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NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Fluence Energy, Inc. (NASDAQ: FLNC) between November 24, 2025 and September 16, 2026, inclusive (the “Class Period”), of the important November 30, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Fluence Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Fluence Energy class action, go to https://rosenlegal.com/cases/fluence-energy-inc-2026-09/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Fluence Energy’s ability to deliver its backlog and recognize the revenue underlying its fiscal 2026 guidance depended on new contract manufacturing facilities, including facilities that were not completed, not operational, and/or not capable of producing at the volumes the guidance assumed; (2) the corrective measures Fluence Energy had implemented to address production problems at its contract manufacturers were not remediating those problems, which persisted and extended to Fluence Energy’s new facilities; (3) as a result, a material portion of the backlog that defendants represented as “securing” or “covering” Fluence Energy’s fiscal 2026 revenue guidance were likely to be delivered and recognized in fiscal 2026; and (4) as a result of the foregoing, defendants’ positive statements about Fluence Energy’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. 

To join the Fluence Energy class action, go to https://rosenlegal.com/cases/fluence-energy-inc-2026-09/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      www.rosenlegal.com

On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Fulton Financial (FULT +1.37%) reported record quarterly profitability. Expanding the commercial banking team helps build core deposit relationships across key regional markets. Growing wealth management revenue provides steady fee income alongside traditional bank lending.

Three statements from management highlight the bank's strategic progress.

1. Commercial Sales Force Expansion Drives Deposit InflowsFulton Financial expanded its commercial sales team by 14% year to date to win primary banking relationships in core mid-Atlantic markets. That sales force growth helped generate nearly $600 million in commercial customer deposit growth during the quarter.

Year-to-date, we increased our commercial sales force by 14%, with over 2/3 of that growth occurring during the third quarter.
-- Curt Myers, Chairman, Chief Executive Officer, and President2. Commercial Real Estate Payoffs Restrain Overall Loan GrowthWhile overall loan originations increased 23% linked quarter, total commercial balances dropped by $63 million. Higher-than-expected payoffs in commercial real estate (CRE) multifamily loans offset new lending as non-bank competitors offered aggressive terms.

Commercial balances trailed expectations, mostly due to accelerated CRE payoffs above what we thought they were going to be in the quarter. And then specifically within that, it's really multifamily.
-- Curt Myers, Chairman, Chief Executive Officer, and President3. Wealth Management Business Reaches Record Assets Under ManagementWealth management fee revenue rose more than 9% from the previous quarter, providing stable non-interest income, which includes revenue earned from fee-based financial services rather than interest on loans. Adding advisors and attracting assets from new and existing clients helped push total assets under management and administration to a new high.

Wealth management assets under management and administration reached a record $18.6 billion, and wealth management revenue grew more than 9% linked quarter.
-- Curt Myers, Chairman, Chief Executive Officer, and PresidentLooking AheadLoan origination momentum is building across commercial and consumer lines as newly hired bankers ramp up production. A diversified business model provides balance when lending markets face heavy rate competition.

Our diversified business model continues to be a meaningful competitive advantage.
-- Curt Myers, Chairman, Chief Executive Officer, and PresidentManagement is maintaining pricing discipline in commercial real estate while expanding treasury management toolsthat help businesses manage operating cash and payments, deepening customer relationships.

We believe these investments we are making today position us well for future growth and long-term value creation.
-- Curt Myers, Chairman, Chief Executive Officer, and PresidentThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Element Solutions (ESI -1.09%) reported record quarterly revenue and raised its full-year financial outlook. The specialty chemical producer continues to gain momentum as it embeds its thermal management and electronic assembly products into artificial intelligence hardware supply chains.

Three key takeaways from management stand out for long-term investors.

1. Shareholder Feedback Prompted Management to Terminate the Solstice AcquisitionElement Solutions terminated its proposed combination with Solstice at the end of August after shareholders voiced a preference for the company's stand-alone growth plan. Leadership listened to investor input and redirected its focus toward organic growth and targeted bolt-on M&A--the strategy of buying smaller chemical providers to integrate into existing operations.

While we stand behind the strategic and financial merits of the Solstice transaction, it became clear that our shareholders valued the stand-alone trajectory that we articulated in our May investor day.
-- Ben Gliklich, Chief Executive Officer2. Artificial Intelligence Infrastructure Buildouts Are Accelerating Organic GrowthRapid expansion in artificial intelligence data centers is generating high demand for complex circuitry and thermal interface materials. Industry forecasts for printed circuit board--or PCB--volume growth in 2026 increased from 6% to over 10%, with high-performance computing driving the uptick.

Technical requirements in data center hardware and other high-performance electronics continue to increase, which has driven our offering of critical enabling solutions across thermal management, power density, and advanced packaging applications, to name a few.
-- Ben Gliklich, Chief Executive Officer3. Operations Are Decentralizing to Move Faster for Key CustomersTo match the fast pace of customer development cycles in data centers, the company is decentralizing its Electronics segment into smaller, more autonomous business units. Executive Matt Liebowitz moved into the Chief Operating Officer role to help manage these independent business units while keeping them under the unified MacDermid Alpha brand.

In that context, we're evolving our organizational structure in the electronic segment to further decentralize by forming more autonomous business units aligned with our customers, all of which will still operate under the strong MacDermid Alpha brand.
-- Ben Gliklich, Chief Executive OfficerLooking AheadData center demand drives growth in high-margin lines, where dominant market positions provide a lasting structural advantage.

Underlying demand in the high-end electronics market remains strong, and the incumbent positions we've established in the fastest-growing, highest-value niches of these markets should continue to serve us well.
-- Ben Gliklich, Chief Executive OfficerManagement raised full-year guidance to $720 million while lowering net leverage. Cash flow supports share repurchases alongside factory expansions in Asia and Texas.

Each of our businesses has identified opportunities and built strategies to deliver substantial profit growth through investments in people and capabilities over a multi-year timeframe.
-- Ben Gliklich, Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

For the quarter ended September 2026, Cousins Properties (CUZ - Free Report) reported revenue of $257.31 million, up 4.4% over the same period last year. EPS came in at $0.75, compared to $0.05 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $258.7 million, representing a surprise of -0.54%. The company delivered an EPS surprise of +2.74%, with the consensus EPS estimate being $0.73.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Cousins Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Other: $0.67 million compared to the $0.8 million average estimate based on two analysts. The reported number represents a change of -50.3% year over year.Revenues- Rental property: $257.31 million compared to the $261.28 million average estimate based on two analysts. The reported number represents a change of +4.4% year over year.Revenues- Fee income: $1.44 million versus the two-analyst average estimate of $0.58 million. The reported number represents a year-over-year change of +173.6%.Net Earnings per Share (Diluted): $0.10 versus the two-analyst average estimate of $0.10.View all Key Company Metrics for Cousins Properties here>>>

Shares of Cousins Properties have returned +3.2% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Duolingo, Inc. ("Duolingo" or "the Company") (NASDAQ: DUOL) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of DUOL during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: May 2, 2025 to February 26, 2026

DEADLINE: December 7, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Duolingo's increased user friction was likely to negatively impact  Daily Active User ("DAU") growth rates. The Company's usage of poor quality AI-generated content also damaged its growth prospects. Based on these facts, Coastal's public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate.

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
David J. Schwartz
DJS Law Group
274 White Plains Road, Suite 1
Eastchester, NY 10709
Phone: 914-206-9742
Email: [email protected]

SOURCE DJS Law Group LLP

OSI Systems NASDAQ: OSIS reported record first-quarter revenue and adjusted earnings per share for fiscal 2027, while bookings lifted backlog to a record $2.1 billion. The company raised its full-year non-GAAP earnings outlook but maintained its revenue forecast, citing geopolitical uncertainty and an expectation that growth will be weighted toward the second half of the fiscal year.

First-quarter revenue rose 5% year over year to $403 million, while adjusted diluted earnings per share increased 17% to $1.66. Operating cash flow more than doubled to $37 million, and free cash flow was about $30 million, or roughly 120% of GAAP net income, according to Chief Financial Officer Alan Edrick.

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Quarterly bookings produced a 1.4 book-to-bill ratio, increasing backlog from approximately $1.9 billion at the end of June to $2.1 billion at the end of September. Edrick said the company believes its backlog provides support for fiscal 2028 and beyond, though management retained its existing revenue outlook because of continuing conflict in the Middle East and other geopolitical factors.

Guidance Raised on Share Repurchases
OSI reaffirmed fiscal 2027 revenue guidance of $1.875 billion to $1.930 billion. It raised its non-GAAP EPS forecast to a range of $11.28 to $11.64, representing expected year-over-year growth of 9% to 12.5%.

Edrick said the higher earnings outlook primarily reflects the favorable EPS impact of first-quarter stock repurchases. During the quarter, OSI repurchased about 306,000 shares at an average price of approximately $204 per share, spending roughly $62 million. Diluted shares outstanding fell 7% year over year to 16.3 million.

The company expects second-quarter revenue to be modestly lower than the prior-year period. Management cited a difficult Middle East comparison, as the prior-year quarter included sizable regional revenue before conflicts began, as well as the ongoing transition of the company’s Mexico program.

The Mexico transition reduced first-quarter revenue by approximately $8 million, consistent with the company’s prior outlook for a fiscal-year headwind of less than $25 million. OSI expects an approximately $11 million impact in the second quarter. Management continues to expect the strongest revenue growth in the second half, supported by backlog conversion, new opportunities and faster Security service-revenue growth.

Security Backlog and RF Opportunities
Security division revenue increased 4% to $264 million despite the Middle East environment and the Mexico program transition. The division ended the quarter with record backlog, according to President and CEO Ajay Mehra.

During the quarter, the company announced two five-year indefinite-delivery, indefinite-quantity contracts from U.S. Customs and Border Protection. One contract has a ceiling of approximately $200 million for relocatable Rapiscan passenger vehicle inspection systems, while another has a ceiling of about $85 million for van-mounted mobile X-ray inspection systems. Initial delivery orders totaled approximately $21 million. Mehra noted that only firm orders, rather than total contract ceiling values, are included in backlog.

OSI’s RF business also continued to contribute to bookings and revenue. The company is executing on its homeland defense over-the-horizon radar contract, which has a not-to-exceed value of approximately $235 million and is the company’s largest RF award to date. Management said it recognized some revenue from that contract during the first quarter and expects continued contributions through the fiscal year.

The company also announced approximately $90 million in additional RF bookings during the quarter. Mehra said OSI has products that are viewed favorably by customers and are unique in certain areas, though he said the company is limited in what it can disclose about the business. He added that the company has expanded into two new facilities and believes it has sufficient capacity to support its current RF pipeline, with the ability to add shifts or another facility if needed.

Margins Affected by Mix and Healthcare Decline
First-quarter gross margin declined to 30.7% from 32.0% a year earlier. Edrick attributed the decline primarily to lower Healthcare sales, which carry the company’s highest gross margin, as well as stronger Optoelectronics sales, which have the lowest gross margin among OSI’s divisions, and a less favorable mix within Security.

Non-GAAP operating margin was 9.5%, compared with 10.3% a year earlier. By division, non-GAAP operating margins were 12.6% in Security, 12.1% in Optoelectronics and negative 1.8% in Healthcare.

Healthcare revenue fell 14% year over year, driven mainly by lower patient-monitoring sales as hospitals continued to manage capital spending carefully. Mehra said the company is working to support its installed base, improve operating efficiency and complete development of its next-generation monitoring platform. OSI expects the division to return to growth in upcoming quarters.

Optoelectronics and Manufacturing revenue, including intercompany sales, rose 9% to a first-quarter record of $120 million. Sales to third-party customers increased 16%. The division recorded operating-margin expansion and ended the quarter with its highest backlog, supported by demand across electronic manufacturing services, flex circuits and optoelectronics products.

Service Growth Expected to Accelerate
Service revenue increased 4% to $114 million in the first quarter, but management expects strong double-digit service growth for the full year, led by the Security segment. Edrick said growth should accelerate beginning in the second quarter as products roll off warranty and as aviation services, software-as-a-service offerings, RF activity and other service streams expand.

The company expects higher service revenue, generally viewed by management as a higher-margin source of sales, to contribute to margin expansion through the balance of fiscal 2027. OSI also reiterated its expectation that full-year free cash flow will exceed net income.

At quarter-end, OSI had approximately $236 million of cash and cash equivalents and $66 million of short-term investments, against about $1.0 billion of total debt. More than 90% of its debt was at fixed rates, Edrick said.

About OSI Systems (NASDAQ:OSIS)OSI Systems, Inc is a vertically integrated technology company that designs and manufactures specialized electronic systems and components for security, healthcare and aerospace and defense applications. Headquartered in Hawthorne, California, the company serves government agencies, transportation authorities, hospitals and commercial customers in the United States and international markets.

Through its security division, OSI Systems provides inspection and screening systems used at airports, borders, ports and other facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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New York, New York--(Newsfile Corp. - October 29, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Papa John's International, Inc. (NASDAQ: PZZA) between August 7, 2025 and August 5, 2026, both dates inclusive (the "Class Period"), of the important November 2, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Papa Johns common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Papa Johns class action, go to https://rosenlegal.com/cases/papa-johns-international-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 2, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or concealed material adverse facts concerning the true state of Papa Johns' transformation; notably, that it was "taking longer than expected," and ultimately was unable to prevent further market share losses. Papa Johns ultimately required a significant shift in strategy toward a sharp increase in promotional efforts to abate Papa Johns' declining competitive position. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Papa Johns class action, go to https://rosenlegal.com/cases/papa-johns-international-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/321696

Source: The Rosen Law Firm PA

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BridgeBio Pharma (NASDAQ:BBIO) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.

This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.

View the webcast at https://events.q4inc.com/attendee/463906479

SummaryBridgeBio Pharma reported strong financial performance with total revenues of $353.2 million for Q3 2026, driven by growth in acoramidis net product revenue and a $75 million license milestone from Bayer.

The company provided updates on its strategic initiatives, including the upcoming launches of three products: BBP-418, infigratinib, and encaleret, all of which have PDUFA dates and are under priority review by the FDA.

BridgeBio Pharma continues to see strong growth in its acoramidis franchise, with U.S. net product revenue increasing by 134% year over year, and the company is on track for $4 billion in peak-year sales across its brands.

Real-world evidence continues to differentiate acoramidis from competitors, showing a significant reduction in clinical worsening and hospitalization risks compared to tafamidis.

The company is well-positioned financially, with $1.5 billion in cash, allowing it to support its growth initiatives and potential future product launches without additional funding needs.

Full TranscriptOPERATOR

A question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Chinmay Shukla, Chief Business Officer. Chinmay, please go ahead.

Chinmay Shukla (Chief Business Officer)

Good afternoon everyone and thank you for joining BridgeBio Pharma’s third quarter 2026 earnings call. I am Chinmay Shukla, Chief Business Officer. With me today are Neel Kumar, our CEO, Matt Outen, our Chief Commercial Officer, and Tom Tramarki, our President and Chief Financial Officer. During today’s call, we will cover another quarter of consistent growth for a truby along with new real-world evidence that continues to differentiate acoramidis from tafamidis on outcomes that matter to patients, physicians, and payers. We will then turn to BBP-418 where we are weeks away from potential launch. Finally, we will discuss the pipeline where the PDUFA date for infigratinib is now set for February 4th with priority review and the PDUFA date for encaleret is May 8th with priority review.

We’re also particularly excited to discuss updates from our chronic hypoparathyroidism program where we dosed the first patient in our Phase 3 trial. Following our prepared remarks, we will open the call for questions for the Q&A session. We will be joined by the leaders of our encaleret, BBP-418 and infigratinib programs. With that, I’ll turn it over to Neel.

Neil Kumar (Chief Executive Officer)

Thanks, Chinmay, and thanks everyone for joining today. As always, these calls are where we communicate relevant aspects of our business to investors and so we welcome your questions and feedback. I’m excited to report updates from our TTR franchise and across the portfolio today as we enter into a new phase in our TTR launch paired with three launches ahead of us in the next seven months. I will talk about that and further contextualize the numbers from this quarter in a moment.

Before I do, I want to acknowledge that we are now annualizing to over $1 billion in the U.S. market and well over that globally with our acoramidis franchise, and this puts us ahead of the analogs we studied and used to guide our performance. This is coupled with an ever-evening playing field in the United States, a consequence of acoramidis’s growing size, its increasing evidentiary base, and the changing reimbursement environment, which we believe sets us up well in the quarters and years to come.

It’s interesting to remark that acoramidis is the leading brand in Europe where rules around reimbursement and marketing are tighter. For today, we feel good about our continued revenue growth. We will have to wait for Pfizer’s numbers later to accurately understand our share trajectory, but numbers from our other competitor this morning show that we are solidly in second place with respect to new patient starts, and overwhelmingly so in the critical first-line setting.

Obviously, we aspire for more and feel we have set a base to do so in the quarters and years to come. Before I comment further on our pipeline and revenue, I wanted to provide some brief context on how we think about the information we’re sharing with you quarter to quarter. Obviously, the goal of these calls is to reduce information asymmetry between investors and managers so that the firm can be fairly valued over time. What this means is that we should be providing you information over time that informs your valuation model of the company. Although we meet in the context of these calls every quarter, it’s a natural question to ask whether or not these updates provide salient information that allow you to revalue the firm.

For instance, if a quarterly sampling is done on a system that only moves materially over the course of years, then all I’m providing you is noise. On the other hand, a quarterly sampling is inadequate for systems where salient differences are occurring on a weekly basis. Keeping that thought in mind, quarterly updates as associated with our R&D activities are generally too frequent, and we try to keep investors abreast of key R&D advances when they occur within our portfolio, generally through press releases, conference presentations, and vitally, publications.

On today’s call, I’ll be summarizing a number of R&D items that we’ve already updated you on through these channels. However, in the commercial setting, quarterly updates contain real information content. In fact, our own modeling of some 1,040 launches suggests that the first quantum of time that contains predictive information for sales is the four-week rolling average. So from the perspective of frequency, quarterly updates on revenue contain real information, which I think we all know. But there’s a second aspect of the information being provided, which is what is the magnitude of change required to drive a change in your valuation of the firm or, critically, your peak-year sales assumption?

Put simply, how big do the changes need to be in order for the number to be a signal and not a reporting of noise? We asked this question as well of the 1,040 launches and, more importantly, drilled into the first couple years of launch to understand what the quarter-to-quarter variance in revenue growth looked like for brands that ended up doing over $3 billion in sales. Interestingly, there was on average a 20% variance quarter to quarter that did not meaningfully impact projected peak-year sales.

If you go and look at brands like Eliquis, Tegreso and others that we feel are of the size we believe the acoramidis franchise will be, you can see a very meaningful quarter-to-quarter change but ultimately a trajectory that obviously supported multibillion-dollar sales. So, adding this lens in addition to our current quarter’s data, we continue to believe that acoramidis is tracking to meet or beat our $4 billion peak-year sales assumption. And we believe that we have $4 billion in peak-year sales across the other three brands that we’ll discuss in today’s call as well.

So let me now delve into acoramidis’s performance this quarter. We observed continued commercial momentum this quarter. Acoramidis U.S. net product revenue was $253.2 million, an increase of approximately 14% quarter on quarter and approximately 134% year over year. Our growth now is predominantly coming from first-line new starts, which, as we’ve discussed, is our key focal area and predicts future total share in the marketplace. As I mentioned, we can’t comment specifically on NBRx share on this call because we have not seen Pfizer’s quarterly numbers yet.

But as we look over the marketplace as a whole, we continue to see strong performance amongst the approximately 2,900 physicians that have tried acoramidis, mostly cardiologists at either academic medical centers or at high-volume heart failure practices. Where one big slice of the opportunity remaining arises is the over 60% of prescribers who have yet to try acoramidis and who are primarily lower-volume, often non-cardiology specialists. Some of our competitors who are better resourced have begun reaching out to this longer tail of physicians and you should expect us to pursue that opportunity as well.

And as we build on our differentiated product profile and seek opportunities to educate a broader diaspora of prescribers, I’d like to take a few minutes on the tailwinds that define our differentiation so that you can share our excitement. I’ll begin with acoramidis’s growing body of real-world evidence and then discuss the increasingly exciting kidney-protective signal that we continue to elaborate on. And then finally the readout from CARDIO-TTRansform, cementing stabilizers as the first-line therapeutic backbone for ATTR cardiomyopathy. First, real-world evidence. I’ve said before that in the cardiovascular market, where double-blind head-to-heads aren’t immediately possible, real-world evidence sets the bedrock of ultimate commercial performance.

Since we last spoke, that bedrock has gotten considerably firmer with two large real-world comparisons of acoramidis against tafamidis, drawn from two different data types, pointing the same way and further reinforcing other real-world evidence studies that were published earlier this year. The first of these new studies was published in September in Cardiology and Therapy, the first peer-reviewed contemporary real-world comparative evidence study of TTR stabilizers in cardiomyopathy.

U.S. claims data: acoramidis significantly reduced the risk of early clinical worsening versus tafamidis, with a 34% reduction in composite clinical worsening and a 43% reduction in diuretic intensification. Separation in clinical outcomes emerged within weeks of treatment initiation and increased over time. The second came at HFSA just two weeks ago, where Dr. David Lanfierre of Henry Ford presented an independent propensity score–matched analysis of nearly 2,700 ATTR cardiomyopathy patients from EPIC Cosmos, the largest electronic health record database in the United States.

This is a contemporary cohort of patients from 2025, and it is the first EHR-based comparison of the two stabilizers. Acoramidis was associated with an 18% lower risk of the composite of death, all-cause hospitalization, new-onset AFib, and diuretic intensification versus tafamidis, with a hazard ratio of 0.82 and a p-value below 0.01. On the outcomes that matter most to patients and to payers, the effect was larger: a 27% lower risk of cardiovascular hospitalization and a 27% lower risk of heart failure hospitalization and a 25% lower risk of all-cause hospitalization, all with p-values less than 0.001.

The curves separated within the first month and the result held across unadjusted, matched, and biomarker-adjusted analyses. Hospitalization isn’t a soft endpoint; it is the disease. Second, the kidney. We’ve shared much of the detail before on what we’ve seen to date, so I’ll be brief here. The kidney-protective effect associated with acoramidis does many things for us. It helps explain acoramidis’s early onset of action: the early eGFR dip and the early separation in cumulative cardiovascular outcomes both occur within about a month, and our hypothesis is that acoramidis effectively rests the kidney to protect longer-term function, as evidenced by the sustained reduction in eGFR slope decline over 30 months.

It strengthens the evidence of long-term benefit. The association of the eGFR dip with improved clinical outcomes shows this effect is good for the patients we serve, including those with renal complications, through a mechanism that appears to be similar to SGLT2 inhibitors. It generates a new hypothesis for future indications, namely whether acoramidis can benefit patients living with high-proteinuric conditions. We are also beginning to see clues that kidney dysfunction may help indicate patients before ATTR cardiomyopathy is recognized clinically.

Our statistical genetics team is engaged in further analysis and we look forward to sharing interesting findings from that research in the future. Finally, there were three key takeaways from ESC where the full CARDIO-TTRansform results were presented at the end of August. One, that adding a silencer on top of background stabilization does not improve outcomes. This effectively closes the door on combination therapy as the end state of this market. Two, knockdowns are interchangeable. Placebo-adjusted depth of serum TTR reduction was approximately the same between both observed knockdowns and there was no differentiated impact of knockdown.

Recall that both agents take many months to reach maximum knockdown, which is reflected in how long it takes for their event curves to separate from placebo, in contrast to the early separation we observed with acoramidis, which is as early as the first month. Three, there’s plenty of room to improve on tafamidis within the placebo arm of HELIOS-B. For instance, patients on background tafamidis showed a relative risk reduction of just 21.7% on all-cause death and recurrent cardiovascular events compared to those on no therapy at all.

Put simply, this is a stabilizer-first market. The bar set by tafamidis and acoramidis is the first and only near-complete stabilizer. ESC was also where we presented our own data and provided evidence of potential reversal of cardiac structural disease progression in ATTR cardiomyopathy. Serial CMR imaging from the ATTRibute-CM study and its open-label extension showed clinically meaningful improvement in left ventricular systolic function in 54% of acoramidis-treated participants versus 20% of placebo-treated participants at month 30, and in 53% of continuous acoramidis participants at month 42.

In a completer analysis, participants treated with acoramidis gained an unprecedented 65 additional days alive and out of the hospital by month 36 and month 54. Data published simultaneously in the European Journal of Heart Failure showed a more than twofold mortality difference favoring continuous acoramidis within the V122I subgroup. Building on that, we have dosed the first participant in ASCEND ATTR, a Phase 3b/4 study of cardiac structure, function, and amyloid burden by cardiac MRI and echo over 36 months.

And because we think the question of what comes after stabilization is still worth asking, we nominated BBP717, a next-generation monoclonal antibody depleter for ATTR cardiomyopathy, as a development candidate this quarter with an IND planned for 2027. Now to the three programs in regulatory review, beginning with BBP418 for LGMD2I, where the PDUFA date is November 27, roughly four weeks from today. There is no advisory committee planned. This is in line to be the next approval in our portfolio and, if approved, the first therapy for any limb-girdle muscular dystrophy in the U.S. We have already identified more than 500 unique LGMD2I patients through claims, genetic testing, and account profiling.

Globally, Europe has the highest prevalence of LGMD2I with more than 4,000 patients due to a founder mutation most often seen in people of North European ancestry. There, we have had multiple positive and highly collaborative interactions with national health authorities, and we intend to submit an MAA to the EMA in the first half of 2028. That submission will be based on the FORTIFY month 36 final analysis, with top-line results expected in late ’27 or early ’28.

On the data, I’ll remind everyone that FORTIFY met every primary and secondary endpoint at the 12-month interim, with treated individuals improving while placebo declined across every key measure. At World Muscle Society earlier this month, we extended that story to the heart, which is among these patients’ greatest concerns. Among participants with elevated high-sensitivity troponin I at baseline, 100% on BBP418 returned to normal range by month 12 versus 40% on placebo, and 54% of treated participants had stable or improved ejection fraction versus 25% on placebo.

Separately, the laboratory of Dr. John Vissing in Denmark, one of the foremost KOLs in the field, showed that BBP418 increased glycosylated alpha-dystroglycan above levels seen in asymptomatic FKRP carriers, i.e., people who carry a single copy of the mutation and don’t get the disease. People sometimes forget that most therapies in progressive neuromuscular disease aim to slow decline. This one restores the underlying biology to unaffected levels, and patients get better.

That is the type of transformative effect we seek to have with disease-modifying treatments. In order to have that effect, of course, we will need to deliver the drug to patients, so let me say a few words about our launch readiness. About 70% of LGMD2I patients receive care through the MDA Care Center Network, and since entering the field in August, our neuromuscular account managers have reached more than 70% of MDA centers and are expected to reach at least 90% by PDUFA.

To find the patients who are still misclassified within the broader LGMD population, we launched Type Hype, a patient-facing campaign that encourages people with suspected LGMD to ask their doctor about genetic testing. The drug is manufactured and ready to go in channel. We are poised to deliver for a patient community that has waited far too long. Turning next to infigratinib for achondroplasia, we’re heartened that the FDA accepted our NDA and granted priority review with a remarkable PDUFA date of February 4, 2027, meaning if all goes well, we will launch the only oral product for achondroplasia less than 12 months since the entry of the latest commercial injectable. Infigratinib holds breakthrough therapy, fast track, and rare pediatric disease designations and is the only therapeutic option in development for achondroplasia with BTD.

We have also submitted an MAA to the EMA and anticipate EU approval in the second half of 2027. Recall that PROPEL 3 is the only achondroplasia Phase 3 study published in the New England Journal of Medicine and remains the only program with placebo-controlled efficacy beyond annualized height velocity at 52 weeks, including statistically significant improvements on both proportionality and arm span. In September, we presented additional benefits beyond height over 52 weeks: children on oral infigratinib had a 38% lower rate of ear infections than placebo and their sleep apnea measures stayed stable compared to a 49% increase on placebo. We are also the only program in this space with an obstructive sleep apnea and otitis media dataset. On the commercial side, our U.S. field team for oral infigratinib is fully staffed with deep experience across growth disorders including achondroplasia, rare genetic conditions, and competitive launches.

Finally, encaleret for ADH1. The NDA is under priority review with the PDUFA target action date of May 8, 2027 with no advisory committee planned, and our MAA has been submitted to the EMA with potential EU approval in the second half of 2027. Encaleret would be the first approved therapy specifically indicated for ADH1 in both the United States and Europe. The U.S. field team dedicated to encaleret has been trained and deployed, and we have identified greater than 600 genetically confirmed patients, up from approximately 500 last quarter.

Since we last spoke, we have seen three further pieces of the story told by our Phase 3 study in ADH1, CALIBRATE. First, kidney: at ASN Kidney Week, we have shown that in addition to normalizing blood and urine calcium, encaleret was associated with a significant increase in kidney function at week 24 compared with conventional therapy, with an eGFR change of +11 versus +3 mL per minute per 1.73 meters squared. Given that long-term complications of conventional therapy are nephrocalcinosis, kidney stones, and chronic kidney disease, that is not an incidental finding.

Second, in the bone: at ASBMR, encaleret demonstrated bone turnover by restoring the bone’s own PTH production, which says that the drug is addressing the underlying biology of the disease rather than simply influencing symptoms. Third, how patients feel: 100% of participants on encaleret reported improvement in at least one ADH symptom versus 46% on standard of care, with the largest deltas in fatigue, muscle spasms, tingling, and brain fog—the things that people with this condition live with every day, even on conventional therapy.

Our CALIBRATE PEDS trial, our registrational Phase 2/3 study in pediatric ADH1, has completed enrollment of the first of four cohorts, adolescents 12 to 17. And as I said last quarter, ADH1 approval is the beginning of encaleret’s potential, not the end. In October, we dosed the first participant in RECLAIM-HP, our global registrational Phase 3 in chronic hypoparathyroidism, a condition affecting approximately 200,000 patients in the U.S. and EU and a substantial expansion of the encaleret opportunity beyond ADH1. The study will enroll approximately 160 individuals with a primary endpoint: the proportion of participants achieving both blood and urine calcium normalization at week 24.

I won’t repeat the full mechanistic argument from last quarter, but I’d simply reiterate that endpoints are reliable, the drug’s onset is rapid, and in our proof of concept, 80% of post-surgical patients normalized both blood and urine calcium within five days. We continue to see this as a relatively quick trial with a high probability of technical success, and we anticipate top-line results in the next 15 months. So put simply, we are a company with three launches in the next seven months. I’m not aware of many companies our size that have been handed that type of opportunity, and we don’t intend to waste it. From the standpoint of operations, that means both focused execution against these three launches and taking advantage of our Silicon Valley roots to continue to pioneer a commercial model fit for today’s technologies, where AI is redefining how physicians are having conversations with themselves, patients with themselves, and physicians with their patients.

Those conversations are being buttressed by new devices and technologies that allow us to measure ever more signals of health from functional endpoints all the way back to genetics. We anticipate elaborating on how we intend to operate within this modern commercial concept on future calls. But needless to say, the parallel introduction of a genome that costs $250, coupled with AI’s ability to identify and educate patients and physicians, opens up new avenues that we are aggressively exploring.

Finally, our strategic and financial posture continues to focus on taking advantage of our disconnect from intrinsic value through our previously discussed share buyback program and judicious use of resources to capture the full opportunity from each of our launches. With that, I’ll turn it over to Matt.

Matt Outen (Chief Commercial Officer)

Thanks, Neil. This is an exciting and pivotal moment for BridgeBio Pharma. Acoramidis is continuing its growth trajectory. The PDUFA date for infigratinib has been assigned as February 4th. We have a PDUFA date for encaleret for ADH1 of May 8th and, of course, the imminent approval and launch of BBP-418, which is just a few weeks away. This represents three unique NDAs, all assigned priority review by the FDA. I’ll take you through updates for each of our programs, starting with acoramidis.

Acoramidis delivered another strong quarter. Net product revenue was 253 million, up 134% from Q3 of last year, driven by continued share gains in the first line. The reason is the evidence, and it has become impossible to ignore across real-world datasets. The pattern is consistent: patients on acoramidis are doing better than patients on tafamidis. At HFSA, we presented an independent analysis of 2,684 propensity score–matched patients with ATTR-CM from Epic Cosmos.

Compared with tafamidis, acoramidis was associated with an 18% lower risk of death, hospitalization, new onset of atrial fibrillation, or diuretic intensification, and 25% to 27% lower risk of all-cause cardiovascular and heart failure hospitalization. This builds on the Comodo analysis published in September. Different datasets, comparative contemporary populations, same answer. This is also exactly what you would expect: in our Phase 3 trial, acoramidis separated from placebo in just three months with a 50% reduction in cardiovascular hospitalization.

At ESC, we showed the survival benefit holds through 54 months, including in variant disease V142I, also known as V122I. These results are what we have come to expect from the only near-complete stabilizer and is why we believe acoramidis is a stabilizer of choice. We are also investing in finding patients: in recognition of World Amyloidosis Day, we launched a nationwide ATTR-CM education effort with community partners, because too many patients remain undiagnosed.

For the rest of my time, I want to focus on the three upcoming launches in order of PDUFA date. First, I’ll start with BBP-418. I’m really excited that we’re mere weeks away from potentially launching the first and only treatment in LGMD2I/R9. This represents a huge milestone for patients. In October, at the World Muscle Society Congress, we presented additional FORTIFY data, including exploratory cardiac data, adding to an already strong profile.

Cardiac involvement is a top concern for patients and HCPs, so this is a meaningful addition to the body of evidence on the impact of BBP-418 in LGMD2I/R9. Our field teams are hired and deployed, with field medical engaging centers since May and our commercial team in the field since August ahead of approval. Their work is focused on readiness on the ground, including disease state education and genetic testing awareness. Through a combination of claims, genetic testing, and account profiling, we have identified more than 500 patients living with LGMD2I/R9 in the U.S., and about 70% of them receive care through the MDA Care Center Network.

Our account managers have already introduced themselves to more than 70% of those centers and expect to reach more than 90% by launch. On awareness, around LGMD Awareness Day in September, we launched Type Hype, a patient-facing awareness campaign encouraging people with suspected LGMD to talk with their doctor about genetic testing. Because many people living with LGMD2I/R9 remain undiagnosed, patient support programs modeled on our prior launches will be in place at launch.

Turning to Europe, based on multiple positive, highly collaborative interactions with national health authorities in the EU, we intend to submit a Marketing Authorization Application to the EMA in the first half of 2028 based on a FORTIFY final analysis at the 36-month time point. Due to a founder mutation most often found in people of Northern European ancestry, Europe represents the highest density of LGMD2I/R9 prevalence globally, with up to 4,500 patients.

All launch work streams are on schedule and we are ready for the FDA’s decision in November and the opportunity to bring BBP-418 to the patients who need it. Second, I’d like to discuss infigratinib in achondroplasia, which is the biggest update since last quarter. On October 6, the FDA accepted our NDA with priority review and set a PDUFA date of February 4, 2027, ahead of the mid-2027 launch timing we described last quarter. Our field team is hired, trained, and in the field, profiling accounts and providing disease state education. The team is sized to compete effectively and to capture the market opportunity.

They bring deep experience in rare disease, achondroplasia, and pediatric endocrinology. Our sales team is building on a foundation that has been in place for some time. Our field medical team has been meeting with Centers of Excellence and key opinion leaders for 14 months, and our advocacy team has been engaged with the achondroplasia community for over seven years. We continue to hear from HCPs and families that the anticipation of infigratinib continues to build.

We’re ready and excited for the February 4th PDUFA date and to bring the first and only oral option to families living with achondroplasia. Third, let me turn to encaleret in ADH1, which has a PDUFA date of May 8th, 2027. Of note, encaleret also received priority review. It would be the first and only therapy specifically indicated for ADH1. The team we described last quarter is now on board and deployed in the field, with nearly 90% bringing rare disease experience to the team. We have also added field medical and field reimbursement roles this quarter. Most of our efforts have gone into finding patients.

ADH1 is genetically distinct, but it presents like hypoparathyroidism, and most people living with it are carried under that diagnosis for years before anyone thinks to test for the mutation. So the work ahead of launch is disease state education, including diagnosis. Our primary call points are endocrinologists and nephrologists, and this quarter we expanded sponsored genetic testing utilization and deepened the disease education across both specialties.

The effect is that patients are being identified who would be eligible for treatment upon approval. We have now identified more than 600 genetically confirmed patients, up from approximately 500 last quarter, and that number continues to grow. Looking beyond the U.S., we have also submitted MAAs to the EMA for both infigratinib and encaleret, positioning both for potential approvals in Europe in the second half of 2027. In summary, while we continue to grow acoramidis, we also have three additional programs that are on track to launch at their respective PDUFA dates.

With that, I’ll turn the call over to Tom.

Tom (Chief Financial Officer)

Thank you, Matt. Good afternoon, everyone. I’ll now walk through our financial results for the third quarter of 2026. Our commentary will focus on GAAP financials unless otherwise noted. Total revenues for the third quarter of 2026 were $353.2 million compared to $120.7 million for the same period in 2025. The increase was primarily driven by growth in attribute net product revenue and $75 million in license revenue from a one-time sales milestone for Biantra, reflecting strong uptake in Europe due to our differentiated product profile and excellent commercial execution by our partner Bayer. US attribute net product revenue in the quarter was $253.2 million compared to $108.1 million in the same period last year.

Royalty revenue was $20.5 million compared to $4.3 million in the same period last year, primarily earned from net product sales of Biantra in the EU and Japan. Total operating expenses for the third quarter of 2026 were $344.4 million compared to $259.3 million for the same period last year. The $85.1 million increase reflects continued investment in Truby and preparations for our three upcoming launches. Turning to the operating line, in the third quarter, we recorded an $11.6 million loss from operations compared to a $145.2 million loss in the same period last year. The improvement was driven by growth in attribute net product revenue, higher Biantra royalties and a $75 million Bayer sales milestone, partially offset by a disciplined increase in opex.

Aside from the one-time impact of this milestone, the operating line was particularly strong in 3Q due to timing of expenses related to our three upcoming launches. We anticipate opex will catch up in the fourth quarter of this year, followed by more modest steady growth paired with improvement of the operating line throughout 2027 and beyond. Now onto the balance sheet. As of September 30, 2026, our cash, cash equivalents and marketable securities were $1.5 billion, representing our strongest reported cash position in the company’s history. Our strong cash position, together with our improving financial trajectory, allows us to fully resource our next phase of growth, including our upcoming launches and continued investment in Truby while also investing in label expansion and lifecycle management.

With that, I’ll turn the call back over to Chinmay.

Chinmay Shukla (Chief Business Officer)

Thank you, Neil, Matt and Tom. Operator, please open the line for questions now.

OPERATOR

We will now begin the question-and-answer session. Please limit yourself to one question. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Corey Kazimov with Evercore ISI.

Your line is now open. Please go ahead.

Corey Kazimov (Analyst at Evercore ISI)

Hey guys, good afternoon. Thanks for taking the question. Wanted to ask about Truby. Obviously, there’s been a lot of debate around how to think about quarter-over-quarter growth. So you put up a sequential increase of $31 million this quarter. Is that still the right base to build off of as we think about Q4 into next year? Or maybe asking it another way, what would need to happen, whether it’s first-line share, market growth, broader recognition of the compelling real-world evidence you’ve been building, or something else, for that number to step up from here?

Thank you.

Neil Kumar (Chief Executive Officer)

Hey Corey, thank you for the question. We do think that that $25 to $30 million is the right number near term, and eventually it will go up more from there. But let me pass it on to Matt, our Chief Commercial Officer, to expand more upon that.

Matt Outen (Chief Commercial Officer)

Yeah, thanks, Corey. So, I mean, we’re really pleased with our Q3 results and the continuation of what’s been a very strong launch for Truby. As we’ve discussed previously, we’re really focused on the first-line setting. I think that’s where everyone is sort of looking and, you know, we believe this is where the most growth can be found and this is where we’ve been growing the most with Truby. It’s pretty clear that stabilizers are the therapy of choice in the first line, and as the only near-complete stabilizer in ATTR-CM, we feel that Truby is very well positioned for continued growth.

There’s still a lot of opportunity to diagnose and treat patients, just due to the really high number of undiagnosed patients. And as you heard Neil discuss in his initial comments, that incredible real-world evidence and renal-protective data for Truby. We’ve just started getting that out into the market. We believe that this type of data is going to continue to drive share for Truby in Q4 and also beyond.

Corey Kazimov (Analyst at Evercore ISI)

Perfect. Thank you very much.

OPERATOR

Your next question comes from the line of Tyler Van Buren with TD Cowen. Your line is now open. Please go ahead.

Nick

Hey guys, this is Nick on for Tyler. Thanks very much for taking our question. So you mentioned Q4 and moving forward, but as you think about next year and the new 340B plan going into effect, how could this possibly or positively impact the Truby sales and potentially increase some new accounts coming online or increase prescribing patterns? Any thoughts on that would be very helpful. As well as anything that you guys are seeing in Q3 in terms of new patient starts, breadth of prescribers and persistence of treatment that could be leading indicators moving forward would be really helpful.

Neil Kumar (Chief Executive Officer)

Hey Nick, thank you for the question. I’m going to pass it again to Matt to discuss this.

Matt Outen (Chief Commercial Officer)

Sure. Let me break it up into the two sections that you sort of described. So, you know, as I was just discussing, Truby really growing well in the front line, but I can elaborate a little bit with some of the metrics that we look at when we think about how we’re doing and what to consider in the future. Our gross to net remains and has been very stable for Truby, and our persistency and compliance rates are extremely strong and high. So I think those two things in particular are something we watch closely, and they’ve been very consistent for us.

You may have seen our recent marketing campaign of speed, strength and stability, which highlights how quickly Truby works and how well it keeps the patients out of the hospital. Those two things have been since launch, and continue to be, two of the main reasons that physicians reach for a specific medication. We have the best team in the industry, so I have to throw out that, of course. And then one last thing to consider, too: the number of new prescribers who use Truby in the first line continues to expand with consistent growth every single quarter.

And as we’ve reported previously, when someone uses Truby, they tend to keep doing it over time, which is going to lead to long-term increase in prescription and share for Truby prescriptions. And then on your second point regarding ASP, I think much like the IRA change with Part D, the proposed ASP change really helps level the playing field. I need to stress there’s no way to know if the change will pass and what it will look like, but if it does, it’s important to know that it impacts Part B, as in boy, medications, not Part D, as in David, medications, like Truby. So there is no negative impact on Truby regardless of what passes. We could see a positive impact, but we really have to wait and see what that final legislation looks like.

So I would say stay tuned. The expectation is that we’re going to hear on that fairly soon.

Chinmay Shukla (Chief Business Officer)

Yeah, and just to build on what Matt said, I think I wanted to just highlight what Neil mentioned in his prepared remarks in terms of trying to go after the long tail of prescribers and really expanding the prescriber base. I do think that that is going to be one source of growth in the future for Truby in the US. And then just the other thing we wanted to highlight here, Nick, is, in terms of leveling the playing field, Europe is a very good example of what a market with a level playing field looks like. We’re extremely excited to see Bayer’s very strong launch of Biantra in Europe. I think Biantra is now the leading brand in Europe, and you can see that even in our third quarter, we had a little more than $20 million of royalty revenue. And of course, we received the $75 million sales milestone slightly ahead of expectations.

So we feel good about where things are and we feel good about where things can be even better if the playing field gets leveled.

Nick

That’s very helpful. Thank you very much for the color.

OPERATOR

Your next question comes from the line of Josh Schimmer with Cantor Fitzgerald. Your line is now open. Please go ahead.

Josh Schimmer (Analyst at Cantor Fitzgerald)

Great, thanks for taking the questions. A question on capital allocation, but maybe in two parts. As you expand the Truby salesforce to address the long tail of prescribers, how do you think about the importance of acquiring another product to improve the efficiency of their calling efforts? And then, of course, there’s a lot of chatter around the prospects of acquiring the outstanding ownership of Gondola to reintegrate that pipeline. So how do you think about both of those potential opportunities?

Chinmay Shukla (Chief Business Officer)

Yeah, Josh, thank you for the question. So maybe I’ll try and unpack some of this. So, yeah, I think we’re very excited about Gondola’s progress. They have a deep and exciting pipeline, and they have some very talented leaders running the company, and James Morgan and Peter. Having said that, I think as Neil mentioned in his prepared remarks, for BridgeBio Pharma, we’re focused on execution here because we have a broad opportunity in front of us with Truby.

First of all, as you mentioned, you know, trying to go after the long tail. Our field force is right-sized, but I think that it is going to require some investment. I think where we think we can innovate here is using AI and other tools to really think about what a modern commercial organization looks like. And obviously, being here in the Valley is very helpful for that. So I think that is our big focus. I think we are also extremely focused on launching these next three products. I think that we have the opportunity to help a very large number of patients and really significantly grow our top-line revenues. And then finally, I think that there is a lot of exciting pipeline activity at Bridge, both with the hypopara phase 3 trial, which I think will read out in early ’28, as well as the antibody program which we just announced today. We’ve nominated a discovery candidate and which we think could be in the clinic, you know, not too distant of a future.

So that’s what we are focused on today. And maybe just taking a step back since you asked us our thoughts more broadly on capital allocation, you know, first use of capital is operations and fully funding the operations, so that comes first before anything else. For any excess capital we think about three options. The first is just retaining the cash on our balance sheet and getting optionality value. Second is to grow our pipeline, whether it’s through M&A or through, like, integrating our sister company, things like that.

Third is buying back shares, which obviously, as you guys saw in our Q, we bought back a few shares in September. The way we decide about it is we look at what the IRR is on all these opportunities, and we think about what our long-term shareholders will reward the most. So we really do think about shareholders before we make any of these capital allocation decisions. And my hope is that this color helps you guys understand how the company will invest its capital.

Josh Schimmer (Analyst at Cantor Fitzgerald)

Thank you.

OPERATOR

Your next question comes from the line of Biren Amin with Piper Sandler. Your line is now open. Please go ahead.

Baron

Yeah, hi guys, thanks for taking my questions. Maybe another on the balance sheet: you’ve got about one and a half billion of cash and three product launches in the near term. How should we think about funding needs of a truby and the new launches, and do you have what you need to get to profitability with the current balance sheet? Thank you.

Tom (Chief Financial Officer)

Hey Baron, this is Tom. Good to hear from you. So yeah, very strong balance sheet as you mentioned. With $1.5 billion of cash today, I feel very comfortable with the cash that we need to continue executing on ATTRibute and to launch the next three products in a way that’s disciplined but resourced to win, certainly in these critical markets and these communities that we’re trying to serve here. So, you know, just piggybacking on Chinmay’s earlier comment, I feel like operational cash needs are well covered by that $1.5 billion of cash. And you can see that our cash flow from operations generally has been on a downward trajectory. Maybe to connect that a little bit with how we see the P&L evolving as well. So, you know, we’re three quarters of the way through 2026. I’m fairly confident that we’ll average operating loss around $90 to $100 million a quarter this year.

That’s a big improvement from where we were at last year. That was about a $130 million loss a quarter last year, and we were able to achieve this while ramping up sales and marketing spend for coming through launches really due to the fact that we’re starting to see operating leverage show up from the ATTRibute brand. So as we look forward to next year, I see continued margin expansion from ATTRibute and improving operating line throughout the course of the year towards a break-even point.

And this is really going to take us into 2028 where you get to the place where all four of the brands have a chance to be profitable on a standalone basis. And the P&L can really kind of take a unique shape where you’ve got a very interesting and dynamic top line paired with a very strong bottom line as well.

OPERATOR

Your next question comes from the line of Ellie Merle with Barclays. Your line is now open. Please go ahead.

Ellie Merle (Analyst at Barclays)

Hey guys, thanks so much for taking the question. Just wanted to ask about the Ascendis citizen petition on infigratinib. Can you address how you’re thinking about that and do you see any impact on the review timeline or on the label? And second, I guess even if it’s just from a perception perspective for physicians and families, how are you thinking about the commercial implications of this and how you’re addressing the perception with education and awareness around the safety and neurocognitive profile?

Thanks so much.

Neil Kumar (Chief Executive Officer)

Hey Ellie, thank you for the question. It’s great to hear from you. I’m going to pass this one on to Justin, who leads the infigratinib franchise.

Justin (Head of Infigratinib Franchise)

Yeah, thanks so much. So first, we do not anticipate that this will impact our review timeline or label. I think there are a lot of false assertions and assumptions in their citizen petition and, candidly, we think this tactic reflects how concerned they are about our impending launch. It’s unfortunate they have to resort to a clear misuse of the citizen petition mechanism, especially since they were just complaining about BioMarin doing the exact same thing to them about a year ago.

We know the agency historically does not look favorably on petitions being used for competitive purposes. And we also know from the previous BioMarin–Ascendis saga that advocacy groups here and clinicians in this space care a lot about having choice, and ultimately we believe that their hypocrisy will come back to hurt them here. Now, the concerns that they raise have been disproven time and time again. You know, first, the studies that they cite reflect full genetic knockout in mice, which everyone knows is very different than partial pharmacological inhibition of a target. Nonclinically, we conducted all the required tox studies with detailed CNS assessments, and this is required for any program before you start a Phase 2 study, let alone a Phase 3. In addition, we now have data out beyond three years showing that there are no CNS effects or really any AEs indicative of peripheral or CNS FGFR1 or FGFR2 inhibition.

And remember, the agency has cleared us to go even younger in the infant and toddler program. And really at the end of the day, I think they and the physician community would be better served if they spent the same amount of time and energy on generating data for their program. And when we speak to clinicians, they don’t really see this as a concern because they see the data that we have on hand; they understand the fallacy of the argument that’s being made here. And so I think this hasn’t been a concern for us, partially.

OPERATOR

Your next question comes from the line of Saleem Syed with Mizuho. Your line is now open. Please go ahead.

Saleem Syed (Analyst at Mizuho)

Great. Thanks for the question, guys. Congrats on the quarter. Just one from us on 418 if possible. So obviously it’s a holiday PDUFA here. Can you give us sort of the logistics around that? What should we keep in mind as we head into the PDUFA just given the holiday timing? And then also just remind us, if you can, just given this was on an interim analysis, is base case here currently full approval or accelerated? Thanks so much.

Neil Kumar (Chief Executive Officer)

Hey Saleem, thank you for your question. I’m going to pass this one on to Anna Wade, who leads the neuromuscular franchise.

Anna Wade (Head of Neuromuscular Franchise)

Hi Saleem, thanks so much for your question. I’m pleased to say that we continue to have very positive interactions with the agency as they’ve been conducting their review, and given their continued engagement and feedback to date, we’re confident that this will be a traditional full approval and everything is looking on track for the November 27 PDUFA action date. We’re excited about the potential, obviously, for BBP-418 to serve this LGMD community in the relatively near term.

OPERATOR

Your next question comes from the line of Andrew Tsai with Jeffries. Your line is now open. Please go ahead.

Andrew Tsai (Analyst at Jefferies)

Thank you. Congrats on the continued execution. Now that the RECLAIM study has started dosing patients, can you talk about how you guys are thinking about the market opportunity for the bigger hypo PTH market and how should we size that relative to ADH1? And then as for the Phase 3 study itself, what do you guys think is the fundamental kind of efficacy bar for you to ultimately take meaningful share over your competitor? Thank you.

Neil Kumar (Chief Executive Officer)

Hey Andrew, thank you for the question. I’m going to pass it to Anant Sridhar, who leads ADH1 and Hyperpara for us, to answer it.

Anant Sridhar (Head of ADH1 and Hyperparathyroidism Programs)

Yes, it’s a great question, and it’s exciting to advance encaleret into this registrational study. The RECLAIM-HP study of encaleret in chronic hypoparathyroidism, especially at a point where it is under registrational review, enables us to further interrogate its clinical profile and advance its potential clinical utility for a broader population. To directly respond to your question, we estimate around 200,000 prevalent chronic hypopara patients in the US and Europe. Relative to ADH1, we estimate about 25,000 prevalent ADH1 patients in those same geographies. In terms of some of the early observations from the study, where we’re seeing demand to be the strongest, it’s amongst three cohorts—and Chinmay actually had touched on these in our Q1 earnings call earlier this year. Those three populations are patients with persistent hypercalciuria—this is about 50% of the chronic hypopara population.

Secondly, it’s coming from patients with low bone mineral densities, or osteopenic or osteoporotic individuals, who may not be great candidates for PTH analogs given the potential iatrogenic risk of compression vertebral fractures that have been observed on those therapies. Then finally, the third population is patients with injection site reactions or needle aversion. This represents about 40% of the population based on our estimates. And these are the three cohorts that have expressed the strongest interest in our study.

And then to your second question, what’s the bar for success. We have a more stringent primary endpoint for this study, as may have been seen in precedent studies in the indication, as we’re evaluating the concomitant normalization of both blood and urine calcium relative to placebo. Robust clinical effect versus placebo paired with a consistent safety profile would meet our threshold for success and I think would substantiate a new option for patients in the community with chronic hypoparathyroidism.

Andrew Tsai (Analyst at Jefferies)

Very good, thank you.

OPERATOR

Your next question comes from the line of Anupam Rama with JP Morgan. Your line is now open. Please go ahead.

Anupam Rama (Analyst at J.P. Morgan)

Hey guys, thanks so much for taking the question on 418 in Europe. Hold on, that’s, that’s, that’s Kazimov messing with me. On 418 in Europe, you noted today that you’re now planning on submitting an MAA in 1H28 based on your interactions with health authorities. Can you give us some color on what came out in those conversations and what’s driving that timing? How can we think about the EU opportunity in Limb-Girdle versus the U.S.?

Neil Kumar (Chief Executive Officer)

Yeah, hey, no, thanks for the question. I’ll pass it on to Anna to talk about it.

Anna Wade (Head of Neuromuscular Franchise)

Thanks for the question, Anupam. So yeah, these are based on multiple productive meetings we’ve had with EU national authorities. In those meetings, the feedback we’re getting was they reiterated the compelling nature of the data that we were showing with improvements from baseline in both ambulation and forced vital capacity. However, the main difference there is that these authorities indicated that they wanted to see the 36-month data as originally contemplated in the protocol, and that’s basically because they don’t have the same regulatory flexibility in Europe as we do in the US.

So what we’re planning on doing is completing the ongoing 36-month study in the second half of next year, and that data will be used to support the MAA filing, as you mentioned, in first half of ’28. In terms of the opportunity, we see this as a very meaningful opportunity considering that this is a larger population in Europe than in the US, and we’re estimating over 4,000 patients currently in Europe with LGMD2.

OPERATOR

Your next question comes from the line of Derek Archila with Wells Fargo. Your line is now open. Please go ahead.

Derek Archila (Analyst at Wells Fargo)

Hey, good evening and thanks for taking the questions. Maybe just staying on the Limb-Girdle theme here. As we think about the Limb-Girdle launch, how should we be thinking about modeling these first couple quarters? I know it’s early, but how should we frame that ramp and what sort of KPIs are you willing to share as soon as you know or soon after the launch starts. Thanks.

Neil Kumar (Chief Executive Officer)

Yeah. Hey Derek, thank you for the question. I’m going to pass it on to Anna to talk about this.

Anna Wade (Head of Neuromuscular Franchise)

Thanks, Chinmay, and thanks, Derek. So as you heard today, we’re really excited about the LGMD2I launch and the potential benefits of BBP-418 that can provide this community. We’re feeling really good about the ongoing preparations for launch. Interactions in the field continue to be very positive and at recent medical meetings as well, the most requested data we hear from HCPs has been the cardiac data, based on the fact that it’s just such a key driver of morbidity and mortality in this disease.

And that data was recently shared at WMS as both Neil and Matt discussed. And so we’re really feeling very good about the launch, and physicians have actually been contacting our medical team, letting us know that they’re ready and waiting for the potential new therapy for LGMD2I. As has also been mentioned, we have identified 500 unique genetically diagnosed patients to date, and we expect to fully penetrate that identified patient pool by year three. As we go through the launch, we’ll be sharing what we’re hearing from the field, and you can expect that more quantitative metrics will follow later, probably around the Q4 earnings call in early next year.

Chinmay Shukla (Chief Business Officer)

Yeah, I think just to build on that, Derek, we always communicate very transparently on launches, and as you know we did the same thing with acoramidis. So we’re going to think about what are the right metrics which investors should look at and then, as Neil mentioned in his prepared remarks, importantly what is the right frequency at which we give those updates. So as we make those determinations we will announce it, and you can expect us to talk about it and to talk about how things are going once we are out in the field.

We’re very excited for this opportunity to potentially help patients with limb-girdle muscular dystrophy type 2I.

OPERATOR

Thank you. Your next question comes from the line of Danielle Brill with Truist. Your line is now open. Please go ahead.

Danielle Brill (Analyst at Truist)

Hey guys, thanks for taking my questions on infigratinib. I wanted to ask about hypochondroplasia. You mentioned the phase 2/3 dose-escalation study is expanding to higher doses to find the optimal dose. Can you walk us through the rationale for going higher, what the safety data is telling you there, and how it affects the timeline to pivotal data? Thank you.

Neil Kumar (Chief Executive Officer)

Yeah, Danielle, thanks for the question. I’ll pass it on to Justin.

Justin (Head of Infigratinib Franchise)

Yeah, thanks so much for the question. So as a reminder, the purpose of our phase two study was to do a dose escalation to find the optimal dose. Now, in achondroplasia we stopped at 0.25 milligrams per kilogram, not because of safety reasons, but because we hit the optimal efficacy level for that indication, bringing ACH back to wild-type levels and showing stat signal proportionality in arm span. In hypochondroplasia, which is a different indication, the optimal dose may be different given the heterogeneity of mutations here and a different phenotype that’s seen. And really given the clean safety profile that we’ve now seen in PROPEL 3 long-term extension study as well, of course in our hypochondroplasia program, and the fact that we don’t see any FGFR1 or 2 inhibition at these doses, we feel really comfortable exploring additional doses, and the agency is supportive of that decision as well.

Ultimately, we’re confident that we still have some distance from the top of the therapeutic index.

OPERATOR

Your next question comes from the line of Jason Zymanski with Bank of America. Your line is now open. Please go ahead.

Jason Zymanski (Analyst at Bank of America)

Good afternoon, congrats on the great progress and thanks for taking our question. I guess moving to the payer side, we’re hearing a large payer has started restricting first-line use of a TTR gene silencer. Does this apply to acoramidis and, I guess, if so, which patients are affected and what does the path to access look like? How should we be thinking about the impact on first-line starts and the risk of similar restrictions at other payers? Thanks.

Neil Kumar (Chief Executive Officer)

Yeah, I’m going to pass it on to Matt to answer, Jason, and it’s great to hear from you.

Matt Outen (Chief Commercial Officer)

Yeah. Hey Jason, I think we’re probably talking about United here. United hasn’t made any changes to acoramidis in 2026. It made a change back in mid-2025 to perhaps prefer Vyndamax. But acoramidis has been able to continue to grow since then, you know, since launch through all of this. Up till now our approval rates through appeal are over 90% and acoramidis continues to grow quarter over quarter. So there’s really nothing new here for acoramidis.

It always, especially in a Medicare market, comes down to HCP and patient preference. And if an HCP wants acoramidis, they can get it for their patients, and we’ve shown this since launch.

OPERATOR

Your next question comes from the line of June Lee with UBS. Your line is now open. Please go ahead.

June Lee (Analyst at UBS)

Hi. Thanks for taking our questions. We’re really intrigued by the opportunity of encaleret in chronic hypoparathyroidism. As you enroll these post-surgical patients, are you tracking who has partial versus hemi versus total thyroidectomies? Our understanding is that different post-surgical patients may present with varying degrees of severity and may have a different responsiveness to encaleret. And related to that, what is your powering assumption for the Phase 3 RECLAIM-HP, and what is that based on?

Thank you.

Neil Kumar (Chief Executive Officer)

Yeah, hey June, thanks for the question, and thank you — thanks for the deep work which you’ve done on our hypopara program. Let me pass it on to Anant to talk more about these questions.

Anant Sridhar (Head of ADH1 and Hyperparathyroidism Programs)

Yes, and thanks for your interest in the program — we share it. On your first question on whether we’re monitoring for or assessing the extent of parathyroid tissue loss as a result of surgery or anterior neck injury, it’s really hard to assess that. Sometimes tissue is left inside but it loses vascularization and hence function. What we are going to be measuring at baseline, similar to other analog studies, is the extent of PTH concentrations in blood, calcium, and urine calcium at baseline.

And we’ll obviously assess longitudinal changes on our treatment. In terms of powering assumptions, we randomized the study three to one. We power the study to assess for a differential clinical benefit on achieving concomitant normal blood and urine calcium. And as a reminder, we informed these estimates based on what we saw in our proof-of-principle phase two with some more conservative estimates. In that study we saw that none of the patients achieved that primary endpoint on conventional therapy, whereas 80% achieved that profile on encaleret within five days.

So we’ve obviously taken some steps to be more conservative in our powering assumptions, but those signals from that study helped inform our powering estimates.

OPERATOR

We have reached the end of the Q and A session. I will now turn the call back to Pablo Alvira for closing remarks.

Pablo Alvira

Thank you everyone for joining us for our third quarter earnings call today. We appreciate your interest and we look forward to updating you again next quarter.

OPERATOR

This concludes today’s call. Thank you for attending. You may now disconnect.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.

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BridgeBio Pharma (BBIO - Free Report) reported $353.17 million in revenue for the quarter ended September 2026, representing a year-over-year increase of 192.6%. EPS of -$0.42 for the same period compares to -$0.95 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $296.58 million, representing a surprise of +19.08%. The company delivered an EPS surprise of +30%, with the consensus EPS estimate being -$0.60.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how BridgeBio Pharma performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Net product revenue: $253.35 million compared to the $254.92 million average estimate based on six analysts.Revenues- Royalty revenue: $20.51 million versus the five-analyst average estimate of $18.32 million.Revenues- License and services revenue: $79.31 million compared to the $7.47 million average estimate based on three analysts.View all Key Company Metrics for BridgeBio Pharma here>>>

Shares of BridgeBio Pharma have returned +7.6% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Exponent (EXPO - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.6 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.67%. A quarter ago, it was expected that this engineering and scientific consulting company would post earnings of $0.55 per share when it actually produced earnings of $0.6, delivering a surprise of +9.09%.

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

Exponent, which belongs to the Zacks Consulting Services industry, posted revenues of $153.06 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 2.72%. This compares to year-ago revenues of $137.07 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

Exponent shares have added about 11% since the beginning of the year versus the S&P 500's gain of 13.1%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Exponent was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.51 on $139.04 million in revenues for the coming quarter and $2.31 on $588.74 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Consulting Services is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, CRA International (CRAI - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 5.

This consulting firm is expected to post quarterly earnings of $2.06 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

CRA International's revenues are expected to be $198.64 million, up 6.9% from the year-ago quarter.

Broadstone Net Lease, Inc. ( BNL ) Q3 2026 Earnings Call October 29, 2026 11:00 AM EDT Company Participants Brent Maedl - Director of Corporate Finance & Investor Relations John Moragne - CEO & Director Ryan Albano - President & COO Kevin Fennell - Executive VP, CFO & Treasurer Conference Call Participants Eric Borden - BMO Capital Markets Equity Research Anthony Paolone - JPMorgan Chase & Co, Research Division Jay Kornreich - Cantor Fitzgerald & Co., Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Upal Rana - KeyBanc Capital Markets Inc., Research Division Linda Tsai - Truist Securities, Inc., Research Division Michael Goldsmith - UBS Investment Bank, Research Division Ryan Caviola - Green Street Advisors, LLC, Research Division Ronald Kamdem - Morgan Stanley, Research Division Michael Gorman - BTIG, LLC, Research Division Presentation Operator Hello, and welcome to Broadstone Net Lease's Third Quarter 2026 Earnings Conference Call. My name is Matthew, and I will be your operator today.

Twilio (NYSE:TWLO) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.

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View the webcast at https://edge.media-server.com/mmc/p/322yprpw

SummaryTwilio Inc reported a strong Q3 2026 with a 16% year-over-year organic revenue growth and a 20% increase on a reported basis, reaching $1.56 billion in revenue.

The company generated a record $326 million in non-GAAP income from operations and $370 million in free cash flow, with a non-GAAP gross profit growth of 18% year over year.

Twilio is strategically focusing on accelerating AI adoption, with growth in voice and consumer AI applications, and launched new identity offerings in private beta.

Twilio’s Q3 results saw significant wins with multi-product customers and AI-native platforms, contributing to a dollar-based net expansion rate of 114%.

Guidance for Q4 2026 projects revenue between $1.595 to $1.605 billion, with an increase in full-year 2026 organic revenue growth outlook to 15% from the previous 13%-13.5%.

Full TranscriptOPERATOR

Good day and thank you for standing by. Welcome to Twilio’s third quarter 2026 earnings conference call. At this time we are in a listen-only mode. After the speakers’ presentation there will be a question-and-answer session. To ask a question during the session you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today’s conference call is being recorded.

I would now like to hand the conference over to your first speaker today, Rodney Nelson. Please go ahead.

Rodney Nelson (Investor Relations)

Good afternoon everyone and thank you for joining us for Twilio’s third quarter 2026 earnings conference call. Joining me today are Khozema Shipchandler, Chief Executive Officer, Aidan Viggiano, Chief Financial Officer, and Thomas Wyatt, Chief Operating Officer. As a reminder, we will disclose non-GAAP financial measures on this call. Definitions and reconciliations between our GAAP and non-GAAP results can be found in our earnings presentation posted on our IR website at investors.twilio.com.

We will also make forward-looking statements on this call, including statements about our future outlook and goals. Such statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those described. Many of those risks and uncertainties are described in our SEC filings, including our most recent Form 10-K and our forthcoming Form 10-Q. Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made.

We disclaim any obligation to update any forward-looking statements except as required by law. With that, I’ll hand it over to Khozema and Aidan who will discuss our Q3 results and then we’ll open the call for Q&A.

Khozema Shipchandler (Chief Executive Officer)

Thanks, Rodney. Good afternoon everyone and thank you for joining us today. Twilio had a great third quarter. Revenue grew 16% organically while non-GAAP gross profit grew 18% year over year. We generated $326 million in non-GAAP income from operations and $370 million in free cash flow, record quarters for both. We are in the very early stages of an AI supercycle. Voice and consumer AI have gained early traction, but penetration is still extremely low. This bodes very well for Twilio. Developers and enterprises alike choose Twilio because of our fast, trusted, and reliable infrastructure that works seamlessly with their existing technology stacks. Customers grow with Twilio because we provide global scale and rich context, and integrate to virtually any technology, as companies continue experimenting with which AI environments are optimally tuned for their purposes.

In short, we provide fast ROI so our customers can take advantage of the incredible innovations spurred by AI today and the inevitable innovations to come tomorrow. The leading voice and consumer AI companies are using our platform to power the first wave of agentic experiences. While the growth rates of these companies are incredible and the technology is awesome, as consumers, most of us have limited interactions with both voice and consumer AI in daily life. Part of this is just the natural adoption cycle, which should create enormous tailwinds for the company. Part of this has to do with trust, knowing who or what an agent represents and always understanding what it’s doing, why, and for how long.

And finally, ROI has been hard to come by. This is a good setup for Twilio. We are building a company to accelerate AI adoption. We have long provided a context layer that allows every customer to utilize personalized data to enrich every interaction with the consumer, yielding increased revenue and lower cost plus a better consumer outcome. We have also provided tools such as branded calling and verification capabilities which lead to higher conversion rates and reinforce trust.

At our SIGNAL conference, we included all of these capabilities in a massively simplified console that is easier than ever for developers to utilize and purpose-built for agents as tools like frontier models and Vibe coding applications take off. In addition, we wrapped all of these offerings together so customers can utilize what they need: basic infrastructure, data, hydrated channels, or a complete solution such as Conversation Relay, which remains technology-agnostic at the application layer, allowing customers to make their own technology decisions while ensuring easy integration to our technology partners.

We launched these capabilities as part of a broader Conversations layer which is gaining real momentum in the marketplace. More recently we launched an identity offering into private beta so businesses are able to safely validate who an agent is representing, irrespective of the AI modality they utilize—application, channel, or technology protocol. While it is extremely early, we have been encouraged by customer feedback and intend to launch an offering into general availability next year.

The breadth of the AI opportunity was particularly evident at our annual ExecConnect customer event that we hosted a few weeks ago for top executives from Twilio’s largest customers. The input from customers was encouraging relative to our recent releases and product roadmap. Businesses need trusted channels, they need global scale, they need context, they need higher conversion rates and increasingly they need secure identity, governance, and observability.

They want Twilio to help them innovate at AI speed. Our results reflect this demand. In Q3 we saw continued strong growth in self-serve and ISVs as well as ongoing strength in Voice and Messaging. Our go-to-market team landed notable wins including our first eight-figure Conversations deal with a health insurance provider. This company’s voice AI agent is powered by Conversation Relay and Conversation Intelligence’s real-time transcription to enhance call tracking and reduce agent wrap-up time. We also signed deals with Chapter, Ultra, P11 Labs, Gong, Hugo Boss, Mira AI, Rivian, and Usher.

Our customers continue to expand their usage of the platform across multiple products as their customer needs become more complex, and revenue growth from multi-product customers continues to outpace our corporate average. For example, Mira AI, an AI reachability platform connecting humans and AI agents with hard-to-reach consumers, expanded their messaging use case to include Voice and our Conversations layer. They’re using both to coordinate multi-channel outreach, preserve conversation context, and support consultative sales conversations with proper lead qualification.

Or Usher, the AI-native platform for agentic customer experiences in healthcare, insurance, and the public sector, signed a seven-figure expansion with Twilio. Usher uses Twilio Voice, Messaging, and WhatsApp for multi-channel engagement and is expanding its voice AI capabilities with Conversation Relay. Major health plans use Usher to engage millions of members through multilingual two-way conversations and have achieved 3x higher Medicaid re-enrollment completion rates compared with human-led outreach.

Beyond Medicaid, Usher’s AI agents resolve inquiries and complete complex customer journeys end to end, with customers automating 20% or more of inbound call volume. Another example is Gong, the leading revenue AI company, which signed a seven-figure deal to continue using Voice and other software add-ons for Gong Engage, its AI-powered sales engagement solution. Or Eltropy, an agentic AI platform for credit unions and community banks, which has invested in Twilio’s Conversations layer, and its voice agents now resolve up to 70% of routine member calls on their own. In Q3 the company signed an expansion deal to use both RCS and Branded Calling to improve its trusted customer interactions across multiple channels.

And finally, Chapter, a consumer services company, signed a seven-figure deal to migrate its contact center onto Flex, standing up a fully live deployment in a matter of weeks as part of a broader move to make Twilio the backbone of its customer service operations. In addition, they will leverage Messaging, Voice, and software add-ons like Branded Calling to power a multi-channel experience for their customers. With these customer examples, you can see the power of Twilio. Consumers dictate the terms of how they want businesses to engage with them in their preferred channels and at their preferred time, and they want the ability to seamlessly escalate an interaction to a human agent whenever they want. This richness and flexibility requires significant breadth in technology capabilities, and our innovative platform continues earning validation from analysts, as we were named a Major Player in IDC’s 2026 Conversational Intelligence and Analytics MarketScape during the quarter.

Over the past three years we have accelerated revenue and gross profit growth, increased operating leverage, generated substantial free cash flow, and reduced dilution. We operate from a position of strength. We are committed to creating great financial outcomes for investors and also have the capacity to invest organically and move nimbly on capital allocation, whether additional share repurchases or M&A. We will continue to innovate with focus, discipline, and rigor, anticipating our customers’ needs so they can focus on building their companies.

We have been building Twilio for this moment since inception. We provided essential technology infrastructure that accelerated customers through a variety of technology cycles, and today our newest generation of technology allows another wave of companies in the AI era to move faster than ever. We continue to see an incredibly meaningful set of problems to solve on behalf of our customers in a landscape that is moving fast. We have the financial strength, trusted infrastructure, and innovation wherewithal to win through any cycle.

And with that I’ll turn it over

Aidan Viggiano (Chief Financial Officer)

Thanks, Khozema, and good afternoon, everyone. Twilio had a great Q3, delivering record revenue of $1.56 billion, up 20% year over year on a reported basis and 16% year over year on an organic basis, which excludes incremental U.S. carrier pass-through fees. Non-GAAP gross profit grew 18% year over year. We also generated record non-GAAP income from operations of $326 million and record free cash flow of $370 million. Top-line performance was driven by broad-based strength across our product portfolio and key go-to-market focus areas. Our self-serve channel delivered 30% plus revenue growth while ISV revenue grew 20% plus. Messaging revenue growth was 24% driven primarily by strong volumes and aided by growth in WhatsApp and RCS. Incremental carrier fees contributed roughly 7 points to Messaging’s growth. Voice revenue grew 20% plus, once again driven by a balance of volume growth and software add-ons.

We continue to see strong growth from AI natives and adoption of software add-ons such as Branded Calling, Conversation Intelligence, Conversation Relay, and Verify. Finally, total software add-on revenue growth was 25% plus, and support and services grew 30% plus. Our Q3 dollar-based net expansion rate was 114%, reflecting the improved growth trends we’ve seen in our business over the last several quarters. Incremental carrier fees contributed roughly 4 points to DBNE. We delivered record non-GAAP gross profit of $768 million, growing 18% year over year—our third consecutive quarter of 15% plus non-GAAP gross profit growth. This was driven by continued momentum in our higher-margin products in addition to our proactive efforts to deliver meaningful cost efficiencies across our platform.

Non-GAAP gross margin was 49.2%, down 90 basis points year over year and up 20 basis points quarter over quarter. We incurred incremental U.S. carrier pass-through fees of $53 million, which drove the year-over-year decline. Without these incremental fees, non-GAAP gross margin would have been up 80 basis points year over year and up 30 basis points quarter over quarter. Q3 non-GAAP income from operations came in ahead of expectations at $326 million, up 39% year over year and our fastest growth rate in over two years, driven by strong gross profit growth and continued cost leverage. Non-GAAP income from operations benefited from roughly $11 million in platform credits, which was higher than we anticipated. Non-GAAP operating margin was 21%, up 290 basis points year over year and up 190 basis points quarter over quarter.

Our Q3 non-GAAP operating margin includes a roughly 70 basis point headwind from incremental U.S. carrier fees. We generated $149 million in GAAP income from operations, up 263% year over year. Q3 stock-based compensation as a percentage of revenue was 9.9%, down 230 basis points year over year and up 40 basis points quarter over quarter. We generated record free cash flow of $370 million in the quarter. Additionally, we completed $127 million in share repurchases in Q3 and have roughly $700 million remaining on our current buyback authorization.

Turning to guidance for Q4, we’re initiating a revenue target of $1.595 to $1.605 billion, representing 17% to 17.5% reported growth and 11% to 12% organic growth. Our Q4 reported revenue guidance assumes approximately $75 million in incremental U.S. carrier fees. As a reminder, our organic revenue excludes the contribution from incremental increases to U.S. carrier fees and acquisition-related revenue. In addition, we expect non-GAAP gross profit growth to be similar to organic revenue growth in Q4 due to higher hosting costs for the holiday shopping season and with our email cloud migration now behind us.

Based on our year-to-date performance and our Q4 guidance, we’re raising our full-year 2026 organic revenue growth outlook to 15%, up from 13% to 13.5% previously. We are raising our reported revenue growth outlook to 20%, up from 18% to 18.5% previously. In addition, we continue to expect full-year non-GAAP gross profit growth to be similar to our organic revenue growth rate. Our full-year revenue guidance assumes approximately $245 million in incremental pass-through revenue from U.S. carrier fees.

As a reminder, while the pass-through fees have no impact on our gross profit, income from operations, or free cash flow dollars, they do impact our margin rates. For modeling purposes, we would expect the incremental fees to reduce our full-year 2026 non-GAAP gross margin by roughly 200 basis points when compared with our full-year 2025 non-GAAP gross margin, all else equal. Turning to our profit outlook for Q4, we expect non-GAAP income from operations of $300 to $310 million. We are raising our full-year 2026 non-GAAP income from operations range to $1.19 to $1.2 billion, up from $1.135 to $1.155 billion previously. Similarly, we are raising our full-year free cash flow guidance to $1.19 to $1.2 billion.

Before we open the call for questions, we also wanted to provide a preliminary outlook for 2027. We’ve delivered nine consecutive quarters of double-digit organic revenue growth alongside consistent operating leverage and are in a strong position heading into the year end. Based on the trends we see in the business, we expect full-year 2027 organic revenue growth of at least 10%, well above our 2025 Investor Day framework of 7% to 8% annual organic revenue growth.

We expect 2027 non-GAAP gross profit growth to be similar to organic revenue growth. Turning to profitability, we expect 2027 non-GAAP income from operations of at least $1.35 billion, above our most recent guidance of at least $1.23 billion, which we provided on our Q4 2025 earnings call. We also expect free cash flow of at least $1.35 billion. We will provide more commentary on our fiscal 2027 outlook on our Q4 26 earnings call. Finally, Twilio will host an Investor Day in conjunction with our upcoming Signal Conference taking place in San Francisco on April 13 and 14, 2027. I’m very pleased with the strong revenue and gross profit growth we delivered in the third quarter as well as our ongoing financial discipline that is driving strong profitability and free cash flow. We remain focused on our key go-to-market initiatives and on delivering the essential infrastructure that will help our customers win in the AI era.

And with that, we’ll now open it up for questions.

OPERATOR

Thank you. At this time we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star-1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star-1-1 again. Please wait while we compile the Q&A roster. Our first question comes from the line of Elizabeth Porter from Morgan Stanley. Elizabeth, your line is open.

Elizabeth Porter (Analyst)

Hi, thank you so much for the question. I just had a first question. Just in the first half of the year, you saw organic revenue growth outperform guidance by a bit of a larger than normal magnitude in the first two quarters, whereas the magnitude of beat now is just a little bit more modest and more normalized in Q3. So could you help us unpack what drove the upside relative to your expectations this quarter, and were there any tailwinds that particularly benefited growth in the first half of the year that began to change in Q3 and how that trends through Q4?

Thank you.

Aidan Viggiano (Chief Financial Officer)

Yeah, thanks, Elizabeth. So yeah, I want to make a couple of points on that. So first, as we have said kind of consistently since the last earnings call, we didn’t and still don’t expect 5% plus beats that we saw in both the first and second quarter to kind of be the new normal. We beat the Q3 guidance high end of our guidance by roughly 4 points. And over the last three or so years, if you look at our quarterly beats, they kind of range from 2% to 4%.

So kind of just in the mix there. When you look at this quarter, I’d say the smaller revenue beat in the quarter was primarily driven by Messaging, which decelerated modestly from 18% growth in Q2 to 17% organic growth in Q3. The rest of the business, if you look at Voice, the software add-ons, the self-serve business, they kind of grew consistently quarter to quarter. So a modest deceleration in Messaging—and that is our biggest product at about 60% of our revenue—and that’s really what the primary driver was.

OPERATOR

Thank you. Our next question comes from the line of Alex Zukin of Wolfe Research. Alex, your line is open.

Alex Zukin (Analyst)

Yeah. Hey, guys, thanks for taking the question. I guess maybe on the point about Messaging decelerating slightly. I mean, we’re seeing all of the personal agent kind of stuff going on between multiple vendors. Maybe what is the tailwind there, if any, for Twilio? When would you start to see that show up? And then maybe because what is Twilio’s right to win in this kind of compliance identity space? And maybe any reason that, given some of the incremental products that you’re putting out there and the success of the initiatives with Conversation, any reason why gross profit growth shouldn’t outpace organic revenue growth next year?

Aidan Viggiano (Chief Financial Officer)

Alex, let me start a little bit on Messaging—wasn’t your direct question, but as we look at the quarter and the deceleration that we saw, the primary driver of that was the ISVs. They did moderate a bit as we started to lap tougher comparisons back in 3Q25; that’s when we saw that sales segment kind of accelerate above 20%. So the Messaging deceleration was really just a tougher comparison relative to the first half of the year. I’ll hand it over to Khozema to talk about consumer agents.

Khozema Shipchandler (Chief Executive Officer)

Yeah, I mean, Alex, I would say on the consumer agent side, I mean we definitely have a right to win, I think. I mean it’s been a few weeks, obviously, since all of these different agent platforms have launched. We’re working with all the leading companies. I’m not going to get into specific names, but you can take some signal from that. From our perspective, it’s very much on the come, but it’s going to take some time. I mean the way that we characterized voice AI in our prepared remarks is that it’s about a percent of what the voice interactions are so far.

I mean that’s very, very underpenetrated, which means that there’s a lot of sort of tailwind on the come. As it relates to consumer AI, it’s a fraction of that. So again, I think there’s a lot of activity that’s on the come, and I think we’ll be a beneficiary of that. So we’re very excited about what’s coming and what’s still developing. And I think honestly, like fragmentation is actually relatively useful for us here as well. That kind of goes to identity. In the identity space, I mean, I think it’s just like a natural add-on for many of the things that we’re already doing. We’re already in the transactional flow. As I said a moment ago, there’s a lot of fragmentation. I think the idea of having every one of these agents, if you’re the consumer, being validated on the way in and having a neutral party be able to adjudicate that—like that’s kind of the idea behind it.

And the customers that we’ve spoken to are very excited about the prospect of that. Similarly, business adoption has been slow so far, but as it starts to pick up, they’re going to require the same technology. And so that kind of works both ways, which is why we’re excited about it. And then I think over time you’re right that Conversations or some of the other products, they will help with respect to gross margins and gross profits. But I think as Aidan has said very consistently over the last many years, Messaging is really the weight of the business. The growth characteristics of Messaging, just given that it is structurally lower, they tend to drive the overall margin rate of the business. But on balance, when you start to exclude fees and some stuff like that, we have been doing pretty well from a margin perspective, and I would attribute it to some of our more software-like products, if you will.

OPERATOR

Thank you very much. Our next question comes from the line of Taylor McGinnis. Taylor, your line is open.

Taylor McGinnis (Analyst)

Yeah, hi, thanks so much for taking my question. Maybe Aidan one for you and then Khozema one for you. Aidan, just on despite the decel in messaging, if I look at the 4Q organic growth guide, it’s very similar to how you guided 3Q. So could you just maybe walk through some of the drivers of that? I know there’s the holiday season, there tends to be a seasonal uptick in the messaging business. So could you just walk us through the guide there? And then secondly, Khozema, for you. You guys mentioned a bunch of big voice wins and it sounds like momentum of the pipeline is going really well. But you made the comments about it still being early and some of the stuff taking time. So just in comparison to the over 20% growth, when could we reach that inflection point and where are we with customers in that? Thank you.

Aidan Viggiano (Chief Financial Officer)

Thanks, Taylor. Around the guide, we’re really encouraged by the revenue trends, the performance that we’ve seen in the business both in terms of volumes but as well as our go-to-market execution. And importantly it’s been really broad based. Messaging did decel a point but when you look at the guidance trends we’re guiding to 11 to 12% — that’s consistent with Q3 — but that’s our strongest quarterly revenue guidance in several years. So we feel pretty good about that now.

That said, consistent with how we’ve guided for the last few years and as you know we continue to plan prudently. We are a usage-based business. Q4 is a more volatile quarter for us, just given holiday seasons and things like that. And as I said earlier, we’ve historically kind of delivered organic revenue beats of 2 to 4%. We view that range as more the norm than kind of what we saw in the first half of the year. Beyond that, I wouldn’t really call out anything unusual for Q4, Taylor.

Khozema Shipchandler (Chief Executive Officer)

With respect to the voice wins and kind of the overall momentum, I mean it’s definitely progressing well from our perspective. It’s definitely driven some of the elevated growth that you see on the voice channel. That’s been very exciting obviously for us, and it’s great to see that channel doing so well. I think in terms of broader, more mainstream adoption, I think a lot of that is still coming. The customers that tend to drive the biggest volumes tend to be in regulated industries — traditionally financial services, healthcare and insurance. Those three in particular drive a lot of volume. I think they’re still experimenting a lot, heavily, with AI, but I think once they adopt some of these voice AI use cases, then you’ll start to see it really pick up.

For now, it’s predominantly been retail, e-commerce, food service, stuff like that. And obviously you’ve seen some pickup in customer service as well. But as I mentioned in my answer to the prior question, it’s still 1% penetration in terms of the total available voice minutes out there. From our perspective, this is a great setup. We have 99% of it to go in a market that’s probably growing. There’s just a lot of tailwind here and a lot of growth available for Twilio.

OPERATOR

Thank you very much. One moment. Our next question comes from Samad Samana of Jefferies. Samad, your line is open.

Samad Samana (Analyst)

Great, thank you. Good evening and appreciate you taking my questions. I’ll also give one for Aidan for you just on the identity product. Can you help us think about how monetization there looks? And you said it’s early in the release, but if you could just give us some examples of what the price uplift looks like when that’s attached and is that the use case there for agent to human, human to agent or agent to agent? So maybe just digging deeper into identity.

And then Aidan, for you on the 2027 preliminary outlook. Thanks for giving that. I think it’s very helpful to look ahead. Can you just help us unpack what you’re assuming around messaging and the non-messaging products and whether we should think about messaging as stable versus accelerating like we saw this year? Just dig deeper into both of those and thank you both so much.

Khozema Shipchandler (Chief Executive Officer)

Yeah, let me start, Samad. So on monetization we haven’t quite worked out the model yet. I mean again it’s a private beta, it’s very early. I think what you can probably anticipate is it’ll be usage based, kind of in conformance with the rest of our revenue model. I think that puts us on the right set of customers. You can imagine having identity resolution happen based on different times that an agent, human, etc., is interacting with a different business.

The product is meant to suit all of the use cases that you reference — agent to human, human to agent, agent to agent. In that way it’ll be quite versatile. Finally, I would expect that it does provide a gross margin uplift. It will have more software margin-like characteristics. That’s another reason that we’re pretty encouraged by it. But again, quite early days — it’s in private beta. We’ll talk about it in a more fulsome way including pricing, packaging and margin characteristics when we get into GA next year.

Aidan Viggiano (Chief Financial Officer)

And then on your 2027 question, we were intending to give some directional guidance here. I mean we feel really good about the trends in the business. Messaging is performing quite well. Voice, the software add-ons, some of our largest products — so all of those kind of factor into the outlook. We’re not going to get much more specific than that right now. We will dive deeper into 2027 at our Q4 earnings call.

OPERATOR

Thank you. Our next call comes from the line of Sameet Chatterjee of JP Morgan. Sameet, your line is open.

Sameet Chatterjee (Analyst at JPMorgan)

Hi, thanks for taking my question. Maybe on the voice side, you’ve had 20% plus growth consistently in the recent past and you highlighted that comes both from volume and software add-ons. Is there any way you can sort of break that down a bit more granular for us, in terms of how does the balance of volume versus software add-ons sort of contribute to the 20% plus growth right now — and particularly as you think about next year? I know you said that overall for voice is still early days, but how are you thinking as you sort of think about next year or maybe the next couple of years?

Where does the greater sort of growth opportunity lie? Is it volumes or do you see a bigger opportunity around software add-ons?

Khozema Shipchandler (Chief Executive Officer)

Thank you. Yeah, I’ll start with just the split of the voice growth. It’s actually pretty balanced. I mean we’re seeing a lot of strength in the software add-ons. We see triple-digit growth in some of them — branded calling, Conversation Intelligence, to name a couple. And so really we are seeing minutes grow, so volumes grow, and we’re seeing the attach rate with the software add-ons grow quite quickly as well. Yeah, just to add to that a little more around some of the use cases that we’re seeing, particularly with voice AI — a couple quarters ago was a lot of proof of concepts. Those concepts have now rolled into production. We’re starting to see real realization of our customers, whether it’s AI natives or some of the traditional ISVs that are embedding voice into their platforms, really start to reach some significant scale with their voice usage. And we talked about a few of those customers already in terms of the return that they’re getting on it.

But we’re really encouraged with the overall mix that we’re seeing. Branded calling, the conversation suite in general, is really helping us accelerate the software add-on part of our business, which grew well over 25% this quarter.

OPERATOR

Thank you. Our next call comes from the line of Itai Kidron of Oppenheimer and Company. Itai, your line is open.

Itai Kidron (Analyst at Oppenheimer & Co.)

Thanks. Hey guys, maybe a couple for me. First, Khozema, as you think about the business going forward, help us think from your perspective: what is the right KPI to follow here? Because revenue is going to swing back and forth with messaging and clearly that’s a very important part of your business. But a lot of the focus and a lot of the value that investors put on your business is really tied into your non-messaging business longer term. And so I guess the question is if those businesses are small and even though they’re ramping, it’s going to be hard to move the dial from a revenue standpoint.

Is gross profit the right way to look at it or any other KPI? And in that context, and I understand, Aidan, this is a preliminary guide. Why should gross profit grow in line with revenue? Why should it not grow faster?

Khozema Shipchandler (Chief Executive Officer)

I appreciate that. Yeah, I mean, I can start. Look, I think, Itai, we’re in general trying to drive a balanced P&L. And I mean if you look at just what we’ve accomplished over the last several years, I mean we’ve accelerated revenue pretty substantially. I mean we’re up very significantly from the preliminary guidance that we gave at our investor day two, three years ago. We’ve driven significant operating leverage, we’ve driven a ton of cash, we’ve reduced dilution.

So I think when you look at the totality of the P&L, that’s generally been a pretty good payoff for investors. As we look forward, I mean clearly the goal is to be able to continue driving growth at elevated levels. I think that this quarter and certainly the last couple have provided evidence that we’re able to do that both as a result of significant effort and investment on the self-serve side as well as great go-to-market execution in terms of both our enterprise as well as our ISV customers. We’re just seeing really good, balanced growth across the board.

Now, more specifically to some of the line items in the P&L. I mean the thing that we focus on day to day is predominantly gross profit growth. So now we get asked this question like a lot of different ways from you all and from other investors. We don’t do it necessarily at the expense of revenue growth. We don’t work it the other way. And you know, it’s a balance — like we’re trying to drive what the best long-term outcomes are overall for the business.

Given the usage-based nature of it, given that the mix can tilt a little bit from quarter to quarter, you do have a little bit of these up and down dynamics. We certainly understand that as the people that are running the business day to day. I think you guys understand it as folks that have followed the business for a long time, we just have to roll with that. But over a long period of time we think that there’s a great balanced P&L outcome for investors.

And the last three years I think have provided very, very compelling evidence that we’re going to continue driving that.

Aidan Viggiano (Chief Financial Officer)

Yeah, I mean Khozema covered a lot there. Maybe just a couple other things I’ll hit on, on gross profit. I do want to talk about Q4 for a minute, because I said, you know, Q4 gross profit growth would be in line with revenue. Remember in Q4 we have the big holiday season. We tend to provision more from a hosting perspective in that period. So that does come with additional cost. In addition to that, we have started to lap some of the cost tailwinds that we’ve seen in the business.

So we moved email, for example, from on-prem to the cloud. That provided a gross margin tailwind for the better part of this year. That’s fully in our run right now. So those kind of GM tailwinds go away now. That said, when you look at what really drives gross profit outpacing revenue, it is the higher-margin products growing quite well as well as continued cost actions. We’re going to continue to do both of those things. But as Khozema said, messaging has lower gross margin — carries lowest gross profit for every dollar of revenue — and it’s 60% of our business. So that can obviously influence outcomes.

OPERATOR

Thank you. Our next question comes from the line of Callie Valente of Goldman Sachs. Callie, your line is open.

Callie Valente (Analyst)

Thank you for taking the question. Wanted to ask on the voice part of the business. Realize when we get the numbers quarterly, they’re not exactly the growth numbers that you guys see in front of you, but voice has been roughly kind of 20% plus over the last couple of quarters. Now, after accelerating more in the quarters prior to that, what are some of the pieces that could bring that up further over the next couple of quarters? And have you continued to see this demand step up on a quarterly basis or do you think we have reached a more stable environment as companies roll out AI in a more measured way?

Thomas Wyatt (Chief Operating Officer)

Hey Kailey, it’s Thomas here. So just to think about voice by the particular cohorts of customers that we have, starting with self-serve, growth in voice has been over 50% and that’s a good leading indicator of the adoption of the channel itself. And then of course adding software, voice software add-ons on top of that continues to accelerate that. So we’re seeing that is a good leading indicator for momentum. The second is the AI natives, the ones that have been born with voice use cases. They’re continuing to expand with us and we’re growing as they’re growing, and we’re also seeing them adopt second and third channels. A number of our voice AI customers are now adding WhatsApp or messaging or other types of branded calling and other services. And so we’re seeing that as a nice accelerant as well.

Then additionally, there’s a lot of consolidation in the enterprise space where traditional contact centers customers are looking for a more agentic way of doing voice services in enterprise motions and in that case moving more to a headless type of voice interaction experience combined with the other messaging types that we offer along with orchestration and memory. That’s been a nice catalyst for us as well. As I mentioned earlier, there’s been a lot of proof of concepts that have gone into production recently. We’re encouraged by the momentum and the results our customers are getting, and so we think that’s a pretty good indicator of future success with Voice.

OPERATOR

Thank you. Our next call comes from the line of Sati Panigrai of Mizuho. Sati, your line is open.

Sati Panigrai (Analyst)

Thanks for taking my question. Just a follow-up to the prior question where the value actually is. If you see, I know you call it early stage now and AI supercycle, but Frontier Labs, even agent builders, they’re all moving into voice. Voice is exciting, but as you look forward to next maybe over five years, where do you see the value accuracy like Twilio can bring? Is it on the connectivity, context, identity side or any other layer that you are pretty confident that you can keep?

And also what has to change for the voice AI to move beyond like the AI natives and non-regulated verticals? What are the leading indicators you are watching?

Khozema Shipchandler (Chief Executive Officer)

Sati, let me just kind of start with the value proposition and you mentioned a number of players kind of moving into the space. I mean the one thing is that I think what really advantages us relative to other players is we’re the neutral party, and so virtually every player in the space who are predominantly participating at the application layer, they are running off of Twilio’s rails. That is a really, really great spot to be in because ultimately we’re providing underlying infrastructure on top of which we’re able to add capabilities like intelligence, like memory, like orchestration.

As Thomas alluded to a second ago, we can also add things like branded calling to be able to improve conversion rates and things of that nature. And the ability to provide this full service offering at the infrastructure level allows us to win with every single one of the providers, irrespective of what it is that they’re trying to build and how they’re going to market with their different customers. I would say as a starting point that’s a major advantage in the broader ecosystem. Customers continue to come to us for that infrastructure, for that programmability, for those different aspects of the Conversation Suite that I mentioned a second ago. I think it’s just the technology adoption cycle. I don’t think there’s a number of KPIs that necessarily have to be unlocked here. It’s just going to happen as time goes on. As consumers become more and more comfortable with the utilization of AI, it’ll pick up more.

As businesses start pushing the technology out to their consumers, additionally we will start to see the pickup more and more. The reality is when we sell it, the ROI is very compelling. We are able to generate more revenue, reduce costs, create a better consumer experience. But it is going to take time. I am not surprised that the regulated industries have taken more time. That is how every technology cycle has played out. I am very, very optimistic about the way that it’s played out so far.

It certainly feels great about the way that I would expect it to play out going forward. As Thomas alluded to a second ago, when you look at the top of the funnel, which is really vis-à-vis self-serve, growing at over 50% on voice there, that’s a pretty encouraging signal. I think we just have to continue executing and there’s a lot of demand on the comms.

OPERATOR

Thank you. Our next call comes from the line of Arun Bhatia of William Blair. Arun, your line is open.

Arun Bhatia (Analyst at William Blair)

Yeah, perfect, thank you. Two, if I can, one for Aidan. Maybe I want to ask the P&L question directed to a different metric, but this quarter I saw obviously the op income growth was very strong. I think even after I back out the 11 million in credits, it was very healthy and it seems like that’s sort of being given back next quarter. I’m just curious if there’s additional investments, growth investments you’re planning to make, or if there’s something else at play there.

And then, Khozema, one for you. I’m just curious how you view sort of these emerging agent-to-agent protocols. I know it’s super early, but is that a tailwind for Twilio, given some opportunity around orchestration and governance and identity, as you talked about, or does it potentially take some volume off of sort of traditional telephony and move it to other rails? I’m curious how you think that might evolve over time. Thank you.

Khozema Shipchandler (Chief Executive Officer)

Yeah, maybe I’ll start and then Aidan can talk about op income here in a second. I think it’s all tailwind. I mean, I think the reality is it’s a very fragmented landscape right now. You’ve got a number of these different companies. As I said earlier, all of the leading companies are already working with us. It’s not just like the messaging and email content, there’s the service operations that go with it as well. There’ll be voice content. We see what’s been playing out so far as a lot of tailwind going forward for the overall business.

In terms of the protocols themselves, I would call them probably policies over protocols. What they’ve stipulated is kind of a set of things that one should follow as these agent-to-agent interactions are transpiring. And we certainly conform to the different policies that are being written. They’re also quite varied. And so here again, I think fragmentation kind of plays to Twilio’s strengths: our ability to work across any policy framework, any protocol framework, any technology.

That’s a great setup not just for our core business in channels. It also helps to sell a lot more context. And then I would say going forward, it’s a great setup for identity. So no matter how you kind of cut it, we look at the whole thing as a lot of tailwind for Twilio.

Aidan Viggiano (Chief Financial Officer)

Hey Arun, on your profit question. Yeah, we delivered very high profit in Q3, $326 million. It was up nearly 40% year over year. It was up 14% quarter over quarter, as you called out. And as I mentioned in the prepared remarks, we did benefit from roughly $11 million in platform credits which were higher than we had anticipated. So that creates a slightly larger optical gap in our Q4 guidance. The other thing I’d say is we did make some investments in headcount in the quarter, both R&D and go-to-market.

Those are incorporated into our guidance as well. And then lastly, of course, as you know, we continue to just plan prudently just given the usage-based nature of the business.

OPERATOR

Thank you. Our next call comes from the line of Nick Altman of U.S. Bancorp. Nick, your line is open.

Nick Altman (Analyst)

Hey, awesome. Thank you so much. I wanted to ask a question about how some of the AI use cases in software add-ons have this pull-through dynamic which results in higher volumes. Because, Amy, you’ve talked about how voice AI agent use cases actually result in longer-duration calls. And then there’s products like Branded Calling which can actually drive higher answer rates and allow customers to do more outbound calling. My question is how should we think about the overall uplift in terms of the volume of minutes or messages when it comes to customers that begin to embed voice AI agents, or when they have products like Branded Calling or Conversation Memory or other offerings? Thank you so much.

Khozema Shipchandler (Chief Executive Officer)

Yeah, I mean I think broadly speaking you should expect call duration to go up from where it is today. I think most calls in service environments today are measured on cycle time. I think going forward, the way that customer service operations will probably measure contact centers is based on the outcomes that are being created for the consumers on the other side. So I’m certainly not suggesting that what used to be a 60-second call is going to go up to like 10, 20 minutes.

I’d say that’s not a great outcome necessarily. But I do think there will be an uplift as a means to being able to, A) solve the consumer’s problem, but, B) there’s also a big opportunity for real revenue uplift on the part of the business. They can cross-sell, upsell their customers a lot better, and especially if they’re using a context layer underneath, their ability to source details about the consumer that they’re serving in real time and then be able to create packages and prices of additional items — that’s pretty compelling. Beyond all that stuff, the branded calling and other intelligence capabilities as part of the Conversation Suite — that’s all uplift. And those, as you know, provide price adders.

But ultimately ROI is I think what wins the game here. And I think Twilio has an offering. When you combine our channels, combine it with context, and then add in things like branded calling, it makes for a really, really compelling offering. Leads to better conversion, better revenue, lower cost, and ultimately better consumer outcomes. And I think that’s why you’ve seen the growth characteristics that you have.

OPERATOR

Thank you. Our next call comes from the line of Koji Akita, Bank of America. Koji, your line is open.

Koji Akita (Analyst)

Yeah, thanks so much for taking the question. I wanted to follow up on an answer you gave earlier about self-serve voice growing 50%. How predictive has self-serve historically been around broader voice growth, and what sort of lags do we expect from self-serve customers growing versus the revenue coming up from it?

OPERATOR

Thank you.

Thomas Wyatt (Chief Operating Officer)

I can talk a little bit about the use cases and then Aidan, maybe if you want to get into some of the historicals on it. But when you think about the use cases we’re typically seeing with voice with self-service, a lot of it is the autonomous, AI-powered customer engagement use case. And it often starts with an AI native that’s beginning to unlock a new vertical application or agent. From there they need to complete sort of a holistic customer journey.

As they get some product-market fit, they start to increase their volumes. Then we typically see that they’ll add a second channel. Because most voice experiences are only just one channel is not enough. You need to be able to communicate to customers through omnichannel experiences. So then we tend to see the messaging get added, the conversation suite get added. And ultimately, I think as we said in previous conference calls, that 60% plus of our enterprise customers started in self-service. And we see that natural expansion of our self-service customers continue. And even this quarter, if you look at our million-dollar customer cohort growth, it’s growing as fast as it has in a long time. So we’re really encouraged about the trends starting in self-service, how that translates into enterprise adoption over time, and how these companies become million-dollar-plus customers for us.

Aidan Viggiano (Chief Financial Officer)

Yeah. And then from a self-serve perspective, I’m not going to give any numbers specifically, right. But this is where we do our customer acquisition. This is where the AI native kind of all get started on our platform. When you think about voice in context to our voice self-serve, just for context, our total self-serve is roughly like 15% of our revenue. Voice is a relatively smaller portion of that, obviously, just given the size of messaging and some of the other businesses.

So first of all, it’s a relatively small part of our revenue. It’s growing very quickly. As Thomas said earlier, it’s growing about 55%. And with a lot of these natives, we partnered very closely with them over the last couple of years. They typically come in starting on voice rails from a kind of programmable voice perspective. We’ve added software add-ons on top of that. In many of these cases, we’ve seen growth really accelerate and they’re meaningful customers today. I mean, last quarter we called out a horizontal conversational AI company that started building with Twilio in the voice channel.

In Q1 of ’25, they were generating kind of low six figures quarterly spend on Twilio and it was almost all voice connectivity. Since then, their quarterly connectivity spend has tripled. Their software add-ons have gone from essentially nothing to nearly half a million dollars in the most recent quarter. And so you can see they’ve gone from a relatively small customer. Now they’re leveraging our media streams, our conferencing capabilities, answering machine detection, a lot of our software add-ons, and they’re over a $6 million annual run rate, growing like 65% with us.

So that’s the kind of thing we’re seeing. It’s happening. It’s a relatively small part of our business today, but it’s growing really quickly, and it’s exciting to think about what it could be.

OPERATOR

Thank you. Our next call comes from the line of Ryan MacWilliams of Wells Fargo. Ryan, your line is open.

Ryan MacWilliams (Analyst at Wells Fargo)

Hey, thanks for taking the question. We’d love to hear about how the AI opportunity is evolving for the messaging business. Are your customers starting to see higher ROI on AI SMS use cases? Like maybe they’re trying more customer service SMS AI use cases, or starting to get more interested in RCS? And then separately, how are trends for email in the quarter and do you see any positive or negative impacts from AI with email?

Aidan Viggiano (Chief Financial Officer)

Thanks. Email was pretty consistent. Business is growing pretty well. It’s a little bit lower than our kind of company average, but nothing to call out from a change in trend perspective, and I’d say early days from an AI perspective on email.

Khozema Shipchandler (Chief Executive Officer)

In terms of the AI opportunity in messaging, I think you’re certainly seeing it start based on just the takeoff with some of the consumer stuff, you’re definitely seeing some activity there. I think you asked a slightly different question in terms of RCS and the ROI there. The ROI in RCS has been very, very significant. It’s been a very fast-growing product for us. It’s a little bit more challenging adoption cycle, if you will, just based on some things that have to be done as part of the onboarding process.

But the technology is fantastic. Customers who are using it are getting a ton out of it. It obviously comes with a lot of branding built into it as well. And so customers who are on it are really enjoying it and getting superior ROI relative to kind of traditional messaging, I would say.

OPERATOR

Thank you. Our next call comes from the line of Derek Wood of TD Cowen. Derek, your line is open.

Derek Wood (Analyst)

Great, thank you. Khozema, when it comes to these new consumer AI agents, I know you’re saying it’s still early, but you did indicate you’re working with leading product companies already. So can you just help us frame kind of where you see the lowest-hanging fruit when looking across your various communication channels? And then when it comes to the consumer brand side, do you see them starting to feel a need to stand up more agentic support systems to handle all the inbound agent volumes?

How would you frame the opportunity for Twilio there?

Thomas Wyatt (Chief Operating Officer)

Yeah, hey Derek, it’s Thomas here. A couple of points. We are working with all the major players, but this is an interesting area where the consumer agents also have a long tail of smaller, lesser-known consumer agent companies that we’re also working with. And it could be everything from outbound voice helping these companies set up the telephony infrastructure to make calls on consumers’ behalf. There’s a messaging and texting capability, there’s a verification and OTP capability resulting in authenticating these agents properly.

So we’re participating in helping the consumer side of this with blueprints so that these companies can set up their communication infrastructure powered by Twilio to be able to have these agents transact on behalf of the consumers. On the flip side, I’d say there’s even more acceleration of businesses trying to get ready for these consumer agents, and that’s accelerating the conversations and the demand for helping our business customers set up virtual agents to be able to field the consumer agents that are coming more inbound.

So it’s really an interesting flywheel effect. That’s early days. So it’s very early, but a lot of proof of concepts, a lot of early experimenting going on, and we’re excited about the long-term potential for it.

OPERATOR

Thank you. Our next call comes from the line of Parker Lane of Stifel. Parker, your line is open.

Parker Lane (Analyst at Stifel)

Yeah. Hey, thanks for taking the question. Aidan, earlier you talked about the impact of messaging you saw from ISVs moderating off of tough compares. Is that a comment or something that you saw across all the ISV relationships broadly, or were some of the long-tenured ISVs versus the AI natives more impacting that figure?

Aidan Viggiano (Chief Financial Officer)

Yeah, I’d say it was. Not every ISV saw it in the quarter, obviously, so overall they did tend to be focused on a few of them, but nothing specifically to call out there or give more on.

OPERATOR

Thank you. At this time, this concludes our question and answer session. Thank you for your participation in today’s conference. This now concludes our program and you may now disconnect. Goodbye.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

FTI Consulting, Inc. (FCN) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT

Company Participants

Mollie Hawkes - Head of Marketing, Communications & Investor Relations
Steve Gunby - President, CEO & Chairman
Eun Nam - Chief Financial Officer

Conference Call Participants

Tobey Sommer - Truist Securities, Inc., Research Division
Andrew Nicholas - William Blair & Company L.L.C., Research Division
James Yaro - Goldman Sachs Group, Inc., Research Division

Presentation

Operator

Welcome to the FTI Consulting Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded. I would now like to turn the conference over to Mollie Hawkes, Head of Investor Relations. Please go ahead.

Mollie Hawkes
Head of Marketing, Communications & Investor Relations

Good morning. Welcome to the FTI Consulting conference call to discuss the company's third quarter 2026 earnings results as reported this morning. Management will begin with formal remarks, after which they will take your questions.

Before we begin, I would like to remind everyone that this conference call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act, including the company's outlook and expectations for the full year 2026 based on management's current beliefs and expectations. These forward-looking statements involve many risks and uncertainties, assumptions and estimates and other factors that could cause actual results to differ materially from such statements.

For a discussion of risks and other factors that may cause actual results or events to differ from those contemplated by forward-looking statements, investors should review the safe harbor statement in the earnings press release issued this morning, a copy of which is available on our website at www.fticonsulting.com as well as other disclosures under the headings of Risk Factors and Forward-Looking Information in our annual report on Form 10-K for the year ended December 31, 2025, and our quarterly reports on

Exelixis (EXEL - Free Report) reported $658.7 million in revenue for the quarter ended September 2026, representing a year-over-year increase of 10.2%. EPS of $0.94 for the same period compares to $0.78 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $653.06 million, representing a surprise of +0.86%. The company delivered an EPS surprise of +5.62%, with the consensus EPS estimate being $0.89.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Exelixis performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Net product revenues: $604.92 million versus the six-analyst average estimate of $596.03 million. The reported number represents a year-over-year change of +11.4%.Revenues- Collaboration revenues: $53.77 million versus the six-analyst average estimate of $53.55 million. The reported number represents a year-over-year change of -1.9%.Revenues- Net product revenues- CABOMETYX: $603.15 million versus the five-analyst average estimate of $591.82 million. The reported number represents a year-over-year change of +11.7%.Revenues- Net product revenues- COMETRIQ: $1.77 million versus the five-analyst average estimate of $2.75 million. The reported number represents a year-over-year change of -42.9%.Revenues- Collaboration revenues- Collaboration services revenues: $-4.64 million versus $-1.31 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +228.6% change.Revenues- Collaboration revenues- License revenues: $58.41 million versus $55.28 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +3.9% change.View all Key Company Metrics for Exelixis here>>>

Shares of Exelixis have returned +13.5% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Erie Indemnity (ERIE - Free Report) came out with quarterly earnings of $3.48 per share, beating the Zacks Consensus Estimate of $3.41 per share. This compares to earnings of $3.5 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.05%. A quarter ago, it was expected that this insurance company would post earnings of $3.35 per share when it actually produced earnings of $3.45, delivering a surprise of +2.99%.

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

Erie Indemnity, which belongs to the Zacks Insurance - Brokerage industry, posted revenues of $1.07 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 2%. This compares to year-ago revenues of $1.07 billion. The company has topped consensus revenue estimates just once over the last four quarters.

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

Erie Indemnity shares have lost about 14.1% since the beginning of the year versus the S&P 500's gain of 13.1%.

What's Next for Erie Indemnity?While Erie Indemnity has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

Ahead of this earnings release, the estimate revisions trend for Erie Indemnity was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.95 on $975.81 million in revenues for the coming quarter and $12.55 on $4.17 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Brokerage is currently in the bottom 6% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Accelerant Holdings (ARX - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026.

This company is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of -47.4%. The consensus EPS estimate for the quarter has been revised 0.9% lower over the last 30 days to the current level.

Accelerant Holdings' revenues are expected to be $270.94 million, up 1.3% from the year-ago quarter.

In the latest trading session, Ginkgo Bioworks Holdings, Inc. (DNA - Free Report) closed at $12.74, marking a -4.35% move from the previous day. This move lagged the S&P 500's daily loss of 0.31%. Elsewhere, the Dow saw a downswing of 0.25%, while the tech-heavy Nasdaq depreciated by 1.38%.

Shares of the company witnessed a gain of 3.82% over the previous month, beating the performance of the Medical sector with its gain of 2.58%, and the S&P 500's gain of 0.87%.

Investors will be eagerly watching for the performance of Ginkgo Bioworks Holdings, Inc. in its upcoming earnings disclosure. The company is predicted to post an EPS of -$0.58, indicating a 60% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $20.5 million, down 47.22% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$3.2 per share and a revenue of $82.2 million, indicating changes of +43.26% and -51.69%, respectively, from the former year.

Investors should also note any recent changes to analyst estimates for Ginkgo Bioworks Holdings, Inc. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. As of now, Ginkgo Bioworks Holdings, Inc. holds a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 98, finds itself in the top 40% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

GoDaddy (GDDY - Free Report) came out with quarterly earnings of $2.08 per share, beating the Zacks Consensus Estimate of $1.82 per share. This compares to earnings of $1.51 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +14.29%. A quarter ago, it was expected that this cloud-based technology products developer would post earnings of $1.72 per share when it actually produced earnings of $1.83, delivering a surprise of +6.4%.

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

GoDaddy, which belongs to the Zacks Internet - Delivery Services industry, posted revenues of $1.34 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.10%. This compares to year-ago revenues of $1.27 billion. The company has topped consensus revenue estimates four times over the last four quarters.

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

GoDaddy shares have lost about 14.1% since the beginning of the year versus the S&P 500's gain of 13.1%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for GoDaddy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.97 on $1.35 billion in revenues for the coming quarter and $7.24 on $5.24 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Delivery Services is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, QuinStreet (QNST - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 4.

This online marketing services company is expected to post quarterly earnings of $0.39 per share in its upcoming report, which represents a year-over-year change of +77.3%. The consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level.

QuinStreet's revenues are expected to be $374.74 million, up 31.1% from the year-ago quarter.

SummaryHarley-Davidson is overvalued at a 27x P/E, despite weak operating income and declining sales forecasts through 2027.Current retail and inventory improvements do not translate into sustainable earnings recovery; management's 2026E guidance implies minimal profitability.I lower my fair value target to $14/share, based on an 8-9x P/E and $1.9/share EPS, and maintain a 'Hold' rating.HOG's risk/reward profile is unattractive given its cyclical nature, aging customer base, and limited upside without a dramatic operational turnaround.Looking for a portfolio of ideas like this one? Members of Wolf of Value get exclusive access to our subscriber-only portfolios. Learn More » georgeclerk/iStock Unreleased via Getty Images

This one is going to be an interesting update—not because Harley-Davidson (HOG) in itself is a risky or bad company, but because the company's earnings or development do not at this time, in my view, warrant what's going on with this stock. Since

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While this article may sound like financial advice, please observe that the author is not a CFA or in any way licensed to give financial advice. It may be structured as such, but it is not financial advice. Investors are required and expected to do their own due diligence and research prior to any investment. Short-term trading, options trading/investment and futures trading are potentially extremely risky investment styles. They generally are not appropriate for someone with limited capital, limited investment experience, or a lack of understanding for the necessary risk tolerance involved. I own the European/Scandinavian tickers (not the ADRs) of all European/Scandinavian companies listed in my articles. I own the Canadian tickers of all Canadian stocks I write about. Please note that investing in European/Non-US stocks comes with withholding tax risks specific to the company's domicile as well as your personal situation. Investors should always consult a tax professional as to the overall impact of dividend withholding taxes and ways to mitigate these.

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Ralph Lauren (RL - Free Report) closed at $400.52 in the latest trading session, marking a +2.81% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.31%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 1.38%.

Heading into today, shares of the upscale clothing company had gained 9.71% over the past month, outpacing the Consumer Discretionary sector's gain of 1.99% and the S&P 500's gain of 0.87%.

Investors will be eagerly watching for the performance of Ralph Lauren in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 5, 2026. The company is expected to report EPS of $4.26, up 12.4% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $2.14 billion, indicating a 6.22% increase compared to the same quarter of the previous year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $18.84 per share and a revenue of $8.73 billion, indicating changes of +13.56% and +7.57%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for Ralph Lauren. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.29% higher. Ralph Lauren presently features a Zacks Rank of #2 (Buy).

From a valuation perspective, Ralph Lauren is currently exchanging hands at a Forward P/E ratio of 20.68. This signifies a premium in comparison to the average Forward P/E of 16.3 for its industry.

Investors should also note that RL has a PEG ratio of 1.46 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Textile - Apparel industry had an average PEG ratio of 1.87 as trading concluded yesterday.

The Textile - Apparel industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 191, putting it in the bottom 23% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Pacific Biosciences of California (PACB - Free Report) ended the recent trading session at $2.90, demonstrating a +2.47% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.31%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 1.38%.

The maker of genetic analysis technology's shares have seen an increase of 19.41% over the last month, surpassing the Medical sector's gain of 2.58% and the S&P 500's gain of 0.87%.

Investors will be eagerly watching for the performance of Pacific Biosciences of California in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 4, 2026. The company is forecasted to report an EPS of -$0.13, showcasing a 8.33% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $37.86 million, reflecting a 1.52% fall from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.43 per share and revenue of $156.1 million, which would represent changes of +18.87% and -2.44%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Pacific Biosciences of California. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Currently, Pacific Biosciences of California is carrying a Zacks Rank of #3 (Hold).

The Medical - Instruments industry is part of the Medical sector. With its current Zacks Industry Rank of 148, this industry ranks in the bottom 40% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Doximity (DOCS - Free Report) ended the recent trading session at $33.63, demonstrating a -1.81% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.31%. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq lost 1.38%.

Shares of the medical social networking site witnessed a gain of 20.85% over the previous month, beating the performance of the Medical sector with its gain of 2.58%, and the S&P 500's gain of 0.87%.

Investors will be eagerly watching for the performance of Doximity in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 5, 2026. The company is forecasted to report an EPS of $0.34, showcasing a 24.44% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $170.66 million, indicating a 1.27% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $1.33 per share and a revenue of $675.74 million, demonstrating changes of -12.5% and +4.79%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Doximity. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Doximity is holding a Zacks Rank of #3 (Hold) right now.

With respect to valuation, Doximity is currently being traded at a Forward P/E ratio of 25.67. Its industry sports an average Forward P/E of 34.47, so one might conclude that Doximity is trading at a discount comparatively.

Investors should also note that DOCS has a PEG ratio of 14.92 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As of the close of trade yesterday, the Medical Info Systems industry held an average PEG ratio of 3.18.

The Medical Info Systems industry is part of the Medical sector. With its current Zacks Industry Rank of 93, this industry ranks in the top 38% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Bright Horizons Family (NYSE:BFAM) reported third-quarter financial results on Thursday. The transcript from the company's third-quarter earnings call has been provided below.

New York, New York--(Newsfile Corp. - October 29, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against AST SpaceMobile, Inc. ("AST" or the "Company") (NASDAQ: ASTS) on behalf of investors that purchased or otherwise acquired AST securities between March 4, 2025 and July 15, 2026 (the "Class Period"). CLICK HERE TO JOIN THE CASE If you are an investor in AST and have suffered losses, you may CLICK HERE to contact us.

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of AST SpaceMobile, Inc. (NASDAQ: ASTS) between March 4, 2025 and July 15, 2026, inclusive (the “Class Period”), of the important November 13, 2026 lead plaintiff deadline.

SO WHAT: If you purchased AST SpaceMobile securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the AST SpaceMobile class action, go to https://rosenlegal.com/cases/ast-spacemobile-inc-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) AST SpaceMobile’s increasing capital requirements were likely to increase AST SpaceMobile’s debt load and share dilution with greater frequency and at greater scale than defendants had signaled to investors; (2) accordingly, defendants had overstated the sufficiency of AST SpaceMobile’s capital and liquidity position to achieve AST SpaceMobile’s strategic and business goals; (3) defendants likewise overstated the durability of AST SpaceMobile’s competitive position in the satellite D2C market; (4) even following the EchoStar Transaction, defendants continued overstating AST SpaceMobile’s competitive position in the satellite D2C market; (5) AST SpaceMobile was experiencing slow user adoption in the U.S. and Japan; (6) the foregoing was likely to have a significant negative impact on AST SpaceMobile’s business and financial prospects; and (7) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the AST SpaceMobile class action, go to https://rosenlegal.com/cases/ast-spacemobile-inc-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

NEW ORLEANS, Oct. 29, 2026 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until November 2, 2026 to file lead plaintiff applications in a securities class action lawsuit against Hims & Hers Health, Inc. (“Hims” or the “Company”) (NYSE: HIMS), if they purchased or otherwise acquired the Company’s securities between August 4, 2025 and July 29, 2026, inclusive (the “Class Period”).  This action is pending in the United States District Court for the Northern District of California.

Get Help

Hims & Hers investors should visit us at https://claimsfiler.com/cases/nyse-hims-1/ or call toll-free (833) 538-3601.  Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Hims & Hers Health and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On July 29, 2026, during market hours, the Federal Trade Commission ("FTC") announced that it had filed a lawsuit against the Company "alleging that the telehealth provider shared consumers' sensitive health information about medical conditions with third-party advertising platforms despite claiming its services maintain consumers' privacy and deceives users about its billing and cancellation practices." The FTC further alleged that the Company fails to "clearly disclose that it charges consumers for prescriptions almost immediately after they submit an intake form, despite telling consumers that they will be able to consult with a medical provider to find a treatment that is 'right for them.'"

On this news, the price of Hims & Hers Health shares fell $4.32, or 14.73%, to close at $25.00 on July 29, 2026, on unusually heavy trading volume.

The case is Velanki v. Hims & Hers Health, Inc. et al., 26-cv-09313.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.
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