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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

$

6,828

$

1,095

$

11,811

$

1,214

Adjustments:

Last-in, first-out (LIFO) liquidation adjustment (a)

—

—

(44

)

—

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)

14.34

6.38

12.51

5.76

Product margins (RVO adjusted unless otherwise noted)

(dollars per barrel)

U.S. Gulf Coast:

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.

More News From Valero Energy Corporation

Comcast (CMCSA.O) lost more broadband customers than expected in the third quarter as fierce competition chipped away at its core ​business, while NBCUniversal benefited from gains in theatrical and ‌streaming ahead of its planned spinoff next year.

Aggressive price cuts by carriers such as AT&T and smaller fiber providers are making it harder for Comcast to ​retain broadband subscribers without offering heavy discounts.

Here are more details:

Broadband ​users decreased by 144,000 in the third quarter, the ⁠company said on Thursday. That is higher than the 116,800 losses ​estimated by analysts polled by FactSet and the 91,000 decrease reported in ​the year-ago period

The company is reportedly planning significant number of layoffs to restructure the connectivity business

Comcast's media businesses, including its studios, theme parks and Peacock streaming service, ​are set to separate from the company as part of the ​planned NBCUniversal spinoff by mid-2027

"The Odyssey" was a bright spot for Universal Studios, ‌becoming ⁠the highest-grossing film in its history and helping drive pre-tax profit up 18.6% for the unit

The media division posted a 13% increase in third-quarter revenue to $5.36 billion, driven by soccer World Cup programming and "Love ​Island USA" on ​Peacock

Comcast shares rose ⁠about 2% in premarket trading

Peacock reported a quarterly pre-tax profit of $261 million, compared with a $217 million loss ​a year ago

NBCUniversal's theme park unit is seeing weaker ​demand ⁠in Orlando while geopolitical tensions continue to deter Chinese tourists from visiting Japan

The segment reported a 4.4% decline in revenue to $2.60 billion, missing analysts' ⁠average ​estimate of $2.71 billion, according to data compiled ​by LSEG

Comcast reported adjusted profit of $1.07 per share, above the estimate of 98 cents ​per share

Q3 2026 Highlights:

Net sales increased 4% to $1.5 billion, accelerating from 2% growth in the second quarter, supported by price, solid maintenance growth and continued improvement in building materialsOperating income decreased 3% to $172.2 million from $178.0 million in Q3 2025Diluted EPS consistent with Q3 2025 at $3.40; adjusted diluted EPS increased $0.01Confirms annual earnings guidance range of $10.66 to $10.96 per diluted share, and adjusted diluted earnings guidance range of $10.87 to $11.17 per share including $0.02 of year-to-date ASU 2016-09 tax benefits COVINGTON, La., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq: POOL) today reported results for the third quarter of 2026.

“Building on our performance through the first half of the year, we delivered solid results in the third quarter of 2026 as we moved through the end of the peak selling season. Our dedicated teams produced top-line growth by delivering to our customers when they needed it the most. At the same time, we remained committed to disciplined capital allocation, reducing inventory by 3% while growing sales. Through the first nine months of the year, we generated $419.8 million in operating cash flows, and in the third quarter alone we returned $158.7 million to shareholders through share repurchases and dividends. As the industry leader, we are focused on supporting our partners to collectively grow the outdoor living industry, efficiently bringing new products to market and offering the best value proposition to our customers,” said John B. Watwood, president and CEO.

Third quarter ended September 30, 2026 compared to the third quarter ended September 30, 2025

Net sales increased 4% to $1.5 billion in the third quarter of 2026. The increase primarily reflected 3% growth from price, coupled with stronger maintenance activity and building materials growth.

Gross profit increased 2% to $436.3 million. Gross margin decreased 60 basis points to 29.0% from 29.6% in the same period of 2025. The decrease was primarily driven by higher inbound freight costs and customer mix, as well as the comparison against the prior year benefit from mid-season price increases.

Selling and administrative expenses (operating expenses) increased 5% to $264.1 million from $251.2 million in the same period in 2025, reflecting higher performance-based compensation resulting from increased sales, increases in employee insurance and outside fees related to our strategic initiatives.

Operating income decreased 3% to $172.2 million compared to $178.0 million in the same period last year.

Net income decreased 3% to $123.0 million from $127.0 million in the third quarter of 2025.

Earnings per diluted share was $3.40, consistent with the third quarter of 2025. Adjusting for the impact from Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, earnings per diluted share was $3.40 in the third quarter of 2026 compared to $3.39 in the same period of 2025.

Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025

Net sales increased 4% to $4.5 billion from $4.3 billion in the nine months ended September 30, 2025. Gross margin declined 30 basis points to 29.3% from 29.6% in the same period last year. 

Operating expenses increased 5% to $784.5 million compared to $748.5 million for the same period in 2025. Operating expenses for the nine months ended September 30, 2026 included $8.3 million of CEO transition costs, comprised of $6.3 million of non-cash share-based compensation expense for awards previously granted but not fully amortized and $2.0 million of cash transition costs. Adjusting for the impact of CEO transition costs, operating expenses increased 4%.

Operating income was $522.5 million compared to $528.2 million in the same period last year. Adjusted operating income was $530.7 million, in line with the same period of 2025.

Net income decreased 3% to $364.4 million compared to $374.8 million in the nine months ended September 30, 2025. We recorded a $0.7 million, or $0.02 per diluted share, tax benefit from ASU 2016-09 in 2026 compared to a $4.2 million, or $0.11 per diluted share, tax benefit in the same period of 2025. Adjusted net income for the nine months ended September 30, 2026 was $371.2 million compared to $370.6 million in the nine months ended September 30, 2025.

Earnings per diluted share increased 1% to $10.02 compared to $9.97 in the same period of 2025. Adjusted earnings per diluted share increased 4% to $10.21 from $9.86 in the first nine months of 2025.

Balance Sheet and Liquidity

Inventory decreased 3% at September 30, 2026 compared to September 30, 2025, while third quarter net sales increased 4% year over year. Total debt outstanding increased $104.9 million to $1.2 billion at September 30, 2026.

Net cash provided by operations increased 47% to $419.8 million in the first nine months of 2026 compared to $285.7 million in the first nine months of 2025. Year to date, we have returned $338.1 million to our shareholders through $140.1 million in dividends and $198.0 million in share repurchases. These returns were primarily funded by operating cash flows, after investing $49.8 million in the business and making $33.1 million in net debt repayments. We have also increased our quarterly dividend by 4% to $1.30 per share from $1.25 per share in the third quarter of 2025.

Outlook

“Based on our performance to date and outlook for the remainder of the year, we are confirming our full-year adjusted diluted EPS guidance range of $10.87 to $11.17. As we look forward to closing out 2026, I am proud of the POOLCORP team, whose dedication and execution are the true source of our success. Our unmatched network, solid operational performance and strong supplier relationships position us well to continue delivering exceptional value to our customers and the outdoor living industry,” said Watwood.

The table below further illustrates our current guidance:

(Unaudited) 2026 Guidance Range   Floor Ceiling Diluted EPS(1) $10.66 $10.96 After-tax CEO transition costs  0.21  0.21 Adjusted diluted EPS(1) $10.87 $11.17          (1)    Includes $0.02 of year-to-date ASU 2016-09 tax benefits.

Non-GAAP Financial Measures

This press release contains certain non-GAAP measures. See the addendum to this release for definitions of our non-GAAP measures and reconciliations of our non-GAAP measures to GAAP measures.

About Pool Corporation

POOLCORP is the world’s largest wholesale distributor of swimming pool and related backyard products. As of September 30, 2026, POOLCORP operated 454 sales centers in North America, Europe and Australia, through which it distributes more than 200,000 products to roughly 125,000 wholesale customers. For more information, please visit www.poolcorp.com.

Forward-Looking Statements

This news release includes “forward-looking” statements that involve risks and uncertainties that are generally identifiable through the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “should,” “will,” “may,” “outlook,” and other words and similar expressions and include projections of earnings. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the sensitivity of our business to weather conditions; changes in economic conditions, consumer discretionary spending, the housing market, inflation or interest rates; our ability to maintain favorable relationships with suppliers and manufacturers; competition from other leisure product alternatives or mass merchants; our ability to continue to execute our growth strategies; changes in the regulatory environment; new or additional taxes, duties or tariffs; excess tax benefits or deficiencies recognized under ASU 2016-09 and other risks detailed in POOLCORP’s 2025 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings filed with the Securities and Exchange Commission (SEC) as updated by POOLCORP’s subsequent filings with the SEC.

Kristin S. Byars
Director, Investor Relations and Finance
985.801.5153
[email protected]

POOL CORPORATION
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)
   Three Months Ended  Nine Months Ended   September 30,  September 30,   2026  2025  2026  2025 Net sales $1,504,957  $1,451,131  $4,465,909  $4,307,187 Cost of sales  1,068,640   1,021,948   3,158,959   3,030,474 Gross profit  436,317   429,183   1,306,950   1,276,713 Percent  29.0%  29.6%  29.3%  29.6%             Selling and administrative expenses  264,122   251,196   784,464   748,518 Operating income  172,195   177,987   522,486   528,195 Percent  11.4%  12.3%  11.7%  12.3%             Interest and other non-operating expenses, net  11,762   12,004   38,402   35,387 Income before income taxes and equity in earnings  160,433   165,983   484,084   492,808 Provision for income taxes  37,449   38,985   119,774   118,048 Equity in earnings of unconsolidated investments, net  58   15   51   56 Net income $123,042  $127,013  $364,361  $374,816              Earnings per share attributable to common stockholders (1)            Basic $3.41  $3.41  $10.03  $10.01 Diluted $3.40  $3.40  $10.02  $9.97 Weighted average common shares outstanding:            Basic  35,881   37,090   36,108   37,272 Diluted  35,923   37,223   36,163   37,420              Cash dividends declared per common share $1.30  $1.25  $3.85  $3.70   (1) Earnings per share under the two-class method is calculated using net income attributable to common stockholders (net income reduced by earnings allocated to participating securities), which was $122.3 million and $126.4 million for the three months ended September 30, 2026 and September 30, 2025, respectively, and $362.3 million and $373.0 million for the nine months ended September 30, 2026 and September 30, 2025, respectively. Participating securities excluded from weighted average common shares outstanding were 216,000 and 184,000 for the three months ended September 30, 2026 and September 30, 2025, respectively, and 206,000 and 184,000 for the nine months ended September 30, 2026 and September 30, 2025, respectively.  POOL CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)   September 30,  September 30,  Change  2026  2025  $ %             Assets            Current assets:            Cash and cash equivalents $105,657  $128,483  $(22,826) (18)%Receivables, net (1)  135,492   138,072   (2,580) (2) Receivables pledged under receivables facility  342,965   305,537   37,428  12  Product inventories, net (2)  1,185,177   1,223,809   (38,632) (3) Prepaid expenses and other current assets  52,365   53,138   (773) (1) Total current assets  1,821,656   1,849,039   (27,383) (1)              Property and equipment, net  281,030   267,408   13,622  5  Goodwill  706,683   705,266   1,417  0  Other intangible assets, net  277,972   285,409   (7,437) (3) Equity interest investments  1,645   1,514   131  9  Operating lease assets  342,895   319,898   22,997  7  Other assets  53,588   72,137   (18,549) (26) Total assets $3,485,469  $3,500,671  $(15,202) (0)%             Liabilities and stockholders’ equity            Current liabilities:            Accounts payable $423,865  $457,319  $(33,454) (7) Accrued expenses and other current liabilities  174,146   147,122   27,024  18  Short-term borrowings and current portion of long-term debt  20,952   12,881   8,071  63  Current operating lease liabilities  120,756   102,189   18,567  18  Total current liabilities  739,719   719,511   20,208  3               Deferred income taxes  93,984   79,101   14,883  19  Long-term debt, net  1,145,930   1,049,121   96,809  9  Other long-term liabilities  47,620   47,342   278  1  Non-current operating lease liabilities  231,098   225,706   5,392  2  Total liabilities  2,258,351   2,120,781   137,570  6  Total stockholders’ equity  1,227,118   1,379,890   (152,772) (11) Total liabilities and stockholders’ equity $3,485,469  $3,500,671  $(15,202) (0)% (1) The allowance for doubtful accounts was $10.3 million at September 30, 2026 and $8.3 million at September 30, 2025.   (2) The inventory reserve was $24.9 million at September 30, 2026 and $29.0 million at September 30, 2025. POOL CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)   Nine Months Ended      September 30,      2026  2025  Change Operating activities         Net income $364,361  $374,816  $(10,455)Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation  34,461   30,438   4,023 Amortization  6,750   6,598   152 Share-based compensation  22,437   17,385   5,052 Equity in earnings of unconsolidated investments, net  (51)  (56)  5 Other  3,489   459   3,030 Changes in operating assets and liabilities, net of effects of acquisitions:         Receivables  (134,083)  (123,914)  (10,169)Product inventories  264,883   77,407   187,476 Prepaid expenses and other assets  19,765   73,226   (53,461)Accounts payable  (225,440)  (69,794)  (155,646)Accrued expenses and other liabilities  63,252   (100,822)  164,074 Net cash provided by operating activities  419,824   285,743   134,081           Investing activities         Acquisition of businesses, net of cash acquired  —   (7,116)  7,116 Purchases of property and equipment, net of sale proceeds  (49,772)  (48,123)  (1,649)Other investments, net  2,328   (508)  2,836 Net cash used in investing activities  (47,444)  (55,747)  8,303           Financing activities         Proceeds from revolving line of credit  1,351,300   1,417,100   (65,800)Payments on revolving line of credit  (1,496,400)  (1,390,400)  (106,000)Proceeds from term loan under credit facility  —   125,000   (125,000)Payments on term loan under credit facility  —   (87,500)  87,500 Proceeds from asset-backed financing  390,300   437,600   (47,300)Payments on asset-backed financing  (278,800)  (370,400)  91,600 Payments on term facility  —   (19,938)  19,938 Proceeds from short-term borrowings and current portion of long-term debt  7,103   17,431   (10,328)Payments on short-term borrowings and current portion of long-term debt  (6,555)  (16,523)  9,968 Payments of deferred financing costs  (359)  (1,397)  1,038 Payments of excise tax on repurchases of common stock  (2,974)  —   (2,974)Proceeds from stock issued under share-based compensation plans  5,018   9,203   (4,185)Payments of cash dividends  (140,105)  (138,664)  (1,441)Repurchases of common stock  (198,046)  (163,884)  (34,162)Net cash used in financing activities  (369,518)  (182,372)  (187,146)Effect of exchange rate changes on cash and cash equivalents  (2,168)  2,997   (5,165)Change in cash and cash equivalents  694   50,621   (49,927)Cash and cash equivalents at beginning of period  104,963   77,862   27,101 Cash and cash equivalents at end of period $105,657  $128,483  $(22,826)              ADDENDUM

Base Business

When calculating our base business results, we exclude for a period of 15 months sales centers that are acquired, opened in new markets or closed. We also exclude consolidated sales centers when we do not expect to maintain the majority of the existing business and existing sales centers that are consolidated with acquired sales centers.

We generally allocate corporate overhead expenses to excluded sales centers on the basis of their net sales as a percentage of total net sales. After 15 months, we include acquired, consolidated and new market sales centers in the base business calculation including the comparative prior year period.

We have not provided separate base business income statement data within this press release as our base business results for the three and nine months ended September 30, 2026 closely approximated our consolidated results. Excluded sales centers contributed less than 1% to the change in our reported net sales.

The table below summarizes the changes in our sales centers during the first nine months of 2026.

December 31, 2025456New locations2Consolidated locations(4)September 30, 2026454   Reconciliation of Non-GAAP Financial Measures

The non-GAAP measures described below should be considered in the context of all of our other disclosures in this press release.

Adjusted EBITDA

We define Adjusted EBITDA as net income or net loss plus interest and other non-operating expenses, provision for income taxes, depreciation, amortization, share-based compensation, goodwill and other impairments, equity in earnings or loss of unconsolidated investments, and other items that management believes are not indicative of ongoing operating performance. Other companies may calculate Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Adjusted EBITDA is not a measure of performance as determined by generally accepted accounting principles (GAAP). We believe Adjusted EBITDA should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, net cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.

From time to time, we use Adjusted EBITDA as a supplemental disclosure because management uses it to monitor our performance, and we believe that it is widely used by our investors, industry analysts and others as a useful supplemental performance measure. We believe that Adjusted EBITDA, when viewed with our GAAP results and the accompanying reconciliations, provides an additional measure that enables management and investors to monitor factors and trends affecting our ability to service debt, pay taxes and fund capital expenditures.

    The table below presents a reconciliation of net income to Adjusted EBITDA.

(Unaudited) Three Months Ended  Nine Months Ended (In thousands) September 30,  September 30,   2026  2025  2026  2025 Net income $123,042  $127,013  $364,361  $374,816 Adjustments to increase (decrease) net income:            Interest and other non-operating expenses (1)  11,415   11,622   37,846   35,633 Provision for income taxes  37,449   38,985   119,774   118,048 Share-based compensation (2)  4,962   4,435   22,437   17,385 Equity in earnings of unconsolidated investments, net  (58)  (15)  (51)  (56)Depreciation  11,807   10,634   34,461   30,438 Amortization (3)  1,917   2,000   5,910   5,925 CEO cash transition costs (2)  —   —   1,962   — Adjusted EBITDA $190,534  $194,674  $586,700  $582,189  (1) Excludes loss (gain) on foreign currency transactions of $347 and $382 for the three months ended September 30, 2026 and September 30, 2025, respectively, and $556 and ($246) for the nine months ended September 30, 2026 and September 30, 2025, respectively.   (2) CEO transition costs comprise $6.3 million included within share-based compensation for awards previously granted but not fully amortized and $2.0 million of cash transition costs for a total of $8.3 million included in Selling and administrative expenses on the Consolidated Statements of Income for the nine months ended September 30, 2026.   (3) Excludes amortization of deferred financing costs of $290 and $286 for the three months ended September 30, 2026 and September 30, 2025, respectively, and $840 and $673 for the nine months ended September 30, 2026 and September 30, 2025, respectively. This non-cash expense is included in Interest and other non-operating expenses, net on the Consolidated Statements of Income.    Adjusted Income Statement Information

We have included adjusted operating expenses, adjusted operating income, adjusted net income and adjusted diluted EPS, which are non-GAAP financial measures, in this press release as supplemental disclosures because we believe these measures are useful to management, investors and others in assessing our period-over-period operating performance. We believe these measures should be considered in addition to, not as a substitute for, operating expenses, operating income, net income and diluted EPS presented in accordance with GAAP and in the context of our other disclosures in this press release. Other companies may calculate these non-GAAP financial measures differently than we do, which may limit their usefulness as comparative measures.

The table below presents a reconciliation of operating expenses to adjusted operating expenses.

(Unaudited) Nine Months Ended (In thousands) September 30,   2026 Operating expenses $784,464 CEO transition costs  (8,262)Adjusted operating expenses $776,202       The table below presents a reconciliation of operating income to adjusted operating income.

(Unaudited) Nine Months Ended (In thousands) September 30,   2026 Operating income $522,486 CEO transition costs  8,262 Adjusted operating income $530,748       The table below presents a reconciliation of net income to adjusted net income.

(Unaudited) Nine Months Ended (In thousands) September 30,   2026 2025 Net income $364,361 $374,816 CEO transition costs  8,262  — Tax impact  (738) — ASU 2016-09 tax benefit  (714) (4,181)Adjusted net income $371,171 $370,635          The table below presents a reconciliation of diluted EPS to adjusted diluted EPS.

(Unaudited) Three Months Ended Nine Months Ended   September 30, September 30,   2026 2025 2026 2025 Diluted EPS $3.40 $3.40 $10.02 $9.97 After-tax CEO transition costs  —  —  0.21  — ASU 2016-09 tax benefit  —  (0.01) (0.02) (0.11)Adjusted diluted EPS $3.40 $3.39 $10.21 $9.86 

Is Huntington Bancshares Inc (HBAN) Undervalued After Q3 Earnings Miss? EPS at $0.33 vs. $0.35 Estimate; Revenue at $2.79B

Quarterly Summary vs Analyst Estimates

Huntington Bancshares Inc HBAN released its 8-K filing on October 22, 2026, detailing its financial performance for the third quarter of 2026. The company reported earnings per share (EPS) of $0.33, falling short of the analyst estimate of $0.35. Total revenue for the quarter reached $2.79 billion, down slightly from $2.84 billion in the previous quarter and reflecting a substantial increase compared to $2.13 billion a year prior.

Huntington Bancshares Incorporated is a U.S. regional bank holding company headquartered in Columbus, Ohio. It operates primarily through its subsidiary, The Huntington National Bank, serving various clients, including consumers, small businesses, and large corporations, across the Midwest, Mid-Atlantic, and Southeast regions. The company focuses on offering banking services through segments such as Consumer and Regional Banking, Commercial Banking, and Wealth Management and Private Banking.

Performance Summary and ChallengesDespite stability in EPS, Huntington faced challenges in the third quarter. Noninterest income decreased by 8% quarter-over-quarter, attributed mainly to lower capital markets fees and unfavorable equity valuation adjustments. This reduction in fee income can impact overall profitability and growth prospects, especially when weighed against rising competition and fluctuating market conditions.

Furthermore, average total loans and leases fell by 0.4% compared to the prior quarter. This decline was mainly driven by reductions in commercial real estate and total consumer loans, suggesting potential headwinds in loan demand. The challenges faced by the commercial segment could indicate economic pressures affecting clients' borrowing activities, which may lead to a cautionary outlook for future earnings stability.

Financial Achievements and Key MetricsHuntington maintained a robust capital position with a common equity tier 1 (CET1) risk-based capital ratio of 10.1% and total tangible equity (TCE) ratio of 6.9%. The solid capital metrics highlight the bank's ability to absorb losses and fund growth, presenting a relatively strong foundation, especially amidst uncertainties in the broader economic environment.

Key highlights from the income statement include:

Metric3Q262Q263Q25Net Interest Income$2,069 million$2,052 million$1,506 millionNoninterest Income$722 million$785 million$628 millionTotal Revenue$2,791 million$2,837 million$2,134 millionNet Income$680 million$686 million$602 millionDiluted EPS$0.33$0.33$0.41

Performance AnalysisHuntington's net interest income rose by 1% quarter-over-quarter, driven by a slight increase in the net interest margin (NIM) to 3.25%. This improvement reflects the bank's capacity to generate income from its lending and investment activities, even while managing costs effectively. However, the combined effect of higher income versus lower loan growth could signal a cautious approach to future lending practices in an environment of rising rates and restricted credit availability.

Overall, while the bank reported steady earnings, the declining trend in loan volumes along with decreased noninterest income could pose challenges to long-term growth and earnings potential. The management's focus on optimizing costs, enhancing revenue through strategic partnerships, and maintaining disciplined execution will be instrumental in navigating these existing headwinds.

GuruFocus Valuation CheckAccording to GuruFocus's proprietary data, Huntington Bancshares Inc has a GF Score of 86/100, indicating a strong overall performance based on quality, momentum, and valuation metrics. The computed GF Value stands at $16.62, suggesting that the stock is currently undervalued compared to its current price of $15.72, translating to a 5.4% undervaluation.

The financial strength of Huntington scores 2/10, implying an area of concern regarding its sustainability under duress, while its profitability rank at 8/10 denotes a strong level of return on its equity and asset base. Moreover, a growth rank of 10/10 indicates significant potential for future growth driven by strategic acquisitions and organic expansion.

It's notable that insider activity shows a net selling trend over the past 12 months, with $8.0 million in sales compared to $0.9 million in purchases. This selling may suggest caution among insiders regarding the company’s future outlook. Such insider behavior can often be interpreted as a signal for investors to evaluate current valuations closely.

For a deeper dive, visit the Huntington Bancshares Inc stock page on GuruFocus.

Explore the complete 8-K earnings release (here) from Huntington Bancshares Inc for further details.

GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $16.62 (5.4% undervalued); its GF Score™ is 86/100; 9 gurus currently hold the stock, with 3 adding and 9 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full Huntington Bancshares Inc HBAN research.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

NEW YORK, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2026 of $206.3 million, or $0.36 per diluted common share, as compared to the second quarter 2026 net income of $170.9 million, or $0.29 per diluted common share, and net income of $163.4 million, or $0.28 per diluted common share, for the third quarter 2025. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $206.4 million, or $0.36 per diluted common share, for the third quarter 2026, $172.8 million, or $0.30 per diluted common share, for the second quarter 2026, and $164.1 million, or $0.28 per diluted common share, for the third quarter 2025. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

Ira Robbins, CEO, commented, “Our third quarter results demonstrate the continued improvement in Valley’s profitability. Strong revenue growth and disciplined expense management drove record quarterly net income for Valley and an efficiency ratio below 50 percent. We remain on track to achieve, and likely exceed, our previously stated return on average tangible common equity goal of 15 percent by the end of 2027. We believe that we are structurally well-positioned to navigate a range of potential interest rate scenarios while driving relative net interest margin outperformance. Combined with our strong capital and liquidity, this positioning gives us the flexibility to keep growing alongside our clients as we execute on our strategic priorities.”

Mr. Robbins continued, “Our pending acquisitions of Providence Financial Corporation and Bluevine Inc. are a natural extension of our strategy to further optimize our funding base. Providence will enhance our presence in the Chicagoland market, while Bluevine is expected to expand our ability to serve small businesses nationwide through differentiated digital capabilities. Together, these transactions will strengthen our core deposit franchise, broaden our growth opportunities and support sustainable long-term value creation for shareholders.”

Key financial highlights for the third quarter 2026:

Net Interest Margin and Income: Our net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points and 23 basis points from the second quarter 2026 and third quarter 2025, respectively. Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and third quarter 2025, respectively. The increases from the second quarter 2026 were mainly due to upward repricing of adjustable interest rate loans, higher yields on new loan originations, an increase in average loans and one additional day during the third quarter 2026, partially offset by higher average time deposits and an increase in the cost of certain non-maturity deposits. See additional details in the “Net Interest Income and Margin” and “Other Borrowings” sections below.Deposits: Total deposit balances increased $1.1 billion to $55.2 billion at September 30, 2026 as compared to $54.1 billion at June 30, 2026 primarily attributable to an increase in direct customer deposits during the third quarter 2026. The growth in direct customer deposits was mainly driven by inflows of non-maturity interest bearing deposits from commercial banking customers, as well as retail CD offerings during the third quarter 2026. See the “Deposits” section below for more details.Loan Portfolio: Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026 mostly due to increases of $363.0 million and $343.5 million in commercial and industrial (C&I) loans and total commercial real estate (CRE) loans, respectively. Loan originations from a range of relationship-driven small to midsize clients continued to drive C&I loan growth during the third quarter 2026, while new owner occupied loans and an uptick in construction loan activity were the primary drivers of the increase in CRE loans at September 30, 2026. Our CRE loan concentration ratio (defined as total CRE loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 312 percent at September 30, 2026 from 317 percent at June 30, 2026. See the “Loans” section below for more details.Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $600.5 million and $606.9 million at September 30, 2026 and June 30, 2026, respectively, representing 1.13 percent and 1.16 percent of total loans at each respective date. During the third quarter 2026, we recorded a provision for credit losses for loans of $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. See the “Credit Quality” section below for more details.Credit Quality: Total internally criticized and classified loans as a percentage of total loans declined to 7.1 percent at September 30, 2026 from 7.3 percent at June 30, 2026. Net loan charge-offs totaled $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and third quarter 2025, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026. The decrease was mainly due to migration of a few larger CRE loans to non-accrual category and, to a lesser extent, a decrease in early stage residential mortgage loan delinquencies. Non-accrual loans totaled $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. See the “Credit Quality” section below for more details.Non-Interest Income: Non-interest income increased $5.0 million to $78.7 million for the third quarter 2026 as compared to the second quarter 2026 largely due to a $6.4 million increase in other income primarily driven by recovery income from legal settlements and net valuation gains on certain fintech investments at September 30, 2026. Wealth management and trust fees also increased $4.5 million mainly due to a higher volume of transaction-related tax credit advisory fees. These increases were partially offset by lower bank owned life insurance and capital markets income.Non-Interest Expense: Non-interest expense decreased $1.2 million to $310.0 million for the third quarter 2026 as compared to the second quarter 2026. The overall decrease was largely driven by a $4.4 million decline in professional and legal fees due to lower business transformation-related consulting fees during the third quarter 2026, partially offset by higher amortization of tax credit investments. During the third quarter 2026, we recorded $3.1 million of merger related expenses (primarily reported within professional and legal fees and other expense) related to our pending acquisitions of Providence Financial Corporation (Providence) and Bluevine Inc. (Bluevine). See additional information below.Income Tax Expense: Income tax expense totaled $37.3 million and $49.6 million for the third and second quarters of 2026, respectively. Our effective tax rate was 15.3 percent for the third quarter 2026 as compared to 22.5 percent for the second quarter 2026. The decrease in income tax expense and the effective tax rate as compared to the linked second quarter 2026 was due to the availability and purchase of additional tax credits in excess of amounts previously anticipated during the third quarter 2026.Efficiency Ratio: Our efficiency ratio was 49.38 percent for the third quarter 2026 as compared to 52.11 percent and 53.37 percent for the second quarter 2026 and third quarter 2025, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.Performance Ratios: Annualized return on average assets (ROAA), shareholders’ equity (ROAE) and tangible common shareholders’ equity (ROATCE) were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. Annualized ROAA, ROAE, and ROATCE, adjusted for non-core income and charges, were 1.24 percent, 10.36 percent and 14.24 percent for the third quarter 2026, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures. On August 25, 2026, Valley announced that it will acquire Providence, and its principal subsidiary, Providence Bank & Trust headquartered in South Holland, Illinois. We believe the acquisition of this high-performing commercial bank, with $1.6 billion in total assets and a 14-branch network as of June 30, 2026, will provide an established physical delivery channel in the Chicagoland area to supplement Valley’s existing commercial presence in the market. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, approval of Providence’s shareholders, and the satisfaction or waiver of other customary closing conditions.

On September 28, 2026, Valley also announced that it will acquire Bluevine, a leading nationwide digital banking platform for small businesses headquartered in Jersey City, New Jersey. Upon closing, Bluevine will bring Valley a scaled, high-growth digital small business platform; low-cost, digitally-sourced deposit relationships; and an established suite of integrated banking, payments, lending and financial-management solutions designed for small businesses across the country. The acquisition is expected to close in early 2027, subject to standard regulatory approvals, and the satisfaction or waiver of other customary closing conditions.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $506.8 million for the third quarter 2026 increased $18.4 million and $59.3 million compared to the second quarter 2026 and the third quarter 2025, respectively. Interest income on a tax equivalent basis increased $27.8 million to $858.5 million for the third quarter 2026 as compared to the second quarter 2026. The increase was primarily due to higher yields on adjustable interest rate loans, the origination of higher-yielding loans within the C&I and CRE loan portfolios, an overall increase in average loan balances and one additional day during the third quarter 2026 as compared to the second quarter 2026. Total interest expense increased $9.4 million to $351.7 million for the third quarter 2026 as compared to the second quarter 2026 mainly due to an increase in average time deposits during the third quarter 2026, as well as the higher cost of certain non-maturity deposits. See the “Deposits” and “Other Borrowings” sections below for more details.

Net interest margin on a tax equivalent basis of 3.28 percent for the third quarter 2026 increased 8 basis points from 3.20 percent for the second quarter 2026 and 23 basis points from 3.05 percent for the third quarter 2025. The yield on average interest earning assets increased by 11 basis points to 5.55 percent on a linked quarter basis largely due to the higher yields on new loan originations during the third quarter 2026 and upward repricing of adjustable interest rate loans. The overall cost of average interest bearing liabilities increased by 6 basis points to 3.16 percent for the third quarter 2026 as compared to the second quarter 2026 mostly due to the higher cost of both non-maturity and time deposits. Our cost of total average deposits was 2.33 percent for the third quarter 2026 as compared to 2.28 percent and 2.69 percent for the second quarter 2026 and third quarter 2025, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans increased $722.7 million, or 5.5 percent on an annualized basis, to $53.2 billion at September 30, 2026 from June 30, 2026. C&I loans increased $363.0 million, or 12.1 percent on an annualized basis, to $12.3 billion at September 30, 2026 from June 30, 2026, primarily driven by new originations from relationship-driven small to midsize clients across several markets, with particularly strong loan production in New York, Florida, California, and Arizona. Total CRE (including construction) loans increased $343.5 million to $30.7 billion at September 30, 2026 from June 30, 2026 due, in large part, to continued momentum in new owner occupied CRE loan originations from our healthcare vertical and the Florida market, as well as an uptick in construction loan advances primarily in New York and Florida. Non-owner occupied loans decreased $145.7 million from June 30, 2026 mainly due to our continued targeted runoff of transactional/non-relationship loans, which outpaced limited new originations in this category during the third quarter 2026. Residential mortgage loans increased $101.5 million from June 30, 2026 mainly due to continued retention of most new loan origination activity and the modest levels of prepayments. Total consumer loans decreased $85.3 million from June 30, 2026 primarily due to a $118.1 million decrease in automobile loans as normal loan repayments outpaced consumer demand which was constrained by several factors, including gasoline prices and the high level of market interest rates.

Deposits. Actual ending balances for deposits increased $1.1 billion to $55.2 billion at September 30, 2026 from June 30, 2026 mainly due to a $730.9 million increase in the savings, NOW and money market deposits category and a $482.1 million increase in time deposits, partially offset by a $102.8 million decline in non-interest bearing deposits. The increase in savings, NOW and money market deposits from June 30, 2026 was mostly attributable to inflows from our commercial banking customers, partially offset by lower indirect customer money market deposit balances. The increase in time deposits was largely driven by higher indirect customer CD balances and deposits generated from our targeted retail CD offerings. Total indirect customer deposits (consisting of both brokered time and money market deposits) totaled $5.3 billion at both September 30, 2026 and June 30, 2026. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits at both September 30, 2026 and June 30, 2026.

Other Borrowings. Short-term borrowings decreased $383.2 million to $50.3 million at September 30, 2026 from June 30, 2026 mainly due to maturity and repayment of $375 million of short-term FHLB advances during the third quarter 2026. Long-term borrowings totaled $2.6 billion at September 30, 2026 and remained relatively unchanged as compared to June 30, 2026.

Credit Quality

Non-Performing Assets (NPAs). NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $46.0 million to $513.8 million at September 30, 2026 from June 30, 2026. Non-accrual loans increased $48.8 million to $511.4 million, or 0.96 percent of total loans, at September 30, 2026 as compared to $462.6 million, or 0.88 percent of total loans, at June 30, 2026. The increase was primarily attributable to a $30.1 million construction loan that was placed on non-accrual status during the third quarter 2026, as well as higher levels of non-accrual C&I loans. The $30.1 million construction loan is considered well-secured and did not require a specific reserve within our allowance for credit losses for loans at September 30, 2026 based upon the estimated value of the underlying collateral. Non-accrual CRE loans decreased $3.0 million to $253.1 million at September 30, 2026 from June 30, 2026, primarily reflecting repayments and partial charge-offs, partially offset by the migration of three CRE loans previously reported as loans 30 to 59 days past due at June 30, 2026 to non-accrual status during the third quarter 2026.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) decreased $25.7 million to $154.5 million, or 0.29 percent of total loans, at September 30, 2026 as compared to $180.2 million, or 0.34 percent of total loans, at June 30, 2026.

Loans 30 to 59 days past due decreased $41.7 million to $109.3 million at September 30, 2026 as compared to June 30, 2026 primarily due to the migration of three CRE loans totaling $24.7 million, net of partial charge-offs of $9.1 million during the third quarter 2026, to non-accrual loans at September 30, 2026, as well as lower residential mortgage loan delinquencies. Loans 60 to 89 days past due increased $14.8 million to $27.9 million at September 30, 2026 as compared to June 30, 2026 mainly due to one CRE loan relationship totaling $10.9 million and higher residential mortgage loans delinquencies. Loans 90 days or more past due and still accruing interest increased $1.3 million to $17.3 million at September 30, 2026 as compared to June 30, 2026 largely due to the third quarter 2026 migration of a $4.0 million CRE loan previously reported in the 30 to 59 days past due delinquency category at June 30, 2026, partially offset by lower residential mortgage and C&I loans delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2026, June 30, 2026, and September 30, 2025:

  September 30, 2026 June 30, 2026 September 30, 2025     Allocation    Allocation    Allocation     as a % of    as a % of    as a % of  Allowance
 Loan Allowance
 Loan Allowance
 Loan  Allocation
 Category Allocation
 Category Allocation
 Category  ($ in thousands)Loan Category:               Commercial and industrial loans $211,513  1.72% $198,910  1.66% $161,848  1.50%Commercial real estate loans:               Commercial real estate  252,903  0.90   268,445  0.96   297,685  1.14 Construction  46,490  1.75   50,623  2.05   51,908  2.06 Total commercial real estate loans  299,393  0.98   319,068  1.05   349,593  1.22 Residential mortgage loans  47,376  0.78   48,905  0.82   51,094  0.88 Consumer loans:               Home equity  4,341  0.58   4,333  0.59   3,735  0.57 Auto and other consumer  18,177  0.54   19,384  0.56   18,730  0.55 Total consumer loans  22,518  0.55   23,717  0.57   22,465  0.56 Allowance for loan losses  580,800  1.09   590,600  1.13   585,000  1.19 Allowance for unfunded credit commitments  19,700     16,320     13,604   Total allowance for credit losses for loans $600,500    $606,920    $598,604   Allowance for credit losses for loans as a % of total loans    1.13%    1.16%    1.21%
Our loan portfolio, totaling $53.2 billion at September 30, 2026, had net loan charge-offs totaling $37.1 million for the third quarter 2026 as compared to $22.0 million and $14.6 million for the second quarter 2026 and the third quarter 2025, respectively. Gross loan charge-offs totaled $40.1 million for the third quarter 2026 and included (i) an $11.6 million partial charge-off of a C&I loan with $2.0 million of allocated reserves within our allowance for credit losses for loans at September 30, 2026 and (ii) partial charge-offs totaling $9.1 million related to the aforementioned three non-accrual CRE loans totaling $24.7 million, net of the charge-offs, with no related allocated reserves within our allowance for credit losses for loans at September 30, 2026.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.13 percent at September 30, 2026, 1.16 percent at June 30, 2026, and 1.21 percent at September 30, 2025. For the third quarter 2026, the provision for credit losses for loans totaled $30.7 million as compared to $29.2 million and $19.2 million for the second quarter 2026 and third quarter 2025, respectively. The third quarter 2026 provision was mainly impacted by increases in (i) the economic forecast component of our reserve, (ii) non-economic qualitative reserves and (iii) specific reserves associated with certain collateral dependent loans, partially offset by (iv) a decline in quantitative reserves largely within certain CRE loan categories, including construction loans, at September 30, 2026.

Capital Adequacy

Valley’s total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.70 percent, 11.36 percent, 10.71 percent and 9.54 percent, respectively, at September 30, 2026 as compared to 13.77 percent, 11.37 percent, 10.71 percent and 9.49 percent, respectively, at June 30, 2026. During the third quarter 2026, we repurchased 2.5 million shares of our common stock at an average price of $13.86 under our current stock repurchase plan.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call on Thursday, October 22, 2026 at 8:30 AM (ET) to discuss Valley’s third quarter 2026 earnings and related matters. Interested parties should pre-register using this link: https://register-conf.media-server.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com/ and archived on Valley’s website through Monday, November 23, 2026. Investor presentation materials will be made available prior to the conference call at www.valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $67 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, the Transactions (as defined below) and other mergers or acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by forward-looking terminology such as “intend,” “should,” “expect,” “believe,” “position,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, but are not limited to:

risks and uncertainties relating to Valley’s pending acquisitions of Providence and Bluevine (together, the “Transactions”), including, but not limited to: the possibility that the Transactions may not be completed when expected or at all, including as a result of delays in obtaining, or the failure to obtain, required regulatory or other approvals or the failure to satisfy other closing conditions, including approval by Providence shareholders; the occurrence of any event that could give rise to the right of any party to terminate the merger or other agreement; the possibility that the anticipated benefits of the Transactions, including potential cost savings, synergies, and earnings accretion, will not be realized when expected or at all; the possibility that the Transactions may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management and attention from ongoing business operations; costs or difficulties relating to integration matters might be greater than expected; the inability to retain customers and qualified employees of Providence and Bluevine; potential business disruption or adverse reactions or changes to business, customer or employee relationships as a result of the Transactions; and changes in estimates of non-recurring charges related to the Transactions;the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs/import fees and other trade policies and practices, any retaliatory actions, changes in energy commodity prices, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, any shutdown of the U.S. federal government, geopolitical instabilities or events, including ongoing conflicts in the Middle East, natural and other disasters, including severe weather events and other climate-related risks, health emergencies, acts of terrorism, or other external events;the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including FDIC insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;changes in the statutes, regulations, policies, enforcement priorities, or composition of the federal bank regulatory agencies;the loss of or decrease in lower-cost funding sources within our deposit base;investigations, damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment-related claims, and other matters;a prolonged downturn and contraction in the economy, as well as any decline in commercial real estate values collateralizing a significant portion of our loan portfolio;higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;the inability to grow customer deposits to keep pace with the level of loan growth;a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;increased competitive challenges and competitive pressure on pricing of our products and services;our ability to stay current with rapid technological changes and evolving legal and regulatory requirements in the financial services industry, including developments relating to the use of artificial intelligence, blockchain, and related regulatory developments, as well as our ability to effectively assess and monitor the effects of, and risks associated with, the implementation and use of such technology;cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our or our third-party service providers’ websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks and use of targeted tactics against the financial services industry;any disruption of our systems and network, or those of our third-party service providers, resulting from events that are wholly or partially beyond our control, including, for example, electrical, telecommunications, or other major service outages, or actions by employees, which may give rise to financial loss or liability;results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;application of heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather and other climate-related risks, pandemics or other public health crises, acts of terrorism or other external events;our ability to successfully execute our business plan and strategic initiatives; andunexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors. A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

–Tables to Follow–

VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA  Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,($ in thousands, except for share data and stock price)  2026   2026   2025   2026   2025 FINANCIAL DATA:          Net interest income – FTE (1) $506,794  $488,388  $447,473  $1,467,983  $1,302,525 Net interest income  505,451   487,024   446,224   1,464,000   1,298,737 Non-interest income  78,700   73,711   64,887   221,247   185,785 Total revenue  584,151   560,735   511,111   1,685,247   1,484,522 Non-interest expense  309,958   311,123   281,985   931,007   842,725 Pre-provision net revenue  274,193   249,612   229,126   754,240   641,797 Provision for credit losses  30,641   29,164   19,171   81,061   119,631 Income tax expense  37,252   49,563   46,600   132,081   119,586 Net income  206,300   170,885   163,355   541,098   402,580 Dividends on preferred stock  7,335   7,316   7,644   21,868   21,547 Net income available to common shareholders $198,965  $163,569  $155,711  $519,230  $381,033 Weighted average number of common shares outstanding:          Basic  552,358,147   553,740,562   560,504,275   553,946,293   560,154,649 Diluted  556,266,986   556,958,049   563,636,933   557,405,979   563,905,535 Per common share data:          Basic earnings $0.36  $0.30  $0.28  $0.94  $0.68 Diluted earnings  0.36   0.29   0.28   0.93   0.68 Cash dividends declared  0.11   0.11   0.11   0.33   0.33 Closing stock price – high  15.19   14.78   11.10   15.19   11.10 Closing stock price – low  12.62   12.42   9.18   11.66   7.87 FINANCIAL RATIOS:          Net interest margin  3.27%  3.19%  3.04%  3.21%  3.00%Net interest margin – FTE (1)  3.28   3.20   3.05   3.22   3.01 Annualized return on average assets  1.24   1.04   1.04   1.10   0.86 Annualized return on average shareholders’ equity  10.36   8.65   8.58   9.12   7.13 NON-GAAP FINANCIAL DATA AND RATIOS: (2)          Basic earnings per share, as adjusted $0.36  $0.30  $0.28  $0.95  $0.68 Diluted earnings per share, as adjusted  0.36   0.30   0.28   0.94   0.68 Annualized return on average assets, as adjusted  1.24%  1.05%  1.04%  1.12%  0.87%Annualized return on average shareholders’ equity, as adjusted  10.36   8.75   8.62   9.24   7.16 Annualized return on average tangible common shareholders’ equity  14.24   11.91   12.05   12.58   10.08 Annualized return on average tangible common shareholders’ equity, as adjusted  14.24   12.05   12.10   12.74   10.13 Efficiency ratio  49.38   52.11   53.37   51.49   54.79            AVERAGE BALANCE SHEET ITEMS:          Assets $66,506,401  $65,584,823  $63,046,215  $65,435,632  $62,224,382 Interest earning assets  61,834,602   61,057,362   58,623,153   60,878,033   57,695,831 Loans  52,683,932   51,884,173   49,270,853   51,620,023   48,988,393 Interest bearing liabilities  44,550,998   44,160,202   42,677,630   44,025,506   41,947,670 Deposits  54,163,381   53,174,301   51,167,324   53,243,510   50,080,358 Shareholders’ equity  7,967,868   7,901,688   7,616,810   7,908,818   7,533,660    As ofBALANCE SHEET ITEMS: September 30, June 30, March 31, December 31, September 30,(In thousands)  2026   2026   2026   2025   2025 Assets $67,470,879  $66,318,308  $64,466,585  $64,132,725  $63,018,614 Total loans  53,189,984   52,467,251   50,828,820   50,136,728   49,272,823 Deposits  55,228,795   54,118,607   52,859,621   52,183,093   51,175,758 Shareholders’ equity  7,896,552   7,917,144   7,828,443   7,807,698   7,695,374            LOANS:          (In thousands)          Commercial and industrial $12,324,253  $11,961,242  $11,104,079  $10,961,519  $10,757,857 Commercial real estate:          Non-owner occupied  11,001,011   11,146,663   11,503,874   11,571,127   11,674,103 Multifamily  9,024,673   9,034,186   8,588,462   8,571,713   8,394,694 Owner occupied  8,008,473   7,692,877   7,132,254   6,629,909   6,097,319 Total  28,034,157   27,873,726   27,224,590   26,772,749   26,166,116 Construction  2,658,202   2,475,109   2,485,387   2,471,233   2,517,258 Total commercial real estate  30,692,359   30,348,835   29,709,977   29,243,982   28,683,374 Residential mortgage  6,084,398   5,982,941   5,869,070   5,826,192   5,795,395 Consumer:          Home equity  748,969   728,623   701,136   687,680   655,872 Automobile  2,031,983   2,150,089   2,198,102   2,184,600   2,191,976 Other consumer  1,308,022   1,295,521   1,246,456   1,232,755   1,188,349 Total consumer loans  4,088,974   4,174,233   4,145,694   4,105,035   4,036,197 Total loans $53,189,984  $52,467,251  $50,828,820  $50,136,728  $49,272,823            CAPITAL RATIOS:          Book value per common share $13.70  $13.67  $13.48  $13.39  $13.09 Tangible book value per common share (2)  10.15   10.13   9.94   9.85   9.57 Tangible common equity to tangible assets (2)  8.53%  8.71%  8.82%  8.82%  8.79%Tier 1 leverage capital  9.54   9.49   9.56   9.63   9.52 Common equity tier 1 capital  10.71   10.71   10.91   10.99   11.00 Tier 1 risk-based capital  11.36   11.37   11.60   11.69   11.72 Total risk-based capital  13.70   13.77   13.66   13.77   13.83    Three Months Ended Nine Months EndedALLOWANCE FOR CREDIT LOSSES: September 30, June 30, September 30, September 30,($ in thousands)  2026   2026   2025   2026   2025 Allowance for credit losses for loans          Beginning balance – Allowance for credit losses for loans $606,920  $599,800  $594,020  $596,100  $573,328 Loans charged-off:          Commercial and industrial  (17,656)  (9,838)  (2,745)  (30,276)  (56,390)Commercial real estate  (19,075)  (14,434)  (11,776)  (47,265)  (38,659)Construction  —   —   (541)  —   (1,704)Residential mortgage  —   —   (26)  —   (72)Total consumer  (3,327)  (3,354)  (1,478)  (9,944)  (5,831)Total loans charged-off  (40,058)  (27,626)  (16,566)  (87,485)  (102,656)Charged-off loans recovered:          Commercial and industrial  1,268   1,669   1,169   4,335   4,768 Commercial real estate  700   2,790   206   3,837   643 Construction  —   —   —   —   455 Residential mortgage  26   41   56   150   261 Total consumer  986   1,080   548   2,495   2,164 Total loans recovered  2,980   5,580   1,979   10,817   8,291 Total net charge-offs  (37,078)  (22,046)  (14,587)  (76,668)  (94,365)Provision for credit losses for loans  30,658   29,166   19,171   81,068   119,641 Ending balance $600,500  $606,920  $598,604  $600,500  $598,604 Components of allowance for credit losses for loans:          Allowance for loan losses $580,800  $590,600  $585,000  $580,800  $585,000 Allowance for unfunded credit commitments  19,700   16,320   13,604   19,700   13,604 Allowance for credit losses for loans $600,500  $606,920  $598,604  $600,500  $598,604 Components of provision for credit losses for loans:          Provision for credit losses for loans $27,278  $28,146  $20,087  $74,068  $120,515 Provision (credit) for unfunded credit commitments  3,380   1,020   (916)  7,000   (874)Total provision for credit losses for loans $30,658  $29,166  $19,171  $81,068  $119,641 Annualized ratio of total net charge-offs to total average loans  0.28%  0.17%  0.12%  0.20%  0.26%Allowance for credit losses for loans as a % of total loans  1.13%  1.16%  1.21%  1.13%  1.21%   As ofASSET QUALITY: September 30, June 30, March 31, December 31, September 30,($ in thousands)  2026   2026   2026   2025   2025 Accruing past due loans:          30 to 59 days past due:          Commercial and industrial $6,990  $5,083  $5,285  $11,177  $912 Commercial real estate  72,568   106,034   69,494   72,810   26,371 Construction  —   1,752   —   —   — Residential mortgage  14,221   22,154   20,534   21,615   23,556 Total consumer  15,488   15,974   13,112   14,420   12,728 Total 30 to 59 days past due  109,267   150,997   108,425   120,022   63,567 60 to 89 days past due:          Commercial and industrial  990   2,748   1,015   1,274   1,061 Commercial real estate  10,869   —   —   —   6,033 Residential mortgage  11,927   6,495   4,285   10,181   5,040 Total consumer  4,127   3,904   3,506   5,269   4,023 Total 60 to 89 days past due  27,913   13,147   8,806   16,724   16,157 90 or more days past due:          Commercial and industrial  2,505   3,527   3,499   —   — Commercial real estate  10,295   5,454   —   212   — Residential mortgage  2,524   5,223   5,894   3,300   3,911 Total consumer  2,008   1,862   1,309   1,070   1,125 Total 90 or more days past due  17,332   16,066   10,702   4,582   5,036 Total accruing past due loans $154,512  $180,210  $127,933  $141,328  $84,760 Non-accrual loans:          Commercial and industrial $168,080  $147,731  $145,804  $138,321  $92,214 Commercial real estate  253,088   256,081   225,417   236,221   235,754 Construction  39,257   9,139   9,148   9,140   48,248 Residential mortgage  44,858   42,992   45,988   44,424   38,949 Total consumer  6,107   6,686   6,289   5,832   6,324 Total non-accrual loans  511,390   462,629   432,646   433,938   421,489 Other real estate owned (OREO)  1,729   4,126   5,161   4,531   4,783 Other repossessed assets  675   1,020   1,758   1,286   1,065 Total non-performing assets $513,794  $467,775  $439,565  $439,755  $427,337 Total non-accrual loans as a % of loans  0.96%  0.88%  0.85%  0.87%  0.86%Total accruing past due and non-accrual loans as a % of loans  1.25%  1.23%  1.10%  1.15%  1.03%Allowance for losses on loans as a % of non-accrual loans  113.57%  127.66%  135.10%  134.44%  138.79% NOTES TO SELECTED FINANCIAL DATA   (1)Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.(2)Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies. Non-GAAP Reconciliations to GAAP Financial Measures

  Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,($ in thousands, except for share data)  2026   2026   2025   2026   2025 Adjusted net income available to common shareholders (non-GAAP):          Net income, as reported (GAAP) $206,300  $170,885  $163,355  $541,098  $402,580 Add: Merger related expenses (a)  3,094   —   —   3,094   — Add: Restructuring charge (b)  —   2,513   3,854   8,202   4,654 Add: Litigation reserve (c)  —   230   1,012   1,492   1,012 Add: Loss on extinguishment of debt  —   —   —   —   922 Less: Litigation settlements (d)  (3,051)  —   —   (3,051)  — Less: (Gains) losses on available for sale and held to maturity debt securities, net (e)  (3)  —   (28)  7   (17)Less: FDIC special assessment (f)  —   —   (3,817)  —   (3,817)Total non-GAAP adjustments to net income  40   2,743   1,021   9,744   2,754 Income tax adjustments related to non-GAAP adjustments (g)  26   (782)  (288)  (2,740)  (765)Net income, as adjusted (non-GAAP) $206,366  $172,846  $164,088  $548,102  $404,569 Dividends on preferred stock  7,335   7,316   7,644   21,868   21,547 Net income available to common shareholders, as adjusted (non-GAAP) $199,031  $165,530  $156,444  $526,234  $383,022 __________          (a) Merger related expenses primarily include professional and legal fees and other expense.(b) Represents severance expense related to workforce reductions within salary and employee benefits expense.(c) Represents the change in legal reserves and settlement charges included in professional and legal fees.(d) Represents recoveries from legal settlements included in other income.(e) Included in gains on securities transactions, net.(f) Represents the change in estimated special assessment losses included in the FDIC insurance assessment expense.(g) Calculated using the appropriate blended statutory tax rate for the applicable period.Adjusted per common share data (non-GAAP):          Net income available to common shareholders, as adjusted (non-GAAP) $199,031  $165,530  $156,444  $526,234  $383,022 Weighted average number of shares outstanding  552,358,147   553,740,562   560,504,275   553,946,293   560,154,649 Basic earnings, as adjusted (non-GAAP) $0.36  $0.30  $0.28  $0.95  $0.68 Weighted average number of diluted shares outstanding  556,266,986   556,958,049   563,636,933   557,405,979   563,905,535 Diluted earnings, as adjusted (non-GAAP) $0.36  $0.30  $0.28  $0.94  $0.68    Three Months Ended Nine Months Ended  September 30, June 30, September 30, September 30,($ in thousands, except for share data)  2026   2026   2025   2026   2025 Adjusted annualized return on average tangible common shareholders’ equity (non-GAAP):          Net income available to common shareholders, as adjusted (non-GAAP) $199,031  $165,530  $156,444  $526,234  $383,022 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights  4,239   4,247   5,112   13,232   15,851 Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP)  203,270   169,777   161,556   539,466   398,873 Average shareholders’ equity  7,967,868   7,901,688   7,616,810   7,908,818   7,533,660 Less: Average preferred shareholders equity  354,345   354,345   354,345   354,345   354,345 Less: Average goodwill (net of deferred tax liability)  1,858,851   1,858,851   1,859,614   1,858,851   1,859,614 Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights  46,027   51,387   62,905   51,457   69,431 Average tangible common shareholders’ equity $5,708,645  $5,637,105  $5,339,946  $5,644,165  $5,250,270 Annualized return on average tangible common shareholders’ equity, as adjusted (non-GAAP)  14.24%  12.05%  12.10%  12.74%  10.13%Adjusted annualized return on average assets (non-GAAP):          Net income, as adjusted (non-GAAP) $206,366  $172,846  $164,088  $548,102  $404,569 Average assets $66,506,401  $65,584,823  $63,046,215  $65,435,632  $62,224,382 Annualized return on average assets, as adjusted (non-GAAP)  1.24%  1.05%  1.04%  1.12%  0.87%Adjusted annualized return on average shareholders’ equity (non-GAAP):          Net income, as adjusted (non-GAAP) $206,366  $172,846  $164,088  $548,102  $404,569 Average shareholders’ equity $7,967,868  $7,901,688  $7,616,810  $7,908,818  $7,533,660 Annualized return on average shareholders’ equity, as adjusted (non-GAAP)  10.36%  8.75%  8.62%  9.24%  7.16%Annualized return on average tangible common shareholders’ equity (non-GAAP):          Net income available to common shareholders $198,965  $163,569  $155,711  $519,230  $381,033 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights  4,239   4,247   5,112   13,232   15,851 Net income available to common shareholders excluding intangible amortization (non-GAAP)  203,204   167,816   160,823   532,462   396,884 Average tangible common shareholders’ equity (non-GAAP) $5,708,645  $5,637,105  $5,339,946  $5,644,165  $5,250,270 Annualized return on average tangible common shareholders’ equity (non-GAAP)  14.24%  11.91%  12.05%  12.58%  10.08%           Efficiency ratio (non-GAAP):          Non-interest expense, as reported (GAAP) $309,958  $311,123  $281,985  $931,007  $842,725 Less: Merger related expenses (pre-tax)  3,094   —   —   3,094   — Less: Amortization of tax credit investments (pre-tax)  19,904   16,157   8,147   52,075   26,601 Less: Restructuring charge (pre-tax)  —   2,513   3,854   8,202   4,654 Less: Litigation reserve (pre-tax)  —   230   1,012   1,492   1,012 Less: Loss on extinguishment of debt (pre-tax)  —   —   —   —   922 Add: FDIC special assessment (pre-tax)  —   —   (3,817)  —   (3,817)Non-interest expense, as adjusted (non-GAAP)  286,960   292,223   272,789   866,144   813,353 Net interest income, as reported (GAAP)  505,451   487,024   446,224   1,464,000   1,298,737 Non-interest income, as reported (GAAP)  78,700   73,711   64,887   221,247   185,785 Less: (Gains) losses on available for sale and held to maturity securities transactions, net (pre-tax)  (3)  —   (28)  7   (17)Less: Litigation settlements (pre-tax)  (3,051)  —   —   (3,051)  — Gross operating income, as adjusted (non-GAAP) $581,097  $560,735  $511,083  $1,682,203  $1,484,505 Efficiency ratio (non-GAAP)  49.38%  52.11%  53.37%  51.49%  54.79%   As of  September 30, June 30, March 31, December 31, September 30,($ in thousands, except for share data)  2026   2026   2026   2025   2025 Tangible book value per common share (non-GAAP):          Common shares outstanding  550,621,196   553,069,100   554,316,876   556,618,021   560,784,352 Shareholders’ equity (GAAP) $7,896,552  $7,917,144  $7,828,443  $7,807,698  $7,695,374 Less: Preferred stock  354,345   354,345   354,345   354,345   354,345 Less: Goodwill and other intangible assets  1,952,392   1,958,135   1,963,706   1,969,811   1,976,594 Tangible common shareholders’ equity (non-GAAP) $5,589,815  $5,604,664  $5,510,392  $5,483,542  $5,364,435 Tangible book value per common share (non-GAAP) $10.15  $10.13  $9.94  $9.85  $9.57 Tangible common equity to tangible assets (non-GAAP):          Tangible common shareholders’ equity (non-GAAP) $5,589,815  $5,604,664  $5,510,392  $5,483,542  $5,364,435 Total assets (GAAP)  67,470,879   66,318,308   64,466,585   64,132,725   63,018,614 Less: Goodwill and other intangible assets  1,952,392   1,958,135   1,963,706   1,969,811   1,976,594 Tangible assets (non-GAAP) $65,518,487  $64,360,173  $62,502,879  $62,162,914  $61,042,020 Tangible common equity to tangible assets (non-GAAP)  8.53%  8.71%  8.82%  8.82%  8.79% VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)  September 30, December 31,   2026   2025   (Unaudited)  Assets    Cash and due from banks $339,682  $315,166 Interest bearing deposits with banks  785,320   1,268,399 Investment securities:    Equity securities  92,700   82,774 Trading debt securities  26,749   — Available for sale debt securities  4,229,810   4,202,218 Held to maturity debt securities (net of allowance for credit losses of $727 at September 30, 2026 and $734 at December 31, 2025)  3,726,695   3,495,837 Total investment securities  8,075,954   7,780,829 Loans held for sale (includes fair value of $7,452 at September 30, 2026 and $8,212 at December 31, 2025 for loans originated for sale)  16,202   26,236 Loans  53,189,984   50,136,728 Less: Allowance for loan losses  (580,800)  (583,400)Net loans  52,609,184   49,553,328 Premises and equipment, net  311,548   330,757 Lease right of use assets  292,927   313,891 Bank owned life insurance  743,687   738,090 Accrued interest receivable  259,987   243,897 Goodwill  1,868,936   1,868,936 Other intangible assets, net  83,456   100,875 Other assets  2,083,996   1,592,321 Total Assets $67,470,879  $64,132,725 Liabilities    Deposits:    Non-interest bearing $12,446,761  $12,155,500 Interest bearing:    Savings, NOW and money market  29,397,309   28,603,470 Time  13,384,725   11,424,123 Total deposits  55,228,795   52,183,093 Short-term borrowings  50,256   91,475 Long-term borrowings  2,607,639   2,908,579 Junior subordinated debentures issued to capital trusts  58,064   57,803 Lease liabilities  348,505   372,448 Accrued expenses and other liabilities  1,281,068   711,629 Total Liabilities  59,574,327   56,325,027 Shareholders’ Equity    Preferred stock, no par value; 50,000,000 authorized shares:    Series A (4,600,000 shares issued at September 30, 2026 and December 31, 2025)  111,590   111,590 Series B (4,000,000 shares issued at September 30, 2026 and December 31, 2025)  98,101   98,101 Series C (6,000,000 shares issued at September 30, 2026 and December 31, 2025)  144,654   144,654 Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at September 30, 2026 and December 31, 2025)  196,730   196,730 Surplus  5,467,999   5,464,845 Retained earnings  2,241,005   1,912,933 Accumulated other comprehensive loss  (232,186)  (74,379)Treasury stock, at cost (10,257,554 common shares at September 30, 2026 and 4,260,729 common shares at December 31, 2025)  (131,341)  (46,776)Total Shareholders’ Equity  7,896,552   7,807,698 Total Liabilities and Shareholders’ Equity $67,470,879  $64,132,725  VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)  Three Months Ended
 Nine Months Ended  September 30, June 30, September 30,
 September 30,   2026   2026   2025   2026   2025 Interest Income           Interest and fees on loans $764,546  $736,060  $733,191  $2,209,246  $2,157,082 Interest and dividends on investment securities:           Taxable  78,028   76,113   70,211   227,949   201,273 Tax-exempt  4,969   5,048   4,611   14,735   13,994 Dividends  4,474   5,771   4,891   15,045   16,083 Interest on federal funds sold and other short-term investments  5,182   6,383   14,019   22,323   28,255 Total interest income  857,199   829,375   826,923   2,489,298   2,416,687 Interest Expense           Interest on deposits:           Savings, NOW and money market  196,272   190,973   210,921   578,030   614,532 Time  119,337   112,693   133,108   338,708   387,501 Interest on short-term borrowings  3,322   6,047   555   9,605   5,237 Interest on long-term borrowings and junior subordinated debentures  32,817   32,638   36,115   98,955   110,680 Total interest expense  351,748   342,351   380,699   1,025,298   1,117,950 Net Interest Income  505,451   487,024   446,224   1,464,000   1,298,737 (Credit) provision for credit losses for available for sale and held to maturity securities  (17)  (2)  —   (7)  (10)Provision for credit losses for loans  30,658   29,166   19,171   81,068   119,641 Net Interest Income After Provision for Credit Losses  474,810   457,860   427,053   1,382,939   1,179,106 Non-Interest Income           Wealth management and trust fees  22,178   17,655   16,134   55,839   45,221 Insurance commissions  3,015   3,770   2,914   9,652   9,746 Capital markets  9,996   12,933   9,814   33,310   26,521 Service charges on deposit accounts  19,156   18,728   16,764   56,088   44,195 Gains on securities transactions, net  259   50   28   330   73 Fees from loan servicing  3,089   3,268   3,405   9,575   10,291 Gains on sales of loans, net  1,254   1,742   740   6,086   4,962 Bank owned life insurance  3,675   5,913   4,657   15,423   15,453 Other  16,078   9,652   10,431   34,944   29,323 Total non-interest income  78,700   73,711   64,887   221,247   185,785 Non-Interest Expense           Salary and employee benefits expense  150,080   150,432   146,820   456,227   434,860 Net occupancy expense  25,727   27,179   24,865   80,088   76,236 Technology, furniture and equipment expense  32,312   33,247   30,708   97,437   91,271 FDIC insurance assessment  10,802   11,691   8,357   32,969   33,416 Amortization of other intangible assets  6,319   6,268   7,544   19,506   22,990 Professional and legal fees  25,125   29,533   24,261   79,800   59,901 Loss on extinguishment of debt  —   —   —   —   922 Amortization of tax credit investments  19,904   16,157   8,147   52,075   26,601 Other  39,689   36,616   31,283   112,905   96,528 Total non-interest expense  309,958   311,123   281,985   931,007   842,725 Income Before Income Taxes  243,552   220,448   209,955   673,179   522,166 Income tax expense  37,252   49,563   46,600   132,081   119,586 Net Income  206,300   170,885   163,355   541,098   402,580 Dividends on preferred stock  7,335   7,316   7,644   21,868   21,547 Net Income Available to Common Shareholders $198,965  $163,569  $155,711  $519,230  $381,033  VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and
Net Interest Income on a Tax Equivalent Basis  Three Months Ended  September 30, 2026 June 30, 2026 September 30, 2025  Average   Avg. Average   Avg. Average   Avg.($ in thousands) Balance Interest Rate Balance Interest Rate Balance Interest RateAssets                  Interest earning assets:                Loans (1)(2) $52,683,932 $764,568  5.80% $51,884,173 $736,082  5.67% $49,270,853 $733,214  5.95%Taxable investments (3)  8,048,596  82,502  4.10   7,928,555  81,884  4.13   7,522,290  75,102  3.99 Tax-exempt investments (1)(3)  530,189  6,290  4.75   544,950  6,390  4.69   540,491  5,837  4.32 Interest bearing deposits with banks  571,885  5,182  3.62   699,684  6,383  3.65   1,289,519  14,019  4.35 Total interest earning assets  61,834,602  858,542  5.55   61,057,362  830,739  5.44   58,623,153  828,172  5.65 Other assets  4,671,799      4,527,461      4,423,062    Total assets $66,506,401     $65,584,823     $63,046,215    Liabilities and shareholders’ equity                  Interest bearing liabilities:                  Savings, NOW and money market deposits $28,982,923 $196,272  2.71% $28,920,057 $190,973  2.64% $27,005,791 $210,921  3.12%Time deposits  12,529,463  119,337  3.81   11,881,270  112,693  3.79   12,621,182  133,108  4.22 Short-term borrowings  373,156  3,322  3.56   674,094  6,047  3.59   89,147  555  2.49 Long-term borrowings (4)  2,665,456  32,817  4.92   2,684,781  32,638  4.86   2,961,510  36,115  4.88 Total interest bearing liabilities  44,550,998  351,748  3.16   44,160,202  342,351  3.10   42,677,630  380,699  3.57 Non-interest bearing deposits  12,650,995      12,372,974      11,540,351    Other liabilities  1,336,540      1,149,959      1,211,424    Shareholders’ equity  7,967,868      7,901,688      7,616,810    Total liabilities and shareholders’ equity $66,506,401     $65,584,823     $63,046,215                       Net interest income/interest rate spread (5)   $506,794  2.39%   $488,388  2.34%   $447,473  2.08%Tax equivalent adjustment    (1,343)      (1,364)      (1,249)  Net interest income, as reported   $505,451      $487,024      $446,224   Net interest margin (6)     3.27%     3.19%     3.04%Tax equivalent effect     0.01      0.01      0.01 Net interest margin on a fully tax equivalent basis (6)     3.28%     3.20%     3.05%_____________________
(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2) Loans are stated net of unearned income and include non-accrual loans.
(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
(6) Net interest income as a percentage of total average interest earning assets.
INVESTOR RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Andrew Jianette, Investor Relations, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960 or by e-mail at [email protected]. Contact: Travis Lan  Senior Executive Vice President and  Chief Financial Officer  973-686-5007

Fluence has been sued for securities fraud after its stock plummeted 35% because Fluence allegedly misrepresented the status of its manufacturing operations and ability to achieve its revenue and EBITDA guidance.

New York, New York--(Newsfile Corp. - October 22, 2026) - Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Fluence Energy, Inc. (NASDAQ: FLNC) and certain of the company's senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.

If you invested in Fluence, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/fluence-class-action-lawsuit.

Key Details of the Fluence ($FLNC) Class Action:

Lead Plaintiff Deadline: November 27, 2026Alleged Misconduct: Securities fraud alleging Fluence misrepresented the status of its manufacturing operations and ability to achieve its revenue and EBITDA guidance Largest Alleged Stock Drop: February 5, 2026 – 34.6% Stock DropCourt: U.S. District Court for the Southern District of New YorkAction: Contact BFA Law to discuss your rightsInvestors have until November 27, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Fluence securities. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Hatweek v. Fluence Energy, Inc. et al., No. 26-cv-8475.

Why is Fluence Being Sued for Securities Fraud?

Fluence is a provider of energy storage systems and optimization software for the renewable energy and energy storage industries.

According to the complaint, Fluence provided record breaking fiscal year 2026 revenue guidance and significantly increased adjusted EBITA guidance based on its purported ability to capitalize on surging demand for data centers. Fluence assured investors that it had contracted with multiple key production facilities to fulfill demand.

As alleged, Defendants failed to disclose that several new contract manufacturing facilities were not completed, not operational, and/or not capable of producing at the volumes Fluence's guidance provided.

Why did Fluence's Stock Drop?

On February 4, 2026, Fluence reported a net loss of $62.6 million and a GAAP gross profit margin of 4.9%, a 6.5% decline year over year, due to "additional estimated costs on two projects" located outside the U.S.

On this news, Fluence's stock dropped $10.04 per share, or 34.6%, from a closing price of $28.99 per share on February 4, 2026, to $18.95 per share on February 5, 2026.

On August 5, 2026, Fluence reported "weaker than expected revenue" and slashed revenue and adjusted EBITDA guidance because of "production delays at new contract manufacturing facilities."

On this news, Fluence's stock dropped $1.02 per share, or 7.2%, from a closing price of $14.23 per share on August 5, 2026, to $13.21 per share on August 6, 2026.

On September 16, 2026, Fluence issued a mid-quarter guidance update and further slashed revenue and adjusted EBITDA guidance because of "delays in the ramp-up of our contract manufacturing facility."

On this news, Fluence's stock dropped $1.39 per share, or 15.4%, from a closing price of $9.05 per share on September 16, 2026, to $7.66 per share on September 17, 2026.

Click here for more information: https://www.bfalaw.com/cases/fluence-class-action-lawsuit.

What Can You Do?

If you invested in Fluence, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/fluence-class-action-lawsuit

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named "Elite Trial Lawyers" by the National Law Journal, "Litigation Stars" by Benchmark Litigation, among the top "500 Leading Plaintiff Financial Lawyers" by Lawdragon, "Titans of the Plaintiffs' Bar" by Law360, and "SuperLawyers" by Thomson Reuters.

Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff's securities litigation law firm, with clients noting: "[t]here is no better service provider in the practice area," "[t]he interest of the client is always front and center," and "[t]here isn't a better firm in this space." One testimonial described the firm as "nimble and entrepreneurial," with a "relentless focus on adding value for clients."

BFA's notable successes include a recovery of over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/fluence-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320292

Source: Bleichmar Fonti & Auld

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