”
He said, however, that he understood why authorities were trying to bring in new sources of investment and jobs, given the region’s ageing population. “Young people go to Helsinki and Berlin and Paris,” he said. “There are so few people. We have to sacrifice.”
Hyyryläinen said: ‘I wonder why we have to sacrifice so much of our nature. They give everything away too easily.’ Photograph: Jarno Artika/The GuardianVeli-Matti Uski, director general of the ministry of environment, said the government was “monitoring the general development of the [datacentre] sector, [and the] application of its legislation, and is prepared to propose legislative amendments as necessary”.
Google said it was working to protect water quality at the Muhos site, and that it planned to plant trees across 130 hectares there. Conservationists say that figure is too low to have any real impact in comparison to the damage done by the tree felling.
A spokesperson said: “We have operated in Finland for 15 years and have always worked to meet or exceed zoning, environmental, health and safety requirements.
“After receiving the LVV letters on 6 October, we stopped preparatory works at Muhos and Kajaani [where the Otanmäki site is located] and have submitted a formal response to LVV confirming this.
“We will fully comply with LVV’s requests in this matter. We look forward to maintaining an active, open dialogue with all authorities to strengthen our partnership with Finland and local organisations.”
Amazon.com Inc. (NASDAQ:AMZN) shares are in the spotlight Thursday, with earnings on deck, AWS growth and capital spending in focus, recent analyst activity, a technical setup showing improving momentum and Edge Rankings all drawing attention.
Amazon.com shares are under pressure. Why are AMZN shares declining?
Earnings Preview and HistoryAmazon is scheduled to report third-quarter earnings on Oct. 29 after the market closes. Analysts estimate earnings per share of $1.96 along with revenue of $202.21 billion. For the prior quarter, Amazon reported earnings per share of $5.75, beating the consensus estimate of $1.82, which included a $53.4 billion gain tied to its Anthropic stake. The company also posted revenue of $200.61 billion, beating the consensus estimate of $196.46 billion.
What to Watch: AWS Growth, AI Spending and Advertising TrendsInvestors will be closely tracking AWS, after revenue grew 37% to $42.2 billion in the second quarter, its fastest growth in 18 quarters, with a backlog of $496 billion. Analysts expect AWS growth of 30% to 35% in the third quarter. Capital spending will also be in focus after Amazon raised its 2026 capex outlook to $220 billion from $200 billion.
Third-quarter guidance calls for net sales of $197 billion to $202 billion and operating income of $22.5 billion to $26.5 billion, and growth looks softer because Prime Day fell in the second quarter this year instead of the third, which Amazon said cost nearly 4 percentage points of growth. Advertising, which rose 26% to $19.8 billion last quarter, will be watched as well.
Analyst Consensus & Recent ActionsThe stock carries a Buy rating with an average price forecast of $335.62. Recent analyst moves include:
Morgan Stanley: Overweight (Raises Target to $350.00) (Oct. 19)
Wells Fargo: Overweight (Lowers Target to $329.00) (Oct. 12)
Cantor Fitzgerald: Overweight (Lowers Target to $310.00) (Oct. 12)
Amazon Trades 5.8% Above Its 200-Day Average, With Improving Momentum and a May Golden Cross IntactFrom a trend perspective, Amazon is still holding a constructive longer-term posture: it’s trading about 1.1% above the 20-day SMA ($254.46), about 0.4% above the 50-day SMA ($256.33), and roughly 5.8% above the 200-day SMA ($243.21). That said, the 20-day SMA remains below the 50-day SMA (a short-term bearish crossover), which can keep rallies choppy until price proves it can build separation above the short-term averages.
Momentum is best framed through MACD right now: MACD is above its signal line and the histogram is positive, which points to improving momentum versus the prior downswing even if price is still vulnerable to a pullback on a weak tape. In plain terms, when MACD is above the signal line, it suggests downside pressure is easing, and buyers are starting to regain control at the margin.
Key levels are tight enough to matter quickly if volatility picks up after the open:
Key Resistance: $259.50 — a nearby pivot area where rebounds can stall, sitting just above current price and close to the short-term moving-average zone
Key Support: $244.50 — a nearby level where buyers previously stepped in, also not far above the 200-day moving-average area that often acts as a trend "line in the sand"
Zooming out, the bigger-picture backdrop remains positive with the stock up 20.38% over the past 12 months, and the golden cross in May (50-day SMA above the 200-day SMA) still supports the longer-term uptrend narrative. Traders will also remember the recent swing high in August and swing low in September as the most recent range that can define breakout or breakdown risk.
Benzinga Edge RankingsBelow is the Benzinga Edge scorecard for Amazon, highlighting its strengths and weaknesses compared to the broader market:
Momentum: Bullish (Score: 75.56) — The stock’s trend profile is still supportive, even with premarket weakness.
Quality: Neutral (Score: 59.67) — Fundamentals screen as steady rather than standout, which can keep the stock trading more "macro-driven."
Value: Neutral (Score: 56.25) — Valuation looks closer to the middle of the pack, suggesting price may hinge more on execution and guidance than multiple expansion.
Growth: Bullish (Score: 92.19) — Growth is the clear pillar, helping explain why the stock can stay well-bid on longer timeframes.
The Verdict: Amazon’s Benzinga Edge signal reveals a growth-led profile with supportive momentum, which can help the stock recover quickly when index pressure fades. The main trade-off is that value and quality read more middle-of-the-road, so the next catalyst—especially earnings—may matter more than the multiple.
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Amazon Shares Edge LowerAMZN Price Action: At the time of publication, Amazon shares are trading 1.73% lower at $257.82, according to data from Benzinga Pro.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Společnost Balanced Rock Investment Advisors ve 2. čtvrtletí získala nový podíl ve společnosti Microsoft v podobě 1 637 akcií v hodnotě přibližně 611 000 USD.
Balanced Rock Investment Advisors LLC bought a new stake in Microsoft Corporation (NASDAQ:MSFT – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,637 shares of the software giant’s stock, valued at approximately $611,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in Microsoft by 4.0% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 229,490 shares of the software giant’s stock valued at $85,604,000 after buying an additional 8,773 shares during the period. D.B. Root & Company LLC bought a new position in shares of Microsoft during the 2nd quarter worth approximately $3,652,000. Markel Group Inc. grew its position in shares of Microsoft by 0.4% during the 1st quarter. Markel Group Inc. now owns 537,630 shares of the software giant’s stock worth $199,014,000 after buying an additional 1,950 shares during the period. Bessemer Group Inc. grew its position in shares of Microsoft by 8.4% during the 1st quarter. Bessemer Group Inc. now owns 6,921,677 shares of the software giant’s stock worth $2,562,197,000 after buying an additional 537,634 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Microsoft by 138.8% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,356,359 shares of the software giant’s stock worth $502,077,000 after buying an additional 788,297 shares during the period. Institutional investors own 71.13% of the company’s stock.
Microsoft Stock Performance NASDAQ MSFT opened at $532.95 on Thursday. The company has a fifty day simple moving average of $507.45 and a 200 day simple moving average of $444.58. Microsoft Corporation has a 12-month low of $349.20 and a 12-month high of $553.72. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.96 trillion, a P/E ratio of 29.67, a PEG ratio of 1.71 and a beta of 1.10.
Microsoft (NASDAQ:MSFT – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The software giant reported $4.74 EPS for the quarter, beating analysts’ consensus estimates of $4.24 by $0.50. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The business had revenue of $90.01 billion during the quarter, compared to analyst estimates of $87.62 billion. During the same quarter in the previous year, the business posted $3.65 EPS. Microsoft’s quarterly revenue was up 17.7% on a year-over-year basis. Sell-side analysts predict that Microsoft Corporation will post 19.65 earnings per share for the current fiscal year. Microsoft Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 19th will be issued a dividend of $0.98 per share. This is an increase from Microsoft’s previous quarterly dividend of $0.91. This represents a $3.92 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, November 19th. Microsoft’s dividend payout ratio is 20.27%.
Key Stories Impacting Microsoft Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Expectations are building for another earnings beat, with demand for Azure cloud infrastructure, Microsoft 365 and Copilot supporting revenue and earnings growth. The key catalyst will be Microsoft’s October 28 report, where investors will look for accelerating Azure growth and evidence that AI investments are translating into monetization. Microsoft Earnings Preview Positive Sentiment: Microsoft remains viewed favorably as a relatively cash-generative way to participate in the AI-cloud buildout. While Oracle’s cloud growth is faster, Microsoft’s stronger free cash flow, lower leverage and broad enterprise installed base may provide greater financial resilience as AI capital expenditures rise. Oracle Versus Microsoft Positive Sentiment: A new Boeing fleet-intelligence platform, Dataliner, is being built on Microsoft Azure AI Foundry. The partnership could add a recurring enterprise workload for Azure and demonstrate Microsoft’s ability to embed AI in industry-specific applications. Boeing and Microsoft Dataliner Positive Sentiment: Tavant’s Microsoft Fabric accelerator is now available through Microsoft Marketplace, potentially making it easier for businesses to deploy Fabric-based analytics and AI solutions across Azure. Tavant Fabric Accelerator Neutral Sentiment: GitHub Copilot is reportedly a major customer of Anthropic, highlighting demand for Microsoft’s AI developer tools but also exposing reliance on outside model providers and potential supplier concentration risk. Anthropic Revenue Concentration Negative Sentiment: Microsoft’s withdrawal as anchor tenant from a U.K. AI data-center project because of power-supply delays underscores a growing constraint: electricity and grid access may slow Azure’s AI capacity expansion and increase infrastructure costs. Microsoft Withdraws From UK AI Data Center Project Negative Sentiment: Investors remain concerned that elevated prices for components could make Microsoft’s next-generation Xbox, Project Helix, less competitive or pressure demand. The gaming business is also undergoing restructuring, adding uncertainty beyond Azure and productivity software. Project Helix Pricing Concerns Wall Street Analysts Forecast Growth Several analysts have recently weighed in on the stock. Sanford C. Bernstein lifted their price objective on shares of Microsoft from $660.00 to $662.00 and gave the company an “outperform” rating in a research note on Monday. Citigroup increased their target price on shares of Microsoft from $600.00 to $636.00 and gave the stock a “buy” rating in a research note on Thursday, October 15th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $600.00 target price on shares of Microsoft in a research note on Monday, October 12th. JPMorgan Chase & Co. restated a “buy” rating on shares of Microsoft in a report on Monday, September 28th. Finally, Morgan Stanley downgraded shares of Microsoft from an “overweight” rating to a “negative” rating in a research note on Monday, October 5th. Forty-three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $592.15.
Read Our Latest Stock Analysis on Microsoft
Insider Buying and Selling at Microsoft In other news, CEO Judson Althoff sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $487.89, for a total transaction of $4,878,900.00. Following the completion of the sale, the chief executive officer directly owned 100,447 shares of the company’s stock, valued at $49,007,086.83. The trade was a 9.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Takeshi Numoto sold 4,810 shares of the company’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total transaction of $2,388,068.80. Following the completion of the sale, the executive vice president owned 42,677 shares in the company, valued at $21,188,276.96. This represents a 10.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 150,314 shares of company stock valued at $75,404,992 over the last three months. Corporate insiders own 0.03% of the company’s stock.
Microsoft Profile (Free Report)
Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.
The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.
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Nike vyplácí roční dividendu 1,64 USD na akcii, ale prognózy zisků nebudou na její krytí stačit nejméně do roku 2027, což zvyšuje riziko snížení dividendy.
Nike (NKE -0.92%), one of the blue chip dividend stocks, has raised its dividend for 24 consecutive years. It also has a forward yield of 4.4%, making it a dividend stock with a moderately high yield. That yield may look like an opportunity, but it's more likely a warning sign.
Why? With earnings forecasts unable to cover the dividend until at least 2027, shares remain at high risk of a dividend cut. As low-risk 10-year Treasuries yield over 5% and Nike's turnaround timeline remains highly uncertain, the risk simply isn't worth the payoff for dividend investors for now.
Image source: Getty Images.
What it takes to earn $2,000 in annual dividends from Nike shares
Based on Nike's current quarterly dividend of $0.41 per share, the stock pays $1.64 per share annually. To generate $2,000 in annual dividend income, you would need to own around 1,220 shares. At today's stock price, it would require a $45,445 investment. However, putting that amount of capital to work in Nike shares requires taking current interest rate trends into account.
With the 10-year Treasury yielding around 5.15%, you could generate $2,340 per year, or an additional 17%, from this low-risk alternative. Even as Treasuries lack the long-term upside that stocks typically provide, consider the root cause of Nike steadily moving toward becoming one of the high-yield dividend stocks in the first place.
That would be the stock's 77% price drop over the last five years, coupled with continued dividend raises. Management has prioritized cash payouts, even as numerous headwinds and turnaround challenges continued to hinder the company's fiscal results.
NKE Nike$37.53-$0.35 (-0.92%)
NYSE · As of 4:00 PM ET 10/21/26
Uncertain turnaround prospects call into question making this a buy
For years, issues ranging from growing competition in China to the impact of inflation and tariffs on production costs have affected Nike's operating performance. As dividends kept rising, shares remain at risk of a further dive if management decides to reduce or eliminate it to conserve cash.
Although management remains highly committed to maintaining the dividend, given how it's expected to exceed estimated earnings in both 2026 and 2027, something may have to give. At the very least, the company needs to go from having a few green shoots, such as strengthening North American sales, to stabilizing and improving overall results.
All this said, Nike's management could prove me wrong as soon as November. That's when the company announces dividend increases. If management implements a meaningful increase, it could suggest strong results ahead when Q3 2026 results come out in December. However, if management implements a $0.01-dividend increase to maintain its dividend growth streak while conserving cash, it could be a warning sign of more trouble ahead.
Moreover, if you are approaching Nike as one of the dividend stocks to buy and hold, I would at least wait until the December earnings report. Even if shares rise in response to improved results, much of the underlying uncertainty will have cleared by then.
At the same time, it's not as if shares are going to make a full recovery on this news alone. Post-rally, there could still be an opportunity to scoop up this blue chip while it sports an above-average yield and improved long-term prospects to boot.
Společnost Agility Robotics sjednotí palubní výpočetní systém humanoidního robota Digit 5 na modulech NVIDIA IGX Thor; předběžný přístup očekává v první polovině roku 2027.
SALEM, Ore., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Agility Robotics, a leading humanoid robotics and physical AI company, today announced that Digit® 5 will standardize on NVIDIA IGX Thor for its onboard compute, expanding the companies’ collaboration as Agility prepares its next-generation humanoid robot for broader commercial deployment.
The new architecture will unify Digit 5’s onboard compute by standardizing on NVIDIA IGX Thor modules. The transition establishes NVIDIA as the exclusive provider of onboard compute for the general availability version of Digit 5.
“Bringing humanoid robots to commercial scale requires AI computing and safety to be engineered together,” said Deepu Talla, Vice President of Robotics and Edge AI at NVIDIA. “By standardizing Digit 5’s onboard compute on NVIDIA IGX Thor and incorporating NVIDIA Halos into its safety system, Agility is bringing these capabilities together as it prepares for broader deployment in factories and warehouses.”
Advancing Compute and Safety for Industrial Deployment
The compute transition builds on Agility’s previously announced collaboration with NVIDIA Halos safety platform for physical AI deployments, addressing safety at each layer of Agility’s development stack.
As part of that collaboration, Agility is integrating NVIDIA IGX Thor and additional NVIDIA Halos models into its proprietary safe human detection system for Digit. These integrations are intended to expand Digit’s current perception capabilities, support connections to a broader ecosystem, and facilitate Agility’s ongoing certification and deployment efforts. Agility was the first company to announce with NVIDIA that it will incorporate elements of NVIDIA Halos into its proprietary safety system.
Agility will also participate in the NVIDIA Halos AI Systems Inspection Lab to support the evaluation of Digit’s safety-related software, AI components and cybersecurity protections ahead of final third-party certification.
“For humanoid robots to deliver lasting value, they need to perform useful work reliably and safely in our customers’ operations,” said Pras Velagapudi, Chief Technology Officer of Agility Robotics. “As we prepare Digit 5 for general availability, we are unifying its compute architecture and building on our safety collaboration with NVIDIA. Moving to NVIDIA Thor modules gives us a common foundation as we advance Digit’s capabilities and prepare for broad commercial deployment.”
Early access to Digit 5 is expected to begin in the first half of 2027, with increasing availability over the following six to nine months for manufacturing, warehouse and distribution operators.
Agility Robotics and Churchill Capital Corp XI
Agility is preparing to become a public company through its previously announced business combination with Churchill Capital Corp XI (Nasdaq: CCXI). The business combination is expected to close in the fourth quarter of 2026, after which the combined company will operate as Agility Robotics and is expected to trade on Nasdaq under the ticker symbol “AGLT.”
About Agility Robotics
Headquartered in Salem, Oregon, with offices in Pittsburgh, Pennsylvania and Fremont, California, Agility Robotics' mission is to build robot partners that augment the human workforce. Agility's groundbreaking general-purpose humanoid robot, Digit, is the first multi-purpose, human-centric robot that is Made for Work® and commercially deployed today. With more than 65,000 hours of real-world operation combined with industry-leading safety standards, we're pioneering a new era of automation that enhances human potential. To learn more, visit agilityrobotics.com.
Agility, the Agility logo, Digit, Agility Arc, RoboFab, and Made for Work are trademarks of Agility Robotics, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.
About Churchill Capital Corp XI
Churchill Capital Corp XI (“Churchill XI”) XI is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.
Additional Information About the Proposed Transaction and Where to Find It
The proposed transaction will be submitted to shareholders of Churchill XI for their consideration. Churchill XI and Agility Robotics have jointly filed a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the "SEC”), which was declared effective by the SEC on October 13, 2026, and which includes a definitive proxy statement/prospectus. The definitive proxy statement/prospectus and other relevant documents have been distributed to Company stockholders and Churchill XI shareholders as of September 14, 2026, the record date established for voting on the proposed transaction, in connection with Churchill XI’s solicitation of proxies for the vote by Churchill XI’s shareholders in connection with the proposed transaction and other matters described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Company stockholders in connection with the completion of the proposed transaction. Before making any voting or investment decision, Churchill XI and Agility stockholders and other interested persons are advised to read the definitive proxy statement/prospectus, as well as other documents filed with the SEC by Churchill XI in connection with the proposed transaction, as these documents contain important information about Churchill XI, the Company and the proposed transaction. Shareholders may obtain a copy of the definitive proxy statement/prospectus as well as other documents filed by Churchill XI with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to Churchill Capital Corp XI, 640 Fifth Avenue, 14th Floor, New York, NY 10019.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the federal securities laws regarding Agility and Churchill XI. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict," "should" and "would," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of any of these words or similar expressions does not mean that a statement is not forward-looking. These forward-looking statements are based on Agility's and Churchill XI's current expectations and projections. These statements include statements relating to, without limitation: Agility's plans to standardize Digit 5's onboard compute architecture on NVIDIA IGX Thor modules, including the anticipated integration, functionality, performance and benefits of such technology; Agility's ongoing and expanded collaboration with NVIDIA, including the integration of NVIDIA IGX Thor and elements of the NVIDIA Halos safety platform into Digit's proprietary safety systems; the expected capabilities and benefits of these integrations, including enhancements to perception capabilities, safety, reliability and operational performance; Agility's anticipated participation in the NVIDIA Halos AI Systems Inspection Lab and the expected evaluation, validation and certification of Digit's safety-related software, AI components and cybersecurity protections; Agility's ability to develop, validate and deploy new Digit skills and capabilities; the anticipated timing of early access to Digit 5 in the first half of 2027 and general availability by the end of 2027; Agility's ability to scale manufacturing, commercial deployments and service infrastructure to support existing and future customers; Agility's preparation to operate as a public company; Agility's ability to consummate the proposed business combination with Churchill XI, the satisfaction or waiver of the closing conditions set forth in the proposed business combination or PIPE subscription agreements; the occurrence of any other event, change or other circumstances that could give rise to the termination of the proposed business combination or PIPE subscription agreements; the expected timing of closing of the proposed transaction; the expected listing of the combined company's securities on Nasdaq under the ticker symbol "AGLT"; and the potential benefits of the proposed transaction and expectations related to its terms and timing.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of the Company and Churchill XI.
These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause the Company’s, Churchill XI’s or the combined company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that the Company is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; the Company’s historical net losses and limited operating history; the Company’s expectations regarding future financial performance, capital requirements and unit economics; the Company’s use and reporting of business and operational metrics; the Company’s competitive landscape; the Company’s dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; the Company’s ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; the Company’s reliance on strategic partners and other third parties; the Company’s ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; the combined company’s ability to maintain internal control over financial reporting and operate a public company; the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of Churchill XI’s securities; the failure by the parties to satisfy the conditions to consummation of the proposed transaction, including the approval of Churchill XI’s shareholders; the possibility that required regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction; the risk that shareholders of Churchill XI could elect to have their shares redeemed, leaving the combined company with insufficient cash to execute its business plans; the level of redemptions of Churchill XI’s public shareholders; the ability of the Company to grow and manage growth, maintain relationships with customers and retain its management and key employees; costs related to the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against the Company or Churchill XI; failure to realize the anticipated benefits of the proposed transaction; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of Churchill XI or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Churchill XI’s filings with the SEC. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by the Company, Churchill XI or the combined company resulting from the proposed transaction with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of the Company’s and Churchill XI’s management as of the date of this press release; subsequent events and developments may cause their assessments to change. While the Company and Churchill XI may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so. Accordingly, undue reliance should not be placed upon these statements.
In addition, statements that “we believe” and similar statements reflect the Company’s and Churchill XI’s beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and the Company’s and Churchill XI’s statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
An investment in Churchill XI is not an investment in any of Churchill XI’s founders’ or sponsors’ past investments, companies or affiliated funds. The historical results of those investments are not indicative of future performance of Churchill XI, which may differ materially from the performance of Churchill XI’s founders’ or sponsors’ past investments.
Participants in the Solicitation
Churchill XI, the Company and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Churchill XI’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Churchill XI’s shareholders in connection with the proposed transaction are set forth in the definitive proxy statement/prospectus . You can find more information about Churchill XI’s directors and executive officers in Churchill XI’s final prospectus related to its initial public offering filed with the SEC on December 16, 2025. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are included in the proxy statement/prospectus . Shareholders, potential investors and other interested persons should read the definitive proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources described above.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Contacts
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2140e2a5-3711-407a-8fb7-8fd5ba6966bd
American Airlines ve třetím čtvrtletí zvýšila tržby o 19,3 % na rekordních 16,3 miliardy USD, ale kvůli 67,5% růstu nákladů na palivo vykázala čistou ztrátu 269 milionů USD.
FORT WORTH, Texas, Oct. 22, 2026 (GLOBE NEWSWIRE) -- American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2026 financial results, reflecting execution of its commercial strategy and the benefits of long-term investments in its customers, team members, network, fleet and technology.
Third-quarter financial highlights:
Total revenue of $16.3 billion, up 19.3% year over year, above the high end of the previously announced guidance range.Delivered the best unit cost performance among the network carriers, with CASM-ex1 up 3.0%.Fuel expense for the quarter increased $1.9 billion, or 67.5%, year over year.GAAP net loss of $269 million, or ($0.41) per diluted share.Adjusted net loss of $182 million2, or ($0.28) per diluted share. Adjusted net loss was only $71 million below third quarter 2025 despite the $1.9 billion increase in fuel expense. “American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way,” said American's CEO Robert Isom. "The investments we are making across the four pillars of our commercial strategy are working, and we expect another quarter of record revenue growth to close out the year. While historically high fuel prices significantly impacted our financial results, our focus remains on restoring profitability and building a stronger American for the long term. I’m grateful to the American Airlines team for making this progress possible.”
The company’s third-quarter results were driven by strong revenue performance across all geographies and cabins:
Premium revenue increased 22.9%, and Main Cabin revenue increased 19.5% year over year.Total unit revenue increased 14.5% year over year, reflecting continued strength in demand for travel.Domestic passenger unit revenue increased 13.6% year over year in the third quarter.International passenger unit revenue increased 16.4%, with the Latin America entity up 21.1%, the Atlantic entity up 14.5% and the Pacific entity up 11.3% compared to the third quarter of 2025.AAdvantage® enrollments increased 27.4% year over year.Demand for business travel remained strong, with managed corporate revenue increasing 27.6% year over year, marking the sixth consecutive quarter of double-digit growth. This revenue performance was a result of the company’s continued focus on its four commercial pillars: elevate the customer experience, grow the global network, drive premium revenue and lead in loyalty.
1) Elevate the customer experience
American’s investments in high-speed connectivity, lounges, seatback entertainment, airport facilities and fleet modernization are creating the foundation for a best-in-class customer experience.
In May, American announced plans to equip more than 500 aircraft with high-speed Starlink Wi-Fi, representing the largest in-flight connectivity upgrade in the airline’s history. Building on that commitment, the company announced on Oct. 8 that it plans to expand Starlink installation across its entire mainline fleet, bringing the technology to more than 1,000 aircraft. Once installation is complete, American will offer one of the largest fleets of Starlink-connected aircraft in the world.
The company also continues to grow its Admirals Club® and premium lounge network with more lounges opening or being renovated than at any point in company history. Additionally, American announced the expansion of seatback entertainment to the narrowbody fleet, including screens on new deliveries beginning in 2028. With these foundational investments underway, American remains focused on further improving customer satisfaction through enhanced operational reliability, better disruption management and a more consistent travel experience.
2) Grow the global network
American continues to strengthen its global network, offering customers more destinations, better connectivity and greater schedule utility. At Dallas Fort Worth International Airport (DFW), this year's rebank produced record passenger volumes, fewer misconnections and mishandled bags, and unit revenue that outpaced the rest of the system. In Chicago, Miami, Philadelphia and Phoenix, American is building stronger schedules for local customers.
3) Drive premium revenue
American continues to see momentum in premium demand, demonstrating the benefits of recent investments across its premium products and customer experience. Premium passenger unit revenue increased 18.5% year over year during the third quarter, compared with an increase of 14.4% in Main Cabin.
American plans to continue expanding premium seating through the delivery of new aircraft and the retrofit of existing aircraft. Premium products generate roughly half of the company's ticket revenue on approximately 30% of seats today. Through the recently announced narrowbody retrofit program, American expects premium seats on narrowbody aircraft to increase to 40% in the coming years.
The company also continues to take actions to improve revenue quality and provide customers with a broader range of choices. These initiatives contributed to a 6-point increase in the upsell rate from Basic Economy to Main Cabin during the quarter.
4) Lead in loyalty
The AAdvantage® program remains one of American's strongest competitive advantages, driving customer engagement, premium demand and long-term value creation. The program continues to benefit from strong member activity, increased engagement and enhancements to American’s co-branded credit card program.
Enrollments in the AAdvantage® program increased 27.4% year over year in the third quarter. American’s co-branded credit card partnership with Citi saw year-over-year third-quarter card spend growth of nearly 10%.
Efficiency and cost performance
American continues to benefit from long-term investments in technology, procurement and other initiatives designed to build a more efficient and resilient airline. The company is reengineering how work gets done across the business, improving productivity and simplifying processes while continuing to invest in the customer and team member experience.
By the end of 2026, the company expects to have achieved nearly $1 billion in annual run rate savings and more than $900 million in working capital improvements through its multiyear reengineering efforts. American continues to identify opportunities to use technology, automation and artificial intelligence to simplify the business and equip team members with better tools to improve decision-making.
“We remain focused on the factors that drive the most value,” said American’s Chief Financial Officer Devon May. “Our long-term focus on efficiency supported industry-leading unit cost results in the quarter, with CASM-ex increasing 3.0% year over year. For the full year, we expect to lead the network carriers in the spread between year-over-year unit revenue and CASM-ex growth.”
Overall financial results were pressured by a significant increase in fuel costs. American paid an average of $3.85 per gallon in the third quarter, which increased fuel expense by $1.9 billion year over year.
Balance sheet and liquidity
American ended the third quarter with $11.8 billion of total available liquidity and more than $26 billion of unencumbered assets and first-lien capacity. The company remains committed to reducing debt, lowering interest expense and achieving its target of 3.0x net debt3 to EBITDAR, in line with BB credit metrics.
Outlook and financial guidance
In the fourth quarter, the company expects continued revenue strength, with year-over-year revenue growth between 19.5% and 22.5%. Based on the forward fuel curve as of Oct. 19, American anticipates an average fuel price of approximately $4.70 per gallon, nearly double the price paid in the fourth quarter of 2025. At that price, fuel expense is expected to increase approximately $2.8 billion versus the fourth quarter of 2025.
Given elevated fuel prices, American expects network growth in 2027 to slow from 2026 levels.
4Q 2026E (vs. 4Q 2025)Available seat miles+5.5% – +6.5%Total revenue+19.5% – +22.5%CASM excluding net special items, fuel and profit sharing1+2.5% – +3.5%Adjusted loss per diluted share4($1.10) – ($0.50) FY 2026E Adjusted loss per diluted share4($1.60) – ($1.00) Conference call and webcast
American will host a conference call at 7:30 a.m. CT today. A live webcast and replay will be available at American’s investor relations website.
Notes
See the accompanying notes in the financial tables section of this news release for further explanation, including reconciliations of certain GAAP to non-GAAP financial information.
Cost per available seat mile excluding net special items, fuel and profit sharing, or CASM-ex, is a non-GAAP measure. The company is unable to reconcile certain forward-looking information to GAAP because the nature or amount of net special items cannot be determined at this time.Adjusted net loss is a non-GAAP financial measure and excludes $87 million of net special items after the effect of taxes that the company recognized in the third quarter.Net debt includes debt, finance and operating lease liabilities and pension obligations less unrestricted cash and short-term investments.Adjusted loss per diluted share guidance excludes the impact of net special items and represents an absolute number, not a year-over-year comparison. The company is unable to reconcile certain forward-looking information to GAAP as the nature or amount of net special items cannot be determined at this time.Other: Third-quarter revenue growth of 19.3% is the highest in company history excluding the years following the pandemic.
About American Airlines Group (NASDAQ: AAL)
American Airlines is a premium global airline connecting more of the U.S. to the world. With roots tracing back to an air mail carrier in the Midwestern United States in 1926, American now operates more than 6,000 daily flights to more than 350 destinations in more than 60 countries and serves more than 200 million customers annually. Powered by a proud and talented team of 140,000 aviation professionals, American’s team lives out the airline’s purpose of caring for people on life’s journey every day.
The world’s largest airline proudly celebrates its centennial year in 2026, reaching a milestone that reflects a century of innovation and the Forever ForwardSM spirit that changed the industry and the world. American introduced the first scheduled air cargo service, the first airport lounge and the first airline loyalty program and continues to reinvent the customer experience today. The airline is also a founding member of the oneworld alliance, whose members serve more than 900 destinations around the globe.
Get the latest about American at news.aa.com and @AmericanAir.
Use of websites and social media to disclose information
American routinely uses the investor relations section of its website as well as its social media pages, including on Facebook and X, and its newsroom at news.aa.com, to disclose important information about American Airlines Group Inc. and its subsidiaries and to comply with its disclosure obligations under Regulation Fair Disclosure. The information contained on, or that may be accessed through, the company’s website, social media channels or newsroom is not incorporated by reference into, and is not a part of, this document, and all website addresses in this document are intended to be inactive textual references only.
Cautionary statement regarding forward-looking statements and information
Certain of the statements contained in this document should be considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about the company’s plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on the company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, downturns in economic conditions could adversely affect our business; we will need to obtain sufficient financing or other capital to operate successfully; our high level of debt and other obligations may limit our ability to fund general corporate requirements and obtain additional financing, may limit our flexibility in responding to competitive developments and may cause our business to be vulnerable to adverse economic and industry conditions; if our financial condition worsens, provisions in our credit card processing and other commercial agreements may adversely affect our liquidity; the loss of key personnel whom we depend on to operate our business, or the inability to attract, develop and retain additional qualified personnel could adversely affect our business; our business has been and will continue to be materially affected by many changing economic, geopolitical, commercial, regulatory and other conditions beyond our control, including global events that affect travel behavior; the airline industry is intensely competitive and dynamic; union disputes, employee strikes and other labor-related disruptions may adversely affect our operations and financial performance; if we encounter problems with any of our third-party regional operators or third-party service providers, our operations could be adversely affected by a resulting decline in revenue or negative public perception about our services; any damage to our reputation or brand image could adversely affect our business or financial results; risks of losses and adverse publicity from any public incidents involving our company, people or brand; changes to our business model that are designed to increase revenues and reduce costs may not be successful and may cause operational difficulties or decreased demand; our intellectual property rights, particularly our branding rights, are valuable, and any inability to protect them may adversely affect our business and financial results; we may be a party to litigation in the normal course of business or otherwise, which could affect our financial position and liquidity; we rely heavily on technology and automated systems, including artificial intelligence, to operate our business, and any failures could harm our business, results of operations and financial condition; evolving data privacy requirements could increase our costs, and any significant cybersecurity incident could disrupt our operations, harm our reputation, expose us to legal risks and otherwise materially adversely affect our business, results of operations and financial condition; we are exposed to risks from cyberattacks, and any cybersecurity incidents involving us, our third-party service providers, or one of our AAdvantage partners or other business partners; we have a significant amount of goodwill, which is assessed for impairment at least annually. We may never realize the full value of our intangible or long-lived assets, causing us to record material impairment charges; the commercial relationships that we have with other companies, including any related equity investments, may not produce the returns or results we expect; our business is very dependent on the price and availability of aircraft fuel. Continued periods of high volatility in fuel costs, increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on consumer demand, our operating results and liquidity; our business is subject to extensive government regulation; we can be adversely affected by any prolonged partial or full U.S. Government shutdown; we operate a global business with international operations that are subject to economic and political instability and have been, and in the future may continue to be, adversely affected by numerous events, circumstances or government actions beyond our control; we may be adversely affected by conflicts overseas, terrorist attacks or other acts of violence, domestically or abroad; the travel industry continues to face ongoing security concerns; we are subject to risks associated with climate change, including increased regulation of our greenhouse gas emissions, changing consumer preferences and the potential for increased impacts of severe weather events on our operations and infrastructure; we are subject to various risks associated with environmental and social matters, and many forms of environmental and noise regulation; a shortage of pilots or other personnel could materially adversely affect our business; we depend on a limited number of suppliers for aircraft, aircraft engines and parts. Delays in scheduled aircraft deliveries, unexpected grounding of aircraft or aircraft engines whether by regulators or by us, or other loss of anticipated fleet capacity, and failure of new aircraft to receive regulatory approval, be produced or otherwise perform as and when expected, adversely impacts our business, results of operations and financial condition; we rely on third-party distribution channels and must effectively manage the costs, rights and functionality of these channels; if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and, at some airports, adequate slots, we may be unable to operate our existing flight schedule and to expand or change our route network in the future; interruptions or disruptions in service at one of our key facilities; increases in insurance costs or reductions in insurance coverage, and heavy taxation of the airline industry; risks related to ownership of AAG common stock; and other risks set forth herein as well as in the company’s latest annual report on Form 10-K for the year ended December 31, 2025 (especially in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations) and subsequent quarterly reports on Form 10-Q (especially in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors), and other risks and uncertainties listed from time to time in the company’s other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which the company is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. The company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.
Financial tables
American Airlines Group Inc. Condensed Consolidated Statements of Operations (In millions, except share and per share amounts) (Unaudited) 3 Months Ended
September 30, Percent
Increase 9 Months Ended
September 30, Percent
Increase 2026 2025 (Decrease) 2026 2025 (Decrease) Operating revenues: Passenger $14,900 $12,471 19.5 $42,609 $36,985 15.2 Cargo 274 212 29.1 761 612 24.3 Other 1,161 1,008 15.2 3,612 3,037 18.9 Total operating revenues 16,335 13,691 19.3 46,982 40,634 15.6 Operating expenses: Aircraft fuel and related taxes 4,635 2,767 67.5 12,444 8,017 55.2 Salaries, wages and benefits 4,713 4,461 5.7 14,027 13,065 7.4 Regional expenses: Regional operating expenses 1,356 1,286 5.5 4,012 3,809 5.3 Regional depreciation and amortization 93 84 10.5 276 244 13.0 Maintenance, materials and repairs 1,092 1,028 6.2 3,100 2,876 7.8 Other rent and landing fees 996 906 9.9 2,862 2,627 9.0 Aircraft rent 309 310 (0.5) 926 910 1.7 Selling expenses 553 483 14.7 1,664 1,467 13.4 Depreciation and amortization 493 474 3.9 1,446 1,418 2.0 Special items, net 9 7 22.5 29 125 (76.6) Other 1,971 1,734 13.7 5,675 5,061 12.1 Total operating expenses 16,220 13,540 19.8 46,461 39,619 17.3 Operating income 115 151 (23.4) 521 1,015 (48.7) Nonoperating income (expense): Interest income 87 90 (3.8) 217 285 (24.0) Interest expense, net (435) (432) 0.7 (1,242) (1,294) (4.0) Other income (expense), net (101) 49 nm(1) (198) 42 nm Total nonoperating expense, net (449) (293) 53.8 (1,223) (967) 26.5 Income (loss) before income taxes (334) (142) nm (702) 48 nm Income tax provision (benefit) (65) (28) nm (122) 36 nm Net income (loss) $(269) $(114) nm $(580) $12 nm Earnings (loss) per common share: Basic $(0.41) $(0.17) $(0.88) $0.02 Diluted $(0.41) $(0.17) $(0.88) $0.02 Weighted average shares outstanding (in thousands): Basic 662,706 660,358 662,026 659,788 Diluted 662,706 660,358 662,026 660,784 Note: Percent change may not recalculate due to rounding.
(1) Not meaningful or greater than 100% change.
American Airlines Group Inc.Consolidated Operating Statistics (1)(Unaudited) 3 Months Ended
September 30, Increase 9 Months Ended
September 30, Increase 2026 2025 (Decrease) 2026 2025 (Decrease) Revenue passenger miles (millions) 67,265 66,580 1.0 % 193,934 188,698 2.8 %Available seat miles (ASM) (millions) 80,680 77,400 4.2 % 234,533 224,939 4.3 %Passenger load factor (percent) 83.4 86.0 (2.6)pts 82.7 83.9 (1.2)ptsYield (cents) 22.15 18.73 18.3 % 21.97 19.60 12.1 %Passenger revenue per ASM (cents) 18.47 16.11 14.6 % 18.17 16.44 10.5 %Total revenue per ASM (cents) 20.25 17.69 14.5 % 20.03 18.06 10.9 %Cargo ton miles (millions) 625 545 14.7 % 1,790 1,550 15.5 %Cargo yield per ton mile (cents) 43.86 38.94 12.6 % 42.52 39.52 7.6 % Fuel consumption (gallons in millions) 1,204 1,169 3.0 % 3,473 3,375 2.9 %Average aircraft fuel price including related taxes (dollars per gallon) 3.85 2.37 62.7 % 3.58 2.38 50.8 % Operating cost per ASM (cents) 20.10 17.49 14.9 % 19.81 17.61 12.5 %Operating cost per ASM excluding net special items (cents) 20.08 17.48 14.9 % 19.79 17.56 12.7 %Operating cost per ASM excluding net special items and fuel (cents) 14.34 13.91 3.1 % 14.49 13.99 3.5 %Operating cost per ASM excluding net special items, fuel and profit sharing (cents)14.34 13.92 3.0 % 14.49 13.98 3.6 % Passenger enplanements (thousands) 58,143 58,474 (0.6)% 169,014 168,220 0.5 %Departures (thousands): Mainline 304 298 2.3 % 896 881 1.7 %Regional 281 267 5.3 % 820 787 4.2 %Total 585 565 3.7 % 1,716 1,668 2.9 %Average stage length (miles): Mainline 1,220 1,201 1.6 % 1,212 1,188 2.0 %Regional 471 464 1.4 % 473 465 1.9 %Total 861 853 0.9 % 859 846 1.5 %Aircraft at end of period: Mainline 1,037 998 3.9 % 1,037 998 3.9 %Regional (2) 587 557 5.4 % 587 557 5.4 %Total 1,624 1,555 4.4 % 1,624 1,555 4.4 %Full-time equivalent employees at end of period: Mainline 107,700 104,900 2.7 % 107,700 104,900 2.7 %Regional (3) 33,400 32,000 4.4 % 33,400 32,000 4.4 %Total 141,100 136,900 3.1 % 141,100 136,900 3.1 % Note: Amounts may not recalculate due to rounding. (1) Unless otherwise noted, operating statistics include mainline and regional operations. Regional includes wholly-owned regional airline subsidiaries and operating results from capacity purchase carriers.(2) Includes aircraft owned and leased by American as well as aircraft operated by third-party regional carriers under capacity purchase agreements. Excluded from the aircraft count above are two Bombardier CRJ900 regional aircraft that are held in temporary storage as of September 30, 2026.(3) Regional full-time equivalent employees only include our wholly-owned regional airline subsidiaries. American Airlines Group Inc.Consolidated Revenue Statistics by Region(Unaudited) 3 Months Ended
September 30, Increase 9 Months Ended
September 30, Increase 2026 2025 (Decrease) 2026 2025 (Decrease) Domestic (1) Revenue passenger miles (millions) 44,579 43,741 1.9 % 129,068 125,206 3.1 %Available seat miles (ASM) (millions) 54,096 51,106 5.9 % 157,579 149,762 5.2 %Passenger load factor (percent) 82.4 85.6 (3.2)pts 81.9 83.6 (1.7)ptsPassenger revenue (dollars in millions) 10,489 8,723 20.2 % 30,205 26,010 16.1 %Yield (cents) 23.53 19.94 18.0 % 23.40 20.77 12.7 %Passenger revenue per ASM (cents) 19.39 17.07 13.6 % 19.17 17.37 10.4 % Latin America (2) Revenue passenger miles (millions) 7,706 7,726 (0.3)% 26,612 26,106 1.9 %Available seat miles (millions) 8,807 8,832 (0.3)% 31,379 30,560 2.7 %Passenger load factor (percent) 87.5 87.5 - pts 84.8 85.4 (0.6)ptsPassenger revenue (dollars in millions) 1,618 1,340 20.7 % 5,307 4,795 10.7 %Yield (cents) 20.99 17.34 21.1 % 19.94 18.37 8.6 %Passenger revenue per ASM (cents) 18.37 15.17 21.1 % 16.91 15.69 7.8 % Atlantic Revenue passenger miles (millions) 12,746 12,951 (1.6)% 30,802 30,317 1.6 %Available seat miles (millions) 15,023 14,878 1.0 % 36,708 36,255 1.2 %Passenger load factor (percent) 84.8 87.0 (2.2)pts 83.9 83.6 0.3 ptsPassenger revenue (dollars in millions) 2,438 2,109 15.6 % 5,893 5,160 14.2 %Yield (cents) 19.13 16.28 17.5 % 19.13 17.02 12.4 %Passenger revenue per ASM (cents) 16.23 14.17 14.5 % 16.05 14.23 12.8 % Pacific Revenue passenger miles (millions) 2,234 2,162 3.3 % 7,452 7,069 5.4 %Available seat miles (millions) 2,754 2,584 6.6 % 8,867 8,362 6.0 %Passenger load factor (percent) 81.1 83.7 (2.6)pts 84.0 84.5 (0.5)ptsPassenger revenue (dollars in millions) 355 299 18.5 % 1,204 1,020 18.0 %Yield (cents) 15.88 13.84 14.8 % 16.15 14.43 11.9 %Passenger revenue per ASM (cents) 12.88 11.58 11.3 % 13.57 12.20 11.3 % Total International Revenue passenger miles (millions) 22,686 22,839 (0.7)% 64,866 63,492 2.2 %Available seat miles (millions) 26,584 26,294 1.1 % 76,954 75,177 2.4 %Passenger load factor (percent) 85.3 86.9 (1.6)pts 84.3 84.5 (0.2)ptsPassenger revenue (dollars in millions) 4,411 3,748 17.7 % 12,404 10,975 13.0 %Yield (cents) 19.44 16.41 18.5 % 19.12 17.29 10.6 %Passenger revenue per ASM (cents) 16.59 14.25 16.4 % 16.12 14.60 10.4 % Note: Amounts may not recalculate due to rounding. (1) Domestic results include Canada, Puerto Rico and U.S. Virgin Islands.(2) Latin America results include the Caribbean. Reconciliation of GAAP Financial Information to Non-GAAP Financial Information American Airlines Group Inc. (the Company) sometimes uses financial measures that are derived from the condensed consolidated financial statements but that are not presented in accordance with GAAP to understand and evaluate its current operating performance and to allow for period-to-period comparisons. The Company believes these non-GAAP financial measures may also provide useful information to investors and others. These non-GAAP measures may not be comparable to similarly titled non-GAAP measures of other companies, and should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with GAAP. The Company is providing a reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The tables below present the reconciliations of the following GAAP measures to their non-GAAP measures: - Operating Income (GAAP measure) to Operating Income Excluding Net Special Items (non-GAAP measure)
- Operating Margin (GAAP measure) to Operating Margin Excluding Net Special Items (non-GAAP measure)
- Pre-Tax Income (Loss) (GAAP measure) to Pre-Tax Income (Loss) Excluding Net Special Items (non-GAAP measure)
- Pre-Tax Margin (GAAP measure) to Pre-Tax Margin Excluding Net Special Items (non-GAAP measure)
- Net Income (Loss) (GAAP measure) to Net Income (Loss) Excluding Net Special Items (non-GAAP measure)
- Basic and Diluted Earnings (Loss) Per Share (GAAP measure) to Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items (non-GAAP measure) Management uses these non-GAAP financial measures to evaluate the Company's current operating performance and to allow for period-to-period comparisons. As net special items may vary from period-to-period in nature and amount, the adjustment to exclude net special items provides management with an additional tool to understand the Company’s core operating performance. Additionally, the tables below present the reconciliations of total operating costs (GAAP measure) to total operating costs excluding net special items, fuel and profit sharing (non-GAAP measure) and total operating costs per ASM (CASM) to CASM excluding net special items, fuel and profit sharing. Management uses total operating costs excluding net special items, fuel and profit sharing and CASM excluding net special items, fuel and profit sharing to evaluate the Company's current operating performance and to allow for period-to-period comparisons. The price of fuel, over which the Company has no control, impacts the comparability of period-to-period financial performance. Additionally, the Company excludes profit sharing to allow investors to better understand and analyze its operating cost performance and to provide a more meaningful comparison of its core operating costs to the airline industry. The adjustment to exclude net special items, fuel and profit sharing provides management with an additional tool to understand and analyze the Company’s non-fuel costs and core operating performance. Reconciliation of Operating Income Excluding Net Special Items 3 Months Ended
September 30, Percent
Increase 9 Months Ended
September 30,Percent
Increase 2026 2025 (Decrease) 2026 2025 (Decrease) (in millions) (in millions) Operating income as reported $115 $151 $521 $1,015 Operating net special items: Mainline operating special items, net (1) 9 7 29 125 Regional operating special items, net 8 - 8 - Operating income excluding net special items $132 $158 (16.2%) $558 $1,140 (51.0%) Calculation of Operating Margin Operating income as reported $115 $151 $521 $1,015 Total operating revenues as reported $16,335 $13,691 $46,982 $40,634 Operating margin 0.7% 1.1% 1.1% 2.5% Calculation of Operating Margin Excluding Net Special Items Operating income excluding net special items $132 $158 $558 $1,140 Total operating revenues as reported $16,335 $13,691 $46,982 $40,634 Operating margin excluding net special items 0.8% 1.2% 1.2% 2.8% Reconciliation of Pre-Tax Income (Loss) Excluding Net Special Items Pre-tax income (loss) as reported $(334) $(142) $(702) $48 Pre-tax net special items: Mainline operating special items, net (1) 9 7 29 125 Regional operating special items, net 8 - 8 - Nonoperating special items, net (2) 95 (4) 259 28 Total pre-tax net special items 112 3 296 153 Pre-tax income (loss) excluding net special items $(222) $(139) 60.1% $(406) $201 nm Calculation of Pre-Tax Margin Pre-tax income (loss) as reported $(334) $(142) $(702) $48 Total operating revenues as reported $16,335 $13,691 $46,982 $40,634 Pre-tax margin (2.0%) (1.0%) (1.5%) 0.1% Calculation of Pre-Tax Margin Excluding Net Special Items Pre-tax income (loss) excluding net special items $(222) $(139) $(406) $201 Total operating revenues as reported $16,335 $13,691 $46,982 $40,634 Pre-tax margin excluding net special items (1.4%) (1.0%) (0.9%) 0.5% 3 Months Ended
September 30, Percent
Increase 9 Months Ended
September 30,Percent
Increase Reconciliation of Net Income (Loss) Excluding Net Special Items 2026 2025 (Decrease) 2026 2025 (Decrease) (in millions, except share and per share amounts) (in millions, except share and per share amounts) Net income (loss) as reported $(269) $(114) $(580) $12 Net special items: Total pre-tax net special items (1), (2) 112 3 296 153 Net tax effect of net special items (25) - (66) (34) Net income (loss) excluding net special items $(182) $(111) 63.7% $(350) $131 nm Reconciliation of Basic and Diluted Earnings (Loss) Per Share Excluding Net Special Items Net income (loss) excluding net special items $(182) $(111) $(350) $131 Shares used for computation (in thousands): Basic 662,706 660,358 662,026 659,788 Diluted 662,706 660,358 662,026 660,784 Earnings (loss) per share excluding net special items: Basic $(0.28) $(0.17) $(0.53) $0.20 Diluted $(0.28) $(0.17) $(0.53) $0.20 Reconciliation of Total Operating Costs per ASM Excluding Net Special Items, Fuel and Profit Sharing Total operating expenses as reported $16,220 $13,540 $46,461 $39,619 Operating net special items: Mainline operating special items, net (1) (9) (7) (29) (125) Regional operating special items, net (8) - (8) - Total operating expenses excluding net special items 16,203 13,533 46,424 39,494 Aircraft fuel and related taxes (4,635) (2,767) (12,444) (8,017) Total operating expenses excluding net special items and fuel 11,568 10,766 33,980 31,477 Profit sharing - 8 - (33) Total operating expenses excluding net special items, fuel and profit sharing $11,568 $10,774 $33,980 $31,444 (in cents) (in cents) Total operating expenses per ASM as reported 20.10 17.49 19.81 17.61 Operating net special items per ASM: Mainline operating special items, net (1) (0.01) (0.01) (0.01) (0.06) Regional operating special items, net (0.01) - - - Total operating expenses per ASM excluding net special items 20.08 17.48 19.79 17.56 Aircraft fuel and related taxes per ASM (5.74) (3.58) (5.31) (3.56) Total operating expenses per ASM excluding net special items and fuel 14.34 13.91 14.49 13.99 Profit sharing per ASM - 0.01 - (0.01) Total operating expenses per ASM excluding net special items, fuel and profit sharing 14.34 13.92 14.49 13.98 Note: Amounts may not recalculate due to rounding.
FOOTNOTES: (1)The 2025 nine month period mainline operating special items, net principally included a one-time charge resulting from adjustments to vacation accruals due to pay rate increases effective January 1, 2025, following the ratification of the contract extension in the fourth quarter of 2024 with the Company's mainline maintenance and fleet service team members and adjustments to litigation reserves. (2)Principally included mark-to-market net unrealized gains and losses associated with certain equity investments as well as charges associated with debt refinancings and extinguishments. Additionally, the 2026 third quarter and nine month period included an impairment charge related to the Company's equity investment in Republic Airways Holdings Inc. American Airlines Group Inc. Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) 9 Months Ended
September 30, 2026 2025 Net cash provided by operating activities$4,541 $3,373 Cash flows from investing activities: Capital expenditures and aircraft purchase deposits (2,728) (2,149) Proceeds from sale-leaseback transactions and sale of property and equipment 77 243 Purchases of short-term investments (5,026) (4,801) Sales of short-term investments 2,751 4,944 Decrease (increase) in restricted short-term investments 180 (20) Other investing activities (79) 279 Net cash used in investing activities (4,825) (1,504) Cash flows from financing activities: Proceeds from issuance of long-term debt 5,933 2,169 Payments on long-term debt and finance leases (5,347) (4,087) Other financing activities (130) 85 Net cash provided by (used in) financing activities 456 (1,833) Net increase in cash and restricted cash 172 36 Cash and restricted cash at beginning of period 1,056 902 Cash and restricted cash at end of period (1)$1,228 $938 ‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
(1)The following table provides a reconciliation of cash and restricted cash to amounts reported within the condensed consolidated balance sheets: Cash $1,124 $835 Restricted cash included in restricted cash and short-term investments 104 103 Total cash and restricted cash$1,228 $938 American Airlines Group Inc. Condensed Consolidated Balance Sheets (In millions, except shares) September 30, 2026 December 31, 2025 (unaudited) Assets Current assets Cash$1,124 $954 Short-term investments 7,163 4,882 Restricted cash and short-term investments 555 735 Accounts receivable, net 1,928 2,075 Aircraft fuel, spare parts and supplies, net 3,171 2,792 Prepaid expenses and other 800 767 Total current assets 14,741 12,205 Operating property and equipment Flight equipment 48,715 46,597 Ground property and equipment 10,808 10,479 Equipment purchase deposits 633 656 Total property and equipment, at cost 60,156 57,732 Less accumulated depreciation and amortization (26,530) (25,192) Total property and equipment, net 33,626 32,540 Operating lease right-of-use assets 6,744 7,091 Other assets Goodwill 4,091 4,091 Intangibles, net 2,067 2,066 Deferred tax asset 2,477 2,368 Other assets 1,272 1,413 Total other assets 9,907 9,938 Total assets$65,018 $61,774 Liabilities and Stockholders’ Equity (Deficit) Current liabilities Current maturities of long-term debt and finance leases$3,692 $3,753 Accounts payable 3,334 2,840 Accrued salaries and wages 2,175 2,128 Air traffic liability 9,414 7,158 Loyalty program liability 4,446 3,725 Operating lease liabilities 1,032 1,058 Fuel financing 933 914 Other accrued liabilities 2,997 2,916 Total current liabilities 28,023 24,492 Noncurrent liabilities Long-term debt and finance leases, net of current maturities 25,943 25,254 Pension and postretirement benefits 1,099 1,568 Loyalty program liability 7,068 6,839 Operating lease liabilities 5,607 5,905 Other liabilities 1,502 1,443 Total noncurrent liabilities 41,219 41,009 Stockholders' equity (deficit) Common stock, 662,618,434 shares outstanding at September 30, 2026 7 7 Additional paid-in capital 7,424 7,387 Accumulated other comprehensive loss (4,343) (4,389) Retained deficit (7,312) (6,732) Total stockholders' deficit (4,224) (3,727) Total liabilities and stockholders’ equity (deficit)$65,018 $61,774 Total Debt and Net Debt The Company's total debt and net debt are presented below, which are non-GAAP measures that management believes are useful for assessing the Company's debt profile. Total debt is defined as debt, finance and operating lease liabilities and pension obligations, and net debt is defined as total debt, net of unrestricted cash and short-term investments. Total Debt and Net Debt (at end of period) September 30, 2026 (in millions) Debt and finance leases $29,635 Operating lease liabilities 6,639 Pension obligations 92 Total debt 36,366 Less: cash and short-term investments 8,287 Net debt $28,079 Corporate Communications
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AT&T ve třetím čtvrtletí vykázala zisk na akcii (EPS) 0,65 USD a tržby ve výši 32,32 miliardy USD, čímž překonala očekávání analytiků. Tržby meziročně vzrostly o 5,2 %.
Carnegie Investment Counsel lifted its stake in AT&T Inc. (NYSE:T – Free Report) by 27.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 142,506 shares of the technology company’s stock after acquiring an additional 30,302 shares during the period. Carnegie Investment Counsel’s holdings in AT&T were worth $3,477,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. State Street Corp grew its holdings in AT&T by 5.8% during the second quarter. State Street Corp now owns 334,273,613 shares of the technology company’s stock valued at $6,919,464,000 after purchasing an additional 18,468,679 shares during the last quarter. Bank of America Corp DE raised its position in shares of AT&T by 4.6% in the first quarter. Bank of America Corp DE now owns 125,191,700 shares of the technology company’s stock valued at $3,629,307,000 after purchasing an additional 5,449,222 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of AT&T by 12.7% in the first quarter. Bank of New York Mellon Corp now owns 72,764,509 shares of the technology company’s stock worth $2,109,443,000 after buying an additional 8,197,935 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of AT&T in the second quarter worth $1,223,364,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of AT&T by 2.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 55,616,152 shares of the technology company’s stock worth $1,151,254,000 after buying an additional 1,336,556 shares during the last quarter. 57.10% of the stock is owned by institutional investors.
AT&T Stock Down 6.3% Shares of T stock opened at $21.95 on Thursday. AT&T Inc. has a 12 month low of $19.89 and a 12 month high of $29.43. The firm has a market cap of $150.38 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 1.14 and a beta of 0.25. The stock has a 50 day moving average of $24.90 and a 200-day moving average of $24.29. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.06.
AT&T (NYSE:T – Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.05. The business had revenue of $32.32 billion for the quarter, compared to the consensus estimate of $31.69 billion. AT&T had a net margin of 16.94% and a return on equity of 12.86%. AT&T’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $0.54 earnings per share. On average, equities analysts predict that AT&T Inc. will post 2.33 EPS for the current year. AT&T Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Monday, October 12th will be paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.1%. The ex-dividend date is Friday, October 9th. AT&T’s dividend payout ratio is presently 36.75%.
Analyst Upgrades and Downgrades Several research firms recently issued reports on T. Wolfe Research raised shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $29.00 price objective for the company in a report on Thursday, July 23rd. BNP Paribas Exane upgraded shares of AT&T from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $26.00 to $30.00 in a report on Monday, September 21st. KeyCorp reiterated an “overweight” rating and issued a $36.00 target price on shares of AT&T in a report on Wednesday, October 7th. Argus cut their target price on shares of AT&T from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada cut their target price on shares of AT&T from $31.00 to $27.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.89.
Get Our Latest Analysis on T
AT&T News Summary Here are the key news stories impacting AT&T this week:
Positive Sentiment: AT&T reported adjusted third-quarter EPS of $0.65 and revenue of $32.32 billion, exceeding consensus estimates. Revenue increased approximately 5.2% year over year. Stock Market Today, Oct. 21: AT&T Beats Earnings on Strong Fiber Growth, Raises 2026 Profit Outlook Positive Sentiment: Growth was led by record Advanced Connectivity additions of 769,000, including 442,000 fiber and 327,000 fixed-wireless customers, along with 379,000 postpaid phone net additions. AT&T also added more than 1 million advanced-connectivity customers for a second consecutive quarter. T Q3 Earnings Beat Estimates on Fiber and Wireless Growth Positive Sentiment: Management raised its 2026 adjusted EPS outlook to approximately $2.40, maintained its long-term double-digit adjusted-earnings growth target, and plans roughly $10 billion in 2026 share repurchases. It also lowered planned annual capital investment for 2027 and 2028 to $22 billion-$23 billion. AT&T raises 2026 earnings outlook as fibre and wireless growth accelerates Neutral Sentiment: AT&T CEO John Stankey downplayed the threat from SpaceX’s Starlink Mobile, saying low-Earth-orbit networks are particularly useful for rural coverage. However, investors remain concerned that satellite competition could pressure wireless subscriber growth, pricing, and promotional spending. AT&T’s CEO throws shade at Musk’s Starlink mobile ambitions Negative Sentiment: Reported results included a $2.6 billion noncash impairment tied to the Mexico wireless business, while net debt rose to approximately $149.8 billion following the EchoStar spectrum transaction. Management now expects to return to its 2.5-times net-debt-to-adjusted-EBITDA target during 2029, signaling slower deleveraging than some investors expected. AT&T Slides After Earnings as Investors Focus on Debt, Spending and an Impairment Charge AT&T Profile (Free Report)
AT&T Inc (NYSE: T) is a telecommunications company that provides wireless communications, broadband, and related connectivity services. Its offerings include mobile voice and data plans, internet access, fiber broadband, fixed wireless services, and business communications solutions.
The company serves consumers, businesses, government agencies, and other organizations primarily in the United States. AT&T’s business operations include wireless network services, wireline connectivity, fiber-optic internet, voice services, and networking solutions designed to connect locations, devices, and applications.
AT&T traces its history to the Bell System and has operated under its current corporate name since 2005, following the acquisition of AT&T Corp.
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Axxcess Wealth Management ve třetím čtvrtletí snížila svůj podíl ve společnosti Procter & Gamble o 38 % prodejem 33 301 akcií; na konci období držela 54 418 akcií v hodnotě 7,906 mil. USD.
Axxcess Wealth Management LLC trimmed its stake in shares of Procter & Gamble Company (The) (NYSE:PG – Free Report) by 38.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 54,418 shares of the company’s stock after selling 33,301 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Procter & Gamble were worth $7,906,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Ellis Investment Partners LLC grew its holdings in Procter & Gamble by 0.7% during the 3rd quarter. Ellis Investment Partners LLC now owns 8,816 shares of the company’s stock valued at $1,281,000 after buying an additional 64 shares in the last quarter. Clark Wealth Partners lifted its holdings in shares of Procter & Gamble by 20.6% in the third quarter. Clark Wealth Partners now owns 387 shares of the company’s stock worth $56,000 after buying an additional 66 shares in the last quarter. KLCM Advisors Inc. lifted its holdings in shares of Procter & Gamble by 0.9% in the first quarter. KLCM Advisors Inc. now owns 7,890 shares of the company’s stock worth $1,140,000 after buying an additional 70 shares in the last quarter. Midwest Professional Planners LTD. lifted its holdings in shares of Procter & Gamble by 2.6% in the second quarter. Midwest Professional Planners LTD. now owns 2,799 shares of the company’s stock worth $410,000 after buying an additional 70 shares in the last quarter. Finally, Legacy Solutions LLC boosted its position in shares of Procter & Gamble by 3.8% in the second quarter. Legacy Solutions LLC now owns 1,928 shares of the company’s stock valued at $283,000 after acquiring an additional 71 shares during the period. Hedge funds and other institutional investors own 65.77% of the company’s stock.
Insiders Place Their Bets In related news, CFO Andre Schulten sold 3,914 shares of the firm’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $145.34, for a total value of $568,860.76. Following the sale, the chief financial officer directly owned 65,618 shares of the company’s stock, valued at $9,536,920.12. This trade represents a 5.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Matthew Janzaruk sold 359 shares of Procter & Gamble stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $145.24, for a total transaction of $52,141.16. Following the sale, the chief accounting officer owned 1,271 shares of the company’s stock, valued at approximately $184,600.04. The trade was a 22.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,135 shares of company stock valued at $2,189,970 over the last three months. Corporate insiders own 0.23% of the company’s stock.
Procter & Gamble Price Performance Shares of NYSE PG opened at $156.97 on Thursday. The firm has a market capitalization of $364.58 billion, a P/E ratio of 23.71, a P/E/G ratio of 3.96 and a beta of 0.39. The company has a quick ratio of 0.47, a current ratio of 0.68 and a debt-to-equity ratio of 0.43. The stock’s 50-day simple moving average is $147.65 and its two-hundred day simple moving average is $146.83. Procter & Gamble Company has a twelve month low of $137.62 and a twelve month high of $167.25. Procter & Gamble (NYSE:PG – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.02. The firm had revenue of $21.20 billion for the quarter, compared to analysts’ expectations of $21.38 billion. Procter & Gamble had a return on equity of 31.36% and a net margin of 18.44%. The company’s revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.48 EPS. Procter & Gamble has set its FY 2027 guidance at 6.890-7.110 EPS. As a group, equities analysts anticipate that Procter & Gamble Company will post 6.98 EPS for the current fiscal year.
Procter & Gamble Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Friday, October 23rd will be given a $1.0885 dividend. This represents a $4.35 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, October 23rd. Procter & Gamble’s dividend payout ratio is 65.71%.
Analysts Set New Price Targets PG has been the subject of several recent analyst reports. Jefferies Financial Group boosted their price objective on shares of Procter & Gamble from $177.00 to $179.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Bank of America decreased their target price on shares of Procter & Gamble from $170.00 to $166.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Barclays increased their target price on shares of Procter & Gamble from $146.00 to $152.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 21st. Citigroup increased their target price on shares of Procter & Gamble from $170.00 to $180.00 and gave the stock a “buy” rating in a research note on Friday, October 9th. Finally, BMO Capital Markets raised their price target on shares of Procter & Gamble from $169.00 to $170.00 and gave the company an “outperform” rating in a report on Monday, June 29th. Fourteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $162.20.
Check Out Our Latest Stock Report on Procter & Gamble
Procter & Gamble News Roundup Here are the key news stories impacting Procter & Gamble this week:
Positive Sentiment: Procter & Gamble’s dividend remains a key support for the stock. The company recently recorded its 70th consecutive annual dividend increase, reinforcing its appeal to income-focused investors, particularly while interest rates remain elevated. The Ultimate Dividend Growth Stock to Buy With $100 Right Now Positive Sentiment: Royal Bank of Canada reaffirmed its “outperform” rating and maintained a $166 price target, implying additional upside from the referenced trading level. Benzinga analyst-rating report Neutral Sentiment: Investors are comparing PG’s dependable profitability and cash flow from essential household products with higher-risk consumer brands such as Nike. This supports PG’s defensive profile but does not provide a new earnings catalyst. Nike vs. Procter & Gamble Negative Sentiment: Procter & Gamble expects only 1% to 3% organic sales growth, raising concerns that the company’s large brands may be struggling to generate stronger underlying demand. Procter & Gamble Expects 1% to 3% Organic Growth Negative Sentiment: The earnings preview identifies a central risk: recovering product volumes could be offset by pricing headwinds, potentially limiting revenue growth and margins. Procter & Gamble Earnings Preview Negative Sentiment: Options-market activity indicates traders are positioned for PG shares to decline following the earnings release, reflecting elevated near-term uncertainty. Barchart Earnings Analysis Procter & Gamble Profile (Free Report)
Procter & Gamble Company (NYSE: PG) is a global consumer products company that develops, manufactures and markets branded products used in households and personal care. Its portfolio includes personal health and grooming products, beauty and skin care items, baby, feminine and family care products, fabric and home care products, and oral care products.
The company’s well-known brands include Pampers, Tide, Gillette, Crest, Oral-B, Head & Shoulders, Pantene, Olay, Old Spice, Dawn, Febreze and Mr.
See Also Five stocks we like better than Procter & Gamble GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding PG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Procter & Gamble Company (The) (NYSE:PG – Free Report).
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Procter & Gamble očekává, že náklady na suroviny, energie a přepravu sníží zisk ve fiskálním roce 2027 o 1,4 miliardy USD místo dříve odhadované 1 miliardy USD.
Procter & Gamble (PG.N) on Thursday warned that rising raw material, energy and freight costs would take a bigger bite out of annual profit, even as resilient demand for its beauty and home-care products helped first-quarter sales beat estimates.
The Tide detergent and Pantene shampoo maker now expects those costs to reduce fiscal 2027 profit by about $1.4 billion, up from its previous estimate of $1 billion.
Pressures from high commodity costs are expected to increase over the next two quarters, P&G CFO Andre Schulten said on a call with the media.
P&G’s results offer an early test of whether resilient US consumer spending can withstand another bout of inflation, as higher fuel and food costs squeeze household budgets and push shoppers towards cheaper alternatives.
Commodity inflation has emerged as a growing concern across industries, from consumer goods giants to airlines, as volatility in oil prices following the US war on Iran drives up fuel and transportation costs.
While P&G topped quarterly estimates, it maintained its fiscal 2027 forecasts for organic sales growth of 1% to 3% and core earnings of roughly $7 per share.
"That is really a reflection of rising commodity prices in most companies, inability to continue to pass along increased input costs, which will likely cut into margins," said Art Hogan, chief market strategist at B. Riley Wealth.
HIGHER COSTS SQUEEZE MARGINS
P&G's core operating margin fell 80 basis points in the quarter ended September 30 despite 250 basis points of productivity savings, including efforts to streamline its supply chain under new CEO Shailesh Jejurikar.
Higher fuel prices have pushed up transportation and freight costs for packaged-goods companies, while a shortage of truck drivers on some routes has added to the pressure, a P&G spokesperson told Reuters.
US retail diesel prices hit a record $6 a gallon in September following the U.S. war in Iran and have remained elevated.
P&G is negotiating with suppliers and optimizing transportation routes to contain costs while continuing to invest in product innovation, the spokesperson said.
VOLUMES HOLD STEADY
First-quarter net sales rose 4% to $23.28 billion, beating analysts' estimates of $22.80 billion, according to data compiled by LSEG. Its shares rose about 2% in premarket trading.
Volumes increased in P&G's beauty business, helped by demand for higher-priced hair-care products as consumers continued to spend on self-care despite pressure on household budgets from higher fuel and food costs.
Overall volumes rose 2.4%, while prices increased about 0.4% in the three months through September.
Swiss packaged-goods maker Nestle (NESN.S) also topped estimates for organic sales growth on Thursday, helped by stronger volumes.
The company reported first-quarter core earnings of $2 per share, above analysts' estimate of $1.88.
In August, P&G said it would buy supplements maker Thorne as it sought to tap growing demand for health and wellness products.
Procter & Gamble on Thursday reported quarterly earnings and revenue that beat analysts' expectations, fueled by growing demand for its laundry detergent and home care products.
Shares of the company rose more than 2% in premarket trading.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $2.00 adjusted vs. $1.88 expectedRevenue: $23.3 billion vs. $22.8 billion expectedP&G reported fiscal first-quarter net income attributable to the company of $4.73 billion, or $1.97 per share, down from $4.75 billion, or $1.95 per share, a year earlier.
Excluding restructuring costs and other items, the company earned $2 per share.
Net sales rose 4% to $23.3 billion.
P&G reported volume growth of 2.4%, a strong start for its new fiscal year. Like many consumer companies, P&G has seen demand for its products weaken as shoppers have become more value conscious.
Executives have previously said that consumers are now using every last drop of shampoo or laundry detergent, and value packs have become more popular. In fiscal 2026, P&G reported just one quarter of volume growth.
P&G is still seeing signs of a bifurcated economy, CFO Andre Schulten said on CNBC's "Squawk Box" on Thursday. High-income consumers are willing to trade up to new products, even a $30 shampoo, while low-income consumers are trying to make brands like Tide and Pampers work for their tight budgets.
The company has tried to address both ends of the spectrum with promotional pricing, new pack sizes and product innovation that can command higher prices.
P&G's top performing division was fabric and home care, which includes brands like Tide and Febreze. The segment's volume rose 4.3% in the quarter.
The company's baby, feminine and family care segment and its beauty business both reported volume growth of more than 2%.
P&G's grooming division saw volume shrink 0.4% in the quarter. The segment includes Gillette and Venus razors.
The company's health care business was the laggard of the portfolio this quarter. Its volume fell 2.9% as demand for oral health care products, like Crest toothpaste, and personal health care items, like Pepto-Bismol, shrank.
The company is expecting continued "geopolitical and economic challenges," but P&G is on track to meet its guidance, CEO Shailesh Jejurikar said in a statement.
For fiscal 2027, P&G reiterated its forecast for core earnings per share in a range of $6.89 to $7.11. The company is now projecting all-in sales growth in the range of 2% to 4% compared with the prior year, up from its prior outlook of 1% to 3%. The change reflects its acquisition of supplements brand Thorne, which closed on Oct. 1.
Ford ve třetím čtvrtletí zvýšil prodej certifikovaných ojetin o 44 % a poprvé překonal Toyotu; prodeje certifikovaných ojetin v odvětví přitom do srpna klesly o 2,5 %.
About a year ago, Ford Motor Company (F -2.06%) made an intriguing move by partnering with online retailer juggernaut Amazon (AMZN -0.10%) that many investors overlooked. That was when Ford announced it would sell Ford Blue Advantage vehicles, or certified pre-owned (CPO) vehicles, on Amazon Autos.
Let's peel back the outer layers of this move, which has helped boost Ford's CPO sales by 44% during the third quarter and surpassed Toyota's (TM -0.85%) volume for the first time. Here's exactly why Ford's expanding CPO sales is a great thing for long-term investors.
Image source: Ford Motor Company.
Pedal to the metal
Ford is well on its way to topping its 500,000 CPO sales target for 2027, which will likely remove Toyota from its spot as the industry's top certified seller. Better still, Ford's impressive 44% gain in CPO sales during Q3 comes with the industry's CPO sales declining 2.5% through August, according to Automotive News Data Center. This is all great news, but let's explain exactly how and why this is great news for long-term investors.
Ford launched its dealer-led CPO program, Ford Blue Advantage, in 2021. About 70% of Ford's 2,800 U.S. dealerships participate in the program, which also launched a similar program for Ford Pro commercial vehicles. What's interesting about Ford's CPO business is that when consumers buy a non-certified used vehicle, they return to the manufacturer only about 30% of the time. When that sale is for a certified vehicle, the consumer remains loyal and returns to the brand more than half the time.
"The biggest part that I press on our dealers of why it's important to certify the vehicles is that connectivity back to the brand," according to Rob Kaffl, Ford's director of U.S. sales and dealer relations. "You have an audience that we can now market to moving forward for a new vehicle or any of our other services."
Why CPO sales are important
Another big part of the CPO business for Ford is that after discontinuing the Escape and Lincoln Corsair last year, it has fewer entry-level options for consumers. CPO sales help the Detroit automaker fill this void for budget-conscious buyers and gives Ford another way for its dealers to retain and attract consumers.
F Ford Motor Company$11.90-$0.25 (-2.06%)
NYSE · As of 4:00 PM ET 10/21/26
CPO sales can also move the needle for Ford's overall sales, as it has started giving dealers certificates for each sale through its Ford Blue Advantage program, which effectively serves as an incentive to help lower new-vehicle prices. Ford's CPO sales have grown 96% since beginning in 2021 and are on pace to double its first six months of 2026 CPO sales during the second half of the year.
Investors shouldn't underestimate the importance of Ford's expanding CPO program because consumer loyalty in the automotive industry is incredibly powerful and "conquesting" consumers from a rival brand can be costly. Increasing loyalty, filling the void of entry-level options, and creating a new car sales pipeline through dealer certificates and incentives can move the needle for new vehicle purchases. All in all, if Ford executes and indeed surpasses Toyota in CPO sales next year, it's just one more reason to believe Ford is still turning into a well-rounded business for long-term investors.
Axxcess Wealth Management LLC raised its stake in shares of GE Aerospace (NYSE:GE – Free Report) by 16.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,388 shares of the company’s stock after buying an additional 3,666 shares during the quarter. Axxcess Wealth Management LLC’s holdings in GE Aerospace were worth $7,928,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of GE. Burkett Financial Services LLC raised its position in shares of GE Aerospace by 28.9% in the 2nd quarter. Burkett Financial Services LLC now owns 125 shares of the company’s stock valued at $47,000 after acquiring an additional 28 shares during the period. BOK Financial Private Wealth Inc. boosted its stake in GE Aerospace by 3.2% during the 2nd quarter. BOK Financial Private Wealth Inc. now owns 960 shares of the company’s stock worth $359,000 after acquiring an additional 30 shares during the last quarter. Gradient Investments LLC boosted its stake in GE Aerospace by 4.4% during the 2nd quarter. Gradient Investments LLC now owns 765 shares of the company’s stock worth $286,000 after acquiring an additional 32 shares during the last quarter. Kinloch Capital LLC grew its holdings in GE Aerospace by 3.1% during the second quarter. Kinloch Capital LLC now owns 1,079 shares of the company’s stock valued at $403,000 after purchasing an additional 32 shares during the period. Finally, United Community Bank grew its holdings in GE Aerospace by 10.1% during the second quarter. United Community Bank now owns 361 shares of the company’s stock valued at $135,000 after purchasing an additional 33 shares during the period. 74.77% of the stock is owned by institutional investors.
Insider Buying and Selling at GE Aerospace In other news, SVP Mohamed Ali sold 8,096 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $353.71, for a total value of $2,863,636.16. Following the completion of the transaction, the senior vice president owned 20,666 shares in the company, valued at $7,309,770.86. This represents a 28.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is owned by company insiders.
GE Aerospace Trading Down 1.4% NYSE:GE opened at $295.62 on Thursday. GE Aerospace has a fifty-two week low of $268.91 and a fifty-two week high of $388.84. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.98 and a quick ratio of 0.67. The stock has a market capitalization of $306.73 billion, a PE ratio of 38.94, a price-to-earnings-growth ratio of 2.16 and a beta of 1.38. The business’s 50-day simple moving average is $325.95 and its 200-day simple moving average is $328.95. GE Aerospace (NYSE:GE – Get Free Report) last posted its earnings results on Tuesday, October 20th. The company reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.24. GE Aerospace had a return on equity of 44.43% and a net margin of 17.31%. The business had revenue of $13.29 billion during the quarter, compared to analysts’ expectations of $12.88 billion. During the same period in the prior year, the business earned $1.66 EPS. GE Aerospace’s revenue for the quarter was up 24.7% compared to the same quarter last year. Sell-side analysts expect that GE Aerospace will post 8.00 earnings per share for the current fiscal year.
GE Aerospace Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Monday, October 26th. Shareholders of record on Monday, October 5th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, October 5th. This represents a $1.88 dividend on an annualized basis and a yield of 0.6%. GE Aerospace’s payout ratio is presently 22.14%.
GE Aerospace News Summary Here are the key news stories impacting GE Aerospace this week:
Positive Sentiment: Guidance was raised again. GE now expects fiscal 2026 adjusted EPS of $8.00–$8.10, above the $7.92 consensus and up from its previous $7.65–$7.85 forecast. The company also lifted its revenue-growth outlook to approximately 19%–20%, operating-profit guidance to $10.9–$11.0 billion, and free-cash-flow guidance to $9.1–$9.4 billion. GE Aerospace raises 2026 profit forecast Positive Sentiment: Commercial services remain the key growth engine. GE beat third-quarter estimates with adjusted EPS of $2.25 versus $2.01 expected and revenue of $13.29 billion versus $12.88 billion expected. Orders rose 49% to $19 billion, while strong engine-repair, spare-parts, and maintenance demand is supporting expectations for low-double-digit services growth in 2027. GE Aerospace Q3 earnings call highlights Positive Sentiment: Long-term aftermarket demand looks resilient. Delayed aircraft deliveries, aging fleets, and airline fuel pressures could encourage carriers to keep existing aircraft in service longer, supporting GE’s sizable services backlog and high-margin maintenance business. GE also reported that an AI tool reduced technical-record processing time by about 25%, potentially improving engine turnaround and availability. Neutral Sentiment: Analyst sentiment remains mixed. UBS raised its target to $380, while JPMorgan, RBC, and Susquehanna lowered targets but retained bullish ratings. Citi described the stock as an attractive entry point, highlighting strong operating trends despite recent post-earnings weakness. Negative Sentiment: Near-term profitability concerns overshadowed the beat. Management expects GE9X production ramp-up costs to create an approximately $300 million profit drag in 2027. Investors are also monitoring margin pressure, supply-chain constraints, spare-parts backlogs, fuel-related airline risks, and lower operating cash flow. Negative Sentiment: Valuation remains demanding. Commentary pointed to a premium valuation after a strong multiyear run, while BNP Paribas Exane cut its target to $280 and assigned an underperform rating. The combination of elevated expectations and concerns about future costs helps explain why GE stock decreased even after the earnings beat. Analyst Upgrades and Downgrades Several equities research analysts have commented on the stock. TD Cowen reaffirmed a “buy” rating and issued a $380.00 target price (up from $330.00) on shares of GE Aerospace in a research note on Monday, July 13th. Guggenheim set a $380.00 target price on shares of GE Aerospace in a report on Wednesday. Vertical Research reissued a “buy” rating and set a $400.00 price target on shares of GE Aerospace in a research report on Tuesday. Morgan Stanley reissued an “overweight” rating and set a $375.00 price target (down from $400.00) on shares of GE Aerospace in a research report on Wednesday. Finally, Melius Research set a $350.00 price target on shares of GE Aerospace and gave the company a “hold” rating in a report on Monday, September 14th. Seventeen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $375.62.
Check Out Our Latest Stock Report on GE
GE Aerospace Company Profile (Free Report)
GE Aerospace (NYSE: GE) is a global aerospace company that designs, develops, manufactures and services aircraft engines and related systems. Its products support commercial air transport, business and general aviation, military aircraft, and other defense applications. The company also provides engine components, avionics, mechanical systems, digital solutions and maintenance, repair and overhaul services.
GE Aerospace serves airlines, aircraft operators, leasing companies, airframers and government customers worldwide.
See Also Five stocks we like better than GE Aerospace GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors
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Akcie McDonald's jsou v roce 2026 o 20,6 % níže a 29 % pod 52týdenním maximem. Firma prostřednictvím plánu NEXT cílí na zvýšení ročního peněžního toku na restauraci o 100 000 USD.
Investors, even professionals with years of experience, can be seduced by stocks mired in bear markets. Arguably, that temptation is ratcheted up when the stock in question is an older large-cap company. Think of it as the theory of a "strong stock in a weak place."
With the stock trading 29% below its 52-week high of $341.75, it appears many investors aren't yet taking the bait on McDonald's (MCD -0.11%), and it's easy to understand why. Not only is the fast-food stock well into bear-market territory, but its 20.6% decline in 2026 makes it the third-worst performer in the Dow Jones Industrial Average, with only International Business Machines and well-documented offender Nike delivering worse returns.
McDonald's could rebound, but investors will need to be patient. Image source: Getty Images.
Following a Monday, Oct. 19, close at $242.67, shares of McDonald's are probing levels rarer than McRib availability. On the other side of the coin, patient investors who embrace the stock today may be rewarded over the long term.
Royal vibes Due to the aforementioned declines, McDonald's shares yield 3.2%, nearly triple the S&P 500's dividend yield. Speaking of this dividend, which has long been one of the stock's primary attractions, the burger chain boosted its payout last month, marking the 50th consecutive year it has done so. That makes McDonald's a Dividend King, or one of the rare companies with dividend increase streaks of at least 50 years.
More important is the fact that McDonald's payout increase was nearly 4%, slightly topping the September jump of 3.7% (year over year) by the Consumer Price Index. In other words, the McDonald's dividend has some inflation-fighting chops.
Tapping into the McDonald's dividend as an inflation buffer has merit, as experts have long viewed dividend growth stocks as effective inflation hedges. After all, assuming more tolerable inflationary environments, payout growth helps investors retain more of their purchasing power.
$246.25-$0.27 (-0.11%)
NYSE · As of 4:00 PM ET 10/21/26
There's no telling when the Federal Reserve will get inflation under control, but if Morningstar is right, the McDonald's payout could average annual growth of 9% over the next decade. Barring a 2022 sequel, 9% growth should be a more-than-adequate inflation hedge.
McDonald's is trying to get it right Typically, stocks don't fall 29% from their 52-week highs without good reason. For McDonald's, higher costs and cost-conscious, inflation-sensitive consumers have been headwinds. And CEO Chris Kempczinski owns up to execution woes creating dissatisfaction among customers.
The company isn't sitting idly by, hoping for customers to return simply because they like McDonald's. At its recent investor day, the fast-food king unveiled its NEXT plan, which includes a broader embrace of artificial intelligence (AI), store revamps, streamlined operations, and a simplified menu. Don't underestimate the potential benefits of menu simplification, because many customers value simplicity and value, not complexity. NEXT aims to boost cash flow by $100,000 per year at an average McDonald's location.
As the stock's price action confirms, investors are in "show me" mode about the NEXT gambit. Still, if the execution is there, McDonald's could shake out of its current rut, and that's more important to investors than the possibility that McRib could make another appearance over the near term.
Starbucks zvýšil čtvrtletní dividendu na 0,63 USD na akcii, a to již 16. rok v řadě; akcionářům evidovaným k 13. listopadu bude vyplacena 27. listopadu.
Earlier this month, Starbucks (SBUX -0.29%) raised its dividend for the 16th consecutive year, boosting the payout by a modest one cent per share per quarter. Investors who own the stock by Nov. 13 will receive the new $0.63 quarterly dividend on Nov. 27. Annualized, that's $2.52 per share -- good for a forward yield of 2.6%.
Investors would need to own 199 shares to receive at least $500 in yearly dividends. That's a whopping $19,406 investment, based on Starbucks's stock price of $97.52 per share at the time of this writing.
Here's why Starbucks' investment thesis has fundamentally changed in recent years, and why Starbucks has transformed from a high-octane growth stock into a rock-solid dividend stock to buy now.
Image source: Starbucks.
Globalizing the "third place" Howard Schultz was instrumental in elevating Starbucks from a regional coffee bean and equipment merchant into a global sensation featuring quick-service, customizable coffee and tea drinks. Schultz was inspired by a trip to Italy, where local coffeehouses served as a third place, alongside home and work/school.
Starbucks grew rapidly and expanded into new markets by pairing the third-place concept alongside a caffeine-rich, customizable menu. Schultz viewed China as Starbucks's biggest opportunity yet, even predicting in December 2017 that China could one day have twice as many stores as the U.S. However, as of June 28, 2026, Starbucks's total international store count is 22,933, including about 8,000 stores in China, compared to 18,371 in North America.
SBUX data by YCharts
It's been a choppy period for the coffee stock -- to say the least. Over the last seven years, the stock price and gross profit have been virtually flat while revenue is up just 42.1%.
SBUX Starbucks$99.08-$0.29 (-0.29%)
NASDAQ · As of 4:00 PM ET 10/21/26
Reclaiming the third place Starbucks reached saturation in the U.S., and international markets like China have proven more challenging to sustain growth in. Starbucks continues to have success leveraging its rewards program and cutting wait times with mobile order and pay. But those concepts also turned Starbucks into a kind of transaction-based coffee factory that churned out as many drinks as possible rather than one focused on an inviting customer experience. Mobile ordering was instrumental in limiting the pandemic-induced slowdown in order volumes. But even post-pandemic, Starbucks eventually realized that it had leaned too heavily into convenience and transactions rather than friendly service and the in-store coffeehouse experience, which had damaged its brand among partners and customers.
In Starbucks's Leadership Experience event in June 2025, Schulz and CEO Brian Niccol discussed the need to reclaim Starbucks's role as a third place for communities and become a coffee-first company. Since then, Starbucks has implemented a nationwide makeover by bringing back coffeehouse aesthetics with inviting furniture and layouts and restoring a focus on personalization and customer interaction. The strategy is working. On its third-quarter fiscal 2026 earnings call in August, Starbucks said that it had completed 1,000 North America store remodels and was showing a vast improvement in same-store sales in the U.S. and internationally. Starbucks also reduced its company-operated stores in the U.S. by 2.7% year-over-year. And its international company-owned stores dropped from 10,277 to just 2,464 because it converted 7,991 stores in China to licensed stores as part of its diversification of Starbucks retail operations in China. In April, Starbucks finalized a joint venture with Chinese private equity firm Boyu Capital that included selling a 60% stake in Starbucks China retail operations and converting company-operated stores in China to licensed stores. Starbucks hopes to grow its store count in China to 20,000 over time as part of this capital-light licensing model.
Starbucks is guiding for 6% U.S. same-store sales growth Starbucks' new strategy is centered on improving the quality of its stores for partners and customers, managing costs, and growing margins, rather than rapidly growing revenue through new store openings. Its deal with Boyu Capital provides upside potential from expansion in China without the capital intensity of managing company-owned rather than licensed stores.
Starbucks' new strategy is already paying off. Its updated fiscal 2026 guidance now calls for over 6% U.S. same-store sales growth and global comps nearing 6%. Full-year revenue is expected to be flat or slightly up, given a lower U.S. store count and its new operating structure in China. Margins are improving too, with the overall company forecast margin considerably higher at over 11%.
Buying quality companies with growing dividends is an excellent way to participate in the stock market while boosting your passive income stream. Starbucks has been a disappointing stock to own for years, but that could change under its more focused corporate strategy that is already demonstrating tangible results. With an emphasis on operating efficiency over pure-play growth, Starbucks is well-positioned to become a top-tier dividend stock.
Cantor Fitzgerald Investment Advisors ve třetím čtvrtletí snížila svůj podíl ve společnosti Hewlett Packard Enterprise o 33,7 % prodejem 244 093 akcií; nyní drží 480 844 akcií.
Cantor Fitzgerald Investment Advisors L.P. trimmed its position in shares of Hewlett Packard Enterprise Company (NYSE:HPE – Free Report) by 33.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 480,844 shares of the technology company’s stock after selling 244,093 shares during the quarter. Hewlett Packard Enterprise makes up 1.4% of Cantor Fitzgerald Investment Advisors L.P.’s holdings, making the stock its 14th biggest holding. Cantor Fitzgerald Investment Advisors L.P.’s holdings in Hewlett Packard Enterprise were worth $30,721,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in HPE. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Hewlett Packard Enterprise during the 2nd quarter worth approximately $1,027,139,000. Primecap Management Co. CA bought a new stake in Hewlett Packard Enterprise during the 2nd quarter worth approximately $773,225,000. Legal & General Group Plc acquired a new position in Hewlett Packard Enterprise in the 2nd quarter valued at approximately $512,721,000. Elliott Investment Management L.P. increased its position in Hewlett Packard Enterprise by 47.2% in the 1st quarter. Elliott Investment Management L.P. now owns 27,421,735 shares of the technology company’s stock valued at $652,912,000 after acquiring an additional 8,790,757 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Hewlett Packard Enterprise in the 2nd quarter valued at approximately $322,718,000. 80.78% of the stock is currently owned by institutional investors.
Hewlett Packard Enterprise Trading Up 3.6%
NYSE:HPE opened at $58.11 on Thursday. The company has a current ratio of 1.11, a quick ratio of 0.72 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $77.14 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 0.50 and a beta of 1.39. The firm has a fifty day simple moving average of $59.39 and a two-hundred day simple moving average of $47.18. Hewlett Packard Enterprise Company has a 12 month low of $19.84 and a 12 month high of $73.56.
Hewlett Packard Enterprise (NYSE:HPE – Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The technology company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.18. The firm had revenue of $12.21 billion for the quarter, compared to analyst estimates of $11.97 billion. Hewlett Packard Enterprise had a net margin of 6.60% and a return on equity of 15.50%. The business’s quarterly revenue was up 33.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 earnings per share. Hewlett Packard Enterprise has set its Q4 2026 guidance at 1.200-1.300 EPS and its FY 2026 guidance at 3.750-3.850 EPS. Analysts expect that Hewlett Packard Enterprise Company will post 3.34 EPS for the current fiscal year.
Hewlett Packard Enterprise Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Thursday, September 17th were paid a dividend of $0.1425 per share. This represents a $0.57 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, September 17th. Hewlett Packard Enterprise’s dividend payout ratio is 29.69%.
Here are the key news stories impacting Hewlett Packard Enterprise this week:
Positive Sentiment: AI infrastructure demand lifted the sector. Super Micro raised its quarterly revenue outlook and projected better gross margins, sending its shares sharply higher and pulling HPE and Dell Technologies along with it. The update provided fresh evidence that spending on AI computing infrastructure remains strong. Why are Dell and HPE stocks rising in premarket trading on Wednesday?
Positive Sentiment: New ProLiant Gen13 servers expand HPE’s AI opportunity. HPE launched servers using sixth-generation AMD EPYC processors, targeting AI inference, agentic AI, data-intensive simulations and financial modeling. Higher core density, expanded memory and enhanced security features could support higher-value infrastructure sales. Learn Why The Bull Case For HPE Stock Could Change Following Gen13 Server Launch
Positive Sentiment: Commercial and strategic projects add visibility. The Miami Heat selected HPE to modernize wired and wireless networking at Kaseya Center, while HPE’s Spaceborne Computer 4 is planned to run high-performance computing and AI benchmarks on the Moon. These projects are unlikely to materially affect near-term revenue but enhance HPE’s technology profile and potential customer relationships. Miami Heat Selects Hewlett Packard Enterprise to Modernize Infrastructure
Neutral Sentiment: Investors remain focused on execution. HPE recently reported earnings and revenue above consensus estimates, but the stock’s substantial rally has increased scrutiny of valuation, backlog conversion and the durability of AI-related demand.
Negative Sentiment: Analyst skepticism remains a risk. A recent downgrade triggered significant selling despite strong earnings growth and a record backlog, highlighting concerns that optimistic AI expectations may already be reflected in HPE’s valuation. HPE Has a 12x Forward PE and 400% Growth
Insiders Place Their Bets
In other Hewlett Packard Enterprise news, Director Gary M. Reiner sold 17,000 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $56.91, for a total value of $967,470.00. Following the transaction, the director owned 65,072 shares in the company, valued at approximately $3,703,247.52. This represents a 20.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Rami Rahim sold 34,456 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $61.42, for a total value of $2,116,287.52. Following the completion of the sale, the executive vice president directly owned 875,133 shares of the company’s stock, valued at $53,750,668.86. This trade represents a 3.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 551,456 shares of company stock worth $35,271,258. Corporate insiders own 0.44% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on HPE shares. Citigroup raised their price target on shares of Hewlett Packard Enterprise from $76.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, October 1st. Evercore boosted their price objective on shares of Hewlett Packard Enterprise from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, October 1st. Daiwa Securities Group upgraded Hewlett Packard Enterprise from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $65.00 to $75.00 in a report on Friday, October 2nd. Bank of America increased their price objective on Hewlett Packard Enterprise from $80.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 31st. Finally, UBS Group raised their target price on Hewlett Packard Enterprise from $59.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Hewlett Packard Enterprise currently has an average rating of “Moderate Buy” and a consensus target price of $65.44.
View Our Latest Analysis on Hewlett Packard Enterprise
About Hewlett Packard Enterprise
(Free Report)
Hewlett Packard Enterprise Company (NYSE:HPE) is a global technology company that provides information technology solutions for businesses, governments and other organizations. Its offerings are designed to help customers build, manage and modernize data centers, hybrid cloud environments and edge computing operations.
HPE’s portfolio includes enterprise servers and compute systems, data storage, networking products, high-performance computing and artificial intelligence infrastructure.
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Cantor Fitzgerald Investment Advisors ve třetím čtvrtletí zvýšila svůj podíl ve společnosti Emerson Electric o 2,3 % na 146 450 akcií v hodnotě 22,714 milionu USD.
Cantor Fitzgerald Investment Advisors L.P. grew its position in shares of Emerson Electric Co. (NYSE:EMR – Free Report) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 146,450 shares of the industrial products company’s stock after buying an additional 3,328 shares during the period. Emerson Electric accounts for 1.0% of Cantor Fitzgerald Investment Advisors L.P.’s investment portfolio, making the stock its 20th largest position. Cantor Fitzgerald Investment Advisors L.P.’s holdings in Emerson Electric were worth $22,714,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. PensionDanmark Pensionsforsikringsaktieselskab lifted its position in Emerson Electric by 9.4% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 101,731 shares of the industrial products company’s stock worth $14,563,000 after buying an additional 8,700 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Emerson Electric in the second quarter worth about $6,193,425,000. Corient Private Wealth LP purchased a new position in shares of Emerson Electric in the second quarter worth about $129,817,000. Generali Investments Management Co LLC lifted its stake in shares of Emerson Electric by 91.2% in the 2nd quarter. Generali Investments Management Co LLC now owns 31,339 shares of the industrial products company’s stock valued at $4,486,000 after acquiring an additional 14,952 shares during the last quarter. Finally, Concurrent Investment Advisors LLC lifted its stake in shares of Emerson Electric by 21.5% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 66,724 shares of the industrial products company’s stock valued at $9,552,000 after acquiring an additional 11,802 shares during the last quarter. Institutional investors own 74.30% of the company’s stock.
Insider Buying and Selling In other news, CEO Surendralal Karsanbhai sold 9,650 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $161.91, for a total transaction of $1,562,431.50. Following the completion of the transaction, the chief executive officer directly owned 271,743 shares in the company, valued at approximately $43,997,909.13. This represents a 3.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.
Emerson Electric Price Performance NYSE EMR opened at $163.25 on Thursday. The business’s fifty day moving average price is $156.25 and its 200-day moving average price is $147.55. The stock has a market capitalization of $91.43 billion, a price-to-earnings ratio of 35.72, a PEG ratio of 2.20 and a beta of 1.21. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.66. Emerson Electric Co. has a 1-year low of $122.64 and a 1-year high of $166.35. Emerson Electric (NYSE:EMR – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.03. The firm had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Emerson Electric had a net margin of 13.83% and a return on equity of 17.58%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 EPS. Emerson Electric has set its FY 2026 guidance at 6.550-6.550 EPS and its Q4 2026 guidance at 1.850-1.850 EPS. On average, equities analysts predict that Emerson Electric Co. will post 6.56 earnings per share for the current year.
Emerson Electric Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 14th were paid a dividend of $0.5550 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.22 dividend on an annualized basis and a yield of 1.4%. Emerson Electric’s dividend payout ratio is presently 48.58%.
Analysts Set New Price Targets A number of research analysts recently issued reports on EMR shares. Rothschild & Co Redburn boosted their price target on Emerson Electric from $165.00 to $180.00 in a report on Thursday, August 6th. JPMorgan Chase & Co. boosted their target price on Emerson Electric from $169.00 to $184.00 and gave the company an “overweight” rating in a research note on Friday, October 9th. DA Davidson raised their target price on shares of Emerson Electric from $145.00 to $155.00 and gave the stock a “neutral” rating in a research report on Monday, August 24th. Mizuho lifted their price target on Emerson Electric from $173.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, October 15th. Finally, Royal Bank Of Canada upped their price target on Emerson Electric from $179.00 to $188.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $172.17.
Check Out Our Latest Research Report on EMR
(Free Report)
Emerson Electric Co (NYSE: EMR) is a global technology and engineering company that provides automation, control, and industrial technology solutions. Its offerings include measurement and analytical instruments, control systems, valves, regulators, software, and related services used to improve the safety, efficiency, and reliability of industrial operations.
The company serves customers across industries such as energy, chemicals, life sciences, food and beverage, manufacturing, and commercial and residential applications.
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, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the third quarter ended September 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended September 30,
Nine Months Ended September 30,
($ in millions, except per share data)*
2026
2025
% Change*
2026
2025
% Change*
U.S. GAAP
Revenue
$ 2,234
$ 2,078
8 %
$ 6,477
$ 5,993
8 %
Earnings from continuing operations
337
303
11 %
888
823
8 %
Diluted EPS from continuing operations
2.50
2.20
14 %
6.56
5.96
10 %
Non-GAAP
Organic revenue change
7 %
6 %
Adjusted earnings from continuing operations 1
388
361
7 %
1,069
981
9 %
Adjusted diluted EPS from continuing operations
2.88
2.62
10 %
7.89
7.10
11 %
1
Q3 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.
*
Totals, change and per share data may be impacted by rounding.
For the quarter ended September 30, 2026, Dover generated revenue of $2.2 billion, an increase of 8% (+7% organic). GAAP earnings from continuing operations of $337 million increased by 11%, and GAAP diluted EPS from continuing operations of $2.50 was up 14%. On an adjusted basis, earnings from continuing operations of $388 million were up 7% and adjusted diluted EPS from continuing operations of $2.88 was up 10%.
For the nine months ended September 30, 2026, Dover generated revenue of $6.5 billion, an increase of 8% (+6% organic). GAAP earnings from continuing operations of $888 million increased by 8%, and GAAP diluted EPS from continuing operations of $6.56 was up 10%. On an adjusted basis, earnings from continuing operations of $1.1 billion were up 9% and adjusted diluted EPS from continuing operations of $7.89 was up 11%.
A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover delivered strong results in the third quarter. Top-line growth accelerated, led by our secular growth markets in artificial intelligence and power generation infrastructure, energy transition, single-use biopharma, semiconductor manufacturing, and space launch. This strength was complemented by broad-based performance across the portfolio, including improving line rates in food retail as we completed the footprint consolidation.
"Order performance was a highlight, consistent with the trend we have seen throughout the year. Bookings increased across all five segments and again outpaced shipments, reinforcing our confidence in the forecast. Notably, a significant portion of our backlog is scheduled for delivery in 2027, giving us a solid foundation heading into next year.
"We remained active in capital deployment. We continued to invest behind greenfield expansions in high-growth end markets, along with productivity and footprint optimization projects. During the quarter, we announced two bolt-on acquisitions that expand our capabilities in attractive markets and add manufacturing capacity in key strategic locations, and we opportunistically repurchased over $330 million of our shares. Our balance sheet and liquidity position provide significant flexibility to deploy additional capital.
"We are on track to deliver double-digit adjusted EPS growth in 2026, in line with our long-term algorithm. As we begin planning for 2027, the constructive demand backdrop and our order book, together with carryover benefits from actions taken this year, set the stage for continued value creation for our shareholders."
FULL YEAR 2026 GUIDANCE:
In 2026, Dover expects to generate GAAP EPS in the range of $8.93 to $9.08 (adjusted EPS of $10.60 to $10.75), based on full year revenue growth of 7% to 8% (organic growth of 5% to 6%).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its third quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, October 22, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.
ABOUT DOVER:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR SUPPLEMENT - THIRD QUARTER 2026
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue
$ 2,233,839
$ 2,077,841
$ 6,477,483
$ 5,993,492
Cost of goods and services
1,330,413
1,244,247
3,895,316
3,596,136
Gross profit
903,426
833,594
2,582,167
2,397,356
Selling, general and administrative expenses
484,238
456,441
1,465,283
1,369,297
Operating earnings
419,188
377,153
1,116,884
1,028,059
Interest expense
28,870
27,239
87,450
81,638
Interest income
(16,520)
(17,804)
(45,102)
(55,993)
Gain on dispositions
—
—
—
(4,644)
Other income, net
(13,848)
(18,525)
(32,750)
(26,663)
Earnings before provision for income taxes
420,686
386,243
1,107,286
1,033,721
Provision for income taxes
83,866
82,951
219,172
211,058
Earnings from continuing operations
336,820
303,292
888,114
822,663
Loss from discontinued operations, net
(3,489)
(1,296)
(4,104)
(10,782)
Net earnings
$ 333,331
$ 301,996
$ 884,010
$ 811,881
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Basic earnings (loss) per share:
Continuing operations
$ 1.77
$ 2.32
$ 2.51
$ 6.60
$ 1.74
$ 2.04
$ 2.21
$ 5.99
$ 2.02
$ 8.01
Discontinued operations
$ —
$ —
$ (0.03)
$ (0.03)
$ (0.06)
$ (0.01)
$ (0.01)
$ (0.08)
$ 0.05
$ (0.03)
Net earnings
$ 1.77
$ 2.32
$ 2.48
$ 6.57
$ 1.68
$ 2.03
$ 2.20
$ 5.92
$ 2.07
$ 7.99
Diluted earnings (loss) per share:
Continuing operations
$ 1.76
$ 2.31
$ 2.50
$ 6.56
$ 1.73
$ 2.03
$ 2.20
$ 5.96
$ 2.01
$ 7.97
Discontinued operations
$ —
$ —
$ (0.03)
$ (0.03)
$ (0.06)
$ (0.01)
$ (0.01)
$ (0.08)
$ 0.05
$ (0.03)
Net earnings
$ 1.75
$ 2.30
$ 2.47
$ 6.53
$ 1.67
$ 2.02
$ 2.19
$ 5.88
$ 2.06
$ 7.94
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:
Continuing operations
$ 238,749
$ 312,545
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
Discontinued operations
(316)
(299)
(3,489)
(4,104)
(8,420)
(1,066)
(1,296)
(10,782)
7,309
(3,473)
Net earnings
$ 238,433
$ 312,246
$ 333,331
$ 884,010
$ 230,821
$ 279,064
$ 301,996
$ 811,881
$ 282,075
$ 1,093,956
Weighted average shares outstanding:
Basic
134,977
134,759
134,200
134,644
137,267
137,226
137,236
137,254
135,993
136,935
Diluted
135,895
135,553
134,878
135,440
138,260
137,974
138,029
138,099
136,826
137,777
Dividends paid per
common share
$ 0.52
$ 0.52
$ 0.525
$ 1.565
$ 0.515
$ 0.515
$ 0.52
$ 1.55
$ 0.52
$ 2.07
* Per share data may be impacted by rounding.
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
REVENUE
Engineered Products
$ 266,639
$ 283,481
$ 274,903
$ 825,023
$ 254,646
$ 275,944
$ 279,705
$ 810,295
$ 275,549
$ 1,085,844
Clean Energy & Fueling
554,809
594,959
606,003
1,755,771
491,148
546,097
541,368
1,578,613
551,894
2,130,507
Imaging & Identification
285,420
305,101
304,667
895,188
280,090
292,009
299,100
871,199
302,244
1,173,443
Pumps & Process Solutions
537,810
552,709
568,517
1,659,036
493,573
520,554
550,920
1,565,047
583,623
2,148,670
Climate & Sustainability
Technologies
411,060
455,097
481,452
1,347,609
347,888
416,151
408,529
1,172,568
387,273
1,559,841
Intersegment eliminations
(2,115)
(1,326)
(1,703)
(5,144)
(1,286)
(1,163)
(1,781)
(4,230)
(1,504)
(5,734)
Total consolidated revenue
$ 2,053,623
$ 2,190,021
$ 2,233,839
$ 6,477,483
$ 1,866,059
$ 2,049,592
$ 2,077,841
$ 5,993,492
$ 2,099,079
$ 8,092,571
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products
$ 44,991
$ 57,798
$ 56,613
$ 159,402
$ 44,114
$ 53,511
$ 57,483
$ 155,108
$ 62,158
$ 217,266
Clean Energy & Fueling
99,041
128,546
132,881
360,468
85,644
107,771
118,665
312,080
105,990
418,070
Imaging & Identification
77,457
84,976
95,171
257,604
77,575
76,937
81,772
236,284
78,451
314,735
Pumps & Process Solutions
169,492
178,848
177,878
526,218
151,275
159,504
168,565
479,344
172,256
651,600
Climate & Sustainability
Technologies
63,995
75,826
80,555
220,376
52,119
77,262
76,002
205,383
60,264
265,647
Total segment earnings
454,976
525,994
543,098
1,524,068
410,727
474,985
502,487
1,388,199
479,119
1,867,318
Purchase accounting expenses 1
54,579
51,591
45,850
152,020
49,104
51,123
59,381
159,608
58,837
218,445
Restructuring and other costs 2
36,795
24,635
21,767
83,197
9,397
23,210
15,913
48,520
29,466
77,986
Gain on dispositions 3
—
—
—
—
(2,468)
(2,176)
—
(4,644)
—
(4,644)
Corporate expense / other 4
49,238
47,534
42,445
139,217
51,959
41,875
31,515
125,349
39,190
164,539
Interest expense
29,522
29,058
28,870
87,450
27,608
26,791
27,239
81,638
28,134
109,772
Interest income
(14,060)
(14,522)
(16,520)
(45,102)
(20,254)
(17,935)
(17,804)
(55,993)
(17,039)
(73,032)
Earnings before provision for
income taxes
298,902
387,698
420,686
1,107,286
295,381
352,097
386,243
1,033,721
340,531
1,374,252
Provision for income taxes
60,153
75,153
83,866
219,172
56,140
71,967
82,951
211,058
65,765
276,823
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
SEGMENT EARNINGS MARGIN
Engineered Products
16.9 %
20.4 %
20.6 %
19.3 %
17.3 %
19.4 %
20.6 %
19.1 %
22.6 %
20.0 %
Clean Energy & Fueling
17.9 %
21.6 %
21.9 %
20.5 %
17.4 %
19.7 %
21.9 %
19.8 %
19.2 %
19.6 %
Imaging & Identification
27.1 %
27.9 %
31.2 %
28.8 %
27.7 %
26.3 %
27.3 %
27.1 %
26.0 %
26.8 %
Pumps & Process Solutions
31.5 %
32.4 %
31.3 %
31.7 %
30.6 %
30.6 %
30.6 %
30.6 %
29.5 %
30.3 %
Climate & Sustainability
Technologies
15.6 %
16.7 %
16.7 %
16.4 %
15.0 %
18.6 %
18.6 %
17.5 %
15.6 %
17.0 %
Total segment earnings margin
22.2 %
24.0 %
24.3 %
23.5 %
22.0 %
23.2 %
24.2 %
23.2 %
22.8 %
23.1 %
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
3 Gain on dispositions, including post-closing adjustments.
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
DOVER CORPORATION
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Adjusted earnings from continuing operations:
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
Purchase accounting
expenses, pre-tax 1
54,579
51,591
45,850
152,020
49,104
51,123
59,381
159,608
58,837
218,445
Purchase accounting
expenses, tax impact 2
(12,692)
(11,704)
(12,011)
(36,407)
(10,919)
(11,367)
(14,067)
(36,353)
(14,134)
(50,487)
Restructuring and other
costs, pre-tax 3
36,795
24,635
21,767
83,197
9,397
23,210
15,913
48,520
29,466
77,986
Restructuring and other
costs, tax impact 2
(8,048)
(5,375)
(4,551)
(17,974)
(1,887)
(4,642)
(3,230)
(9,759)
(5,608)
(15,367)
Gain on dispositions, pre-
tax 4
—
—
—
—
(2,468)
(2,176)
—
(4,644)
—
(4,644)
Gain on dispositions, tax-
impact 2
—
—
—
—
689
435
—
1,124
—
1,124
Adjusted earnings from
continuing operations
$ 309,383
$ 371,692
$ 387,875
$ 1,068,950
$ 283,157
$ 336,713
$ 361,289
$ 981,159
$ 343,327
$ 1,324,486
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share
from continuing operations
$ 1.76
$ 2.31
$ 2.50
$ 6.56
$ 1.73
$ 2.03
$ 2.20
$ 5.96
$ 2.01
$ 7.97
Purchase accounting
expenses, pre-tax 1
0.40
0.38
0.34
1.12
0.36
0.37
0.43
1.16
0.43
1.59
Purchase accounting
expenses, tax impact 2
(0.09)
(0.09)
(0.09)
(0.27)
(0.08)
(0.08)
(0.10)
(0.26)
(0.10)
(0.37)
Restructuring and other
costs, pre-tax 3
0.27
0.18
0.16
0.61
0.07
0.17
0.12
0.35
0.22
0.57
Restructuring and other
costs, tax impact 2
(0.06)
(0.04)
(0.03)
(0.13)
(0.01)
(0.03)
(0.02)
(0.07)
(0.04)
(0.11)
Gain on dispositions, pre-
tax 4
—
—
—
—
(0.02)
(0.02)
—
(0.03)
—
(0.03)
Gain on dispositions, tax-
impact 2
—
—
—
—
—
—
—
0.01
—
0.01
Adjusted diluted earnings
per share from continuing
operations
$ 2.28
$ 2.74
$ 2.88
$ 7.89
$ 2.05
$ 2.44
$ 2.62
$ 7.10
$ 2.51
$ 9.61
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026, Q3 2026 and YTD 2026 include other costs of $3.0 million, $4.3 million, $1.7 million, and $9.0 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.
4 Gain on dispositions, including post-closing adjustments.
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings
$ 44,991
$ 57,798
$ 56,613
$ 159,402
$ 44,114
$ 53,511
$ 57,483
$ 155,108
$ 62,158
$ 217,266
Other depreciation and amortization 1
5,486
5,447
5,647
16,580
4,800
5,141
5,736
15,677
5,818
21,495
Adjusted segment EBITDA 2
50,477
63,245
62,260
175,982
48,914
58,652
63,219
170,785
67,976
238,761
Adjusted segment EBITDA margin 2
18.9 %
22.3 %
22.6 %
21.3 %
19.2 %
21.3 %
22.6 %
21.1 %
24.7 %
22.0 %
Clean Energy & Fueling:
Segment earnings
$ 99,041
$ 128,546
$ 132,881
$ 360,468
$ 85,644
$ 107,771
$ 118,665
$ 312,080
$ 105,990
$ 418,070
Other depreciation and amortization 1
8,552
9,111
8,714
26,377
8,578
8,961
8,582
26,121
8,685
34,806
Adjusted segment EBITDA 2
107,593
137,657
141,595
386,845
94,222
116,732
127,247
338,201
114,675
452,876
Adjusted segment EBITDA margin 2
19.4 %
23.1 %
23.4 %
22.0 %
19.2 %
21.4 %
23.5 %
21.4 %
20.8 %
21.3 %
Imaging & Identification:
Segment earnings
$ 77,457
$ 84,976
$ 95,171
$ 257,604
$ 77,575
$ 76,937
$ 81,772
$ 236,284
$ 78,451
$ 314,735
Other depreciation and amortization 1
4,208
4,373
4,556
13,137
4,093
4,229
4,091
12,413
5,155
17,568
Adjusted segment EBITDA 2
81,665
89,349
99,727
270,741
81,668
81,166
85,863
248,697
83,606
332,303
Adjusted segment EBITDA margin 2
28.6 %
29.3 %
32.7 %
30.2 %
29.2 %
27.8 %
28.7 %
28.5 %
27.7 %
28.3 %
Pumps & Process Solutions:
Segment earnings
$ 169,492
$ 178,848
$ 177,878
$ 526,218
$ 151,275
$ 159,504
$ 168,565
$ 479,344
$ 172,256
$ 651,600
Other depreciation and amortization 1
14,012
14,004
15,059
43,075
12,601
13,131
14,256
39,988
14,238
54,226
Adjusted segment EBITDA 2
183,504
192,852
192,937
569,293
163,876
172,635
182,821
519,332
186,494
705,826
Adjusted segment EBITDA margin 2
34.1 %
34.9 %
33.9 %
34.3 %
33.2 %
33.2 %
33.2 %
33.2 %
32.0 %
32.8 %
Climate & Sustainability Technologies:
Segment earnings
$ 63,995
$ 75,826
$ 80,555
$ 220,376
$ 52,119
$ 77,262
$ 76,002
$ 205,383
$ 60,264
$ 265,647
Other depreciation and amortization 1
8,069
8,001
7,966
24,036
7,325
7,605
7,558
22,488
7,856
30,344
Adjusted segment EBITDA 2
72,064
83,827
88,521
244,412
59,444
84,867
83,560
227,871
68,120
295,991
Adjusted segment EBITDA margin 2
17.5 %
18.4 %
18.4 %
18.1 %
17.1 %
20.4 %
20.5 %
19.4 %
17.6 %
19.0 %
Total Segments:
Total segment earnings 2, 3
$ 454,976
$ 525,994
$ 543,098
$ 1,524,068
$ 410,727
$ 474,985
$ 502,487
$ 1,388,199
$ 479,119
$ 1,867,318
Other depreciation and amortization 1
40,327
40,936
41,942
123,205
37,397
39,067
40,223
116,687
41,752
158,439
Total Adjusted segment EBITDA 2
495,303
566,930
585,040
1,647,273
448,124
514,052
542,710
1,504,886
520,871
2,025,757
Total Adjusted segment EBITDA
margin 2
24.1 %
25.9 %
26.2 %
25.4 %
24.0 %
25.1 %
26.1 %
25.1 %
24.8 %
25.0 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Measures Definitions section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
DOVER CORPORATION
QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 336,820
$ 888,114
$ 239,241
$ 280,130
$ 303,292
$ 822,663
$ 274,766
$ 1,097,429
Provision for income taxes
60,153
75,153
83,866
219,172
56,140
71,967
82,951
211,058
65,765
276,823
Earnings before provision for
income taxes
298,902
387,698
420,686
1,107,286
295,381
352,097
386,243
1,033,721
340,531
1,374,252
Interest income
(14,060)
(14,522)
(16,520)
(45,102)
(20,254)
(17,935)
(17,804)
(55,993)
(17,039)
(73,032)
Interest expense
29,522
29,058
28,870
87,450
27,608
26,791
27,239
81,638
28,134
109,772
Corporate expense / other 1
49,238
47,534
42,445
139,217
51,959
41,875
31,515
125,349
39,190
164,539
Gain on dispositions 2
—
—
—
—
(2,468)
(2,176)
—
(4,644)
—
(4,644)
Restructuring and other costs 3
36,795
24,635
21,767
83,197
9,397
23,210
15,913
48,520
29,466
77,986
Purchase accounting expenses 4
54,579
51,591
45,850
152,020
49,104
51,123
59,381
159,608
58,837
218,445
Total segment earnings 5
454,976
525,994
543,098
1,524,068
410,727
474,985
502,487
1,388,199
479,119
1,867,318
Add: Other depreciation and
amortization 6
40,327
40,936
41,942
123,205
37,397
39,067
40,223
116,687
41,752
158,439
Total adjusted segment EBITDA 5
$ 495,303
$ 566,930
$ 585,040
$ 1,647,273
$ 448,124
$ 514,052
$ 542,710
$ 1,504,886
$ 520,871
$ 2,025,757
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
2 Gain on dispositions, including post-closing adjustments.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
5 Refer to Non-GAAP Measures Definitions section for definition.
6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
DOVER CORPORATION
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)
(unaudited)
Non-GAAP Reconciliations
Revenue Growth Factors
2026
Q3
Q3 YTD
Organic
Engineered Products
(1.6) %
0.8 %
Clean Energy & Fueling
12.1 %
10.6 %
Imaging & Identification
2.2 %
0.7 %
Pumps & Process Solutions
1.2 %
0.3 %
Climate & Sustainability Technologies
17.9 %
13.7 %
Total Organic
7.1 %
5.7 %
Acquisitions
0.5 %
1.2 %
Currency translation
(0.1) %
1.2 %
Total*
7.5 %
8.1 %
* Totals may be impacted by rounding.
2026
Q3
Q3 YTD
Organic
United States
12.6 %
10.9 %
Europe
(3.0) %
(4.1) %
Asia
15.1 %
6.9 %
Other Americas
(7.0) %
1.8 %
Other
(1.1) %
(1.7) %
Total Organic
7.1 %
5.7 %
Acquisitions
0.5 %
1.2 %
Currency translation
(0.1) %
1.2 %
Total*
7.5 %
8.1 %
* Totals may be impacted by rounding.
Adjusted EPS Guidance Reconciliation*
Range
2026 Guidance for Earnings per Share from Continuing Operations (GAAP)
$8.93
$9.08
Purchase accounting expenses, net
1.16
Restructuring and other costs, net
0.51
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
$10.60
$10.75
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)
Quarterly Cash Flow
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Net Cash Flows Provided By (Used In):
Operating activities
$ 190,997
$ 236,171
$ 438,763
$ 865,931
$ 157,474
$ 212,340
$ 424,245
$ 794,059
$ 543,946
$ 1,338,005
Investing activities
(61,660)
(44,181)
(96,767)
(202,608)
(74,186)
(681,584)
(58,857)
(814,627)
(71,967)
(886,594)
Financing activities
(161,451)
(73,586)
(406,325)
(641,362)
(122,234)
(84,235)
(73,878)
(280,347)
(344,523)
(624,870)
Quarterly Free Cash Flow (Non-GAAP)
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
Cash flow from operating
activities
$ 190,997
$ 236,171
$ 438,763
$ 865,931
$ 157,474
$ 212,340
$ 424,245
$ 794,059
$ 543,946
$ 1,338,005
Less: Capital expenditures
(59,808)
(47,783)
(55,414)
(163,005)
(48,192)
(60,932)
(54,150)
(163,274)
(56,989)
(220,263)
Free cash flow
$ 131,189
$ 188,388
$ 383,349
$ 702,926
$ 109,282
$ 151,408
$ 370,095
$ 630,785
$ 486,957
$ 1,117,742
Cash flow from operating
activities as a percentage of
revenue
9.3 %
10.8 %
19.6 %
13.4 %
8.4 %
10.4 %
20.4 %
13.2 %
25.9 %
16.5 %
Cash flow from operating
activities as a percentage of
adjusted earnings from
continuing operations
61.7 %
63.5 %
113.1 %
81.0 %
55.6 %
63.1 %
117.4 %
80.9 %
158.4 %
101.0 %
Free cash flow as a percentage
of revenue
6.4 %
8.6 %
17.2 %
10.9 %
5.9 %
7.4 %
17.8 %
10.5 %
23.2 %
13.8 %
Free cash flow as a percentage
of adjusted earnings from
continuing operations
42.4 %
50.7 %
98.8 %
65.8 %
38.6 %
45.0 %
102.4 %
64.3 %
141.8 %
84.4 %
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q3
Q3 YTD
Q1
Q2
Q3
Q3 YTD
Q4
FY 2025
BOOKINGS
Engineered Products
$ 294,009
$ 277,148
$ 274,394
$ 845,551
$ 264,538
$ 276,571
$ 273,278
$ 814,387
$ 281,237
$ 1,095,624
Clean Energy &
Fueling
615,197
602,624
592,608
1,810,429
543,859
526,819
509,553
1,580,231
587,041
2,167,272
Imaging & Identification
312,646
302,771
292,907
908,324
288,169
292,092
292,229
872,490
302,047
1,174,537
Pumps & Process
Solutions
597,578
590,020
557,177
1,744,775
499,287
530,158
510,960
1,540,405
500,779
2,041,184
Climate &
Sustainability
Technologies
646,960
560,272
594,051
1,801,283
395,623
384,246
415,099
1,194,968
470,081
1,665,049
Intersegment
eliminations
(2,714)
(1,482)
(1,025)
(5,221)
(1,892)
(1,295)
(1,380)
(4,567)
(1,472)
(6,039)
Total consolidated
bookings
$ 2,463,676
$ 2,331,353
$ 2,310,112
$ 7,105,141
$ 1,989,584
$ 2,008,591
$ 1,999,739
$ 5,997,914
$ 2,139,713
$ 8,137,627
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
Canoe Financial LP boosted its holdings in Agnico Eagle Mines Limited (NYSE:AEM – Free Report) (TSE:AEM) by 130.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 986,414 shares of the mining company’s stock after acquiring an additional 558,492 shares during the quarter. Agnico Eagle Mines accounts for 2.2% of Canoe Financial LP’s portfolio, making the stock its 15th largest position. Canoe Financial LP owned about 0.19% of Agnico Eagle Mines worth $178,066,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its position in Agnico Eagle Mines by 600.0% during the 3rd quarter. Fortitude Family Office LLC now owns 140 shares of the mining company’s stock worth $26,000 after acquiring an additional 120 shares during the period. Markowski Investments bought a new position in shares of Agnico Eagle Mines in the second quarter worth $29,000. Sawyer & Company Inc bought a new position in shares of Agnico Eagle Mines in the third quarter worth $35,000. Dunhill Financial LLC acquired a new position in shares of Agnico Eagle Mines during the second quarter valued at $31,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of Agnico Eagle Mines during the second quarter valued at $32,000. Institutional investors own 68.34% of the company’s stock.
Wall Street Analysts Forecast Growth A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Agnico Eagle Mines from $210.00 to $225.00 and gave the company a “sector perform” rating in a research note on Wednesday, September 16th. Scotia decreased their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating for the company in a research report on Friday, July 3rd. Scotiabank decreased their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Raymond James Financial lowered their target price on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an “outperform” rating on the stock in a research note on Friday, September 4th. Finally, Barclays boosted their price target on shares of Agnico Eagle Mines from $188.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $225.23.
Read Our Latest Stock Report on AEM Agnico Eagle Mines Trading Up 0.6% Shares of Agnico Eagle Mines stock opened at $187.29 on Thursday. The business has a fifty day simple moving average of $195.46 and a 200-day simple moving average of $181.27. Agnico Eagle Mines Limited has a fifty-two week low of $134.38 and a fifty-two week high of $255.24. The firm has a market cap of $94.95 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 2.75 and a beta of 0.64. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01.
Agnico Eagle Mines (NYSE:AEM – Get Free Report) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.94 earnings per share. On average, equities analysts forecast that Agnico Eagle Mines Limited will post 11.47 EPS for the current fiscal year.
(Free Report)
Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.
Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.
Further Reading Five stocks we like better than Agnico Eagle Mines GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding AEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Agnico Eagle Mines Limited (NYSE:AEM – Free Report) (TSE:AEM).
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NextEra Energy ve čtvrtletí překonala očekávání ohledně zisku s upraveným EPS ve výši 1,24 USD na akcii, ale tržby ve výši 8,09 mld. USD zaostaly za konsensem 8,47 mld. USD.
Diversify Advisory Services LLC raised its holdings in NextEra Energy, Inc. (NYSE:NEE – Free Report) by 13.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 108,999 shares of the utilities provider’s stock after buying an additional 12,924 shares during the period. Diversify Advisory Services LLC’s holdings in NextEra Energy were worth $8,607,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of NEE. Czech National Bank grew its holdings in NextEra Energy by 4.7% in the 2nd quarter. Czech National Bank now owns 593,568 shares of the utilities provider’s stock valued at $52,097,000 after buying an additional 26,378 shares in the last quarter. Annex Advisory Services LLC increased its position in NextEra Energy by 13.9% during the 2nd quarter. Annex Advisory Services LLC now owns 711,009 shares of the utilities provider’s stock worth $62,405,000 after buying an additional 86,585 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in NextEra Energy by 4.1% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 544,574 shares of the utilities provider’s stock worth $47,797,000 after buying an additional 21,569 shares during the period. Avity Investment Management Inc. increased its position in NextEra Energy by 5.7% during the 2nd quarter. Avity Investment Management Inc. now owns 500,576 shares of the utilities provider’s stock worth $43,936,000 after buying an additional 26,848 shares during the period. Finally, CV Advisors LLC acquired a new stake in shares of NextEra Energy during the second quarter worth $1,404,000. 78.72% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on NEE shares. Bank of America reduced their target price on shares of NextEra Energy from $95.00 to $93.00 and set a “neutral” rating for the company in a research report on Monday, July 13th. HC Wainwright restated a “buy” rating on shares of NextEra Energy in a research note on Monday, July 27th. Seaport Research Partners reaffirmed a “sell” rating and set a $56.00 price target (up from $55.00) on shares of NextEra Energy in a research report on Friday, October 2nd. Morgan Stanley set a $110.00 price target on shares of NextEra Energy and gave the stock an “overweight” rating in a research report on Wednesday, October 14th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of NextEra Energy in a research note on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.05.
View Our Latest Stock Report on NEE
Key Headlines Impacting NextEra Energy
Here are the key news stories impacting NextEra Energy this week:
Positive Sentiment: Quarterly earnings beat expectations: NextEra reported adjusted EPS of $1.24, up from $1.13 a year earlier and above the $1.20 consensus estimate. Strength at Florida Power & Light (FPL) and growth at NextEra Energy Resources supported the result. NextEra Energy beats third-quarter profit estimates
Positive Sentiment: Growth pipeline remains substantial: Energy Resources added 3.7 gigawatts of renewables and storage to its backlog, bringing the total to approximately 36.7 GW. Management also highlighted a roughly $20 billion data-center pipeline and 9.7% EPS growth. NextEra Energy Q3 2026 earnings call transcript
Positive Sentiment: 2026 outlook reaffirmed: NextEra maintained its adjusted EPS target of $3.92 to $4.02 and said it is targeting the high end of that range, reducing near-term guidance risk. Sanford C. Bernstein also reaffirmed an Outperform rating with a $108 price target. NextEra Energy tops Q3 earnings estimates
Neutral Sentiment: Dominion transaction remains a longer-term catalyst and risk: Shareholders approved the proposed combination, which the companies still expect to close in the second half of 2027. The deal’s eventual benefits depend on regulatory approval and acceptable conditions. NextEra Energy posts third-quarter GAAP net income
Negative Sentiment: Revenue missed estimates: Quarterly revenue was $8.09 billion versus the $8.47 billion consensus, despite rising 1.6% year over year. The sales shortfall may temper enthusiasm around the earnings beat. NextEra Energy Q3 earnings beat on FPL strength
Negative Sentiment: Merger-related regulatory pressure is increasing: Virginia Governor Abigail Spanberger has urged regulators to reject the Dominion-NextEra deal in its current form and is seeking a six-year rate freeze, greater bill credits and more transparency. These demands could delay the transaction or reduce its financial benefits. Virginia wants six-year rate freeze in NextEra-Dominion deal
NextEra Energy Trading Down 1.0%
Shares of NEE stock opened at $78.10 on Thursday. The company has a current ratio of 0.53, a quick ratio of 0.44 and a debt-to-equity ratio of 1.45. The stock has a market cap of $162.92 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 2.43 and a beta of 0.64. The stock has a 50 day simple moving average of $80.71 and a 200 day simple moving average of $86.28. NextEra Energy, Inc. has a 1 year low of $74.41 and a 1 year high of $98.75.
NextEra Energy (NYSE:NEE – Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The utilities provider reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. NextEra Energy had a return on equity of 12.28% and a net margin of 32.40%. The business had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $8.47 billion. During the same quarter in the prior year, the business posted $1.13 earnings per share. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, research analysts predict that NextEra Energy, Inc. will post 4.03 earnings per share for the current fiscal year.
NextEra Energy Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, August 28th were issued a dividend of $0.6232 per share. This represents a $2.49 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, August 28th. NextEra Energy’s dividend payout ratio is 55.96%.
NextEra Energy Company Profile
(Free Report)
NextEra Energy, Inc is an energy infrastructure company headquartered in Juno Beach, Florida. Through its businesses, the company generates, transmits, distributes and sells electricity, with a focus on regulated utility operations and clean energy development.
Florida Power & Light Company, NextEra Energy’s principal regulated utility, serves customers across much of Florida. FPL operates electric generation, transmission and distribution infrastructure and provides retail electricity service to residential, commercial and industrial customers.
NextEra Energy Resources develops, owns and operates renewable energy and energy storage projects, including wind and solar facilities.
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Akcie společnosti NextEra Energy za šest měsíců klesly o 12,31 % poté, co firma opakovaně nesplnila očekávání trhu ohledně tržeb. Morgan Stanley přesto stanovila cílovou cenu 110 USD, což představuje růstový potenciál 40,6 %.
NextEra Energy runs America's largest electric utility and holds the biggest renewable backlog in the country, yet the stock keeps sliding while every major rival climbs. One top analyst sees a very different story unfolding over the next twelve months.
NextEra Energy (NYSE:NEE | NEE Price Prediction) currently trades at $78.25. The average analyst price target is $95.37, which works out to 21.9% upside.
NextEra runs Florida Power & Light, America’s largest electric utility serving approximately 12 million people, and NextEra Energy Resources, the largest energy infrastructure developer in the U.S. Together, the two businesses give NextEra direct exposure to AI-driven power demand.
Morgan Stanley’s David Arcaro holds a Street-high $110.00 target with an Overweight rating. That target implies 40.6% upside, well above the consensus target.
A Growth Utility Stuck in Reverse While Peers Climb
Repeated revenue misses weighed on NextEra. Third-quarter revenue of $8.09B grew just 1.6% and missed the $8.88B consensus. The second quarter told the same story: $7.53B against $8.15B expected. Over six months the stock slipped 12.31%, and it went from $90.00 at the second-quarter report to $78.90 at the third.
The pending Dominion Energy combination brought more uncertainty. It needs approvals in Virginia, South Carolina, North Carolina, and from FERC and the NRC, and integration risk comes on top of that. Management also expects $12 billion to $17 billion of equity needs through 2032, so dilution concerns are real.
This selloff is specific to NextEra. While it fell, Duke Energy (NYSE:DUK), Southern Company (NYSE:SO), and American Electric Power (NASDAQ:AEP) all posted gains this year.
Morgan Stanley’s Case for 40% Upside
Earnings keep beating. Adjusted EPS of $1.24 exceeded the $1.18 consensus for a 6th consecutive beat and grew 9.7% year over year. Management reaffirmed 2026 guidance of $3.92 to $4.02 and is targeting the high end. It expects 8% plus annual growth through 2032, rising to 9% plus if the Dominion deal closes.
Arcaro’s thesis stands on three points: hyperscaler data center demand, FPL’s capital execution, and the scale of the NEER backlog. FPL’s regulatory capital employed grew approximately 9.2%. The backlog stands at nearly 36.7 gigawatts. The Duane Arnold nuclear restart is on track for Q1 2029, backed by a DOE loan of up to $1.9 billion.
Near-term catalysts are lined up through early 2027. Management said “We remain confident with announcing a deal before the end of the year” on Florida data center load. Final Dominion orders in Virginia and South Carolina are expected in January 2027. Federal hub projects total approximately 16.5 gigawatts. Hub payments, though, stay “relatively modest” early on, and operating fees start in 2032. That long timeline is the weak spot in the optimistic thesis.
Of 21 analysts, 14 rate NextEra Buy or Strong Buy, 6 say Hold, and 1 says Sell.
NextEra Fell Alone as Rival Utilities Rallied
Since early January, NextEra is down 1.18%. Its three closest peers are all up.
Duke Energy rose 5.73% this year and trades at $120.69. Its $133.11 target implies 10.3% upside, with 12 Buy-side ratings, 10 Holds, and no Sells.
Southern Company gained 7.33% and now trades at $90.39. Its $96.31 target implies only 6.5% upside. With 14 Holds against 7 Buy-side ratings, it has the most conservative analyst coverage of the group.
AEP leads with a 12.53% gain. At $127.39, its $140.69 target implies 10.4% upside, with 13 Buy-side ratings and 10 Holds.
NextEra’s consensus upside is about double that of any peer. These targets are opinions and offer no certainty, but the market has priced NextEra very differently from the rest of the group.
Nearly 20% Off the High While the S&P 500 Gains 14%
At $78.25, NextEra trades 19.6% below its 52-week high of $97.30 and sits just above its $74.41 low. The 50-day moving average of $80.91 is well below the 200-day average of $87.27, which supports the downtrend.
Year to date, NextEra is down 1.18%. The S&P 500 (tracked by the SPDR S&P 500 ETF Trust (NYSEARCA:SPY)) gained 14.05%. The 21 analysts covering the stock set an average target of $95.37, and their ratings break down as follows:
Strong Buy: 3
Buy: 11
Hold: 6
Sell: 1
The stock trades at about 18 times forward earnings and pays a 3.04% dividend yield.
Paid to Wait While Data Center Deals Mature
The optimistic thesis strengthens if the Florida large-load deal gets announced on schedule and Dominion passes its January regulatory orders smoothly. If both happen, the market can start pricing in that 9% plus growth path. But I’d stay conservative if revenue keeps missing, regulators attach costly conditions to the Dominion deal, or equity issuance lands at low prices.
The data leans toward the optimistic view. Six straight earnings beats, guidance reaffirmed near the high end, and peer-leading upside support the argument that the market is too pessimistic. Morgan Stanley’s $110.00 target depends on events through 2027, though, so any move toward that level could take time. Keep an eye on the Florida announcement first.
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Axxcess Wealth Management ve třetím čtvrtletí snížila svůj podíl ve společnosti AbbVie o 45,1 % prodejem 39 607 akcií; na konci období držela 48 309 akcií v hodnotě 12,637 mil. USD.
Axxcess Wealth Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 45.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,309 shares of the company’s stock after selling 39,607 shares during the period. Axxcess Wealth Management LLC’s holdings in AbbVie were worth $12,637,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Ranch Capital Advisors Inc. increased its stake in shares of AbbVie by 37.0% in the first quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock worth $3,238,000 after acquiring an additional 4,017 shares during the last quarter. Capital Advisors Inc. OK increased its position in AbbVie by 11.2% in the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company’s stock worth $112,516,000 after purchasing an additional 45,132 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab purchased a new stake in shares of AbbVie during the 2nd quarter worth about $23,557,000. Wedge Capital Management L L P NC raised its stake in shares of AbbVie by 7.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company’s stock worth $33,865,000 after purchasing an additional 9,380 shares in the last quarter. Finally, State Street Corp raised its stake in shares of AbbVie by 1.7% during the 2nd quarter. State Street Corp now owns 82,596,748 shares of the company’s stock worth $20,784,646,000 after purchasing an additional 1,379,232 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth ABBV has been the subject of several recent research reports. Citigroup boosted their price target on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. BNP Paribas Exane raised their price objective on shares of AbbVie from $218.00 to $247.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. UBS Group raised their price objective on shares of AbbVie from $260.00 to $275.00 and gave the company a “neutral” rating in a research report on Tuesday, October 6th. Bank of America reiterated a “buy” rating on shares of AbbVie in a research note on Tuesday, September 8th. Finally, Canaccord Genuity Group boosted their target price on shares of AbbVie from $282.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $278.07.
Get Our Latest Stock Analysis on ABBV AbbVie News Summary Here are the key news stories impacting AbbVie this week:
Positive Sentiment: AbbVie reported encouraging Phase 2a data for ABBV-466, an investigational combination treatment for Crohn’s disease. The therapy reportedly outperformed Skyrizi alone, strengthening the company’s immunology pipeline and helping offset concerns about the eventual loss of exclusivity for Humira. AbbVie’s Crohn’s Combo Topped Skyrizi Alone in a Phase 2a Trial Positive Sentiment: Allergan Aesthetics, AbbVie’s aesthetics business, presented new and long-term evidence for HArmonyCa, JUVÉDERM, SKINVIVE and BOTOX Cosmetic. Continued product adoption and clinical support could aid growth in the aesthetics segment. Allergan Aesthetics Deepens Science Behind Multimodal Approach Positive Sentiment: The company launched a multiyear partnership with McLaren Racing, including the “AbbVie Race to Innovate” patient-advocacy campaign. The agreement is primarily a branding initiative, but it may increase awareness of AbbVie’s immunology franchise. McLaren Racing Announces Partnership With AbbVie Neutral Sentiment: Analyst comparisons continue to highlight AbbVie’s revenue growth, strong free cash flow and dependable dividend increases. However, the stock’s elevated valuation after its rally leaves less room for disappointment. Negative Sentiment: AbbVie halted a Phase 1b combination trial for early-stage liver cancer. Because the study was in an early development stage, the direct financial impact may be limited, but the decision removes a potential pipeline opportunity and likely weighed on sentiment. AbbVie Halts Early-Stage Liver Cancer Combo Trial Insider Activity at AbbVie In other news, EVP Nicholas Donoghoe sold 32,710 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.
AbbVie Stock Performance Shares of NYSE ABBV opened at $284.63 on Thursday. The firm has a market cap of $502.89 billion, a price-to-earnings ratio of 80.41, a P/E/G ratio of 1.32 and a beta of 0.24. The business’s 50-day simple moving average is $264.93 and its 200-day simple moving average is $240.92. AbbVie Inc. has a 52 week low of $190.75 and a 52 week high of $291.40.
AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.04. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%. The business had revenue of $16.99 billion for the quarter, compared to the consensus estimate of $16.80 billion. During the same period last year, the business earned $2.97 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, equities research analysts forecast that AbbVie Inc. will post 13.94 earnings per share for the current year.
AbbVie Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a $1.73 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.4%. AbbVie’s dividend payout ratio (DPR) is currently 195.48%.
About AbbVie (Free Report)
AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.
The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.
Featured Stories Five stocks we like better than AbbVie GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors
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American Express zpřístupní v rámci Amex Travel více než milion nabídek na Airbnb; držitelé spotřebitelských a podnikatelských karet Platinum získají za předplacené rezervace pětinásobek bodů.
American Express is bringing Airbnb into its travel rewards platform.
The companies on Thursday announced a new partnership to bring more than 1 million Airbnb listings to Amex's travel portal and allow cardholders to earn rewards when booking the stays. It does not currently allow members to redeem points to pay for Airbnb bookings.
The launch adds Airbnb rentals to Amex's hotel portfolio, which includes more than 3,400 properties across its Fine Hotels + Resorts and The Hotel Collection programs.
Amex members with either the consumer or business Platinum card can also now apply their $600 annual lodging credit — previously called the hotel credit — to Airbnb's higher-end Luxe stays and take advantage of a new $250 statement credit on eligible Airbnb Experiences after making a Luxe booking.
"We're excited to bring more choice and flexibility to American Express Card Members with this exclusive partnership. Both of our companies exist to help people travel more and better, and this partnership helps people see more of the world by making travel more rewarding," said Juan David Borrero, head of partnerships at Airbnb, in a news release.
Membership points vary by card:
Consumer and Business Platinum Card members earn five times the membership rewards on prepaid Airbnb bookings through Amex Travel. Consumer Classic Green Card members earn three times the points on travel bookings made directly through third-party sites, including Airbnb. Other eligible rewards members earn two times the points on prepaid Airbnb bookings through Amex Travel.The changes come as competition among premium credit cards continues to ramp up.
Last year, American Express raised the annual fee on its premium Platinum card to $895. In turn, it's been investing in cardholder perks such as new lounges in airports and at big-ticket events and experiences as a way to attract more high-paying customers.
Earlier this month, it announced an expansion of its Centurion Lounges, with renovations coming to four existing lounges and new ones planned for Newark Liberty International Airport and London Heathrow Airport. The Newark lounge will be the largest in its network.
The partnership also comes as Americans continue to opt for travel and luxury experiences, even as prices for airfare, gas and hotels rise. Despite higher costs, more than half of Americans reported making no changes to their travel plans this summer, a recent study by travel insurance company Squaremouth found.
Společnost Micron Technology ve čtvrtletí vykázala EPS ve výši 33,42 USD oproti očekávaným 31,77 USD a tržby ve výši 54,23 mld. USD, což představuje meziroční nárůst o 379,1 %.
Ellis Investment Partners LLC raised its stake in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 45.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,553 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,724 shares during the quarter. Micron Technology makes up approximately 0.9% of Ellis Investment Partners LLC’s investment portfolio, making the stock its 25th largest position. Ellis Investment Partners LLC’s holdings in Micron Technology were worth $5,915,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Andar Capital Management HK Ltd increased its position in Micron Technology by 856,960.3% during the 2nd quarter. Andar Capital Management HK Ltd now owns 34,282,413 shares of the semiconductor manufacturer’s stock worth $39,571,847,000 after purchasing an additional 34,278,413 shares in the last quarter. Primecap Management Co. CA bought a new position in Micron Technology in the 2nd quarter valued at approximately $22,182,263,000. Bank of America Corp DE lifted its stake in Micron Technology by 26.6% in the 2nd quarter. Bank of America Corp DE now owns 10,174,757 shares of the semiconductor manufacturer’s stock valued at $11,744,621,000 after purchasing an additional 2,136,470 shares during the last quarter. Legal & General Group Plc bought a new position in Micron Technology in the 2nd quarter valued at approximately $8,402,393,000. Finally, Wellington Management Group LLP lifted its stake in Micron Technology by 28.7% in the 2nd quarter. Wellington Management Group LLP now owns 5,045,141 shares of the semiconductor manufacturer’s stock valued at $5,823,556,000 after purchasing an additional 1,125,414 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades A number of analysts have weighed in on the stock. UBS Group restated a “buy” rating and issued a $1,625.00 target price (up from $535.00) on shares of Micron Technology in a research report on Wednesday, September 23rd. William Blair set a $1,300.00 price target on shares of Micron Technology in a report on Thursday, October 1st. Argus lowered their price target on shares of Micron Technology from $1,500.00 to $540.00 and set a “buy” rating for the company in a report on Thursday, June 25th. Raymond James Financial reiterated an “outperform” rating on shares of Micron Technology in a research note on Thursday, October 1st. Finally, Susquehanna reiterated a “positive” rating on shares of Micron Technology in a research note on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,407.88.
Get Our Latest Report on MU Insider Buying and Selling at Micron Technology In other Micron Technology news, insider Scott Deboer sold 28,545 shares of the company’s stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $900.00, for a total value of $25,690,500.00. Following the completion of the transaction, the insider directly owned 147,430 shares in the company, valued at approximately $132,687,000. This represents a 16.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 40,000 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $968.90, for a total transaction of $38,756,000.00. Following the transaction, the chief executive officer directly owned 264,503 shares of the company’s stock, valued at $256,276,956.70. The trade was a 13.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 123,545 shares of company stock worth $115,750,966. 0.24% of the stock is currently owned by company insiders.
Micron Technology News Roundup Here are the key news stories impacting Micron Technology this week:
Positive Sentiment: At its technology presentation, Micron highlighted progress in DRAM, high-bandwidth memory (HBM), NAND and next-generation 3D DRAM. New products planned for 2027 and growing AI-related demand reinforce the company’s position as a key supplier to data-center and high-performance-computing customers. Micron AI-era technology presentation Positive Sentiment: ASML said semiconductor and memory demand could exceed supply through at least 2028. That outlook supports the bullish case for continued pricing power, elevated margins and strong demand for Micron’s memory products. ASML demand outlook Positive Sentiment: Recent results remain a major catalyst: Micron reported $33.42 in quarterly EPS versus a $31.77 estimate, while revenue rose 379.1% year over year. Management’s next-quarter guidance and analysts’ expectations for continued supply tightness are supporting confidence in further earnings growth. Positive Sentiment: Micron reached a labor-management agreement with one Taiwan union, reducing some immediate disruption risk. The company also invested in U.S. indium and critical-materials processing to strengthen supplies for advanced memory manufacturing. Micron Taiwan union agreement Neutral Sentiment: Institutional buying and approximately $326.9 million in reported ETF inflows point to continued investor demand, although Micron’s more than 200% year-to-date rally has increased profit-taking risk. Micron ETF buying Negative Sentiment: A separate Taiwan union has threatened a strike over bonuses, creating a risk of higher labor costs or production delays. In addition, an insider sold 28,545 shares for about $25.7 million, while investors remain concerned that new capacity, Chinese competitor CXMT and stretched AI valuations could eventually pressure pricing and margins. Micron insider sale Micron Technology Stock Performance Micron Technology stock opened at $913.67 on Thursday. The business has a 50 day moving average of $987.36 and a 200-day moving average of $876.61. Micron Technology, Inc. has a 1 year low of $192.40 and a 1 year high of $1,255.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.31 and a quick ratio of 2.94. The company has a market capitalization of $1.03 trillion, a P/E ratio of 12.31, a P/E/G ratio of 0.16 and a beta of 2.22.
Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings data on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $31.77 by $1.65. The business had revenue of $54.23 billion during the quarter, compared to analyst estimates of $51.33 billion. Micron Technology had a net margin of 63.80% and a return on equity of 92.62%. The firm’s quarterly revenue was up 379.1% on a year-over-year basis. During the same quarter last year, the business earned $3.03 EPS. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, equities research analysts predict that Micron Technology, Inc. will post 177.03 earnings per share for the current year.
Micron Technology Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 29th. Shareholders of record on Wednesday, October 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Wednesday, October 14th. Micron Technology’s payout ratio is presently 0.81%.
Micron Technology Company Profile (Free Report)
Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.
The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.
Read More Five stocks we like better than Micron Technology GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU – Free Report).
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Canoe Financial LP decreased its position in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM – Free Report) by 10.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 642,620 shares of the semiconductor company’s stock after selling 77,950 shares during the quarter. Taiwan Semiconductor Manufacturing makes up 3.6% of Canoe Financial LP’s holdings, making the stock its 3rd largest holding. Canoe Financial LP’s holdings in Taiwan Semiconductor Manufacturing were worth $295,091,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Tiger Global Management LLC lifted its position in shares of Taiwan Semiconductor Manufacturing by 49.4% in the first quarter. Tiger Global Management LLC now owns 5,565,074 shares of the semiconductor company’s stock valued at $1,880,717,000 after acquiring an additional 1,839,600 shares in the last quarter. Sei Investments Co. grew its position in shares of Taiwan Semiconductor Manufacturing by 11.8% during the first quarter. Sei Investments Co. now owns 2,591,510 shares of the semiconductor company’s stock worth $875,802,000 after purchasing an additional 274,389 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Taiwan Semiconductor Manufacturing by 67.2% during the third quarter. Assenagon Asset Management S.A. now owns 1,717,515 shares of the semiconductor company’s stock worth $783,513,000 after purchasing an additional 690,523 shares in the last quarter. Bessemer Group Inc. grew its position in shares of Taiwan Semiconductor Manufacturing by 7.9% during the first quarter. Bessemer Group Inc. now owns 1,781,764 shares of the semiconductor company’s stock worth $602,147,000 after purchasing an additional 130,602 shares in the last quarter. Finally, AMF Tjanstepension AB raised its stake in Taiwan Semiconductor Manufacturing by 6.4% during the 1st quarter. AMF Tjanstepension AB now owns 1,632,738 shares of the semiconductor company’s stock valued at $551,784,000 after purchasing an additional 98,123 shares during the period. Institutional investors own 16.51% of the company’s stock.
Wall Street Analysts Forecast Growth TSM has been the topic of a number of research analyst reports. DA Davidson reissued a “buy” rating and issued a $500.00 price target on shares of Taiwan Semiconductor Manufacturing in a report on Friday, October 16th. Weiss Ratings cut shares of Taiwan Semiconductor Manufacturing from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 6th. Sanford C. Bernstein boosted their target price on shares of Taiwan Semiconductor Manufacturing from $430.00 to $554.00 and gave the stock an “outperform” rating in a report on Tuesday, August 11th. Wall Street Zen lowered shares of Taiwan Semiconductor Manufacturing from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Stifel Nicolaus assumed coverage on shares of Taiwan Semiconductor Manufacturing in a research report on Tuesday, September 1st. They set a “buy” rating and a $515.00 target price for the company. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Taiwan Semiconductor Manufacturing presently has an average rating of “Buy” and a consensus target price of $528.78.
View Our Latest Stock Analysis on Taiwan Semiconductor Manufacturing Taiwan Semiconductor Manufacturing Price Performance Taiwan Semiconductor Manufacturing stock opened at $431.87 on Thursday. Taiwan Semiconductor Manufacturing Company Ltd. has a 52-week low of $266.82 and a 52-week high of $487.47. The company has a quick ratio of 2.25, a current ratio of 2.46 and a debt-to-equity ratio of 0.14. The firm’s fifty day moving average is $434.84 and its 200 day moving average is $419.64. The company has a market cap of $2.24 trillion, a price-to-earnings ratio of 27.79, a PEG ratio of 0.86 and a beta of 1.37.
Taiwan Semiconductor Manufacturing (NYSE:TSM – Get Free Report) last issued its quarterly earnings data on Tuesday, September 8th. The semiconductor company reported $4.62 EPS for the quarter. Taiwan Semiconductor Manufacturing had a net margin of 51.51% and a return on equity of 42.84%. The business had revenue of $46.87 billion during the quarter. Sell-side analysts forecast that Taiwan Semiconductor Manufacturing Company Ltd. will post 17.03 EPS for the current fiscal year.
Taiwan Semiconductor Manufacturing Cuts Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Investors of record on Thursday, December 10th will be issued a $1.0854 dividend. This represents a $4.34 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Thursday, December 10th. This is a negative change from Taiwan Semiconductor Manufacturing’s previous quarterly dividend of $1.1136. Taiwan Semiconductor Manufacturing’s payout ratio is 22.27%.
Trending Headlines about Taiwan Semiconductor Manufacturing Here are the key news stories impacting Taiwan Semiconductor Manufacturing this week:
Positive Sentiment: AI demand is driving strong growth. Recent coverage highlights TSMC’s better-than-expected quarterly results, record profits and upgraded 2026 outlook. Demand for advanced chips used in data centers and AI systems continues to exceed supply, supporting revenue, earnings and pricing power. TSMC Stock: AI Demand Drives Strong Q3 Results Positive Sentiment: Large chip orders reinforce the demand outlook. ByteDance, Alibaba and Tencent reportedly ordered approximately $35 billion of Nvidia chips. Although Nvidia may not be able to fulfill all the orders immediately, the news signals substantial ongoing demand for the advanced chips manufactured by TSMC and its ecosystem partners. ByteDance, Alibaba and Tencent Just Ordered $35 Billion of Nvidia Chips Positive Sentiment: Long-term earnings potential remains attractive. Analysts and commentators see TSMC benefiting from AI infrastructure investment through 2030, with one bullish projection suggesting the stock could reach $1,200 by then. The forecast is speculative, but it reflects expectations for strong growth in advanced-node production and AI-related revenue. Prediction: TSMC Stock Is Going to $1,200 by 2030 Positive Sentiment: Capacity investments could expand future revenue. TSMC is spending billions to increase production, including in the United States, while benefiting from data-center demand. The global FinFET market is also projected to expand substantially through 2030, creating an additional long-term tailwind. A $4 Billion Reason to Buy TSMC Stock Now Neutral Sentiment: Market volatility is still elevated. Chip stocks recovered after an early sell-off, but concerns about AI financing, crowded valuations and the sustainability of infrastructure spending could continue to cause short-term swings. Broader semiconductor sentiment may affect TSM even when company-specific fundamentals remain strong. Negative Sentiment: Margins may face temporary pressure. The ramp-up of the 2nm process and overseas fabrication plants is increasing costs and could weigh on gross margins. Analysts generally view this as a temporary investment phase rather than evidence of weakening demand, but it remains a near-term earnings risk. Insider Activity In related news, VP Bor-Zen Tien acquired 1,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were acquired at an average cost of $73.06 per share, for a total transaction of $73,060.00. Following the completion of the transaction, the vice president directly owned 14,051 shares in the company, valued at approximately $1,026,566.06. This trade represents a 7.66% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Lipen Yuan acquired 1,000 shares of the stock in a transaction dated Tuesday, August 18th. The stock was bought at an average cost of $74.50 per share, with a total value of $74,500.00. Following the completion of the purchase, the vice president directly owned 6,000 shares in the company, valued at approximately $447,000. The trade was a 20.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 8,043 shares of company stock valued at $598,956. 1.11% of the stock is currently owned by company insiders.
(Free Report)
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), commonly known as TSMC, is a dedicated semiconductor foundry headquartered in Hsinchu, Taiwan. The company manufactures integrated circuits for customers that design their own chips, allowing semiconductor, electronics, and technology companies to outsource production rather than operate their own fabrication facilities.
TSMC provides wafer fabrication services across a broad range of process technologies, including advanced nodes used in high-performance computing, smartphones, automotive systems, and artificial intelligence applications.
See Also Five stocks we like better than Taiwan Semiconductor Manufacturing GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding TSM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM – Free Report).
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Společnost Medtronic dosáhla v registrech pacientů s fibrilací síní se systémem PulseSelect 100% akutní úspěšnosti a míry závažných akutních komplikací ve výši 0,09 %.
Global APEX and REAL PULSE Registry analyses report strong safety and procedural outcomes across atrial and ventricular arrhythmias
Medtronic continues to strengthen its position in cardiac ablation, building on a legacy of innovation in electrophysiology
, /PRNewswire/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced positive real-world registry results for the Affera™ Mapping and Ablation System with the Sphere-9™ Catheter and the PulseSelect™ Pulsed Field Ablation (PFA) System. The global registry analyses, presented at the Asia Pacific Heart Rhythm Society (APHRS) 2026 scientific meeting, evaluated prospectively enrolled patients with atrial fibrillation (AFib) and ventricular tachycardia (VT).
"These favorable results reinforce our confidence in the safety and performance of our ablation technologies worldwide. It is very encouraging to see physicians' positive response and real-world evidence that supports effective, safe, and efficient care for patients with a wide range of arrhythmias," said Khaldoun Tarakji, M.D., MPH, Vice President and Chief of Science, Research and Technology, Electrophysiology Therapies at Medtronic.
APEX registry: Sphere-9 real-world outcomes in atrial fibrillation
The APEX global prospective registry analysis included 1,050 patients with AFib treated with the Sphere-9 catheter and Affera Mapping and Ablation System across 28 global sites. The major complication rate was low at 1.1%, with no acute kidney injury, severe coronary spasm or phrenic nerve injury. Major complication rates did not differ significantly between de novo and repeat ablation procedures.
REAL PULSE global registry: PulseSelect real-world safety and performance
The REAL PULSE global prospective registry analysis included 1,160 atrial fibrillation patients treated with the PulseSelect PFA system across 38 global sites. Results were positive, including a 100% acute success rate and a low acute major complication rate of 0.09%.
APEX registry: Expanding evidence in ventricular tachycardia
A separate European APEX registry analysis evaluated use of the Sphere-9 catheter in patients undergoing ablation for VT, demonstrating promising results for the potential of the Sphere-9 catheter and pulsed field ablation in a patient population that can be challenging to treat.
The analysis included 46 patients with ischemic and non-ischemic sustained VT and demonstrated high acute success (87%) and estimated six-month freedom from VT recurrence (75%).
There was no significant difference in long-term freedom from arrhythmia recurrence in ischemic and non-ischemic cardiomyopathy patients.
Six major complications were reported in four patients.
Sphere-9 is CE marked for VT and is investigational only and not approved for VT in the United States. The ventricular ablation indication may not be approved or cleared in all markets.
"As momentum continues to build across our portfolio, it is encouraging to see long-term data support the safety and efficacy profiles of our ablation technologies and the positive impact they are having on procedural workflows," said Felicia Kurz, Vice President and General Manager, Cardiac Ablation Solutions, which is part of the Electrophysiology Therapies business at Medtronic. "We will continue to innovate and strengthen our leadership in cardiac ablation, with a focus on advancing safe, effective and efficient care for patients."
The Medtronic cardiac ablation portfolio offers physicians multiple technologies for patient care, including the Sphere-9 catheter, an all-in-one catheter that combines high-definition mapping with pulsed field and radiofrequency ablation using the Affera mapping and ablation system, and the PulseSelect PFA system, a single-shot solution for pulmonary vein isolation.
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit Medtronic.com and follow @Medtronic on LinkedIn.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
Contacts:
Leslie Williamson
Public Relations
+1-612-227-5099
Ingrid Goldberg
Investor Relations
+1-763-505-2696
CHARLOTTE, N.C.--(BUSINESS WIRE)--Honeywell Technologies (NASDAQ: HON) today announced financial results for the third quarter of 2026.
The company reported third-quarter sales of $5.0 billion, up 1% reported and 7% organic1, driven by broad-based strength across all three segments, pricing actions, and continued demand across key end markets. Backlog increased 7% year over year to nearly $19 billion, excluding Warehouse and Workflow Solutions (WWS) and Productivity Solutions and Services (PSS) divestitures in 3Q 2026.
Operating income increased 79% and segment profit1 increased 23% driven by productivity, including elimination of stranded costs related to prior spin-offs and divestitures, pricing actions that more than offset inflation, and volume leverage. Operating margin of 14.8% increased 640 basis points and segment margin1 of 21.3% expanded 370 basis points, led by Industrial Automation and Building Automation.
Reported EPS decreased 20% primarily due to a one-time gain from the Resideo termination agreement in prior year. Excluding the impact of this and other items, adjusted earnings per share1 increased 34% year over year to $2.27 driven by organic sales growth, higher segment profit, and lower net interest expense.
Finally, operating cash flow of $607 million decreased 74% primarily due to the one-time settlement from the Resideo termination agreement in prior year, while free cash flow1 of $688 million increased 15%, with free cash flow conversion1 of 95%, driven by higher operating income and lower capital expenditures.
Management Commentary
“Honeywell Technologies delivered strong results across the business in our first quarter as a standalone company. Continued momentum across all three segments, together with our improving position in high-growth verticals, translated to 7% organic sales growth, above the three-year target set at our June Investor Day. This performance, coupled with continued progress reducing fixed cost, enabled adjusted operating income to increase at more than three times the rate of sales, while adjusted EPS rose 34%, well ahead of our expectations for the quarter. As a result of this strong performance, we are raising our full-year 2026 outlook, which gives me great confidence in our long-term strategy and our ability to deliver on our 2029 targets,” said Chairman and Chief Executive Officer Vimal Kapur.
Table 1: Summary of Financial Results
(Dollars in millions, except per share amounts)
3Q 2026
3Q 2025
Change
Sales
$4,994
$4,929
1%
Organic1 Growth
7%
Operating Income
$740
$413
79%
Operating Income Margin
14.8%
8.4%
640 bps
Segment Profit1
$1,062
$866
23%
Segment Margin1
21.3%
17.6%
370 bps
Earnings Per Share - Continuing Operations
$2.40
$2.99
(20%)
Adjusted Earnings Per Share1
$2.27
$1.70
34%
Cash Flow from Operations - Continuing Operations
$607
$2,306
(74%)
Free Cash Flow1,4
$688
$599
15%
Table 2: Summary of Segment Financial Results
(Dollars in millions)
BUILDING AUTOMATION
3Q 2026
3Q 2025
Change
Sales
$2,020
$1,878
8%
Organic1 Growth
8%
Segment Profit
$546
$502
9%
Segment Margin
27.0%
26.7%
30 bps
PROCESS AUTOMATION AND TECHNOLOGY
Sales
$1,859
$1,598
16%
Organic1 Growth
8%
Segment Profit
$412
$389
6%
Segment Margin
22.2%
24.3%
(210) bps
INDUSTRIAL AUTOMATION
Sales
$1,115
$1,450
(23%)
Organic1 Growth
4%
Segment Profit
$205
$216
(5%)
Segment Margin
18.4%
14.9%
350 bps
Building Automation sales grew 8% organically1 year over year. Building products grew 11%, fueled by the fire and security businesses, while building solutions grew 4% on continued strength in services. Segment margin expanded 30 basis points to 27.0%, benefiting from volume leverage and pricing actions that offset inflation.
Process Automation and Technology sales increased 8% organically1 year over year. Project sales grew 14% led by continued growth in LNG and petrochemical projects, while aftermarket grew 4% driven primarily by refining demand. Margins contracted 210 basis points as expected driven by project mix and dilution from the acquisition of Johnson Matthey’s Catalyst Technologies business.
Industrial Automation sales grew 4% organically1 year over year led by 16% growth in solutions, driven primarily by industrial measurement and utilities. Products were flat year over year with double-digit growth in sensing largely offset by industry-wide meter deployment deferrals in utilities. Segment margin expanded 350 basis points year over year to 18.4%, driven primarily by price and productivity actions, partially offset by inflation.
Table 3: Full-Year 2026 Guidance1
Previous Guidance
Current Guidance
Sales
$19.8B - $20.0B
$20.0B - $20.1B
Organic Growth
3% - 4%
4% - 5%
Segment Margin2
20.1% - 20.5%
~20.5%
Expansion
Up 250 - 290 bps
Up ~290 bps
Adjusted Earnings Per Share2,3
$8.05 - $8.35
$8.40 - $8.45
Adjusted Earnings Growth3
25% - 29%
30% - 31%
Operating Cash Flow
~$2.1B
~$2.1B
Free Cash Flow4
~$2.0B
~$2.1B
1
See additional information at the end of this release regarding non-GAAP financial measures.
2
Segment margin and adjusted EPS are non-GAAP financial measures. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment margin and adjusted EPS. We therefore, do not present a guidance range, or a reconciliation to, the nearest GAAP financial measures of operating margin or EPS.
3
Adjusted EPS and adjusted EPS V% guidance excludes items identified in the non-GAAP reconciliation of adjusted EPS at the end of this release, and any potential future one-time items that we cannot reliably predict or estimate.
4
With respect to historical periods, free cash flow adjusts for capital expenditures, separation-related cost payments, Resideo indemnification and reimbursement agreement termination payment, cash payment for settlement of the divestiture of asbestos liabilities, and cash flows attributable to Quantinuum. With respect to the company’s outlook for 2026, free cash flow adjusts for capital expenditures, separation-related cost payments, and cash flows attributable to Quantinuum.
Revised 2026 Guidance
Honeywell Technologies is raising its full-year outlook for organic revenue, adjusted EPS and free cash flow, and also now expects segment margin to be at the previous high end of guidance, following strong third quarter performance and continued momentum across the portfolio. The company now expects full-year sales of $20.0 billion to $20.1 billion with organic1 sales growth of 4% to 5%, and 5% to 6% organic1 growth in the fourth quarter; segment margin1 of approximately 20.5%, at the upper end of its previous guidance range, representing segment margin1 expansion of approximately 290 basis points; and adjusted earnings per share1 of $8.40 to $8.45, up 30% to 31%, representing a $0.23 increase from the midpoint of its previous guidance range. Finally, operating cash flow and free cash flow are now expected to be ~$2.1 billion each.
Conference Call Details
Honeywell Technologies will discuss its third-quarter results and full-year 2026 guidance during an investor conference call starting at 8:30 a.m. Eastern Daylight Time today. A live webcast of the investor call as well as related presentation materials will be available through the Investor Relations section of the company's website (www.honeywell.com/investor). A replay of the webcast will be available for 30 days following the presentation.
About Honeywell Technologies
Honeywell Technologies is a global, pure-play automation company with a legacy of innovating to help solve the world's most mission-critical challenges, enhancing the quality of life for people and communities around the world. We serve the building, industrial, and process sectors with a broad portfolio of services, solutions, and products, underpinned by our Honeywell Technologies Accelerator operating system and Honeywell Technologies Forge intelligence layer. By combining the deep domain expertise of our more than 50,000 employees with decades of data from our global installed base, we are uniquely positioned to lead the industrial sector's transition from automation to autonomy. For more news and information on Honeywell Technologies, please visit Honeywell Technologies Newsroom.
Additional Information
Honeywell Technologies uses our Investor Relations website, investor.honeywell.com, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.
Forward Looking Statements
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, including ongoing conflicts in the Middle East, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
This release contains financial measures presented on a non-GAAP basis. Honeywell Technologies' non-GAAP financial measures used in this release are as follows:
Segment profit, on an overall Honeywell Technologies basis; Segment profit margin, on an overall Honeywell Technologies basis; Organic sales growth; Free cash flow; Free cash flow conversion; and Adjusted earnings per share. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.
Source: Honeywell Technologies
Earnings (HON-ER)
Honeywell International Inc.
Consolidated Statement of Operations (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Product sales
$
3,628
$
3,573
$
10,856
$
10,724
Service sales
1,366
1,356
4,148
3,979
Net sales
4,994
4,929
15,004
14,703
Costs, expenses and other
Cost of products sold
2,127
2,041
6,421
6,179
Cost of services sold
849
1,114
2,593
2,749
Total Cost of products and services sold
2,976
3,155
9,014
8,928
Research and development expenses
239
268
825
774
Selling, general and administrative expenses
1,039
1,093
3,078
3,372
Impairment of assets held for sale
—
—
311
15
Loss on debt extinguishment
—
—
241
—
Gain on deconsolidation of subsidiary
—
—
(6,629
)
—
Other (income) expense
(389
)
(957
)
(301
)
(1,124
)
Interest and other financial charges
143
263
579
715
Total costs, expenses and other
4,008
3,822
7,118
12,680
Income from continuing operations before taxes and equity losses
986
1,107
7,886
2,023
Tax expense
60
153
1,378
427
Equity loss
147
—
412
—
Net income from continuing operations
779
954
6,096
1,596
Net (loss) income from discontinued operations
(103
)
905
1,061
3,299
Net income
676
1,859
7,157
4,895
Less: Net (loss) income attributable to noncontrolling interest
12
34
(10
)
51
Net income attributable to Honeywell Technologies
$
664
$
1,825
$
7,167
$
4,844
Earnings per share of common stock—basic:
Earnings per share of common stock from continuing operations—basic
$
2.42
$
3.01
$
19.30
$
5.02
Earnings per share of common stock from discontinued operations—basic
(0.33
)
2.73
3.29
10.11
Total earnings per share of common stock—basic
$
2.09
$
5.74
$
22.59
$
15.13
Earnings per share of common stock—assuming dilution:
Earnings per share of common stock from continuing operations—assuming dilution
$
2.40
$
2.99
$
19.19
$
4.99
Earnings per share of common stock from discontinued operations—assuming dilution
(0.32
)
2.72
3.27
10.05
Total earnings per share of common stock—assuming dilution
$
2.08
$
5.71
$
22.46
$
15.04
Weighted average number of shares outstanding - basic
317.5
317.7
317.3
320.2
Weighted average number of shares outstanding - assuming dilution
319.2
319.4
319.1
322.0
Honeywell International Inc.
Segment Data (Unaudited)
(Dollars in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Net sales
2026
2025
2026
2025
Building Automation
$
2,020
$
1,878
$
5,904
$
5,396
Process Automation and Technology
1,859
1,598
5,051
4,656
Industrial Automation
1,115
1,450
4,039
4,627
Total Segment sales
4,994
4,926
14,994
14,679
Quantinuum
—
3
10
24
Total Net sales
$
4,994
$
4,929
$
15,004
$
14,703
Reconciliation of Segment Profit to Income Before Taxes
Three Months Ended
September 30,
Nine Months Ended
September 30,
Segment profit
2026
2025
2026
2025
Building Automation
$
546
$
502
$
1,584
$
1,421
Process Automation and Technology
412
389
1,142
1,088
Industrial Automation
205
216
703
704
Corporate and All Other
(101
)
(241
)
(438
)
(650
)
Total Segment profit
1,062
866
2,991
2,563
Interest and other financial charges
(143
)
(263
)
(579
)
(715
)
Interest income1
50
85
207
247
Amortization of acquisition-related intangibles2
(131
)
(135
)
(352
)
(364
)
Impairment of assets held for sale
—
—
(311
)
(15
)
Stock compensation expense3
(104
)
(22
)
(182
)
(115
)
Pension ongoing income4
90
75
263
151
Other postretirement income4
2
3
6
11
Repositioning and other gains (charges)5
(17
)
581
(133
)
516
Loss on debt extinguishment
—
—
(241
)
—
Divestiture-related costs6
(94
)
(25
)
(489
)
(70
)
Gain on deconsolidation of subsidiary
—
—
6,629
—
Equity loss
(147
)
—
(412
)
—
Gain (loss) on sale of non-strategic businesses and assets1
339
—
345
(30
)
Other expense7
(68
)
(18
)
(128
)
(36
)
Quantinuum Loss8
—
(40
)
(140
)
(120
)
Income before taxes
$
839
$
1,107
$
7,474
$
2,023
1
Amounts included in Other (income) expense.
2
Amounts included in Cost of products and services sold.
3
Amounts included in Selling, general and administrative expenses.
4
Amounts included in Cost of products and services sold (service cost component), Selling, general and administrative expenses (service cost component), Research and development expenses (service cost component), and Other (income) expense (non-service cost component).
5
Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense.
6
Amounts included in Selling, general and administrative expenses, Research and development expenses, and Other (income) expense.
7
Amounts include the other components of Selling, general and administrative expenses and Other (income) expense not included within other categories in this reconciliation. Equity income of affiliated companies from strategically aligned investments and trademark licensing income are included in segment profit.
8
Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which does not meet the definition of an operating segment. Included in Net sales, Cost of products and services sold, Research and development expenses, Selling, general and administrative expenses, and Other (income) expense.
Honeywell International Inc.
Consolidated Balance Sheet (Unaudited)
(Dollars in millions)
September 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$
5,694
$
12,273
Short-term investments
492
443
Accounts receivable, less allowances of $155 and $167, respectively
5,086
4,429
Inventories
2,056
1,677
Assets held for sale
—
2,492
Other current assets
988
841
Current assets of discontinued operations
—
8,232
Total current assets
14,316
30,387
Equity method investments
7,273
195
Long-term receivables and other investments
1,114
1,113
Property, plant and equipment—net
2,706
2,466
Goodwill
17,561
18,054
Other intangible assets—net
5,442
5,161
Deferred income taxes
199
156
Other assets
4,487
4,537
Assets of discontinued operations
—
11,612
Total assets
$
53,098
$
73,681
Liabilities
Current liabilities
Accounts payable
$
3,592
$
3,434
Commercial paper and other short-term borrowings
2,424
5,893
Current maturities of long-term debt
3,783
1,541
Accrued liabilities
5,112
5,063
Liabilities held for sale
—
1,198
Current liabilities of discontinued operations
—
6,285
Total current liabilities
14,911
23,414
Long-term debt
10,386
27,137
Deferred income taxes
1,561
815
Postretirement benefit obligations other than pensions
80
111
Other liabilities
3,506
3,986
Liabilities of discontinued operations
—
3,188
Shareowners' equity
22,654
15,030
Total liabilities and shareowners’ equity
$
53,098
$
73,681
Honeywell International Inc.
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Cash flows from operating activities
Net income
$
676
$
1,859
$
7,157
$
4,895
Less: Net income from discontinued operations
(103
)
905
1,061
3,299
Net income from continuing operations
779
954
6,096
1,596
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities
Depreciation
70
72
215
206
Amortization
186
176
483
510
Gain on deconsolidation of subsidiary
—
—
(6,629
)
—
Equity loss (income) of affiliated companies
157
(2
)
397
(14
)
(Gain) loss on sale of non-strategic businesses and assets
(346
)
—
(351
)
29
Impairment of assets held for sale
—
—
311
15
Loss on debt extinguishment
—
—
241
—
Repositioning and other charges
13
(583
)
133
(516
)
Net payments for repositioning and other charges
(21
)
(93
)
(119
)
(307
)
Resideo indemnification and reimbursement agreement termination payment
—
1,590
—
1,590
Pension and other postretirement income
(91
)
(80
)
(268
)
(164
)
Pension and other postretirement benefit payments
3
(3
)
(6
)
(13
)
Stock compensation expense
104
23
182
115
Deferred income taxes
(533
)
(142
)
687
(248
)
Other
(322
)
(56
)
(2
)
(362
)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable
(217
)
93
(546
)
(344
)
Inventories
(18
)
(23
)
(50
)
(297
)
Other current assets
126
4
(206
)
(168
)
Accounts payable
(178
)
196
44
376
Accrued liabilities
1,019
(112
)
567
510
Income taxes
(124
)
292
(247
)
96
Net cash provided by operating activities from continuing operations
607
2,306
932
2,610
Net cash (used for) provided by operating activities - discontinued operations
(488
)
982
(189
)
2,594
Net cash provided by operating activities
119
3,288
743
5,204
Cash flows from investing activities
Capital expenditures
(77
)
(150
)
(369
)
(375
)
Increase in investments
(266
)
(384
)
(771
)
(1,064
)
Decrease in investments
215
295
728
1,047
Receipts (payments) from settlements of derivative contracts
(2
)
12
123
(403
)
Cash paid for acquisitions, net of cash acquired
(1,743
)
(38
)
(1,763
)
(2,201
)
Deconsolidation of subsidiary cash
—
—
(623
)
—
Proceeds from sale of business, net of cash transferred
1,448
—
1,454
1,157
Net cash used for investing activities from continuing operations
(425
)
(265
)
(1,221
)
(1,839
)
Net cash used for investing activities from discontinued operations
—
(223
)
(252
)
(529
)
Net cash used for investing activities
(425
)
(488
)
(1,473
)
(2,368
)
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings
4,502
7,308
12,413
19,171
Payments of commercial paper and other short-term borrowings
(4,558
)
(6,721
)
(15,882
)
(16,711
)
Proceeds from issuance of common stock
47
42
246
140
Proceeds from issuance of long-term debt
—
—
—
4,035
Payments of long-term debt
(1,501
)
(246
)
(14,688
)
(1,555
)
Repurchases of common stock
—
(100
)
(1,000
)
(3,704
)
Cash dividends paid
(240
)
(735
)
(1,816
)
(2,214
)
Pre-separation funding
—
—
15,835
—
Spin-off cash
(1,000
)
—
(1,000
)
—
Other
(21
)
233
(125
)
198
Net cash used for financing activities
(2,771
)
(219
)
(6,017
)
(640
)
Effect of foreign exchange rate changes on cash and cash equivalents
22
—
(46
)
167
Net (decrease) increase in cash and cash equivalents
(3,057
)
2,581
(6,793
)
2,363
Cash and cash equivalents at beginning of period
8,751
10,349
12,487
10,567
Cash and cash equivalents at end of period
$
5,694
$
12,930
$
5,694
$
12,930
Appendix
Non-GAAP Financial Measures
The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which reconciliations are attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP).
Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell Technologies’ businesses.
As indicated herein, certain forward-looking non-GAAP financial measures are not reconciled because management cannot reliably predict or estimate certain items for the reasons specified herein with respect to each non-GAAP financial measure.
Honeywell International Inc.
Reconciliation of Organic Sales Percent Change
(Unaudited)
Three Months Ended
September 30, 2026
Honeywell Technologies
Reported sales percent change
1%
Less: Impact of divestitures to the prior period
(8)%
Reported sales percent change, adjusted for impact of divestitures
9%
Less: Foreign currency translation
—%
Less: Acquisitions
2%
Less: Other
—%
Organic sales percent change
7%
Building Automation
Reported sales percent change
8%
Less: Impact of divestitures to the prior period
—%
Reported sales percent change, adjusted for impact of divestitures
8%
Less: Foreign currency translation
—%
Less: Acquisitions
—%
Less: Other
—%
Organic sales percent change
8%
Process Automation and Technology
Reported sales percent change
16%
Less: Impact of divestitures to the prior period
—%
Reported sales percent change, adjusted for impact of divestitures
16%
Less: Foreign currency translation
—%
Less: Acquisitions
8%
Less: Other
—%
Organic sales percent change
8%
Industrial Automation
Reported sales percent change
(23)%
Less: Impact of divestitures to the prior period
(27)%
Reported sales percent change, adjusted for impact of divestitures
4%
Less: Foreign currency translation
—%
Less: Acquisitions
—%
Less: Other
—%
Organic sales percent change
4%
We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, adjusted for the impact of divestitures to the prior period, and excluding the impact on sales from foreign currency translation, acquisitions for the first 12 months following the transaction date, and certain other items that are unusual or non-recurring in nature. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for the forward-looking measure of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change.
Honeywell International Inc.
Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income and Segment Profit Margins
(Unaudited)
(Dollars in millions)
Three Months Ended
September 30,
Twelve Months
Ended
December 31,
2026
2025
2025
Operating income
$
740
$
413
$
1,171
Stock compensation expense1
104
22
153
Repositioning, other2,3
20
223
390
Pension and other postretirement service costs4
13
14
57
Amortization of acquisition-related intangibles5
131
135
509
Acquisition-related costs6
7
9
2
Divestiture-related costs7
2
—
—
ERP implementation costs1
9
—
—
Indefinite-lived intangible asset impairment1
—
—
44
Impairment of goodwill
—
—
724
Impairment of assets held for sale
—
—
270
Loss on Quantinuum8
—
50
187
Trademark licensing income9
36
—
—
Segment profit
$
1,062
$
866
$
3,507
Operating income
$
740
$
413
$
1,171
÷ Segment sales
4,994
4,929
19,915
Operating income margin %
14.8
%
8.4
%
5.9
%
Segment profit
$
1,062
$
866
$
3,507
÷ Segment sales
4,994
4,929
19,915
Segment profit margin %
21.3
%
17.6
%
17.6
%
1
Included in Selling, general and administrative expenses.
2
Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges.
3
Included in Cost of products and services sold and Selling, general and administrative expenses.
4
Included in Cost of products and services sold, Research and development expenses, and Selling, general and administrative expenses.
5
Included in Cost of products and services sold.
6
Included in Cost of products and services sold. Includes acquisition-related fair value adjustments to inventory.
7
Included in Selling, general and administrative expenses.
8
Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which does not meet the definition of an operating segment. Included in Net sales, Cost of products and services sold, Research and development expenses, and Selling, general and administrative expenses.
9
Included in segment profit and recorded within Other (income) expense.
We define operating income as segment sales less total cost of products and services sold, research and development expenses, selling, general and administrative expenses, impairment of goodwill, and impairment of assets held for sale. We define segment profit, on an overall Honeywell Technologies basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, repositioning and other charges, trademark licensing income, and the results of Quantinuum. We define segment profit margin, on an overall Honeywell Technologies basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
A quantitative reconciliation of operating income to segment profit, on an overall company basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings.
Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.
Honeywell International Inc.
Reconciliation of Earnings per Share to Adjusted Earnings per Share
(Unaudited)
Three Months Ended
September 30,
Twelve Months Ended
December 31,
2026
2025
2025
2026(E)
Earnings per share of common stock from continuing operations - diluted1
$
2.40
$
2.99
$
3.24
$21.88 - $21.93
Pension income2
(0.21
)
(0.18
)
(0.13
)
No Forecast
Amortization of acquisition-related intangibles3
0.32
0.32
1.20
1.20
Acquisition-related costs4
0.10
0.05
0.11
0.12
Divestiture-related costs5
(0.04
)
0.57
0.81
No Forecast
Debt restructuring costs6
—
—
—
0.71
ERP implementation costs7
0.02
—
—
0.08
Impairment of assets held for sale8
—
—
0.65
0.74
Indefinite-lived intangible asset impairment9
—
—
0.14
—
Impairment of goodwill10
—
—
2.25
—
(Gain) loss on sale of business11
(0.67
)
—
0.09
(0.69)
Gain related to Resideo indemnification and reimbursement agreement termination12
—
(2.51
)
(2.50
)
—
Adjustment to estimated future environmental liabilities13
—
0.07
0.07
—
Loss on settlement of divestiture of asbestos liabilities14
—
0.35
0.35
—
Impact of Russia-Ukraine conflict15
—
—
—
0.02
Gain on deconsolidation of Quantinuum16
—
—
—
(15.83)
Equity loss of Quantinuum17
0.35
—
—
No Forecast
Loss on Quantinuum18
—
0.04
0.18
0.17
Adjusted earnings per share of common stock from continuing operations - diluted
$
2.27
$
1.70
$
6.46
$8.40 - 8.45
1
For the three months ended September 30, 2026 and 2025, adjusted earnings per share utilizes weighted average shares of 319.2 million and 319.4 million, respectively. For the twelve months ended December 31, 2025, adjusted earnings per share utilizes weighted average shares of 321.4 million. For the twelve months ended December 31, 2026, expected earnings per share utilizes weighted average shares of approximately 319.4 million.
2
For the three months ended September 30, 2026 and 2025, pension income was $67 million and $58 million, net of tax expense of $22 million and $18 million, respectively. For the twelve months ended December 31, 2025, pension income was $40 million, net of tax expense of $25 million.
3
For the three months ended September 30, 2026 and 2025, acquisition-related intangibles amortization includes $102 million and $102 million, net of tax benefit of $29 million and $33 million, respectively. For the twelve months ended December 31, 2025, acquisition-related intangibles amortization includes $386 million, net of tax benefit of $123 million. For the twelve months ended December 31, 2026, the expected adjustment for acquisition-related intangibles amortization includes approximately $382 million, net of tax benefit of approximately $90 million.
4
For the three months ended September 30, 2026 and 2025, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs was $31 million and $17 million, net of tax benefit of $9 million and $5 million, respectively. For the twelve months ended December 31, 2025, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, was $35 million, net of tax benefit of $10 million. For the twelve months ended December 31, 2026, the expected adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs, is approximately $39 million, net of tax benefit of approximately $12 million.
5
For the three months ended September 30, 2026 and 2025, the adjustment for divestiture-related costs, which is principally comprised of third-party transaction, separation and simplification costs, was $12 million and $180 million, net of tax benefit of $182 million and tax expense of $122 million, respectively. For the twelve months ended December 31, 2025, the adjustment for divestiture-related costs was $262 million, net of tax expense of $31 million.
6
For the twelve months ended December 31, 2026, the expected adjustment for debt restructuring costs excluding spin-off impact is $228 million, net of tax benefit of $70 million.
7
For the three months ended September 30, 2026, the adjustment for ERP implementation costs was $7 million, net of tax benefit of $2 million. For the twelve months ended December 31, 2026, the expected adjustment for ERP implementation costs is approximately $26 million, net of tax benefit of approximately $6 million.
8
For the twelve months ended December 31, 2025, the impairment charge of assets held for sale was $209 million, net of tax benefit of $61 million. For the twelve months ended December 31, 2026, the expected impairment charge of assets held for sale is $236 million, net of tax benefit of $75 million.
9
For the twelve months ended December 31, 2025, the impairment charge of indefinite-lived intangible assets associated with the Industrial Automation reportable segment was $44 million, without tax benefit.
10
For the twelve months ended December 31, 2025, the impairment charge of goodwill associated with the Industrial Automation reportable segment was $724 million, without tax benefit.
11
For the three months ended September 30, 2026, the (gain) loss on sale of personal protection equipment business was $216 million, net of tax expense of $123 million. For the twelve months ended December 31, 2025, the adjustment for loss on sale of the personal protective equipment business was $28 million, net of tax benefit of $2 million. For the twelve months ended December 31, 2026, the expected gain on sale of personal protection equipment business is $221 million, net of tax expense of $124 million.
12
For the three months ended September 30, 2025, the gain related to the Resideo indemnification and reimbursement agreement termination was $802 million, without tax impact. For the twelve months ended December 31, 2025, the gain related to the Resideo indemnification and reimbursement agreement termination was $802 million, without tax impact.
13
For the three months ended September 30, 2025, the adjustment to increase environmental liabilities was $22 million, net of tax benefit of $7 million. For the twelve months ended December 31, 2025, the adjustment to increase environmental liabilities was $22 million, net of tax benefit of $7 million.
14
For the three months ended September 30, 2025, the adjustment for loss on settlement of divestiture of asbestos liabilities was $112 million, net of
tax benefit of $36 million. For the twelve months ended December 31, 2025, the adjustment for loss on settlement of divestiture of asbestos liabilities was $112 million, net of tax benefit of $36 million.
15
For the twelve months ended December 31, 2026, the expected adjustment for the impact of the Russia-Ukraine conflict is approximately $6 million, net of tax benefit of approximately $2 million.
16
Includes the gain from the deconsolidation of Quantinuum of $5,057 million, net of tax expense of $1,572 million.
17
For the three months ended September 30, 2026, the adjustment for equity losses on Quantinuum is $112 million, net of tax benefit of $35 million. The equity losses of Quantinuum are based on our proportionate share of Quantinuum's earnings or losses, which are outside of the Company's control. We therefore do not include an estimate for these amounts.
18
Includes consolidated losses of Quantinuum prior to the deconsolidation of the Company’s investment in Quantinuum, which does not meet the definition of an operating segment. For the three months ended September 30, 2025, the net income adjustment for Quantinuum was $35 million, net of tax benefit of $11 million. The net adjustment also reflects an adjustment to NCI of $16 million for the three months ended September 30, 2025. For the twelve months ended December 31, 2025, the net income adjustment for Quantinuum was $135 million, net of tax benefit of $43 million. The net adjustment also reflects an adjustment to NCI of $78 million for the twelve months ended December 31, 2025. For the twelve months ended December 31, 2026, the expected net income adjustment for Quantinuum is approximately $107 million, net of tax benefit of approximately $33 million. The net adjustment also reflects an adjustment to NCI of approximately $55 million for the twelve months ended December 31, 2026.
We define adjusted earnings per share as diluted earnings per share from continuing operations adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, pension income or the divestiture-related costs. The pension income is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The divestiture-related costs are subject to detailed development and execution of separation restructuring and simplification plans for the recently completed separation of Honeywell Technologies and Honeywell Aerospace. The equity losses of Quantinuum are based on our proportionate share of Quantinuum's earnings or losses, which are outside of the Company's control. We therefore do not include an estimate for these amounts. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change.
Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.
Honeywell International Inc.
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
(Unaudited)
(Dollars in millions)
Three Months
Ended
September 30,
2026
Three Months
Ended
September 30,
2025
Twelve Months
Ended
December 31,
2026(E)
Cash provided by operating activities from continuing operations
$
607
$
2,306
$
2.1
Capital expenditures
(77
)
(150
)
~(0.6)
Separation-related cost payments
158
2
~0.5
Quantinuum
—
31
~0.1
Resideo indemnification and reimbursement agreement termination payment
—
(1,590
)
—
Free cash flow
$
688
$
599
~$2.1
We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding spin-off and separation-related cost payments, the Resideo indemnification and reimbursement agreement termination payment, the cash payment for settlement of divestiture of asbestos liabilities, and cash flows attributable to Quantinuum.
We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.
Honeywell International Inc.
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow, Reconciliation of Net Income Attributable to Honeywell Technologies to Adjusted Net Income Attributable to Honeywell Technologies, and Calculation of Adjusted Free Cash Flow Conversion (Unaudited)
(Dollars in millions)
Three Months
Ended
September 30,
2026
Cash provided by operating activities from continuing operations
$
607
Capital expenditures
(77
)
Separation-related cost payments
158
Free cash flow
$
688
Net income attributable to Honeywell Technologies from continuing operations
$
767
Pension income1
(67
)
Amortization of acquisition-related intangibles2
102
Acquisition-related costs3
31
Divestiture-related costs4
(12
)
ERP implementation costs5
7
Gain on sale of business6
(216
)
Equity loss of Quantinuum7
112
Adjusted net income attributable to Honeywell Technologies
$
724
Cash provided by operating activities from continuing operations
$
607
÷ Net income attributable to Honeywell Technologies from continuing operations
$
767
Operating cash flow conversion %
79
%
Free cash flow
$
688
÷ Adjusted net income attributable to Honeywell Technologies
$
724
Adjusted free cash flow conversion %
95
%
1
For the three months ended September 30, 2026, pension income was $67 million, net of tax expense of $22 million.
2
For the three months ended September 30, 2026, acquisition-related intangibles amortization includes $102 million net of tax benefit of $29 million.
3
For the three months ended September 30, 2026, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs was $31 million, net of tax benefit of $9 million.
4
For the three months ended September 30, 2026, the adjustment for divestiture-related costs, which is principally comprised of third-party transaction, separation and simplification costs, was $12 million, net of tax benefit of $182 million.
5
For the three months ended September 30, 2026, the adjustment for ERP implementation costs was $7 million, net of tax benefit of $2 million.
6
For the three months ended September 30, 2026, the gain on sale of personal protection equipment business was $216 million, net of tax expense of $123 million.
7
For the three months ended September 30, 2026, the adjustment for equity losses on Quantinuum is $112 million, net of tax benefit of $35 million.
We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding separation-related cost payments, the Resideo indemnification and reimbursement agreement termination payment, the cash payment for settlement of divestiture of asbestos liabilities, and cash flows attributable to Quantinuum. We define adjusted net income attributable to Honeywell Technologies as net income attributable to Honeywell Technologies from continuing operations adjusted to exclude various items as listed above. We define adjusted free cash flow conversion as free cash flow divided by adjusted net income attributable to Honeywell Technologies.
We believe that free cash flow and adjusted free cash flow conversion are non-GAAP measures that are useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. These measures can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.
Lockheed Martin a americké ministerstvo války uzavřely rámcovou dohodu o výrobě a údržbě 850 stíhaček F-35 během deseti let, přičemž tempo výroby má činit 156 letadel ročně.
Multiyear F-35 production and sustainment strengthens the supply chain, saves billions in taxpayer dollars and improves fleet readiness.
, /PRNewswire/ -- The Department of War and Lockheed Martin (NYSE: LMT) unveiled a transformative framework agreement for multiyear F-35 Lightning II production and sustainment. This framework includes 850 U.S. aircraft over 10 years with associated initial spares, 10 years of modification kits and sustainment, and international customer orders across Lots 21-30, at a continued production rate of 156 aircraft per year.
U.S. Air Force photo by Tech. Sgt. Tiffany A. Emery
"This multiyear framework strengthens the way we can plan and invest in the F-35 enterprise," said Lockheed Martin Chairman, President and CEO Jim Taiclet. "With the greater certainty that comes from the U.S. government's transformative approach to F-35 production and sustainment, we can make the upfront investments needed to expand capacity, improve efficiency, and build a more resilient supply chain. That's good for the taxpayer, good for our suppliers and, most importantly, good for the United States and its allies."
If granted multiyear authority and associated appropriations in the coming months, the F-35 Joint Program Office and Lockheed Martin will work to finalize contract terms, pricing, and schedules through a formal contract award, which will fulfill the government's imperative for a predictable, affordable, and resilient fighter jet enterprise. This effort is expected to save taxpayers billions of dollars over F-35's lifecycle through long-term pricing and industry volume discounts.
The framework agreement directly addresses Department of War and Congressional priorities to improve F-35 readiness by:
Providing predictable, multiyear procurement planning that eliminates the need for supplemental appropriations for, obsolescence management and production tooling.
Delivering high-volume procurement efficiencies and discounts that translate into tangible taxpayer savings.
Ensuring transparent, data driven decision-making through integrated analytics that link budget inputs to readiness outcomes.
Providing real-time visibility into parts inventory and readiness metrics through integrated analytics.
Highlights
Supply Chain Stability – Predictable demand from long-term contracts with suppliers will enable bulk procurement of raw materials and critical parts, slashing turnaround times and reducing logistics bottlenecks. This will result in better mission capable rates by eliminating the annual contracting cycle that has historically strained the industrial base.
Affordability – The integrated procurement model that pairs aircraft production with purchases of spare and modification parts will deliver high-volume procurement discounts, drive down unit prices and provide the U.S. government the cost predictability it requires.
Economic Impact – The program will support 317,000 U.S. jobs and generate approximately $79 billion in annual economic activity over the next decade, strengthening the nation's industrial base and providing long-term stability for suppliers who have struggled to plan under the previous resourcing model.
Readiness – This framework adds investments in industry capacity and logistics that build upon Lockheed Martin's existing investments that inject parts into the global spares pool and will further improve fleet readiness and rapid repair turnaround for operations.
International Benefits – The multiyear procurement model enables economies of scale that lower costs and enhance readiness for all F‑35 customers, reinforcing confidence in the global sustainment network and enhancing interoperability across allied fleets.
"Our new multiyear framework gives suppliers stability to plan for the future and invest with confidence, improving readiness across the F-35 fleet," said OJ Sanchez, president of Lockheed Martin Aeronautics. "This, in addition to the investments Lockheed Martin is making to the global spares pool, will directly translate into higher mission capable rates and a more resilient supply chain – critical capabilities the warfighter needs to meet today's mission and prepare for tomorrow's threats."
About the F-35 Lightning II
More than 1,375 F-35s are currently fielded around the globe, and the fleet has surpassed a million flight hours. The combat-proven F-35 operates from 42 bases worldwide, including 13 nations operating on home soil. As adversaries advance and legacy aircraft age, the F-35 is critical to maintaining air dominance into the future.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Společnost Lockheed Martin ve 3. čtvrtletí zvýšila tržby o 11 % na 20,7 mld. USD a čistý zisk o 14 % na 1,8 mld. USD; navýšila také celoroční výhled pro rok 2026.
Sales increased 11% to $20.7 billion
Net earnings increased 14% to $1.8 billion, or $7.97 per share
Cash from operations of $3.4 billion and free cash flow of $3.0 billion
Record backlog of $292.0 billion, including $52.5 billion associated with the multi-year award to produce PAC-3 Missile Segment Enhancement (MSE) interceptors
Updates 2026 financial outlook
, /PRNewswire/ -- Lockheed Martin Corporation [NYSE: LMT] today reported third quarter 2026 sales of $20.7 billion, compared to $18.6 billion in the third quarter of 2025. Net earnings in the third quarter of 2026 were $1.8 billion, or $7.97 per share, compared to $1.6 billion, or $6.95 per share. Cash from operations was $3.4 billion in the third quarter of 2026, compared to $3.7 billion in the third quarter of 2025. Free cash flow was $3.0 billion in the third quarter of 2026, compared to $3.3 billion in the third quarter of 2025. Backlog grew 27% since the second quarter of 2026, setting another new record at $292.0 billion.
"Our strong third quarter performance underscores Lockheed Martin's continuing leadership in the development and delivery of advanced and reliable defense technology solutions. Every day, our research, engineering and production teams are putting highly effective and scalable capabilities in the field. We strive to improve mission performance on a continuous basis by combining proven systems like Aegis, F-35, and Hellfire with the latest digital technologies including AI and Autonomy. We are doing this by integrating our internal innovative solutions with those of start-ups, new entrants into our industry, and commercial technology leaders." said Lockheed Martin Chairman, President and CEO Jim Taiclet.
"By pulling through our existing platforms and systems using innovations from multiple sources and with newly available digital technology, we can drive elevated growth in our financial performance as well. In the third quarter each of our four segments posted growth year-over-year, sales topped $20.7 billion and net earnings exceeded $1.8 billion, increases of 11% and 14% respectively. We delivered $3 billion of free cash flow in the quarter, and increased our backlog to a record $292 billion, allowing us to raise our dividend for the 24th year in a row. The sustained financial momentum across our portfolio gives us confidence to increase our outlook for sales, earnings per share and free cash flow, the second consecutive quarter we have raised our financial guidance."
Summary Financial Results
(in millions, except per share data)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
Sales
$ 20,711
$ 18,609
$ 58,795
$ 54,727
Business segment operating profit1
$ 2,229
$ 2,029
$ 6,214
$ 4,685
Unallocated items
FAS/CAS pension operating adjustment
421
380
1,264
1,138
Impairment and other charges
—
—
—
(66)
Intangible asset amortization expense
(49)
(70)
(149)
(197)
Other, net
(158)
(59)
(344)
(160)
Total unallocated items
214
251
771
715
Consolidated operating profit
$ 2,443
$ 2,280
$ 6,985
$ 5,400
Net earnings
$ 1,845
$ 1,619
$ 5,169
$ 3,673
Diluted earnings per share
$ 7.97
$ 6.95
$ 22.36
$ 15.69
Cash from operations
$ 3,438
$ 3,728
$ 6,893
$ 5,338
Capital expenditures
(439)
(381)
(1,268)
(1,186)
Free cash flow1
$ 2,999
$ 3,347
$ 5,625
$ 4,152
1
Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of
this news release for more information.
Sales: Third quarter 2026 sales increased $2.1 billion, or 11%, driven by growth in each of the company's four business segments.
Business Segment Operating Profit1: Third quarter 2026 business segment operating profit increased $200 million due to munition ramps at Missiles and Fire Control and higher volume at Aeronautics.
Net Earnings and Diluted EPS: Third quarter 2026 net earnings increased $226 million and diluted earnings per share increased $1.02 primarily due to higher consolidated operating profit of $163 million described above.
Cash Flows: Third quarter 2026 cash from operations decreased $290 million and free cash flows decreased $348 million primarily due to the higher customer receipts in the third quarter of 2025. The company's cash activities during the third quarter of 2026 included capital expenditures of $439 million and independent research and development of $599 million.
2026 Financial Outlook
The following guidance table contains forward-looking statements, which are based on the company's expectations at the time of this news release. Actual results may differ materially from those projected. It is the company's practice not to incorporate adjustments in its financial outlook for proposed acquisitions, divestitures, joint ventures, changes in tax laws, or special items until such items have been consummated or enacted. Refer to the "Forward-Looking Statements" section contained in this press release and Form 10-Q for factors that may impact the company's ability to achieve guidance or meet expectations.
(in millions, except per share data)
Current Update
July 2026
Sales
~$80,000 - $82,000
$79,750 - $81,750
Business segment operating profit1
~$8,575 - $8,675
$8,500 - $8,700
Total FAS/CAS pension adjustment
~$1,365
~$1,365
Diluted earnings per share
~$30.35 - $30.75
$29.95 - $30.65
Cash from operations
~$10,000 - $10,200
$9,200 - $9,400
Capital expenditures
~$2,100 - $2,300
$2,000 - $2,400
Free cash flow1
~$7,800 - $8,000
$7,000 - $7,200
1
Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of
this news release for more information.
F-35 Lots 20-22 Contract Update
The company remains in negotiations with the U.S. Government on the production contracts for F-35 lots 20 and higher. The company's costs incurred began to exceed the current contractual authorization and funding on the Lot 20 advance acquisition contract during the third quarter of 2026. Without additional contractual authorization and funding from the U.S. Government, the company's results of operations, cash flows, and financial condition will be negatively impacted in future periods.
Segment Results
(in millions)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
Sales
Aeronautics
$ 8,214
$ 7,256
$ 23,279
$ 21,733
Missiles and Fire Control
4,501
3,624
12,251
10,430
Rotary and Mission Systems
4,511
4,373
12,856
12,696
Space
3,485
3,356
10,409
9,868
Total sales
$ 20,711
$ 18,609
$ 58,795
$ 54,727
Operating profit
Aeronautics
$ 743
$ 682
$ 2,122
$ 1,304
Missiles and Fire Control
631
510
1,725
1,454
Rotary and Mission Systems
524
506
1,384
855
Space
331
331
983
1,072
Total business segment operating profit
2,229
2,029
6,214
4,685
Unallocated items
FAS/CAS operating adjustment
421
380
1,264
1,138
Impairment and other charges
—
—
—
(66)
Intangible asset amortization expense
(49)
(70)
(149)
(197)
Other, net
(158)
(59)
(344)
(160)
Total unallocated items
214
251
771
715
Total consolidated operating profit
$ 2,443
$ 2,280
$ 6,985
$ 5,400
Aeronautics
(in millions)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
Sales
$ 8,214
$ 7,256
$ 23,279
$ 21,733
Operating profit
743
682
2,122
1,304
Operating margin
9.0 %
9.4 %
9.1 %
6.0 %
Third quarter 2026 sales increased $958 million, or 13%, compared to the third quarter of 2025. The increase was primarily due to higher sales of $710 million on the F‑35 program as a result of higher volume on production and sustainment contracts and $270 million on the C-130 program due to the liquidation of pre-contract costs incurred in anticipation of a contract award in the third quarter of 2026. These increases were partially offset by lower sales of $130 million on the F-16 program due to lower production volume and the sales impact of unfavorable profit adjustments recognized.
Third quarter 2026 operating profit increased $61 million, or 9%, compared to the third quarter of 2025. The increase was primarily attributable to the higher sales volume previously described, partially offset by higher unfavorable profit adjustments of $40 million on the F-16 program and $40 million on the C-130 program.
Missiles and Fire Control
(in millions)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
Sales
$ 4,501
$ 3,624
$ 12,251
$ 10,430
Operating profit
631
510
1,725
1,454
Operating margin
14.0 %
14.1 %
14.1 %
13.9 %
Third quarter 2026 sales increased $877 million, or 24%, compared to the third quarter of 2025. The increase was primarily attributable to higher sales of $480 million on integrated air and missile defense programs due to production ramps (Patriot Advanced Capability-3 (PAC-3) and Terminal High Altitude Area Defense (THAAD)), and $330 million on tactical and strike missile programs due to production ramps (Guided Multiple Launch Rocket Systems (GMLRS) and Precision Strike Missile (PrSM)).
Third quarter 2026 operating profit increased $121 million, or 24%, compared to the third quarter of 2025. The increase was primarily attributable to higher sales volume previously described.
Rotary and Mission Systems
(in millions)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
Sales
$ 4,511
$ 4,373
$ 12,856
$ 12,696
Operating profit
524
506
1,384
855
Operating margin
11.6 %
11.6 %
10.8 %
6.7 %
Third quarter 2026 sales increased $138 million, or 3%, compared to the third quarter of 2025. The increase was attributable to higher sales of $140 million on Sensors, Effectors & Mission Systems (SEMS) programs due to higher volume on radar programs.
Third quarter 2026 operating profit increased $18 million, or 4%, compared to the third quarter of 2025 primarily due to a $40 million favorable profit adjustment upon the resolution of a contracting matter, offset by unfavorable profit adjustments of $45 million on Heavy Lift and Seahawk programs in the third quarter of 2026.
Space
(in millions)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
Sales
$ 3,485
$ 3,356
$ 10,409
$ 9,868
Operating profit
331
331
983
1,072
Operating margin
9.5 %
9.9 %
9.4 %
10.9 %
Third quarter 2026 sales increased $129 million, or 4%, compared to the third quarter of 2025. The increase was primarily attributable to higher sales of $185 million on strategic and missile defense programs due to higher volume on the Fleet Ballistic Missile (FBM) and Next Generation Interceptor (NGI) programs, partially offset by lower sales of $115 million for national security space programs due to the program lifecycle on the OPIR mission.
Third quarter 2026 operating profit was comparable to the third quarter of 2025.
Income Taxes
The company's effective income tax rates were 15.1% and 16.5% for the quarters ended September 27, 2026 and September 28, 2025. The decrease was primarily attributable to increased tax deductions for foreign derived deduction eligible income (FDDEI), partially offset by the absence of the favorable resolution of certain federal income tax audit items as compared to the prior year.
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.
Business segment operating profit
Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions)
Current Update
July 2026
Business segment operating profit (non-GAAP)
~$8,575 - $8,675
$8,500 - $8,700
FAS/CAS operating adjustment1
~1,685
~1,685
Intangible asset amortization expense
~(200)
~(200)
Other, net
~(540)
~(490)
Consolidated operating profit (GAAP)
~$9,520 - $9,620
$9,495 - $9,695
1
Reflects the amount by which total CAS pension cost of $1.7 billion exceeds FAS pension service cost and excludes non-service FAS pension
expense. Refer to the supplemental table "Selected Financial Data" included in this news release for a detail of the FAS/CAS operating
adjustment.
Free cash flow
Free cash flow is a non-GAAP financial measure that the company defines as cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity. While management believes that free cash flow as a non-GAAP financial measure may be useful in evaluating the company's financial performance, it should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.
Webcast and Conference Call Information
Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Thursday, October 22, 2026, at 8:30 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor. The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor.
For additional information, visit the company's website: www.lockheedmartin.com.
About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at www.lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:
the company's reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms;
budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and government shutdowns, and changing funding and acquisition priorities;
risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program;
the timing of contract awards or contract definitization, the outcome of contract negotiations, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments;
the company's ability to recover costs under U.S. Government contracts, the mix of fixed-price and cost-reimbursable contracts and the risks inherent in preparing estimates for fixed-price contracts (particularly for complex and technologically advanced programs);
customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), acquisition process reforms, treatment of contractor performance issues, and contractor access to competitive opportunities;
planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment, rare earth minerals and microelectronics;
performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance, for which the company has provided guarantees and expects to provide additional financial support), joint venture partners, subcontractors and customers;
changes in economic, capital market and political conditions in the U.S. and globally;
the impact of inflation and other cost pressures;
government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification);
foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions;
the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates;
changes in non-U.S. national priorities and government budgets and planned orders;
the competitive environment for the company's products and services;
the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities;
the company's ability to develop and integrate artificial intelligence and autonomy technologies into its products and operations, its use of third-party AI providers, unintended performance of AI-enabled systems, and evolving laws, regulations and contract requirements governing AI and autonomous weapon systems;
the company's ability to benefit fully from or adequately protect its intellectual property rights;
the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions;
cyber or other security threats or other disruptions faced by the company or its suppliers;
the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions, including as a result of presidential executive orders;
the accuracy of the company's estimates and projections;
changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated charges;
realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market;
the company's ability to successfully integrate the Ultra Maritime business and realize synergies and other expected benefits of the transaction and the potential for disruption to its or Ultra Maritime's business, customer and supplier relationships;
the company's efforts to fund and increase production capabilities and the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives;
the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles;
the availability and adequacy of the company's insurance and indemnities;
compliance with laws, regulations, policies, and customer requirements relating to environmental matters;
the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays;
changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and
the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and U.S. Government identification of deficiencies in its business systems.
These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q. The company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov.
The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.
Lockheed Martin Corporation
Consolidated Statements of Earnings1
(unaudited; in millions, except per share data)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
Sales
$ 20,711
$ 18,609
$ 58,795
$ 54,727
Operating costs and expenses
(18,275)
(16,369)
(51,835)
(49,430)
Gross profit
2,436
2,240
6,960
5,297
Other income, net
7
40
25
103
Operating profit
2,443
2,280
6,985
5,400
Interest expense
(264)
(286)
(799)
(828)
Non-service FAS pension expense
(81)
(99)
(241)
(296)
Other non-operating income, net
74
43
179
115
Earnings before income taxes
2,172
1,938
6,124
4,391
Income tax expense
(327)
(319)
(955)
(718)
Net earnings
$ 1,845
$ 1,619
$ 5,169
$ 3,673
Effective tax rate
15.1 %
16.5 %
15.6 %
16.4 %
Earnings per common share
Basic
$ 8.00
$ 6.98
$ 22.45
$ 15.74
Diluted
$ 7.97
$ 6.95
$ 22.36
$ 15.69
Weighted average shares outstanding
Basic
230.5
231.9
230.2
233.3
Diluted
231.5
232.8
231.2
234.1
Common shares reported in stockholders'
equity at end of period
230
230
1
The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes,
which was on September 27, for the third quarter of 2026 and September 28, for the third quarter of 2025. The consolidated financial
statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods,
as the company's fiscal year ends on Dec. 31.
Lockheed Martin Corporation
Business Segment Summary Operating Results
(unaudited; in millions)
Quarters Ended
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
%
Change
Sept. 27,
2026
Sept. 28,
2025
%
Change
Sales
Aeronautics
$ 8,214
$ 7,256
13 %
$ 23,279
$ 21,733
7 %
Missiles and Fire Control
4,501
3,624
24 %
12,251
10,430
17 %
Rotary and Mission Systems
4,511
4,373
3 %
12,856
12,696
1 %
Space
3,485
3,356
4 %
10,409
9,868
5 %
Total sales
$ 20,711
$ 18,609
11 %
$ 58,795
$ 54,727
7 %
Operating profit
Aeronautics
$ 743
$ 682
9 %
$ 2,122
$ 1,304
63 %
Missiles and Fire Control
631
510
24 %
1,725
1,454
19 %
Rotary and Mission Systems
524
506
4 %
1,384
855
62 %
Space
331
331
— %
983
1,072
(8 %)
Total business segment operating profit
2,229
2,029
10 %
6,214
4,685
33 %
Unallocated items
FAS/CAS operating adjustment
421
380
1,264
1,138
Impairment and other charges
—
—
—
(66)
Intangible asset amortization expense
(49)
(70)
(149)
(197)
Other, net
(158)
(59)
(344)
(160)
Total unallocated items
214
251
(15 %)
771
715
8 %
Total consolidated operating profit
$ 2,443
$ 2,280
7 %
$ 6,985
$ 5,400
29 %
Operating margin
Aeronautics
9.0 %
9.4 %
9.1 %
6.0 %
Missiles and Fire Control
14.0 %
14.1 %
14.1 %
13.9 %
Rotary and Mission Systems
11.6 %
11.6 %
10.8 %
6.7 %
Space
9.5 %
9.9 %
9.4 %
10.9 %
Total business segment operating
margin
10.8 %
10.9 %
10.6 %
8.6 %
Total consolidated operating margin
11.8 %
12.3 %
11.9 %
9.9 %
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
Sept. 27,
2026
Dec. 31,
2025
(unaudited)
Assets
Current assets
Cash and cash equivalents
$ 5,960
$ 4,121
Receivables, net
3,096
3,901
Contract assets
16,899
13,001
Inventories
3,987
3,524
Other current assets
1,059
815
Total current assets
31,001
25,362
Property, plant and equipment, net
11,524
11,292
Goodwill
11,299
11,314
Intangible assets, net
1,737
1,887
Deferred income taxes
1,819
2,975
Other noncurrent assets
7,130
7,010
Total assets
$ 64,510
$ 59,840
Liabilities and equity
Current liabilities
Accounts payable
$ 5,005
$ 3,630
Salaries, benefits and payroll taxes
3,349
3,184
Contract liabilities
12,644
11,440
Current maturities of long-term debt
—
1,168
Other current liabilities
3,542
3,913
Total current liabilities
24,540
23,335
Long-term debt, net
20,498
20,532
Accrued pension liabilities
3,938
3,915
Other noncurrent liabilities
5,471
5,337
Total liabilities
54,447
53,119
Stockholders' equity
Common stock, $1 par value per share
230
229
Additional paid-in capital
451
—
Retained earnings
16,802
14,034
Accumulated other comprehensive loss
(7,420)
(7,542)
Total stockholders' equity
10,063
6,721
Total liabilities and equity
$ 64,510
$ 59,840
Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
Nine Months Ended
Sept. 27,
2026
Sept. 28,
2025
Operating activities
Net earnings
$ 5,169
$ 3,673
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization
1,223
1,224
Stock-based compensation
269
215
Deferred income taxes
1,114
72
Impairment and other charges
—
66
Reach-forward losses on select programs
—
1,615
Qualified defined benefit pension plans
277
334
Changes in assets and liabilities
Receivables, net
805
(1,493)
Contract assets
(3,898)
(1,231)
Inventories
(463)
(511)
Accounts payable
1,488
1,644
Contract liabilities
1,204
38
Income taxes
(244)
(100)
Other, net
(51)
(208)
Net cash provided by operating activities
6,893
5,338
Investing activities
Capital expenditures
(1,268)
(1,186)
Other, net
(92)
(278)
Net cash used for investing activities
(1,360)
(1,464)
Financing activities
Issuance of long-term debt, net of related costs
—
1,985
Repayments of long-term debt
(1,168)
(142)
Repurchases of common stock
—
(2,250)
Dividends paid
(2,408)
(2,332)
Other, net
(118)
(148)
Net cash used for financing activities
(3,694)
(2,887)
Net change in cash and cash equivalents
1,839
987
Cash and cash equivalents at beginning of period
4,121
2,483
Cash and cash equivalents at end of period
$ 5,960
$ 3,470
Lockheed Martin Corporation
Selected Financial Data
(unaudited; in millions)
2026
Outlook
2025
Actual
Total FAS pension expense and CAS cost
FAS pension expense
$ (370)
$ (924)
Less: CAS pension cost
1,735
1,568
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
Service and non-service cost reconciliation
FAS pension service cost
$ (50)
$ (50)
Less: CAS pension cost
1,735
1,568
FAS/CAS pension operating adjustment
1,685
1,518
Non-service FAS pension expense
(320)
(874)
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
1
The cost components in the table above relate only to the company's qualified defined benefit pension plans. The company recognized a
noncash, non-operating pretax settlement charge of $479 million in the fourth quarter of 2025.
Lockheed Martin Corporation
Other Financial and Operating Information
(unaudited; in millions, except for aircraft deliveries and weeks)
Backlog
Sept. 27,
2026
Dec. 31,
2025
Aeronautics
$ 57,331
$ 59,435
Missiles and Fire Control
142,517
46,650
Rotary and Mission Systems
49,435
47,715
Space
42,701
39,822
Total backlog
$ 291,984
$ 193,622
Quarters Ended
Nine Months Ended
Aircraft Deliveries
Sept. 27,
2026
Sept. 28,
2025
Sept. 27,
2026
Sept. 28,
2025
F-35
43
46
94
143
F-16
4
5
6
12
C-130J
2
—
10
2
Government helicopter programs
16
22
51
55
Commercial helicopter programs
—
1
—
2
International military helicopter programs
7
6
7
6
Number of Weeks in Reporting Period1
2026
2025
First quarter
12
13
Second quarter
13
13
Third quarter
13
13
Fourth quarter
14
13
1
Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month,
except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during
the year and for comparable prior year periods.
Columbia Asset Management ve 3. čtvrtletí snížila podíl ve společnosti Broadcom o 4,3 % prodejem 1 943 akcií; nadále drží 43 499 akcií v hodnotě 15,276 milionu USD.
Columbia Asset Management cut its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 4.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,499 shares of the semiconductor manufacturer’s stock after selling 1,943 shares during the quarter. Broadcom makes up approximately 2.5% of Columbia Asset Management’s holdings, making the stock its 10th largest holding. Columbia Asset Management’s holdings in Broadcom were worth $15,276,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Maia Wealth LLC raised its position in Broadcom by 20.5% during the 3rd quarter. Maia Wealth LLC now owns 18,205 shares of the semiconductor manufacturer’s stock valued at $6,393,000 after purchasing an additional 3,101 shares during the last quarter. Tanager Wealth Management LLP lifted its holdings in Broadcom by 44.1% in the 3rd quarter. Tanager Wealth Management LLP now owns 6,434 shares of the semiconductor manufacturer’s stock worth $2,260,000 after buying an additional 1,969 shares during the period. Novem Group grew its position in shares of Broadcom by 5.1% in the 3rd quarter. Novem Group now owns 25,210 shares of the semiconductor manufacturer’s stock worth $8,854,000 after buying an additional 1,232 shares during the last quarter. Sterling Investment Counsel LLC grew its position in shares of Broadcom by 29.0% in the 3rd quarter. Sterling Investment Counsel LLC now owns 8,792 shares of the semiconductor manufacturer’s stock worth $3,088,000 after buying an additional 1,977 shares during the last quarter. Finally, Value Partners Investments Inc. grew its position in shares of Broadcom by 7.6% in the 3rd quarter. Value Partners Investments Inc. now owns 7,545 shares of the semiconductor manufacturer’s stock worth $2,658,000 after buying an additional 534 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.
Analyst Upgrades and Downgrades Several equities analysts have recently issued reports on AVGO shares. Jefferies Financial Group started coverage on Broadcom in a research note on Thursday, September 3rd. They set a “buy” rating and a $550.00 target price on the stock. DA Davidson set a $350.00 price target on shares of Broadcom and gave the company a “neutral” rating in a report on Friday, September 4th. TD Cowen reiterated a “buy” rating and issued a $475.00 price target (down from $500.00) on shares of Broadcom in a report on Thursday, September 3rd. Raymond James Financial reissued an “outperform” rating and set a $475.00 price objective (up from $450.00) on shares of Broadcom in a research report on Thursday, September 3rd. Finally, Piper Sandler initiated coverage on shares of Broadcom in a report on Wednesday, September 9th. They issued an “overweight” rating and a $460.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, thirty-seven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $527.20.
Get Our Latest Report on AVGO Broadcom News Roundup Here are the key news stories impacting Broadcom this week:
Positive Sentiment: Broadcom launched Arcot Scam Defense, a feature designed to help financial institutions block AI-enhanced social-engineering fraud in card-not-present transactions. The product could strengthen Broadcom’s infrastructure-software portfolio and create additional enterprise demand. Broadcom Launches Arcot Scam Defense to Block Social Engineering Fraud Positive Sentiment: Broadcom’s 10-year agreement with NTT DOCOMO to advance the telecommunications company’s private cloud using VMware Cloud Foundation reinforces the durability of its recurring software revenue and enterprise-cloud strategy. Broadcom to Advance NTT DOCOMO’s Private Cloud with VMware Cloud Foundation Positive Sentiment: Several analyses continue to highlight Broadcom as a leading beneficiary of custom AI-chip and networking demand. One report cited a 236% increase in AI-chip sales, while investors view its combination of custom silicon, AI networking and infrastructure software as a potential alternative to Nvidia. Broadcom Sees AI Chip Sales Up 236% Neutral Sentiment: Commentary comparing Broadcom with Apple and other semiconductor stocks presents AVGO as a long-term AI and infrastructure-software opportunity, but emphasizes that the investment case depends on sustained customer spending and execution. Apple vs. Broadcom: Which Tech Stock Is a Better Buy in 2026? Negative Sentiment: Semiconductor shares have pulled back amid interest-rate concerns, worries that AI infrastructure spending may be excessive, and broader warnings of a possible AI-stock bubble. Broadcom CEO Hock Tan’s comments comparing AI spending with a “casino” and warning about capital constraints have also unsettled some investors. Chip Stocks Have Pulled Back Broadcom Trading Up 1.0% AVGO opened at $337.80 on Thursday. The stock has a market cap of $1.61 trillion, a PE ratio of 43.14 and a beta of 1.46. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average of $359.37 and a 200-day moving average of $384.63. Broadcom Inc. has a 52 week low of $289.96 and a 52 week high of $495.00.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.10. The company had revenue of $29.59 billion for the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm’s revenue was up 85.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.69 earnings per share. Equities research analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year.
Broadcom Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is currently 33.21%.
Broadcom Company Profile (Free Report)
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.
The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.
Read More Five stocks we like better than Broadcom GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).
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CWA Asset Management Group LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 2.2% during the third quarter, according to its most recent filing with the SEC. The fund owned 74,624 shares of the semiconductor manufacturer’s stock after selling 1,675 shares during the quarter. Broadcom accounts for approximately 0.8% of CWA Asset Management Group LLC’s portfolio, making the stock its 22nd largest holding. CWA Asset Management Group LLC’s holdings in Broadcom were worth $26,207,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in AVGO. Fullerton Advisors LLC raised its position in Broadcom by 1.3% in the first quarter. Fullerton Advisors LLC now owns 1,989 shares of the semiconductor manufacturer’s stock worth $616,000 after acquiring an additional 25 shares during the period. NORTHSTAR ASSET MANAGEMENT Co grew its position in shares of Broadcom by 0.5% during the 1st quarter. NORTHSTAR ASSET MANAGEMENT Co now owns 5,350 shares of the semiconductor manufacturer’s stock valued at $1,656,000 after acquiring an additional 25 shares during the period. Yukon Wealth Management Inc. grew its position in shares of Broadcom by 1.1% during the 1st quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer’s stock valued at $774,000 after acquiring an additional 26 shares during the period. NerdWallet Wealth Partners LLC grew its position in shares of Broadcom by 2.6% during the 2nd quarter. NerdWallet Wealth Partners LLC now owns 1,057 shares of the semiconductor manufacturer’s stock valued at $399,000 after acquiring an additional 27 shares during the period. Finally, Veery Capital LLC increased its stake in shares of Broadcom by 1.4% during the 2nd quarter. Veery Capital LLC now owns 1,900 shares of the semiconductor manufacturer’s stock worth $718,000 after purchasing an additional 27 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.
Key Stories Impacting Broadcom Here are the key news stories impacting Broadcom this week:
Positive Sentiment: Broadcom launched Arcot Scam Defense, a feature designed to help financial institutions block AI-enhanced social-engineering fraud in card-not-present transactions. The product could strengthen Broadcom’s infrastructure-software portfolio and create additional enterprise demand. Broadcom Launches Arcot Scam Defense to Block Social Engineering Fraud Positive Sentiment: Broadcom’s 10-year agreement with NTT DOCOMO to advance the telecommunications company’s private cloud using VMware Cloud Foundation reinforces the durability of its recurring software revenue and enterprise-cloud strategy. Broadcom to Advance NTT DOCOMO’s Private Cloud with VMware Cloud Foundation Positive Sentiment: Several analyses continue to highlight Broadcom as a leading beneficiary of custom AI-chip and networking demand. One report cited a 236% increase in AI-chip sales, while investors view its combination of custom silicon, AI networking and infrastructure software as a potential alternative to Nvidia. Broadcom Sees AI Chip Sales Up 236% Neutral Sentiment: Commentary comparing Broadcom with Apple and other semiconductor stocks presents AVGO as a long-term AI and infrastructure-software opportunity, but emphasizes that the investment case depends on sustained customer spending and execution. Apple vs. Broadcom: Which Tech Stock Is a Better Buy in 2026? Negative Sentiment: Semiconductor shares have pulled back amid interest-rate concerns, worries that AI infrastructure spending may be excessive, and broader warnings of a possible AI-stock bubble. Broadcom CEO Hock Tan’s comments comparing AI spending with a “casino” and warning about capital constraints have also unsettled some investors. Chip Stocks Have Pulled Back Analysts Set New Price Targets Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. restated a “buy” rating on shares of Broadcom in a research note on Thursday, September 3rd. Lake Street Capital upgraded Broadcom to a “buy” rating in a research note on Thursday, September 3rd. Raymond James Financial reissued an “outperform” rating and set a $475.00 price objective (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. The Goldman Sachs Group raised their target price on Broadcom from $525.00 to $540.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Finally, BMO Capital Markets boosted their target price on Broadcom from $455.00 to $575.00 and gave the company an “outperform” rating in a research note on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-seven have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $527.20. Get Our Latest Stock Analysis on Broadcom
Broadcom Stock Up 1.0% Broadcom stock opened at $337.80 on Thursday. Broadcom Inc. has a 1-year low of $289.96 and a 1-year high of $495.00. The firm has a market capitalization of $1.61 trillion, a price-to-earnings ratio of 43.14 and a beta of 1.46. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The firm has a 50 day simple moving average of $359.37 and a 200 day simple moving average of $384.63.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. The business had revenue of $29.59 billion for the quarter, compared to analysts’ expectations of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The business’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.69 EPS. On average, analysts predict that Broadcom Inc. will post 10.37 earnings per share for the current year.
Broadcom Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom’s payout ratio is presently 33.21%.
About Broadcom (Free Report)
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.
The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.
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Společnost Rockwell Automation zveřejní 5. listopadu před otevřením trhu hospodářské výsledky za čtvrté čtvrtletí a celý fiskální rok 2026 a poskytne výhled pro fiskální rok 2027.
MILWAUKEE--(BUSINESS WIRE)--Rockwell Automation, Inc. (NYSE: ROK) is scheduled to report its fourth quarter and full year fiscal 2026 results as well as introduce fiscal 2027 guidance on Thursday, Nov. 5, before the market opens. The release will be posted on the Rockwell Investor Relations website at www.rockwellautomation.com/en-us/investors.html.
A conference call to discuss the quarterly results will be held at 7:30 a.m. CST on Nov. 5. This call will be audio webcast and accessible on the Rockwell Automation Investor Relations website. Presentation materials will also be available on the website prior to the call.
Interested parties can access the conference call by dialing +1 585-542-9983 in the United States or +1 833-461-5787 toll-free. International dial-in numbers are available here. The Meeting ID is 697888635. Please dial in 10 minutes prior to the start of the call.
A replay of the call will be available on the Investor Relations section of the Rockwell Automation website through Dec. 7.
About Rockwell Automation
Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 26,000 problem solvers dedicated to our customers in more than 100 countries as of fiscal year end 2026. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.
Spotify (SPOT.N) forecast fourth-quarter profit above Wall Street estimates on Thursday, as the Swedish music streaming company bets on its AI-powered features to drive user growth in the crucial holiday season.
Shares of the company rose nearly 4% in premarket trading.
Investors have closely watched the company's profitability as it spends on AI to improve discovery and engagement to attract more users and fend off emerging music-generation rivals such as Suno and Udio.
Spotify expects operating income of €820 million ($920.53 million), compared with analysts' average estimate of €813.4 million, according to data compiled by LSEG.
The company's AI-powered features include AI DJ, which curates personalized music mixes with spoken commentary, and prompt-based playlists that let users describe a mood or listening preference to generate tailored selections.
"We've built a strong business that keeps compounding, we invest when we see a path for growth, our costs are moderating, and there is more runway ahead," co-CEO Alex Norstrom said in a statement.
In the third quarter, Spotify's operating income of €672 million came in line with Visible Alpha-compiled analysts' average estimate of €671.8 million.
It posted revenue of €4.97 billion in the three months ended September 30, compared with an LSEG-compiled estimate of €4.98 billion. It reported earnings per share of €2.48, compared with estimates of €2.80.
Spotify's monthly active users forecast of 818 million for the fourth quarter was marginally below Visible Alpha estimates of 819 million, while its outlook for about 10 million increase in premium subscribers to 316 million was above expectations of 314.7 million.
Its monthly active users grew 1% sequentially in the third quarter to reach 788 million.
Earlier this week, Spotify announced a licensing deal with music distributor Believe for its upcoming paid tool for fan-made AI covers and remixes. It has also signed licensing deals with Universal Music Group (UMG.AS), Merlin and Kobalt for the tool.
S&P Global rozšířila AI funkce platformy iLEVEL pro soukromé trhy, včetně integrace nástrojů Copilot a Claude při zachování stávajících přístupových oprávnění.
Enhancements span embedded and connected AI capabilities, integrated valuations, expanded analytics and greater connectivity across S&P Global's private markets ecosystem
, /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced expanded AI-powered capabilities across its private markets ecosystem, including new iLEVEL enhancements that embed AI directly into private markets workflows and enable customers to securely connect their iLEVEL data and capabilities to AI tools such as Copilot and Claude through iLEVEL's MCP server, while maintaining their existing access controls and permissions. These enhancements bring together native AI capabilities, including an iLEVEL Agent, with valuations, performance analytics and complementary S&P Global data and solutions. Together, these capabilities are designed to help asset managers and asset allocators work faster and smarter across the investment lifecycle.
At the center of this expansion is iLEVEL, S&P Global's private markets platform for portfolio monitoring, valuations, reporting and data management. Its latest enhancements build on AI capabilities embedded directly within iLEVEL, helping automate data-intensive workflows and enabling users to surface portfolio insights through natural-language search. In addition, iLEVEL's MCP server enables customers to connect their iLEVEL data and capabilities to AI tools such as Copilot and Claude, giving them greater flexibility to use iLEVEL within the AI tools and agentic workflows they choose while maintaining their existing iLEVEL permissions and access controls.
"Private markets firms increasingly need connected data, analytics and workflows that help them operate more efficiently and make decisions with confidence," said Kelly McGeehan, Head of Markets & Regulatory, Enterprise Solutions at S&P Global Market Intelligence. "We're bringing together capabilities across S&P Global's private markets ecosystem, with iLEVEL playing an important role in connecting customers' data and workflows to the analytics, valuations and AI capabilities they need to make better-informed decisions."
Key enhancements include:
AI embedded in iLEVEL and governed AI connectivity: iLEVEL combines AI capabilities embedded directly into the platform, including a native iLEVEL Agent, with AI-powered data ingestion, natural-language search and other intelligent workflows. Beyond iLEVEL, the platform's MCP server is designed to help users integrate governed, validated iLEVEL data and capabilities into third-party AI applications and agentic workflows. Together, these capabilities give customers flexibility to use AI directly within iLEVEL or bring trusted iLEVEL data into their preferred AI environments. Integrated valuations: Enhanced integration between iLEVEL and S&P Global Private Market Valuations simplifies the document and data exchanges needed for third-party valuation opinions and delivers results directly within iLEVEL. Clients can run valuations using self-service software or outsource the process to S&P Global experts. Private credit and covenant monitoring: iLEVEL supports private credit investment workflows, including covenant monitoring, helping investment teams monitor covenant compliance against credit agreement terms and identify potential signs of deterioration and emerging risks across their portfolios. Expanded performance analytics: Following the launch of S&P Global, Cambridge Associates and Mercer, a Marsh business, performance analytics earlier this year, the datasets have been expanded in collaboration with contributing GPs across private credit, real assets and private equity. iLEVEL plays an important role in powering the analytics by standardizing, aggregating and anonymizing contributing GP data. Expanded connectivity across S&P Global: iLEVEL continues to expand connections across complementary S&P Global data, analytics and solutions, enabling customers to extend private markets workflows beyond traditional monitoring and reporting. These connections span Capital IQ insights, WSO, Outreach360 stakeholder engagement, risk and reputational screening and CLM Pro deal lifecycle workflows. These enhancements advance S&P Global's broader private markets strategy, bringing together data, valuations, analytics, benchmarks and workflow solutions across the investment lifecycle.
With more than 15 years of experience serving more than 700 private markets firms worldwide, iLEVEL supports workflows across the private markets deal lifecycle, streamlining data collection, portfolio analytics, valuations, peer comparables, capital structure analysis and reporting. Its software capabilities are complemented by outsourced services ranging from data collection and resourcing to strategic projects.
To learn more about S&P Global's private markets insights and offerings, visit here.
Media Contacts:
Orla O'Brien
S&P Global
+1 857 407 8559
[email protected]
S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.
From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.
Roper Technologies zvýšila celoroční výhled upraveného zisku na akcii na 22,35–22,40 USD poté, co její tržby ve třetím čtvrtletí vzrostly o 8 % na 2,17 miliardy USD.
SARASOTA, Fla., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the third quarter ended September 30, 2026.
Third quarter 2026 highlights
Revenue increased 8% to $2.17 billion; organic revenue was +7% and acquisition contribution was +1%GAAP net earnings increased 22% to $485 million; adjusted net earnings increased 5% to $586 millionAdjusted EBITDA increased 7% to $864 millionGAAP DEPS increased 33% to $4.88; adjusted DEPS increased 15% to $5.89 “Roper delivered another solid quarter, with 8% total revenue growth, 7% organic revenue growth, 7% EBITDA growth, and 15% adjusted DEPS growth. During the quarter, we deployed $436 million toward three bolt-on acquisitions for our iPipeline, Procare, and Strata businesses, and we received $1.2 billion in proceeds from Indicor’s sale of its instrumentation businesses,” said Neil Hunn, Roper Technologies’ President and CEO.
“This quarter, our businesses again brought several AI launches to market, highlighted by PowerPlan, Strata, and Vertafore. We are embedding agentic solutions directly into the workflows our customers rely on every day, and we are also evolving how we build, with smaller teams closer to customers and increasingly agentic development processes. Given the depth of our customer relationships, our proprietary and unique data sets, and our embedded position inside mission-critical workflows, we are well positioned to create value for customers with AI. We are laser focused on scaling adoption while continuing to accelerate innovation.”
“Driven by third quarter adjusted DEPS that exceeded our expectations, we are raising our full year adjusted DEPS guidance. With more than $6 billion of capital deployment capacity, we will continue allocating capital with discipline to drive free cash flow per share compounding for our shareholders,” concluded Mr. Hunn.
Increasing 2026 guidance
Roper now expects full year 2026 adjusted DEPS of $22.35 - $22.40, compared to previous guidance of $22.15 - $22.30.
For the fourth quarter of 2026, the Company expects adjusted DEPS of $5.95 - $6.00.
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures, proceeds from Indicor's pending divestiture of its Cornell Pump and Roper Pump businesses, as well as potential share repurchases.
Conference call to be held at 8:00 AM (ET) today
A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, October 22, 2026. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 80101. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 80101 #.
Use of non-GAAP financial information
The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.
Minority interest
Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as "equity investment (gain) loss, net." Roper makes non-GAAP adjustments for the impacts associated with this investment.
Table 1: Revenue and adjusted EBITDA reconciliation ($M) Q3 2025 Q3 2026 V %GAAP revenue$2,017 $2,172 8% Components of revenue growth Organic 7%Acquisitions 1%Foreign exchange —%Total revenue growth 8% Adjusted EBITDA reconciliation GAAP net earnings$398 $485 Taxes 100 87 Interest expense 90 107 Depreciation 10 10 Amortization 221 225 EBITDA$819 $914 12% Transaction-related expenses for completed
acquisitions 4 6 Financial impacts associated with minority
investments (13) (56)A Adjusted EBITDA$810 $864 7%Adjusted EBITDA margin 40.2% 39.8% (40 bps) Table 2: Adjusted net earnings reconciliation ($M) Q3 2025 Q3 2026 V %GAAP net earnings$398 $485 22%Transaction-related expenses for completed
acquisitions 3 5 Financial impacts associated with minority
investments (10) (71)A Amortization of acquisition-related intangible
assets 165 167 B Adjusted net earnings C$557 $586 5% Table 3: Adjusted DEPS reconciliation Q3 2025 Q3 2026 V %GAAP DEPS$3.68 $4.88 33%Transaction-related expenses for completed
acquisitions 0.03 0.05 Financial impacts associated with minority
investments (0.09) (0.71)A Amortization of acquisition-related intangible
assets 1.53 1.68 B Adjusted DEPS C$5.14 $5.89 15% Table 4: Forecasted adjusted DEPS reconciliation Q4 2026 FY 2026 D Low end High end Low end High endGAAP DEPS E$4.27 $4.32 $25.60 $25.65 YTD transaction-related expenses for
completed acquisitions — — 0.05 0.05 YTD financial impacts associated with the
minority investment in Indicor ATBD TBD (9.86) (9.86)Amortization of acquisition-related
intangible assets B 1.68 1.68 6.56 6.56 Adjusted DEPS C$5.95 $6.00 $22.35 $22.40 Footnotes:
A.Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any future impacts associated with our minority investment in Indicor, as these future impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. Q3 2026A Q4 2026E FY 2026E YTD 2026 Pretax$(56) TBD TBD $(1,059) After-tax$(71) TBD TBD $(996) Per share$(0.71) TBD TBD $(9.86) B.Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). Q3 2026A Q4 2026E FY 2026E Pretax$212 $212 $839 After-tax$167 $168 $663 Per share$1.68 $1.68 $6.56 C.All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments. D.Full-year 2026 DEPS guidance will not equal the sum of the quarters due primarily to the impact of share repurchases on quarterly versus full-year weighted-average diluted shares outstanding. E.Forecasted GAAP DEPS do not include any future impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods. Note: Numbers may not foot due to rounding.
About Roper Technologies
Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 500. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and volatile interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Roper Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) (Amounts in millions) September 30, 2026 December 31, 2025ASSETS: Cash and cash equivalents$311.0 $297.4 Accounts receivable, net 981.1 1,001.0 Inventories, net 153.3 141.7 Income taxes receivable 56.7 128.2 Unbilled receivables 152.6 124.0 Prepaid expenses and other current assets 291.6 235.8 Total current assets 1,946.3 1,928.1 Property, plant and equipment, net 158.4 156.9 Goodwill 21,555.0 21,341.2 Other intangible assets, net 9,455.7 9,764.2 Deferred taxes 69.0 73.3 Equity investment 577.0 796.3 Other assets 576.9 517.0 Total assets$34,338.3 $34,577.0 LIABILITIES AND STOCKHOLDERS’ EQUITY: Accounts payable$176.3 $150.3 Accrued compensation 288.9 293.0 Deferred revenue 1,889.3 1,906.8 Other accrued liabilities 590.1 642.3 Income taxes payable 211.5 28.0 Current portion of long-term debt, net 1,415.1 705.2 Total current liabilities 4,571.2 3,725.6 Long-term debt, net of current portion 8,304.6 8,595.8 Deferred taxes 1,785.2 1,883.1 Other liabilities 504.7 491.0 Total liabilities 15,165.7 14,695.5 Common stock, 350.0 shares authorized; 109.5 shares issued and 99.0 outstanding at September 30, 2026 and 109.3 shares issued and 106.6 outstanding at December 31, 2025 1.1 1.1 Additional paid-in capital 3,473.3 3,292.2 Retained earnings 19,091.2 17,205.7 Accumulated other comprehensive loss (138.2) (101.4)Treasury stock, 10.5 shares at September 30, 2026 and 2.7 shares at December 31, 2025 (3,254.8) (516.1)Total stockholders’ equity 19,172.6 19,881.5 Total liabilities and stockholders’ equity$34,338.3 $34,577.0 Roper Technologies, Inc. Condensed Consolidated Statements of Earnings (unaudited) (Amounts in millions, except per share data) Three months ended
September 30, Nine months ended
September 30, 2026 2025 2026 2025 Net revenues$2,171.8 $2,017.5 $6,376.0 $5,843.9 Cost of sales 649.2 614.5 1,929.4 1,801.8 Gross profit 1,522.6 1,403.0 4,446.6 4,042.1 Selling, general and administrative expenses 899.4 830.0 2,669.1 2,395.0 Income from operations 623.2 573.0 1,777.5 1,647.1 Interest expense, net 106.7 89.7 317.4 231.7 Equity investment (gain) loss, net (56.2) (12.9) (1,058.7) 14.9 Other (income) expense, net 0.6 (2.0) 3.7 (1.0)Earnings before income taxes 572.1 498.2 2,515.1 1,401.5 Income taxes 87.4 99.7 353.0 293.6 Net earnings$484.7 $398.5 $2,162.1 $1,107.9 Net earnings per share: Basic$4.90 $3.70 $21.36 $10.31 Diluted$4.88 $3.68 $21.30 $10.23 Weighted average common shares outstanding: Basic 98.9 107.6 101.2 107.5 Diluted 99.4 108.4 101.5 108.3 Roper Technologies, Inc. Selected Segment Financial Data (unaudited) (Amounts in millions; percentages of net revenues) Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Amount % Amount % Amount % Amount %Net revenues: Application Software$1,239.7 $1,161.0 $3,612.0 $3,324.1 Network Software 446.1 413.4 1,304.6 1,174.7 Technology Enabled Products 486.0 443.1 1,459.4 1,345.1 Total$2,171.8 $2,017.5 $6,376.0 $5,843.9 Gross profit: Application Software$865.5 69.8% $801.0 69.0% $2,511.8 69.5% $2,275.1 68.4%Network Software 378.0 84.7% 346.9 83.9% 1,101.8 84.5% 983.3 83.7%Technology Enabled Products 279.1 57.4% 255.1 57.6% 833.0 57.1% 783.7 58.3%Total$1,522.6 70.1% $1,403.0 69.5% $4,446.6 69.7% $4,042.1 69.2% Operating profit*: Application Software$357.6 28.8% $323.0 27.8% $1,000.8 27.7% $894.4 26.9%Network Software 189.6 42.5% 178.1 43.1% 540.0 41.4% 514.1 43.8%Technology Enabled Products 160.7 33.1% 150.2 33.9% 480.8 32.9% 467.9 34.8%Total$707.9 32.6% $651.3 32.3% $2,021.6 31.7% $1,876.4 32.1% * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $84.7 and $78.3 for the three months ended September 30, 2026 and 2025, respectively, and $244.1 and $229.3 for the nine months ended September 30, 2026 and 2025, respectively. Roper Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)(Amounts in millions) Nine months ended September 30, 2026 2025 Cash flows from operating activities: Net earnings$2,162.1 $1,107.9 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation and amortization of property, plant and equipment 30.4 29.9 Amortization of intangible assets 666.3 638.0 Amortization of deferred financing costs 9.3 8.6 Non-cash stock compensation 163.9 128.7 Equity investment (gain) loss, net (1,058.7) 14.9 Income tax provision 353.0 293.6 Changes in operating assets and liabilities, net of acquired businesses: Accounts receivable 22.9 (0.5)Unbilled receivables (28.2) (7.2)Inventories (12.6) (18.2)Prepaid expenses and other current assets (48.7) (27.9)Accounts payable 26.2 13.2 Other accrued liabilities (57.2) (48.9)Deferred revenue (36.9) 28.5 Cash taxes paid for gain on disposal of equity investment — (30.2)Cash income taxes paid, excluding tax associated with gain on disposal of equity investment (283.7) (307.6)Other, net (25.9) (20.5)Cash provided by operating activities 1,882.2 1,802.3 Cash flows from (used in) investing activities: Acquisitions of businesses, net of cash acquired (463.2) (3,280.4)Capital expenditures (35.4) (37.6)Capitalized software expenditures (46.8) (42.8)Distributions from equity investment 6.7 5.1 Proceeds from Indicor transaction 1,239.2 — Cash receipts on beneficial interest in sold receivables 15.2 — Other, net 0.3 1.7 Cash provided by (used in) investing activities 716.0 (3,354.0) Cash flows from (used in) financing activities: Proceeds from senior notes — 2,000.0 Payments of senior notes — (700.0)Borrowings under revolving credit facility, net 400.0 585.0 Debt issuance costs (3.9) (19.5)Cash dividends to stockholders (281.4) (266.0)Repurchases of common stock (2,726.7) — Proceeds from stock-based compensation, net 19.3 79.4 Treasury stock sales under employee stock purchase plan 12.7 17.4 Other, net 9.1 (42.0)Cash provided by (used in) financing activities (2,570.9) 1,654.3 Effect of exchange rate changes on cash (13.7) 29.2 Net increase in cash and cash equivalents 13.6 131.8 Cash and cash equivalents, beginning of period 297.4 188.2 Cash and cash equivalents, end of period$311.0 $320.0
Carrier během tří let investuje více než 600 milionů USD do závodu ve Fort Worth, kde od roku 2027 rozšíří výrobu komerčních chladicích zařízení a vytvoří 1 500 pracovních míst.
Investment supports record backlog levels driven by strong demand across data centers, healthcare, education, industrial markets and other key verticals
More than 1-million-square-foot facility will expand commercial chiller production and strengthen U.S. operations and supply chain footprint
Creates 1,500 jobs, advances highly skilled workforce development and establishes a new manufacturing and engineering center
, /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced plans to invest more than $600 million over the next three years in a new advanced manufacturing and engineering center in Fort Worth, Texas. Carrier has transformed its commercial HVAC business, leading to record backlog levels and a robust and growing pipeline across many key verticals. The new state-of-the-art site demonstrates Carrier's confidence in its growth in this business and furthers Carrier's commitment to domestic manufacturing as the largest U.S.-headquartered company in its industry.
Carrier to invest more than $600 million to expand advanced U.S. manufacturing and engineering capacity
Carrier to invest more than $600 million to expand advanced U.S. manufacturing and engineering capacity
"This investment reflects the strong demand we are securing for high-performance, energy-efficient solutions and underscores our confidence in the future of American manufacturing," said Carrier Chairman & CEO David Gitlin. "By expanding our U.S. manufacturing and engineering footprint, we are increasing capacity for critical technologies, strengthening supply chain resilience and creating high-quality jobs. We are proud to partner with the Fort Worth community and the State of Texas as we invest in the workforce, innovation and manufacturing capabilities needed to support our customers' growth for decades to come."
This investment supports Carrier's commercial momentum, expanding the company's U.S. manufacturing capacity for advanced thermal management systems, including air- and water-cooled commercial chillers, and helping customers meet growing demand for intelligent climate and energy solutions across data centers, healthcare, education, industrial markets and other key verticals.
Carrier is expected to begin operations in the more than 1-million-square-foot facility in 2027. The investment will create 1,500 advanced manufacturing, engineering and other jobs. Consistent with Carrier's 2030 Sustainability and Impact Goals, the new Fort Worth center is expected to pursue LEED® certification. Fort Worth was selected because of its highly skilled workforce, strong manufacturing base and strategic location that will support the facility's long-term growth and success.
"I'm proud that Fort Worth continues to be one of the top cities in the nation for advanced manufacturing, and this investment by Carrier is just the latest example of the momentum we're building," said Fort Worth Mayor Mattie Parker. "With the creation of 1,500 high-quality jobs, this project will add to Fort Worth's manufacturing hub at AllianceTexas while strengthening our energy and technology industries for years to come."
"The Fort Worth momentum continues. This new investment from Carrier is a powerful statement about what's possible in our city. It demonstrates that Fort Worth is rapidly becoming a center of choice for advanced manufacturing and engineering services — a destination where companies choose to come to invest, expand and grow," said President and CEO of Fort Worth Economic Development Partnership Robert Allen.
"Carrier's decision to invest in Fort Worth and create new jobs is a significant win for our region," said Ross Perot Jr., Chairman of Hillwood and The Perot Companies. "A global company of Carrier's scale choosing AllianceTexas underscores our region's momentum in advanced manufacturing and the strength of the workforce, infrastructure and supply chain connectivity that continue to attract major employers. We're proud to welcome Carrier and look forward to having them as part of this community."
"With nearly half a million manufacturing jobs open today in the U.S., building the workforce of tomorrow is just as important as building the facilities of tomorrow. By creating good-paying skilled jobs and workforce training opportunities, Carrier is making an investment not only for this community, but in America's long-term competitiveness and economic growth," said the National Association of Manufacturers.
This landmark facility represents the next chapter in Carrier's legacy of innovation, combining state-of-the-art engineering labs with dedicated workforce development organizations. Carrier will partner with local schools and colleges to help prepare the next generation of skilled talent.
For more information on Carrier's commitment to American manufacturing, community partnership and sustainability, visit https://www.carrier.com.
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About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.
Carrier. For the World We Share.
CARR-IR
Contact:
Media Inquiries
Kristina Pantelides
561-236-4241
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561-365-2020
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Diversify Advisory Services ve třetím čtvrtletí zvýšila svůj podíl ve společnosti Corning o 39,7 % nákupem 10 506 akcií, čímž její podíl vzrostl na 36 958 akcií v hodnotě 5,683 milionu USD.
Diversify Advisory Services LLC lifted its holdings in Corning Incorporated (NYSE:GLW – Free Report) by 39.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 36,958 shares of the electronics maker’s stock after purchasing an additional 10,506 shares during the quarter. Diversify Advisory Services LLC’s holdings in Corning were worth $5,683,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Atwood & Palmer Inc. bought a new position in Corning in the second quarter valued at approximately $26,000. Rogco LP bought a new stake in shares of Corning during the second quarter worth $27,000. Western Pacific Wealth Management LP bought a new stake in shares of Corning during the third quarter worth $25,000. Toth Financial Advisory Corp increased its position in shares of Corning by 130.7% during the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 98 shares in the last quarter. Finally, Cornerstone Financial Management LLC raised its holdings in shares of Corning by 63.3% during the second quarter. Cornerstone Financial Management LLC now owns 196 shares of the electronics maker’s stock worth $50,000 after acquiring an additional 76 shares during the period. 69.80% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.25% of the company’s stock.
Corning Trading Up 2.2%
NYSE:GLW opened at $135.15 on Thursday. The company has a market cap of $116.42 billion, a P/E ratio of 46.08, a price-to-earnings-growth ratio of 1.67 and a beta of 1.13. Corning Incorporated has a twelve month low of $77.39 and a twelve month high of $271.78. The business has a 50 day moving average price of $152.49 and a two-hundred day moving average price of $168.76. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same period last year, the company earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, analysts expect that Corning Incorporated will post 3.29 EPS for the current fiscal year.
Corning Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. Corning’s dividend payout ratio (DPR) is 51.14%.
Wall Street Analysts Forecast Growth
GLW has been the topic of a number of research analyst reports. Weiss Ratings lowered shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Morgan Stanley reduced their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Mizuho lowered their target price on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. Finally, Oppenheimer lowered their target price on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average price target of $177.25.
Check Out Our Latest Analysis on Corning
About Corning
(Free Report)
Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.
The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.
Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.
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Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW – Free Report).
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Diversify Advisory Services ve třetím čtvrtletí zvýšila svůj podíl ve společnosti Dell Technologies o 20,7 % na 7 560 akcií v hodnotě 4,067 milionu USD.
Diversify Advisory Services LLC increased its holdings in shares of Dell Technologies Inc. (NYSE:DELL – Free Report) by 20.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,560 shares of the technology company’s stock after buying an additional 1,297 shares during the period. Diversify Advisory Services LLC’s holdings in Dell Technologies were worth $4,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Blue Jean Financial LLC acquired a new position in Dell Technologies during the third quarter worth $1,682,000. Cornerstone National Bank & Trust Co acquired a new stake in shares of Dell Technologies in the third quarter valued at about $49,000. Prime Capital Investment Advisors LLC grew its position in shares of Dell Technologies by 20.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 22,371 shares of the technology company’s stock valued at $12,034,000 after purchasing an additional 3,721 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Dell Technologies by 2.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 46,977 shares of the technology company’s stock worth $25,271,000 after purchasing an additional 929 shares in the last quarter. Finally, CWA Asset Management Group LLC lifted its stake in Dell Technologies by 21.6% in the 3rd quarter. CWA Asset Management Group LLC now owns 1,697 shares of the technology company’s stock valued at $913,000 after buying an additional 302 shares in the last quarter. Institutional investors and hedge funds own 76.37% of the company’s stock.
Dell Technologies News Summary Here are the key news stories impacting Dell Technologies this week:
Positive Sentiment: Super Micro’s stronger outlook lifted the AI-server group. Super Micro raised its preliminary fiscal first-quarter revenue forecast to $18.5 billion-$19.5 billion, approximately $4 billion above its prior midpoint, and projected gross margins of 12%-12.5%. The update provided fresh evidence of robust AI infrastructure demand and supported Dell and other server makers. Why Is Dell Stock Surging Wednesday? Positive Sentiment: Dell expanded its AI Factory platform with NVIDIA. New offerings span deskside agentic-AI systems, workstations and data-center infrastructure designed to help enterprises move AI from testing into production. Dell said its AI Factory customer base has grown to more than 6,500 from 5,000 in the prior quarter, strengthening the investment case for its AI-server backlog and ecosystem. Dell Technologies Advances Enterprise Agentic AI from the Deskside to Data Center with NVIDIA Positive Sentiment: Management emphasized supply availability as a competitive advantage. Dell said that, in the tight AI market, access to components and delivery capacity may matter more than price, suggesting demand remains strong enough for customers to prioritize timely deployment. In a tight AI market, Dell says supply matters more than price Positive Sentiment: Dell reportedly raised its dividend by 20% for the fourth consecutive year, adding to shareholder-return support and signaling confidence in cash generation. Dell Technologies raises its dividend 20% for the fourth year running Neutral Sentiment: Former Dell CFO Yvonne McGill joined Sourceability’s board. The appointment highlights her industry experience but has limited direct financial impact on Dell. Sourceability Appoints Yvonne McGill to Its Board Negative Sentiment: Barclays recently downgraded Dell, arguing that its valuation has outpaced the pace of enterprise AI adoption. Investors also remain concerned about memory and other component shortages, as well as debt risks among AI infrastructure customers such as CoreWeave. Dell Stock Got Hit by a Downgrade Insider Buying and Selling at Dell Technologies In other news, Director Silver Lake Partners Iv, L.P. sold 91,191 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $517.34, for a total transaction of $47,176,751.94. Following the transaction, the director owned 64,209 shares of the company’s stock, valued at approximately $33,217,884.06. The trade was a 58.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Spv-2 L.P. Sl sold 83,006 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $517.34, for a total transaction of $42,942,324.04. Following the completion of the sale, the director directly owned 73,185 shares of the company’s stock, valued at $37,861,527.90. This represents a 53.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,817,628 shares of company stock worth $990,253,476. Insiders own 41.50% of the company’s stock. Dell Technologies Price Performance DELL opened at $486.29 on Thursday. The company’s 50 day simple moving average is $514.95 and its two-hundred day simple moving average is $401.21. Dell Technologies Inc. has a 1-year low of $110.22 and a 1-year high of $595.51. The firm has a market capitalization of $309.19 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 0.48 and a beta of 1.37.
Dell Technologies (NYSE:DELL – Get Free Report) last issued its earnings results on Tuesday, September 1st. The technology company reported $7.04 earnings per share for the quarter, topping the consensus estimate of $4.91 by $2.13. The business had revenue of $46.97 billion for the quarter, compared to analysts’ expectations of $44.89 billion. Dell Technologies had a negative return on equity of 578.85% and a net margin of 7.53%. The business’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.70 EPS. Dell Technologies has set its FY 2027 guidance at 25.500-25.500 EPS and its Q3 2027 guidance at 6.500-6.500 EPS. On average, equities analysts anticipate that Dell Technologies Inc. will post 25.13 earnings per share for the current fiscal year.
Dell Technologies Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, October 20th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, October 20th. Dell Technologies’s payout ratio is currently 14.63%.
Analyst Ratings Changes Several equities research analysts recently issued reports on DELL shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Dell Technologies in a report on Wednesday, August 12th. Sanford C. Bernstein increased their target price on Dell Technologies from $500.00 to $650.00 and gave the company an “outperform” rating in a report on Wednesday, September 2nd. Piper Sandler restated an “overweight” rating and issued a $558.00 target price (up from $497.00) on shares of Dell Technologies in a research report on Wednesday, September 2nd. Melius Research lifted their price target on Dell Technologies from $650.00 to $735.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Finally, Deutsche Bank Aktiengesellschaft started coverage on Dell Technologies in a research note on Thursday, September 3rd. They issued a “hold” rating and a $480.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Dell Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $569.96.
Get Our Latest Stock Report on Dell Technologies
(Free Report)
Dell Technologies Inc is a global technology company that develops, sells and supports information technology hardware, software and services. Its portfolio includes personal computers, workstations, monitors, peripherals and other end-user devices, as well as servers, storage systems, networking equipment and related infrastructure solutions for businesses, governments and other organizations.
The company also provides consulting, deployment, support, managed and cybersecurity services designed to help customers build and operate their technology environments.
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Ballard is targeting to become adj. EBITDA positive by the end of 2027 and full year 2028.
, /PRNewswire/ -- Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today held the Ballard Forum. Notable highlights included:
Expanded Business Model: Ballard's business model has grown to add Energy-as-a-Service to existing equipment sales and services. Accelerating Revenue Growth: Ballard is targeting a 30% Compound Annual Growth Rate (CAGR) in corporate revenue over the next two fiscal years. Expanding Margin Profile: The Company anticipates gross margins exceeding 20% in 2027, scaling to greater than 25% by 2028. Strategic Fleet Expansion: Ballard plans to allocate $80 million to $120 million in capital expenditures to expand its Hydrogen Power Unit (HPU) fleet, with optionality in pace of investment. This investment is expected to be financed through asset-backed finance at greater than 80% loan to value, minimizing the cash outlay. Prudent Capital Allocation and Cash Management: There is no immediate need to invest in manufacturing expansion or hydrogen production. Cash use for operating costs is expected to decrease over time as margins and revenue grow. Path to Profitability: Ballard is targeting Adjusted EBITDA profitability by the end of 2027, sustaining full-year profitability throughout 2028. About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) is a global leader in zero-emission hydrogen energy solutions and an integrated Energy-as-a-Service (EaaS) provider. Together, with its wholly owned subsidiary, GeoPura Ltd., Ballard delivers turnkey, vertically integrated hydrogen ecosystem solutions spanning hydrogen production, logistics, refueling, zero-emission fuel cell engines, and stationary Hydrogen Power Units.
Ballard powers critical off-grid, stationary applications - including construction, events, film sets, healthcare, defense, temporary power infrastructure, and supplies fuel cell engines for heavy-duty mobility applications such as bus, rail, and marine. With an EaaS model, combined with cutting-edge technology across the hydrogen value chain, Ballard decarbonizes mission-critical operations worldwide. To learn more about Ballard, visit www.ballard.com.
This release contains forward-looking statements concerning anticipated product and service attributes, product deliveries, and deployments. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.
These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward-looking statements, other than as required under applicable legislation.
Further Information
Sumit Kundu –Investor Relations +1.604.360.9714 or [email protected]
Cantor Fitzgerald Investment Advisors ve třetím čtvrtletí nově získal podíl ve společnosti Veeva Systems v rozsahu 69 700 akcií v hodnotě zhruba 19,9 milionu USD.
Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Veeva Systems Inc. (NYSE:VEEV – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 69,700 shares of the technology company’s stock, valued at approximately $19,896,000. Veeva Systems accounts for about 0.9% of Cantor Fitzgerald Investment Advisors L.P.’s holdings, making the stock its 27th largest position.
A number of other hedge funds also recently made changes to their positions in VEEV. SHP Wealth Management acquired a new stake in Veeva Systems during the 4th quarter valued at approximately $26,000. Compass Financial Management LLC bought a new position in Veeva Systems during the second quarter worth $27,000. Burkett Financial Services LLC bought a new position in Veeva Systems during the third quarter worth $27,000. Arlington Trust Co LLC acquired a new position in Veeva Systems in the second quarter valued at $29,000. Finally, Field & Main Bank bought a new stake in Veeva Systems during the second quarter valued at $29,000. 88.20% of the stock is currently owned by institutional investors.
Veeva Systems Trading Up 0.5% Shares of Veeva Systems stock opened at $320.20 on Thursday. The stock has a fifty day simple moving average of $274.67 and a 200 day simple moving average of $211.23. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $322.99. The company has a market capitalization of $51.84 billion, a P/E ratio of 51.48, a price-to-earnings-growth ratio of 1.36 and a beta of 0.93.
Veeva Systems (NYSE:VEEV – Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The company had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. During the same period last year, the firm earned $1.99 earnings per share. The firm’s revenue was up 17.6% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, analysts predict that Veeva Systems Inc. will post 6.70 EPS for the current year. Wall Street Analyst Weigh In Several equities analysts have issued reports on the company. Robert W. Baird boosted their price target on Veeva Systems from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Oppenheimer reaffirmed an “outperform” rating and set a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, October 15th. Guggenheim lifted their price objective on shares of Veeva Systems from $276.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Truist Financial boosted their target price on shares of Veeva Systems from $262.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $330.00 target price on shares of Veeva Systems in a research note on Tuesday, September 8th. Nineteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $287.79.
View Our Latest Stock Report on Veeva Systems
Insider Transactions at Veeva Systems In related news, EVP Daniel Rizzo sold 4,841 shares of Veeva Systems stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the sale, the executive vice president owned 7,665 shares of the company’s stock, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total transaction of $195,780.00. Following the completion of the transaction, the director owned 3,242 shares of the company’s stock, valued at $846,291.68. The trade was a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 56,789 shares of company stock valued at $14,913,889. Corporate insiders own 10.60% of the company’s stock.
About Veeva Systems (Free Report)
Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva’s applications to manage commercial, clinical, regulatory, quality and operational processes.
The company’s Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.
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BioNTech a Gilead Sciences budou v pozdní fázi klinické studie u pokročilého triple-negativního karcinomu prsu testovat pumitamig v kombinaci s přípravkem Trodelvy.
Germany's BioNTech (22UAy.DE) said on Thursday it had teamed up with Gilead Sciences (GILD.O) to test its experimental cancer therapy in combination with the US drugmaker's approved treatment in patients with a form of advanced breast cancer.
Here are some details:
The late-stage trial will test BioNTech's pumitamig with Gilead's FDA-approved Trodelvy in patients with triple-negative breast cancer
BioNTech plans to update its late-stage study to compare the combination against treatment with Trodelvy alone, replacing its earlier plan to test pumitamig plus chemotherapy against chemotherapy
The safety and effectiveness of the combination has not been established, and the planned trial changes would require approval from health regulators, BioNTech said
Triple-negative breast cancer is an aggressive form of the disease that lacks common treatment targets and accounts for about 10% to 15% of breast cancer cases, according to BioNTech
The study will include patients with locally advanced or metastatic triple-negative breast cancer whose tumors have low or no levels of PD-L1, a biomarker used to guide treatment
BioNTech will sponsor and lead the trial, while Gilead will supply Trodelvy
Pumitamig is being developed by BioNTech and Bristol Myers Squibb (BMY.N) and is central to their $11.1 billion collaboratio signed in 2025
The drug is designed to help the immune system attack cancer cells and limit blood supply to tumors
Watsco uzavřela nový pětiletý nezajištěný revolvingový úvěrový rámec ve výši 750 milionů USD, jehož prostřednictvím splatila 69,7 milionu USD ze stávajícího úvěru.
MIAMI, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Watsco, Inc. (NYSE: WSO) today announced that it has signed a $750 million unsecured senior revolving credit facility led by Bank of America, N.A. as Joint Lead Arranger, Sole Bookrunner and Administrative Agent and JPMorgan Chase Bank, N.A., PNC Bank, N.A., Wells Fargo Bank, N.A., and U.S. Bank N.A. as Joint Lead Arrangers and Co-Syndication Agents, along with five other banks. The new facility amends and extends Watsco’s existing unsecured revolving credit facility.
Borrowings under the five-year $750 million unsecured credit facility were used to repay outstanding borrowings of $69.7 million under the prior credit facility. Any additional borrowings will be used for working capital, acquisitions, dividends and other general purposes and bear interest at different rates depending on the types of advances or loans the Company selects. Terms of the agreement include increased borrowing capacity, covenant flexibility and greater sensitivity to the seasonal nature of our working capital requirements.
Barry S. Logan, Watsco’s Executive Vice President said: “A committed source of low-cost debt is an important building block of our growth strategy. We appreciate the strong support and commitment from our relationship banks.”
About Watsco
Watsco is the largest distributor in the highly fragmented North American HVAC market. Since entering distribution in 1989, Watsco has achieved a 17% compounded annual total shareholder return through a combination of organic growth and the acquisition of more than 70 market-leading businesses.
Watsco maintains a solid balance sheet, enabling sustained investments in growth, including the Company’s industry-leading technologies. Today, more than 73,000 contractors and technicians engage digitally, empowering them to adopt and integrate Watsco’s tools into their daily operations. The Company is also introducing AI-driven initiatives to leverage its extensive data assets and enrich the customer experience. The Company believes its technology ecosystem represents a durable and widening competitive advantage in its highly fragmented industry.
This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results and the related assumptions underlying our expected results. These forward-looking statements are distinguished by use of words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” or “intend,” the negative of these terms, and similar references to future periods. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive market, new housing starts and completions, capital spending in commercial construction, consumer spending and debt levels, regulatory and other factors, including, without limitation, the effects of supplier concentration, competitive conditions within Watsco’s industry, the seasonal nature of sales of Watsco’s products, the ability of the Company to expand its business, insurance coverage risks and final GAAP adjustments. Detailed information about these factors and additional important factors can be found in the documents that Watsco files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Watsco assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except as required by applicable law.
Barry S. LoganWatsco, Inc.Executive Vice President2665 S. Bayshore Drive, Suite 901(305) 714-4102Miami, FL 33133, USAe-mail: [email protected](305) 714-4100 www.watsco.com
Carnegie Investment Counsel raised its position in McKesson Corporation (NYSE:MCK – Free Report) by 56.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,242 shares of the company’s stock after acquiring an additional 1,525 shares during the quarter. Carnegie Investment Counsel’s holdings in McKesson were worth $3,622,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Secure Asset Management LLC raised its holdings in shares of McKesson by 484.8% during the second quarter. Secure Asset Management LLC now owns 2,123 shares of the company’s stock valued at $1,604,000 after acquiring an additional 1,760 shares in the last quarter. Royal London Asset Management Ltd. lifted its stake in McKesson by 1.1% in the second quarter. Royal London Asset Management Ltd. now owns 112,241 shares of the company’s stock worth $84,809,000 after acquiring an additional 1,216 shares during the period. Benchmark Investment Advisors LLC purchased a new stake in McKesson in the second quarter worth $441,000. Summit Global Investments purchased a new stake in McKesson in the second quarter worth $1,159,000. Finally, One Wealth Advisors LLC bought a new stake in McKesson in the second quarter valued at $1,494,000. 85.07% of the stock is owned by institutional investors.
Insider Buying and Selling In related news, Director Bradley E. Lerman sold 301 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $892.33, for a total transaction of $268,591.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Napoleon B. Rutledge, Jr. sold 111 shares of McKesson stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $891.45, for a total value of $98,950.95. Following the transaction, the chief accounting officer owned 521 shares of the company’s stock, valued at $464,445.45. The trade was a 17.56% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,212 shares of company stock worth $1,164,182 in the last 90 days. Insiders own 0.06% of the company’s stock.
Analyst Ratings Changes MCK has been the topic of a number of research analyst reports. Mizuho boosted their price objective on shares of McKesson from $905.00 to $1,020.00 and gave the company a “neutral” rating in a research report on Tuesday. Royal Bank Of Canada restated a “sector perform” rating and issued a $845.00 price objective on shares of McKesson in a report on Monday, September 14th. Morgan Stanley set a $977.00 target price on shares of McKesson in a research report on Tuesday, October 6th. Wells Fargo & Company raised their target price on shares of McKesson from $812.00 to $933.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Finally, Leerink Partners lifted their target price on shares of McKesson from $1,030.00 to $1,070.00 and gave the company an “outperform” rating in a research note on Wednesday, October 7th. Fifteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $997.12. Get Our Latest Analysis on McKesson
Key Headlines Impacting McKesson Here are the key news stories impacting McKesson this week:
Positive Sentiment: Analyst price-target increases supported the long-term outlook. UBS raised its target to $1,200, while Mizuho lifted its target to $1,020 from $905, although Mizuho maintained a neutral rating. The analyst actions followed McKesson’s recent strength and helped the stock reach a new one-year high. UBS raises target for McKesson Positive Sentiment: McKesson declared its regular quarterly dividend. The company will pay $0.94 per share on January 4, 2027, to shareholders of record on December 1. The dividend provides continuity for income-focused investors, though the annualized yield is modest at approximately 0.4%. McKesson declares quarterly dividend Neutral Sentiment: Investor attention remains elevated. McKesson was among the more-trending stocks on Zacks, but the article primarily reviews existing fundamentals rather than introducing a new catalyst. Its latest reported quarter showed earnings and revenue above estimates, with revenue up 7.7% year over year and fiscal 2027 EPS guidance of $44.20–$45.00. Is Trending Stock McKesson a Buy Now? Negative Sentiment: An executive sale may have added modest selling pressure. EVP Francisco Fraga sold 800 shares worth approximately $796,640. However, the transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, reducing its significance as a discretionary bearish signal. McKesson executive stock sale McKesson Price Performance Shares of NYSE MCK opened at $1,014.79 on Thursday. McKesson Corporation has a 1 year low of $723.68 and a 1 year high of $1,030.27. The firm has a 50-day moving average of $905.65 and a 200 day moving average of $840.38. The stock has a market cap of $118.31 billion, a P/E ratio of 25.24, a price-to-earnings-growth ratio of 2.05 and a beta of 0.30.
McKesson (NYSE:MCK – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $9.93 earnings per share for the quarter, topping analysts’ consensus estimates of $9.56 by $0.37. McKesson had a net margin of 1.12% and a negative return on equity of 253.21%. The business had revenue of $105.38 billion for the quarter, compared to analysts’ expectations of $103.88 billion. During the same quarter in the prior year, the company earned $8.26 earnings per share. The business’s revenue was up 7.7% compared to the same quarter last year. McKesson has set its FY 2027 guidance at 44.200-45.000 EPS. Research analysts expect that McKesson Corporation will post 44.71 earnings per share for the current fiscal year.
McKesson Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 1st will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Tuesday, December 1st. McKesson’s payout ratio is currently 10.06%.
McKesson Profile (Free Report)
McKesson Corporation is a healthcare services and information technology company that distributes pharmaceuticals and medical products to pharmacies, hospitals, health systems, physicians and other healthcare providers. The company also provides technology, data and business solutions designed to support prescription management, pharmacy operations and patient care.
McKesson’s principal activities include pharmaceutical distribution, medical-surgical supply distribution, specialty pharmaceutical services and oncology care support.
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Assenagon Asset Management S.A. bought a new position in Vicor Corporation (NASDAQ:VICR – Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,662 shares of the electronics maker’s stock, valued at approximately $2,792,000.
A number of other hedge funds have also added to or reduced their stakes in the stock. Andar Capital Management HK Ltd purchased a new stake in Vicor in the second quarter worth about $101,100,000. BlackRock Inc. purchased a new position in Vicor during the 2nd quarter valued at about $934,612,000. The Manufacturers Life Insurance Company boosted its position in Vicor by 39.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 603,364 shares of the electronics maker’s stock valued at $97,142,000 after acquiring an additional 171,175 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Vicor by 43.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 536,274 shares of the electronics maker’s stock valued at $86,340,000 after acquiring an additional 162,186 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Vicor in the 2nd quarter valued at $53,161,000. 47.45% of the stock is currently owned by institutional investors.
Analyst Ratings Changes VICR has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $350.00 price target on shares of Vicor in a research report on Tuesday. Wall Street Zen upgraded Vicor from a “hold” rating to a “buy” rating in a research note on Saturday, October 10th. Weiss Ratings downgraded Vicor from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Zacks Research raised Vicor from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Finally, Roth Capital set a $360.00 target price on Vicor in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $386.67.
Get Our Latest Stock Report on VICR Vicor Price Performance Shares of Vicor stock opened at $213.42 on Thursday. The stock has a market cap of $9.84 billion, a PE ratio of 55.87 and a beta of 2.37. Vicor Corporation has a 1 year low of $79.00 and a 1 year high of $382.65. The firm has a fifty day moving average price of $228.51 and a 200 day moving average price of $250.98.
Vicor (NASDAQ:VICR – Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The electronics maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.01. Vicor had a return on equity of 22.49% and a net margin of 32.15%. The company had revenue of $197.11 million during the quarter, compared to analysts’ expectations of $187.03 million. During the same period last year, the business earned $0.63 earnings per share. Vicor’s quarterly revenue was up 78.5% on a year-over-year basis. As a group, equities analysts expect that Vicor Corporation will post 4.07 EPS for the current year.
Key Headlines Impacting Vicor Here are the key news stories impacting Vicor this week:
Positive Sentiment: Third-quarter revenue rose 78.5% year over year to $197.1 million, while diluted EPS increased to $1.33 from $0.63. Revenue exceeded several analyst estimates, although the EPS result was slightly below some higher consensus figures. Vicor third-quarter results Positive Sentiment: AI demand is driving growth: royalty revenue reached $66.6 million, more than triple the year-earlier level, and Vicor granted its first VPD license to an AI OEM. Management expects at least $43 million of royalty revenue in the fourth quarter. Vicor fourth-quarter outlook Positive Sentiment: Management projects approximately 10% fourth-quarter product-revenue growth and highlighted strong demand for its VPD power technology from AI customers and hyperscalers. Backlog climbed 166% year over year to $406 million. Vicor earnings call highlights Positive Sentiment: Vicor is expanding manufacturing capacity by acquiring two nearby sites, targeting nearly five times the capacity of its existing Fab-1 footprint. Needham reaffirmed its Buy rating and assigned a $350 price target. Needham rating Neutral Sentiment: Gross margin expanded to 68.3%, and operating cash flow reached $69.7 million; however, operating expenses rose substantially, partly because of intellectual-property enforcement costs. Vicor financial results summary Negative Sentiment: Investors continue to face patent-litigation and ITC-investigation risks, while reported insider activity showed substantial selling and no purchases over the past six months. These factors could temper enthusiasm after the stock’s strong advance. Insiders Place Their Bets In other news, CEO Patrizio Vinciarelli sold 20,000 shares of Vicor stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $316.13, for a total transaction of $6,322,600.00. Following the completion of the transaction, the chief executive officer directly owned 8,307,390 shares of the company’s stock, valued at $2,626,215,200.70. The trade was a 0.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Philip D. Davies sold 3,073 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $177.70, for a total transaction of $546,072.10. Following the completion of the transaction, the vice president owned 1,920 shares of the company’s stock, valued at approximately $341,184. This represents a 61.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 27,053 shares of company stock worth $7,745,984. Corporate insiders own 28.30% of the company’s stock.
Vicor Profile (Free Report)
Vicor Corporation (NASDAQ: VICR) designs, develops, manufactures and markets modular power components and systems. The company’s products convert, regulate and distribute electrical power for electronic equipment, with an emphasis on high-performance, compact and efficient power solutions.
Its portfolio includes AC-to-DC and DC-to-DC converters, regulators, power modules, power distribution components and complete power systems. Vicor’s technologies include its Factorized Power Architecture and high-density ChiP packaging, which are designed to help engineers manage power more efficiently while reducing the size and complexity of electronic systems.
Vicor serves customers in industries such as data centers and computing, telecommunications, automotive, aerospace and defense, industrial equipment, and consumer electronics.
Further Reading Five stocks we like better than Vicor GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors Want to see what other hedge funds are holding VICR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vicor Corporation (NASDAQ:VICR – Free Report).
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CWA Asset Management Group ve třetím čtvrtletí otevřela pozici ve společnosti AES Corporation nákupem 94 708 akcií v hodnotě přibližně 1,411 milionu USD.
CWA Asset Management Group LLC acquired a new position in shares of The AES Corporation (NYSE:AES – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 94,708 shares of the utilities provider’s stock, valued at approximately $1,411,000.
Other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in AES in the 2nd quarter valued at about $722,429,000. HBK Investments L P bought a new position in AES in the second quarter worth approximately $162,298,000. Bank of New York Mellon Corp bought a new position in AES in the second quarter worth approximately $97,056,000. Bank of America Corp DE acquired a new stake in AES in the second quarter valued at approximately $80,584,000. Finally, Man Group plc acquired a new stake in AES in the second quarter valued at approximately $65,159,000. 93.13% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In Separately, Weiss Ratings upgraded AES from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, August 17th. Seven equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.83.
Get Our Latest Stock Report on AES AES Stock Performance AES opened at $14.96 on Thursday. The AES Corporation has a 1-year low of $13.21 and a 1-year high of $17.65. The company has a market cap of $10.67 billion, a price-to-earnings ratio of 5.71 and a beta of 0.97. The company’s fifty day moving average price is $14.84 and its two-hundred day moving average price is $14.69. The company has a current ratio of 0.75, a quick ratio of 0.67 and a debt-to-equity ratio of 2.93.
AES (NYSE:AES – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.15. The firm had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.11 billion. AES had a net margin of 14.30% and a return on equity of 20.69%. On average, analysts expect that The AES Corporation will post 2.02 EPS for the current fiscal year.
AES Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a $0.1759 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $0.70 annualized dividend and a yield of 4.7%. AES’s dividend payout ratio (DPR) is presently 26.72%.
AES Company Profile (Free Report)
AES Corporation is a global energy company that develops, owns and operates power generation and utility businesses. Its activities include generating and supplying electricity, developing renewable energy projects, and providing energy infrastructure and related services.
The company’s portfolio includes solar, wind, battery energy storage and hydroelectric facilities, as well as natural gas-fired generation and other conventional power assets. AES also works with businesses and other energy users to provide customized clean-energy solutions, including renewable power procurement and storage.
Founded in 1981 as Applied Energy Services, AES serves customers through operations and projects in the United States and international markets across North and South America, Europe and Asia.
Featured Stories Five stocks we like better than AES GM Beat and Added a $20 Billion Buyback—Why Did the Stock Fall? Intercepting Growth: Karman Secures $218M Lockheed Martin Deal Tech Stocks Took a Hit—These 2 Pharma Stocks Are Near New Highs Chip Stocks Have Pulled Back—Here’s How 3 Semiconductor ETFs Stack Up for Investors
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Supermicro just booked a record order backlog while its stock sits near 52-week lows, trading at a fraction of what rivals Dell and Arista command. Whether that gap represents a rare opportunity or a value trap depends on one critical…
Shares of Super Micro Computer (NASDAQ:SMCI | SMCI Price Prediction) trade at $32.07 at midday. The 24/7 Wall St. price target for Supermicro is $40.06 over the next 12 months, which means 24.85% upside. Our model rates the stock a buy with high confidence.
24/7 Wall St. Price Target Summary Metric Value Current Price $32.07 Price Target from 24/7 Wall St. $40.06 Upside/Downside 24.85% Recommendation BUY Confidence Level 90% Management booked over $60 billion in new orders and guided fiscal 2027 revenue to $65 billion to $72 billion. Yet the stock trades at 10x forward earnings. I think the recent selloff leaves plenty of room for upside in one of the most direct ways to own the AI data center buildout.
A Sharp October Slide Follows a Record Order Book Supermicro is down 19.78% over the past week and 17.96% over the past month. Shares are still up 9.57% year to date. The stock sits about 42% below its 52-week high of $55.35 and about 65% above its low of $19.48.
The fiscal fourth quarter report, released August 11, 2026, came in light on revenue and strong on profit. Revenue rose 93.2% YoY to $11.12 billion, missing the $11.56 billion consensus. Management called the shortfall “purely a timing story” linked to customers’ power and cooling preparation. Non-GAAP EPS of $1.70 beat the $0.9575 estimate.
On August 20, 2026, Supermicro reported finishing an independent export compliance investigation, which found no evidence it directly sold export-controlled products to known restricted parties. In September, working with NVIDIA (NASDAQ:NVDA), it began shipping NVIDIA Vera Rubin NVL72 racks.
Why Bulls See $46 Within Reach In our bull scenario, SMCI reaches $46.31, a 44.33% return. That depends on converting the backlog into sales. Management expects greater than 80% of future revenue to come from AI. Manufacturing capacity is on track to exceed 6,000 racks per month.
Customer breadth is also improving: nine customers exceeded $1 billion in fiscal 2026 sales, up from four a year earlier. Enterprise and channel revenue rose 172% YoY.
Chief executive Charles Liang said the data center building block line “will be our long-term much better profit margin product line.”
Cash Burn Is What Could Go Wrong The bear case places the stock near $32 a year from now. Operations used $6.8 billion in fiscal 2026, and the cash conversion cycle extended to 149 days. One customer made up 28% of revenue.
Wall Street remains cautious, with 11 Hold ratings. Guidance for a Q1 non-GAAP gross margin of 10.4% to 10.8% also shows that Q4’s margin included non-recurring benefits.
Bulls would argue that the cash outflow paid for inventory needed to fill record orders. A $5.6 billion equity raise also cut net debt to $1.2 billion.
Supermicro Trades at a Steep Discount to Dell and Arista Dell Technologies (NYSE:DELL) is Supermicro’s most direct AI server rival. Shares trade at 21x forward earnings and 1.899x sales. That is a rich premium to SMCI for a company selling similar hardware.
Arista Networks (NYSE:ANET) depends on the same hyperscaler spending through data center switching. It commands 39x forward earnings, a premium that reflects its software-like margins. Together, these peers make our target look conservative (we covered seven more AI infrastructure suppliers, from power to networking, in a free report you can grab here).
Company Forward P/E Price-to-Sales Supermicro 10x 0.524x Dell 21x 1.899x Arista 39x 21.18x Valuation Tips the Scale Toward Upside Our 24/7 Wall St. price target of $40.06 carries a buy rating and 90% confidence. Valuation is what tips the scale.
The bull case strengthens if the next earnings report shows Q1 revenue within the $14.5 billion to $15.5 billion guide. The thesis weakens if shipments slip again. At this price, the potential reward outweighs the risk.
Beyond the near term, here is where our model projects Supermicro could trade if current trends hold.
Year Price Target from 24/7 Wall St. 2026 $33.60 2027 $41.48 2028 $47.31 2029 $51.25 2030 $57.43 Supermicro needs to keep executing on its AI rack strategy for these estimates to hold. Faster margin expansion or extended cash burn could move results well beyond this range.
Contact [email protected] for any questions or corrections.
Visteon ve 3. čtvrtletí zvýšil tržby meziročně o 6 % na 970 milionů USD, ale kvůli mimořádným záručním nákladům ve výši 77 milionů USD snížil výhled upravené EBITDA.
Sales of $970 million with Growth-over-Market of 10%[1]
Net income attributable to Visteon of $5 million
Adjusted EBITDA of $46 million, including $77 million of exceptional warranty charges
Operating cash flow of $81 million and adjusted free cash flow of $(4) million for the first nine months
Strong balance sheet with net cash of $136 million at quarter end
21 new product launches including the industry-first SmartCore(TM) High Performance Compute (HPC) system with Chery
New business wins of $0.9 billion driven by ongoing momentum in displays
Completed $200 million accelerated share repurchase program and paid $9 million quarterly dividend
Third Quarter Results
Visteon reported net sales of $970 million, compared to $917 million in the prior year, an increase of 6% year-over-year. Despite customer vehicle production declining by 5%, the Company delivered 10% growth-over-market1, driven by strong launch execution and robust customer demand.
Net income attributable to Visteon was $5 million or $0.19 per diluted share. Gross margin in the third quarter was $47 million and includes $77 million of exceptional warranty charges. Adjusted EBITDA, a non-GAAP measure defined below, was $46 million, reflecting underlying continued operational execution in a challenging supply chain environment.
For the nine months ended September 30, 2026, cash from operations was $81 million, capital expenditures were $103 million, and adjusted free cash flow, a non-GAAP measure defined below, was an outflow of $4 million. The Company ended the quarter with cash of $466 million and debt of $330 million. The Company's strong balance sheet, with a net cash position of $136 million, provides flexibility to continue investing in the business while returning capital to shareholders.
Visteon secured $0.9 billion in new business during the third quarter, reflecting continued momentum across display products and in India, a key growth market. Highlights included two driver display awards with a luxury Japanese OEM brand for vehicles in Japan and China, a center display for multiple vehicles with a high-volume Indian OEM, a display and infotainment system for multiple vehicle models with another Indian OEM, and a center display for the commercial vehicle market in Europe with a North American OEM. The quarter also included a number of strategic awards with North American OEMs and for the Asian two-wheeler market.
Visteon launched 21 new products during the third quarter across 14 customers. Most notably, the Company launched the industry-first High-Performance Compute system, with integrated AI capabilities, for the Chery Freelander 8 in the Chinese market. Other highlights included a follow-on launch of our fast-growing Audi Panorama program on the Audi A2 and A3, a cockpit domain controller for the BMW i3 in Europe, a two-wheeler digital cluster for the Royal Enfield Interceptor in India, and a driver display for the all-new Lexus TZ. These launches demonstrate demand for our next-generation products while providing the foundation for future sales performance.
"Our third quarter results highlight continued progress toward sustainable sales growth while delivering strong profitability in a challenging supply chain environment," said President and CEO Sachin Lawande. "Our HPC launch with Chery was a significant milestone for Visteon, demonstrating our ongoing position as a key supplier to support the transition to software and AI-defined vehicles."
Accelerated Share Repurchase Program
In the third quarter, the Company announced and completed a $200 million accelerated share repurchase ("ASR"), delivering on the Company's commitment to returning capital to shareholders while maintaining the flexibility to invest in future growth in a dynamic environment.
Revised Guidance
Based on year-to-date performance and our outlook for the fourth quarter, Visteon is raising its full-year 2026 sales guidance range to $3.80 – $3.85 billion, while lowering its full-year adjusted EBITDA range to $370 – $410 million, and its adjusted free cash flow range to $90 – $130 million. The adjusted EBITDA range reflects the impact of $77 million of exceptional warranty charges incurred in the quarter as well as cost pressures, while the adjusted free cash flow range takes into account year-to-date inventory build.
About Visteon
Visteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, with a global network of innovation centers and manufacturing facilities. For more information, visit visteon.com.
Conference Call and Presentation
Today, Thursday, October 22, at 9 a.m. ET, the Company will host a conference call for the investment community to discuss the quarter's results and other related items. The conference call is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
(Call approximately 10 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon's website.
__
Use of Non-GAAP Financial Information
Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.
Forward-looking Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries;
continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;
significant and prolonged shortages of, or unrecoverable price increases in, critical components, including but not limited to semiconductors such as DRAM, particularly where such components are sourced from sole or primary suppliers;
failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China;
conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;
our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
our ability to grow our business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China;
general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold;
disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;
increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;
changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; and
those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission).
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2026. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.
Visteon Contacts:
Media:
[email protected]
Investors:
[email protected]
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net sales
$ 970
$ 917
$ 2,884
$ 2,820
Cost of sales
(923)
(786)
(2,606)
(2,410)
Gross margin
47
131
278
410
Selling, general and administrative expenses
(46)
(53)
(146)
(148)
Restructuring, net
—
(3)
(17)
(4)
Interest income, net
(1)
3
4
6
Equity in net income (loss) of non-consolidated affiliates
4
1
8
5
Other income (expense), net
3
2
5
4
Income (loss) before income taxes
7
81
132
273
Provision for income taxes
(1)
(90)
(43)
(138)
Net income (loss)
6
(9)
89
135
Less: Net (income) loss attributable to non-controlling interests
(1)
(2)
(4)
(8)
Net income (loss) attributable to Visteon Corporation
$ 5
$ (11)
$ 85
$ 127
Comprehensive income (loss)
$ 6
$ (8)
$ 85
$ 193
Less: Comprehensive (income) loss attributable to non-controlling
interests
(6)
(3)
(8)
(15)
Comprehensive income (loss) attributable to Visteon Corporation
$ —
$ (11)
$ 77
$ 178
Basic earnings (loss) per share attributable to Visteon Corporation
$ 0.20
$ (0.40)
$ 3.24
$ 4.67
Diluted earnings (loss) per share attributable to Visteon Corporation
$ 0.19
$ (0.40)
$ 3.17
$ 4.60
Average shares outstanding (in millions)
Basic
25.4
27.3
26.2
27.2
Diluted
26.0
27.3
26.8
27.6
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
September 30,
December 31,
2026
2025
ASSETS
Cash and equivalents
$ 464
$ 771
Restricted cash
2
2
Accounts receivable, net
696
613
Inventories, net
359
269
Other current assets
174
130
Total current assets
1,695
1,785
Property and equipment, net
557
524
Intangible assets, net
239
222
Right-of-use assets
124
126
Investments in non-consolidated affiliates
29
29
Deferred tax assets
519
511
Other non-current assets
238
189
Total assets
$ 3,401
$ 3,386
LIABILITIES AND EQUITY
Short-term debt
$ 23
$ 18
Accounts payable
640
540
Accrued employee liabilities
91
122
Current lease liability
23
21
Other current liabilities
279
291
Total current liabilities
1,056
992
Long-term debt, net
307
283
Employee benefits
76
88
Non-current lease liability
106
109
Deferred tax liabilities
51
51
Other non-current liabilities
308
212
Stockholders' equity:
Common stock
1
1
Additional paid-in capital
1,409
1,398
Retained earnings
2,893
2,838
Accumulated other comprehensive loss
(248)
(240)
Treasury stock
(2,642)
(2,429)
Total Visteon Corporation stockholders' equity
1,413
1,568
Non-controlling interests
84
83
Total equity
1,497
1,651
Total liabilities and equity
$ 3,401
$ 3,386
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
OPERATING
Net income (loss)
$ 6
$ (9)
$ 89
$ 135
Adjustments to reconcile net income (loss) to net cash provided from
(used by) operating activities:
Depreciation and amortization
31
28
89
80
Non-cash stock-based compensation
11
11
35
34
Equity in net loss (income) of non-consolidated affiliates, net of
dividends remitted
(4)
(1)
(8)
(5)
Tax valuation allowance expense (benefit)
—
69
—
61
Other non-cash items
1
1
2
(3)
Changes in assets and liabilities:
Accounts receivable
(33)
46
(91)
43
Inventories
(31)
(17)
(94)
(13)
Accounts payable
—
(34)
86
6
Other assets and other liabilities
57
33
(27)
(46)
Net cash provided from operating activities
38
127
81
292
INVESTING
Capital expenditures, including intangibles
(42)
(22)
(103)
(88)
Acquisition of business, net of cash acquired
—
—
(20)
(50)
Net investment hedge transactions
1
1
(11)
3
Other
—
—
—
(1)
Net cash used by investing activities
(41)
(21)
(134)
(136)
FINANCING
Borrowing on debt
—
—
2
—
Principal repayment of term debt facility
(3)
(4)
(7)
(13)
Borrowings from revolving credit facility
179
—
179
—
Repayment of revolving credit facility
(153)
—
(153)
—
Other short-term debt, net
8
—
8
—
Dividend to shareholders
(9)
(8)
(29)
(8)
Dividends to non-controlling interests
—
(2)
(9)
(20)
Repurchase of common stock
(200)
—
(236)
(7)
Stock-based compensation tax withholding payments
—
—
(9)
(7)
Proceeds from the exercise of stock options
—
—
8
3
Contingent consideration payments
(6)
—
(13)
—
Other
—
—
(2)
—
Net cash used by financing activities
(184)
(14)
(261)
(52)
Effect of exchange rate changes on cash
3
2
7
35
Net increase (decrease) in cash, equivalents, and restricted cash
(184)
94
(307)
139
Cash, equivalents, and restricted cash at beginning of the period
650
671
773
626
Cash, equivalents, and restricted cash at end of the period
$ 466
$ 765
$ 466
$ 765
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, net restructuring, provision for (benefit from) income taxes, non-cash, stock-based compensation expense, net interest (income) expense, net income (loss) attributable to non-controlling interests, equity in net (income) loss of non-consolidated affiliates, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
Estimated
September 30,
September 30,
Full Year
Visteon:
2026
2025
2026
2025
2026
Net income (loss) attributable to Visteon Corporation*
$ 5
$ (11)
$ 85
$ 127
$ 140
Depreciation and amortization
31
28
89
80
120
Restructuring, net
—
3
17
4
20
Provision for (benefit from) income taxes*
1
90
43
138
65
Non-cash, stock-based compensation expense
11
11
35
34
50
Interest (income) expense, net
1
(3)
(4)
(6)
(5)
Net income (loss) attributable to non-controlling interests
1
2
4
8
5
Equity in net loss (income) of non-consolidated affiliates
(4)
(1)
(8)
(5)
(10)
Other, net
—
—
5
2
5
Adjusted EBITDA
$ 46
$ 119
$ 266
$ 382
$ 3902
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
Estimated
September 30,
September 30,
Full Year
Visteon:
2026
2025
2026
2025
2026
Cash provided from operating activities
$ 38
$ 127
$ 81
$ 292
$ 240
Capital expenditures, including intangibles
(42)
(22)
(103)
(88)
(150)
Free cash flow
$ (4)
$ 105
$ (22)
$ 204
$ 90
Restructuring related payments
3
5
18
11
20
Adjusted free cash flow
$ (1)
$ 110
$ (4)
$ 215
$ 1103
Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of net restructuring, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income (loss) attributable to Visteon*
$ 5
$ (11)
$ 85
$ 127
Diluted earnings (loss) per share:
Net income (loss) attributable to Visteon*
$ 5
$ (11)
$ 85
$ 127
Average shares outstanding, diluted
26.0
27.3
26.8
27.6
Diluted earnings (loss) per share
$ 0.19
$ (0.40)
$ 3.17
$ 4.60
Adjusted net income (loss) and adjusted earnings (loss) per share:
Net income (loss) attributable to Visteon*
$ 5
$ (11)
$ 85
$ 127
Restructuring, net
—
3
17
4
Other
—
—
5
2
Tax impacts of adjustments
—
—
(5)
(1)
Adjusted net income (loss)
$ 5
$ (8)
$ 102
$ 132
Average shares outstanding, diluted
26.0
27.3
26.8
27.6
Adjusted earnings (loss) per share
$ 0.19
$ (0.29)
$ 3.81
$ 4.78
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.
Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.
1
Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution.
2
Based on mid-point of the range of the Company's financial guidance
3
Based on mid-point of the range of the Company's financial guidance
Společnost Valero ve třetím čtvrtletí 2026 zvýšila čistý zisk na 6,8 miliardy USD, neboli 23,89 USD na akcii, z 1,1 miliardy USD ve stejném období předchozího roku.
SAN ANTONIO, Texas--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share, for the third quarter of 2026, compared to $1.1 billion, or $3.53 per share, for the third quarter of 2025. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the third quarter of 2026 was $6.8 billion, or $23.90 per share, compared to $1.1 billion, or $3.66 per share, for the third quarter of 2025.
“Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “We also completed the St. Charles FCC Unit optimization project, which increases the production capacity of higher value products, including alkylate and gasoline, further strengthening our ability to supply transportation fuels to the market.”
Refining
The Refining segment reported operating income of $8.8 billion for the third quarter of 2026, compared to $1.6 billion for the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $8.8 billion, compared to $1.7 billion for the third quarter of 2025. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2026.
Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported operating income of $353 million for the third quarter of 2026, compared to an operating loss of $28 million for the third quarter of 2025. Segment sales volumes averaged 3.4 million gallons per day in the third quarter of 2026.
Ethanol
The Ethanol segment reported operating income of $272 million for the third quarter of 2026, compared to $183 million for the third quarter of 2025. Ethanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026, setting a new quarterly record.
Corporate and Other
General and administrative expenses were $308 million in the third quarter of 2026. The effective tax rate for the third quarter of 2026 was 23 percent.
Investing and Financing Activities
Net cash provided by operating activities was $6.9 billion in the third quarter of 2026. Included in this amount was a $526 million unfavorable impact from working capital and $205 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $7.3 billion in the third quarter of 2026.
Capital investments totaled $432 million in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $429 million in the third quarter of 2026.
Valero stockholder cash returns resulted in a payout ratio of 52 percent of adjusted net cash provided by operating activities.
Liquidity and Financial Position
Valero repaid the outstanding principal balances of $100 million of its 7.65% Debentures that matured in July and $426 million of its 3.400% Senior Notes that matured in September. Valero ended the third quarter of 2026 with $8.6 billion of total debt, $2.4 billion of total finance lease obligations, and $9.8 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 4 percent as of September 30, 2026.
“Our third-quarter performance underscores the quality of our assets and our consistent operational, commercial, and financial performance,” said Riggs. “This is a result of the long-term strategy that we’ve been committed to for well over a decade.”
Strategic Update
During the third quarter, Valero completed the FCC Unit optimization project at the St. Charles Refinery on schedule and within budget. The project is now operational and is expected to enhance the refinery’s ability to produce higher-value products.
Conference Call
Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
Valero Contacts
Investors:
Brian Donovan, Vice President – Investor Relations, 210-345-1682
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Safe-Harbor Statement
Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “commitment,” “plans,” “forecast,” “guidance,” “evaluate,” “opportunity” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial, operational, or strategic statement impacts, future market and industry conditions, future operating and financial performance, including future capital expenditures and capital investments attributable to Valero, future production and manufacturing ability and size, expectations regarding our sources and uses of cash, future legal and regulatory developments, including those with respect to tariffs and low-carbon fuels, expectations and ongoing uncertainties related to our Port Arthur Refinery, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political, or regulatory developments that are adverse to tariffs, global geopolitical and other conflicts and tensions, the impact of inflation and crude oil and petroleum product market disruptions on margins and costs, economic activity levels, actions in response to supply and demand imbalances for refined petroleum products, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.
Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Refining operating expenses (excluding depreciation and amortization), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Statement of income data
Revenues
$
46,098
$
32,168
$
122,955
$
92,315
Cost of sales:
Cost of materials and other (a)
32,741
26,132
94,056
76,858
Taxes other than income taxes (b)
1,654
1,826
5,023
4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
1,627
1,614
4,728
4,659
Depreciation and amortization expense
669
824
2,220
2,290
Total cost of sales
36,691
30,396
106,027
88,787
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
11
5
61
13
General and administrative expenses (excluding depreciation and amortization expense reflected below)
308
246
826
727
Depreciation and amortization expense
15
12
41
51
Operating income
9,073
1,509
16,000
1,606
Other income, net
127
86
375
292
Interest and debt expense, net of capitalized interest
(144
)
(139
)
(429
)
(417
)
Income before income tax expense
9,056
1,456
15,946
1,481
Income tax expense
2,067
390
3,562
404
Net income
6,989
1,066
12,384
1,077
Less: Net income (loss) attributable to noncontrolling interests
161
(29
)
573
(137
)
Net income attributable to Valero Energy Corporation stockholders
$
6,828
$
1,095
$
11,811
$
1,214
Earnings per common share
$
23.90
$
3.54
$
40.30
$
3.89
Weighted-average common shares outstanding (in millions)
285
309
292
311
Earnings per common share – assuming dilution
$
23.89
$
3.53
$
40.29
$
3.89
Weighted-average common shares outstanding – assuming dilution (in millions)
285
309
292
312
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable
Diesel
Ethanol
Corporate
and
Other (f)
Total
Three months ended September 30, 2026
Revenues:
Revenues from external customers
$
44,369
$
664
$
1,065
$
—
$
46,098
Intersegment revenues
3
1,729
352
(2,084
)
—
Total revenues
44,372
2,393
1,417
(2,084
)
46,098
Cost of sales:
Cost of materials and other
31,988
1,883
962
(2,092
)
32,741
Taxes other than income taxes (b)
1,654
—
—
—
1,654
Operating expenses (excluding depreciation and amortization expense reflected below)
1,376
86
165
—
1,627
Depreciation and amortization expense
580
71
18
—
669
Total cost of sales
35,598
2,040
1,145
(2,092
)
36,691
Other operating expenses (e)
(8
)
—
—
19
11
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
308
308
Depreciation and amortization expense
—
—
—
15
15
Operating income by segment
$
8,782
$
353
$
272
$
(334
)
$
9,073
Three months ended September 30, 2025
Revenues:
Revenues from external customers
$
30,414
$
719
$
1,035
$
—
$
32,168
Intersegment revenues
1
484
259
(744
)
—
Total revenues
30,415
1,203
1,294
(744
)
32,168
Cost of sales:
Cost of materials and other
24,858
1,077
942
(745
)
26,132
Taxes other than income taxes (b)
1,826
—
—
—
1,826
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
1,388
78
148
—
1,614
Depreciation and amortization expense
728
76
21
(1
)
824
Total cost of sales
28,800
1,231
1,111
(746
)
30,396
Other operating expenses
5
—
—
—
5
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
246
246
Depreciation and amortization expense
—
—
—
12
12
Operating income (loss) by segment
$
1,610
$
(28
)
$
183
$
(256
)
$
1,509
See Operating Highlights by Segment.
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable
Diesel
Ethanol
Corporate
and
Other (f)
Total
Nine months ended September 30, 2026
Revenues:
Revenues from external customers
$
117,474
$
2,551
$
2,930
$
—
$
122,955
Intersegment revenues
7
3,938
965
(4,910
)
—
Total revenues
117,481
6,489
3,895
(4,910
)
122,955
Cost of sales:
Cost of materials and other (a)
91,434
4,798
2,678
(4,854
)
94,056
Taxes other than income taxes (b)
5,023
—
—
—
5,023
Operating expenses (excluding depreciation and amortization expense reflected below)
3,985
262
481
—
4,728
Depreciation and amortization expense
1,947
220
56
(3
)
2,220
Total cost of sales
102,389
5,280
3,215
(4,857
)
106,027
Other operating expenses (e)
34
—
—
27
61
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
826
826
Depreciation and amortization expense
—
—
—
41
41
Operating income by segment
$
15,058
$
1,209
$
680
$
(947
)
$
16,000
Nine months ended September 30, 2025
Revenues:
Revenues from external customers
$
87,495
$
1,777
$
3,043
$
—
$
92,315
Intersegment revenues
5
1,424
681
(2,110
)
—
Total revenues
87,500
3,201
3,724
(2,110
)
92,315
Cost of sales:
Cost of materials and other
73,015
3,016
2,962
(2,135
)
76,858
Taxes other than income taxes (b)
4,980
—
—
—
4,980
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
3,986
228
446
(1
)
4,659
Depreciation and amortization expense
2,029
205
59
(3
)
2,290
Total cost of sales
84,010
3,449
3,467
(2,139
)
88,787
Asset impairment loss (d)
1,131
—
—
—
1,131
Other operating expenses
13
—
—
—
13
General and administrative expenses (excluding depreciation and amortization expense reflected below)
—
—
—
727
727
Depreciation and amortization expense
—
—
—
51
51
Operating income (loss) by segment
$
2,346
$
(248
)
$
257
$
(749
)
$
1,606
See Operating Highlights by Segment.
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders
Income tax expense related to the LIFO liquidation adjustment
—
—
10
—
LIFO liquidation adjustment, net of taxes
—
—
(34
)
—
Employee retention and separation costs (c)
—
50
—
50
Income tax benefit related to employee retention and separation costs
—
(11
)
—
(11
)
Employee retention and separation costs, net of taxes
—
39
—
39
Asset impairment loss (d)
—
—
—
1,131
Income tax benefit related to asset impairment loss
—
—
—
(254
)
Asset impairment loss, net of taxes
—
—
—
877
Port Arthur Refinery fire expenses (e)
4
—
19
—
Income tax benefit related to Port Arthur Refinery fire expenses
(1
)
—
(5
)
—
Port Arthur Refinery fire expenses, net of taxes
3
—
14
—
Total adjustments
3
39
(20
)
916
Adjusted net income attributable to Valero Energy Corporation stockholders
$
6,831
$
1,134
$
11,791
$
2,130
Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution
$
23.89
$
3.53
$
40.29
$
3.89
Adjustments:
LIFO liquidation adjustment (a)
—
—
(0.12
)
—
Employee retention and separation costs (c)
—
0.13
—
0.12
Asset impairment loss (d)
—
—
—
2.81
Port Arthur Refinery fire expenses (e)
0.01
—
0.05
—
Total adjustments
0.01
0.13
(0.07
)
2.93
Adjusted earnings per common share – assuming dilution
$
23.90
$
3.66
$
40.22
$
6.82
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment
Refining segment
Refining operating income
$
8,782
$
1,610
$
15,058
$
2,346
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
1,376
1,388
3,985
3,986
Depreciation and amortization expense
580
728
1,947
2,029
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
(8
)
5
34
13
Refining margin
$
10,730
$
3,731
$
20,980
$
9,505
Refining operating income
$
8,782
$
1,610
$
15,058
$
2,346
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Employee retention and separation costs (c)
—
50
—
50
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
(8
)
5
34
13
Adjusted Refining operating income
$
8,774
$
1,665
$
15,048
$
3,540
Renewable Diesel segment
Renewable Diesel operating income (loss)
$
353
$
(28
)
$
1,209
$
(248
)
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
86
78
262
228
Depreciation and amortization expense
71
76
220
205
Renewable Diesel margin
$
510
$
126
$
1,691
$
185
Ethanol segment
Ethanol operating income
$
272
$
183
$
680
$
257
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
165
148
481
446
Depreciation and amortization expense
18
21
56
59
Ethanol margin
$
455
$
352
$
1,217
$
762
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i)
U.S. Gulf Coast region
Refining operating income
$
5,246
$
940
$
9,479
$
2,123
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
838
740
2,389
2,197
Depreciation and amortization expense
397
391
1,179
1,154
Other operating expenses (e)
(9
)
2
25
9
Refining margin
$
6,472
$
2,073
$
13,072
$
5,483
Refining operating income
$
5,246
$
940
$
9,479
$
2,123
Adjustment: Other operating expenses (e)
(9
)
2
25
9
Adjusted Refining operating income
$
5,237
$
942
$
9,504
$
2,132
U.S. Mid-Continent region
Refining operating income
$
1,394
$
188
$
2,192
$
365
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
225
210
632
605
Depreciation and amortization expense
86
84
264
238
Other operating expenses
1
3
4
3
Refining margin
$
1,706
$
485
$
3,092
$
1,211
Refining operating income
$
1,394
$
188
$
2,192
$
365
Adjustment: Other operating expenses
1
3
4
3
Adjusted Refining operating income
$
1,395
$
191
$
2,196
$
368
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (i) (continued)
North Atlantic region
Refining operating income
$
1,837
$
532
$
2,962
$
967
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)
213
199
616
553
Depreciation and amortization expense
77
80
241
224
Refining margin
$
2,127
$
811
$
3,819
$
1,744
U.S. West Coast region (f)
Refining operating income (loss)
$
305
$
(50
)
$
425
$
(1,109
)
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Operating expenses (excluding depreciation and amortization expense reflected below) (c)
100
239
348
631
Depreciation and amortization expense (g)
20
173
263
413
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses
—
—
5
1
Refining margin
$
425
$
362
$
997
$
1,067
Refining operating income (loss)
$
305
$
(50
)
$
425
$
(1,109
)
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44
)
—
Employee retention and separation costs (c)
—
50
—
50
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses
—
—
5
1
Adjusted Refining operating income
$
305
$
—
$
386
$
73
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil
512
506
492
538
Medium/light sour crude oil
274
281
274
252
Sweet crude oil
1,594
1,661
1,572
1,577
Residuals
109
204
137
156
Other feedstocks
117
89
121
82
Total feedstocks
2,606
2,741
2,596
2,605
Blendstocks and other
366
346
350
342
Total throughput volumes
2,972
3,087
2,946
2,947
Yields (thousand barrels per day)
Gasolines and blendstocks
1,402
1,517
1,405
1,446
Distillates
1,162
1,201
1,146
1,130
Other products (j)
430
399
422
396
Total yields
2,994
3,117
2,973
2,972
Operating statistics (h) (k)
Refining margin
$
10,730
$
3,731
$
20,980
$
9,505
Adjusted Refining operating income
$
8,774
$
1,665
$
15,048
$
3,540
Throughput volumes (thousand barrels per day)
2,972
3,087
2,946
2,947
Refining margin per barrel of throughput
$
39.24
$
13.14
$
26.09
$
11.82
Less:
Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
5.03
4.71
4.96
4.89
Depreciation and amortization expense per barrel of throughput
2.12
2.57
2.42
2.53
Adjusted Refining operating income per barrel of throughput
$
32.09
$
5.86
$
18.71
$
4.40
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics (h) (k)
Renewable Diesel margin
$
510
$
126
$
1,691
$
185
Renewable Diesel operating income (loss)
$
353
$
(28
)
$
1,209
$
(248
)
Sales volumes (thousand gallons per day)
3,423
2,717
3,429
2,629
Renewable Diesel margin per gallon of sales
$
1.62
$
0.50
$
1.81
$
0.26
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales
0.28
0.31
0.28
0.32
Depreciation and amortization expense per gallon of sales
0.22
0.30
0.24
0.28
Renewable Diesel operating income (loss) per gallon of sales
$
1.12
$
(0.11
)
$
1.29
$
(0.34
)
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
ETHANOL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics (h) (k)
Ethanol margin
$
455
$
352
$
1,217
$
762
Ethanol operating income
$
272
$
183
$
680
$
257
Production volumes (thousand gallons per day)
4,799
4,635
4,695
4,562
Ethanol margin per gallon of production
$
1.03
$
0.83
$
0.95
$
0.62
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production
0.37
0.35
0.38
0.36
Depreciation and amortization expense per gallon of production
0.04
0.05
0.04
0.05
Ethanol operating income per gallon of production
$
0.62
$
0.43
$
0.53
$
0.21
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics by region (i)
U.S. Gulf Coast region (h) (k)
Refining margin
$
6,472
$
2,073
$
13,072
$
5,483
Adjusted Refining operating income
$
5,237
$
942
$
9,504
$
2,132
Throughput volumes (thousand barrels per day)
1,874
1,846
1,819
1,787
Refining margin per barrel of throughput
$
37.55
$
12.21
$
26.32
$
11.24
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
4.86
4.36
4.81
4.50
Depreciation and amortization expense per barrel of throughput
2.31
2.30
2.37
2.37
Adjusted Refining operating income per barrel of throughput
$
30.38
$
5.55
$
19.14
$
4.37
U.S. Mid-Continent region (h) (k)
Refining margin
$
1,706
$
485
$
3,092
$
1,211
Adjusted refining operating income
$
1,395
$
191
$
2,196
$
368
Throughput volumes (thousand barrels per day)
472
466
471
448
Refining margin per barrel of throughput
$
39.27
$
11.31
$
24.08
$
9.91
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
5.19
4.90
4.92
4.95
Depreciation and amortization expense per barrel of throughput
1.99
1.96
2.06
1.94
Adjusted refining operating income per barrel of throughput
$
32.09
$
4.45
$
17.10
$
3.02
See Notes to Earnings Release.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics by region (i) (continued)
North Atlantic region (h) (k)
Refining margin
$
2,127
$
811
$
3,819
$
1,744
Refining operating income
$
1,837
$
532
$
2,962
$
967
Throughput volumes (thousand barrels per day)
507
516
506
468
Refining margin per barrel of throughput
$
45.58
$
17.10
$
27.64
$
13.65
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
4.58
4.20
4.46
4.33
Depreciation and amortization expense per barrel of throughput
1.64
1.70
1.75
1.75
Refining operating income per barrel of throughput
$
39.36
$
11.20
$
21.43
$
7.57
U.S. West Coast region (f) (h) (k)
Refining margin
$
425
$
362
$
997
$
1,067
Adjusted Refining operating income
$
305
$
—
$
386
$
73
Throughput volumes (thousand barrels per day)
119
259
150
244
Refining margin per barrel of throughput
$
38.81
$
15.22
$
24.39
$
16.00
Less:
Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput
9.10
7.94
8.50
8.72
Depreciation and amortization expense per barrel of throughput (g)
1.85
7.29
6.44
6.20
Adjusted Refining operating income (loss) per barrel of throughput
$
27.86
$
(0.01
)
$
9.45
$
1.08
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Refining
Feedstocks (dollars per barrel)
Brent crude oil
$
91.61
$
68.14
$
88.87
$
69.87
Brent less West Texas Intermediate (WTI) crude oil
5.37
3.11
5.06
3.08
Brent less WTI Houston crude oil
4.29
2.09
3.44
2.02
Brent less Dated Brent crude oil
(5.75
)
(0.91
)
(5.49
)
(0.91
)
Brent less Argus Sour Crude Index crude oil
6.07
3.46
4.71
2.68
Brent less Maya crude oil
13.37
7.14
10.97
8.35
Brent less Western Canadian Select Houston crude oil
16.49
6.93
14.66
6.81
WTI crude oil
86.24
65.03
83.81
66.79
Natural gas (dollars per million British thermal units)
2.47
2.70
2.68
2.97
Renewable volume obligation (RVO) (dollars per barrel) (l)
Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent
24.08
7.78
14.17
6.78
Ultra-low-sulfur (ULS) diesel less Brent
72.27
21.05
47.80
17.51
Polymer Grade Propylene less Brent (not RVO adjusted)
(17.02
)
(8.22
)
(13.22
)
(3.07
)
U.S. Mid-Continent:
CBOB gasoline less WTI
34.16
12.79
17.87
12.32
ULS diesel less WTI
73.54
26.16
46.49
21.09
North Atlantic:
CBOB gasoline less Brent
33.46
14.58
20.56
10.97
ULS diesel less Brent
77.12
24.64
53.72
21.44
U.S. West Coast:
California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent
50.89
26.69
40.62
28.94
California Air Resources Board diesel less Brent
81.83
29.83
56.98
23.47
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)
$
4.33
$
2.35
$
3.66
$
2.30
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)
2.23
1.13
1.93
1.00
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)
80.60
53.36
71.43
57.30
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)
0.76
0.62
0.74
0.56
USGC distillers corn oil (dollars per pound)
0.77
0.64
0.76
0.58
USGC fancy bleachable tallow (dollars per pound)
0.75
0.62
0.73
0.56
Ethanol
Chicago Board of Trade corn (dollars per bushel)
4.78
4.02
4.53
4.42
New York Harbor ethanol (dollars per gallon)
2.10
1.96
1.97
1.87
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars)
(unaudited)
September 30,
December 31,
2026
2025
Balance sheet data
Current assets
$
33,561
$
23,210
Cash and cash equivalents included in current assets
9,840
4,688
Inventories included in current assets
7,611
7,591
Current liabilities
19,469
14,109
Valero Energy Corporation stockholders’ equity
27,974
23,725
Total equity
31,084
26,605
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))
$
727
$
672
Debt, less current portion of debt (excluding VIEs)
7,849
7,566
Total debt (excluding VIEs)
8,576
8,238
Current portion of debt attributable to VIEs
3
23
Total debt
8,579
8,261
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)
233
228
Finance lease obligations, less current portion (excluding VIEs)
1,567
1,488
Total finance lease obligations (excluding VIEs)
1,800
1,716
Current portion of finance lease obligations attributable to VIEs
26
26
Finance lease obligations, less current portion attributable to VIEs
596
616
Total finance lease obligations attributable to VIEs
622
642
Total finance lease obligations
2,422
2,358
Total debt and finance lease obligations
$
11,001
$
10,619
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (h)
Net cash provided by operating activities
$
6,932
$
1,881
$
13,902
$
3,769
Exclude:
Changes in current assets and current liabilities
(526
)
325
(123
)
157
Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD
205
(86
)
696
(239
)
Adjusted net cash provided by operating activities
$
7,253
$
1,642
$
13,329
$
3,851
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of capital investments to capital investments attributable to Valero (h)
Capital expenditures (excluding VIEs)
$
272
$
171
$
654
$
504
Capital expenditures of VIEs:
DGD
(3
)
4
4
67
Other VIEs
1
2
3
5
Deferred turnaround and catalyst cost expenditures (excluding VIEs)
155
187
529
808
Deferred turnaround and catalyst cost expenditures of DGD
7
45
40
91
Investments in nonconsolidated joint ventures
—
—
—
1
Capital investments
432
409
1,230
1,476
Adjustments:
DGD’s capital investments attributable to the other joint venture member
(2
)
(25
)
(22
)
(79
)
Capital expenditures of other VIEs
(1
)
(2
)
(3
)
(5
)
Capital investments attributable to Valero
$
429
$
382
$
1,205
$
1,392
Dividends per common share
$
1.20
$
1.13
$
3.60
$
3.39
See Notes to Earnings Release Tables.
VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES
(a)
Cost of materials and other for the nine months ended September 30, 2026 includes a benefit of $44 million resulting from the liquidation of certain LIFO inventory layers attributable to our Refining segment. Inventory levels for our West Coast refining operations decreased during 2026 due to the phased idling of processing units and cessation of refining operations at our Benicia Refinery, which was completed by the end of April 2026. Consequently, inventory levels at December 31, 2026 are expected to remain below those at December 31, 2025.
(b)
Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations.
(c)
Operating expenses (excluding depreciation and amortization expense) for the three and nine months ended September 30, 2025 includes employee retention and separation costs of $50 million related to the Benicia Refinery. In connection with our plan to cease refining operations at the Benicia Refinery, we implemented a transition plan for eligible employees that included retention incentive payments and separation benefits.
(d)
In March 2025, we approved a plan to idle the processing units and cease refining operations at our Benicia Refinery by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the nine months ended September 30, 2025.
(e)
Other operating expenses for the three and nine months ended September 30, 2026 includes $4 million and $19 million, respectively, of repair costs directly attributable to the March 2026 incident at our Port Arthur Refinery.
(f)
During the first quarter of 2026, we began idling the processing units through a phased approach and ceased operation of the fuel production units at our Benicia Refinery. In accordance with our plan, full idling of all processing units was completed in April 2026. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reported within Corporate and Other.
(g)
Depreciation and amortization expense includes incremental depreciation expense of approximately $133 million in the nine months ended September 30, 2026 and approximately $100 million and $200 million in the three and nine months ended September 30, 2025, respectively, related to the Benicia Refinery. In connection with our phased plan to idle the processing units and cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, the revised carrying value of the refinery’s long-lived assets was depreciated to the estimated salvage value.
(h)
We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures.
We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility.
Non-GAAP measures are as follows:
Adjusted net income attributable to Valero Energy Corporation stockholders is defined as net income attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect, as applicable. The income tax effect for the adjustments was calculated using a combined U.S. federal and state statutory rate of 22.5 percent. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below. LIFO liquidation adjustment – Generally, the LIFO inventory valuation method provides for the matching of current costs with current revenues. However, a LIFO liquidation results in a portion of our current-year cost of sales being impacted by historical costs, which obscures our current-year financial performance. Therefore, we have excluded the historical cost impact from adjusted net income attributable to Valero Energy Corporation stockholders. See note (a) for additional details. Employee retention and separation costs – The employee retention and separation costs related to the Benicia Refinery (see note (c)) are not indicative of our ongoing operations. Asset impairment loss – The asset impairment loss attributable to our Benicia and Wilmington refineries (see note (d)) is not indicative of our ongoing operations or our expectations about the profitability of our refining business. Port Arthur Refinery fire expenses – The expenses directly attributable to the March 2026 incident at our Port Arthur Refinery (see note (e)) are specific to that incident and are not indicative of our ongoing operations. Adjusted earnings per common share – assuming dilution is defined as adjusted net income attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution. Refining margin is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (d)), and other operating expenses. We believe Refining margin is an important measure of our Refining segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Renewable Diesel margin is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Renewable Diesel margin is an important measure of our Renewable Diesel segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Ethanol margin is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Ethanol margin is an important measure of our Ethanol segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Adjusted Refining operating income is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), employee retention and separation costs (see note (c)), the asset impairment loss (see note (d)), and other operating expenses. We believe adjusted Refining operating income is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance. Adjusted Refining operating expenses (excluding depreciation and amortization expense) is defined as Refining segment operating expenses (excluding depreciation and amortization expense) excluding employee retention and separation costs (see note (c)). We believe adjusted Refining operating expense (excluding depreciation and amortization expense) is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance. Adjusted Refining operating expenses (excluding depreciation and amortization expense) for the Refining segment and the U.S. West Coast region is calculated as follows (in millions): Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Refining segment
Operating expenses (excluding depreciation and amortization expense)
$
1,376
$
1,388
$
3,985
$
3,986
Adjustment: Employee retention and separation costs
—
(50
)
—
(50
)
Adjusted operating expenses (excluding depreciation and amortization expense)
$
1,376
$
1,338
$
3,985
$
3,936
U.S. West Coast region
Operating expenses (excluding depreciation and amortization expense)
$
100
$
239
$
348
$
631
Adjustment: Employee retention and separation costs
—
(50
)
—
(50
)
Adjusted operating expenses (excluding depreciation and amortization expense)
$
100
$
189
$
348
$
581
Adjusted net cash provided by operating activities is defined as net cash provided by operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below. Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities. DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by (used in) operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities. In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only a portion of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
DGD operating cash flow data
Net cash provided by (used in) operating activities
$
312
$
(263
)
$
551
$
(364
)
Exclude: Changes in current assets and current liabilities
(99
)
(90
)
(841
)
115
Adjusted net cash provided by (used in) operating activities
411
(173
)
1,392
(479
)
Other joint venture member’s ownership interest
50
%
50
%
50
%
50
%
DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD
$
205
$
(86
)
$
696
$
(239
)
Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD. In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.
(i)
The Refining segment regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reflected within Corporate and Other.
(j)
Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.
(k)
We use certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.
All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.
Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities.
(l)
The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.
