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•  Double-digit revenue and net income growth

, /PRNewswire/ -- CME Group Inc. (NASDAQ: CME) today reported financial results for the third quarter of 2026.

The company reported revenue of $1.7 billion and operating income of $1.1 billion for the third quarter of 2026. Net income was $1.0 billion and diluted earnings per common share were $2.89. On an adjusted basis, operating income was $1.2 billion, net income was $1.1 billion and diluted earnings per common share were $3.02. Financial results presented on an adjusted basis for the third quarter of 2026 and 2025 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1

"As uncertainty intensified in Q3, clients turned to CME Group in record numbers to manage risk and capitalize on opportunities," said CME Group Chairman and Chief Executive Officer Terry Duffy. "Our average daily volume reached 29.4 million contracts, the highest Q3 ADV on record. With double-digit volume growth across all six asset classes, Q3 was our second highest quarter ever for revenue and adjusted net income. We launched several innovative new products and generated a new high of $100 billion in average daily capital efficiencies. We also made strong progress in our cloud migration, making CME Group the only exchange to offer clients the choice of both co-location and cloud-managed services to expand access to our markets for years to come."

Q3 2026 average daily volume (ADV) climbed to a third-quarter record of 29.4 million contracts, and non-U.S. ADV reached a third-quarter high of 9 million contracts.

Clearing and transaction fees revenue for third-quarter 2026 totaled $1.4 billion. The total average rate per contract was $0.679. Market data revenue totaled a record $243 million for third-quarter 2026, an increase of 20%.

1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of Adjusted Operating Income and Adjusted Net Income and Adjusted Earnings per Common Share charts at the end of the financial statements.

As of September 30, 2026, the company had $2.4 billion in cash (including $225 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company returned nearly $1 billion to shareholders during the quarter, with $465 million in regular quarterly dividends and $524 million in share repurchases.

CME Group will hold a Q&A conference call to discuss third-quarter 2026 results at 8:30 a.m. Eastern Time today. A live audio webcast of the Q&A call will be available on the Investor Relations section of CME Group's website at investor.cmegroup.com under Events & Presentations. An archived recording will be available for up to two months after the call.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

Statements in this press release that are not historical facts are forward-looking statements.  These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; our ability to continue introducing innovative and competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and derive revenues that are commensurate with our efforts and expectations, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to manage variable costs associated with CME Group's transition to the Google Cloud, and minimize duplicative costs of maintaining both on-premise and Google Cloud environments during the transition; the resilience of our electronic platforms and the soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks and cyberterrorism or as impacted by a failure of or disruption at one of our suppliers; our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers; our ability to expand and globally offer our products and services; changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers, as well as the impact of tariffs and tax policy changes, restrictions on our ability to offer CME Group products and services in specific geographies or to specific customers or limitations or changes in underlying/physical product flows across geographies; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing firms and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business; the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets; our dependence on third-party providers and exposure to risk from third parties, including risks related to the performance, reliability and security of technology used by, or facilities provided by, our third-party providers and third-party providers that our clients and third-parties rely on; our reliance on third-party distribution partners, including independent software vendors, futures commission merchants, introducing brokers, broker-dealers, regulatory reporting and data distributors and platform operators, and other partners, for facilitating trading and for market data information, and potential impacts from changes in their business models and priorities; volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including new and existing geopolitical tensions or conflicts, the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers; our ability to accommodate increases in contract volume and market data and order transaction traffic across the entire trade cycle and the ability to implement enhancements meeting our regulatory obligations and customer needs without failure or degradation of the performance of our trading and clearing systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments, alliances, strategic partnerships and joint ventures; variances in earnings on cash accounts and collateral that our clearing house holds; impact of CME Group pricing/fee level and structure and incentive changes; impact of aggregation services and internalization on trade flow and volumes; any negative financial impacts from changes to the terms of intellectual property and index rights; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry, channel partner and customer consolidation and/or concentration; decreases in trading and clearing activity; the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions; increases in effective tax rates, borrowing costs, or changes in tax policy; our ability to maintain our brand and reputation; and the unfavorable resolution of material legal proceedings. For a detailed discussion and additional information concerning these and other factors that might affect our performance, see our other recent periodic filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission ("SEC") on February 26, 2026, under the caption "Risk Factors".

CME Group Inc. and Subsidiaries

Consolidated Balance Sheets

(in millions)

September 30, 2026

December 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$                  2,198.5

$                  4,416.9

Marketable securities

131.0

125.0

Accounts receivable, net of allowance

788.1

639.2

Other current assets (includes $3.5 and $6.5 in restricted cash)

840.9

522.1

Performance bonds and guaranty fund contributions

155,179.7

159,656.1

Total current assets

159,138.2

165,359.3

Property, net of accumulated depreciation and amortization

338.7

362.7

Intangible assets—trading products

17,175.3

17,175.3

Intangible assets—other, net

2,440.1

2,610.7

Goodwill

10,505.9

10,514.7

Other assets

2,494.3

2,401.5

Total Assets

$              192,092.5

$              198,424.2

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable

$                       67.7

$                       71.8

Other current liabilities

865.5

568.8

Performance bonds and guaranty fund contributions

155,179.7

159,656.1

Total current liabilities

156,112.9

160,296.7

Long-term debt

3,425.1

3,422.3

Deferred income tax liabilities, net

5,208.6

5,242.2

Other liabilities

785.6

734.8

Total Liabilities

165,532.2

169,696.0

Total CME Group Shareholders' Equity

26,560.3

28,728.2

Total Liabilities and Equity

$              192,092.5

$              198,424.2

CME Group Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in millions, except per share amounts; shares in thousands)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues

Clearing and transaction fees

$    1,378.1

$    1,227.9

$   4,273.2

$   3,953.2

Market data and information services

243.1

202.5

705.3

595.1

Other

116.1

107.2

345.1

323.6

Total Revenues

1,737.3

1,537.6

5,323.6

4,871.9

Expenses

Compensation and benefits

234.3

237.6

690.8

665.9

Technology

80.9

71.4

240.8

208.0

Professional fees and outside services

31.1

36.7

88.4

102.6

Amortization of purchased intangibles

56.0

56.2

168.1

167.5

Depreciation and amortization

27.4

26.4

82.8

81.0

Licensing and other fee agreements

104.2

81.6

320.1

274.4

Other

62.0

55.1

174.4

162.6

Total Expenses

595.9

565.0

1,765.4

1,662.0

Operating Income

1,141.4

972.6

3,558.2

3,209.9

Non-Operating Income (Expense)

Investment income

1,418.1

1,548.7

4,237.1

3,959.8

Interest and other borrowing costs

(43.5)

(44.0)

(130.7)

(129.7)

Equity in net earnings of unconsolidated subsidiaries

102.8

96.3

302.9

283.5

Other non-operating income (expense)

(1,264.0)

(1,396.6)

(3,774.1)

(3,571.4)

Total Non-Operating Income (Expense)

213.4

204.4

635.2

542.2

Income before Income Taxes

1,354.8

1,177.0

4,193.4

3,752.1

Income tax provision

317.9

269.0

960.4

862.8

Net Income

$    1,036.9

$       908.0

$   3,233.0

$   2,889.3

Net Income Attributable to Common Shareholders of
CME Group - Basic(1)

$    1,036.9

$       896.6

$   3,234.2

$   2,853.0

Net Income Attributable to Common Shareholders of
CME Group - Diluted(1)

$    1,036.9

$       896.6

$   3,233.0

$   2,853.0

Earnings per Share Attributable to Common
Shareholders of CME Group:

Basic

$         2.90

$         2.49

$        9.00

$        7.93

Diluted

2.89

2.49

8.96

7.92

Weighted Average Number of Common Shares:

Basic

358,019

359,686

359,336

359,653

Diluted(2)

358,641

360,422

361,018

360,330

1. The difference between Net Income and Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares.

2. Preferred shares of 4,584,000 were all converted to Class A Common stock on March 5, 2026 with their weighted-average impact included in the Diluted shares starting in the first quarter of 2026.

CME Group Inc. and Subsidiaries

Reconciliation of Adjusted Operating Income

(dollars in millions)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Total Revenues

$    1,737.3

$    1,537.6

$  5,323.6

$  4,871.9

Adjusted Total Revenues

$    1,737.3

$    1,537.6

$  5,323.6

$  4,871.9

Total Expenses

$       595.9

$       565.0

$  1,765.4

$  1,662.0

Restructuring and severance

(5.4)

(6.5)

(15.4)

(9.0)

Deferred compensation(1)

0.1

(6.1)

(11.5)

(11.6)

Amortization of purchased intangibles

(56.0)

(56.2)

(168.1)

(167.5)

Strategic transaction-related (costs) credits

(0.7)

(1.2)

(2.3)

(4.0)

Real estate-related (costs) credits

(0.7)

(0.7)

(0.7)

7.4

Foreign exchange transaction gains (losses)

(1.4)

0.8

(0.8)

(5.1)

Unrealized and realized gains (losses) on assets

—

—

—

(0.4)

Litigation matters or settlements

—

(8.5)

(1.9)

(19.4)

Adjusted Total Expenses

$       531.8

$       486.6

$  1,564.7

$  1,452.4

Operating Income

$    1,141.4

$       972.6

$  3,558.2

$  3,209.9

Adjusted Operating Income

$    1,205.5

$    1,051.0

$  3,758.9

$  3,419.5

1. Includes $0.1 million and $11.5 million for changes in our non-qualified deferred compensation liability in the third quarter and first nine months of 2026. This impact does not affect net income and adjusted net income, because the compensation and benefits change has an equal and offsetting change in investment income.

CME Group Inc. and Subsidiaries

Reconciliation of Adjusted Net Income and Adjusted Earnings per Common Share

(dollars in millions, except per share amounts; shares in thousands)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Net Income

$    1,036.9

$       908.0

$  3,233.0

$  2,889.3

Restructuring and severance

5.4

6.5

15.4

9.0

Amortization of purchased intangibles(1)

60.0

69.6

180.1

207.2

Strategic transaction-related costs (credits)(2)

—

3.7

0.4

6.5

Real estate-related costs (credits)

0.7

0.7

0.7

(7.4)

Foreign exchange transaction (gains) losses

1.4

(0.8)

0.8

5.1

Unrealized and realized (gains) losses on investments

0.1

(0.4)

19.1

6.1

Unrealized and realized (gains) losses on assets

—

—

—

0.4

Litigation matters or settlements

—

8.5

1.9

19.4

Income tax effect related to above

(16.3)

(18.2)

(52.6)

(49.8)

Other income tax items

(4.3)

0.8

(13.1)

(8.1)

Adjusted Net Income

$    1,083.9

$       978.4

$  3,385.7

$  3,077.7

Adjusted Net Income Attributable to Common
Shareholders of CME Group - Basic(3)

$    1,083.9

$       966.1

$  3,386.4

$  3,039.0

Adjusted Net Income Attributable to Common
Shareholders of CME Group - Diluted(3)

$    1,083.9

$       966.1

$  3,385.7

$  3,039.0

Earnings per Share Attributable to Common Shareholders of CME Group:

     Basic

$         2.90

$         2.49

$       9.00

$       7.93

     Diluted

2.89

2.49

8.96

7.92

Adjusted Earnings per Share Attributable to Common Shareholders of CME
Group:

     Basic

$         3.03

$         2.69

$       9.42

$       8.45

     Diluted

3.02

2.68

9.38

8.43

Weighted Average Number of Common Shares:

     Basic

358,019

359,686

359,336

359,653

     Diluted(4)

358,641

360,422

361,018

360,330

1. Includes $2.6 million and $7.8 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC and $1.4 million and $4.2 million of amortization of purchased intangibles at FanDuel Prediction Markets Holdings LLC in the third quarter and first nine months of 2026. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income.

2. The values shown above may differ from what is shown in the Reconciliation of Adjusted Operating Income as that schedule does not include adjustment items or portions of items included in non-operating results.

3. The difference between Adjusted Net Income and Adjusted Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares.

4. Preferred shares of 4,584,000 were all converted to Class A Common stock on March 5, 2026 with their weighted-average impact included in the Diluted shares starting in the first quarter of 2026.

CME Group Inc. and Subsidiaries

Quarterly Operating Statistics

3Q 2025

4Q 2025

1Q 2026

2Q 2026

3Q 2026

Trading Days

64

64

61

62

64

Quarterly Average Daily Volume (ADV)(1)

CME Group ADV (in thousands)

Product Line

3Q 2025

4Q 2025

1Q 2026

2Q 2026

3Q 2026

Interest rates

13,378

13,010

18,674

14,532

15,121

Equity indexes

6,278

7,738

8,655

8,633

7,714

Foreign exchange

834

853

1,193

989

988

Energy

2,295

2,523

3,985

2,667

2,665

Agricultural commodities

1,712

1,787

2,042

2,080

2,022

Metals

825

1,441

1,682

941

935

Total

25,322

27,353

36,231

29,843

29,445

Venue

CME Globex

23,418

25,542

33,633

27,935

27,472

Open outcry

989

816

1,241

830

872

Privately negotiated

915

995

1,357

1,078

1,100

Total

25,322

27,353

36,231

29,843

29,445

Quarterly Average Rate Per Contract (RPC)(1)

CME Group RPC

Product Line

3Q 2025

4Q 2025

1Q 2026

2Q 2026

3Q 2026

Interest rates

$          0.487

$          0.486

$          0.457

$          0.480

$          0.489

Equity indexes

0.652

0.611

0.597

0.605

0.605

Foreign exchange

0.841

0.847

0.780

0.813

0.852

Energy

1.214

1.245

1.084

1.131

1.146

Agricultural commodities

1.423

1.427

1.344

1.426

1.377

Metals

1.505

1.295

1.153

1.315

1.326

Average RPC

$          0.702

$          0.707

$          0.652

$          0.678

$          0.679

1. ADV and RPC includes futures and options on futures only.

CME-G

SOURCE CME Group

DUTCH ASSET Corp increased its stake in shares of Interactive Brokers Group, Inc. (NASDAQ:IBKR – Free Report) by 10.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 87,858 shares of the financial services provider’s stock after buying an additional 8,133 shares during the period. Interactive Brokers Group comprises about 3.5% of DUTCH ASSET Corp’s holdings, making the stock its 7th biggest position. DUTCH ASSET Corp’s holdings in Interactive Brokers Group were worth $7,505,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Nykredit A S bought a new stake in Interactive Brokers Group during the second quarter valued at $15,348,000. Engineers Gate Manager LP lifted its position in Interactive Brokers Group by 831.3% during the second quarter. Engineers Gate Manager LP now owns 108,359 shares of the financial services provider’s stock valued at $9,432,000 after purchasing an additional 96,724 shares during the last quarter. TD Waterhouse Canada Inc. grew its stake in Interactive Brokers Group by 79.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 516,646 shares of the financial services provider’s stock worth $48,185,000 after buying an additional 228,716 shares in the last quarter. AXQ Capital LP increased its holdings in shares of Interactive Brokers Group by 69.6% in the 2nd quarter. AXQ Capital LP now owns 45,065 shares of the financial services provider’s stock worth $3,922,000 after buying an additional 18,499 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Interactive Brokers Group by 30.1% during the 1st quarter. Cetera Investment Advisers now owns 209,311 shares of the financial services provider’s stock valued at $14,038,000 after buying an additional 48,443 shares in the last quarter. Hedge funds and other institutional investors own 23.80% of the company’s stock.

Analyst Ratings Changes Several brokerages have recently commented on IBKR. Capital One Financial set a $105.00 price objective on Interactive Brokers Group in a research report on Tuesday, October 6th. CICC Research raised their price objective on Interactive Brokers Group from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $100.00 target price (down from $105.00) on shares of Interactive Brokers Group in a research note on Friday. Evercore began coverage on shares of Interactive Brokers Group in a report on Monday, October 12th. They issued an “outperform” rating and a $100.00 price target on the stock. Finally, Rothschild & Co Redburn boosted their price target on Interactive Brokers Group from $94.00 to $95.00 and gave the company a “buy” rating in a report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.87.

Get Our Latest Research Report on Interactive Brokers Group Interactive Brokers Group Stock Up 1.9% Shares of Interactive Brokers Group stock opened at $82.91 on Wednesday. The company’s 50 day moving average is $90.00 and its 200 day moving average is $87.50. The company has a market cap of $141.06 billion, a price-to-earnings ratio of 31.89, a price-to-earnings-growth ratio of 1.36 and a beta of 1.37. Interactive Brokers Group, Inc. has a twelve month low of $58.95 and a twelve month high of $98.75.

Interactive Brokers Group (NASDAQ:IBKR – Get Free Report) last issued its quarterly earnings results on Thursday, October 15th. The financial services provider reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. The business had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Interactive Brokers Group had a net margin of 10.03% and a return on equity of 5.38%. The company’s revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 EPS. Sell-side analysts expect that Interactive Brokers Group, Inc. will post 2.69 EPS for the current fiscal year.

Interactive Brokers Group Increases Dividend The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Shareholders of record on Tuesday, December 1st will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This is an increase from Interactive Brokers Group’s previous quarterly dividend of $0.0875. This represents a $0.60 annualized dividend and a yield of 0.7%. Interactive Brokers Group’s payout ratio is presently 13.46%.

Interactive Brokers Group Company Profile (Free Report)

Interactive Brokers Group, Inc is a global electronic brokerage company that provides trading, investment and portfolio management services to individual investors, institutional clients, financial advisers, hedge funds, proprietary trading firms and introducing brokers. Through its subsidiaries, the company offers access to a broad range of markets and financial instruments, including stocks, options, futures, foreign exchange, bonds, mutual funds, exchange-traded funds and certain digital assets.

Interactive Brokers provides its services through platforms such as Trader Workstation, IBKR Mobile and the Client Portal, as well as application programming interfaces for automated and institutional trading.

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Ushers in new era for international paymentsEnables seamless movement of money across 200 countries & territoriesCuts delays and slashes costs of international remittances
DENVER and LONDON, Oct. 21, 2026 (GLOBE NEWSWIRE) -- Noah, the stablecoin payments infrastructure provider, has been selected by The Western Union Company (NYSE: WU), the world's largest international money transfer and retail remittance network, to power a global platform for the transfer of funds between fiat currencies via rapid and low-cost stablecoin infrastructure.

The Noah stablecoin infrastructure will provide the underlying on-chain banking network for Western Union’s Receiver Redirect service. The service will enable stablecoin transfers in over 60 currencies across more than 200 countries and territories. The global stablecoin service will support Western Union’s 150-plus million customers by cutting the time and cost of making international money transfers.

The new stablecoin payments service is based on Western Union’s USDPT™, a US dollar stablecoin that is issued by Anchorage Digital Bank on Solana, and uses Noah’s infrastructure to enable seamless cash transfers. The Receiver Redirect stablecoin service will enable consumers to use Western Union’s half a million-plus agent locations worldwide to send funds as USDPT™ to almost anywhere on the globe with recipients collecting the stablecoins into a Western Union wallet. Users will be able to hold USDPT™ stablecoin assets indefinitely using Western Union’s Stablecard that was announced in August 2026.

“The international movement of money through traditional banks is slow, expensive and no longer fit for purpose. Stablecoin opens up a new, faster and cheaper way to move funds globally. Western Union is not just one of the world’s leading money transfer companies, but a visionary in its early adoption of stablecoin. This is a watershed moment for the future of stablecoin and sends a real signal the market has shifted. We're proud to provide the banking infrastructure behind Receiver Redirect, and to power the next era of international remittances for Western Union,” said Shah Ramezani, Founder and CEO, Noah.

Noah’s stablecoin banking infrastructure will provide Western Union with the treasury and licensing required to pre-fund, convert, and disperse USDPTTM to recipients. It will also ensure local regulatory compliance through adherence to stablecoin rails for all transfers.

“Customers increasingly want greater flexibility in how they receive, hold and use money,” said Malcolm Clarke, Global Head Digital Assets, Western Union. “This new capability is a global first, taking a Western Union money transfer and delivering it directly into the customers' stablecard wallet in USDPTTM stablecoin, creating a seamless connection between our global money movement network and our digital asset ecosystem.”

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OGE Energy (NYSE:OGE – Get Free Report) is anticipated to issue its Q3 2026 results before the market opens on Wednesday, October 28th. Analysts expect OGE Energy to announce earnings of $1.31 per share and revenue of $1.12 billion for the quarter. Investors can find conference call details on the company’s upcoming Q3 2026 earnings summary page for the latest details on the call scheduled for Wednesday, October 28, 2026 at 9:00 AM ET.

OGE Energy (NYSE:OGE – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.01. The firm had revenue of $711.90 million during the quarter, compared to analyst estimates of $782.73 million. OGE Energy had a return on equity of 9.48% and a net margin of 14.44%. OGE Energy’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.53 EPS. On average, analysts expect OGE Energy to post $2.43 EPS for the current fiscal year and $2.60 EPS for the next fiscal year.

OGE Energy Stock Performance NYSE OGE opened at $47.52 on Wednesday. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 3.06 and a beta of 0.50. The stock has a 50-day moving average of $46.23 and a 200 day moving average of $47.39. The company has a current ratio of 0.77, a quick ratio of 0.47 and a debt-to-equity ratio of 1.12. OGE Energy has a twelve month low of $41.69 and a twelve month high of $50.59.

OGE Energy Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Monday, October 5th will be given a $0.4288 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.6%. This is a boost from OGE Energy’s previous quarterly dividend of $0.4250. The ex-dividend date is Monday, October 5th. OGE Energy’s dividend payout ratio (DPR) is presently 75.77%. Analyst Upgrades and Downgrades Several research analysts have recently weighed in on the company. Wall Street Zen raised OGE Energy from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. JPMorgan Chase & Co. decreased their target price on OGE Energy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 9th. Argus reissued a “buy” rating on shares of OGE Energy in a research note on Wednesday, September 16th. BMO Capital Markets dropped their price target on shares of OGE Energy from $50.00 to $49.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 22nd. Finally, Scotiabank initiated coverage on shares of OGE Energy in a report on Tuesday, September 29th. They issued a “sector outperform” rating and a $49.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $49.45.

Get Our Latest Research Report on OGE Energy

Insiders Place Their Bets In related news, SVP Donnie Jones sold 6,508 shares of OGE Energy stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $46.11, for a total value of $300,083.88. Following the sale, the senior vice president directly owned 40,555 shares in the company, valued at approximately $1,869,991.05. The trade was a 13.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.57% of the company’s stock.

About OGE Energy (Get Free Report)

OGE Energy Corp. (NYSE: OGE) is an energy holding company headquartered in Oklahoma City, Oklahoma. Its principal subsidiary, Oklahoma Gas and Electric Company (OG&E), is a regulated electric utility that generates, transmits, distributes and sells electricity to residential, commercial and industrial customers.

OG&E serves customers across Oklahoma and in western Arkansas. Its operations include a diverse generation fleet and the infrastructure needed to deliver electricity, including transmission and distribution networks, customer service programs and energy-efficiency offerings.

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Louisbourg Investments Inc. grew its holdings in Boston Scientific Corporation (NYSE:BSX – Free Report) by 6.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 194,330 shares of the medical equipment provider’s stock after buying an additional 11,377 shares during the quarter. Boston Scientific makes up about 1.5% of Louisbourg Investments Inc.’s investment portfolio, making the stock its 21st largest holding. Louisbourg Investments Inc.’s holdings in Boston Scientific were worth $8,483,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Kelleher Financial Advisors purchased a new stake in Boston Scientific in the second quarter worth $25,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in Boston Scientific in the first quarter valued at $28,000. Nvwm LLC boosted its holdings in Boston Scientific by 526.2% in the third quarter. Nvwm LLC now owns 645 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 542 shares in the last quarter. Rakuten Securities Inc. purchased a new position in Boston Scientific during the 2nd quarter valued at $30,000. Finally, Cassaday & Co Wealth Management LLC purchased a new position in Boston Scientific during the 1st quarter valued at $32,000. 89.07% of the stock is currently owned by institutional investors.

Insider Activity In other Boston Scientific news, CEO Michael F. Mahoney purchased 186,240 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was bought at an average cost of $48.33 per share, for a total transaction of $9,000,979.20. Following the purchase, the chief executive officer directly owned 1,590,024 shares in the company, valued at $76,845,859.92. The trade was a 13.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David C. Habiger purchased 2,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was acquired at an average price of $47.59 per share, with a total value of $99,939.00. Following the completion of the purchase, the director owned 17,160 shares in the company, valued at $816,644.40. This represents a 13.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 194,522 shares of company stock worth $9,385,210. Corporate insiders own 0.34% of the company’s stock.

Boston Scientific Trading Up 1.2% BSX opened at $45.60 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 0.43. Boston Scientific Corporation has a 52 week low of $41.38 and a 52 week high of $105.65. The stock has a market cap of $66.08 billion, a PE ratio of 18.46, a PEG ratio of 1.09 and a beta of 0.58. The business has a 50 day moving average of $45.84 and a 200-day moving average of $49.43. Boston Scientific (NYSE:BSX – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.03. The company had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.38 billion. Boston Scientific had a return on equity of 19.28% and a net margin of 17.50%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 earnings per share. Boston Scientific has set its Q3 2026 guidance at 0.800-0.820 EPS and its FY 2026 guidance at 3.280-3.320 EPS. Equities research analysts predict that Boston Scientific Corporation will post 3.24 earnings per share for the current fiscal year.

Analyst Ratings Changes Several research analysts have commented on BSX shares. Raymond James Financial restated an “outperform” rating and issued a $57.00 price objective (down from $78.00) on shares of Boston Scientific in a report on Thursday, July 30th. Truist Financial dropped their target price on shares of Boston Scientific from $57.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, October 14th. Barclays raised shares of Boston Scientific to a “hold” rating in a research note on Wednesday, October 7th. Robert W. Baird set a $56.00 price target on shares of Boston Scientific in a research report on Thursday, July 30th. Finally, Citigroup reduced their price target on shares of Boston Scientific from $50.00 to $48.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $68.23.

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(Free Report)

Boston Scientific Corporation is a medical technology company that develops, manufactures and markets devices used to diagnose and treat a broad range of complex medical conditions. Founded in 1979 and headquartered in Marlborough, Massachusetts, the company serves healthcare providers and patients worldwide.

Its products support minimally invasive procedures in areas including interventional cardiology, peripheral interventions, electrophysiology, endoscopy, urology and neuromodulation.

Featured Stories Five stocks we like better than Boston Scientific Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding BSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Boston Scientific Corporation (NYSE:BSX – Free Report).

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KLA (NASDAQ:KLAC – Get Free Report) is expected to be issuing its Q1 2027 results after the market closes on Wednesday, October 28th. Analysts expect KLA to announce earnings of $1.18 per share and revenue of $4.04 billion for the quarter. KLA has set its Q1 2027 guidance at 1.060-1.260 EPS. Individuals can check the company’s upcoming Q1 2027 earnings overview page for the latest details on the call scheduled for Wednesday, October 28, 2026 at 5:00 PM ET.

KLA (NASDAQ:KLAC – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. KLA had a return on equity of 87.66% and a net margin of 35.57%. The company had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue was up 15.2% on a year-over-year basis. On average, analysts expect KLA to post $5.43 EPS for the current fiscal year and $6.63 EPS for the next fiscal year.

KLA Stock Down 2.8% Shares of NASDAQ:KLAC opened at $161.74 on Wednesday. KLA has a 52 week low of $107.20 and a 52 week high of $307.37. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.03 and a current ratio of 2.88. The company’s fifty day moving average is $185.35 and its 200-day moving average is $197.25. The company has a market capitalization of $211.07 billion, a PE ratio of 44.30, a P/E/G ratio of 1.47 and a beta of 1.45.

KLA Increases Dividend The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a dividend of $0.23 per share. This is an increase from KLA’s previous quarterly dividend of $0.23. The ex-dividend date was Monday, August 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.6%. KLA’s dividend payout ratio is 25.07%. Insiders Place Their Bets In other news, EVP MaryBeth Wilkinson sold 13,802 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $195.50, for a total value of $2,698,291.00. Following the completion of the sale, the executive vice president directly owned 22,110 shares in the company, valued at approximately $4,322,505. This trade represents a 38.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Virendra A. Kirloskar sold 4,504 shares of KLA stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $195.50, for a total value of $880,532.00. Following the completion of the transaction, the chief accounting officer directly owned 7,972 shares of the company’s stock, valued at $1,558,526. This represents a 36.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 243,339 shares of company stock worth $46,903,454 over the last ninety days. Company insiders own 79.39% of the company’s stock.

Wall Street Analysts Forecast Growth Several equities analysts recently issued reports on KLAC shares. Sanford C. Bernstein reissued an “outperform” rating and set a $225.00 price target on shares of KLA in a report on Wednesday, July 29th. Barclays restated an “overweight” rating and issued a $225.00 price target on shares of KLA in a research report on Monday, July 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price objective on shares of KLA in a research note on Wednesday, July 29th. Stifel Nicolaus set a $250.00 price objective on shares of KLA and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. raised their price objective on shares of KLA from $200.00 to $238.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Nineteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, KLA currently has an average rating of “Moderate Buy” and an average target price of $221.26.

Read Our Latest Analysis on KLAC

KLA Company Profile (Get Free Report)

KLA Corporation (NASDAQ: KLAC) develops process control, inspection and yield management solutions for the semiconductor and other advanced manufacturing industries. Its technologies help manufacturers identify defects, measure critical dimensions and monitor production processes to improve quality, reliability and manufacturing efficiency.

The company’s product portfolio includes wafer and reticle inspection systems, metrology and measurement tools, defect review and classification systems, and software for analyzing manufacturing data.

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Ally Financial Inc. (NYSE:ALLY – Get Free Report) has been assigned a consensus rating of “Moderate Buy” from the seventeen research firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $50.00.

Several brokerages have issued reports on ALLY. Raymond James Financial cut their price target on Ally Financial from $55.00 to $52.00 and set a “strong-buy” rating on the stock in a report on Tuesday, October 6th. Zacks Research downgraded Ally Financial from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 13th. The Goldman Sachs Group set a $45.00 price objective on Ally Financial in a report on Tuesday, October 6th. UBS Group lowered their target price on Ally Financial from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Finally, Citigroup cut their target price on Ally Financial from $58.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, September 25th.

Read Our Latest Stock Analysis on Ally Financial

Ally Financial Stock Performance Shares of ALLY opened at $38.04 on Wednesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a 50-day moving average of $40.57 and a 200-day moving average of $42.68. The company has a market cap of $11.57 billion, a PE ratio of 8.97, a P/E/G ratio of 0.28 and a beta of 1.11. Ally Financial has a one year low of $35.92 and a one year high of $47.29. Ally Financial (NYSE:ALLY – Get Free Report) last issued its earnings results on Tuesday, October 20th. The financial services provider reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.01. Ally Financial had a return on equity of 11.75% and a net margin of 16.75%. The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the previous year, the company posted $1.15 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts predict that Ally Financial will post 5.00 EPS for the current fiscal year.

Ally Financial Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be paid a dividend of $0.35 per share. This is a boost from Ally Financial’s previous quarterly dividend of $0.30. The ex-dividend date is Monday, November 2nd. This represents a $1.40 dividend on an annualized basis and a yield of 3.7%. Ally Financial’s dividend payout ratio (DPR) is presently 28.30%.

Insider Buying and Selling In other Ally Financial news, insider Stephanie Richard sold 5,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $44.23, for a total transaction of $221,150.00. Following the transaction, the insider owned 88,927 shares in the company, valued at approximately $3,933,241.21. This represents a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows Large investors have recently made changes to their positions in the business. Pension & Wealth Management Advisors Inc. purchased a new stake in shares of Ally Financial in the third quarter worth approximately $27,000. Daytona Street Capital LLC boosted its position in shares of Ally Financial by 1.2% during the third quarter. Daytona Street Capital LLC now owns 81,416 shares of the financial services provider’s stock valued at $3,085,000 after buying an additional 952 shares during the last quarter. Mather Group LLC. boosted its position in shares of Ally Financial by 54.4% during the third quarter. Mather Group LLC. now owns 1,192 shares of the financial services provider’s stock valued at $45,000 after buying an additional 420 shares during the last quarter. Fortitude Family Office LLC boosted its position in shares of Ally Financial by 640.1% during the third quarter. Fortitude Family Office LLC now owns 1,384 shares of the financial services provider’s stock valued at $52,000 after buying an additional 1,197 shares during the last quarter. Finally, Krilogy Financial LLC grew its holdings in Ally Financial by 14.0% during the third quarter. Krilogy Financial LLC now owns 7,325 shares of the financial services provider’s stock worth $278,000 after buying an additional 897 shares in the last quarter. 88.76% of the stock is owned by institutional investors.

More Ally Financial News Here are the key news stories impacting Ally Financial this week:

Positive Sentiment: Quarterly earnings and revenue exceeded expectations. Ally reported adjusted earnings of $1.34 per share, above consensus estimates of $1.32–$1.33 and up from $1.15 a year earlier. Revenue reached $2.35 billion, surpassing the $2.30 billion estimate and increasing 6.1% year over year. Ally Financial reports third quarter 2026 financial results Positive Sentiment: Ally raised its common-stock dividend. The board declared a quarterly dividend of $0.35 per share, payable November 16 to shareholders of record November 2. The payment is approximately 17% higher than the previous $0.30 dividend and implies an annualized yield of about 3.7%, supporting the stock’s income appeal. Ally Financial declares dividend Neutral Sentiment: Management discussed the quarter and outlook with analysts. The earnings call focused on third-quarter performance, operating trends and investor questions, providing additional context for the results and the company’s expectations. Ally Financial Q3 2026 earnings call transcript Negative Sentiment: Higher loan-loss provisions highlighted continuing credit pressure. The earnings beat came even as Ally increased its provision for loan losses, a sign that deteriorating borrower performance—particularly in auto lending—could pressure future profitability. Analysts had also flagged rising credit risks and recent downgrades ahead of the report. Ally Financial Q3 earnings, revenue beat even as provision for loan losses rises Ally Financial Company Profile (Get Free Report)

Ally Financial Inc is a digital financial services company headquartered in Detroit, Michigan, and traded on the New York Stock Exchange under the symbol ALLY. The company primarily serves consumers, automotive dealers and businesses in the United States through online and branchless banking and financing platforms.

Ally’s automotive finance business provides retail installment loans and leases to consumers and floorplan financing and other services to automotive dealers. Its consumer banking operations, conducted through Ally Bank, offer deposit products such as savings accounts, money market accounts and certificates of deposit, along with consumer lending products.

The company also provides credit cards and commercial financing, and offers investment and brokerage services through Ally Invest.

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One way to measure the expensiveness or cheapness of a stock is to compare price-to-earnings (P/E) ratios. However, a lower multiple in comparison to other stocks doesn't automatically mean a stock's a buying opportunity. Nor should you necessarily avoid those with a higher multiple.

A higher P/E ratio does mean that investors have higher growth expectations. That's not a bad thing, and if a company can meet or exceed them, you can make money.

Dutch Bros (BROS +2.24%) trades at a P/E ratio of 58. That's more than double the S&P 500 index's P/E ratio of 26. Should Dutch Bros' relatively high multiple turn off investors?

Image source: Getty Images.

When working to answer the question, it's important to look at the company's P/E ratio in historical context. Dutch Bros' shares had an earnings multiple of 100 at the start of the year, and it rose to about 110 in late June. Over the long term, the stock has a three-year median P/E ratio of 141.

Until recently, investors certainly had high growth expectations, and the stock outperformed the market. The shares gained 64.5% for the three years ended on Oct. 16, trailing the S&P 500's 84.5% total return.

$43.82+$0.96 (+2.24%)

NYSE · As of 4:00 PM ET 10/20/26

The company's drive-through locations offer coffee, energy drinks, and other beverages (e.g., tea, lemonade, smoothies, and soda). Some locations also offer limited food options. That sounds like an ultra-competitive business, but the company differentiates itself through speed, quality, and customer service.

Dutch Bros appears to have struck a chord with customers, and it continues to grow sales and add locations (48 in the June quarter). Second-quarter same-store sales grew 5.8%, with higher traffic contributing 1.7 percentage points. That made it 13 straight quarters of comps growth.

A P/E ratio of over 100 certainly seems like an inflated valuation. I wouldn't call Dutch Bros a value stock, but its current multiple is much more reasonable.

I wouldn't stay away from the shares based on the current P/E ratio. Given the growth opportunity, long-term investors should strongly consider the stock.

Key Highlights

Record third quarter revenues of $9.9 billionUsed retail GPUs increased $197, or 11%, year over yearAftersales gross profit increased by 2.4% and gross margin was 59.5%, a 100-basis point increase, on a same-store basisFinancing Operations income of $32.3 million, a 69% increase year over year, with record originations of $937 million, and a 18.3% penetration rateThird quarter diluted earnings per share of $13.22, a 54% increase, and adjusted diluted earnings per share of $10.34, a 9% increaseRepurchased $85 million of shares, representing 1.1% of outstanding shares in the quarter, and 8.7% of outstanding shares in 2026Announced a 7% increase to quarterly dividend MEDFORD, Ore., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Lithia & Driveway (NYSE: LAD), the largest global automotive retailer, today reported financial results for the third quarter of 2026.

"Our people and our ecosystem set Lithia & Driveway apart again this quarter, delivering record quarterly revenues and continued growth in earnings per share. Used vehicle profitability strengthened, aftersales margins expanded, cost discipline continued, and Financing Operations delivered strong income growth on the strength of a high-quality credit portfolio," said Bryan DeBoer, President and CEO. "The capital decisions of the past year are reflected in our financial results, with a meaningfully lower share count magnifying every dollar we earn. With the flexibility of our cash generation and strong balance sheet, the earnings power of our model continues to build as we head into 2027.”

Third Quarter 2026 Operational Summary
Third quarter 2026 revenue increased 3% to $9.9 billion from $9.7 billion in the third quarter of 2025.

Third quarter 2026 diluted earnings per share attributable to LAD was $13.22, a 54% increase from $8.61 per share reported in the third quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted diluted earnings per share attributable to LAD for the third quarter of 2026 was $10.34, a 9% increase compared to $9.50 per share in the same period of 2025.

Third quarter 2026 net income was $292.9 million, a 34.0% increase compared to net income of $218.6 million in the third quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted net income for the third quarter 2026 was $229.3 million, an 5% decrease compared to adjusted net income of $240.9 million for the same period of 2025.

The financial measures discussed in this release include both GAAP and non-GAAP measures. See “Reconciliation of Certain Non-GAAP Measures”.

For the first nine months of 2026 revenues increased 2% to $29.0 billion, compared to $28.4 billion in 2025.

Diluted earnings per share attributable to LAD for the first nine months of 2026 was $28.77, compared to $26.42 per share in 2025, an increase of 9%. Adjusted diluted earnings per share attributable to LAD for the first nine months of 2026 increased 4% to $27.61 from $26.60 in the same period of 2025.

Corporate Development
In the third quarter of 2026, LAD acquired two stores, which are expected to generate $150 million in annualized revenues, and divested two stores representing $115 million in annualized revenues.

In October 2026, LAD continued to expand its network in the Southeast region with the acquisition of two Hyundai and two Kia stores in Memphis, TN. These additions add $250 million of expected annualized revenue.

LAD has acquired $1.17 billion in expected annualized revenues year to date.

Balance Sheet Update
LAD ended the third quarter with approximately $1.4 billion in cash and cash equivalents, marketable securities, and availability on our revolving lines of credit.

Dividend Payment and Share Repurchases
The Board of Directors approved a dividend of $0.75 per share related to third quarter 2026 financial results. The dividend is expected to be paid on November 20, 2026 to shareholders of record on November 6, 2026.

During the third quarter of 2026, we repurchased approximately 246,000 shares at a weighted average price of $345. Under the current share repurchase authorization approximately $535 million remains available as of September 30, 2026.

Board of Directors Update
The Board of Directors has appointed Bryan B. DeBoer, our President and Chief Executive Officer, as Chairman of the Board, effective October 19, 2026. In this expanded role, Bryan DeBoer will serve as both Chairman and Chief Executive Officer, promoting communication and collaboration between management and the Board. Mr. DeBoer will continue to lead the Company’s strategic vision and operations execution.

Sidney B. DeBoer will become Vice Chairman and will continue to serve on the Board. Louis P. Miramontes will continue to serve as Lead Independent Director, ensuring strong independent Board leadership and reinforcing its oversight of management and governance.

"Sid established Lithia on the belief that earning trust, one customer and one community at a time, creates value that compounds over decades," said Bryan DeBoer, Chairman and Chief Executive Officer. "He took the company public and laid the foundation of Growth Powered by People for the network we operate today across the U.S., Canada and the U.K., and we're grateful his counsel will continue as Vice Chairman. I'm honored by the Board's confidence. Our strategy and priorities are unchanged: earn customers for life, keep growing our network and adjacent businesses, and allocate capital with discipline to drive long-term shareholder value."

Third Quarter Earnings Conference Call and Updated Presentation
The third quarter 2026 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting third quarter 2026 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on Quarterly Earnings.

About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.

Sites
www.lithia.com 
investors.lithiadriveway.com 
www.lithiacareers.com 
www.driveway.com 
www.greencars.com 
www.drivewayfinancecorp.com 

Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors 
https://www.facebook.com/DrivewayHQ 

Lithia & Driveway on X
https://x.com/lithiamotors 
https://x.com/DrivewayHQ 
https://x.com/GreenCarsHQ 

Lithia & Driveway on LinkedIn
https://www.linkedin.com/company/lithia-motors/ 

Lithia & Driveway on YouTube
https://www.youtube.com/@Lithia_Motors/featured 

Forward-Looking Statements
Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as “project,” “outlook,” “target,” “may,” “will,” “would,” “should,” “seek,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “likely,” “ensure,” “goal,” “strategy,” “future,” “maintain,” and “continue” or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:

The profitability of our strategy and growthFuture market conditions, including anticipated vehicle and other sales, gross profit and inventory supplyOur business strategy and plans, including our achieving our long-term financial targetsThe growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional storesAnnualized revenues from acquired stores or achieving target returnsThe growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targetsThe impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution modelsOur capital allocations and uses and levels of capital expenditures in the futureExpected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projectionsOur anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sourcesOur continuing to purchase shares under our share repurchase programOur compliance with financial and restrictive covenants in our credit facilities and other debt agreementsOur programs and initiatives for team member recruitment, training, and retentionOur strategies and targets for customer retention, growth, market position, operations, financial results and risk management Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:

Future national and local economic and financial conditions, including as a result of inflation, interest rates, tariffs, governmental actions, programs and spending, and public health issuesThe market for dealerships, including the availability of stores to us for an acceptable priceChanges in customer demand, levels of consumer debt, consumer confidence and manufacturer sales incentives, and the electric vehicle landscape and the impact of evolving digital technologiesChanges in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery modelsChanges in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehiclesRisks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable termsThe adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levelsDisruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipmentGovernment regulations and legislationThe risks set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures
All “adjusted” financial measures in this presentation are non-GAAP financial measures, as are EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. We caution you not to place undue reliance on such non-GAAP measures and to consider them together with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

LAD
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)

 Three months ended
 % Nine months ended
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)Revenues:           New vehicle$4,868.6  $4,792.4  1.6% $14,077.1  $14,076.3  —%Used vehicle 3,630.1   3,463.3  4.8   10,647.8   10,192.3  4.5 Finance and insurance 361.4   378.6  (4.5)  1,087.5   1,116.8  (2.6)Aftersales 1,086.6   1,041.5  4.3   3,197.0   3,051.7  4.8 Total revenues 9,946.7   9,675.8  2.8%  29,009.4   28,437.1  2.0%Cost of sales:           New vehicle 4,590.7   4,501.0  2.0   13,255.7   13,178.1  0.6 Used vehicle 3,419.2   3,274.4  4.4   10,035.2   9,609.2  4.4 Aftersales 441.0   434.4  1.5   1,303.6   1,288.3  1.2 Total cost of sales 8,450.9   8,209.8  2.9   24,594.5   24,075.6  2.2 Gross profit 1,495.8   1,466.0  2.0%  4,414.9   4,361.5  1.2%            Finance operations income 32.3   19.1  69.1%  90.0   51.7  74.1%            SG&A expense 1,036.3   998.0  3.8   3,088.4   2,965.3  4.2 Depreciation and amortization 71.6   65.5  9.3   212.3   194.6  9.1 Income from operations 420.2   421.6  (0.3)%  1,204.2   1,253.3  (3.9)%Floor plan interest expense (70.3)  (57.8) 21.6   (195.9)  (169.8) 15.4 Other interest expense (63.1)  (68.3) (7.6)  (196.0)  (200.5) (2.2)Other income (expense) 104.2   (13.3) 883.5   72.7   35.9  NMIncome before income taxes 391.0   282.2  38.6%  885.0   918.9  (3.7)%Income tax expense (98.1)  (63.6) 54.2   (228.4)  (230.9) (1.1)Income tax rate 25.1%  22.5%    25.8%  25.1%  Net income$292.9  $218.6  34.0% $656.6  $688.0  (4.6)%Net income attributable to non-controlling interests (1.8)  (1.5) 20.0%  (5.1)  (5.3) (3.8)%Net income attributable to LAD$291.1  $217.1  34.1% $651.5  $682.7  (4.6)%            Diluted earnings per share attributable to LAD:           Net income per share$13.22  $8.61  53.5% $28.77  $26.42  8.9%            Diluted shares outstanding 22.0   25.2  (12.7)%  22.6   25.8  (12.4)% NM - not meaningful

LAD
Key Performance Metrics (Unaudited)

 Three months ended
 % Nine months ended
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)Gross margin           New vehicle 5.7%  6.1% (40)bps  5.8%  6.4% (60)bpsUsed vehicle 5.8   5.5  30   5.8   5.7  10 Finance and insurance 100.0   100.0  —   100.0   100.0  — Aftersales 59.4   58.3  110   59.2   57.8  140 Gross profit margin 15.0   15.2  (20)  15.2   15.3  (10)            Unit sales           New vehicle 105,471   104,332  1.1%  304,347   305,151  (0.3)%Used vehicle retail 109,791   109,097  0.6   326,056   325,476  0.2             Average selling price (excluding agency)           New vehicle$46,777  $46,804  (0.1)% $46,938  $47,165  (0.5)%Used vehicle retail 29,499   28,381  3.9   29,180   27,990  4.3             Average gross profit per unit           New vehicle$2,635  $2,793  (5.7)% $2,699  $2,943  (8.3)%Used vehicle retail 1,970   1,773  11.1   1,889   1,818  3.9 Finance and insurance 1,733   1,818  (4.7)  1,782   1,814  (1.8)Total vehicle(1) 3,949   4,025  (1.9)  4,000   4,120  (2.9)            Revenue mix           New vehicle 48.9%  49.5%    48.5%  49.5%  Used vehicle 36.5   35.8     36.7   35.8   Finance and insurance, net 3.6   3.9     3.7   3.9   Aftersales 11.0   10.8     11.1   10.8               Gross Profit Mix           New vehicle 18.6%  19.9%    18.6%  20.6%  Used vehicle 14.1   12.9     13.9   13.4   Finance and insurance, net 24.2   25.8     24.6   25.6   Aftersales 43.1   41.4     42.9   40.4     Adjusted As reported Adjusted As reported Three months
ended September
30, Three months
ended September
30, Nine months
ended September
30, Nine months
ended September
30,Other metrics2026  2025  2026  2025  2026  2025  2026  2025 SG&A as a % of revenue10.4% 10.3% 10.4% 10.3% 10.6% 10.4% 10.6% 10.4%SG&A as a % of gross profit68.8  67.9  69.3  68.1  69.6  67.9  70.0  68.0 Operating profit as a % of revenue4.3  4.4  4.2  4.4  4.2  4.4  4.2  4.4 Operating profit as a % of gross profit28.5  29.0  28.1  28.8  27.6  28.8  27.3  28.7 Pretax margin3.1  3.2  3.9  2.9  3.0  3.2  3.1  3.2 Net profit margin2.3  2.5  2.9  2.3  2.2  2.4  2.3  2.4  (1)   Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail

LAD
Same Store Operating Highlights (Unaudited)

 Three months ended 
 % Nine months ended 
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)Revenues           New vehicle$4,608.3  $4,729.9  (2.6)% $13,293.7  $13,784.0  (3.6)%Used vehicle 3,419.4   3,409.5  0.3   10,023.4   9,932.6  0.9 Finance and insurance 345.1   375.6  (8.1)  1,039.6   1,102.0  (5.7)Aftersales 1,027.9   1,021.0  0.7   3,018.5   2,964.1  1.8 Total revenues 9,400.6   9,536.0  (1.4)  27,375.2   27,782.8  (1.5)            Gross profit           New vehicle$263.9  $288.4  (8.5)% $778.0  $881.6  (11.8)%Used vehicle 203.1   185.8  9.3   586.6   575.2  2.0 Finance and insurance 345.1   375.6  (8.1)  1,039.6   1,102.0  (5.7)Aftersales 611.1   596.9  2.4   1,786.0   1,721.2  3.8 Total gross profit 1,423.2   1,446.7  (1.6)  4,190.2   4,280.1  (2.1)            Gross margin           New vehicle 5.7%  6.1% (40)bps  5.9%  6.4% (50)bpsUsed vehicle 5.9   5.4  50   5.9   5.8  10 Finance and insurance 100.0   100.0  —   100.0   100.0  — Aftersales 59.5   58.5  100   59.2   58.1  110 Gross profit margin 15.1   15.2  (10)  15.3   15.4  (10)            Unit sales           New vehicle 100,559   103,318  (2.7)%  289,351   300,917  (3.8)%Used vehicle retail 104,612   108,039  (3.2)  311,741   320,566  (2.8)            Average selling price (excluding agency)           New vehicle$46,470  $46,652  (0.4)% $46,659  $46,843  (0.4)%Used vehicle retail 29,197   28,200  3.5   28,770   27,703  3.9             Average gross profit per unit           New vehicle$2,624  $2,792  (6.0)% $2,689  $2,930  (8.2)%Used vehicle retail 1,993   1,759  13.3   1,893   1,818  4.1 Finance and insurance 1,736   1,821  (4.7)  1,784   1,816  (1.8)Total vehicle(1) 3,958   4,021  (1.6)  4,000   4,117  (2.8) (1)   Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail

LAD
Other Highlights (Unaudited)

 Three months ended September 30, Nine months ended September 30, 2026  2026 Key Performance by CountryTotal Revenue Total Gross Profit Total Revenue Total Gross ProfitUnited States75.9%  80.8%  76.3%  81.4% United Kingdom20.5%  16.4%  20.2%  15.9% Canada3.6%  2.8%  3.5%  2.7%   As of September 30, December 31, September 30,Days’ Supply(1)2026 2025 2025New vehicle inventory54 54 52Used vehicle inventory45 48 46 (1) Days’ supply in inventory is calculated using on-ground inventory unit levels and a 30-day total unit sales volumes, both at the end of each reporting period.

Selected Financing Operations Financial Information

 Three months ended September 30, Nine months ended September 30,($ in millions) 2026  % (1)  2025  % (1)  2026  % (1)  2025  % (1)Interest and fee income$122.1  8.7  $104.9  9.2  $349.0  8.8  $298.0  9.2 Interest expense (56.3) (4.0)  (52.1) (4.6)  (161.4) (4.1)  (150.0) (4.6)Total interest margin$65.8  4.7  $52.8  4.6  $187.6  4.7  $148.0  4.6 Lease income 29.2     23.4     79.5     67.7   Lease costs (25.6)    (18.6)    (68.3)    (54.0)  Lease income, net 3.6     4.8     11.2     13.7   Provision expense (22.5) (1.6)  (25.8) (2.3)  (64.7) (1.6)  (72.5) (2.2)Other financing operations expenses (14.6) (1.0)  (12.7) (1.1)  (44.1) (1.1)  (37.5) (1.2)Finance operations income$32.3    $19.1    $90.0    $51.7                   Total average managed finance receivables$5,558.0    $4,541.8    $5,290.6    $4,316.3    (1)   Annualized percentage of total average managed finance receivables

LAD
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)

 September 30, 2026 December 31, 2025Cash, restricted cash, and cash equivalents$374.0 $341.8Trade receivables, net 1,132.9  1,134.1Inventories, net 6,624.3  6,119.6Other current assets 261.8  262.5Total current assets$8,393.0 $7,858.0    Property and equipment, net 5,074.7  4,936.0Finance receivables, net 5,578.6  4,755.1Intangibles 5,630.7  5,254.1Other non-current assets 2,159.0  2,304.0Total assets$26,836.0 $25,107.2    Floor plan notes payable 6,566.8  5,008.9Other current liabilities 1,838.5  1,687.8Total current liabilities$8,405.3 $6,696.7    Long-term debt, less current maturities 6,828.2  7,274.9Non-recourse notes payable, less current maturities 2,746.3  2,404.2Other long-term liabilities and deferred revenue 2,215.3  2,103.0Total liabilities$20,195.1 $18,478.8    Equity 6,640.8  6,628.4Total liabilities and equity$26,836.0 $25,107.2 LAD
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)

 Nine months ended September 30,Cash flows from operating activities: 2026   2025 Net income$656.6  $688.0 Adjustments to reconcile net income to net cash (used in) provided by operating activities 391.1   428.5 Changes in:   Inventories (555.0)  44.8 Finance receivables (831.4)  (671.3)Floor plan notes payable 87.6   (151.0)Other operating activities 46.2   (106.0)Net cash (used in) provided by operating activities (204.9)  233.0 Cash flows from investing activities:   Capital expenditures (252.3)  (257.7)Cash paid for acquisitions, net of cash acquired (264.8)  (417.6)Net proceeds from sales of stores 31.9   178.1 Other investing activities 4.0   17.8 Net cash used in investing activities (481.2)  (479.4)Cash flows from financing activities:   Net borrowings on floor plan notes payable, non-trade 1,542.2   73.3 Net borrowings on non-recourse notes payable 291.8   136.3 Net borrowings on other debt and finance lease liabilities (456.1)  827.7 Proceeds from issuance of common stock 21.2   21.0 Repurchase of common stock (624.5)  (662.3)Dividends paid (41.1)  (42.1)Other financing activity (11.2)  (89.4)Net cash provided by financing activities 722.3   264.5 Effect of exchange rate changes on cash and restricted cash (3.5)  4.7 Change in cash, restricted cash, and cash equivalents 32.7   22.8 Cash, restricted cash, and cash equivalents at beginning of period 391.3   445.8 Cash, restricted cash, and cash equivalents at end of period 424.0   468.6  LAD
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)

 Nine months ended September 30,Net cash provided by operating activities 2026   2025 As reported$(204.9) $233.0 Floor plan notes payable, non-trade, net(1) 1,542.2   73.3 Adjust: finance receivables activity 831.4   671.3 Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory (43.5)  (62.9)Adjusted$2,125.2  $914.7  (1) Includes the impact of converting inventory‑secured revolvers to floorplan facilities during 2026, increasing net floorplan borrowings and adjusted operating cash flows $1,138.3 million.

LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

 Three Months Ended September 30, 2026 As reported Net loss on
disposal of
stores Investment
gain Insurance
reserves Tax attribute AdjustedSelling, general and administrative 1,036.3   (5.8)  —   (0.8)  —   1,029.7 Operating income 420.2   5.8   —   0.8   —   426.8 Other income (expense), net 104.2   —   (88.8)  —   —   15.4             Income before income taxes 391.0   5.8   (88.8)  0.8   —   308.8 Income tax (provision) benefit (98.1)  (1.6)  23.7   (0.2)  (3.3)  (79.5)Net income$292.9  $4.2  $(65.1) $0.6  $(3.3) $229.3 Net income attributable to non-controlling interests (1.8)  —   —   —   —   (1.8)Net income attributable to LAD$291.1  $4.2  $(65.1) $0.6  $(3.3) $227.5             Diluted earnings per share attributable to LAD$13.22  $0.19  $(2.95) $0.03  $(0.15) $10.34 Diluted share count 22.0             Three Months Ended September 30, 2025 As reported Net gain on
disposal of
stores Investment
loss Insurance
reserves Acquisition
expenses Tax attribute AdjustedSelling, general and administrative$998.0  $15.4  $—  $(2.5) $(15.9) $—  $995.0 Operating income 421.6   (15.4)  —   2.5   15.9   —   424.6 Other income (expense), net (13.3)  —   22.7   —   —   —   9.4               Income before income taxes 282.2   (15.4)  22.7   2.5   15.9   —   307.9 Income tax (provision) benefit (63.6)  7.2   (6.0)  (0.5)  (0.6)  (3.5)  (67.0)Net income$218.6  $(8.2) $16.7  $2.0  $15.3  $(3.5) $240.9 Net income attributable to non-controlling interests$(1.5) $—  $—  $—  $—  $—  $(1.5)Net income attributable to LAD$217.1  $(8.2) $16.7  $2.0  $15.3  $(3.5) $239.4               Diluted earnings per share attributable to LAD$8.61  $(0.32) $0.66  $0.08  $0.61  $(0.14) $9.50 Diluted share count 25.2              LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

 Nine Months Ended September 30, 2026 As reported Net gain on
disposal of
stores Investment
gain Insurance
reserves Acquisition
expenses Contract
buyouts Tax attribute AdjustedSelling, general and administrative$3,088.4  $9.2  $—  $(3.2) $(0.7) $(20.3) $—  $3,073.4 Operating income 1,204.2   (9.2)  —   3.2   0.7   20.3   —   1,219.2 Other income (expense), net 72.7   —   (43.7)  —   —   —   —   29.0                 Income before income taxes 885.0   (9.2)  (43.7)  3.2   0.7   20.3   —   856.3 Income tax (provision) benefit (228.4)  2.4   11.6   (0.9)  (0.1)  (5.1)  (5.3)  (225.8)Net income$656.6  $(6.8) $(32.1) $2.3  $0.6  $15.2  $(5.3) $630.5 Net income attributable to non-controlling interests (5.1)  —   —   —   —   —   —   (5.1)Net income attributable to LAD$651.5  $(6.8) $(32.1) $2.3  $0.6  $15.2  $(5.3) $625.4                 Diluted earnings per share attributable to LAD$28.77  $(0.30) $(1.42) $0.10  $0.03  $0.67  $(0.24) $27.61 Diluted share count 22.6                 Nine Months Ended September 30, 2025 As reported Net gain on
disposal of
stores Investment
gain Insurance
reserves Acquisition
expenses Tax attribute AdjustedSelling, general and administrative$2,965.3  $17.7  $—  $(5.4) $(16.1) $—  $2,961.5 Operating income 1,253.3   (17.7)  —   5.4   16.1   —   1,257.1 Other income (expense), net 35.9   —   (4.1)  —   —   —   31.8               Income before income taxes 918.9   (17.7)  (4.1)  5.4   16.1   —   918.6 Income tax (provision) benefit (230.9)  11.6   1.0   (1.4)  (0.6)  (5.7)  (226.0)Net income$688.0  $(6.1) $(3.1) $4.0  $15.5  $(5.7) $692.6 Net income attributable to non-controlling interests (5.3)  —   —   —   —   —   (5.3)Net income attributable to LAD$682.7  $(6.1) $(3.1) $4.0  $15.5  $(5.7) $687.3               Diluted earnings per share attributable to LAD$26.42  $(0.24) $(0.12) $0.16  $0.60  $(0.22) $26.60 Diluted share count 25.8              LAD
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)

 Three months ended
 % Nine months ended 
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)EBITDA and Adjusted EBITDA           Net income$292.9  $218.6  34.0% $656.6  $688.0  (4.6)%Flooring interest expense 70.3   57.8  21.6   195.9   169.8  15.4 Other interest expense 63.1   68.3  (7.6)  196.0   200.5  (2.2)Financing operations interest expense 56.3   52.1  8.1   161.4   150.0  7.6 Income tax expense 98.1   63.6  54.2   228.4   230.9  (1.1)Depreciation and amortization 71.6   65.5  9.3   212.3   194.6  9.1 EBITDA$652.3  $525.9  24.0% $1,650.6  $1,633.8  1.0%            Other adjustments:           Less: flooring interest expense$(70.3) $(57.8) 21.6  $(195.9) $(169.8) 15.4 Less: financing operations interest expense (56.3)  (52.1) 8.1   (161.4)  (150.0) 7.6 Less: used vehicle line of credit interest —   (3.7) (100.0)  (1.5)  (11.2) (86.6)Add: acquisition expenses —   15.9  NM  0.7   16.1  NMAdd: (gain) loss on disposal of stores 5.8   (15.4) NM  (9.2)  (17.7) NMAdd: investment (gain) loss (88.8)  22.7  NM  (43.7)  (4.1) NMAdd: insurance reserves 0.8   2.5  NM  3.2   5.4  NMAdd: contract buyouts —   —  NM  20.3   —  NMAdjusted EBITDA$443.5  $438.0  1.3% $1,263.1  $1,302.5  (3.0)% NM - not meaningful

 As of % September 30, IncreaseNet Debt to Adjusted EBITDA 2026   2025  (Decrease)Floor plan notes payable$6,566.8  $4,869.0  34.9%Used and service loaner vehicle inventory financing facility 3.5   1,020.8  (99.7)Revolving lines of credit 1,736.6   1,310.6  32.5 Warehouse facilities 1,743.5   1,252.0  39.3 Non-recourse notes payable 2,765.7   2,245.6  23.2 4.625% Senior notes due 2027 400.0   400.0  — 3.875% Senior notes due 2029 800.0   800.0  — 5.500% Senior notes due 2030 600.0   600.0  — 4.375% Senior notes due 2031 550.0   550.0  — Real estate mortgages, finance lease obligations, and other debt 1,114.6   1,117.3  (0.2)Unamortized debt issuance costs (24.4)  (26.7) (8.6)Total debt$16,256.3  $14,138.5  15.0%      Less: Inventory related debt$(6,570.3) $(5,889.8) 11.6%Less: Financing operations related debt (4,509.2)  (3,497.6) 28.9 Less: Unrestricted cash and cash equivalents (108.1)  (206.5) (47.7)Less: Marketable securities (76.1)  (54.9) 38.6 Less: Availability on used vehicle and service loaner financing facilities (0.4)  (18.8) (97.9)Net Debt$4,992.2  $4,470.9  11.7%      TTM Adjusted EBITDA$1,627.2  $1,701.9  (4.4)%      Net debt to Adjusted EBITDA3.07        x 2.63        x   NM - not meaningful

DUTCH ASSET Corp acquired a new position in MKS Inc. (NASDAQ:MKSI – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,530 shares of the scientific and technical instruments company’s stock, valued at approximately $672,000.

Several other institutional investors have also recently added to or reduced their stakes in MKSI. Bank of America Corp DE bought a new position in shares of MKS in the 2nd quarter worth about $231,673,000. Assenagon Asset Management S.A. boosted its holdings in shares of MKS by 1,742.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 442,273 shares of the scientific and technical instruments company’s stock valued at $117,362,000 after buying an additional 418,264 shares during the period. Madison Asset Management LLC acquired a new position in shares of MKS in the 2nd quarter valued at about $140,866,000. TimesSquare Capital Management LLC acquired a new position in shares of MKS in the 2nd quarter valued at about $128,303,000. Finally, Quantinno Capital Management LP grew its position in shares of MKS by 12.5% during the 1st quarter. Quantinno Capital Management LP now owns 259,749 shares of the scientific and technical instruments company’s stock valued at $59,693,000 after buying an additional 28,850 shares during the last quarter. Institutional investors own 99.79% of the company’s stock.

Insiders Place Their Bets In other MKS news, CEO John Tseng-Chung Lee sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $302.01, for a total value of $3,020,100.00. Following the sale, the chief executive officer owned 134,776 shares in the company, valued at approximately $40,703,699.76. This trade represents a 6.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Williams sold 457 shares of MKS stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $288.31, for a total value of $131,757.67. Following the sale, the executive vice president directly owned 4,098 shares in the company, valued at approximately $1,181,494.38. This trade represents a 10.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 10,757 shares of company stock worth $3,227,146. Insiders own 0.57% of the company’s stock.

MKS Stock Performance Shares of MKSI opened at $211.14 on Wednesday. MKS Inc. has a 1 year low of $130.72 and a 1 year high of $447.62. The company has a market cap of $14.28 billion, a price-to-earnings ratio of 33.67, a price-to-earnings-growth ratio of 0.45 and a beta of 2.03. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.72 and a current ratio of 1.14. The firm has a fifty day moving average of $262.23 and a 200-day moving average of $300.01. MKS (NASDAQ:MKSI – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The scientific and technical instruments company reported $3.30 EPS for the quarter, topping the consensus estimate of $2.91 by $0.39. MKS had a net margin of 10.15% and a return on equity of 24.72%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the firm earned $1.77 earnings per share. The company’s quarterly revenue was up 28.3% on a year-over-year basis. MKS has set its Q3 2026 guidance at 3.270-3.890 EPS. As a group, equities analysts anticipate that MKS Inc. will post 13.13 earnings per share for the current year.

MKS Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were given a $0.25 dividend. The ex-dividend date was Tuesday, August 25th. This represents a $1.00 annualized dividend and a yield of 0.5%. MKS’s dividend payout ratio is 15.95%.

Wall Street Analyst Weigh In MKSI has been the topic of several research reports. Citigroup increased their price objective on shares of MKS from $425.00 to $430.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 target price on shares of MKS in a research note on Monday, August 3rd. KeyCorp lifted their target price on MKS from $360.00 to $475.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Morgan Stanley lowered their target price on MKS from $439.00 to $345.00 and set an “overweight” rating for the company in a report on Thursday, September 17th. Finally, Needham & Company LLC upped their target price on MKS from $360.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, MKS currently has an average rating of “Moderate Buy” and a consensus target price of $375.93.

Check Out Our Latest Research Report on MKSI

MKS Profile (Free Report)

MKS Instruments, Inc (NASDAQ: MKSI) develops technologies that enable precision control and measurement in manufacturing and research environments. The company provides instruments, components, systems and process-control solutions used to measure and control pressure, flow, vacuum, gas delivery, temperature and other critical production conditions.

Its product portfolio includes vacuum solutions, pressure and flow-control instruments, gas and vapor delivery systems, plasma and reactive-gas technologies, power delivery systems, process-monitoring equipment, analytical instruments and materials-characterization tools.

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Urban Edge Properties (NYSE:UE – Get Free Report) is anticipated to post its Q3 2026 results after the market closes on Wednesday, October 28th. Analysts expect the company to post earnings of $0.1166 per share and revenue of $120.49 million for the quarter. Urban Edge Properties has set its FY 2026 guidance at 1.500-1.540 EPS. Interested persons may review the information on the company’s upcoming Q3 2026 earnings report page for the latest details on the call scheduled for Wednesday, October 28, 2026 at 8:30 AM ET.

Urban Edge Properties (NYSE:UE – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.03. Urban Edge Properties had a net margin of 13.72% and a return on equity of 4.92%. The company had revenue of $122.78 million during the quarter, compared to analyst estimates of $117.86 million. On average, analysts expect Urban Edge Properties to post $1.53 EPS for the current fiscal year and $1.54 EPS for the next fiscal year.

Urban Edge Properties Price Performance Urban Edge Properties stock opened at $19.50 on Wednesday. Urban Edge Properties has a 12 month low of $18.46 and a 12 month high of $24.11. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.19. The business’s 50 day simple moving average is $20.46 and its 200 day simple moving average is $21.65. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 36.11 and a beta of 0.99.

Urban Edge Properties Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Urban Edge Properties’s dividend payout ratio (DPR) is currently 155.56%. Analyst Upgrades and Downgrades A number of research analysts have recently commented on UE shares. Weiss Ratings cut Urban Edge Properties from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Urban Edge Properties from a “sell” rating to a “hold” rating in a research note on Sunday, September 20th. Finally, UBS Group decreased their price objective on Urban Edge Properties from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Friday, October 9th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.67.

Read Our Latest Research Report on UE

(Get Free Report)

Urban Edge Properties (NYSE: UE) is a self-managed real estate investment trust that owns, manages and develops retail and mixed-use properties. Its portfolio is focused primarily on shopping centers anchored by grocery stores and other essential-service retailers, as well as properties serving densely populated communities.

The company’s properties are concentrated in the Washington, DC, and New York metropolitan areas, including locations in the surrounding suburbs. Urban Edge typically seeks to enhance the value of its properties through leasing, redevelopment, property improvements and selective acquisitions or dispositions.

Urban Edge was formed as an independent publicly traded company through a spin-off from Vornado Realty Trust in 2015.

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Investors usually view GE Vernova's (GEV -1.99%) backlog as a precursor to future revenue growth, and that approach is entirely valid. However, there's more to this accumulation of unfulfilled customer orders that exceed the company's immediate production capacity than meets the eye.

There's also an underlying story of a significant improvement in the company's potential to generate long-term recurring revenue, notably from long-term service agreements (LTSA) attached to gas turbines and aftermarket parts/repair and software subscriptions in electrical equipment. In addition, there's a margin expansion and cash flow improvement story too. 

Image source: Getty Images.

Here's a breakout of the company's remaining performance obligation (RPO), or backlog, over the last few years. A few points are from the data in the chart below:

The chart shows a remarkable increase in backlog from $116 billion in 2023 to $176 billion at the end of the second quarter.
The power and electrification segments contributed 111% of the increase in the backlog, offset by a decrease in the loss-making wind segment.

Data source: GE Vernova presentations. Chart by author.

GE Vernova's backlog improvement is better than it looks
The backlog improvement isn't done yet, at least according to CEO Scott Strazik and Wall Street. For example, Strazik spoke at a Morgan Stanley conference in September and told investors that the $200 billion backlog he had guided toward in 2027 "should hit very early in 2027," based on the third-quarter orders. He also said, "$200 billion is a very humble milestone on the trajectory we see toward growing to a much larger and more profitable business."

Wall Street sees it the same way, with the consensus view, according to S&P Global Market Intelligence, calling for a backlog of $303 billion in 2030 even as its revenue improves at a mid-teens percentage rate as the company converts the backlog.

Moreover, the improvement in the power and electrification segment implies more recurring revenue down the line, as heavy-duty gas turbines are typically sold with LTSAs that generate higher-margin service sales over many years. Similarly, its electrification segment equipment (grid, substation, switchgear, transmission equipment, etc.) also generates long-term revenue from equipment maintenance and software and digital services.

GEV GE Vernova$890.33-$18.11 (-1.99%)

NYSE · As of 4:00 PM ET 10/20/26

Improving margins
Strazik also noted that margins were improving across all three segments' backlogs, which means "margin expansion in our business is simply going to continue" in the years when most of the backlog is executed, in 2029 and 2030.

All three segments have good long-term growth prospects. The power segment's gas turbines and nuclear solutions help supply electricity to artificial intelligence (AI) data centers. Moreover, demand in its electrification segment is partly driven by the need to build out and maintain the grid to support AI data centers.

The improvement in the wind segment is more nuanced: The company is currently working through loss-making offshore wind contracts while prioritizing margin expansion in its onshore wind business and not chasing offshore contracts. These actions should lead to margin improvement in the future.

Improving cash flow
Finally, GE Vernova's cash flow profile is being significantly enhanced by the growth in slot reservation agreements (SRAs), in which customers pay cash up front to secure equipment manufacturing slots in the future. Focusing purely on power, management said at the end of the second quarter that it had 116 gigawatts (GW) under contract, including 63 GW in SRAs (note that SRAs are not included in the RPO or backlog figures).

Moreover, Strazik emphasized in September that "We also see our customers continue to really accelerate their slot reservation agreements into orders, which drove my earlier comment on us continuing to expect a very strong third quarter orders performance."

GE Vernova's backlog will drive growth
All told, a combination of improving up-front cash flow, margin expansion in the backlog, backlog growth, and improved long-term recurring revenue prospects is strengthening GE Vernova's prospects. Moreover, investors can expect to see immediate signs of these improvements in the upcoming earnings presentation due on Oct. 28.

IFP Advisors Inc lifted its position in shares of Sandisk Corporation (NASDAQ:SNDK – Free Report) by 49.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,923 shares of the data storage provider’s stock after buying an additional 637 shares during the period. IFP Advisors Inc’s holdings in Sandisk were worth $3,346,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SNDK. Atomic Invest LLC acquired a new position in Sandisk in the second quarter valued at $25,000. Dunhill Financial LLC purchased a new stake in Sandisk during the second quarter valued at about $30,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Sandisk during the second quarter valued at about $32,000. Kilter Group LLC acquired a new stake in Sandisk during the second quarter worth about $32,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in Sandisk during the second quarter worth about $34,000.

Analyst Upgrades and Downgrades A number of equities analysts have recently commented on the company. Royal Bank Of Canada raised their price objective on Sandisk from $1,300.00 to $1,600.00 and gave the stock a “sector perform” rating in a report on Friday, August 14th. UBS Group reaffirmed an “overweight” rating and issued a $1,750.00 price objective on shares of Sandisk in a research note on Friday, August 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $2,900.00 target price (up from $1,800.00) on shares of Sandisk in a report on Monday, August 10th. Arete Research boosted their target price on Sandisk from $2,300.00 to $3,000.00 and gave the stock a “buy” rating in a report on Thursday, August 27th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $3,000.00 target price (up from $1,700.00) on shares of Sandisk in a research report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,120.65.

Check Out Our Latest Stock Analysis on SNDK Sandisk Trading Down 0.4% Shares of SNDK stock opened at $1,365.38 on Wednesday. The company has a market cap of $197.34 billion, a PE ratio of 18.73, a P/E/G ratio of 0.14 and a beta of 5.23. The company’s fifty day simple moving average is $1,608.16 and its 200-day simple moving average is $1,513.38. Sandisk Corporation has a 52 week low of $142.76 and a 52 week high of $2,354.39.

Sandisk (NASDAQ:SNDK – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The data storage provider reported $39.25 earnings per share for the quarter, topping analysts’ consensus estimates of $33.28 by $5.97. Sandisk had a net margin of 56.47% and a return on equity of 87.84%. The firm had revenue of $8.96 billion during the quarter. During the same period last year, the company posted $0.29 earnings per share. The firm’s revenue for the quarter was up 371.6% on a year-over-year basis. Sandisk has set its Q1 2027 guidance at 44.000-46.000 EPS. Equities research analysts expect that Sandisk Corporation will post 208.94 EPS for the current fiscal year.

Sandisk announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 5th that authorizes the company to buy back $14.00 billion in shares. This buyback authorization authorizes the data storage provider to buy up to 6.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling In other Sandisk news, EVP Alper Ilkbahar sold 4,712 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $1,540.58, for a total transaction of $7,259,212.96. Following the transaction, the executive vice president owned 44,134 shares in the company, valued at $67,991,957.72. The trade was a 9.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bernard Shek sold 2,308 shares of the company’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $1,767.33, for a total value of $4,078,997.64. Following the completion of the sale, the insider directly owned 25,305 shares of the company’s stock, valued at $44,722,285.65. The trade was a 8.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 77,899 shares of company stock valued at $121,159,122. 0.29% of the stock is owned by company insiders.

Trending Headlines about Sandisk Here are the key news stories impacting Sandisk this week:

Positive Sentiment: Sandisk’s upcoming fiscal first-quarter report on October 29 is a key potential catalyst. Investors will focus on whether strong demand, pricing, margins and management guidance support the company’s recently upgraded earnings outlook. Sandisk Q1 Preview Positive Sentiment: Recent bullish commentary points to strong cash generation, favorable earnings revisions and potential benefits from Nvidia’s NVHBM technology becoming an industry standard for high-bandwidth memory connections. Sandisk was also upgraded to Zacks’ Rank #1, or Strong Buy. Sandisk upgraded to Strong Buy Neutral Sentiment: Analysts and investors remain divided: some view the recent sell-off as technically oversold and see upside, while others argue that the stock’s low forward valuation depends on unusually strong memory pricing continuing. Investor commentary on Sandisk Negative Sentiment: Memory stocks broadly weakened after a selloff in Seoul revived fears that data-center and AI spending could slow. Sandisk, Micron and SK Hynix were all lower in premarket trading, highlighting sector-wide rather than company-specific pressure. AI memory stocks fall Negative Sentiment: Jim Cramer warned that Sandisk and Western Digital could be especially exposed if data-center capacity growth slows. Separately, China’s CXMT technology breakthrough has raised concerns about additional memory supply, price competition and pressure on Sandisk’s profit surge, which has been driven substantially by higher prices. Cramer warning on Sandisk Sandisk Company Profile (Free Report)

SanDisk Corporation offers flash storage solutions. The Company designs, develops and manufactures data storage solutions in a range of form factors using flash memory, controller, firmware and software technologies. The Company operates through flash memory storage products segment. Its solutions include a range of solid state drives (SSD), embedded products, removable cards, universal serial bus (USB), drives, wireless media drives, digital media players, and wafers and components. It offers SSDs for client computing applications, which encompass desktop computers, notebook computers, tablets and other computing devices.

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Birmingham Capital Management Co. Inc. AL bought a new stake in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,539 shares of the software giant’s stock, valued at approximately $574,000.

Other hedge funds have also recently modified their holdings of the company. Frankly Finances LLC purchased a new stake in Microsoft in the second quarter worth $35,000. Bard Associates Inc. bought a new stake in shares of Microsoft during the second quarter worth $37,000. PMV Capital Advisers LLC bought a new stake in shares of Microsoft during the second quarter worth $38,000. Fiduciary Advisors Inc. boosted its stake in shares of Microsoft by 37.4% during the second quarter. Fiduciary Advisors Inc. now owns 125 shares of the software giant’s stock valued at $47,000 after purchasing an additional 34 shares during the period. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Microsoft during the second quarter valued at $60,000. Institutional investors own 71.13% of the company’s stock.

Microsoft Stock Performance MSFT stock opened at $531.87 on Wednesday. Microsoft Corporation has a 1-year low of $349.20 and a 1-year high of $553.72. The business has a 50-day moving average price of $506.64 and a 200 day moving average price of $443.46. The company has a market capitalization of $3.95 trillion, a P/E ratio of 29.61, a PEG ratio of 1.71 and a beta of 1.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.23 and a quick ratio of 1.22.

Microsoft (NASDAQ:MSFT – Get Free Report) last issued its earnings results on Wednesday, July 29th. The software giant reported $4.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.50. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The company had revenue of $90.01 billion for the quarter, compared to analysts’ expectations of $87.62 billion. During the same period in the prior year, the business earned $3.65 EPS. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities research analysts forecast that Microsoft Corporation will post 19.65 EPS for the current fiscal year. Microsoft Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 19th will be issued a $0.98 dividend. The ex-dividend date is Thursday, November 19th. This represents a $3.92 annualized dividend and a dividend yield of 0.7%. This is an increase from Microsoft’s previous quarterly dividend of $0.91. Microsoft’s dividend payout ratio (DPR) is presently 20.27%.

Wall Street Analyst Weigh In A number of research analysts have recently commented on MSFT shares. Benchmark restated a “buy” rating on shares of Microsoft in a report on Friday, July 24th. UBS Group lifted their price objective on shares of Microsoft from $525.00 to $675.00 and gave the company a “buy” rating in a report on Thursday, October 15th. Oppenheimer lifted their price objective on shares of Microsoft from $515.00 to $570.00 and gave the company an “outperform” rating in a report on Tuesday, September 22nd. Rothschild & Co Redburn set a $440.00 price objective on shares of Microsoft in a research report on Monday, September 21st. Finally, Wolfe Research downgraded shares of Microsoft from an “outperform” rating to a “hold” rating in a research note on Wednesday, September 23rd. Forty-three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $592.15.

Read Our Latest Report on MSFT

Key Stories Impacting Microsoft Here are the key news stories impacting Microsoft this week:

Positive Sentiment: Analyst optimism and earnings expectations: BMO Capital raised its Microsoft price target to $600 while maintaining an Outperform rating, citing potential upside for Azure. Bernstein also reiterated Outperform and lifted its target to $662. Analysts expect Microsoft’s Oct. 28 results to benefit from Azure demand and expanding enterprise AI adoption. Boeing and Microsoft AI platform article Positive Sentiment: AI and cloud growth remain the core bull case: Commentary points to robust Azure infrastructure demand, commercial customer commitments and Microsoft’s ability to monetize AI across enterprise markets. Its new Maia AI chips could eventually reduce reliance on outside processors and lower inference costs, although execution remains important. Microsoft Q1 outlook Positive Sentiment: Xbox and industry partnerships: Microsoft plans next-generation Xbox consoles and handheld devices for the 2027–2028 holiday seasons. Separately, its partnership with AMD is intended to improve Xbox performance, while Boeing’s new Dataliner aircraft-data platform uses Microsoft Azure AI Foundry and could support enterprise cloud adoption. Next-generation Xbox article Neutral Sentiment: Tokenized-stock objection: Microsoft joined Alphabet and Goldman Sachs in objecting to having its shares listed on a proposed OKX-ICE tokenized-stock platform. The move may limit potential trading exposure but does not directly affect operating results. Tokenized stocks article Negative Sentiment: U.K. AI data-center withdrawal: Microsoft withdrew as anchor tenant from Nscale’s planned Loughton, Essex, facility because grid-connection delays threatened the power supply. The decision highlights electricity and permitting constraints that could slow Azure capacity expansion and increase infrastructure costs. Microsoft U.K. data-center withdrawal Negative Sentiment: Regulatory and execution pressure: Britain’s competition watchdog is considering strategic-market-status rules for Microsoft’s business software, potentially increasing compliance requirements. Investors are also watching whether very large AI capital expenditures generate sufficient revenue and cash flow to justify the spending. U.K. regulation article Negative Sentiment: Broader AI-stock weakness: A selloff across AI-related equities and concerns about financing, power availability and uncertain returns are weighing on large technology stocks, including Microsoft. The company’s elevated valuation leaves less room for disappointment if Azure growth or earnings guidance falls short. Insider Buying and Selling at Microsoft In other news, CEO Judson Althoff sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $487.89, for a total value of $4,878,900.00. Following the completion of the sale, the chief executive officer owned 100,447 shares of the company’s stock, valued at approximately $49,007,086.83. This represents a 9.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Amy Hood sold 7,305 shares of the stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $545.42, for a total transaction of $3,984,293.10. Following the transaction, the executive vice president owned 555,396 shares in the company, valued at approximately $302,924,086.32. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 150,314 shares of company stock worth $75,404,992 over the last quarter. 0.03% of the stock is currently owned by company insiders.

Microsoft Profile (Free Report)

Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.

The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.

See Also Five stocks we like better than Microsoft Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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Netflix (NASDAQ: NFLX) delivered blockbuster third-quarter 2026 results, beating Wall Street estimates for both earnings and revenue. However, Netflix stock is sinking as Bernstein cautions that any changes in the company’s business model could take years to pay off. 

Specifically, the firm said the streaming platform’s new content leadership brings deep experience across television, film, and streaming, but management’s messaging still focuses on traditional content, live events, and licensing. 

While these areas could help Netflix’s trajectory, Bernstein warned that any important changes may take years to show up in financial performance. Accordingly, it cut its Netflix stock price target from $95 to $80 but kept an “Outperform” rating, pointing to limited near-term tailwinds and uncertainty about the company’s 2027 outlook. 

Meanwhile, NFLX shares fell 6% to $64.56 in pre-market trading on October 21, extending this year’s already severe losses.

NFLX share price year-to-date (YTD). Source: Google Finance 2027 will be crucial for Netflix stock As mentioned, the assessment comes following Netflix’s third-quarter results, which have left analysts wondering about 2027 as a potentially crucial period for Netflix. Bernstein sees no obvious catalysts in 2026, and Wedbush – which reiterated its $75 NFXL price target – says a 2027 expansion could delay ads as a meaningful profit driver.

Indeed, the advertising outlook weakened significantly, and Netflix lowered its full-year revenue target to $2.7 billion – about 10% below its previous objective. Although the ad-supported tier is set to expand into 15 additional markets in 2027, Wedbush thinks it will take longer for it to become a significant profit engine.

Likewise, Netflix’s updated 2026 outlook suggests revenue growth could finish below the midpoint of its previous guidance range of 13% to 14%, while operating margins are expected to remain intact at 31.5%. Bernstein said the company’s underlying pricing and subscriber fundamentals remain solid for now, but the outlook leaves investors looking for clearer signs of future growth for the Netflix stock.

Similar to Wedbush, Bernstein believes the slower progress is due to the pace of advertising product rollouts, not a lack of demand. This suggests the shortfall reflects a delay rather than a fundamental disruption to the business. Nonetheless, both firms believe the broader strategic question remains unresolved. 

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Maia Wealth LLC raised its stake in shares of Johnson & Johnson (NYSE:JNJ – Free Report) by 12.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,793 shares of the company’s stock after acquiring an additional 2,060 shares during the quarter. Maia Wealth LLC’s holdings in Johnson & Johnson were worth $4,975,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Outlook Capital Management LLC acquired a new stake in shares of Johnson & Johnson in the 2nd quarter valued at about $28,000. Matrix Trust Co lifted its position in shares of Johnson & Johnson by 56.2% during the second quarter. Matrix Trust Co now owns 150 shares of the company’s stock worth $38,000 after purchasing an additional 54 shares during the last quarter. Montgomery Financial Services LLC bought a new position in shares of Johnson & Johnson during the second quarter worth about $43,000. Polaris Financial Partners acquired a new position in Johnson & Johnson in the third quarter worth about $56,000. Finally, Bullseye Investment Management LLC acquired a new position in Johnson & Johnson in the second quarter worth about $63,000. 69.55% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades JNJ has been the subject of several research analyst reports. Leerink Partners lowered their price objective on Johnson & Johnson from $276.00 to $272.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Stifel Nicolaus set a $260.00 target price on Johnson & Johnson in a report on Wednesday, July 15th. Freedom Capital raised Johnson & Johnson from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Sanford C. Bernstein set a $270.00 target price on Johnson & Johnson in a research report on Thursday, October 15th. Finally, Wells Fargo & Company boosted their price target on Johnson & Johnson from $275.00 to $287.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.92.

Read Our Latest Report on JNJ Insiders Place Their Bets In other Johnson & Johnson news, EVP Elizabeth Forminard sold 15,918 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $257.00, for a total value of $4,090,926.00. Following the transaction, the executive vice president owned 16,994 shares of the company’s stock, valued at $4,367,458. This trade represents a 48.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jennifer Taubert sold 15,000 shares of Johnson & Johnson stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $263.36, for a total value of $3,950,400.00. Following the completion of the transaction, the executive vice president owned 194,451 shares of the company’s stock, valued at approximately $51,210,615.36. The trade was a 7.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,515 shares of company stock valued at $17,271,766 over the last quarter. Insiders own 0.16% of the company’s stock.

Shares of NYSE:JNJ opened at $259.42 on Wednesday. The company’s fifty day moving average is $265.53 and its two-hundred day moving average is $249.84. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.81 and a current ratio of 1.09. Johnson & Johnson has a 1-year low of $184.66 and a 1-year high of $281.07. The stock has a market capitalization of $625.17 billion, a price-to-earnings ratio of 39.31, a price-to-earnings-growth ratio of 2.51 and a beta of 0.21.

Johnson & Johnson (NYSE:JNJ – Get Free Report) last posted its quarterly earnings results on Tuesday, October 13th. The company reported $2.59 EPS for the quarter, beating the consensus estimate of $2.53 by $0.06. Johnson & Johnson had a net margin of 16.20% and a return on equity of 31.54%. The business had revenue of $25.40 billion during the quarter, compared to analyst estimates of $25.38 billion. During the same period in the previous year, the business posted $2.80 EPS. The company’s quarterly revenue was up 5.9% on a year-over-year basis. Johnson & Johnson has set its FY 2026 guidance at 11.050-11.150 EPS. Equities analysts anticipate that Johnson & Johnson will post 11.12 EPS for the current year.

Johnson & Johnson Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Tuesday, November 24th will be paid a dividend of $1.34 per share. The ex-dividend date is Tuesday, November 24th. This represents a $5.36 annualized dividend and a yield of 2.1%. Johnson & Johnson’s dividend payout ratio is 81.21%.

Trending Headlines about Johnson & Johnson Here are the key news stories impacting Johnson & Johnson this week:

Positive Sentiment: MedTech launch supports growth: J&J introduced the next-generation Shockwave C2 Aero Fly coronary intravascular lithotripsy catheter in the U.S. The device delivers pulses at 2 Hz and is designed to reduce treatment time for calcified coronary lesions, potentially improving physician adoption and strengthening J&J’s cardiovascular portfolio. J&J launches Shockwave C2 Aero Fly catheter Positive Sentiment: Pipeline data remains constructive: TREMFYA maintained or improved remission in Crohn’s disease patients with perianal fistulas through 48 weeks, supporting the drug’s potential expansion and helping offset concerns about future competition to older products. J&J TREMFYA Crohn’s disease data Positive Sentiment: Supportive analyst view: TD Cowen reiterated a Buy rating and $300 price target, citing underappreciated pharmaceutical and MedTech growth. J&J’s latest quarterly results also exceeded EPS and revenue expectations, providing a favorable earnings backdrop. Neutral Sentiment: Acquisition strategy under review: Analysts see growing sales from acquired heart technologies and a larger hospital network, but competition, development costs and the need to convert revenue growth into stronger ownership returns remain concerns. J&J medical device deals analysis Negative Sentiment: Competitive and valuation risks: Rapport reported positive Phase II results for a novel oral bipolar drug licensed from J&J, potentially creating a future competitor to J&J’s Caplyta. Separately, JLPascual downgraded J&J to Sell, while commentary highlights that the stock trades at a premium multiple and must sustain earnings growth to justify it. Johnson & Johnson Profile (Free Report)

Johnson & Johnson (NYSE: JNJ) is a global healthcare company headquartered in New Brunswick, New Jersey. Founded in 1886, the company develops and markets products and services for patients, healthcare professionals and institutions worldwide.

Johnson & Johnson operates through two principal segments: Innovative Medicine and MedTech. Innovative Medicine focuses on pharmaceuticals for areas such as immunology, oncology, neuroscience, infectious diseases and cardiovascular conditions.

Further Reading Five stocks we like better than Johnson & Johnson Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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Focused Alpha LLC reduced its position in shares of Intel Corporation (NASDAQ:INTC – Free Report) by 78.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,677 shares of the chip maker’s stock after selling 9,950 shares during the period. Focused Alpha LLC’s holdings in Intel were worth $322,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. ABS Investment Management LLC purchased a new stake in shares of Intel during the 2nd quarter valued at approximately $694,101,000. Montgomery Financial Services LLC acquired a new stake in shares of Intel during the second quarter valued at about $26,000. Knuff & Co LLC purchased a new position in shares of Intel during the 2nd quarter worth approximately $29,000. Glynn Capital Management LLC acquired a new stake in Intel in the 2nd quarter valued at approximately $29,000. Finally, Beaird Harris Wealth Management LLC lifted its stake in Intel by 3,185.7% during the second quarter. Beaird Harris Wealth Management LLC now owns 230 shares of the chip maker’s stock worth $32,000 after purchasing an additional 223 shares in the last quarter. 64.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling In related news, CEO Lip Bu Tan acquired 105,263 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were acquired at an average cost of $95.00 per share, for a total transaction of $9,999,985.00. Following the acquisition, the chief executive officer directly owned 1,314,669 shares in the company, valued at approximately $124,893,555. The trade was a 8.70% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.05% of the stock is owned by company insiders.

Key Intel News Here are the key news stories impacting Intel this week: Positive Sentiment: JPMorgan removed its bearish rating: JPMorgan upgraded Intel from Underweight to Neutral, saying confidence is building in management execution, manufacturing improvements and chip design. The change helped drive the prior session’s rebound after Intel’s steep decline. Intel Stock Notches Up as JPMorgan Changes Its Mind Positive Sentiment: Foundry and AI opportunities provide longer-term support: Intel’s agreement to manufacture Tesla chips using its planned 14A process, along with new products aimed at AI inference and agentic workloads, gives investors more concrete evidence that its costly foundry strategy could attract meaningful customers and demand. Did Foundry Win Just Shift Intel Investment Narrative? Neutral Sentiment: Analyst views remain divided: JPMorgan’s upgrade signals a more balanced risk/reward outlook, but its reported $85 target remains below recent trading levels. Investors are likely to focus on Intel’s upcoming quarterly results for evidence that the turnaround is translating into sustainable revenue and profitability. Negative Sentiment: TD Cowen cut its target: TD Cowen lowered Intel’s price target from $115 to $95 and maintained a Hold rating, reflecting continued execution risks and limited near-term upside in its view. Intel Price Target Cut Negative Sentiment: Semiconductor sentiment has deteriorated: Intel and other chip stocks fell as investors questioned whether the rapid pace of AI infrastructure spending can continue and whether data-center returns will justify elevated capital expenditures. This sector-wide selling is pressuring Intel despite its company-specific catalysts. Why AI Chip Stocks Are Falling Negative Sentiment: Competitive risks remain: Chinese memory maker CXMT’s progress toward server memory could intensify competition in areas connected to Intel’s data-center ecosystem, while Intel still faces questions about market share, manufacturing execution and the profitability of its foundry investments. Intel Versus Micron and CXMT Competition Intel Stock Down 0.4% Shares of NASDAQ INTC opened at $91.69 on Wednesday. Intel Corporation has a 12-month low of $32.89 and a 12-month high of $142.35. The company has a market capitalization of $462.48 billion, a PE ratio of 148.43, a price-to-earnings-growth ratio of 9.77 and a beta of 2.22. The firm’s 50-day moving average is $102.82 and its two-hundred day moving average is $102.38. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.60 and a quick ratio of 1.25.

Intel (NASDAQ:INTC – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The chip maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.21. The business had revenue of $16.13 billion for the quarter, compared to analyst estimates of $14.43 billion. Intel had a positive return on equity of 2.62% and a negative net margin of 19.79%. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) earnings per share. Intel has set its Q3 2026 guidance at 0.380-0.380 EPS. Equities analysts anticipate that Intel Corporation will post 1.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth Several equities analysts have weighed in on the company. Roth Capital lifted their target price on Intel from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Zacks Research downgraded Intel from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 31st. Royal Bank Of Canada began coverage on shares of Intel in a research report on Tuesday, September 8th. They issued an “outperform” rating on the stock. Pivotal Research assumed coverage on shares of Intel in a research report on Tuesday, September 8th. They set a “buy” rating for the company. Finally, Wall Street Zen downgraded Intel from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Intel currently has an average rating of “Hold” and a consensus target price of $107.98.

Read Our Latest Report on INTC

Intel Profile (Free Report)

Intel Corporation (NASDAQ:INTC) is a global semiconductor company that designs and manufactures computing and connectivity products. Its portfolio includes Intel Core processors for personal computers, Xeon processors for data centers and enterprise systems, and products for networking, edge computing, graphics, and artificial intelligence workloads.

Through Intel Foundry, the company also provides semiconductor manufacturing and technology-development services for external customers. Intel develops process technologies, advanced packaging, and other manufacturing capabilities intended to support its own products and third-party chip designs.

Founded in 1968 by Robert Noyce and Gordon Moore, Intel helped establish the modern microprocessor industry and has historically supplied processors for PCs, servers, and other computing systems.

See Also Five stocks we like better than Intel Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding INTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intel Corporation (NASDAQ:INTC – Free Report).

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DUTCH ASSET Corp grew its stake in Oracle Corporation (NYSE:ORCL – Free Report) by 31.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,925 shares of the enterprise software provider’s stock after purchasing an additional 4,716 shares during the period. Oracle makes up approximately 1.3% of DUTCH ASSET Corp’s portfolio, making the stock its 20th biggest holding. DUTCH ASSET Corp’s holdings in Oracle were worth $2,736,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Sherman Asset Management Inc. increased its stake in Oracle by 5.5% in the 1st quarter. Sherman Asset Management Inc. now owns 1,054 shares of the enterprise software provider’s stock valued at $155,000 after buying an additional 55 shares during the period. Global Financial Private Client LLC raised its position in Oracle by 0.8% during the 1st quarter. Global Financial Private Client LLC now owns 7,836 shares of the enterprise software provider’s stock worth $1,153,000 after buying an additional 59 shares during the last quarter. Key Financial Inc raised its position in Oracle by 0.4% during the 1st quarter. Key Financial Inc now owns 14,203 shares of the enterprise software provider’s stock worth $2,089,000 after buying an additional 62 shares during the last quarter. Gould Asset Management LLC CA lifted its stake in shares of Oracle by 2.0% in the 1st quarter. Gould Asset Management LLC CA now owns 3,172 shares of the enterprise software provider’s stock worth $467,000 after acquiring an additional 62 shares during the period. Finally, One Charles Private Wealth Services LLC lifted its stake in shares of Oracle by 1.6% in the 1st quarter. One Charles Private Wealth Services LLC now owns 3,859 shares of the enterprise software provider’s stock worth $568,000 after acquiring an additional 62 shares during the period. Hedge funds and other institutional investors own 42.44% of the company’s stock.

Oracle News Roundup
Here are the key news stories impacting Oracle this week:

Positive Sentiment: Healthcare AI partnership: Oracle and AstraZeneca agreed to explore AI and real-world data tools that could improve clinical-trial recruitment, accelerate evidence generation, and connect research with patient-care workflows. The deal expands Oracle’s AI opportunity beyond cloud infrastructure and data centers. Oracle and AstraZeneca Partner to Advance AI-enabled Healthcare Innovation
Positive Sentiment: Potential AI infrastructure support: TD Cowen said Nvidia may be helping finance Oracle’s new AI data centers, potentially easing the burden of Oracle’s large infrastructure spending. Reports also highlighted strong progress at the Project Jupiter campus. Nvidia May Be Helping Finance Oracle’s AI Data Centers
Positive Sentiment: Improving demand and bullish valuation views: A BNP Paribas reseller survey pointed to stronger software and AI demand, while Bank of America maintained a highly optimistic outlook and estimated substantial upside. Oracle’s multicloud database revenue has also reportedly grown rapidly, supporting its cloud strategy. Oracle Sees Stronger AI Demand as BNP Paribas Survey Shows Major Improvement
Neutral Sentiment: Long-term opportunity versus valuation: Commentators see Oracle’s cloud growth, database position, and AI backlog as potential catalysts, but some argue the stock remains overvalued relative to execution and financing risks. Oracle Is Winning in AI, but It’s Still Overvalued
Negative Sentiment: Debt and buildout concerns: Investors remain worried that Oracle’s aggressive AI data-center expansion could require substantial external financing. Rising borrowing costs, possible credit-rating pressure, and reports that credit-default protection has become more expensive have weighed on the stock. Credit Stress Is Threatening to Unwind the AI Bull

Insider Activity at Oracle
In related news, CEO Michael Sicilia sold 22,562 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $151.59, for a total transaction of $3,420,173.58. Following the sale, the chief executive officer owned 182,929 shares of the company’s stock, valued at approximately $27,730,207.11. The trade was a 10.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen Rusckowski acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were bought at an average cost of $139.35 per share, for a total transaction of $3,483,750.00. Following the acquisition, the director owned 25,390 shares of the company’s stock, valued at $3,538,096.50. This represents a 6,410.26% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 36,075 shares of company stock worth $5,342,123 over the last 90 days. Company insiders own 38.40% of the company’s stock.
Oracle Trading Up 0.9%
NYSE:ORCL opened at $130.77 on Wednesday. The stock has a fifty day moving average price of $144.66 and a two-hundred day moving average price of $158.56. The stock has a market capitalization of $395.42 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 0.91 and a beta of 1.78. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.17 and a current ratio of 1.17. Oracle Corporation has a 1 year low of $114.50 and a 1 year high of $287.19.

Oracle (NYSE:ORCL – Get Free Report) last released its earnings results on Thursday, September 10th. The enterprise software provider reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.18. Oracle had a return on equity of 48.85% and a net margin of 26.36%. The company had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $19.13 billion. During the same quarter last year, the company earned $1.47 earnings per share. Oracle’s quarterly revenue was up 29.6% compared to the same quarter last year. Oracle has set its Q2 2027 guidance at 1.850-1.930 EPS and its FY 2027 guidance at 8.100-8.100 EPS. As a group, sell-side analysts anticipate that Oracle Corporation will post 6.73 earnings per share for the current fiscal year.

Oracle Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 9th will be paid a $0.50 dividend. The ex-dividend date is Friday, October 9th. This represents a $2.00 annualized dividend and a dividend yield of 1.5%. Oracle’s dividend payout ratio (DPR) is 31.35%.

Analysts Set New Price Targets
Several brokerages have recently weighed in on ORCL. Citizens Jmp reaffirmed a “market outperform” rating and issued a $285.00 target price on shares of Oracle in a report on Friday, October 2nd. Stifel Nicolaus dropped their price target on shares of Oracle from $220.00 to $200.00 and set a “buy” rating on the stock in a research note on Friday, September 11th. KeyCorp set a $285.00 price target on shares of Oracle in a report on Friday, September 11th. Yorkville Ives assumed coverage on shares of Oracle in a report on Wednesday, October 7th. They set an “in-line” rating and a $155.00 price target for the company. Finally, DZ Bank restated a “buy” rating on shares of Oracle in a research report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $249.52.

Get Our Latest Analysis on Oracle

Oracle Company Profile
(Free Report)

Oracle Corporation (NYSE: ORCL) is a global technology company that develops enterprise software, cloud infrastructure and database technologies. Its products help organizations store, manage, analyze and secure data, while supporting business operations across industries and geographies.

The company’s offerings include Oracle Database, Java, Oracle Cloud Infrastructure and a broad portfolio of cloud-based applications. These applications serve functions such as enterprise resource planning, financial management, human resources, supply-chain management, customer experience and industry-specific operations.

Further Reading

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Halliburton Gains Traction: Multiyear Upcycle Ahead
Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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Focused Alpha LLC increased its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 109.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,657 shares of the company’s stock after purchasing an additional 2,429 shares during the period. Focused Alpha LLC’s holdings in AbbVie were worth $1,218,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Corient Private Wealth LP purchased a new stake in AbbVie during the second quarter valued at approximately $559,736,000. Legal & General Group Plc bought a new position in AbbVie during the 2nd quarter valued at about $2,905,952,000. Jupiter Topco LLC bought a new stake in AbbVie in the second quarter worth about $1,560,354,000. Diamant Asset Management Inc. grew its stake in shares of AbbVie by 21,649.0% during the first quarter. Diamant Asset Management Inc. now owns 3,671,231 shares of the company’s stock valued at $798,456,000 after buying an additional 3,654,351 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of AbbVie during the 2nd quarter worth approximately $817,473,000. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie In other news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the transaction, the executive vice president owned 74,430 shares of the company’s stock, valued at $18,607,500. This represents a 30.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is currently owned by company insiders.

AbbVie Trading Up 2.1% ABBV stock opened at $288.66 on Wednesday. AbbVie Inc. has a 12-month low of $190.75 and a 12-month high of $291.40. The business’s 50-day moving average is $264.22 and its 200 day moving average is $240.39. The stock has a market cap of $510.01 billion, a price-to-earnings ratio of 81.54, a PEG ratio of 1.29 and a beta of 0.24. AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.61 by $0.04. The firm had revenue of $16.99 billion for the quarter, compared to analyst estimates of $16.80 billion. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 earnings per share. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 13.94 EPS for the current fiscal year.

AbbVie Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $1.73 dividend. This represents a $6.92 annualized dividend and a yield of 2.4%. The ex-dividend date is Thursday, October 15th. AbbVie’s payout ratio is presently 195.48%.

More AbbVie News Here are the key news stories impacting AbbVie this week:

Positive Sentiment: Promising Crohn’s disease results strengthen AbbVie’s pipeline. In a Phase 2a study, investigational ABBV-466, a dual-targeting therapy against IL-23 and integrin α4β7, produced higher endoscopic remission rates than either monotherapy at Week 12, with the treatment advantage widening by Week 24. The results suggest a potential future combination option in inflammatory bowel disease and helped reinforce AbbVie’s immunology strategy. AbbVie Presents Data for ABBV-466 Positive Sentiment: Analysts see continued growth in neuroscience. AbbVie’s neuroscience franchise is projected to deliver nearly 16% revenue growth in the third quarter, supported by established products and newer Parkinson’s disease therapies. This offers another source of expansion as the company manages the loss of exclusivity for Humira. AbbVie’s Neuroscience Franchise Positive Sentiment: Strong cash generation supports the investment case. A comparison with Vertex highlighted AbbVie’s substantial free cash flow and its ability to navigate Humira’s patent expiration, factors that may support dividends, business development and pipeline investment. AbbVie vs. Vertex Pharmaceuticals Neutral Sentiment: McLaren Formula 1 partnership raises AbbVie’s visibility. The multiyear sponsorship and “Race to Innovate” campaign will promote awareness of immune-mediated diseases and provide charitable donations tied to McLaren’s championship points. The initiative is strategically positive for brand recognition but is unlikely to materially affect near-term earnings. AbbVie Named Official Pharmaceutical Partner of McLaren Negative Sentiment: Competitive risk remains in immunology. Reports that Rapport Therapeutics may enter a market estimated at $4.3 billion—and positive commentary surrounding Spyre Therapeutics’ ulcerative-colitis combination approach—highlight potential future competition. However, these programs remain developmental and do not appear to change AbbVie’s near-term results. Rapport Enters AbbVie Market Analyst Upgrades and Downgrades A number of research firms have recently commented on ABBV. Barclays upped their price target on shares of AbbVie from $275.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Rothschild & Co Redburn increased their target price on AbbVie from $284.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Scotiabank boosted their price objective on shares of AbbVie from $280.00 to $320.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 6th. Oppenheimer boosted their target price on AbbVie from $244.00 to $258.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Finally, Wells Fargo & Company increased their price objective on shares of AbbVie from $295.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $277.18.

View Our Latest Stock Report on AbbVie

AbbVie Company Profile (Free Report)

AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.

Featured Stories Five stocks we like better than AbbVie Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).

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DUTCH ASSET Corp raised its holdings in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM – Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,829 shares of the semiconductor company’s stock after purchasing an additional 1,374 shares during the period. Taiwan Semiconductor Manufacturing makes up about 5.3% of DUTCH ASSET Corp’s investment portfolio, making the stock its 4th largest holding. DUTCH ASSET Corp’s holdings in Taiwan Semiconductor Manufacturing were worth $11,327,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fiduciary Advisors Inc. raised its holdings in shares of Taiwan Semiconductor Manufacturing by 200.0% during the third quarter. Fiduciary Advisors Inc. now owns 60 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 40 shares during the last quarter. Cedar Mountain Advisors LLC lifted its stake in shares of Taiwan Semiconductor Manufacturing by 88.2% in the 2nd quarter. Cedar Mountain Advisors LLC now owns 64 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 30 shares during the period. Markowski Investments bought a new stake in shares of Taiwan Semiconductor Manufacturing during the 2nd quarter valued at $33,000. Evolution Wealth Management Inc. grew its position in shares of Taiwan Semiconductor Manufacturing by 257.7% during the 1st quarter. Evolution Wealth Management Inc. now owns 93 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 67 shares during the period. Finally, Financial Freedom LLC bought a new position in Taiwan Semiconductor Manufacturing in the 1st quarter worth $32,000. Hedge funds and other institutional investors own 16.51% of the company’s stock.

Analysts Set New Price Targets Several research analysts recently weighed in on the stock. Needham & Company LLC upped their target price on shares of Taiwan Semiconductor Manufacturing from $530.00 to $560.00 and gave the stock a “buy” rating in a report on Thursday, October 15th. Wall Street Zen downgraded Taiwan Semiconductor Manufacturing from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of Taiwan Semiconductor Manufacturing from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 6th. Susquehanna upped their price objective on Taiwan Semiconductor Manufacturing from $575.00 to $600.00 and gave the company a “positive” rating in a research report on Thursday, July 16th. Finally, Stifel Nicolaus assumed coverage on shares of Taiwan Semiconductor Manufacturing in a research note on Tuesday, September 1st. They set a “buy” rating and a $515.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $528.78.

Check Out Our Latest Stock Report on TSM Insider Activity at Taiwan Semiconductor Manufacturing In related news, VP Lipen Yuan purchased 350 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was acquired at an average price of $73.58 per share, with a total value of $25,753.00. Following the completion of the acquisition, the vice president owned 2,000 shares in the company, valued at approximately $147,160. This represents a 21.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Bor-Zen Tien purchased 1,000 shares of the stock in a transaction on Monday, August 3rd. The shares were purchased at an average cost of $73.06 per share, with a total value of $73,060.00. Following the transaction, the vice president owned 14,051 shares in the company, valued at $1,026,566.06. This trade represents a 7.66% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have acquired 8,043 shares of company stock worth $598,956. 1.11% of the stock is owned by insiders.

Key Stories Impacting Taiwan Semiconductor Manufacturing Here are the key news stories impacting Taiwan Semiconductor Manufacturing this week:

Positive Sentiment: AI demand is driving strong growth. High-performance computing reportedly represented 68% of TSMC’s latest quarterly revenue, while demand for advanced chips remains well above available supply. Management has raised its forecast amid accelerating data-center and AI spending. The Most Important Number in Taiwan Semiconductor’s Earnings Report Was 68% Positive Sentiment: Analysts remain bullish following the earnings beat. Recent coverage describes TSMC’s third-quarter report as a “beat and raise,” and Zacks upgraded TSM to Rank #1, or Strong Buy. Supporters argue that the company is trading at a market-level valuation despite growth that is expected to outpace the broader market. TSMC Upgraded to Strong Buy Positive Sentiment: Expansion and customer demand support the long-term outlook. TSMC is investing billions to expand U.S. production, while Nvidia reportedly wants Samsung, Micron and SK Hynix to use TSMC’s 3-nanometer process for next-generation high-bandwidth-memory base dies. That could deepen TSMC’s role in AI-chip supply chains. A $4 Billion Reason to Buy TSMC Stock Now Neutral Sentiment: Industry growth forecasts are favorable but not an immediate catalyst. Reports project substantial expansion in FinFET, 3D-chip and wafer-foundry markets through 2030, areas where TSMC is a major participant. These forecasts reinforce the structural opportunity but do not materially change near-term earnings expectations. FinFET Technology Global Strategic Business Report Negative Sentiment: Broad AI-sector fears are limiting the rebound. Chip stocks initially sold off amid concerns about AI financing, stretched valuations and the possibility that the sector’s crowded trade could unwind. Although semiconductor shares recovered during the session, historical shakeout risks remain. Chip Stocks Shrug Off a Scary Morning Negative Sentiment: Near-term margins could face pressure. The ramp-up of TSMC’s 2-nanometer technology and overseas fabs may temporarily reduce gross margins, even though analysts view the impact as an investment-related effect rather than evidence of weakening demand. Shares of Taiwan Semiconductor Manufacturing stock opened at $425.10 on Wednesday. The company has a current ratio of 2.46, a quick ratio of 2.25 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average price is $434.78 and its 200-day moving average price is $418.99. The firm has a market cap of $2.20 trillion, a P/E ratio of 27.35, a P/E/G ratio of 0.85 and a beta of 1.37. Taiwan Semiconductor Manufacturing Company Ltd. has a 12 month low of $266.82 and a 12 month high of $487.47.

Taiwan Semiconductor Manufacturing (NYSE:TSM – Get Free Report) last posted its quarterly earnings results on Tuesday, September 8th. The semiconductor company reported $4.62 EPS for the quarter. The business had revenue of $46.87 billion during the quarter. Taiwan Semiconductor Manufacturing had a net margin of 51.51% and a return on equity of 42.84%. On average, equities research analysts expect that Taiwan Semiconductor Manufacturing Company Ltd. will post 17.03 earnings per share for the current fiscal year.

Taiwan Semiconductor Manufacturing Cuts Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Thursday, December 10th will be paid a $1.0854 dividend. This represents a $4.34 dividend on an annualized basis and a yield of 1.0%. This is a drop from Taiwan Semiconductor Manufacturing’s previous quarterly dividend of $1.1136. The ex-dividend date is Thursday, December 10th. Taiwan Semiconductor Manufacturing’s dividend payout ratio (DPR) is 22.07%.

About Taiwan Semiconductor Manufacturing (Free Report)

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), commonly known as TSMC, is a dedicated semiconductor foundry headquartered in Hsinchu, Taiwan. The company manufactures integrated circuits for customers that design their own chips, allowing semiconductor, electronics, and technology companies to outsource production rather than operate their own fabrication facilities.

TSMC provides wafer fabrication services across a broad range of process technologies, including advanced nodes used in high-performance computing, smartphones, automotive systems, and artificial intelligence applications.

Further Reading Five stocks we like better than Taiwan Semiconductor Manufacturing Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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Ares Capital (ARCC +0.54%) typically trades at a premium to its book value. However, the largest publicly traded business development company (BDC) currently trades at around $18.50 per share, while its book value as of June 30, 2026, stands at $19.35 per share, implying a 4.3% discount to net asset value (NAV).

Next week, this BDC reports earnings. I would wait for that report, but if two key metrics prove satisfactory, consider it a strong opportunity for income-focused investors, particularly those on the hunt for high-yield dividend stocks, given its 10.4% forward dividend yield.

Image source: Getty Images

Ares Capital and its valuation discount
At the end of 2025, Ares Capital had a net asset value of nearly $20 per share. Based on the net asset value reported as of June 30, this BDC lost approximately 3.25% of its underlying value over six months.

In short, investors may be pricing Ares at a discount ahead of further anticipated NAV declines. Still, the reason for these declines is a greater cause for concern than the declines themselves.

$18.51+$0.10 (+0.54%)

NASDAQ · As of 4:00 PM ET 10/20/26

Keep an eye on these two metrics
BDC stocks must distribute at least 90% of their taxable earnings, but Ares' payouts have exceeded its earnings year to date. During both the first and second quarters of 2026, the BDC reported core earnings of $0.47 per share, but dividends totaled $0.48 per share. For 2026, analysts expect Ares Capital's payout ratio to stay around 100%.

However, based on Q2 results, there is arguably little cause for concern. Unrealized losses and tightening credit spreads have weighed most heavily on earnings lately. Ares' nonaccrual rate increased from 2% on June 30, 2025, to 2.4% on June 30, 2026, but according to Fitch Ratings, this rate remains within manageable levels.

Still, wait for Q3 results, set for release on Tuesday, Oct. 27. If realized losses make up the majority of NAV losses or the nonaccrual rate rises significantly above 2.4%, reconsider the risks. If realized NAV losses remain minimal and the nonaccrual rate holds steady, consider it time to buy.

Last week was the worst stretch for chip stocks in over a year. The Philadelphia Semiconductor index dropped more than 11%, a hot inflation print raised the cost of funding every data center on the drawing board, and the impact of worries about CoreWeave's (CRWV +1.65%) debt load spread to every company selling into AI infrastructure.

Marvell Technology (MRVL +1.41%) sank by nearly 17% in five days. And yet, if your goal is to own one AI chip stock heading into 2027, that decline is the reason why you should look into picking up shares of Marvell now rather than later. Even as investors were selling, the company spent the week revealing its most specific, product-level work of the year, and almost nobody noticed because they were watching the tape.

CRWV CoreWeave$62.13+$1.01 (+1.65%)

NASDAQ · As of 4:00 PM ET 10/20/26

What Marvell announced while its stock was falling Marvell is not a GPU company. It designs chips that sit around GPUs: the custom accelerators that hyperscalers and AI labs are building for their specific workloads, the optical and copper links that connect thousands of processors into clusters, and the memory controllers that keep those chips fed with data. That is the business the company put on display at the Open Compute Project Global Summit in San Jose from Oct. 12 to Oct. 15.

MRVL Marvell Technology$240.42+$3.33 (+1.41%)

NASDAQ · As of 4:00 PM ET 10/20/26

Two announcements from the event stood out to me. On Oct. 12, Marvell unveiled the second generation of its Structera X memory expanders -- chips built to attack what the company calls the "memory wall" in AI inference. The problem is simple: As models get bigger and context windows get longer, GPUs run out of memory before they run out of math. Structera X lets a server bolt on up to 6 terabytes of standard DDR5 memory, share it across four hosts, and compress it on the fly, which the company says cuts time to first token by 40% to 50%. The first generation Structera X is already shipping to hyperscalers, and a Meta Platforms (META -1.59%) hardware engineering director was quoted in the company's release. Test models of the second generation will be available in Q1 2027.

Image source: Getty Images.

Then, on Oct. 13, Marvell followed by unveiling two 3-nanometer connectivity chips, a 3.2-terabit retimer and a new active electrical cable chip that doubles copper reach to more than six meters between AI servers and switches. Both support UALink, the open standard that non-Nvidia accelerators use to talk to each other. Early samples of both are already available for potential customers.

That sounds like a lot of jargon, so here is the plain version. An AI processor's usefulness will always be limited by the memory it can reach and the capacity of the connections that link it to neighboring chips.  The new products Marvell announced last week address both of those bottlenecks: one lets a server strap on far more memory than the GPU came with, so it can handle bigger models without choking, and the other helps racks of accelerators talk to each other over longer, cheaper copper cables without the signal falling apart. These are tools crucial for AI infrastructure, and Marvell is selling them.

META Meta Platforms$694.25-$11.19 (-1.59%)

NASDAQ · As of 4:00 PM ET 10/20/26

Some numbers to consider On Oct. 6 -- a week before the AI sector rout -- Marvell held its first investor day in years, and management used the event to publicize a target worth reading twice: It's aiming for revenue in the range of $70 billion to $90 billion by its fiscal 2031, up from $8.2 billion in fiscal 2026, with implied non-GAAP earnings above $30 per share. The engine driving it toward those targets is what management calls "XPU attach," the networking, memory, and security chips that get pulled along with every custom accelerator a cloud provider designs.

Big targets deserve some skepticism, and this one assumes 55% to 60% annualized growth for five years. But even if it achieves growth at half that rate, the stock near $228 is cheap against what the company expects to earn. Nvidia (NVDA -0.29%) saw enough to buy $2 billion of Marvell preferred stock in March, and Nvidia does not make such investments casually.

NVDA Nvidia$216.47-$0.62 (-0.29%)

NASDAQ · As of 4:00 PM ET 10/20/26

Other things to consider: Marvell trades at a high trailing earnings ratio; custom chip revenue is lumpy and tied to a few customers; and if hyperscalers pull back due to higher borrowing costs, Marvell will feel the pain before Nvidia does. But last week's sell-off was driven by financing fears, not by any customers walking away, and Marvell kept shipping through it. For anyone able to buy this stock and hold onto it through 2027 or longer, the 17% discount the market just gave it makes it look like a steal.

Maximus NYSE: MMS said it has agreed to acquire privately held Agile Defense for $660 million, with a potential future earn-out of up to $50 million, as the government-services company seeks to expand its presence in defense, national security and technology-intensive federal missions.

The transaction is expected to close during Maximus’ first fiscal quarter of 2027, subject to customary closing conditions and regulatory approvals. The company plans to fund the acquisition with cash on hand, revolver borrowings and an expansion of its existing Term Loan A facility.

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Bruce Caswell, Maximus’ president and chief executive officer, said Agile Defense would accelerate the company’s access to defense and national-security markets while adding capabilities in mission-focused data analytics, artificial intelligence, cybersecurity and cloud modernization.

“We view the acceleration of our presence within defense and national security as a strategic imperative,” Caswell said, citing the company’s existing work with customers including the Air Force Joint Cyber Command and Control program and the Transportation Security Administration.

Defense technology and cleared workforce
Agile Defense serves customers including the Defense Information Systems Agency, the Chief Digital and Artificial Intelligence Office, the U.S. Army, U.S. Cyber Command and U.S. Citizenship and Immigration Services. The business will bring more than 1,100 cleared professionals to Maximus, along with customer relationships, contract vehicles and technical qualifications, Caswell said.

Maximus said it sees its addressable services market within the Department of War reaching $58 billion by 2029. Technology services, including IT and digital modernization, software and analytics, represent $21 billion of that market, according to the company.

Caswell also highlighted Agile Labs, Agile Defense’s innovation organization, which provides applied research and development capabilities, specialized technical talent and expertise in emerging technologies. He said the unit’s forward-deployed engineers and trainers help customers integrate AI into mission workflows and shorten the time between data integration and AI-enabled decision-making.

Agile Defense was awarded a $100 million other transaction agreement during the summer to support NORAD and U.S. Northern Command in adopting and deploying AI in mission environments, Caswell said. The company also participates in multiple programs supporting AI adoption, data readiness and operational deployment at the Chief Digital and Artificial Intelligence Office.

More than half of Agile Defense’s revenue comes from fixed-price contract arrangements, while 6% comes from cost-plus work, according to Maximus. Caswell said Agile has demonstrated success in both traditional procurement models and nontraditional structures such as other transaction agreements, or OTAs.

Financial outlook and valuation
David Mutryn, Maximus’ chief financial officer, said the purchase price represents an implied transaction multiple of about 11 times Agile Defense’s expected adjusted EBITDA for calendar 2027. The effective multiple remains about 11 times when accounting for the net present value of anticipated tax-basis step-up benefits and the potential earn-out, he said.

Agile Defense is expected to generate roughly $450 million in calendar 2027 revenue, with an adjusted EBITDA margin in Maximus’ target range of 12% to 15%. Maximus expects the acquisition to be immediately accretive to adjusted diluted earnings per share after closing and approximately neutral to fiscal 2027 GAAP earnings per share.

For the nine months ended Sept. 30, 2026, Agile Defense posted a 3.1-times book-to-bill ratio, which supports Maximus’ expectation for double-digit organic growth at the acquired business in 2027, Mutryn said. He noted that Agile Defense combined with IntelliBridge in January 2025 and that historical growth included an acquisition component.

Agile Defense’s largest contract contributes slightly more than $50 million in annual revenue.
The top 10 contracts account for just under half of Agile Defense’s revenue.
Maximus described contract concentration as low and cited diversification across the Department of War and Department of Homeland Security.

Maximus estimated that its net debt-to-consolidated EBITDA ratio would be between 2.2 and 2.3 times on a pro forma basis after the deal, compared with a preliminary 1.7 times before accounting for the acquisition. Mutryn said the company expects leverage to decline during the remainder of fiscal 2027 and, absent additional acquisitions or repurchases, expects to finish the year below two times net debt to EBITDA.

The company also said it anticipates deploying $200 million for share repurchases during the remainder of fiscal 2027, subject to market conditions and its capital-allocation criteria.

Potential revenue opportunities
Management said the acquisition’s primary objective is growth rather than quantified cost synergies. Caswell said the combination could create opportunities that neither company could pursue as effectively independently, including through Maximus contract vehicles such as Navy Cyber MAC and NASA SEWP, as well as potential FEDSIM opportunities.

He said the companies have complementary customer footprints: Maximus has established operations at the Transportation Security Administration and in the Air Force, while Agile Defense has a presence in areas including the Defense Information Systems Agency, the Army, the Chief Digital and Artificial Intelligence Office and U.S. Citizenship and Immigration Services.

Mutryn said Maximus also intends to explore opportunities to apply Agile Defense’s technology capabilities across Maximus’ longstanding civilian customer base.

About Maximus (NYSE:MMS)Maximus, Inc NYSE: MMS is a government services company that helps public-sector agencies administer health and human services, employment and workforce programs, and other citizen-focused operations. Its work includes eligibility and enrollment support, customer contact centers, case management, program administration, and technology-enabled services.

The company also provides services to government agencies involved in federal programs, including health care administration, workforce development, child support, and other public assistance initiatives.

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

Should You Invest $1,000 in Maximus Right Now?Before you consider Maximus, you'll want to hear this.

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SummaryHarmony Biosciences is rated Buy with a 12-month price target of $43, reflecting strong cash generation and WAKIX growth.HRMY's valuation is supported by WAKIX's robust performance, cash reserves, and limited downside if patents hold through 2030.Key risks include the pending AET patent litigation and management turnover, with significant near-term binary events ahead.Pipeline assets and new formulations offer optionality, but current price largely reflects WAKIX and cash, making position sizing critical.Tom Werner/DigitalVision via Getty Images

Harmony Biosciences (HRMY) is the kind of stock I find easiest to think about in options terms. The company closed at $37.95 on Friday. At that price, you're buying three things at once.

The first

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Zoom Communications, Inc. (ZM) Discusses Strategy, Vision, AI Initiatives and New Revenue Streams at Investor Session October 20, 2026 4:00 PM EDT

Company Participants

Charles Eveslage - Head of Investor Relations
Michelle Chang - Chief Financial Officer
Graeme Geddes - Chief Sales & Growth Officer
Russell Dicker - Chief Product Officer
Chris Morrissey
Eric Yuan - Founder, President, CEO & Chairman

Conference Call Participants

Aleksandr Zukin - Wolfe Research, LLC
Ioannis Samoilis - Robert W. Baird & Co. Incorporated, Research Division
Arjun Bhatia - William Blair & Company L.L.C., Research Division
Sitikantha Panigrahi - Mizuho Securities USA LLC, Research Division
Jackson Ader - KeyBanc Capital Markets Inc., Research Division
Catharine Trebnick - Rosenblatt Securities Inc., Research Division
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Elizabeth Elliott - Morgan Stanley, Research Division
Allan M. Verkhovski - BTIG, LLC, Research Division
Taylor McGinnis - UBS Investment Bank, Research Division
Joshua Reilly - Needham & Company, LLC, Research Division

Conversation

Charles Eveslage
Head of Investor Relations

Okay, all right. Hello, everyone, and welcome to our investor session at Zoomtopia 2026. We're so happy to have everyone here in the room and also on the virtual audience. I hope you guys got to experience the keynote and all the exciting things happening there. And for those of you here today, I hope you enjoyed the nice lunch with a view.

We have a packed agenda for you all today. First, Michelle, our CFO, will touch on Zoom's strategy, vision, priorities, and progress and connect that to what you all care about, our growth, our ability to generate cash, and return capital for shareholders; then Graeme, our Chief Sales Officer, will take us through the first priority of elevating our core business with AI; Chris Morrissey, our GM of Customer Experience, will take us through all the exciting things in his world; and then Russell Dicker, our Chief Product Officer, will come on to take us through the new AI revenue streams.