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Silný růst tržeb a návrat k miliardovému zisku potvrzují, že SpaceX patří mezi hlavní příjemce investičního boomu kolem satelitních služeb a umělé inteligence. Výsledky navíc doprovodila nová vlna spekulací o možném propojení s Teslou poté, co Elon Musk označil případné spojení obou firem za „dobrý nápad“.

Šéf americké společnosti SpaceX Elon Musk označil za dobrý nápad možnost spojení firmy s výrobcem elektromobilů Tesla. Učinil tak krátce poté, co SpaceX oznámila, že po více než roce ztrát ve třetím čtvrtletí zejména díky příjmům ze satelitního systému Starlink a počítačových technologií dosáhla zisk 4,4 miliardy dolarů (95 miliard Kč). Analytici přitom očekávali zisk 1,57 miliardy, napsala agentura Reuters. Před rokem SpaceX zaznamenala ztrátu 1,1 miliardy dolarů.

"Myslím, že by to byl dobrý nápad, ale je to skutečně na zvláštních výborech obou společností," prohlásil zakladatel obou firem, který se po červnovém vstupu SpaceX na burzu stal prvním dolarovým bilionářem na světě. Podle agentury Reuters nyní poprvé veřejně hovořil o jejich možném spojení, o němž se nedávno začalo spekulovat. Musk myšlenku hájil s tím, že obě firmy již mají spoustu společných projektů, nic však není jistého, dodal.

Akcie firmy po jeho prohlášení vzrostly v obchodování po úterním uzavření trhů o 4,9 procenta, píše Reuters.

SpaceX letos nasměrovala největší investice do umělé inteligence včetně společnosti xAI, chatbota Grok či rychle se rozšiřujících datových center. Zejména díky příjmům právě z AI a ze Starlinku se dokázala vrátit po ztrátovém období k ziskům. Její tržby ve čtvrtletí od července do září meziročně vzrostly o 161 procent na 14,6 miliardy dolarů.

Demonstrates how trusted AI agents are moving beyond automation to act on behalf of buyers and suppliers in real-world commercial transactions.

LAS VEGAS--(BUSINESS WIRE)--Visa (NYSE: V), BILL (NYSE: BILL) and Billtrust today announced they have launched the first live pilot to enable trusted AI agents to initiate and complete approved buyer invoice payments end-to-end through supplier portals.

Until now, many payment portals relied on human authentication requirements that limited how approved payments could be automated. Together, with leading accounts payable and receivable solutions providers BILL and Billtrust, the Visa Intelligent CommerceTM portfolio helps bridge that gap. Leveraging offerings such as Visa Trusted Agent Protocol, AI agents can now be securely authenticated to credentialed portals. As a result, buyer payments that previously relied on manual entry can be completed by trusted AI agents, while preserving supplier control and oversight.

How trusted AI agents are overcoming one of payment automation’s biggest barriers

The flow begins when the authorized BILL Payment Agent — registered using Visa’s Trusted Agent Protocol and Agentic Directory — uses tokenized payment credentials and controls aligned with the buyer’s approved payment instructions to issue payments on behalf of BILL's customers. Supported by capabilities within the Visa Intelligent Commerce (VIC) portfolio, this enables BILL to securely automate card payments for supplier invoices.

Once the payment is initiated, Billtrust leverages Visa's Trusted Agent Protocol to recognize, authenticate, and grant access to the authorized agent enabling BILL to complete the invoice payment on the customer's behalf. This agent authentication can satisfy the site protections historically provided by CAPTCHA and other bot blocking mechanisms, without requiring an additional agent login. As a result, Billtrust customers can receive fast portal payments in accordance with their acceptance policy, which can help accelerate cash flow.

“Businesses should not have to choose between automation and control when making payments,” said Mark Nelsen, SVP and Head of Product, Commercial & Money Movement Solutions, Visa. “This pilot applies agentic commerce to a real B2B-payment problem, by having trusted agents complete payments across platforms. Working with BILL and Billtrust, we are testing how identity, payment controls and transaction visibility can make that model work.”

Building trust into agent-initiated B2B payments

Drawing on capabilities within the Visa Intelligent Commerce portfolio, including Visa's Trusted Agent Protocol, the pilot enables:

A recognized and authenticated AI agent acting on behalf of an identified buyer Tokenized payment credentials rather than shared supplier-portal logins Payment controls tied to the customer’s approved payment instruction A purpose-built payment path tied to the specific invoice Visibility into the authorization and completion of the payment "Nearly 500,000 businesses trust BILL to move, manage and maximize their money, and that trust depends on removing friction without sacrificing accuracy and security of supplier payments. For too long, supplier portals have been friction points, requiring a person to manually complete what should be an automated step,” said Archana Prasad, SVP of Payments and Financial Services at BILL. “With Visa and Billtrust, BILL’s AI-powered payments technology is closing that gap: the payment gets done, the supplier gets paid faster, and finance teams get their time back."

For suppliers using Billtrust, the pilot creates a way to recognize and accept payments initiated by trusted business agents, helping release trapped cash while retaining the information needed to process and reconcile the payment within their existing payment acceptance policy. For buyers using BILL, automating this last manual step can give finance teams back the time they'd spend manually keying information into supplier payment portals.

“Agentic commerce will only move forward if businesses can trust agents to operate across systems with the same clarity and accountability they expect from people,” said Kunal Patel, SVP Payments, Billtrust. “By connecting buyer-side invoice approval with supplier-side payment acceptance, this pilot shows how authorized agents can complete business transactions, releasing trapped cash faster while adhering to a complex acceptance policy and preserving visibility and control for both sides.”

The pilot is currently live and processing end-to-end transactions with participating buyers using BILL and Billtrust suppliers. As the pilot progresses, Visa, BILL, and Billtrust will continue exploring opportunities in agentic payments. To learn more about Visa Intelligent Commerce and how Visa is building trust into agentic commerce, visit Visa.com.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About BILL

BILL (NYSE: BILL) is the intelligent finance platform trusted by nearly half a million businesses and their accountants to manage, move, and maximize their money. BILL powers businesses ranging from fast-moving startups to growing companies with complex operations. We use AI to deliver strategic finance capabilities in one integrated platform that includes AP, AR, expenses, forecasting, procurement and more. With a member network of more than 9 million, BILL’s platform processes ~1% of US GDP annually. Headquartered in San Jose, California, BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and software providers. For more information, visit bill.com.

About Billtrust

Billtrust is the B2B Cash Generation Platform built to release the cash trapped in accounts receivable faster, while maintaining relationships that earn repeat business. Finance leaders use Billtrust as a single, converged system for the full credit-to-cash cycle, converting earned revenue into cash they can predict, defend, and deploy. Powered by the largest B2B buyer network in the industry, with more than 20 million buyers and $1 trillion in annual trade credit volume, Billtrust turns AR data into the intelligence that makes cash generation effortless.

FAQ

What is this pilot?
Visa, BILL and Billtrust are piloting how an authorized AI agent can complete approved invoice payments on behalf of a buyer. Today, that final payment step often requires an employee to manually log into a supplier portal and submit payment information. The pilot explores how trusted agents can complete that task while maintaining buyer-defined controls and visibility.

Why does this matter?
It addresses one of the last major manual steps in many accounts payable workflows.

What role does Visa play?
Visa can help establish trust by enabling agent recognition, tokenized payment credentials and payment controls.

How could buyer and supplier platforms benefit from this model?
Under this pilot, buyer-side platforms such as BILL could expand card-payment opportunities to suppliers that historically supported automated payments primarily through ACH or check. Supplier-side platforms, such as Billtrust, could enable faster and more seamless portal payments, helping suppliers process payments more efficiently and improve Days Sales Outstanding (DSO).

Do buyers need to share supplier-portal credentials?
No. The pilot is designed to eliminate the need to share supplier-portal logins.

Is the AI agent making payment decisions?
No. The agent only executes eligible payments that have already been approved by the buyer.

Why are B2B payments a good use case for agentic commerce?
They already operate within established approvals, controls and the buyer’s rules.

More News From Visa Inc.

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AI-first solution bridges workflow coordination gaps and accelerates technology transfer from early discovery through development and manufacturingMulti-tier execution, centralized data and real-time monitoring capabilities improve visibility and traceability, designed to adhere to complex regulatory and quality requirementsUnified laboratory ecosystem drives innovation across pharma, biotech, specialty chemical and materials sciences through coordinated scientific workflows WALTHAM, Mass.--(BUSINESS WIRE)--Revvity, Inc. (NYSE: RVTY), announced that its Revvity Signals Software business is launching the Signals LabGistics™ solution, an AI-first, scientific workflow orchestration solution designed to connect and coordinate processes, workflows, and tasks from discovery to manufacturing.

The Signals LabGistics offering uses AI-powered workflow design to translate natural-language descriptions and standard operating procedures into coordinated scientific workflows. As pharmaceutical, biotechnology, and specialty chemicals organizations pursue increasingly complex innovations – from novel therapeutics to advanced material formulations – fragmented systems and manual handoffs slow scientific progress, especially during tech transfer from R&D to manufacturing. The Signals LabGistics solution provides an intelligent orchestration layer that helps organizations connect teams, systems and processes to execute workflows more seamlessly. By connecting real-time data and insights in a single digital environment, the solution helps contextualize decision-making and continuously improve scientific processes.

“Scientific innovation is increasingly dependent on the ability to coordinate work across people, systems and stages of development,” said Kevin Willoe, president of Revvity Signals Software. “Our Signals LabGistics offering brings those moving parts together and helps organizations move promising therapies and new products forward with greater speed, consistency and confidence.”

In addition to operating within the broader Revvity Signals Software ecosystem, the Signals LabGistics solution is designed to work within existing laboratory and manufacturing platforms and extend to adjacent systems over time. This, along with capabilities for multi-tier execution and real-time monitoring, helps improve the flow of information, samples and activities across independent teams. Scientists and managers can then better understand workflow status, identify emerging bottlenecks and respond before delays affect broader development timelines.

The Signals LabGistics solution also offers flexible compliance and quality capabilities tailored to unique industry requirements. These capabilities can support pharmaceutical and biotechnology organizations that need to maintain GxP compliance across connected environments, or specialty chemicals organizations and materials science companies looking to minimize additional regulatory overhead.

The Signals LabGistics solution is expected to be available in the United States, Canada, Europe and Japan in December 2026.

About Revvity

At Revvity, “impossible” is inspiration, and “can’t be done” is a call to action. Revvity provides health science solutions, technologies, expertise, and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what’s possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more.

With 2025 revenue of $2.9 billion and approximately 11,000 employees, Revvity serves customers across pharmaceutical and biotech, diagnostic labs, academia and governments. It is part of the S&P 500 index and has customers in more than 160 countries.

Stay updated by following our Newsroom, LinkedIn, X, YouTube, Facebook and Instagram.

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NEW YORK and NEW ORLEANS, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., notifies investors in The Ensign Group, Inc. (NasdaqGS: ENSG) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of investors who purchased or otherwise acquired publicly traded Ensign securities between February 10, 2022 and June 18, 2026, inclusive (the “Class Period”). This action is pending in the United States District Court for the Central District of California.

Follow the link below to get more information and be contacted by a member of our team:

https://www.ksfcounsel.com/cases/nasdaqgs-ensg/   

Ensign investors should contact KSF Managing Partner Lewis Kahn toll-free at 1-833-538-3616 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-ensg/ to learn more.

>>>CLICK HERE for more information

CASE DETAILS: According to the Complaint, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.

Specifically, the lawsuit alleges that Defendants failed to disclose to investors that: (i) Ensign’s business model depends on the systematic and widespread neglect of elderly people who live in its facilities, including those with needs for high levels of care; (ii) Ensign’s abuse and neglect includes not giving residents enough food, medical attention, or even basic toiletries as well as failing to respond to residents in clear distress, which has resulted in resident deaths; (iii) Ensign uses self-reporting measures as a way to cover up that it systematically neglects patients; (iv) Ensign defrauds Medicaid and Medicare by taking federal funds to help patients who need high levels of care, and then neglecting those same patients; (v) Ensign falsifies the number of hours that Certified Nursing Assistants spend with residents; (vi) Ensign engages in an illegal scheme to rent the licenses of Administrators who are not generally present at, nor actually managing, its facilities; and (vii) Ensign materially understated the reputational and litigation exposure that comes with a dangerous, abhorrent, and illegal business model.

The case is Perusek v. The Ensign Group, Inc., No. 26-cv-02963.

WHAT TO DO? If you invested in Ensign and suffered a loss during the relevant time frame, you have until December 7, 2026 to request that the Court appoint you as lead plaintiff; however, your ability to share in any recovery does not require that you serve as a lead plaintiff.

>>>To Learn More, Click HERE

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

>>>For More Information about the case, Click HERE

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-833-538-3616
1100 Poydras St., Suite 960
New Orleans, LA 70163

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Synchrony Aces The Quarter As Credit Fears FadeSentinelOne NYSE: S Chief Customer Officer Steve Stone said the cybersecurity company is expanding its use of artificial intelligence in threat hunting as attackers increasingly use AI to accelerate cyber operations.

Speaking at OneCon 2026, Stone said the pace of AI development has changed the threat landscape significantly over the past year. He cited a U.K. government assessment that frontier AI models were doubling their offensive cyber capabilities every four months, which he said underscores the speed defenders must match.

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The AI Buildout Is Only 15% Complete—Here Is Where the Next Dollar Actually Goes“AI-driven attacks are here to stay,” Stone said. “This genie does not go back in the bottle.”

AI-assisted hunting results Stone said SentinelOne’s security strategy combines detection technologies with threat hunting, using AI tools alongside human analysts. The company’s detection approach includes indicators of compromise, signatures and autonomous models, he said, while hunting can help analysts investigate activity that may not yet be ready for production-grade automated detection.

MarketBeat Week in Review – 10/12 - 10/16SentinelOne launched AI-assisted threat hunting on Dec. 1, according to Stone. He said the capability increased the company’s ability to find malicious activity by 380% in its first quarter of operation, 1,400% after six months and 2,200% over the past year.

Stone said SentinelOne now notifies customers of intrusion activity found solely through AI-assisted hunting 28 times per day. He also said the company identified more than 14 million true-positive detections for customers during the last calendar year, representing a 50% increase while customer environments grew at a rate closer to 16%.

Stone characterized AI-assisted hunting as one component of a broader, multi-layered approach that also includes intelligence-based, real-time and retrospective hunting. The goal, he said, is to create multiple ways to detect, investigate, isolate, prevent and respond to malicious activity.

React2Shell response As an example of the technology’s use, Stone discussed what he called the React2Shell vulnerability, which he described as the fastest mass-exploitation event of the past year. He said the vulnerability carried a CVSS severity score of 10.0 and could be exploited through a crafted HTTP request without authentication, user action or code being pushed to a server.

SentinelOne had launched AI-assisted hunting only two days before the vulnerability was publicly disclosed, Stone said. The company initially had stronger coverage for Linux and Mac systems than for Windows environments and used its hunting and detection capabilities to address coverage gaps.

Stone said SentinelOne’s first observation of React2Shell activity at a customer occurred Dec. 9 and was identified through AI-assisted threat hunting. The initial alert was not conclusive on its own, he said, but gave threat hunters a lead to investigate. An analyst determined the activity appeared to resemble a penetration test but did not “feel right,” prompting a broader response across the company’s managed detection and response and detection organizations.

Within the first 30 days, SentinelOne identified eight attempted victims among its customers involving numerous threat groups using React2Shell, Stone said. The activity included attempted domain reconnaissance as well as cryptocurrency mining.

Using AI to validate defenses Stone also described SentinelOne’s work on SectopRAT, a remote-access threat the company has detected and reported to customers for seven years. He said the malware, which primarily targets browser sessions and cryptocurrency wallets, regularly changes its delivery mechanisms.

During the summer, SentinelOne updated static rules for Windows and Linux, behavioral detections and known command-and-control indicators associated with the malware, Stone said. The company also used AI-assisted hunting to validate whether those other defensive layers were continuing to identify the evolving threat.

In one instance, the company identified a new delivery wrapper posing as a fake Claude desktop installer, according to Stone. SentinelOne used AI-assisted hunting and a DLL side-loading hunting pack to examine related activity, map attack paths and assess whether its existing detection layers were functioning as intended.

Defender advantage depends on speed and expertise Stone said AI-enabled attacks can be detectable because attackers and AI agents may leave more observable activity behind, including prompts that describe intended actions. However, he said the larger issue is the speed at which adversaries can move through an intrusion.

“For the first time, we are literally seeing attackers move at machine speed,” Stone said.

He argued that AI could provide defenders with an advantage when it is paired with skilled analysts. Automated agents can perform continuous and repetitive work, he said, allowing security professionals to focus on complex investigations and decision-making.

Stone said SentinelOne plans to provide additional detail on upcoming technology and its broader strategy during subsequent OneCon sessions.

About SentinelOne (NYSE:S)SentinelOne, Inc is a cybersecurity company that develops artificial intelligence-powered security solutions for organizations worldwide. Its platform is designed to prevent, detect, investigate and respond to cyber threats across endpoints, cloud workloads, identities and other enterprise environments.

The company's Singularity Platform provides capabilities including endpoint protection, extended detection and response, cloud security, identity security, vulnerability management, data lake and security information and event management functionality.

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 SentinelOne Right Now?Before you consider SentinelOne, you'll want to hear this.

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Shares of Micron Technology (MU -0.98%) have climbed about 10-fold from their 2024 closing price of about $84. The memory maker's stock jumped 239% in 2025, and as I write it's more than tripled again this year, to roughly $903.

If the stock ends 2026 over about $571, it'll be just the second time Micron has put up back-to-back triple-digit years. The first was 1993 and 1994, when shares rose 146% and 137%. (These and the other annual numbers here are calendar-year price returns from year-end closes, without dividends.)

Micron's own history doesn't rule out more gains. But after looking at what followed its past booms, I think investors should expect far less from here.

Image source: Micron.

The stock tends to fall before the profits doAfter its 1993-94 run, Micron stock climbed another 80% in 1995. The shares peaked on Sept. 11, 1995, though, and ended the year around 58% off that high before sliding another 26% in 1996.

But the business hadn't peaked when the stock did. Micron made $328.5 million in its first fiscal quarter of 1996 (roughly September to November 1995), more than in any earlier quarter.

Then its memory chip prices slid faster than the company could lower its costs, and net income shrank to $188 million, then $58 million, then $19 million in the next three quarters.

The next two booms followed a similar pattern. Micron stock climbed 300% in 2009 and lost 24% in 2010. Yet fiscal 2010 (which ended in early September 2010) saw net income of $1.85 billion, a swing from a $1.9 billion loss a year earlier. The stock was looking ahead. In fiscal 2011, Micron's average DRAM selling prices slid 39%, and earnings sank around 91% to $167 million.

After a 243% gain in 2013, the shares climbed another 61% in 2014 and then fell 60% in 2015. Again, full-year profits still looked strong. Fiscal 2015 net income of $2.9 billion was just a bit under fiscal 2014's $3.0 billion.

By fiscal 2016, with DRAM prices off 35%, Micron had a $276 million loss.

In short, Micron's stock has tended to fall while its full-year profits still looked strong -- and before those profits dropped.

Has the turn already started?The stock might already be repeating this pattern. Micron's shares hit a closing high of $1,213.56 in late June and now sit about 26% below it.

Yet Micron's earnings have kept climbing since then. In fiscal 2026, which ended Sept. 3, revenue grew to $133.2 billion, over 3.5 times the prior year's total. The company made $74.33 a share under generally accepted accounting principles, up almost tenfold from $7.59 in fiscal 2025.

But the rate of this growth is slowing. On a non-GAAP (adjusted) basis, Micron's per-share profit jumped 106% from fiscal Q2 to fiscal Q3, then rose 33% to $33.42 in fiscal Q4. Management's guidance of around $38.15 for fiscal Q1 2027 implies growth of about 14%. Pricing shows the same slowdown. Micron's DRAM prices rose by a percentage in the low 60s from the prior quarter in fiscal Q3, but only by a high-teens percentage in fiscal Q4.

Still, there's a key difference from past cycles. In every earlier bust, memory prices dropped. Now they're still rising, just slower.

"[W]e do not have line of sight to when supply and demand will return to balance," CEO Sanjay Mehrotra said in prepared remarks for the company's fiscal Q4 earnings call.

Of course, slowing price gains are arguably how a turn starts.

MU Micron Technology$896.07-$8.83 (-0.98%)

NASDAQ · As of 4:00 PM ET 10/20/26

Investors are already paying for a downturnAt roughly $903, Micron's price-to-earnings ratio is about 12 on fiscal 2026 results. Against analysts' fiscal 2027 adjusted profit estimates, the shares trade at only about 5 times earnings.

A price-to-earnings ratio this low for a tech business growing this fast suggests the market doesn't expect those profits to last. (I've written before about how quickly memory makers' peak margins fell in past cycles.)

Still, I wouldn't bet on a repeat of 2025 or 2026. In the two years after its 2009 and 2013 booms, the stock lost about 40% and 35%. And even after 1994, investors had to ride out a 58% fall in late 1995.

Can Micron stock keep climbing from here? It can, especially if memory prices keep rising into 2027, and I think the shares are worth a look for long-term investors at this price. I'd just size a position with the next downturn in mind, because Micron's stock has usually started falling well before its profits do.

Marvell Technology (MRVL - Free Report) closed the most recent trading day at $240.42, moving +1.4% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.28%. Elsewhere, the Dow gained 1.02%, while the tech-heavy Nasdaq lost 0.02%.

Shares of the chipmaker witnessed a loss of 7.88% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 2.28%, and the S&P 500's gain of 0.67%.

Market participants will be closely following the financial results of Marvell Technology in its upcoming release. In that report, analysts expect Marvell Technology to post earnings of $1.1 per share. This would mark year-over-year growth of 44.74%. At the same time, our most recent consensus estimate is projecting a revenue of $3.16 billion, reflecting a 52.17% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $4.21 per share and revenue of $12.05 billion, which would represent changes of +48.24% and +47.01%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Marvell Technology. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.15% higher. Marvell Technology currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Marvell Technology is currently trading at a Forward P/E ratio of 56.27. This signifies a premium in comparison to the average Forward P/E of 32.3 for its industry.

Investors should also note that MRVL has a PEG ratio of 5.12 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Electronics - Semiconductors industry had an average PEG ratio of 1.11 as trading concluded yesterday.

The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 167, this industry ranks in the bottom 33% of all industries, numbering over 250.

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

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

In the latest trading session, Howmet (HWM - Free Report) closed at $211.63, marking a -3.82% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.28% for the day. Elsewhere, the Dow gained 1.02%, while the tech-heavy Nasdaq lost 0.02%.

The maker of engineered products for the aerospace and other industries's stock has dropped by 3.23% in the past month, exceeding the Aerospace sector's loss of 4.05% and lagging the S&P 500's gain of 0.67%.

Analysts and investors alike will be keeping a close eye on the performance of Howmet in its upcoming earnings disclosure. The company's earnings report is set to go public on October 29, 2026. The company is predicted to post an EPS of $1.37, indicating a 44.21% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.59 billion, up 23.98% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of $5.34 per share and a revenue of $10.12 billion, demonstrating changes of +41.64% and +22.61%, respectively, from the preceding year.

Investors should also pay attention to any latest changes in analyst estimates for Howmet. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been a 0.19% rise in the Zacks Consensus EPS estimate. Howmet is currently a Zacks Rank #1 (Strong Buy).

In the context of valuation, Howmet is at present trading with a Forward P/E ratio of 41.2. This expresses a premium compared to the average Forward P/E of 23.12 of its industry.

We can additionally observe that HWM currently boasts a PEG ratio of 1.98. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Aerospace - Defense industry currently had an average PEG ratio of 1.62 as of yesterday's close.

The Aerospace - Defense industry is part of the Aerospace sector. With its current Zacks Industry Rank of 87, this industry ranks in the top 36% of all industries, numbering over 250.

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

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

East West Bancorp (EWBC - Free Report) came out with quarterly earnings of $2.76 per share, beating the Zacks Consensus Estimate of $2.69 per share. This compares to earnings of $2.62 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.60%. A quarter ago, it was expected that this bank holding company would post earnings of $2.61 per share when it actually produced earnings of $2.63, delivering a surprise of +0.77%.

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

East West Bancorp, which belongs to the Zacks Banks - West industry, posted revenues of $822.75 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.53%. This compares to year-ago revenues of $778.05 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

East West Bancorp shares have added about 11.7% since the beginning of the year versus the S&P 500's gain of 12.4%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for East West Bancorp was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.75 on $823.09 million in revenues for the coming quarter and $10.64 on $3.2 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Columbia Banking (COLB - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on October 22.

This bank holding company is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of -9.4%. The consensus EPS estimate for the quarter has been revised 0.4% higher over the last 30 days to the current level.

Columbia Banking's revenues are expected to be $687.95 million, up 18.2% from the year-ago quarter.

SkyWest (SKYW - Free Report) ended the recent trading session at $92.35, demonstrating a +2.1% change from the preceding day's closing price. This change outpaced the S&P 500's 0.28% gain on the day. At the same time, the Dow added 1.02%, and the tech-heavy Nasdaq lost 0.02%.

Shares of the regional airline witnessed a loss of 9.73% over the previous month, trailing the performance of the Transportation sector with its loss of 1.81%, and the S&P 500's gain of 0.67%.

Investors will be eagerly watching for the performance of SkyWest in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 29, 2026. The company is predicted to post an EPS of $3.13, indicating a 11.39% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $1.14 billion, showing a 8.93% escalation compared to the year-ago quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.77 per share and a revenue of $4.37 billion, indicating changes of +4.06% and +7.73%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for SkyWest. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.6% downward. Currently, SkyWest is carrying a Zacks Rank of #3 (Hold).

Looking at its valuation, SkyWest is holding a Forward P/E ratio of 8.4. This denotes a discount relative to the industry average Forward P/E of 11.66.

One should further note that SKYW currently holds a PEG ratio of 1.29. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Transportation - Airline industry stood at 1 at the close of the market yesterday.

The Transportation - Airline industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 230, which puts it in the bottom 7% of all 250+ industries.

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

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

$26.62-$1.11 (-4.00%)

NASDAQ · As of 4:00 PM ET 10/20/26

IREN (IREN -4.00%), a vertically integrated AI cloud and data center operator, closed at $26.62, down 4.00%. Premarket funding worries and rate fears pressured the stock, while investors are watching AI data center financing and guidance next.
Trading volume reached 69.7M shares, coming in about 52% above its three-month average of 45.9M shares. IREN IPO'd in 2021 and has grown 9% since going public.

How the markets moved todayS&P 500 closed at 7,711, up 0.26%, while the Nasdaq Composite finished at 26,425, down 0.02%. Among AI cloud services and vertically integrated data center infrastructure peers, Applied Digital closed at $19.33, up 0.42%, and Core Scientific closed at $13.79, up 0.44%, indicating steadier demand for nearby infrastructure names.

What this means for investorsIREN stock continues to suffer as debt-related fears weigh on it and its neocloud peers.

Its $7.6 billion in debt is lower in relative and absolute terms than that of its peer CoreWeave. Nonetheless, like CoreWeave, it depends on debt.

IREN did state that its data center segment currently carries no debt. Still, bond ratings remain a worry. Admittedly, if financing becomes too costly, it may have to turn to share issuance to fund construction, which could place further strain on its stock.

IREN Iren$26.62-$1.11 (-4.00%)

NASDAQ · As of 4:00 PM ET 10/20/26

Additionally, unlike CoreWeave, it remains heavily involved in its legacy Bitcoin mining enterprise, and that part of the business continues to generate the majority of IREN's revenue.

Indeed, Bitcoin's recent performance could shield the stock from some of the concerns surrounding its AI cloud business. Nonetheless, as long as interest rate concerns call IREN's financing options into question, the cloud stock may struggle to recover in the near term.

One of Tuesday's better-performing bank stocks was one of the sector's more low-key companies. Dime Commercial Bancshares (DCOM +5.97%) saw its shares zoom 6% higher on Tuesday, while the S&P 500 index could only muster a 0.3% gain. An encouraging quarterly earnings report and the announcement of a fresh acquisition drove investors into the stock that day.

Image source: Getty Images.

Double-digit rises for DimeDime's third-quarter total revenue rose by 19% year over year to more than $135 million. This, despite the New York-based bank's loans falling marginally over that stretch to under $10.8 billion. Deposits, on the other hand, increased 7% to $12.8 billion.

On the bottom line, attributable net income not under generally accepted accounting principles (non-GAAP, or adjusted) leaped almost 50% higher to $39.1 million ($0.91 per share).

In the earnings release, Dime said its cautious approach was paying off. It quoted CEO Stuart Lubow as saying that "Our balance sheet, with $2.2 billion of cash and an 83% loan-to-deposit ratio, was intentionally constructed keeping in mind the potential for an elevated interest rate environment. We believe this highly liquid balance sheet uniquely positions Dime versus our local peers."

$41.01+$2.31 (+5.97%)

NYSE · As of 4:00 PM ET 10/20/26

Buying a peerDime is aiming to grow by acquiring one of those peers. Also on Tuesday, the company announced it had signed a deal to purchase ES Bancshares (ESBS +5.50%). The transaction, which Dime said would bolster its presence in the New York City boroughs of Brooklyn and Staten Island, is to be effected through a mix of cash and Dime Stock totaling around $58 million.

Both pieces of news are encouraging, with Dime doing a good job lifting the bottom line despite a loan book that isn't growing hotly, and seizing an opportunity to capture market share in its region (the ES Bancshares deal is priced at only around 1.1 times that company's tangible book value per share).

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Netflix co-CEO Ted Sarandos no longer has anything to say about the company's move into video games or podcasts. Patrick T. Fallon / AFP via Getty Images For years, Netflix has been telling investors how excited it is about its move into video games.

More recently, it has also started talking up its move into podcasts.

But when the company released its third-quarter earnings on Tuesday, the streamer had nothing to say about either foray.

What does that mean? Netflix won't say. But I'm pretty comfortable coming up with my own conclusion: Netflix doesn't think games or podcasts are going to do much for its business, at least in the near future.

That also tracks with new reporting from The Wall Street Journal, which says that Netflix has recently "stopped pushing games and podcasts, focusing more on its core movie and TV offerings."

5G disappointed consumers and phone carriers. Who's cashing in?

That's logical, given the most pressing problem the company has: figuring out how to make movies and TV shows that attract new subscribers, and that get its existing subscribers to spend more time on the service.

But it's also a real turnaround, at least in its messaging.

Netflix has consistently talked up games since it launched that business in 2021. In 2022, cofounder Reed Hastings predicted that Netflix would eventually "be a big leader in games." And the company has frequently pointed out its ambitions in its quarterly updates to investors.

Last quarter, for instance, the company highlighted a new World Cup game, and an app for kids games, and said it had "increasing confidence that we are building a foundation with exciting future growth potential."

It has also spent the last two quarters talking up its move into podcasts. In April, it said podcasts were a "potential incremental engagement opportunity." Three months later, it told investors that podcasts were good because they gave viewers more reasons to watch the service during the day (as opposed to the evening, where half of its viewing happens) and on mobile phones.

But on Tuesday, it had nothing to say about either category, other than a single legalese mention about forward-looking statements. But it did make a reference to other people's video games: It said a 27-minute trailer for Take-Two's highly anticipated "Grand Theft Auto VI," which it showed exclusively for a six-hour window, had been a hit.

Both games and podcasts make a certain kind of sense for Netflix, in theory: The company has often talked about the fact that gaming is a big competitor for its viewers' time. So why not try to harvest some of that attention for itself? And video podcasts are really just another term for "talk shows on a budget" — so why not offer those up to viewers as well?

The flip side: It's been hard to understand how Netflix would be able to create games that are better or more popular than everyone else in the game business. And it's an open question whether viewers who turn to Netflix in search of distracting entertainment would be interested in low-fi chats.

Maybe both categories eventually turn into something meaningful for Netflix one day. But the company seems to be saying that won't happen anytime soon.

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Netflix Gaming Video Games More Earnings

United Airlines (UAL - Free Report) came out with quarterly earnings of $2.54 per share, missing the Zacks Consensus Estimate of $2.6 per share. This compares to earnings of $2.78 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -2.31%. A quarter ago, it was expected that this airline would post earnings of $1.92 per share when it actually produced earnings of $1.99, delivering a surprise of +3.65%.

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

United, which belongs to the Zacks Transportation - Airline industry, posted revenues of $17.88 billion for the quarter ended September 2026, missing the Zacks Consensus Estimate by 0.2%. This compares to year-ago revenues of $15.23 billion. The company has topped consensus revenue estimates two times over the last four quarters.

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

United shares have lost about 14.5% since the beginning of the year versus the S&P 500's gain of 12.4%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for United was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.75 on $18.4 billion in revenues for the coming quarter and $7.87 on $68.03 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the bottom 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, JetBlue Airways (JBLU - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on October 27.

This airline is expected to post quarterly loss of $0.52 per share in its upcoming report, which represents a year-over-year change of -30%. The consensus EPS estimate for the quarter has been revised 46.7% lower over the last 30 days to the current level.

JetBlue Airways' revenues are expected to be $2.82 billion, up 21.5% from the year-ago quarter.

Net income was $2.84 billion, up 1.5%, and core operating income was $2.98 billion, down 2.2%. For the nine months, net income and core operating income were a record $8.02 billion and $8.60 billion, respectively, up 12.9% and 21.0%.
P&C net premiums written were $13.18 billion, up 1.9%.

North America Commercial was down 2.7%, or up 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance.
North America Personal was up 5.3%.
North America Agriculture was up 5.1%.
Overseas General was up 6.7%, or 5.2% in constant dollars. Consumer insurance was up 7.2% and commercial insurance was up 6.3%; Latin America, Asia and Europe were up 11.7%, 7.5% and 6.8%, respectively.

P&C underwriting income was $2.06 billion, with a combined ratio of 84.1%. P&C current accident year underwriting income excluding catastrophe losses was $2.26 billion, up 3.3%, with a combined ratio of 82.6%. For the nine months, P&C underwriting income was $5.79 billion, up 33.7%, and was $6.39 billion, up 6.1%, on a current accident year excluding catastrophe losses basis. Both were records.
Total pre-tax net catastrophe losses were $705 million compared with $285 million in the prior year.
Total pre-tax favorable prior period development was $511 million compared with $361 million in the prior year.
Life Insurance net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars. International life insurance net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Insurance segment income was $369 million, up 11.4%, or 14.7% in constant dollars, with International Life income up 7.0%, or 10.9% in constant dollars. For the nine months, Life Insurance segment income was $1.03 billion, up 9.3%, or 10.0% in constant dollars, with International Life income up 10.8%, or 11.8% in constant dollars.
Pre-tax net investment income was $1.79 billion, up 8.6%, and adjusted net investment income was $1.89 billion, up 6.3%. Both were records.
Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.6% and annualized core operating ROE was 14.9%.
Book value and tangible book value per share increased 5.1% and 5.7%, respectively, from September 30, 2025. Tangible book value per share excluding AOCI was up 15.4% over the same period.

, /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2026 of $2.84 billion, or $7.30 per share, and core operating income of $2.98 billion, or $7.66 per share. Book value per share and tangible book value per share increased by 5.1% and 5.7%, respectively, from September 30, 2025 and now stand at $191.43 and $126.96. For the last three months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $4.48 billion in Chubb's investment portfolio, partially offset by $551 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 11.1% and 15.4% from September 30, 2025.

Effective Q3 2026, segment income and core operating income have been redefined to exclude intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" in this press release and the Table of Contents page in the Q3 2026 Chubb Limited Financial Supplement for additional information. Prior-period results have been restated to reflect these changes.

Chubb Limited

Third Quarter Summary

(in millions of U.S. dollars, except per share amounts and ratios)

(Unaudited)

(Per Share)

2026

2025

Change

2026

2025

Change

Net income

$2,844

$2,801

1.5 %

$7.30

$6.99

4.4 %

Adjusted net realized (gains) losses, net of tax

94

48

95.8 %

0.25

0.12

108.3 %

Integration expenses and severance, net of tax

8

1

NM

0.02

-

NM

Market risk benefits (gains) losses, net of tax

55

120

(54.2) %

0.14

0.30

(53.3) %

Amortization of deferred tax asset from Bermuda law

(60)

36

NM

(0.15)

0.09

NM

Amortization of fair value adjustments, net of tax

39

42

(7.1) %

0.10

0.10

-

Core operating income, net of tax

$2,980

$3,048

(2.2) %

$7.66

$7.60

0.8 %

Annualized return on equity (ROE)

15.3 %

15.9 %

Core operating return on tangible equity (ROTE)

21.6 %

24.8 %

Core operating ROE

14.9 %

16.6 %

For the nine months ended September 30, 2026, net income was $8.02 billion, or $20.46 per share, and core operating income was $8.60 billion, or $21.94 per share. Book value per share and tangible book value per share increased by 1.5% and 0.6%, from December 31, 2025. For the last nine months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $6.03 billion in Chubb's investment portfolio, partially offset by $643 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 7.4% and 10.1%, from December 31, 2025.

Chubb Limited

Nine Months Ended Summary

(in millions of U.S. dollars, except per share amounts and ratios)

(Unaudited)

(Per Share)

2026

2025

Change

2026

2025

Change

Net income

$8,018

$7,100

12.9 %

$20.46

$17.61

16.2 %

Adjusted net realized (gains) losses, net of tax

396

(428)

NM

1.02

(1.06)

NM

Integration expenses and severance, net of tax

21

3

NM

0.05

0.01

NM

Market risk benefits (gains) losses, net of tax

39

213

(81.7) %

0.10

0.53

(81.1) %

Amortization of deferred tax asset from Bermuda law

4

91

(95.6) %

0.01

0.22

(95.5) %

Amortization of fair value adjustments, net of tax

119

127

(6.3) %

0.30

0.31

(3.2) %

Core operating income, net of tax

$8,597

$7,106

21.0 %

$21.94

$17.62

24.5 %

Annualized return on equity (ROE)

14.5 %

13.9 %

Core operating return on tangible equity (ROTE)

21.2 %

19.9 %

Core operating ROE

14.6 %

13.2 %

For the nine months ended September 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $6 million and $47 million, respectively for adjusted net realized gains and losses; $(7) million and nil for integration expenses and severance; $(7) million and $(38) million for market risk benefits gains and losses; $(33) million and $(36) million for amortization of fair value adjustments; and $2.09 billion and $1.75 billion for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a really strong quarter with strong contributions from all of our businesses. Our diversification is highly supportive of growth and sustained margins which speak to our underwriting discipline, a hallmark of our company.

"P&C underwriting, investment and life income results led to core operating earnings of $2.98 billion, or $7.66 per share. Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025. For the first nine months of the year, which is a more meaningful perspective, core operating income is a record $8.6 billion, or $21.94 per share, up 21% and 24.5%, respectively, from the prior year.

"Annualized core operating return on tangible equity is 21.6% and core operating ROE is 14.9%. Tangible book value per share is up 5.7% from the prior year. This was impacted by the mark-to-market due to higher interest rates. Adjusting for AOCI, tangible book value per share increased 15.4%.

"For the quarter, P&C underwriting income is $2.1 billion, which led to a combined ratio of 84.1%, and on a current accident year ex-CAT basis, our combined ratio is 82.6%, simply excellent. Year-to-date underwriting income of $5.8 billion is up nearly 34% from 2025.

"On the investment side of our business, adjusted net investment income is a record $1.9 billion, supported by rising interest rates and an excellent fixed-income investment environment, which we have been anticipating for some time, given government deficits and the capital investment cycle. On the alternative asset side, as publicly announced in the quarter, Strategic Holdings, our holding company partnership with KKR, agreed to sell our investment in USI Insurance Services to Aon, which is expected to result in a realized gain of $460 million on an investment of $740 million.

"While the market continues to grow more competitive in commercial P&C across the board, particularly in the U.S. and London, the substantial majority of our underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms.

"We are benefiting from our diversification. Overseas General grew 6.7%, with Latin America up 11.7%, Asia up 7.5% and Europe up about 7%. North America personal lines was up 5.3% and agriculture was up 5.1%. North America commercial was down 2.7%, impacted by a reduction in exposure, including increased use of reinsurance and underwriting related non-renewal actions, predominantly property and financial lines-related. I fully expect North America commercial growth to improve in future quarters.

"Our deep local presence and capabilities globally, our large and growing invested asset along with rising interest rates, and operating discipline provide us continued growth opportunities and sustainability of value creation. I am confident in our ability to continue to outperform and to generate strong growth in operating earnings and EPS and, most important, double-digit growth in tangible book value."

Operating highlights for the quarter ended September 30, 2026 were as follows:

Chubb Limited

Q3

Q3

(in millions of U.S. dollars except for percentages)

2026

2025

Change

Consolidated

Net premiums written (increase of 1.8% in constant dollars)

$

15,143

$

14,866

1.9 %

P&C

Net premiums written (increase of 1.6% in constant dollars)

$

13,183

$

12,934

1.9 %

Underwriting income

$

2,061

$

2,259

(8.8) %

Combined ratio

84.1 %

81.8 %

Current accident year underwriting income excluding catastrophe losses (CATs)

$

2,255

$

2,183

3.3 %

Current accident year combined ratio excluding CATs

82.6 %

82.5 %

Global P&C (excludes Agriculture)

Net premiums written (increase of 1.1% in constant dollars)

$

11,651

$

11,476

1.5 %

Underwriting income

$

1,894

$

2,079

(8.9) %

Combined ratio

83.4 %

81.0 %

Current accident year underwriting income excluding CATs

$

2,085

$

2,029

2.7 %

Current accident year combined ratio excluding CATs

81.8 %

81.6 %

Life Insurance

Net premiums written (increase of 3.7% in constant dollars)

$

1,960

$

1,932

1.4 %

Segment income (increase of 14.7% in constant dollars)

$

369

$

332

11.4 %

Consolidated net premiums earned increased 3.9%, or 4.0% in constant dollars. P&C net premiums earned increased 4.3%, or 4.0% in constant dollars.
Operating cash flow was $6.07 billion and adjusted operating cash flow was $5.55 billion. Both were records.
Total capital returned to shareholders in the quarter was $1.57 billion, comprising share repurchases of $1.18 billion at an average purchase price of $344.32 per share and dividends of $393 million. Total capital returned to shareholders for the nine months was $4.47 billion, comprising share repurchases of $3.30 billion at an average purchase price of $332.33 per share and dividends of $1.17 billion.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30, 2026 are presented below:             

Chubb Limited

Q3

Q3

(in millions of U.S. dollars except for percentages)

2026

2025

Change

Total North America P&C Insurance

(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)

Net premiums written

$

8,953

$

8,935

0.2 %

Combined ratio

81.3 %

79.2 %

Current accident year combined ratio excluding CATs

80.7 %

80.6 %

North America Commercial P&C Insurance

Net premiums written (increase of 1.7% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)

$

5,512

$

5,663

(2.7) %

Major accounts retail and excess and surplus (E&S) wholesale (increase of 1.2% excluding large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance)

$

3,210

$

3,379

(5.0) %

Middle market and small commercial (with P&C lines up 2.6%, or up 4.0% excluding workers' compensation payroll-related premium adjustments (1), and financial lines down 5.9%, or up 1.8% adjusting for underwriting related exposure changes including additional reinsurance)

$

2,302

$

2,284

0.8 %

Combined ratio

86.3 %

81.5 %

Current accident year combined ratio excluding CATs

82.1 %

80.8 %

North America Personal P&C Insurance

Net premiums written

$

1,909

$

1,814

5.3 %

Combined ratio

60.3 %

65.1 %

Current accident year combined ratio excluding CATs

69.9 %

72.1 %

North America Agricultural Insurance

Net premiums written

$

1,532

$

1,458

5.1 %

Combined ratio

89.3 %

88.0 %

Current accident year combined ratio excluding CATs

89.0 %

89.7 %

Overseas General Insurance

Net premiums written (increase of 5.2% in constant dollars)

$

3,943

$

3,695

6.7 %

Commercial P&C

$

2,248

$

2,114

6.3 %

Consumer P&C

$

1,695

$

1,581

7.2 %

Combined ratio

86.4 %

83.3 %

Current accident year combined ratio excluding CATs

84.3 %

84.4 %

Global Reinsurance

Net premiums written

$

287

$

304

(5.6) %

Combined ratio

80.7 %

77.4 %

Current accident year combined ratio excluding CATs

78.7 %

75.6 %

Life Insurance

Net premiums written (increase of 3.7% in constant dollars)

$

1,960

$

1,932

1.4 %

Net premiums written and deposits (increase of 17.7% in constant dollars)

$

2,797

$

2,428

15.2 %

Segment income (increase of 14.7% in constant dollars)

$

369

$

332

11.4 %

(1) Relates to workers' compensation annual payroll-related audit premium adjustments which are made in the third quarter every year, as previously disclosed were significantly larger in 2025.

North America Commercial P&C Insurance: The combined ratio increased 4.8 percentage points, including a 3.1 percentage point increase from higher CATs, a 1.0 percentage point increase in the underlying loss ratio and a 0.3 percentage point increase in the underlying expense ratio with the acquisition ratio up, both driven by shift in mix of business, primarily due to reduction in property business.
North America Personal P&C Insurance: The combined ratio decreased 4.8 percentage points, including a 4.3 percentage point decrease from higher favorable prior period development (PPD) and a 2.2 percentage point decrease in the underlying loss ratio, partially offset by a 1.7 percentage point increase from higher CATs.
North America Agricultural Insurance: The combined ratio increased 1.3 percentage points, including a 1.9 percentage point increase from lower favorable PPD, partially offset by a 0.6 percentage point decrease in the underlying expense ratio.
Overseas General Insurance: The combined ratio increased 3.1 percentage points, including a 5.0 percentage point increase from higher CATs and a 1.0 percentage point increase in the underlying acquisition expense ratio, due to shift in the mix of business, offset by a 1.8 percentage point decrease from higher favorable PPD, and a 0.9 percentage point decrease in the underlying loss ratio.
Life Insurance: Net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars, with International Life of $1.60 billion, down 0.6%, or up 2.0% in constant dollars, reflecting an adverse impact of 8.8 percentage points in constant dollars, from a one-time large transaction in the prior year, and Chubb Benefits up 11.7%, or 12.1% in constant dollars. International life net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Segment income was $369 million, up 11.4%, or 14.7% in constant dollars, primarily reflecting growth in International Life of 7.0%, or 10.9% in constant dollars.

All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated September 30, 2026, which is posted on Chubb's investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its third quarter earnings conference call on Wednesday, October 21, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, click here to register and receive dial-in numbers.

In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb's ownership interest and exclude the non-controlling interest.

Segment income and core operating income for current and prior periods have been redefined to reflect the definition of segment income and core operating income adopted in Q3 2026, which excludes intangible amortization expenses related to purchased intangibles other than long-term distribution agreements. Refer to "Regulation G – Non-GAAP Financial Measures" below for more information.

About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of nil in Q3 2026 and $1 million in Q3 2025, and including investment income of $97 million and $127 million in Q3 2026 and Q3 2025, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $3 million and $7 million for the nine months ended September 30, 2026 and 2025, and the investment income from private equity partnerships was $343 million and $349 million for the nine months ended September 30, 2026 and 2025. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value adjustments of acquired invested assets and long-term debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. References in this release to "current accident year" or "underlying" metrics exclude catastrophe losses and prior period development, unless stated otherwise.

Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses), market risk benefits gains (losses), amortization of fair value adjustments, and other items described in this paragraph. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we believe that amortization of certain fair value adjustments arising from the application of acquisition method accounting to acquired businesses does not represent the associated true economic costs and also affects comparability of our operating results to peers. We therefore exclude amortization of fair value adjustments, which includes amortization expenses of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations (primarily agency distribution relationships and renewal rights); in contrast, amortization expenses associated with value of business acquired (VOBA) and unearned premium reserves (UPR) intangible assets are included in core operating income as they are generally comparable to underwriting expenses recognized by peers. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. These costs, as well as the amortization of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations, are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.

Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements: 
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)

September 30

2026

December 31
2025

Assets

Investments

$

172,507

$

168,720

Cash and restricted cash

3,010

2,470

Total invested assets

175,517

171,190

Insurance and reinsurance balances receivable

18,188

15,944

Reinsurance recoverable on losses and loss expenses

20,611

20,338

Goodwill and other intangible assets ($26,021 and $25,775 represents
Chubb portion as of 9/30/2026 and 12/31/2025, respectively)

26,665

26,448

Other assets

42,528

38,407

Total assets

$

283,509

$

272,327

Liabilities

Unpaid losses and loss expenses

$

91,829

$

88,018

Unearned premiums

28,608

26,279

Other liabilities

84,560

78,251

Total liabilities

204,997

192,548

Shareholders' equity

Chubb shareholders' equity, excl. AOCI

82,710

78,732

Accumulated other comprehensive income (loss) (AOCI)

(9,483)

(4,975)

Chubb shareholders' equity

73,227

73,757

Noncontrolling interests

5,285

6,022

Total shareholders' equity

78,512

79,779

Total liabilities and shareholders' equity

$

283,509

$

272,327

Book value per common share

$

191.43

$

188.59

Tangible book value per common share

$

126.96

$

126.22

Book value per common share, excl. AOCI

$

216.22

$

201.31

Tangible book value per common share, excl. AOCI

$

150.70

$

136.91

Chubb Limited

Summary Consolidated Financial Data

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30

September 30

2026

2025

2026

2025

Gross premiums written

$

18,359

$

18,069

$

52,857

$

50,450

Net premiums written

15,143

14,866

43,853

41,708

Net premiums earned

14,924

14,359

42,270

39,484

Losses and loss expenses

7,526

6,951

20,348

20,419

Policy benefits

1,477

1,372

4,877

4,005

Policy acquisition costs

2,739

2,563

7,967

7,291

Administrative expenses

1,126

1,138

3,443

3,343

Net investment income

1,791

1,648

5,260

4,777

Net realized gains (losses)

(455)

283

(700)

327

Market risk benefits gains (losses)

(65)

(142)

(46)

(251)

Interest expense

204

197

602

559

Other income (expense):

Gains (losses) from separate account assets

(24)

(9)

27

(31)

Other

388

52

694

812

Amortization of purchased intangibles

74

75

221

224

Integration expenses and severance

11

1

28

3

Income tax expense

666

787

2,054

1,825

Net income

$

2,736

$

3,107

$

7,965

$

7,449

Less: NCI income (loss)

(108)

306

(53)

349

Chubb net income

$

2,844

$

2,801

$

8,018

$

7,100

Diluted earnings per share:

Chubb net income

$

7.30

$

6.99

$

20.46

$

17.61

Core operating income

$

7.66

$

7.60

$

21.94

$

17.62

Weighted average shares outstanding

389.4

400.9

391.8

403.2

P&C combined ratio

Loss and loss expense ratio

58.7 %

56.7 %

57.1 %

60.8 %

Policy acquisition cost ratio

18.3 %

17.7 %

19.1 %

18.5 %

Administrative expense ratio

7.1 %

7.4 %

7.8 %

8.0 %

P&C combined ratio

84.1 %

81.8 %

84.0 %

87.3 %

P&C underwriting income

$

2,061

$

2,259

$

5,790

$

4,331

SOURCE Chubb Limited

Agree Realty (ADC - Free Report) came out with quarterly funds from operations (FFO) of $1.15 per share, beating the Zacks Consensus Estimate of $1.14 per share. This compares to FFO of $1.1 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +0.88%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.13 per share when it actually produced FFO of $1.14, delivering a surprise of +0.88%.

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

Agree Realty, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $213.88 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.33%. This compares to year-ago revenues of $183.22 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

Agree Realty shares have lost about 8.6% since the beginning of the year versus the S&P 500's gain of 12.4%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.16 on $216.85 million in revenues for the coming quarter and $4.56 on $833.97 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Retail is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Simon Property (SPG - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on November 5.

This shopping mall real estate investment trust is expected to post quarterly earnings of $3.32 per share in its upcoming report, which represents a year-over-year change of +3.1%. The consensus EPS estimate for the quarter has been revised 0% lower over the last 30 days to the current level.

Simon Property's revenues are expected to be $1.73 billion, up 8% from the year-ago quarter.

2026 Third Quarter Conference Call Scheduled for November 5, 2026  | Source: Interparfums, Inc.

NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Interparfums, Inc. (NASDAQ GS: IPAR) (“Interparfums” or the “Company”) today announced net sales for three and nine months ended September 30, 2026.

Net Sales
($ in millions)Three Months EndedNine Months EndedSeptember 30,September 30, 2026  2025 % Change  2026  2025 % Change Total Interparfums, Inc. $430  $430 flat  $1,115  $1,102 +1% European based net sales $306  $295 +4%  $789  $784 +1% United States based net sales $127  $137 (7%)  $336  $327 +3% Eliminations of intercompany sales ($4)  ($3) n/a  ($10)  ($9) n/a The average dollar/euro exchange rate for the 2026 third quarter was 1.15 compared to 1.17 in the 2025 third quarter, leading to a 0.4% foreign exchange loss. For the first nine months, the average dollar/euro exchange rate was 1.16 compared to 1.12 in the first nine months of 2025, leading to a 1.5% foreign exchange gain.Data may not foot due to rounding.
Management Commentary:
Jean Madar, Chairman & Chief Executive Officer of Interparfums, stated, “Consolidated sales held stable at $430 million in the 2026 third quarter compared to the prior year period, producing year-to-date sales growth of 1%. Sales by European based operations were especially strong, which helped to offset weaker performance by United States based operations following an exceptional period of growth in the second quarter of 2026. The ongoing war in the Middle East represented a headwind of 1% in the third quarter and 2% for the first nine months.

“Our global brand portfolio and diverse fragrances enable us to reach a wide range of consumers and pursue multiple avenues for growth, with strength across key brands and markets helping to offset softer demand elsewhere. We are aligning our product offerings and commercial strategies with evolving consumer preferences. We are investing in our future with expanded partnerships and new exclusive license agreements, while preparing for a promising 2026 holiday season and an exciting 2027, driven by a series of blockbuster launches and new brand additions.”

European Based Operations
Mr. Madar continued, “Sales from our European based operations rose 4% in the 2026 third quarter, reflecting organic growth of 3% and a 1% contribution from new brands, partially offset by a 1% foreign exchange headwind.

“Coach fragrances have delivered outstanding performance so far in 2026, with sales rising by 23% and 15% during the third quarter and first nine months of 2026, respectively. The brand continues to benefit from its immense popularity in the United States, the strength of the established women’s and men’s lines, and the success of the two new line extensions launched earlier this year.”

“Montblanc fragrance sales returned to growth, increasing 12% in the third quarter after flat second quarter sales, producing 8% growth for the first nine months of 2026, driven by the success of Montblanc Legend Elixir and Montblanc Explorer Infinite, launched in the first and third quarters, respectively.

“Jimmy Choo fragrance sales rose 1% in the third quarter, leading to 5% growth in the first nine months of 2026. The brand’s sustained performance was driven by the continued success of the I Want Choo and Jimmy Choo Man franchises, supported by several line extensions launched over the past twelve months, including I Want Choo Midnight, which launched in the third quarter.

“Lacoste fragrance sales returned to growth in the third quarter, rising 4%, driven by Original Intense, the newest women’s launch in the Original franchise. This improvement followed a challenging first half of 2026, which reflected a strong prior-year comparison due to strong innovation and softer conditions in Eastern Europe, where the brand has a strong presence. While year-to-date sales declined 9%, the third-quarter performance is encouraging as we look ahead to major developments planned for 2027 and beyond.”

United States Based Operations
Mr. Madar continued, “Sales by our United States based operations decreased by 7% during the 2026 third quarter, driven largely by supply chain disruptions that resulted in the delayed shipment of giftsets for select brands. These delays represented approximately $10 million in sales, which will now be recognized in the fourth quarter. Excluding this impact, sales would have been flat. Year-to-date sales grew 3%, driven by 2% organic growth and a favorable foreign exchange impact of 1%. Excluding the impact of the delayed giftset shipments, sales would have increased 6%.

“Fragrance sales of GUESS, our largest United States based brand, rose by 3% and 7% during the third quarter and first nine months of 2026, respectively. Growth was driven by the continuing success of the Iconic franchise which was enhanced by the launches of two new extensions earlier this year, as well as extensions launched for the Amore and Seductive franchises.

“Donna Karan/DKNY fragrance sales declined 9% during the third quarter following double digit growth in the second quarter of 2026. The third quarter sales decline was driven by innovation phasing and giftset shipment delays. Brand sales grew 4% in the first nine months of the year.

“Ferragamo fragrance sales declined 22% in the third quarter due to innovation phasing but were only down 2% on a year-to-date basis. The brand was impacted by challenging market conditions in Europe, which is the core region for the brand.

“Roberto Cavalli fragrance sales increased 4% and 6% during the third quarter and first nine months of 2026, respectively, despite a difficult macro-economic environment in the Middle East, the brand’s largest market, and exceptionally high prior year growth comparisons. The brand’s growth this year has been driven by the enduring popularity of last year’s blockbuster Serpentine launch, as well as brand extensions released earlier in 2026, and the partnership with Kiko Milano.”

Mr. Madar concluded, “While some aspects of the market environment remain challenging, we are encouraged by the trajectory of our business and maintain a measured but positive outlook for the balance of the year, 2027 and beyond.”

2026 Third Quarter Results and Conference Call Details
The Company will issue financial results for the three and nine months ended September 30, 2026, on Wednesday, November 4, 2026, after the close of the stock market. Management will host a conference call to discuss financial results and business operations beginning at 11:00 am ET on Thursday, November 5, 2026.

Interested parties may participate in the live call by dialing:

U.S. / Toll-free:        (877) 423-9820
International:           (201) 493-6749

Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin.

A live audio webcast will also be available in the “Events” tab within the Investor Relations section of the Company’s website at www.interparfumsinc.com, or by clicking here. The conference call will be available for webcast replay for approximately 90 days following the live event.

About Interparfums, Inc.:

Operating in the global fragrance business since 1982, Interparfums, Inc. produces and distributes a wide array of prestige fragrance and fragrance related products under license and other agreements with brand owners. The Company manages its business in two operating segments, European based operations, through its 72% owned subsidiary, Interparfums SA, and United States based operations, through wholly owned subsidiaries in the United States and Italy.

Our licensed portfolio of prestige brands includes Abercrombie & Fitch, Anna Sui, Boucheron, Coach, Donna Karan/DKNY, Emanuel Ungaro, Ferragamo, Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, Longchamp, MCM, Moncler, Montblanc, Oscar de la Renta, Puma, Roberto Cavalli, and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world through an extensive and diverse network of distributors. Interparfums, Inc. is also the registered owner of several trademarks including Annick Goutal, Lanvin, Off-White, Rochas, and Solférino.

Forward-Looking Statements:
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. In some cases, you can identify forward-looking statements by forward-looking words such as "anticipate,” "believe", "could", "estimate", "expect", "intend", "may", "should", "will", and "would" or similar words. You should not rely on forward-looking statements, because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in Interparfums' annual report on Form 10-K for the fiscal year ended December 31, 2025, and the reports Interparfums files from time to time with the Securities and Exchange Commission. Interparfums does not intend to and undertakes no duty to update the information contained in this press release.

Contact Information:

Interparfums, Inc.        or           The Equity Group Inc.
Michel Atwood                           Devin Sullivan: (212) 836-9608 / [email protected]
Chief Financial Officer               Conor Rodriguez: (212) 836-9628 / [email protected]
(212) 983-2640                          www.theequitygroup.com
www.interparfumsinc.com

NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Neogen Corporation (“Neogen” or the “Company”) (NASDAQ: NEOG). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Neogen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On September 29, 2026, the U.S. Food and Drug Administration (“FDA”) announced that it had issued a warning letter to Neogen “following an investigation that linked a veterinary wound care product labeled as sterile, Neogen Vet HYCOAT (hyaluronate sodium sterile solution), to serious infections and deaths in horses.” The FDA said that “[t]his incident involved at least 20 horse deaths, making it the largest number of horse deaths ever associated with a quality defect in an FDA-regulated veterinary medical product and the most deaths of any animal species linked to microbiological contamination of an FDA-regulated product labeled as sterile” and further stated that “Neogen initiated a voluntary recall of HYCOAT in late January 2026.” 

On this news, Neogen’s stock price fell $0.99 per share, or 7.22%, to close at $12.73 per share on September 29, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

 | Source: Bank OZK

LITTLE ROCK, Ark., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that net income available to common stockholders for the third quarter of 2026 was $164.3 million, a decrease of 9.0% from $180.5 million for the third quarter of 2025, but an increase of 0.6% from $163.3 million for the second quarter of 2026. For the first nine months of 2026, net income available to common stockholders was $487.0 million, a 7.7% decrease from $527.4 million for the first nine months of 2025. Diluted earnings per common share (“EPS”) for the third quarter of 2026 were $1.50, a decrease of 5.7% from $1.59 for the third quarter of 2025, but an increase of 0.7% from $1.49 for the second quarter of 2026. EPS for the first nine months of 2026 were $4.43, a 4.5% decrease from $4.64 for the first nine months of 2025.

George Gleason, Chairman and Chief Executive Officer, stated, “We are pleased to report our solid financial results for the quarter including net income available to common stockholders of $164.3 million; EPS of $1.50; an annualized return on average assets of 1.55%; a net interest margin of 4.24%; an efficiency ratio of 39.9%; and record levels of total assets, loans and deposits. We continued to make significant progress on numerous strategic initiatives.  We believe we are well-positioned for the future."

MANAGEMENT COMMENTS, FINANCIAL SUPPLEMENT AND CONFERENCE CALL

In connection with this release, the Bank released its management comments on its quarterly results and a financial supplement, which are available at the Bank's investor relations website.

Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Wednesday, October 21, 2026. Interested parties may access the conference call live via webcast on the Bank’s investor relations website, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.

GENERAL INFORMATION

Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in 268 offices in nine states including Arkansas, Georgia, Florida, Texas, North Carolina, Tennessee, New York, California and Mississippi and had $43.2 billion in total assets as of September 30, 2026. For more information, visit ozk.com.

The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website and are also available on the Bank’s investor relations website at ir.ozk.com. Use this online form to receive automated email notifications for these materials.

FORWARD-LOOKING STATEMENTS

This press release and other communications by the Bank and its management may include certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” "feels," “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Bank’s current expectations, plans or forecasts of its future results, revenues, liquidity, net interest income, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, deposits, assets, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Bank’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.

Investor Contact:Jay Staley (501) 906-7842Media Contact:Michelle Rossow (501) 906-3922

NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Concentrix Corporation (“Concentrix” or the “Company”) (NASDAQ: CNXC).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Concentrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On June 29, 2026, Concentrix reported its financial results for the second quarter of its 2026 fiscal year.  Among other items, Concentrix reduced its revenue and adjusted earnings forecasts, citing faster offshoring and customer spending reductions. 

On this news, Concentrix’s stock price fell $2.82 per share, or 11.18%, to close at $22.41 per share on 30, 2026. 

Then, on September 29, 2026, Concentrix again lowered its revenue outlook and disclosed a $1.05 billion noncash goodwill impairment, primarily attributed to its stock’s trading range and market capitalization. Together with its fiscal 2025 impairment, the charges totaled approximately $2.57 billion.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

, /PRNewswire/ -- Rollins, Inc. (NYSE: ROL), a premier global consumer and commercial services company, announced that the Board of Directors declared a regular quarterly cash dividend on its common stock of $0.20 per share payable December 10, 2026 to shareholders of record at the close of business on November 10, 2026. This represents an increase of approximately 10 percent from the same quarter a year ago.

"Rollins has a consistent and long-standing history of increasing our dividend as we grow our business," said Will Harkins, Executive Vice President and Chief Financial Officer. "With the current increase, we have doubled our regular dividend since the beginning of 2022, while continuing to meaningfully invest in our business. This is a reflection of our disciplined and balanced approach to capital allocation, our commitment to creating value for shareholders, and the confidence we have in our future," Mr. Harkins concluded. 

About Rollins, Inc.
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with approximately 22,000 employees from more than 850 locations. Rollins is parent to Aardwolf Pestkare, Clark Pest Control, Crane Pest Control, Critter Control, Fox Pest Control, HomeTeam Pest Defense, Industrial Fumigant Company, MissQuito, Northwest Exterminating, OPC Pest Services, Orkin, Orkin Australia, Orkin Canada, Orkin UK, Safeguard, Romex Pest Control, Saela Pest Control, Trutech, Waltham Services, Western Pest Services, and more. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company's disciplined and balanced approach to capital allocation, commitment to create value for shareholders, and confidence in its future.

These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and may also be described from time to time in our future reports filed with the SEC.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law.

For Further Information Contact
Lyndsey Burton
(404) 888-2348

SOURCE Rollins, Inc.

RESTON, Va., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Stride, Inc. (NYSE: LRN), one of the nation’s most successful technology-based education companies, today announced its results for the first quarter of fiscal year 2027 ended September 30, 2026.

First Quarter Fiscal 2027 Highlights Compared to 2026

Revenue of $639.4 million, compared with $620.9 millionIncome from operations of $84.3 million, compared with $69.0 millionNet income of $64.9 million, compared with $68.8 millionDiluted net income per share of $1.45, compared with $1.40Adjusted operating income of $78.6 million, compared with $81.1 million (1)Adjusted EBITDA of $111.8 million, compared with $108.4 million (1)Adjusted earnings per share of $1.37, compared with $1.52 (1) First Quarter Fiscal 2027 Summary Financial Metrics

 Three Months Ended September 30, Change 2026/2025 2026 2025 $ % (In thousands, except percentages and per share data)Revenues$639,378 $620,884 $18,494 3.0%           Income from operations 84,268  68,983  15,285 22.2%Adjusted operating income (1) 78,646  81,138  (2,492) (3.1)%           Net income 64,919  68,800  (3,881) (5.6)%Net income per share, diluted 1.45  1.40  0.05 3.6%Adjusted earnings per share (1) 1.37  1.52  (0.15) (9.9)%           EBITDA (1) 119,202  98,217  20,985 21.4%Adjusted EBITDA (1) 111,810  108,439  3,371 3.1%            (1)   To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income (loss), EBITDA, adjusted EBITDA, and adjusted earnings per share. Management believes that these additional measures provide useful information to investors relating to our financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below.

Revenue Data

 Three Months Ended September 30, Change 2026/2025 2026 2025 $ % (In thousands, except percentages)General Education$356,606 $363,116 $(6,510) (1.8)%Career Learning          Middle - High School 272,098  241,500  30,598 12.7%Adult 10,674  16,268  (5,594) (34.4)%Total Career Learning 282,772  257,768  25,004 9.7%Total Revenues 639,378  620,884  18,494 3.0%            Enrollment and Revenue Per Enrollment Data

First quarter enrollments averaged 241.4K, down (2.5)% compared to 247.7K enrollments in the first quarter of fiscal year 2026. Of the total enrollments, 112.2K were Career Learning enrollments, up 2.0% compared to 110.0K Career Learning enrollments in the first quarter of fiscal 2026.

Enrollments include those students in full service public or private programs where Stride provides a combination of curriculum, technology, and instructional and support services, inclusive of administrative support and may include enrollments for which Stride receives no public funding or revenue. Stride does not report enrollments for our Adult Learning business.

Revenue per enrollment for the first quarter was $2,556, up 7.0% compared to $2,388 in the first quarter of fiscal year 2026. General Education revenue per enrollment was $2,670, up 5.0%, and Career Learning revenue per enrollment was $2,425, up 10.4%, compared to fiscal year 2026. If the mix of enrollments changes, our revenues will be impacted to the extent the average revenues per enrollment are significantly different.

Cash Flow and Capital Allocation

As of September 30, 2026, the Company’s cash and cash equivalents and marketable securities totaled $884.2 million, compared with $1,034.1 million reported at June 30, 2026.

Capital expenditures for the three months ended September 30, 2026 were $24.5 million, compared to $21.7 million in the three months ended September 30, 2025, and were comprised of $17.9 million of capitalized software development and $6.6 million of capitalized curriculum development.

Fiscal Year 2027 Outlook

The Company is forecasting the following for the full fiscal year 2027:

Revenue in the range of $2.530 billion to $2.610 billionCapital expenditures in the range of $70 million to $80 million. Note that capital expenditures include the purchase of property and equipment, and capitalized software and curriculum development costs as defined on our Statement of Cash FlowsEffective tax rate of 24% to 26%Adjusted operating income in the range of $500 million to $530 million (2) The Company is forecasting the following for the second quarter of fiscal year 2027:

Revenue in the range of $625 million to $645 millionCapital expenditures in the range of $19 million to $21 million. Note that capital expenditures include the purchase of property and equipment, and capitalized software and curriculum development costs as defined on our Statement of Cash FlowsAdjusted operating income in the range of $135 million to $145 million (2) (2)   In addition to providing an outlook for revenue and capital expenditures, adjusted operating income is provided as a supplemental non-GAAP financial measure as management believes that it provides useful information to our investors. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. Please also see Special Note on Forward-Looking Statements below.

Conference Call

The Company will discuss its first quarter fiscal year 2027 financial results during a conference call scheduled for Tuesday, October 20, 2026 at 5:00 p.m. Eastern Time (ET).

A live webcast of the call will be available at investors.stridelearning.com/events-and-presentations. To participate in the live call, investors and analysts should dial (833) 461-5787 (domestic) or +1 (585) 542-9983 (international) and provide the conference ID number 305 592 627. Please access the website at least 15 minutes prior to the start of the call.

A replay of the call will be posted at investors.stridelearning.com/events-and-presentations.

About Stride Inc.

Stride Inc. (NYSE: LRN) is redefining lifelong learning with innovative, high-quality education solutions. Serving learners in primary, secondary, and postsecondary settings, Stride provides a wide range of services including K-12 education, career learning, professional skills training, and talent development. Stride reaches learners in all 50 states and over 100 countries. Learn more at stridelearning.com.

Special Note on Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, such as any statements that look to future events and include, among other things, our expectations regarding: mix of enrollment, revenue per enrollment, future financial and other trends, forecasts, assumptions and guidance, and future share repurchases. We have tried, whenever possible, to identify these forward-looking statements using words such as “outlook,” “forecasts,” “anticipates,” “trends,” “believes,” “estimates,” “continues,” “likely,” “may,” “opportunity,” “potential,” “projects,” “will,” “will be,” “expects,” “plans,” “intends,” “should,” “would” and similar expressions to identify forward-looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, but are not limited to: reduction of per pupil funding amounts at the schools we serve; inability to achieve a sufficient level of new enrollments to sustain our business model or to meet financial or operational guidance; limitations of the enrollment data we present, which may not fully capture trends in the performance of our business; failure to enter into new school contracts or renew existing contracts, in part or in their entirety; failure of the schools we serve, our vendors, or us to comply with our contracts, or federal, state and local laws and regulations, resulting in a loss of funding, an obligation to repay funds previously received, contractual remedies, or actions or proceedings against us; governmental investigations that could result in fines, penalties, settlements, or injunctive relief; declines or variations in academic performance outcomes of the students and schools we serve, including due to the evolution of curriculum standards, testing programs and state accountability metrics; harm to our reputation resulting from poor performance or misconduct by operators or us in any school in our industry and/or in any school which we operate; legal and regulatory challenges from opponents of virtual public education or for-profit education companies; potential violation of laws and regulations relating to privacy and data protection, including such laws and regulations as may apply to children’s data; changes in national and local economic and business conditions and other factors, such as natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments; discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts, or a reduction or termination in the scope of services, with schools; failure to develop the Career Learning business; entry of new competitors with superior technologies (including artificial intelligence (“AI”)) and lower prices; unsuccessful integration of mergers, acquisitions and joint ventures; failure to further develop, maintain and enhance our technology, products, services and brands; inadequate recruiting, training and retention of effective teachers and employees; infringement of our intellectual property; disruptions to our Internet-based learning and delivery systems, including, but not limited to, our data storage systems and third-party cloud infrastructure, systems and facilities, including as a result of cybersecurity attacks; misuse or unauthorized disclosure of student and personal data; failure to prevent or mitigate a cybersecurity incident that affects our systems or our data; problems in the implementation of new information technology systems and technology; failure by us or third parties to maintain and support information technology systems, including addressing quality issues and timely delivering new products and enhancements; risks related to the use, implementation and regulation of AI and other emerging technologies, including in the education of children, and their use by third-party vendors; risks related to our stock repurchase program; the extent to which we acquire businesses or change our capital allocation strategy or the implementation thereof; changes in our effective tax rate and additional liabilities; and other risks and uncertainties associated with our business described in the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended June 30, 2026 and any subsequently filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements reflect our management’s expectations or predictions of future conditions, events or results based on various assumptions and estimates. They are not guarantees of future performance. Our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release or that we make from time to time, and to consider carefully the factors discussed above. All information in this press release is as of today’s date, and the Company undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except where we are expressly required to do so by law.

Financial Statements

The financial statements set forth below are not the complete set of Stride, Inc.’s financial statements for the three months ended September 30, 2026 and are presented below without footnotes. Readers are encouraged to obtain and carefully review Stride Inc.’s Quarterly Report on Form 10-Q for the three months ended September 30, 2026, including all financial statements contained therein and the footnotes thereto, filed with the SEC, which may be retrieved from the SEC’s website at www.sec.gov or from Stride Inc.’s Investor Relations website at investors.stridelearning.com.

 STRIDE, INC.
 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
   Three Months Ended  September 30, 2026
 2025
 (In thousands except share and per share data)Revenues$639,378  $620,884 Instructional costs and services 398,261   378,761 Gross margin 241,117   242,123 Selling, general, and administrative expenses 156,849   173,140 Income from operations  84,268   68,983 Interest expense, net (2,906)  (3,075)Other income, net 1,477   16,914 Income before income taxes and income (loss) from equity method investments 82,839   82,822 Income tax expense (17,840)  (14,423)Income (loss) from equity method investments (80)  401 Net income attributable to common stockholders$64,919  $68,800 Net income attributable to common stockholders per share:     Basic$1.57  $1.59 Diluted$1.45  $1.40 Weighted average shares used in computing per share amounts:     Basic 41,479,826   43,371,952 Diluted 44,828,092   49,222,851           STRIDE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS     September 30, June 30, 2026
 2026
   (audited)ASSETS(In thousands except share and per share data)      Current assets     Cash and cash equivalents$547,750  $754,501 Accounts receivable, net of allowance of $31,751 and $31,302 854,808   664,788 Inventories, net 22,665   38,250 Prepaid expenses 75,345   43,052 Marketable securities 241,425   203,499 Other current assets 12,414   12,033 Total current assets  1,754,407   1,716,123 Property and equipment, net 172,974   102,042 Capitalized software, net 101,916   95,002 Capitalized curriculum development costs, net 59,963   56,895 Intangible assets, net 9,106   10,876 Goodwill 246,676   246,676 Deposits and other assets 185,914   207,938 Total assets $2,530,956  $2,435,552 LIABILITIES AND STOCKHOLDERS' EQUITY     Current liabilities     Accounts payable$75,884  $46,742 Accrued liabilities 68,400   95,446 Accrued compensation and benefits 28,220   62,896 Deferred revenue 6,817   20,553 Current portion of finance lease liability 85,463   60,477 Current portion of operating lease liability 2,374   2,737 Current portion of debt 418,431   - Total current liabilities  685,589   288,851 Long-term finance lease liability 104,661   56,455 Long-term operating lease liability 8,106   8,316 Long-term debt —   417,995 Deferred tax liability 41,137   13,033 Other long-term liabilities 19,698   18,573 Total liabilities  859,191   803,223 Commitments and contingencies     Stockholders’ equity     Preferred stock, par value $0.0001; 10,000,000 shares authorized; zero shares issued or outstanding —   — Common stock, par value $0.0001; 100,000,000 shares authorized; 49,681,525 and 49,126,917 shares issued; and 42,031,838 and 41,477,230 shares outstanding, respectively 4   4 Additional paid-in capital 714,347   739,829 Accumulated other comprehensive loss (60)  (59)Retained earnings 1,249,564   1,184,645 Treasury stock of 7,649,687 shares at cost (292,090)  (292,090)Total stockholders’ equity  1,671,765   1,632,329 Total liabilities and stockholders' equity $2,530,956  $2,435,552           STRIDE, INC.
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
     Three Months Ended  September 30,  2026
 2025
  (In thousands)Cash flows from operating activities      Net income $64,919  $68,800 Adjustments to reconcile net income to net cash used in operating activities:      Depreciation and amortization expense  34,934   29,234 Stock-based compensation expense  (7,392)  10,222 Deferred income taxes  29,425   49,472 Provision for credit losses  2,143   3,377 Amortization of fees on debt  435   429 Noncash operating lease expense  352   2,661 Other  8,092   (3,989)Changes in assets and liabilities:      Accounts receivable  (191,894)  (253,026)Inventories, prepaid expenses, deposits and other current and long-term assets  (18,356)  (36,322)Accounts payable  27,881   15,716 Accrued liabilities  (28,566)  (45,356)Accrued compensation and benefits  (33,257)  (30,882)Operating lease liability  (899)  (879)Deferred revenue and other liabilities  (12,604)  (5,237)Net cash used in operating activities   (124,787)  (195,780)Cash flows from investing activities      Purchase of property and equipment  (4)  (306)Capitalized software development costs  (17,911)  (13,713)Capitalized curriculum development costs  (6,567)  (7,677)Sale of other investments  35,110   - Other acquisitions, loans and investments, net of distributions  (886)  (2,574)Proceeds from the maturity of marketable securities  61,638   61,767 Purchases of marketable securities  (117,295)  (62,220)Net cash used in investing activities   (45,915)  (24,723)Cash flows from financing activities      Repayments on finance lease obligations  (16,540)  (11,961)Repurchase of restricted stock for income tax withholding  (19,509)  (31,594)Net cash used in financing activities   (36,049)  (43,555)Net change in cash, cash equivalents and restricted cash  (206,751)  (264,058)Cash, cash equivalents and restricted cash, beginning of period  754,501   782,497 Cash, cash equivalents and restricted cash, end of period $547,750  $518,439           Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with GAAP, we have presented adjusted operating income (loss), EBITDA, adjusted EBITDA, and adjusted earnings per share, which are not presented in accordance with GAAP.

Adjusted operating income (loss) is defined as income (loss) from operations as adjusted for amortization of intangible assets, stock-based compensation, and other one-time charges or gains.EBITDA is defined as income (loss) from operations as adjusted for depreciation and amortization.Adjusted EBITDA is defined as income (loss) from operations as adjusted for depreciation and amortization, stock-based compensation, and other one-time charges or gains.Adjusted earnings per share (adjusted EPS) is defined as net income (loss) attributable to common stockholders as adjusted for the amortization of intangible assets, stock-based compensation, and other one-time charges or gains net of tax impact divided by the diluted weighted average number of common shares outstanding less the shares expected to be received for the capped call transaction related to Stride’s convertible senior notes. Adjusted operating income (loss), adjusted EBITDA, and adjusted EPS exclude stock-based compensation, which consists of expenses for restricted stock, restricted stock units, and performance stock units.

Management believes that the presentation of these non-GAAP financial measures provides useful information to investors relating to our financial performance. Adjusted operating income (loss), adjusted EBITDA and adjusted EPS remove stock-based compensation, which is a non-cash charge that varies based on market volatility and the terms and conditions of the awards. EBITDA and adjusted EBITDA remove depreciation and amortization, which can vary depending upon accounting methods and the book value of assets. Adjusted operating income (loss), adjusted EBITDA and adjusted earnings per share remove one-time charges or gains which are not related to core operating activities and are not indicative of our ongoing operating performance. Additionally, adjusted EPS includes the impact from shares expected to be received by the Company to offset potential dilution from the convertible senior notes. EBITDA and adjusted EBITDA provide a measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

Management uses these non-GAAP financial measures:

as additional measures of operating performance because they assist in comparing the Company’s performance on a consistent basis; andin presentations to the members of the Company’s Board of Directors to enable the Board to review the same measures used by management to compare the Company’s current operating results with corresponding prior periods. Other companies may define these non-GAAP financial measures differently and, as a result, these non-GAAP financial measures may not be directly comparable to similar non-GAAP financial measures used by other companies. Although these non-GAAP financial measures are used to assess the performance of the business, the use of non-GAAP financial measures is limited as they include and/or do not include certain items included and/or not included in the most directly comparable GAAP financial measure.

These non-GAAP financial measures should be considered in addition to, and not as a substitute for, revenues, income (loss) from operations, net income (loss) and diluted net income (loss) per share or other related financial information prepared in accordance with GAAP. Adjusted EBITDA is not intended to be a measure of liquidity. You are cautioned not to place undue reliance on these non-GAAP financial measures.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below.

First Quarter Fiscal Year 2027

Reconciliation of Income from Operations to Adjusted Operating Income

 Three Months Ended
 September 30,
 2026
 2025
 (In thousands) Income from operations$84,268  $68,983 Amortization of intangible assets 1,770   1,933 Stock-based compensation expense (7,392)  10,222 Adjusted operating income$78,646  $81,138       Reconciliation of Net Income to EBITDA and Adjusted EBITDA

 Three Months Ended
September 30,  2026
 2025
 (In thousands)Net income$64,919  $68,800 Interest expense, net 2,906   3,075 Other income, net (1,477)  (16,914)Income tax expense 17,840   14,423 (Income) loss from equity method investments 80   (401)Depreciation and amortization 34,934   29,234 EBITDA 119,202   98,217 Stock-based compensation expense (7,392)  10,222 Adjusted EBITDA$111,810  $108,439          Reconciliation of Net Income Attributable to Common Stockholders and Diluted Net Income Per Share to Adjusted Earnings Per Share

 Three Months Ended  September 30, 2026
 2025
 (In thousands)Net income attributable to common stockholders$64,919  $68,800 Amortization of intangible assets 1,770   1,933 Stock-based compensation expense (7,392)  10,222 Income tax effect from adjustments above (2,038)  (8,969)Adjusted net income attributable to common stockholders$57,259  $71,986     Share computation:   Weighted average common shares — diluted 44,828,092   49,222,851 Effect of capped call transactions (2,958,006)  (1,803,506)Adjusted weighted average common shares — diluted 41,870,086   47,419,345 Adjusted earnings per share$1.37  $1.52      Three Months Ended  September 30, 2026
 2025
 (per share)Diluted net income per share$1.45  $1.40 Amortization of intangible assets 0.04   0.04 Stock-based compensation expense (0.16)  0.20 Income tax effect from adjustments above (0.05)  (0.18)Effect of capped call transactions 0.09   0.06 Adjusted earnings per share$1.37  $1.52      Fiscal Year 2027 Outlook

Reconciliation of Income from Operations to Adjusted Operating Income (unaudited)

 Three Months Ended
 Year Ended
 December 31, 2026
 June 30, 2027
 Low
 High
 Low
 High
 (In millions) Income from operations$126.0  $134.5  $479.5  $503.5 Amortization of intangible assets 1.5   2.0   5.5   7.5 Stock-based compensation expense 7.5   8.5   15.0   19.0 Adjusted operating income$135.0  $145.0  $500.0  $530.0                 

DOORDASH, INC. INVESTOR ALERT: Scott+Scott Attorneys at Law LLP Investigates DoorDash, Inc.'s Directors and Officers for Breach of Fiduciary Duties -- DASH Scott+Scott Attorneys at Law LLP has launched an urgent investigation into whether certain officers and directors of DoorDash, Inc. (NASDAQ: DASH) failed to manage DoorDash in an acceptable manner, breaching their fiduciary duties to DoorDash, and whether DoorDash and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is heading the investigation—what shareholders need to know:

On September 22, 2026, DoorDash agreed to a $131.5 million settlement of claims by New York City regarding underpayment of DoorDash’s workers.If you own DoorDash common stock, join our investigation on behalf of DoorDash and its shareholders by filling out the form here.If you own DoorDash common stock and you wish to discuss this investigation—at no cost for you—please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or [email protected].

About this investigation – FAQ:

Q1: What is this ongoing investigation into DoorDash about?

A: According to our investigation, owners of DoorDash common stock have been impacted by massive civil liability against DoorDash from settlement of litigation by New York City regarding underpayment of DoorDash workers. Scott+Scott has a decades-long track record in fighting for corporate governance and monetary recoveries on behalf of companies and their shareholders.

Q2: How does this Scott+Scott investigation work?

A: Joining our investigation is easy and at no cost for you. By filling out the form here, we will let you know your rights as a DoorDash shareholder, and how the process works and what you can expect. If you currently own DoorDash stock, we look forward to hearing from you.

To learn more about Scott+Scott, our attorneys, or complex case resolution, please visit www.scott-scott.com.

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NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Jackson Financial Inc. (“Jackson Financial” or the “Company”) (NYSE: JXN).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Jackson Financial and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On September 17, 2026, QVT Financial LP published a short report alleging that Jackson Financial’s subsidiary, Jackson National Life, used an unusual installment arrangement with its captive reinsurer, Brooke Re, to mask massive hedge losses and inflate solvency metrics. 

Following publication of the report, Jackson Financial’s stock price fell $7.72 per share, or 5.63%, to close at $129.38 per share on September 17, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

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Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

Gains in Occupied Sites Support Continued Strong Performance
Preliminary 2027 Rent Growth Assumptions

, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and nine months ended September 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.

FINANCIAL RESULTS

($ in millions, except per share data)

Quarters Ended September 30,

2026

2025

$ Change

% Change(1)

Net Income per Common Share (2)

$     0.45

$     0.50

$     (0.05)

(11.1) %

Funds from Operations ("FFO") per Common Share and OP Unit (2)

$     0.72

$     0.77

$     (0.05)

(6.1) %

Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit

$     0.79

$     0.75

$      0.04

4.6 %

Nine Months Ended September 30,

2026

2025

$ Change

% Change(1)

Net Income per Common Share (2)

$     1.50

$     1.49

$      0.01

0.6 %

FFO per Common Share and OP Unit (2)

$     2.32

$     2.29

$      0.03

1.3 %

Normalized FFO per Common Share and OP Unit

$     2.36

$     2.27

$      0.09

4.0 %

1.

Calculations prepared using actual results without rounding.

2.

Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.

Operations Update

Normalized FFO per Common Share and OP Unit for the quarter ended September 30, 2026 was $0.79, representing a 4.6% increase compared to the same period in 2025, consistent with the midpoint of our previous guidance range of $0.76 to $0.82. Core property operating revenues increased 4.4%, Core property operating expenses, excluding property management, increased 1.3% and Core income from property operations, excluding property management, increased 6.7% for the quarter ended September 30, 2026, each as compared to the same period in 2025. Normalized FFO for the nine months ended September 30, 2026 was $2.36 per Common Share and OP Unit, representing a 4.0% increase compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.0% and Core income from property operations, excluding property management, increased 6.0%, each as compared to the same period in 2025.

MH

Core MH base rental income for the quarter ended September 30, 2026 increased 5.7% compared to the same period in 2025, which is 0.1% higher than the midpoint of our previous guidance range. Occupied sites increased by 99 and new and used home sales totaled 244 during the quarter ended September 30, 2026. Core MH base rental income for the nine months ended September 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 166 and new and used home sales totaled 707 during the nine months ended September 30, 2026.

RV and Marina

Core RV and marina base rental income for the quarter ended September 30, 2026 increased 2.1% compared to the same period in 2025, which is 0.4% higher than the midpoint of our previous guidance range. Core RV and marina annual base rental income increased 5.3% for the quarter ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the quarter ended September 30, 2026 increased 8.4% compared to the same period in 2025.

Core RV and marina base rental income for the nine months ended September 30, 2026 increased 0.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.0% for the nine months ended September 30, 2026 compared to the same period in 2025. Core annual membership subscriptions for the nine months ended September 30, 2026 increased 10.2% as compared to the same period in 2025.

In aggregate, Core RV and marina annual base rental income and annual membership subscriptions for the quarter and nine months ended September 30, 2026 increased by 5.8% and 5.9%, respectively, compared to the same periods in 2025.

Property Operating Expenses

Core property operating expenses, excluding property management, for the quarter ended September 30, 2026 increased 1.3% compared to the same period in 2025. For the nine months ended September 30, 2026, Core property operating expenses, excluding property management, increased 2.0% compared to the same period in 2025.

Preliminary 2027 Rent Growth Assumptions (1)

Our preliminary 2027 Core MH base rent income growth assumption is approximately 5.1%.
Our preliminary 2027 Core RV annual rent income growth assumption is approximately 4.7%.

1.

The preliminary 2027 rent growth assumptions reflect management's best estimate of the most likely outcome based on our current view of existing market conditions and assumptions. See Forward-Looking Statements in this news release for factors impacting our preliminary 2027 rent growth assumptions. By October month-end, we anticipate sending 2027 rent increase notices to approximately 50% of our MH residents. We have set RV annual rates for more than 95% of our annual sites. These increases will take effect at the start of the 2026/27 winter season or the start of the 2027 summer season, as applicable. Our rent growth assumptions do not include contribution from incremental sites that may be occupied in 2027.

Guidance Update

Fourth quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Full year 2026 guidance ranges, including Core portfolio growth rate ranges, have been narrowed to reflect actual results for the nine months ended September 30, 2026, leaving only fourth quarter results subject to estimate. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this news release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.

($ in millions, except per share data)

2026

Fourth Quarter

Full Year

Net Income per Common Share

$0.50 to $0.56

$2.00 to $2.06

FFO per Common Share and OP Unit

$0.78 to $0.84

$3.11 to $3.17

Normalized FFO per Common Share and OP Unit

$0.78 to $0.84

$3.15 to $3.21

2025 Actual

2026 Growth Rates

Core Portfolio:

Fourth Quarter

Full Year

Fourth Quarter

Full Year

MH base rental income

$            189.9

$        748.6

5.4% to 6.0%

5.4% to 6.0%

RV and marina base rental income (1)

$              99.0

$        427.5

2.5% to 3.1%

0.9% to 1.5%

Property operating revenues

$            347.2

$     1,405.6

4.1% to 4.7%

4.0% to 4.6%

Property operating expenses, excluding property management

$            136.4

$        583.5

1.5% to 2.1%

1.6% to 2.2%

Income from property operations, excluding property management

$            210.8

$        822.2

5.7% to 6.3%

5.7% to 6.3%

2026 Full Year

Non-Core Income from property operations, excluding property management

$8.3 to $12.3

Property management and general administrative

$118.9 to $124.9

Interest and related amortization

$134.5 to $140.5

Full Year 2026 Guidance Update Compared to Prior 2026 Guidance (2)

Prior Full Year 2026
Guidance Midpoint (2)

Updated Full Year 2026
Guidance Midpoint

Normalized FFO per Common Share and OP Unit

$3.18

$3.18

Core Portfolio Growth Rates:

MH base rental income

5.7 %

5.7 %

RV and marina base rental income (1)

1.6 %

1.2 %

Property operating revenues

4.4 %

4.3 %

Property operating expenses, excluding property management

2.1 %

1.9 %

Income from property operations, excluding property management

6.0 %

6.0 %

1.

Core RV and marina annual base rental income represents approximately 82.8% and 75.8% of fourth quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income fourth quarter 2026 growth rate range is 4.9% to 5.5% and the full year 2026 growth rate range is 4.7% to 5.3%. Our guidance provided on July 22, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.3% to 5.3% for full year 2026.

2.

Prior guidance issued on July 22, 2026.

About Equity LifeStyle Properties

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of September 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,623 sites.

For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected]. 

Conference Call

A live audio webcast of our conference call discussing these results will take place tomorrow, Wednesday, October 21, 2026, at 11:00 a.m. Eastern Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.

Forward-Looking Statements

In addition to historical information, this news release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "assumption," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

Supplemental Financial Information

Financial Highlights(1)(2)

(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)

As of and for the Quarters Ended

Sep 30,
2026

June 30,
2026

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Operating Information

Total revenues

$ 409.9

$ 397.8

$ 397.6

$ 373.9

$ 393.3

Consolidated net income

$   89.3

$   99.5

$  111.5

$ 103.8

$ 100.4

Net income available for Common Stockholders

$   86.4

$   96.3

$ 107.9

$ 100.5

$   97.1

Adjusted EBITDAre

$ 192.5

$ 182.6

$ 201.1

$ 189.6

$ 183.3

FFO available for Common Stock and OP Unit holders

$ 144.7

$ 154.5

$ 166.1

$ 156.7

$ 154.1

Normalized FFO available for Common Stock and OP Unit holders

$ 157.4

$ 148.3

$ 167.3

$ 157.6

$ 150.5

Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders

$ 134.4

$ 121.6

$ 149.1

$ 131.7

$ 124.2

Common Shares and OP Units Outstanding (In thousands) and Per Share Data

Common Shares and OP Units, end of the period

200,411

200,405

200,377

200,284

200,278

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,250

200,209

200,176

200,162

200,126

Net Income per Common Share - Fully Diluted (3)

$     0.45

$     0.50

$     0.56

$     0.52

$     0.50

FFO per Common Share and OP Unit - Fully Diluted

$     0.72

$     0.77

$     0.83

$     0.78

$     0.77

Normalized FFO per Common Share and OP Unit - Fully Diluted

$     0.79

$     0.74

$     0.84

$     0.79

$     0.75

Dividends per Common Share

$ 0.5425

$ 0.5425

$ 0.5425

$ 0.5150

$ 0.5150

Balance Sheet

Total assets

$   5,765

$   5,801

$   5,749

$   5,745

$   5,747

Total liabilities

$   3,959

$   3,984

$   3,928

$   3,931

$   3,935

Market Capitalization

Total debt (4)

$   3,329

$   3,336

$   3,314

$   3,346

$   3,302

Total market capitalization (5)

$ 15,019

$ 16,252

$ 15,822

$ 15,485

$ 15,459

Ratios

Total debt / total market capitalization

22.2 %

20.5 %

20.9 %

21.6 %

21.4 %

Total debt / Adjusted EBITDAre(6)

4.3

4.4

4.5

4.5

4.5

Interest coverage (7)

5.7

5.6

5.6

5.7

5.8

Fixed charges (8)

5.6

5.6

5.6

5.7

5.7

1.

See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.

2.

See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

3.

Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

4.

Excludes Deferred financing costs, net of approximately $21.7 million as of September 30, 2026.

5.

See page 14 for the calculation of market capitalization as of September 30, 2026.

6.

Calculated using trailing twelve months Adjusted EBITDAre.

7.

Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.

8.

Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period. 

Consolidated Balance Sheets

(In thousands, except share and per share data)

September 30, 2026

December 31, 2025

(unaudited)

Assets

Investment in real estate:

Land

$          2,104,661

$          2,088,174

Land improvements

4,970,718

4,784,223

Buildings and other depreciable property

1,408,004

1,306,317

8,483,383

8,178,714

Accumulated depreciation

(2,995,030)

(2,838,344)

Net investment in real estate

5,488,353

5,340,370

Cash and restricted cash

24,334

26,132

Notes receivable, net

28,403

93,358

Investment in unconsolidated joint ventures

40,202

85,041

Deferred commission expense

57,119

58,149

Other assets, net

126,595

142,343

Total Assets

$          5,765,006

$          5,745,393

Liabilities and Equity

Liabilities:

Mortgage notes payable, net

$          2,731,331

$          2,779,158

Term loans, net

438,067

437,455

Unsecured line of credit

138,000

105,000

Accounts payable and other liabilities

192,124

152,536

Deferred membership revenue

213,644

221,498

Accrued interest payable

10,971

11,333

Rents and other customer payments received in advance and security deposits

126,005

120,441

Distributions payable

108,723

103,146

Total Liabilities

3,958,865

3,930,567

Equity:

Preferred stock, $0.01 par value, 10,000,000 shares authorized as of September 30, 2026
and December 31, 2025; none issued and outstanding

—

—

Common stock, $0.01 par value, 600,000,000 shares authorized as of September 30, 2026
and December 31, 2025; 194,068,205 and 193,835,561 shares issued and outstanding as of
September 30, 2026 and December 31, 2025, respectively

1,989

1,988

Paid-in capital

1,987,638

1,981,540

Distributions in excess of accumulated earnings

(250,120)

(225,045)

Accumulated other comprehensive income/(loss)

9,351

(2,208)

Total Stockholders' Equity

1,748,858

1,756,275

Non-controlling interests – Common OP Units

57,283

58,551

Total Equity

1,806,141

1,814,826

Total Liabilities and Equity

$          5,765,006

$          5,745,393

Consolidated Statements of Income

 (In thousands, unaudited)

Quarters Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Revenues:

Rental income

$    344,305

$    327,437

$  1,013,781

$    967,930

Annual membership subscriptions

19,509

17,868

56,627

51,112

Membership upgrade revenue

3,120

3,120

9,360

9,292

Other income

15,337

15,220

44,685

47,248

Gross revenues from home sales, brokered resales and ancillary services

24,393

24,927

66,294

68,648

Interest income

1,335

2,770

5,106

7,210

Income from other investments, net

1,904

1,972

9,487

6,074

Total revenues

409,903

393,314

1,205,340

1,157,514

Expenses:

Property operating and maintenance

134,897

133,243

388,204

379,654

Real estate taxes

22,075

20,585

66,001

64,073

Membership sales and marketing

4,817

4,199

13,205

12,192

Property management

21,355

20,277

61,871

61,430

Depreciation and amortization

54,898

52,313

161,671

155,904

Cost of home sales, brokered resales and ancillary services

18,016

17,474

48,519

47,642

Home selling expenses and ancillary operating expenses

7,578

7,186

22,019

20,342

General and administrative (1)

9,573

8,791

32,546

28,485

Casualty-related charges/(recoveries), net (2)

245

(3,748)

(6,781)

(4,072)

Other expenses (3)

1,181

1,229

3,623

3,674

Interest and related amortization

34,607

33,659

102,076

96,995

Total expenses

309,242

295,208

892,954

866,319

Income before other items

100,661

98,106

312,386

291,195

Gain/(Loss) on sale of real estate and impairment, net

—

31

(507)

(652)

Income tax (expense)/benefit (3)(4)

(12,065)

518

(12,065)

1,144

Equity in income/(loss) of unconsolidated joint ventures

654

1,708

445

6,562

Consolidated net income

89,250

100,363

300,259

298,249

Income allocated to non-controlling interests – Common OP Units

(2,825)

(3,233)

(9,606)

(12,211)

Redeemable perpetual preferred stock dividends

—

—

(8)

(8)

Net income available for Common Stockholders

$     86,425

$     97,130

$    290,645

$    286,030

1.

Includes $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.

2.

Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures. 

3.

Prior period amounts have been reclassified to conform to the current period presentation.

4.

Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.

Non-GAAP Financial Measures

This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.

Selected Non-GAAP Financial Measures (1)

 (In millions, except per share data, unaudited)

Quarter Ended

September 30, 2026

Income from property operations, excluding property management - Core Portfolio (2)

$               217.5

Income from property operations, excluding property management - Non-Core Portfolio (2)

3.0

Property management and general and administrative

(30.5)

Other income and expenses

2.1

Interest and related amortization

(34.6)

Normalized FFO available for Common Stock and OP Unit holders (3)

$               157.4

Other items (4)

(0.4)

Deferred tax valuation allowance (5)

(12.1)

Insurance proceeds due to catastrophic weather events, net

(0.2)

FFO available for Common Stock and OP Unit holders (3)

$               144.7

FFO per Common Share and OP Unit

$                 0.72

Normalized FFO per Common Share and OP Unit

$                 0.79

Normalized FFO available for Common Stock and OP Unit holders

$               157.4

Non-revenue producing improvements to real estate

(23.0)

FAD for Common Stock and OP Unit holders (3)

$               134.4

Weighted average Common Shares and OP Units - Fully Diluted

200.3

1.

See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.

2.

See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.

3.

Amounts may not foot due to rounding.

4.

Represents expenses of $0.4 million related to non-operating legal expenses during the quarter ended September 30, 2026.

5.

Represents a $12.1 million deferred tax valuation allowance recorded during the quarter ended September 30, 2026.

Reconciliation of Net Income to Non-GAAP Financial Measures

(In thousands, except per share data, unaudited)

Quarters Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Net income available for Common Stockholders

$    86,425

$     97,130

$   290,645

$   286,030

Income allocated to non-controlling interests – Common OP Units

2,825

3,233

9,606

12,211

Depreciation and amortization

54,898

52,313

161,671

155,904

Depreciation on unconsolidated joint ventures

600

1,453

2,967

4,250

(Gain)/Loss on sale of real estate and impairment, net

—

(31)

507

652

FFO available for Common Stock and OP Unit holders

144,748

154,098

465,396

459,047

Deferred tax valuation allowance (1)

12,065

—

12,065

—

Insurance proceeds due to catastrophic weather events, net

245

(3,632)

(6,766)

(4,225)

Other items (2)

386

—

2,371

—

Normalized FFO available for Common Stock and OP Unit holders

157,444

150,466

473,066

454,822

Non-revenue producing improvements to real estate

(23,029)

(26,231)

(67,909)

(64,828)

FAD for Common Stock and OP Unit holders

$   134,415

$   124,235

$   405,157

$   389,994

Net Income per Common Share - Basic

$         0.45

$         0.50

$         1.50

$         1.49

Net Income per Common Share - Fully Diluted (3)

$         0.45

$         0.50

$         1.50

$         1.49

FFO per Common Share and OP Unit - Basic

$         0.72

$         0.77

$         2.33

$         2.29

FFO per Common Share and OP Unit - Fully Diluted

$         0.72

$         0.77

$         2.32

$         2.29

Normalized FFO per Common Share and OP Unit - Basic

$         0.79

$         0.75

$         2.36

$         2.27

Normalized FFO per Common Share and OP Unit - Fully Diluted

$         0.79

$         0.75

$         2.36

$         2.27

Weighted average Common Shares outstanding - Basic

193,825

193,004

193,743

191,640

Weighted average Common Shares and OP Units outstanding - Basic

200,173

200,069

200,154

200,052

Weighted average Common Shares and OP Units outstanding - Fully Diluted

200,250

200,126

200,212

200,098

1.

Represents a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.

2.

Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter ended and nine months ended September 30, 2026, respectively.

3.

Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.

Income from Property Operations - Total Portfolio (1)

(In millions, unaudited)

Quarters Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

MH base rental income(2)

$      198.9

$      188.2

$      591.3

$      559.2

Rental home income (2)

4.0

3.6

11.7

10.5

RV and marina base rental income (2)

120.8

115.4

352.5

343.1

Annual membership subscriptions

19.5

17.9

56.6

51.1

Membership upgrade revenue

3.1

3.1

9.4

9.3

Utility and other income (2)(3)

37.6

36.9

108.0

107.0

Property operating revenues

383.9

365.1

1,129.5

1,080.2

Utility expense

47.3

45.8

130.1

125.3

Payroll

33.2

32.5

94.6

92.6

Repairs and maintenance

28.2

26.7

83.5

79.1

Insurance and other (2)

26.2

28.3

80.6

83.5

Real estate taxes

22.1

20.6

66.0

64.1

Rental home operating and maintenance

1.6

1.4

4.4

3.8

Membership sales and marketing

4.8

4.2

13.2

12.2

Property operating expenses, excluding property management

163.4

159.5

472.4

460.6

Income from property operations, excluding property management

$      220.5

$      205.6

$      657.1

$      619.6

RV and marina base rental income:

Annual

$       86.0

$       81.3

$      252.8

$      239.4

Seasonal

6.1

6.4

38.3

42.8

Transient

28.7

27.7

61.4

60.9

Total RV and marina base rental income

$      120.8

$      115.4

$      352.5

$      343.1

1.

Excludes property management expenses.

2.

MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.

3.

Includes approximately $0.9 million and $4.9 million of business interruption income from Hurricane Ian during the quarter and nine months ended September 30, 2025, respectively.

Income from Property Operations - Core Portfolio (1)

(In millions, unaudited)

Quarters Ended September 30,

Nine Months Ended September 30,

2026

2025

Change(2)

2026

2025

Change(2)

MH base rental income

$    198.6

$    188.0

5.7 %

$    590.6

$    558.7

5.7 %

Rental home income

4.0

3.6

10.4 %

11.6

10.5

10.5 %

RV and marina base rental income

113.1

110.8

2.1 %

331.1

328.5

0.8 %

Annual membership subscriptions

19.1

17.7

8.4 %

55.7

50.6

10.2 %

Membership upgrade revenue

3.1

3.1

— %

9.4

9.2

1.5 %

Utility and other income

36.6

35.6

2.6 %

105.8

101.0

4.8 %

Property operating revenues

374.5

358.8

4.4 %

1,104.2

1,058.5

4.3 %

Utility expense

45.6

44.8

1.9 %

126.1

122.4

3.0 %

Payroll

31.7

31.5

0.5 %

90.7

89.9

0.9 %

Repairs and maintenance

27.2

25.9

4.9 %

80.8

76.8

5.3 %

Insurance and other (3)

24.7

27.0

(8.8) %

76.6

79.7

(3.8) %

Real estate taxes

21.4

20.2

6.3 %

64.1

62.4

2.7 %

Rental home operating and maintenance

1.6

1.4

21.2 %

4.4

3.8

16.0 %

Membership sales and marketing

4.8

4.2

14.8 %

13.2

12.1

8.9 %

Property operating expenses, excluding property management

157.0

155.0

1.3 %

455.9

447.1

2.0 %

Income from property operations, excluding property management

$   217.5

$   203.8

6.7 %

$   648.3

$   611.4

6.0 %

1.

Excludes property management expenses.

2.

Calculations prepared using actual results without rounding.

3.

Includes bad debt expense for the periods presented.

Income from Property Operations - Core Portfolio (continued)

(In millions, except home site and occupancy figures, unaudited)

Quarters Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Core manufactured home site figures and occupancy:

Total sites, beginning

73,311

72,801

73,170

72,801

Expansion sites, net

—

—

141

—

Total sites, ending

73,311

72,801

73,311

72,801

Occupied sites, beginning

68,711

68,712

68,644

68,923

Occupied sites, ending

68,810

68,716

68,810

68,716

Occupancy average %

93.8 %

94.3 %

93.8 %

94.4 %

Monthly base average rent per site

$      963

$      912

$      956

$      904

Quarters Ended September 30,

Nine Months Ended September 30,

2026

2025

Change(1)

2026

2025

Change(1)

Core RV and marina base rental income:

Annual (2)

$    82.8

$    78.6

5.3 %

$   243.9

$   232.3

5.0 %

Seasonal

5.8

6.2

(4.4) %

35.1

40.1

(12.6) %

Transient

24.5

26.0

(5.8) %

52.1

56.1

(7.0) %

Total Seasonal and Transient

$     30.3

$     32.2

(5.6) %

$     87.2

$     96.2

(9.3) %

Total RV and marina base rental income

$   113.1

$   110.8

2.1 %

$   331.1

$   328.5

0.8 %

Quarters Ended September 30,

Nine Months Ended September 30,

2026

2025

Change(1)

2026

2025

Change(1)

Core utility information:

Income

$    22.1

$    21.5

2.7 %

$    62.7

$    58.9

6.4 %

Expense

45.6

44.8

1.9 %

126.1

122.4

3.0 %

Expense, net

$    23.5

$    23.3

1.2 %

$    63.4

$    63.5

(0.1) %

Utility recovery rate (3)

48.5 %

48.0 %

49.7 %

48.1 %

1.

Calculations prepared using actual results without rounding.

2.

Core Annual marina base rental income represents approximately 99% of the total Core marina base rental income for all periods presented.

3.

Calculated by dividing utility income by utility expense.

Income from Property Operations - Non-Core Portfolio (1)

 (In millions, unaudited)

Quarter Ended

Nine Months Ended

September 30, 2026

September 30, 2026

MH base rental income

$                  0.2

$                  0.7

Rental home income

—

0.1

RV and marina base rental income

7.6

21.4

Annual membership subscriptions

0.4

0.9

Utility and other income

1.1

2.1

Property operating revenues

9.3

25.2

Property operating expenses, excluding property management (2)

6.3

16.4

Income from property operations, excluding property management

$                 3.0

$                 8.8

1.

Excludes property management expenses.

2.

Includes bad debt expense for the periods presented.

Home Sales and Rental Home Operations

(In thousands, except home sale volumes and occupied rentals, unaudited)

Home Sales - Select Data (1)

Quarters Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Total new home sales volume

97

119

282

353

New home sales gross revenues

$      9,294

$      9,864

$      26,030

$       28,737

Total used home sales volume

148

129

427

271

Used home sales gross revenues

$         850

$      1,334

$        2,376

$         2,869

Brokered home resales volume

131

113

387

337

Brokered home resales gross revenues

$         511

$         424

$        1,450

$         1,274

Rental Homes - Select Data

Quarters Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

Rental operations revenues (2)

$     10,263

$      9,091

$       29,904

$       26,234

Rental home operations expense (3)

1,640

1,353

4,407

3,799

Depreciation on rental homes (4)

2,943

2,428

8,384

7,551

Occupied rentals: (5)

New

2,085

1,905

Used

189

186

Total occupied rental sites

2,274

2,091

As of September 30, 2026

As of September 30, 2025

Cost basis in rental homes: (6)

Gross

Net of
Depreciation

Gross

Net of
Depreciation

New

$    302,223

$    256,130

$    239,937

$    200,330

Used

16,553

13,701

13,622

10,441

Total rental homes

$    318,776

$    269,831

$    253,559

$    210,771

1.

Represents Total Portfolio home sales data.

2.

For the quarters ended September 30, 2026 and 2025, approximately $6.3 million and $5.5 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended September 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.

3.

Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.

4.

Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.

5.

Includes occupied rental sites as of the end of the period in our Core Portfolio.

6.

Includes both occupied and unoccupied rental homes in our Core Portfolio.

Total Sites

(Unaudited)

Summary of Total Sites as of September 30, 2026

Sites (1)

MH sites(2)

75,900

RV sites:

Annual (2)

34,800

Seasonal

9,800

Transient (2)

20,400

Marina slips

6,900

Membership (3)

26,000

Total (4)

173,600

1.

MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.

2.

MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.

3.

Sites primarily utilized by approximately 107,400 members. Includes approximately 6,200 sites rented on an annual basis.

4.

Total does not foot due to rounding.

Membership Campgrounds - Select Data

Years Ended December 31,

Nine Months
Ended
September 30,

Campground and Membership Revenue (1)

($ in thousands, unaudited)

2022

2023

2024

2025

2026

Annual membership subscriptions

$   63,215

$   65,379

$    65,883

$    69,266

$         56,627

Annual RV base rental income

$   25,945

$   27,842

$    29,282

$    30,546

$         24,620

Seasonal/Transient RV base rental income

$   24,316

$   20,996

$    21,338

$    19,959

$         15,979

Membership upgrade revenue

$   12,958

$   14,719

$    16,433

$    12,412

$           9,360

Utility and other income

$     2,626

$     2,544

$      2,360

$      2,390

$           1,964

Membership Count

Total Memberships (2)

128,439

121,002

113,553

108,731

107,387

Paid Membership Origination

23,237

20,758

19,539

17,150

13,319

Promotional Membership Origination

28,178

25,232

23,552

23,002

16,879

Membership Upgrade Volume (3)

4,068

3,858

4,086

5,945

4,284

Campground Metrics

Membership Campground Count

82

82

82

82

82

Membership Campground RV Site Count

25,800

26,000

26,000

26,000

26,000

Annual Site Count (4)

6,390

6,154

5,902

6,014

6,226

1.

Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.

2.

Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.

3.

Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.

4.

Sites that have been rented by members for an entire year.

Market Capitalization

 (In millions, except share and OP Unit data, unaudited)

Capital Structure as of September 30, 2026

Total
Common
Shares/Units

% of Total
Common
Shares/Units

Total

% of Total

% of Total
Market
Capitalization

Secured Debt

$        2,751

82.6 %

Unsecured Debt

578

17.4 %

Total Debt (1)

$        3,329

100.0 %

22.2 %

Common Shares

194,068,205

96.8 %

OP Units

6,342,760

3.2 %

Total Common Shares and OP Units

200,410,965

100.0 %

Common Stock price at September 30, 2026

$        58.33

Fair Value of Common Shares and OP Units

$       11,690

100.0 %

Total Equity

$       11,690

100.0 %

77.8 %

Total Market Capitalization

$      15,019

100.0 %

1.

Excludes Deferred financing costs, net of approximately $21.7 million.

Debt Maturity Schedule

Debt Maturity Schedule as of September 30, 2026
(In thousands, unaudited)

Year

Outstanding
Debt

Weighted
Average
Interest Rate

% of Total
Debt

Weighted
Average
Years to
Maturity

Secured Debt

2026

—

— %

— %

—

2027

—

— %

— %

—

2028

186,077

4.19 %

5.59 %

1.9

2029

269,989

4.92 %

8.11 %

2.9

2030

275,385

2.69 %

8.27 %

3.5

2031

226,323

2.45 %

6.80 %

4.7

2032

202,000

2.47 %

6.07 %

5.9

2033

339,023

4.84 %

10.18 %

7.0

2034

197,466

3.44 %

5.93 %

7.6

2035

184,870

2.64 %

5.55 %

9.0

Thereafter

869,915

4.21 %

26.13 %

12.3

Total

$   2,751,048

3.77 %

82.63 %

7.5

Unsecured Term Loans

2026

—

— %

— %

—

2027

200,000

4.88 %

6.01 %

0.3

2028

—

— %

— %

—

2029

—

— %

— %

—

2030

240,000

4.74 %

7.21 %

3.7

Thereafter

—

— %

— %

—

Total

$     440,000

4.81 %

13.22 %

2.1

Total Secured and Unsecured

$   3,191,048

3.91 %

95.85 %

6.7

Line of Credit Borrowing (1)

138,000

5.00 %

4.15 %

—

Deferred financing costs, net

(21,650)

Total Debt, Net

$   3,307,398

4.12% (2)

100.00 %

1.

The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended September 30, 2026, the effective interest rate on the line of credit borrowings was 5.00%.

2.

Reflects effective interest rate for the quarter ended September 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.

Non-GAAP Financial Measures Definitions and Reconciliations

The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.

FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.

NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, expenses and benefits related to deferred tax valuation allowances and reversals, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.

FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.

We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.

INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.

The following table reconciles Net income available for Common Stockholders to Income from property operations:

Quarters Ended

Nine Months Ended

September 30,

September 30,

(amounts in thousands)

2026

2025

2026

2025

Net income available for Common Stockholders

$     86,425

$     97,130

$    290,645

$   286,030

Redeemable perpetual preferred stock dividends

—

—

8

8

Income allocated to non-controlling interests – Common OP Units

2,825

3,233

9,606

12,211

Consolidated net income

89,250

100,363

300,259

298,249

Equity in (income)/loss of unconsolidated joint ventures

(654)

(1,708)

(445)

(6,562)

Income tax expense/(benefit) (1)(2)

12,065

(518)

12,065

(1,144)

(Gain)/Loss on sale of real estate and impairment, net

—

(31)

507

652

Gross revenues from home sales, brokered resales and ancillary services

(24,393)

(24,927)

(66,294)

(68,648)

Interest income

(1,335)

(2,770)

(5,106)

(7,210)

Income from other investments, net

(1,904)

(1,972)

(9,487)

(6,074)

Property management

21,355

20,277

61,871

61,430

Depreciation and amortization

54,898

52,313

161,671

155,904

Cost of home sales, brokered resales and ancillary services

18,016

17,474

48,519

47,642

Home selling expenses and ancillary operating expenses

7,578

7,186

22,019

20,342

General and administrative (3)

9,573

8,791

32,546

28,485

Casualty-related charges/(recoveries), net (4)

245

(3,748)

(6,781)

(4,072)

Other expenses (1)

1,181

1,229

3,623

3,674

Interest and related amortization

34,607

33,659

102,076

96,995

Income from property operations, excluding property management

220,482

205,618

657,043

619,663

Property management

(21,355)

(20,277)

(61,871)

(61,430)

Income from property operations

$    199,127

$    185,341

$    595,172

$   558,233

EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.

We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.

We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.

1.

Prior period amounts have been reclassified to conform to the current period presentation.

2.

Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.

3.

Includes $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.

4.

Casualty-related charges/(recoveries), net for the quarter ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.4 million and insurance recovery revenue of $0.2 million. Casualty-related charges/(recoveries), net for the nine months ended September 30, 2026 includes debris removal and other costs related to hurricane events of $0.5 million and insurance recovery revenue of $7.3 million, including $7.1 million for reimbursement of capital expenditures. 

The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:

Quarters Ended

Nine Months Ended

September 30,

September 30,

(amounts in thousands)

2026

2025

2026

2025

Consolidated net income

$     89,250

$    100,363

$    300,259

$    298,249

Interest income

(1,335)

(2,770)

(5,106)

(7,210)

Real estate depreciation and amortization

54,898

52,313

161,671

155,904

Other depreciation and amortization

1,097

1,204

3,418

3,658

Interest and related amortization

34,607

33,659

102,076

96,995

Income tax expense/(benefit) (1)

12,065

(518)

12,065

(1,144)

(Gain)/Loss on sale of real estate and impairment, net

—

(31)

507

652

Adjustments to our share of EBITDAre of unconsolidated joint ventures

1,264

2,677

5,693

7,285

EBITDAre

191,846

186,897

580,583

554,389

Other items (2)

386

—

2,371

—

Insurance proceeds due to catastrophic weather events, net

245

(3,632)

(6,766)

(4,225)

Adjusted EBITDAre

$    192,477

$    183,265

$    576,188

$    550,164

CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.

NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.

NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.

FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.

1.

Includes a $12.1 million deferred tax valuation allowance recorded during the quarter and nine months ended September 30, 2026.

2.

Represents expenses of $0.4 million and $2.4 million related to non-operating legal expenses during the quarter and nine months ended September 30, 2026, respectively.

FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:

(Unaudited)

Fourth Quarter

2026

Full Year

2026

Net Income per Common Share - Fully Diluted

$0.50 to $0.56

$2.00 to $2.06

Depreciation and amortization

0.28

1.10

FFO per Common Share and OP Unit - Fully Diluted (1)

$0.78 to $0.84

$3.11 to $3.17

Other

—

0.04

Normalized FFO per Common Share and OP Unit - Fully Diluted (1)

$0.78 to $0.84

$3.15 to $3.21

1.

Amounts may not foot due to rounding.

This news release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.

SOURCE Equity Lifestyle Properties, Inc.