, /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.
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
Third quarter revenue of $1,143 million increased 3% sequentiallyThird quarter operating income of $153 million increased 43% sequentiallyThird quarter net income of $120 million increased 208% sequentially; net income margin of 10.5%Third quarter adjusted EBITDA* of $254 million increased 14% sequentially; adjusted EBITDA margin* of 22.2% increased 204 basis points sequentiallyThird quarter cash provided by operating activities of $192 million and adjusted free cash flow* of $155 millionShareholder return of $47 million for the quarter, which included dividend payments of $19 million and share repurchases of $28 millionCompleted the acquisition of NCS Multistage Holdings, Inc. (“NCS Multistage”) in a stock-and-cash transaction, strengthening Weatherford’s completions portfolio and expanding capabilities in reservoir diagnostics and well performance solutionsSecured shareholder approval for the redomestication to Delaware, a strategic initiative expected to generate approximately $20 million to $30 million of annual cash savings beginning in 2027, subject to previously disclosed regulatory and court approvalsSubsequent to quarter end, issued notice to redeem all of 8.625% Senior Notes due 2030 in an aggregate principal amount of $236 million, further improving gross leverage* and enhancing future adjusted free cash flow conversion*Equinor awarded Weatherford a two-year extension and a new offshore completions award, across several strategic frame agreements to provide its integrated completions portfolio for the Statfjord and Oseberg licenses on the Norwegian Continental Shelf *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
HOUSTON, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the third quarter of 2026.
Revenues for the third quarter of 2026 were $1,143 million, an increase of 3% sequentially and a decrease of 7% year-over-year. Operating income in the third quarter of 2026 was $153 million, an increase of 43% sequentially and a decrease of 14% year-over-year. Net income in the third quarter of 2026 was $120 million, with a 10.5% margin, an increase of 208%, or 697 basis points, sequentially, and an increase of 48%, or 392 basis points, year-over-year. Adjusted EBITDA* was $254 million, with a 22.2% margin*, an increase of 14% or 204 basis points, sequentially, and a decrease of 6% but an expansion of 39 basis points, year-over-year. Basic income per share in the third quarter of 2026 was $1.66, an increase of 200% sequentially and an increase of 47% year-over-year. Diluted income per share in the third quarter of 2026 was $1.66, an increase of 199% sequentially and an increase of 48% year-over-year.
Third quarter 2026 cash flows provided by operating activities were $192 million, an increase of 10% sequentially and an increase of 39% year-over-year. Adjusted free cash flow* was $155 million, an increase of 12% sequentially and an increase of 57% year-over-year. Capital expenditures were $45 million in the third quarter of 2026, an increase of 7% sequentially and an increase of 2% year-over-year.
Girish Saligram, President and Chief Executive Officer, commented, “The One Weatherford team delivered an excellent third quarter, with adjusted EBITDA margin* expanding 204 basis points sequentially to 22.2% and adjusted free cash flow* of $155 million. Even as conflict-related operational disruptions in the Middle East weighed on activity levels, the strength of our diversified portfolio, disciplined cost management, and outstanding execution across the organization drove margin expansion and strong cash generation. These results demonstrate the durability of our operating model, agility to pivot in any phase of the cycle and the earnings potential of the business as activity recovers.
We also made significant progress on our strategic priorities during the quarter. The closing of the NCS Multistage acquisition strengthens our completions portfolio, broadens our technology capabilities, and positions us to realize meaningful cost and commercial synergies. We further enhanced our capital structure by issuing a notice to redeem the remaining $236 million principal amount of our 2030 Senior Notes, reducing future interest expense. Shareholders approved our proposed redomestication to Delaware, an important step toward a simpler, more efficient corporate structure and improved free cash flow generation. Finally, our Enterprise Resource Planning (“ERP”) transformation remains on track, with our first major application launching very smoothly in the third quarter, enabling greater process standardization, simplification, operational efficiency and scalability across the enterprise.
We enter the final quarter of the year with strong momentum to springboard into 2027. While the recent events in the Middle East have dampened expectations of a quick recovery, we still see a meaningful ramp in adjusted EBITDA* in the fourth quarter and are increasing our full year adjusted free cash flow* guidance yet again. We see significant market opportunities for growth heading into 2027 and are very well positioned to capitalize on those.”
*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Operational & Commercial Highlights
Equinor awarded Weatherford a two-year extension and a new offshore completions award, across several strategic frame agreements to provide its integrated completions portfolio for the Statfjord and Oseberg licenses on the Norwegian Continental Shelf.A major operator awarded Weatherford a 46-unit contract for the supply of Progressive Cavity Pumping systems, a hallmark of our Artificial Lift capability, to support well completions in Venezuela.Eldorado Drilling (formerly known as Vantage Drilling) awarded Weatherford a contract to supply a comprehensive Managed Pressure Drilling (“MPD”) equipment package for a 7th-generation ultra-deepwater drillship for a deepwater drilling campaign offshore Indonesia in water depths of approximately 1,700 meters.A major operator awarded Weatherford a four-year contract to provide Tubular Running Services (“TRS”) and Intervention Services & Drilling Tools (“ISDT”), expanding our support across offshore exploration, development and decommissioning activities in Australia.A National Oil Company (“NOC”) in South-East Asia awarded Weatherford a three-year deepwater liner hanger contract for conventional and expandable liner systems.Seplat Energy awarded Weatherford a five-year contract to provide Completions Products and Services, including Gas Lift Solutions, for its shallow offshore operations in Nigeria.Brunei Shell Petroleum awarded Weatherford a five-year contract extension for Thru-Tubing Services which covers the delivery of Weatherford’s thru-tubing portfolio across onshore and offshore wells in Brunei, reinforcing a long-standing partnership focused on safe, reliable and efficient well intervention solutions.A major operator awarded Weatherford a 30-month contract to provide MPD services in Argentina.Joint Operations (Saudi Arabian Chevron Inc. - Kuwait Gulf Oil Company) awarded Weatherford a four-year contract for Foresite® and Cygnet® software.Kuwait Oil Company awarded Weatherford a five-year contract to provide Directional Drilling, Measurement While Drilling and Logging While Drilling services.A major drilling contractor awarded Weatherford a one-year contract to provide integrated services for offshore operations in Mexico. Technology Highlights
Drilling & Evaluation (“DRE”) In Thailand, Weatherford deployed its Magnus Saker™ drilling system across six high-temperature well sections, achieving 100% geological target success through single-run shoe-to-shoe operation. The campaign eliminated an additional drilling assembly trip, saved over 100 operational hours, equivalent to over five rig days, and delivered significant customer savings while exceeding the operator’s drilling performance target.In the United Kingdom (“UK”), Weatherford completed the first deployment of its Dual Advanced Kickover Tool technology to replace multiple gas-lift valves in a highly deviated offshore well. The solution completed the work in two intervention runs rather than the four typically required, reducing intervention runs by half, saving rig time and reducing personnel exposure at the wellsite.
Well Construction and Completions (“WCC”)
With our acquisition of NCS Multistage, we now bring into our portfolio a differentiated completions technology platform that has surpassed 500,000 frac stages completed since 2009. During the quarter, we secured a Deepwater Gulf of America award for its frac sleeves and service tools following four years of collaborative development with a major international operator. The award expands our footprint into the offshore market, creates a platform for future growth, and highlights the potential to leverage these technologies across a broader range of completion applications.In Saudi Arabia, Weatherford deployed a three-stage DV (“Differential Valve”) Tool for the cementing of a 9-5/8” casing string for Aramco. An open hole annulus casing packer enabled isolation, allowing higher-density fluids in subsequent stages, while staged tools restored internal gas tight integrity, and a V0-rated packer secured the casing-to-casing annulus, supporting an optimized cement program and long-term well integrity.In Malaysia, Weatherford completed the first Mature Asset Rejuvenation by Surveillance System (“MARS”) deployment of its kind in Asia for Petronas to evaluate a gas-lift well where a restricted internal diameter prevented the use of conventional tools. The technology completed a full diagnostic survey and accurately identified the leak location, enabling multi-point gas-lift injection diagnosis while avoiding alternative intervention methods. Production and Intervention (“PRI”) In the U.S., Weatherford completed the first commercial installation of its ForeSite® Power Regenerative System retrofit on an existing rod-lift well. The system captures and reuses energy generated during each pumping cycle, delivering over 50% in energy savings while lowering operating costs and emissions without requiring replacement of the installed drive.In Colombia, Weatherford completed the world’s first deployment of its SandSure™ XT sand consolidation technology to control sand production without conventional downhole screens. The solution consolidated the sand in place, reducing intervention requirements and lifecycle costs while preserving production performance and improving long-term well reliability. Corporate Treasury
Debt repayment: On October 20, 2026, Weatherford issued a notice to redeem all of its 8.625% Senior Notes due 2030 (the “2030 Senior Notes”) in an aggregate principal amount of $236 million. The 2030 Senior Notes will be redeemed at 100% of their principal amount, plus accrued and unpaid interest to and including the redemption date of October 30, 2026. The redemption is expected to be funded using cash on hand and is expected to reduce annualized cash interest expense by approximately $20 million. This disclosure does not constitute a notice of redemption with respect to the 2030 Senior Notes.
Credit Ratings: During the third quarter of 2026, Fitch Ratings and S&P Global Ratings revised their outlook on Weatherford to ‘Positive Outlook’ from ‘Stable Outlook’ and affirmed the Company’s ‘BB’ credit rating. Moody’s affirmed its ‘Ba2’ rating with a ‘Positive Outlook’. Despite the challenging conditions in the Middle East, these actions recognize Weatherford’s continued improvement in credit profile, supported by a stronger balance sheet, enhanced financial flexibility, and prudent capital allocation.
Shareholder Return
During the third quarter of 2026, Weatherford paid dividends of $19 million and repurchased shares for $28 million, resulting in a total shareholder return of $47 million. During the nine months ended September 30, 2026, Weatherford paid dividends of $59 million and repurchased shares for approximately $54 million, resulting in a total shareholder return of $113 million.
On October 15, 2026, our Board declared a cash dividend of $0.275 per share of the Company’s ordinary shares. The dividend is payable on December 3, 2026, to shareholders of record as of November 6, 2026.
Other Events
The shareholders of Weatherford approved all proposals required to effect the Company’s updated plan of redomestication from Ireland to Delaware, including approval at both the Scheme Meeting and Extraordinary General Meeting. The redomestication remains subject to previously disclosed closing conditions, including sanction by the Irish High Court. Subject to satisfaction of those conditions, the Company expects the transition to become effective during the fourth quarter of 2026. The redomestication shareholder vote marks a significant milestone in Weatherford’s continued transformation and advances the Company’s plan to establish a corporate structure better aligned with its global operations, long-term strategy, and shareholder base. This transaction is expected to generate $20 million to $30 million in annual cash savings beginning in 2027, which we believe is an important contributor to continued improvement in adjusted free cash flow conversion.
Results by Reportable Segment
Drilling and Evaluation (“DRE”)
Three Months Ended Variance($ in Millions) Sep 30,
2026 Jun 30,
2026 Sep 30,
2025 Seq. YoYRevenue $331 $291 $346 14 % (4)%Segment Adjusted EBITDA $90 $58 $83 55 % 8 %Segment Adj EBITDA Margin 27.2 % 19.9 % 24.0 % 726 bps 320 bps
Third quarter 2026 DRE revenue of $331 million increased by $40 million, or 14% sequentially, primarily from higher MPD and Drilling Services activity in Latin America and higher MPD and Wireline activity in the Middle East/North Africa/Asia, partly offset by lower MPD activity in Europe/Sub-Sahara Africa/Russia. Year-over-year DRE revenue decreased by $15 million, or 4%, primarily from lower Wireline and Drilling-related Services activity, partly offset by higher MPD activity in Latin America.
Third quarter 2026 DRE segment adjusted EBITDA of $90 million increased by $32 million, or 55% sequentially, primarily from higher MPD and Drilling Services activity and strong fall through in the Middle East/North Africa/Asia and Latin America, partly offset by lower fall through in North America. Year-over-year DRE segment adjusted EBITDA increased by $7 million, or 8%, primarily from higher fall through in the Middle East/North Africa/Asia and Europe/Sub-Sahara Africa/Russia, partly offset by lower activity and fall through in North America.
Well Construction and Completions (“WCC”)
Three Months Ended Variance
($ in Millions) Sep 30,
2026 Jun 30,
2026 Sep 30,
2025 Seq. YoY
Revenue $450 $433 $468 4 % (4)%Segment Adjusted EBITDA $100 $107 $125 (7)% (20)%Segment Adj EBITDA Margin 22.2 % 24.7 % 26.7 % (249)bps (449)bps
Third quarter 2026 WCC revenue of $450 million increased by $17 million, or 4% sequentially, primarily from higher Completions activity in North America and higher Liner Hangers activity in the Middle East/North Africa/Asia, partly offset by lower Completions activity in Latin America. Year-over-year, WCC revenues decreased by $18 million, or 4%, primarily from lower activity in Middle East/North Africa/Asia, partly offset by higher Completions activity in North America and Latin America.
Third quarter 2026 WCC segment adjusted EBITDA of $100 million decreased by $7 million, or 7% sequentially, primarily from lower fall through in North America and lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher TRS and Completions activity and fall through in the Middle East/North Africa/Asia. Year-over-year WCC segment adjusted EBITDA decreased by $25 million, or 20%, primarily from lower fall through in North America, partly offset by higher Completions and Cementation Products activity and fall through in Latin America.
Production and Intervention (“PRI”)
Three Months Ended Variance($ in Millions) Sep 30,
2026 Jun 30,
2026 Sep 30,
2025 Seq. YoYRevenue $314 $316 $326 (1)% (4)%Segment Adjusted EBITDA $73 $70 $59 4 % 24 %Segment Adj EBITDA Margin 23.2 % 22.2 % 18.1 % 110 bps 515 bps
Third quarter 2026 PRI revenue of $314 million decreased by $2 million, or 1% sequentially, primarily from lower international Pressure Pumping activity, partly offset by higher Artificial Lift and Subsea Intervention activity in Latin America. Year-over-year PRI revenue decreased by $12 million, or 4%, primarily from lower ISDT and Artificial Lift activity in North America and lower Pressure Pumping and ISDT activity in Latin America, partly offset by higher ISDT and Pressure Pumping activity in Europe/Sub-Sahara Africa/Russia.
Third quarter 2026 PRI segment adjusted EBITDA of $73 million increased by $3 million, or 4%, sequentially, primarily from higher international Pressure Pumping fall through and higher ISDT and Digital Solutions activity and fall through in the Middle East/North Africa/Asia, partly offset by lower fall through in North America. Year-over-year PRI segment adjusted EBITDA increased by $14 million, or 24% primarily from higher activity and fall through in Europe/Sub-Sahara Africa/Russia, and higher fall through in the Middle East/North Africa/Asia, partly offset by lower ISDT and Pressure Pumping activity in Latin America.
Revenue by Geography
Three Months Ended
Variance($ in Millions) Sep 30,
2026
Jun 30,
2026
Sep 30,
2025
Seq. YoYNorth America $236 $205 $243 15% (3)% International $907 $900 $989 1% (8)%Latin America 225 197 214 14% 5%Middle East/North Africa/Asia 447 446 533 —% (16)%Europe/Sub-Sahara Africa/Russia 235 257 242 (9)% (3)%Total Revenue $1,143 $1,105 $1,232 3% (7)%
North America
Third quarter 2026 North America revenue of $236 million increased by $31 million, or 15%, sequentially, primarily from higher activity across all reported segments, especially Completions activity in U.S. Land and Canada Land, partly offset by lower Completions activity in U.S. offshore. Year-over-year, North America revenue decreased by $7 million, or 3%, primarily from lower activity in ISDT and Artificial Lift product lines, especially in U.S. Land, partly offset by higher Completions activity.
International
Third quarter 2026 international revenue of $907 million increased by $7 million, or 1% sequentially and decreased by $82 million, or 8% year-over-year.
Third quarter 2026 Latin America revenue of $225 million increased by $28 million, or 14% sequentially, primarily from higher Drilling-related Services and Integrated Services & Projects (“ISP”) activity in Mexico and higher MPD activity in the Caribbean, partly offset by lower Completions and Pressure Pumping activity. Year-over-year, Latin America revenue increased by $11 million, or 5%, primarily from higher MPD activity in the Caribbean and higher Completions activity, partly offset by lower Drilling-related Services activity in Argentina and Mexico.
Third quarter 2026 Middle East/North Africa/Asia revenue of $447 million was largely flat sequentially, as lower ISP activity was partly offset by higher MPD and Liner Hangers activity. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $86 million, or 16%, primarily from subdued activity on account of heightened geopolitical tensions partly offset by higher Cementation Products activity.
Third quarter 2026 Europe/Sub-Sahara Africa/Russia revenue of $235 million decreased by $22 million, or 9% sequentially, primarily from lower activity across the reported segments, partly offset by higher Wireline activity in Europe. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue decreased by $7 million, or 3%, primarily from lower Wireline and Liner Hangers activity, partly offset by higher activity in the PRI segment.
About Weatherford
Weatherford is a global energy services company that helps customers drill smarter, complete wells more effectively, and maximize production across the entire well lifecycle. With a differentiated portfolio of market-leading solutions, integrated technologies, and a broad global customer footprint across six continents, we blend advanced engineering, digital intelligence, and world-class field expertise to reduce risk, improve performance, and maximize the value of customer assets. Together, we elevate every operation, delivering stronger wells, sharper decisions, and better energy for the world. Visit weatherford.com for more information and connect with us on social media.
Conference Call Details
Weatherford will host a conference call on Wednesday, October 21, 2026, to discuss the Company’s results for the third quarter ended September 30, 2026. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.
Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.
A telephonic replay of the conference call will be available until November 4, 2026, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 855-669-9658 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 2939769. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.
Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777 [email protected]
This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, public health issues such as pandemics, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from the Russia Ukraine conflict, conflicts in the Middle East (including the Iran conflict) or instability in Latin America, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts and our incorporation of artificial intelligence tools; increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies; our ability to timely collect from customers; our ability to manage our workforce and systems, including the impact of our enterprise resource planning system implementation and business enhancements; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; the realization of additional cost savings and operational efficiencies, including as a result of our proposed Redomestication from Ireland to Delaware; our ability to receive, in a timely manner and on satisfactory terms, required court approval and to satisfy the other conditions to the proposed Redomestication within the expected timeframe or at all; our ability to realize the expected benefits from the proposed Redomestication; the occurrence of difficulties in connection with the Redomestication, including any costs related thereto; the risk that the proposed Redomestication disrupts current plans and operations; any changes in tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof by the tax authorities in Ireland, the United States and other jurisdictions following the proposed Redomestication; the future financial performance of Weatherford following the Redomestication; our ability to successfully integrate NCS Multistage and to achieve the anticipated benefits and synergies of the acquisition within the expected time period or at all.
These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled
Weatherford International plcSelected Statements of Operations (Unaudited) Three Months Ended Nine Months Ended($ in Millions, Except Per Share Amounts) September
30, 2026 June
30, 2026 September
30, 2025 September
30, 2026 September
30, 2025Revenues: DRE Revenues $331 $291 $346 $943 $1,031 WCC Revenues 450 433 468 1,326 1,365 PRI Revenues 314 316 326 926 987 All Other 48 65 92 205 246 Total Revenues 1,143 1,105 1,232 3,400 3,629 Operating Income: DRE Segment Adjusted EBITDA[1] $90 $58 $83 $220 $226 WCC Segment Adjusted EBITDA[1] 100 107 125 317 371 PRI Segment Adjusted EBITDA[1] 73 70 59 197 184 All Other[2] 10 6 14 29 37 Corporate[2] (19) (18) (12) (53) (42)Depreciation and Amortization (70) (71) (67) (211) (193)Share-based Compensation (15) (11) (10) (38) (26)Gain on Sale of Business — — — — 70 Restructuring Charges (6) (9) (11) (28) (51)Redomestication (6) (12) — (30) — Other Charges, Net (4) (13) (3) (20) (19)Operating Income 153 107 178 383 557 Other Expense: Interest Expense, Net of Interest Income of $13, $11, $11, $34, and $36 (15) (16) (23) (48) (70)Other Expense, Net (9) (16) (16) (26) (61)Income Before Income Taxes 129 75 139 309 426 Income Tax Provision (4) (33) (52) (33) (108)Net Income 125 42 87 276 318 Net Income Attributable to Noncontrolling Interests 5 3 6 9 25 Net Income Attributable to Weatherford $120 $39 $81 $267 $293 Basic Income Per Share $1.66 $0.55 $1.13 $3.71 $4.04 Basic Weighted Average Shares Outstanding 71.9 71.9 71.9 71.9 72.4 Diluted Income Per Share $1.66 $0.55 $1.12 $3.70 $4.02 Diluted Weighted Average Shares Outstanding 72.2 72.2 72.2 72.2 72.7
[1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
[2] All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting. Weatherford International plc
Selected Balance Sheet Data (Unaudited)
($ in Millions) September 30, 2026
December 31, 2025
Assets: Cash and Cash Equivalents $1,161 $987 Restricted Cash 37 55 Accounts Receivable, Net 1,105 1,234 Inventories, Net 861 836 Property, Plant and Equipment, Net 1,160 1,124 Intangibles, Net 288 285 Liabilities: Accounts Payable 595 650 Accrued Salaries and Benefits 277 285 Current Portion of Long-term Debt 264 30 Long-term Debt 1,216 1,455 Shareholders’ Equity: Total Shareholders’ Equity 1,992 1,696 Weatherford International plcSelected Cash Flows Information (Unaudited) Three Months Ended Nine Months Ended($ in Millions) September
30, 2026 June
30, 2026 September
30, 2025 September
30, 2026 September
30, 2025Cash Flows From Operating Activities: Net Income $125 $42 $87 $276 $318 Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: Depreciation and Amortization 70 71 67 211 193 Foreign Exchange Losses 5 10 10 11 40 Gain on Disposition of Assets (15) (7) (2) (28) (6)Gain on Sale of Business — — — — (70)Deferred Income Tax Provision (Benefit) (44) — 11 (35) 13 Share-Based Compensation 15 11 10 38 26 Changes in Accounts Receivable, Inventory, Accounts Payable, Accrued Salaries and Benefits and Income Taxes Payable 27 64 (69) 65 (116)Other Changes, Net 9 (16) 24 (35) 10 Net Cash Provided By Operating Activities 192 175 138 503 408 Cash Flows From Investing Activities: Capital Expenditures for Property, Plant and Equipment (45) (42) (44) (141) (175)Proceeds from Disposition of Assets 8 6 5 17 11 Proceeds from Sale of Business — — — — 97 Purchases of Blue Chip Swap Securities (9) (11) (20) (23) (103)Proceeds from Sales of Blue Chip Swap Securities 8 11 20 22 102 Business Acquisition, Net of Cash Acquired (13) — — (13) — Other Investing Activities (3) (6) (7) (26) (14)Net Cash Used In Investing Activities (54) (42) (46) (164) (82) Cash Flows From Financing Activities: Repayments of Long-term Debt (8) (9) (7) (25) (80)Distributions to Noncontrolling Interests (4) (5) (8) (9) (16)Tax Remittance on Equity Awards (2) (1) — (20) (20)Share Repurchases (28) (16) (7) (54) (94)Dividends Paid (19) (20) (18) (59) (54)Other Financing Activities (1) 2 (7) — (13)Net Cash Used In Financing Activities $(62) $(49) $(47) $(167) $(277) Weatherford International plcNon-GAAP Financial Measures Defined (Unaudited)
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company's reported results prepared in accordance with GAAP.
Adjusted Free Cash Flow Conversion* – Adjusted free cash flow conversion* is a non-GAAP measure that is calculated by dividing adjusted free cash flow* by adjusted EBITDA*. Management believes adjusted free cash flow conversion* is useful to assess the level of normalized liquidity generated in the operating cycle. Adjusted free cash flow conversion* should be considered in addition to, but not as a substitute for the GAAP measures described above for the respective components, and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.
Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for, the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Gross Leverage* – Gross Leverage* is a non-GAAP measure which is calculated by dividing total debt by adjusted EBITDA* for the trailing 12 months. Management believes gross leverage* is useful to understand our ability to repay and service our debt. Gross leverage* should be considered in addition to, but not as a substitute for, total debt divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled
Weatherford International plcGAAP to Non-GAAP Financial Measures Reconciled (Unaudited) Three Months Ended Nine Months Ended($ in Millions, Except Margin in Percentages) September
30, 2026 June
30, 2026 September
30, 2025 September
30, 2026 September
30, 2025Revenues $1,143 $1,105 $1,232 $3,400 $3,629 Net Income Attributable to Weatherford $120 $39 $81 $267 $293 Net Income Margin 10.5% 3.5% 6.6% 7.9% 8.1%Adjusted EBITDA* $254 $223 $269 $710 $776 Adjusted EBITDA Margin* 22.2% 20.2% 21.8% 20.9% 21.4% Net Income Attributable to Weatherford $120 $39 $81 $267 $293 Net Income Attributable to Noncontrolling Interests 5 3 6 9 25 Income Tax Provision 4 33 52 33 108 Interest Expense, Net of Interest Income of $13, $11, $11, $34, and $36 15 16 23 48 70 Other Expense, Net 9 16 16 26 61 Operating Income 153 107 178 383 557 Depreciation and Amortization 70 71 67 211 193 Other Charges, Net[1] 4 13 3 20 19 Gain on Sale of Business — — — — (70)Restructuring Charges 6 9 11 28 51 Redomestication 6 12 — 30 — Share-Based Compensation 15 11 10 38 26 Adjusted EBITDA* $254 $223 $269 $710 $776 Net Cash Provided By Operating Activities $192 $175 $138 $503 $408 Capital Expenditures for Property, Plant and Equipment (45) (42) (44) (141) (175)Proceeds from Disposition of Assets 8 6 5 17 11 Adjusted Free Cash Flow* $155 $139 $99 $379 $244
[1] Other Charges, Net in the three and nine months ended September 30, 2026 primarily includes mergers and acquisitions costs. Other Charges, Net in the three and nine months ended September 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits. *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined Weatherford International plcGAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited) ($ in Millions) September
30, 2026
June
30, 2026
September
30, 2025
Current Portion of Long-term Debt $264 $30 $126 Long-term Debt 1,216 1,450 1,462 Total Debt $1,480 $1,480 $1,588 Cash and Cash Equivalents $1,161 $1,100 $967 Restricted Cash 37 37 64 Total Cash $1,198 $1,137 $1,031 Components of Net Debt Current Portion of Long-term Debt $264 $30 $126 Long-term Debt 1,216 1,450 1,462 Less: Cash and Cash Equivalents 1,161 1,100 967 Less: Restricted Cash 37 37 64 Net Debt* $282 $343 $557 Net Income for trailing 12 months $405 $366 $405 Adjusted EBITDA* for trailing 12 months $1,001 $1,016 $1,102 Net Leverage* (Net Debt*/Adjusted EBITDA*) 0.28x 0.34x 0.51x
*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined
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
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”), the holding company for Valley National Bank, announced today its regular preferred and common dividends. The declared quarterly dividends to shareholders of record on December 15, 2026 are as follows:
A cash dividend of $0.517321 per share to be paid December 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series A;
A cash dividend of $0.500132 per share to be paid December 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series B;
A cash dividend of $0.515625 per share to be paid December 30, 2026 on Valley’s Non-Cumulative Perpetual Preferred Stock Series C; and
A cash dividend of $0.11 per share will be paid January 4, 2027 on Valley’s common stock.
The common stock cash dividend amount per share was unchanged as compared to the previous quarter dividend. The common cash dividend should not be used as an indicator of future dividends to Valley’s common stockholders.
About Valley
As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $66 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.
Forward Looking Statements
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about Valley’s business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Valley’s actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to those risk factors disclosed in Valley’s Annual Report on Form 10-K for the year ended December 31, 2025.
Contact:Travis Lan Senior Executive Vice President and Chief Financial Officer (973) 686-5007
DoorDash souhlasil s vyrovnáním ve výši 131,5 milionu USD s městem New York kvůli údajnému nedostatečnému odměňování zaměstnanců. Scott+Scott prověřuje možné porušení povinností vedením společnosti.
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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View source version on businesswire.com: https://www.businesswire.com/news/home/20261020770798/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Proti společnosti Duolingo byla podána hromadná žaloba kvůli údajnému podvodu s cennými papíry po zpomalení růstu počtu denně aktivních uživatelů a slabším výhledu pro rok 2026.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Duolingo, Inc. (“Duolingo” or the “Company”) (NASDAQ: DUOL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Duolingo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until December 7, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Duolingo securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On November 5, 2025, the Company reported its third quarter (“3Q”) financial results, revealing another sequential decline in daily active user (“DAU”) growth to 36%, a substantial drop from 49% in 1Q 2025 and 40% during 2Q 2025. Duolingo revealed a reversal of the Company’s monetization push and stated that going forward, the Company would prioritize user growth over monetization and that the Company needed to invest more in “teaching better across all our subjects.”
On this news, Duolingo’s stock price fell $66.28 per share, or 25%, to close at $193.74 per share on November 6, 2025.
Then, on January 12, 2026, Duolingo announced that its Chief Financial Officer, Matthew Skaruppa, had resigned. The Company also provided limited, preliminary fourth quarter (“4Q”) 2025 operating metrics, shocking investors by revealing DAU growth of only 30% – nearly six points of additional deceleration from 3Q 2025.
On this news, Duolingo’s stock price fell $14.92 per share, or 8.5%, to close at $161.74 per share on January 12, 2026.
Finally, on February 26, 2026, Duolingo announced its 4Q 2025 financial results, confirmed the slowdown in DAU growth, and revealed the financial consequences of its strategy shift were neither “small” nor “little”; rather, they would result in material negative impacts on 2026 bookings, DAU growth rates, revenue, and adjusted EBITDA. To that end, Duolingo stated 2026 DAU growth would come in at a mere 20% and be accompanied by lower bookings and less profitability.
On this news, Duolingo’s stock price fell $16.45 per share, or 14%, to close at $101.00 per share on February 27, 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.
Pomerantz vyšetřuje Jackson Financial kvůli možnému podvodu s cennými papíry poté, co QVT uvedla, že společnost maskovala ztráty ze zajištění; akcie 17. září klesly o 5,63 %.
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.
[Click here for information about joining the class action]
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.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of The Cooper Companies, Inc. (“Cooper” or the “Company”) (NASDAQ: COO). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Cooper 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 9, 2026, Cooper announced third quarter 2026 results. Among other things, the Company “reported revenue of $717 million, essentially flat year-over-year” and said that “the results in the Americas reflected CooperVision’ U.S. channel inventory reductions.” The Company further stated that it “proactively reduced U.S. channel inventory that weighed on our results and will continue to impact Q4.” Cooper also lowered its full-year guidance, explaining that “the entire reason for the reduction in the revenue guidance for CooperVision was tied to just channel inventory.” Cooper also reduced revenue guidance by approximately 1.4%, or $59.5 million at the midpoint, to $4.24 billion, and likewise reduced EPS guidance by approximately 1.8%, or $0.09 at the midpoint, to a range of $4.51 to $4.55.
On this news, Cooper’s stock price fell $9.31 per share, or 14.67%, to close at $54.17 per share on September 10, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Equity LifeStyle Properties ve 3. čtvrtletí zvýšila normalizovaný FFO na 0,79 USD na akcii, což představuje meziroční nárůst o 4,6 % a je v souladu se středem prognózy.
Gains in Occupied Sites Support Continued Strong Performance
Preliminary 2027 Rent Growth Assumptions
, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and nine months ended September 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ 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.
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)
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)
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.
Pomerantz LLP prověřuje možné porušení federálních zákonů o cenných papírech společností J.B. Hunt poté, co firma varovala před poklesem zisku ve třetím čtvrtletí o 5–10 % oproti předchozímu čtvrtletí.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors J.B. Hunt Transport Services, Inc. (“J.B. Hunt” or the “Company”) (NASDAQ: JBHT). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether J.B. Hunt 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 16, 2026, J.B. Hunt warned investors that it expected earnings to fall 5% to 10% sequentially for the third quarter of 2026. Management attributed the sudden margin squeeze to escalating diesel fuel prices alongside an unexpected $25 million surge in incremental driver expenses.
On this news, J.B. Hunt’s stock price fell $36.52 per share, or 13.3%, to close at $236.73 per share on September 16, 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.
Proti společnosti AST SpaceMobile (ASTS) byla jménem investorů podána hromadná žaloba kvůli údajným zavádějícím tvrzením o kapitálu, konkurenci a růstu počtu uživatelů.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against AST SpaceMobile, Inc. (“AST” or the “Company”) (NASDAQ: ASTS) and certain officers. The class action, filed in the United States District Court for the Western District of Texas, Midland-Odessa Division, and docketed under 26-cv-00378, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired AST securities between March 4, 2025 and July 15, 2026, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired AST securities during the Class Period, you have until November 13, 2026 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
AST, together with its subsidiaries, designs and develops the constellation of BlueBird satellites in the United States (“U.S.”). The Company provides a cellular broadband network in space for direct access by smartphones for commercial use and other applications, as well as for government use. In addition, its SpaceMobile service provides cellular broadband services to end-users who are out of terrestrial cellular coverage.
At all relevant times, Defendants touted AST’s purportedly unique competitive advantages and leadership position in the satellite direct-to-cellular (“D2C”) market. In particular, throughout the Class Period, Defendants touted AST’s business and financial prospects as purportedly the only established space-based cellular broadband network for mobile phones.
Defendants’ assurances regarding AST’s purportedly durable competitive position in the satellite D2C market came into question in September 2025, when American telecommunications company EchoStar Corporation (“EchoStar”) announced that it had entered into a definitive agreement with SpaceX, an American aerospace manufacturer and space transportation company, to sell its AWS-4 and H-block spectrum licenses (the “EchoStar Transaction”). In connection with the EchoStar Transaction, SpaceX and EchoStar agreed to enter into a long-term commercial agreement, enabling EchoStar’s Boost Mobile subscribers—through its cloud-native 5G core—to access SpaceX’s next generation D2C service provided by its telecommunications subsidiary Starlink Services, LLC (“Starlink”).
SpaceX commands a dominant position in the global aerospace and orbital launch industry, with the ability to produce and launch numerous satellites at scale. Its subsidiary Starlink provides a broadband internet satellite constellation that accounts for roughly 54% of all active satellites in Earth’s orbit, with approximately 9,821 Starlink satellites currently active in low Earth orbit. Viewed in combination with its considerable resources, SpaceX’s entry into the satellite D2C market was potentially a threat to AST’s commercial aspirations.
Following the EchoStar Transaction, however, Defendants continued to assure investors and the market that AST remained in a competitive class of its own, with the Company poised to realize significant revenues and profits in the near-term. Likewise, Defendants continuously represented that AST’s capital and liquidity position was sufficient to meet its strategic and business goals at all relevant times, notwithstanding the heightened competitive pressures it faced following the EchoStar Transaction.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) AST’s increasing capital requirements were likely to increase the Company’s debt load and share dilution with greater frequency and at greater scale than Defendants had signaled to investors; (ii) accordingly, Defendants had overstated the sufficiency of AST’s capital and liquidity position to achieve its strategic and business goals; (iii) Defendants likewise overstated the durability of AST’s competitive position in the satellite D2C market; (iv) even following the EchoStar Transaction, Defendants continued overstating AST’s competitive position in the satellite D2C market; (v) AST was experiencing slow user adoption in the U.S. and Japan; (vi) the foregoing was likely to have a significant negative impact on the Company’s business and financial prospects; and (vii) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
The truth began to emerge on September 8, 2025, when UBS issued a report downgrading AST to a “Neutral” from “Buy” recommendation, as well as cutting its price target on the Company to $43.00 from $62.00, mainly citing heightened competitive pressures related to the EchoStar Transaction, which “fortifies [Starlink’s] position in the space to cellular market and increases risk for AST[] as it drives utilization on its nascent constellation[.]”
Following the release of UBS’s report, AST’s Class A common stock price fell $3.86 per share, or 9.47%, to close at $36.91 per share on September 9, 2025.
On October 21, 2025, AST issued a press release “announc[ing] its intent to offer . . . $850.0 million aggregate principal amount of convertible senior notes due 2036 (the ‘Notes’) in a private offering”, and that it “intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150.0 million aggregate principal amount of Notes.” The press release disclosed that AST would use the proceeds from this offering “for general corporate purposes, including without limitation funding the deployment of AST SpaceMobile’s worldwide constellation of satellites in anticipation of adding incremental strategic markets for its SpaceMobile Service.” (Emphasis added.)
Later the same day, AST issued another press release “announc[ing] the pricing of $1.0 billion aggregate principal amount of convertible senior notes due 2036 (the ‘Notes’) in a private offering”, noting that “[t]he size of the offering has been increased from the previously announced $850.0 million principal amount of Notes”, while reiterating the same intended use for the net proceeds from the offering.
Following these disclosures, AST’s Class A common stock price fell $7.26 per share, or 9.24%, to close at $71.35 per share on October 22, 2025.
On January 6, 2026, Scotiabank issued a report downgrading AST to a “Sell” recommendation, as well as its rating to “Sector Underperform” from “Sector Perform”, citing, inter alia, significant competition from Starlink and “[e]vidence of slow user adoption in the U.S. and Japan[.]”
Following the release of Scotiabank’s report, AST’s Class A common stock price fell $11.76 per share, or 12.06%, to close at $85.73 per share on January 7, 2026.
On February 11, 2026, AST issued a press release “announc[ing] its intent to offer . . . $1.0 billion aggregate principal amount of convertible senior notes due 2036 (the ‘Notes’) in a private offering”, and that it “intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150.0 million aggregate principal amount of Notes.” The press release disclosed that AST intended to use the proceeds from the offering “for general corporate purposes, including without limitation, accelerating the deployment of our controlled spectrum bands on a global basis, monetizing the capabilities of our proprietary technology to capture the evolving commercial opportunities related to artificial intelligence, enhancing investment in government space opportunities in the U.S., reducing higher interest debt, and pursuing opportunistic investments to accelerate our SpaceMobile Service and capabilities.” (Emphasis added.)
The next day, AST issued another press release announcing the pricing of the foregoing offering at “an initial conversion price of approximately $116.30 per share of AST SpaceMobile’s Class A common stock, which represents a premium of approximately 20% to the last reported sale price of AST SpaceMobile’s Class A common stock on February 11, 2026.”
Following these disclosures, AST’s Class A common stock price fell $14.70 per share, or 15.17%, to close at $82.22 per share on February 12, 2026.
Then, on July 15, 2026, AST issued a press release “announc[ing] its intent to offer” yet another “$1.0 billion aggregate principal amount of convertible senior notes due 2034 (the ‘Notes’) in a private offering”, and that it “intends to grant the initial purchasers of the Notes . . . an option to purchase . . . up to an additional $150 million aggregate principal amount of Notes.” The press release disclosed that AST intended to use the proceeds from the offering to, inter alia, “pursue an expanding universe of growth initiatives and secure additional access to orbit for its space-based cellular broadband network, including partnerships and/or acquisitions to further vertically integrate its business and mitigate risks associated with third-party launch providers.” (Emphasis added.) The press release further disclosed that the Company “currently does not have any understandings or agreements with respect to any such strategic transactions.” (Emphasis added.)
Later the same day, AST issued another press release announcing the pricing of the foregoing offering. Specifically, “$1.0 billion 1.625% convertible senior notes due 2034 . . . [at] an initial conversion price of approximately $79.57 per share of AST SpaceMobile’s Class A common stock, which represents a premium of approximately 20.0% over the last reported sale price of AST SpaceMobile’s Class A common stock on July 15, 2026”, as well as “[c]apped call transactions . . . [at] an initial cap price of $149.20 per share of AST SpaceMobile’s Class A common stock, which represents a premium of 125.0% over the last reported sale price of AST SpaceMobile’s Class A common stock on July 15, 2026.”
Following the foregoing disclosures, AST’s Class A common stock price fell $11.30 per share, or 17.04%, to close at $55.01 per share on July 16, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
SUMMIT One Vanderbilt společnosti SL Green Realty Corp. oslavil pět let provozu a 14. října 2026 přivítal svého desetimiliontého návštěvníka. V létě 2027 otevře pobočku v Paříži, následovat bude Tokio.
Milestone anniversary comes as SUMMIT surpasses 10 million guests in New York City and expands its immersive observatory experience globally
| Source:
SL Green Realty Corp
Photos of SUMMIT linked here, courtesy of SUMMIT One Vanderbilt
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Tomorrow SUMMIT One Vanderbilt, the world’s premier immersive observatory experience from SL Green Realty Corp. (NYSE: SLG), celebrates five years since opening on October 21, 2021. As the city’s top-performing observation attraction, SUMMIT’s fifth anniversary comes just one week after the observatory welcomed its 10 millionth visitor. The incredible milestones signify consistent growth as SUMMIT enters its next chapter, bringing its transformative art experience worldwide with the openings of SUMMIT in Paris in summer 2027 and Tokyo to follow.
Since opening in 2021, SUMMIT One Vanderbilt has redefined the traditional observation deck category by blending panoramic 360-degree views of New York City and state-of-the-art technology with multi-sensory artistic installations designed by renowned artist Kenzo Digital to create the most advanced, story-driven immersive experience. After opening at the end of a global pandemic, creating much-needed opportunities to reconnect with community, SUMMIT has become an integral part of the NYC skyline today, ingrained in the city’s history by playing host to local, national, and international cultural moments including the TCS New York City Marathon winners, a Fourth of July performance with Noah Kahan, the FIFA Women’s World Cup trophy, and more.
“Five years ago, we set out to create an experience that would offer an entirely new way to see New York City. Welcoming our 10 millionth visitor is a significant milestone, earned as guests from around the world continue to choose SUMMIT from everything this city has to offer,” said Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp. “As we celebrate five incredible years in New York, we’re grateful to the city and community that have embraced us from the beginning—and excited to bring the spirit of SUMMIT to Paris, Tokyo and other great cultural capitals around the world.”
To thank the city and the guests who have made five years possible, SUMMIT is taking its birthday celebration beyond One Vanderbilt and onto the streets of New York City. On October 21, 2026, a fleet of SUMMIT-branded taxis will fan out across Manhattan, surprising riders with free fares plus complimentary tickets to experience SUMMIT. Guests with tickets to visit that day can also enjoy special surprises including complimentary beverages from Après, free digital photo packages courtesy of Storibox, and additional giveaways across SUMMIT’s social channels. Learn more about fifth anniversary activations here.
In addition, the SUMMIT One Vanderbilt Foundation is marking five years of giving back in New York City and beyond. In recognition of the anniversary, the Foundation has committed five $25,000 donations to vital local and national nonprofit organizations selected for their alignment with its values: American Ballet Theatre, Garden of Dreams Foundation, Food1st, New York Cares, and Wounded Warrior Project.
The fifth anniversary arrives just one week after SUMMIT welcomed its 10 millionth visitor on October 14, 2026. To celebrate the moment, the lucky 10 millionth guest was surprised with an exclusive trip for two to Paris, France to be among the first to experience SUMMIT Paris, anticipated to open in summer 2027. Provided in partnership with United Airlines, the grand prize includes round-trip Polaris business class airfare and luxury accommodations at the Hotel Plaza Élysées. See photos and video HERE of the surprise moment, courtesy of SUMMIT One Vanderbilt.
As SUMMIT looks beyond its first five years, the brand is entering a new era of global growth through SUMMIT Entertainment Ventures (SEV), the joint venture between SL Green Realty Corp. and Kenzo Digital. SUMMIT Paris, crowning the top floors of Paris’ Triangle Building, will mark the first SUMMIT location outside of New York City when it debuts next year. Earlier this year, SEV also announced an agreement to bring SUMMIT to Tokyo, the second international location announced as part of its growing global portfolio, with additional destinations to come. International visitors can expect an evolution of the signature SUMMIT design made iconic in New York City customized to each new destination.
Over its first five years, SUMMIT One Vanderbilt has earned global recognition as the World Travel Awards’ Leading Tourist Attraction in North America in 2024, 2025, and 2026, along with recognition from the Tripadvisor Travelers’ Choice Awards, USA Today’s 10Best Immersive Art Experiences, Architizer’s A+ Awards, Fast Company’s Innovation by Design Awards, ELLE Magazine’s “Most Instagrammable Place in the World” and Tiqets’ Most Innovative Venue in the U.S.
Tickets to experience SUMMIT One Vanderbilt are available at summitov.com. Media kit with photos and videos of SUMMIT One Vanderbilt is linked here.
About SUMMIT One Vanderbilt
Since opening in 2021, SUMMIT One Vanderbilt has become the world’s most immersive observatory experience, welcoming over 10 million guests from around the globe. Combining unparalleled 360-degree views of New York City and beyond, multi-sensory artistic experiences created by Kenzo Digital, and cutting-edge technology, SUMMIT offers an unprecedented guest experience spanning art, design, and sensory adventure from the highest accessible viewpoint in Midtown Manhattan. With plans underway to expand the SUMMIT experience internationally, including forthcoming locations in Paris and Tokyo alongside other global destinations, the brand continues to redefine immersive entertainment and observation experiences worldwide.
The 65,000 square-foot entertainment space features equally contemplative and thrilling experiences across three floors, world-class food and cocktails from the Après bar and café, an outdoor terrace, a thoughtfully curated boutique, and Ascent, the world’s largest outdoor glass elevator.
summitov.com
@SUMMITOV
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.
Elon Musk's SpaceX (SPCX.O) on Tuesday reported a 161% rise in revenue for the third quarter, beating estimates, buoyed by a surge in its AI business and steady growth at its Starlink satellite-internet unit.
Revenue in the third quarter stood at $14.58 billion, compared with analysts' estimate of $12.72 billion, according to data compiled by LSEG.
It reported a net profit of $4.4 billion for the three months ended September 30, compared with analysts' expectation for a profit of $1.57 billion.
That marks a swing from the second quarter, when it posted a net loss of $541 million on revenue of $7.81 billion.
Starlink and SpaceX's broader connectivity operations have been the company's main financial engine, underpinning CEO Elon Musk's AI ambitions. But SpaceX's own AI software, including xAI's Grok, has so far been overshadowed by rivals OpenAI, Anthropic and Google (GOOGL.O).
SpaceX is making its AI money mainly by renting out data-center capacity to developers such as Anthropic, Google and Reflection AI rather than from its own models, a business closer to a cloud provider's than an AI lab's.
The company's AI business spans Grok, social-media platform X and a fast-growing data-center operation. It is also the company's biggest area of investment.
The business earns revenue from compute contracts with Anthropic, Alphabet's Google (GOOGL.O) and Reflection AI.
Operating losses at the AI unit have been large and SpaceX has cautioned it will need sustained investment before it can consistently generate profits.
The satellite-internet unit has continued to expand its subscriber base, aided by additional satellite launches and a growing range of consumer, enterprise, aviation, maritime and government services.
The company has said geographic expansion beyond the wealthiest countries could push average revenue per user lower over time. Investors have been keen to know whether that pricing pressure has started to show up as SpaceX enters more international markets and rolls out lower-priced plans.
Investors are also watching whether SpaceX can keep growing while improving the economics of its network. It is spending heavily on coverage, capacity and direct-to-device mobile services.
Starship, SpaceX's next-generation reusable rocket system, has yet to enter commercial service. It is expected to enable deployment of higher-bandwidth Starlink satellites and orbital AI-computing infrastructure. The company's ability to turn Starship into a reliably reusable vehicle is central to its longer-term strategy.
SpaceX successfully deployed several Starlink satellites last month, in Starship's first orbital test flight that ended hours earlier than expected after an engine issue.
The space segment includes commercial launches, government missions and Starship development and remains a significant source of costs and uncertainty.
Falcon launch activity has stayed robust, but revenue can vary with the mix of internal Starlink deployments, commercial customer missions and government contracts.
SpaceX has increasingly prioritized launches for its own satellite network over third-party payloads, while absorbing significant costs tied to Starship's development.
Investors will also be keen to hear Musk's comments on a much-talked-about potential merger between SpaceX and Tesla (TSLA.O), which reports results on Wednesday.
Apple Inc (NASDAQ:AAPL, XETRA:APC) is expected to deliver September-quarter revenue broadly in line with forecasts, but rising component costs and slowing growth in key businesses could test investor confidence in the technology giant’s premium valuation, according to UBS.
In a research note ahead of earnings on November 2, UBS forecast revenue of $112.8 billion, slightly below Visible Alpha consensus of $113.6 billion, and diluted earnings per share of $1.97, compared with the $1.99 consensus estimate.
The bank expects iPhone revenue of $56 billion, implying year-over-year growth of about 14%. That would mark a slowdown from growth of 22% to 23% in each of the previous three quarters, as supply chain checks point to more muted near-term demand.
Higher average selling prices, reflecting product mix and recent price increases, are expected to partly offset lower unit volumes.
Services revenue is forecast at $31.6 billion, representing 10% annual growth but a sequential slowdown. UBS estimates that key categories, including the App Store, recorded low single-digit growth during the quarter.
Gross margin remains a key concern. UBS expects a margin of 47.5%, down from 50.1% in the June quarter, which benefited from a larger tariff refund. Excluding tariff effects, the bank estimates gross margin fell about 70 basis points year over year and 100 basis points sequentially, largely due to higher memory chip costs.
Apple could deliver a modest earnings beat if operating expenses come in below expectations, UBS said, although the bank does not expect investors to reward an upside driven primarily by lower spending.
The bank maintained a Neutral rating and a $296 price target, based on about 29 times its blended 2027 and 2028 earnings estimate.
UBS also questioned how long Apple can sustain its recent share-price outperformance. The stock has gained about 13% since late July, compared with a 4% rise for Nvidia and a 1% gain for the Nasdaq 100.
Apple 2. listopadu zveřejní výsledky za 1. čtvrtletí fiskálního roku 2027; výhled hospodaření na prosincové čtvrtletí ukáže, jak společnost absorbuje růst nákladů na paměťové čipy.
Apple (AAPL -1.00%) stock has had a phenomenal year, up about 26% while the S&P 500 (^GSPC +0.28%) is up around 12%. That's solid outperformance and impressive, considering that Apple really doesn't have much in the way of artificial intelligence tailwinds, unlike some of its big tech peers.
However, great stock performance doesn't always equate to strong business performance in the short term. It usually does over the long term. The reality is that some of the stock's gains to date may prove in vain, as Apple hasn't done enough to sustain these returns over the long term.
In fact, I think a reality check could be coming shortly as Apple reports Q1 fiscal year 2027 results on Nov. 2. December-quarter guidance will be the first look at how much of the memory cost increase Apple is absorbing.
November's correction could come as a shock to some investors, but those paying attention know how difficult Apple's business environment is getting.
Image source: The Motley Fool.
Apple has become a safe haven for AI investors Not everyone is sold on the notion that AI is the future. Many investors believe the big tech companies are investing far too much capital in this technology and would rather back a company that's taking a more modest approach, like Apple.
Instead of spending hundreds of billions on AI computing equipment, it's choosing to use Alphabet's Google Gemini as its base model and pay a fee each time it uses it. Over the long term, this could prove a bad decision, but with AI not making these companies a ton of money right now, it looks prudent in the short term.
As a result of Apple not investing heavily in AI, it has attracted many investors, as it is viewed as a non-AI investment compared with its peers. This has caused its stock price to swell during 2026, and its valuation has followed suit. Apple now trades at some of its highest valuations seen in the past decade.
AAPL PE Ratio data by YCharts
Now, if Apple had returned to its previous valuation highs, posting jaw-dropping growth and excellent results, I would think differently. And while it's true Apple's results have been improving (its Q4 FY 2026 growth rate was 16%, the best since 2021), it's still nothing compared to what some of its peers are delivering.
Take AI powerhouse Nvidia (NVDA -0.29%), for example. Nvidia trades at a mere 27 times trailing earnings and is growing revenue at 106%. Furthermore, management estimates next year's revenue growth to be 70%. It's hard to convince me that a stock like Apple should be valued at a premium to that growth, but that's the case.
The bearish outlook on AI has gotten a bit out of hand in the market, and it could contribute to Apple's stock selling off in the last quarter of 2026 if investors rotate back into AI stocks. But there's also another issue for Apple unfolding.
Apple's margins could come under pressure One of the biggest stories in the tech world during 2026 was the spring's memory chip price surge. Every company, from Nvidia to Apple, is facing the same problem, which is causing Apple to pay more for memory chips used in its devices. Apple has two choices: Raise prices or eat the cost. While Apple has marginally raised prices on some of its products, it may ultimately have to eat the costs of rising chip prices, which could harm margins.
AAPL Apple$339.50-$3.44 (-1.00%)
NASDAQ · As of 4:00 PM ET 10/20/26
Slimmer margins will exaggerate Apple's valuation and make it look even more expensive than it already is. Prior to departing from his CEO role, Tim Cook called this a 100-year flood for memory chip prices.
One of the largest memory chip suppliers in the industry, Micron Technology (MU -0.98%), told investors that memory market conditions will worsen in 2027 and 2028 compared to 2026. That doesn't bode well for Apple's future and could spur a sell-off in Apple's stock.
Apple, as a company, faces many factors it can't control. Regardless, I think there are far better investments out there, and now may be the time to take some gains and roll into some beaten-down alternative AI stocks.
Cantor's revenue and margin assumptions imply less gross profit than the consensus figures it cites.
Summary
Combining the two forecasts reveals a gap that the earnings-per-share comparison alone leaves hidden.
Tesla TSLA heads into earnings with a roughly $323 million question: how much gross profit will its sales actually produce? Shares traded at $372.98, up approximately 1.34%, during the October 20 regular session at 12.20 a.m. ET. Cantor Fitzgerald's earnings preview puts revenue and margins below the consensus estimates it cites, ahead of Tesla's October 21 report after the closing bell. The difference looks modest in percentage terms. In dollars, it demands attention.
Cantor forecasts $27.9 billion in revenue at a 17.1% gross margin, against $28.3 billion and 18% for consensus, according to The Fly's report on the estimates. Multiply those figures and implied gross profit comes to $4.77 billion versus $5.09 billion—a gap of approximately $323 million. These are calculations from forecasts, rather than reported results. Tesla's reported quarterly volumes of 486,532 vehicle deliveries and 13.7 gigawatt-hours of storage deployments establish the scale. Earnings must establish how much money that scale delivers.
The valuation leaves another hurdle. At $372.98, Tesla trades 10.82% above the displayed GF Value estimate of $336.57. That model estimate offers a reference point, not proof that the shares must fall. But it sharpens the question: what supports the premium? Watch automotive margins, energy profits and the spending required to develop autonomy. A stronger earnings-per-share number alone cannot settle the debate; taxes and other items can lift the bottom line without improving gross profit. The report needs to show whether Tesla can turn operating volume into stronger economics—and whether its AI ambitions can generate revenue that justifies the spending.
Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Google spouští v Android Auto funkci Personal Intelligence s Gemini, která se po souhlasu uživatele propojí s Gmailem, Kalendářem, Mapami a dalšími službami.
Google is making the Gemini AI assistant that’s already in millions of cars, trucks, and SUVs a lot more personal — a move that could push consumers even deeper into the company’s ecosystem of products.
The company said Tuesday it’s upgrading Gemini in vehicles with a personal intelligence feature that can draw on information from Gmail, Google Calendar, YouTube, Maps, Google Search history, and other connected Google services to understand your preferences, activities, and past experiences.
Google said it will roll out “Personal Intelligence with Gemini” to vehicles in two ways — through Android Auto, an app that runs on the user’s phone and wirelessly communicates with and projects navigation, media, and messaging to the vehicle’s infotainment system, and Google Built-in, software and services that have been directly integrated into the vehicle.
The feature will launch in Android Auto, starting today, and expand to cars with Google Built-in in the coming months.
Google initially launched Gemini last November in Android Auto. Meanwhile, Gemini’s “Personal Intelligence” feature rolled out across the U.S. in March and is now in beta in global markets.
This latest upgrade would connect the dots — as Google put it in its blog post — across users’ Google apps.
Drivers will have to opt in for Personalized Intelligence to work. Once a user does so, they should expect all sorts of cross-pollination. For instance, a driver who is navigating to the airport may be alerted that the flight on their calendar is delayed.
Google said the feature will allow users to make complex requests using natural language. Returning to that airport example, a user might ask the AI assistant for their flight gate before quickly following up with a question about whether it’s still on time. Gemini will give the user answers to both questions at the same time, the company said.
That level of emmeshing might make consumers uncomfortable, although Google says users do retain full control over their data with Personal Intelligence. The feature can be turned on or off at any time, and users can selectively choose which apps they’d like to connect, Google said.
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Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.
Shares of Amazon (AMZN +0.07%) leaped about 5% on Monday. Still, the stock trades near $262 as I write, about 8% off its record close of $284.02 on Aug. 3.
For those buying today, though, the more helpful yardstick is an S&P 500 (^GSPC +0.28%) index fund. From 1928 through 2025, the index compounded at about 10% a year with dividends reinvested, according to historical data gathered by New York University professor Aswath Damodaran. Any one stock needs to beat that to be worth the added risk.
I think Amazon will beat it over the next five years, mostly because its profits are growing far faster than its sales.
Image source: Getty Images.
Profits are growing faster than salesAmazon's net income isn't a good gauge now. Its second-quarter net income of $62.6 billion included $53.4 billion in pre-tax non-operating income, mainly from its investments in Anthropic.
Operating income leaves gains like that out, giving a better look at the business itself. And the business looks impressive. Amazon's operating income more than tripled from $22.9 billion in 2020 to $80 billion in 2025, compounding at around 28% a year.
It's still climbing fast, hitting $93.7 billion in the 12 months through June, up 23% year over year.
This growth rate is accelerating, too. By the same measure, trailing-12-month operating income rose around 17% as of December and 19% as of March.
Trailing-12-month sales, in comparison, rose about 16% year over year. Put another way, every dollar of sales is turning into more profit than before.
Can earnings keep this up?Driving much of the profit growth, Amazon Web Services (AWS) earned $54.7 billion in operating income over the trailing 12 months. That was around 58% of the company's total, from a segment pulling in under a fifth of its sales.
And the cloud computing arm is still speeding up, as AWS revenue rose 37% from the year-ago quarter.
Advertising is another engine. Second-quarter ad sales reached $19.8 billion, a 26% rise over the year-ago period, after staying at around 22% growth (excluding foreign exchange) for four straight quarters.
Ads sold on Amazon's own store pages are arguably among its most profitable sales, but the company doesn't report their margins.
Amazon's retail side is getting more profitable, too. Its North America segment had an operating margin of 7.4% for the trailing 12 months, up from 7% a year earlier. That might not seem like much. But on $454 billion in trailing sales, every extra percentage point of margin adds around $4.5 billion in yearly operating income.
Still, Amazon is paying a lot for this growth. Its net purchases of property and equipment climbed by $66.1 billion over the trailing 12 months, mainly for artificial intelligence (AI). Free cash flow for the same span was a $7.6 billion outflow. And depreciation on all these new data centers may drag down earnings for years to come. But most of this spending is going into AWS, the unit already posting the highest margin.
Management expects third-quarter operating income of $22.5 billion to $26.5 billion, versus $17.4 billion a year before. The company reports those results on Oct. 29.
I think Amazon can grow earnings around 15% yearly through 2031. Even that rate is about half what it did in the last five years -- leaving room for AWS growth to slow.
AMZN Amazon$262.63+$0.18 (+0.07%)
NASDAQ · As of 4:00 PM ET 10/20/26
Amazon doesn't need a perfect five yearsThe stock isn't cheap. At roughly $262, shares trade at about 25 times expected 2027 earnings, using analysts' consensus estimate. The S&P 500 trades at about 19 times its expected earnings over the next 12 months, according to FactSet.
Even against a later year's profits, then, investors pay a premium for Amazon.
But say the premium drops. If Amazon's earnings rise 15% a year and its price-to-earnings ratio eases from about 25 to about 22 by late 2031, the stock would return about 12% a year. This would put shares near $460.
Simply matching the index's long-run 10% would take earnings growth of only about 13% a year at that same lower price-to-earnings ratio.
In the end, I expect Amazon stock to beat the S&P 500 over the next five years, though likely by only a couple of percentage points a year. AWS growth might cool, and the AI spending may take longer to pay off than management hopes. But the stock doesn't need everything to work out to beat the index's long-run return.
Sure, every five-year forecast is partly guesswork. Even so, at today's price, I'd rather hold Amazon than the index fund.
Alibaba oznámila kumulativní dodávky více než 6 miliard čipů založených na architektuře XuanTie, což ukazuje rozsah jejího rozšíření, nikoli přímé tržby či zisk.
A named executive's public shipment milestone measures ecosystem reach; cloud results provide a separate financial yardstick.
Summary
The cumulative architecture-based chip count does not disclose licensing income or incremental cloud revenue.
Alibaba BABA has a six-billion-chip headline. Investors still need the earnings connection. Its U.S. depositary shares traded at $108.72, up approximately 0.14%, at 10:18 a.m. ET on October 20. The South China Morning Post reported that chief scientist Meng Jianyi announced cumulative shipments exceeding six billion chips based on XuanTie architecture. That measures the architecture's reach. It does not mean Alibaba sold six billion chips this quarter—or tell shareholders how much profit those shipments generated.
The cloud business offers a more useful financial benchmark. Alibaba's August 20 update put quarterly AI Cloud and Compute Services revenue at roughly $7.1 billion and adjusted EBITA at $830 million, implying a margin of about 11.7%. More than 650 external customers were also using its Zhenwu M890 processor through cloud services. Those figures demonstrate an existing commercial operation, but they do not establish how much XuanTie adoption contributes to it. Dividing quarterly cloud revenue by cumulative chip shipments would produce a neat number with no useful economic meaning.
At $108.72, the shares sit 11.31% below the $122.59 GF Value estimate shown in the valuation graphic. That is a model's assessment, not a guaranteed margin of safety. My test is whether wider processor adoption produces licensing income, attracts paying cloud customers or improves profitability after the costs of serving them. Customer counts help; spending and retention matter more. Six billion chips establish scale. The investment case needs evidence of how much of that scale reaches shareholders.
Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
The Federal Aviation Administration on Tuesday signed off on the Boeing 737 Max 10 after years of delays, a major win for the manufacturer and the last in Boeing's best-selling family of jets to get government approval.
The green light comes weeks after federal officials reviewed a navigation system glitch on the aircraft but deemed it was not a safety-of-flight issue.
Tune in at 4:40 p.m. ET as Transportation Secretary Sean Duffy joins CNBC TV to discuss the certification. Watch in real time on CNBC+ or the CNBC Pro stream.
The 737 Max 10, the largest model in the family that can seat up to 230 people, was set to start flying in 2020, but increased scrutiny following two Max crashes in 2018 and 2019 and other safety issues delayed its certification. Engineering changes were also required, including to an anti-icing system for the aircraft's engines.
"The FAA's decision follows a thorough review of the aircraft's design and safety requirements," said FAA Administrator Bryan Bedford. "We will continue to hold Boeing to the highest safety standards."
Max 10 customers include Alaska Airlines, American Airlines, United Airlines and Delta Air Lines. Boeing said the Max 10 makes up about 30% of its Max backlog.
Read more about aircraft delaysUnited has been waiting so long for the Boeing 737 Max 10 it doesn't know what to do with the seats it ordered years agoFirst class seats are so in-demand that they're holding up new planesUnited CEO casts doubt on 737 Max 10 order after Boeing’s recent problemsEmirates to hold Boeing’s ‘feet to the fire’ to deliver on $38 billion deal, president saysAirlines can finally start flying passengers soon after planes are certified, but it can take months for carriers to work them into schedules.
"Completing the certification program clears the path for us to deliver a Boeing airplane that will set a new standard in commercial aviation," Stephanie Pope, CEO of Boeing's commercial airplane unit, said in a news release.
United CEO Scott Kirby told CNBC in August that the airline had been waiting so long for the Max 10 that the lie-flat seats it expected for the plane no longer make sense and are sitting in a warehouse. Alaska Airlines last month said it plans to put lie-flat seats on some of its 737 Max 10s in a push for more premium offerings.
The FAA approved the smallest model of the 737 Max family, the Max 7, in early August.
Boeing has been working to ramp up production of its 737 Maxes and 787 Dreamliners, which are key to its recovery since airlines and other customers pay the bulk of the aircraft's price upon delivery. The manufacturer opened a fourth production line in Everett, Washington, in July for its 737 Max airplanes.
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Amazon CEO Andy Jassy
David Paul Morris/Bloomberg via Getty Images
Amazon is racing to secure AI hardware earlier than before, even as data center power shortages leave some GPU systems waiting in warehouses.
Under a new Early Rack Receipt process, AWS expected to receive roughly $5 billion in Nvidia's GB300 server racks at US facilities before final deployment, according to August internal emails reviewed by Business Insider. The company projected roughly $3 billion more in GB300 racks each month "for the foreseeable future," one of the emails said.
Some AWS sites had room for more racks but not enough available power to turn them on, people familiar with the effort said, leaving finished equipment to be staged at intermediary warehouses until the facilities were ready.
At least one AWS team did not have "a clear forecasted path" for getting the incoming racks into data centers at the time, according to one of the emails.
Dark GPUsA lack of new electricity capacity is one of several bottlenecks slowing the buildout of some AI data centers. This has led to a phenomenon known as dark GPUs, where AI chips and servers are purchased but can sit idle due to power supply issues or other challenges. (Dark GPUs can also refer to system design flaws that mean this gear isn't fully used after being plugged in).
This is partly why financial pressure is mounting on big data center projects. Money must be spent upfront to secure supplies of Nvidia GPUs and other valuable AI components. But if some data centers aren't ready to run, those early investments can tie up huge amounts of cash. Debt financing can fill in the gaps, but the market has become less willing to lend against some of these projects lately.
Trade-offAmazon's early-rack program is one piece of the cloud leader's broader AI buildout, which is putting new pressure on its cash flow, as Business Insider exclusively reported this week. Amazon expects roughly $220 billion in capital expenditures this year — more than any Big Tech peer. Its free-cash-flow turned negative last quarter for the first time since 2023, and could stay negative for a while.
For AWS, the trade-off is securing scarce GPU racks before competitors do, even if some data centers are not yet ready to turn them on. But taking ownership earlier can tie up billions in equipment before it starts generating cloud revenue.
Previously, AWS took ownership of a finished rack only upon delivery to a data center, according to internal documents. Under the new approach, it can pay for and record certain racks earlier in the supply chain.
An Amazon spokesperson said the company routinely stages finished hardware near deployment sites so it can install it once capacity becomes available, calling the practice "best business practice." The spokesperson added that Amazon has long-established systems for tracking infrastructure assets and disputed that the broader company lacked a path for getting racks into data centers.
Amazon CEO Andy Jassy previously said the company has a "clear line of sight" to strong returns from its AI investments, calling the technology a "once in a lifetime opportunity."
"We've been through this cycle with the first big AWS growth wave, and liked the results," Jassy wrote in Amazon's annual shareholder letter. "We expect to feel similarly about this next wave."
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Eugene is Business Insider’s Chief Tech Correspondent, where he leads coverage of Amazon. His reporting spans the company’s retail and logistics operations to AWS, Alexa, and its internal culture.Previously, he worked at CNBC, Fortune Magazine Korea, and Japan's Yomiuri Shimbun. He holds degrees from NYU and Columbia University’s Graduate School of Journalism.In 2022, Eugene reported on internal documents indicating that Amazon allegedly used deceptive tactics to enroll customers in Prime and made cancellation difficult. The Federal Trade Commission sued Amazon the following year, citing his reporting. The case ended in a record $2.5 billion settlement in 2025.His work has received multiple honors, including the SF Press Club’s Bay Area Journalism Award and SPJ NorCal’s Excellence in Journalism Award.Eugene lives in the Bay Area. Contact him via email at [email protected], or Signal, Telegram, or WhatsApp at 650-942-3061. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.
Netflix po partnerství s francouzskou stanicí TF1 plánuje další dohody o licencování obsahu od třetích stran. První ukazatele naznačují, že spolupráce ve Francii zvýšila sledovanost.
Over the summer, Netflix launched a partnership with France’s TF1 to bring its channels and on-demand content to subscribers.
Now, the streamer wants to strike more deals like this.
Following its third-quarter financial results, Netflix said, “We’ll continue to expand our entertainment offering through licensing and new ways to bring more third-party content to our service, like our TF1 partnership in France. Our audience, which is approaching one billion people, and our best-in-class product capabilities, make us great partners for studios, networks and creative talent.”
There have been suggestions that Netflix could become the home for titles from the likes of NBCUniversal’s Peacock and Fox One, which would give Netflix subscribers access to more live sports such as the NFL as well as more entertainment programming.
The company said that it was “pleased” with its TF1 partnership, which features scripted dramas such as Broceliande and Erica and France’s version of The Voice.
“This partnership enables us to provide our French members with even more highly local series, film, news and sports programming, all within a frictionless choosing and viewing experience that complements our French slate and global programming. We’re pleased with the TF1 partnership and the early metrics indicate that it’s generating incremental viewing in France,” it noted in a letter to shareholders.
Talking of international, the streamer also highlighted a number of its global projects over the last quarter including Plastic Beauty, which it said is “on track” to be its most-viewed series in Japan, The Secret Woman, which is “trending” to be its most-viewed Danish title ever, El Chapo, which is set to become its second most-viewed Mexican title globally, and The Perfect Lie, which is “on track” to become its most-viewed series out of the Netherlands.
“These hits reflect our decade-long commitment to creating content around the world that resonates locally, and has the potential to travel globally,” it noted.
The streamer also addressed the concern about the growth of its “view hours”. It said that engagement “remains healthy”.
“But we do seek to accelerate growth in view hours as well, and we’re confident we’ll do that by relentlessly focusing and executing against the aforementioned strategy,” it admitted.
Mesh a Visa umožní platby kryptoměnami a stablecoiny u více než 175 milionů obchodníků bez samostatné kryptoměnové karty; každá platba kryptoměnami však může představovat zdanitelný prodej.
Visa just opened 175 million merchants to crypto spenders, but the real catch has nothing to do with card readers or wallet apps. Every tap at checkout could quietly trigger a tax bill most users never see coming.
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Mesh and Visa (NYSE:V | V Price Prediction) have teamed up to let users spend crypto and stablecoin balances held in wallet apps at more than 175 million merchants worldwide, without needing a separate crypto card. The company announced this significant development on October 19, 2026.
Many crypto holders have never spent their digital assets in stores. Until now, converting crypto to cash often required selling coins, waiting for the funds to transfer to a bank, or signing up for a crypto debit card linked to a specific exchange.
While the checkout process is straightforward under this new arrangement, tax considerations can catch new users off guard. Here’s what to expect at checkout and what tax implications may follow.
How Mesh and Visa Crypto Payments Work at Checkout
The wallet app takes care of most of the payment process. According to the announcement, the participating wallet app sets up a Visa card behind the scenes. Users can tap a standard contactless terminal or check out online without selling, transferring, or preloading any funds.
When it’s time to pay, Mesh determines how the purchase is funded—crypto, a stablecoin (a token designed to maintain a steady $1 value), or regular dollars. The merchant receives the payment as a standard Visa transaction, requiring no additional hardware and ensuring cashiers see a typical card payment.
Item Details Who’s behind it Mesh, a crypto payments network, in partnership with Visa Where it works At Visa merchants in over 200 countries and territories What users need A participating wallet app, with no separate crypto card necessary What merchants receive A standard payment processed through Visa Launch timing Not yet announced Mesh Has Not Named the Coins, Fees or Launch Countries Yet
Mesh has not yet specified which cryptocurrencies it will support, any applicable fees, or which countries it will include in the initial rollout. Users should check their wallet apps to confirm three critical details before buying.
Supported balances. Some wallets may allow only stablecoin spending, while others may enable more volatile cryptocurrencies like Bitcoin (CRYPTO:BTC). Conversion costs. Take a close look at the total fees, as even a small spread can add up. For example, a 1% spread on a $500 purchase would add an extra $5 to the cost. Funding preferences. Mesh will allocate funds from crypto, stablecoins, or cash, and this choice could impact users’ tax liabilities. Every Crypto Purchase Counts as a Sale at Tax Time
The IRS classifies cryptocurrencies as property. As a result, spending crypto is a taxable event, similar to selling it. The IRS states that “an exchange of digital assets for property, goods, or services” constitutes a taxable transaction. According to Form 1040 instructions, you must report any disposal through payment on Form 8949 and Schedule D.
For instance, if someone purchases a $1,000 laptop using Bitcoin bought at $500, they owe taxes on the $500 gain, even if they haven’t converted any crypto to cash. At the 15% long-term capital gains rate (for assets held over a year), the laptop adds about $75 to their tax bill. Coins held for a year or less are taxed at the regular income tax rate, which is usually higher.
Additionally, a purchase can lock in a loss. For example, if Bitcoin trades at about $81,000, down from $111,000 a year earlier, selling coins bought at the higher price would realize a capital loss that could offset other capital gains.
Stablecoins largely avoid these complexities, as tokens like USD Coin (CRYPTO:USDC) usually maintain a value close to $1. However, these transactions still count as disposals, and the IRS requires taxpayers to keep detailed records of every sale, exchange, or disposal of virtual currency and its fair market value.
Who Stands to Gain from Mesh Visa Crypto Payments? Mesh and Visa’s new setup benefits individuals who hold stablecoins, receive payments in them, or frequently make cross-border transactions and prefer to spend directly without cashing out first. Stablecoins simplify tax tracking and suit everyday purchases. However, long-term crypto holders may find it more advantageous to keep their investments separate and use a traditional card for payments.
Tax tracking is the cost. Each purchase with a coin that has risen in value may create a gain to report. Small purchases add up fast over a year, so frequent spenders of appreciated coins will likely require tax software. If Mesh and its partners publish clear coin and fee lists at launch, this could become one of the easiest ways to spend crypto—as long as users know the tax owed on each transaction.
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United Airlines snížila výhled upraveného zisku na rok 2026 na maximálně 7,22 USD na akcii kvůli dražšímu palivu, přestože poptávka po letecké přepravě zůstává silná.
United Airlines is slashing its profit forecast for the year as fuel costs continue to bite, but the carrier said passengers keep booking.
United said Tuesday that it expects to earn between 50 cents and $1.50 a share on an adjusted basis in the fourth quarter, well below the $1.76 a share Wall Street analysts expected. At the high end of that range, it would bring United's 2026 adjusted earnings to no more than $7.22 per share. In mid-July, United said it was expecting full-year earnings of $9 to $11 a share.
The carrier expects to pay an average of $4.80 a gallon for fuel in the fourth quarter, up from an average price of $3.90 a gallon in the third.
A surge in fuel prices this year has added billions of dollars to airlines' costs, eating into profits, despite strong demand, and driving up airfares.
Here is what United Airlines reported for the quarter that ended Sept. 30 compared with what Wall Street was expecting, based on estimates compiled by LSEG:
Earnings per share: $2.54 adjusted vs. $2.57 expectedRevenue: $17.88 billion vs. $17.9 billion expectedUnited's third-quarter net income rose 8.5% from a year earlier to $1.03 billion, or $3.14 a share. During the same period last year its net income totaled $949 million, or $2.90 a share.
"Our employees met the challenge of our ever-changing environment and our results prove the resilience of focusing on building a brand-loyal airline for customers," United CEO Scott Kirby said in an earnings release.
United's fuel bill rose close to 62% in the quarter from a year earlier to $4.84 billion.
Revenue for the three months ended Sept. 30 rose 17.4% from a year earlier to $17.88 billion, compared with $15.23 billion the year before.
Domestic passenger unit revenue rose 14.5% from a year earlier, while international unit revenue was up 17.4%, a sign of higher fares. Passengers continue to book, United said, with passenger counts up more than 2% from last year.
Adjusting for one-time items, United reported net income of $833 million or $2.54 a share.
Read more CNBC airline newsWhy airfare could rise even more, but airline profits won’tBudget airline king Bill Franke warms to premium upgradesCompanies spurn airlines’ cheapest business class ticketsUnited’s next decision: What to do with all those Boeing 737 Max 10 seats it ordered years agoRecord heat, crowds drive offseason boom in international travel
GM čelí kritice republikána Mikea Rogerse i odborů UAW za plán odkupu akcií za 20 miliard USD, který podle nich upřednostňuje akcionáře před zaměstnanci.
Michigan Republican Senate candidate Mike Rogers and the United Auto Workers union found rare common ground on Tuesday, separately accusing General Motors (GM.N) of putting shareholders ahead of workers after the automaker unveiled a new $20 billion stock buyback plan.
Rogers, a former US House member, accused GM of wrongly investing in electric vehicles.
"GM lost billions investing in EVs nobody wanted. For two years, GM could have focused on reinvesting in Michigan workers and manufacturing vehicles consumers actually want to buy. Instead, they chose to put profits over people, and Michigan autoworkers will pay the price," Rogers said in a statement.
Rogers is competing against Democrat Abdul El-Sayed in a closely watched Senate race and hopes to flip the seat to Republican control. Republicans have increasingly courted autoworkers and other blue-collar voters in Michigan, whose economy remains closely tied to the auto industry.
Polls through mid-October generally show El-Sayed ahead in the November 3 election by a few points, though several surveys have fallen within the margin of error.
The United Auto Workers, which has endorsed El-Sayed, also condemned the buyback, calling it "outrageous" when 80% of GM autoworkers do not have pensions or retiree healthcare benefits and saying the automaker was "choosing Wall Street profits over blue-collar America."
Rogers did not elaborate on how GM's electric vehicle investments contributed to the buyback decision. The company has bought back about $29.5 billion in stock since 2023, and CEO Mary Barra said GM viewed its shares as undervalued.
Asked to comment on the criticism, GM said its "first priority is investing in our business and our employees. Since 2020, we’ve reinvested more than $100 billion to fund our growth, including in our products, our factories, and our people."
The criticism was unusual for Rogers, who has generally focused on denouncing government policies promoting electric vehicles rather than on automakers themselves.
El-Sayed did not immediately respond to a request for comment.
UAW President Shawn Fain said stock buybacks "are a form of legalized mass looting, sending billions of dollars generated by the working class directly to Wall Street investors who've never seen the inside of a factory."
GM has scaled back electric vehicle production and investment plans amid softer EV demand and policy changes under President Donald Trump. The automaker has recorded $11.2 billion in EV-related charges since last year.
Rogers has frequently criticized policies aimed at accelerating electric vehicle adoption and appeared with Trump at a campaign-style event at a GM facility in Michigan in July. The candidate and president argued such policies threaten US manufacturing jobs.
GM uzavře montážní závod na baterie Brownstown jižně od Detroitu kvůli blížícímu se konci nájemní smlouvy, nikoli kvůli změně strategie v oblasti elektromobilů. Zaměstnance i výrobu přesune do jiných závodů.
Image Credits:JEFF KOWALSKY/AFP / Getty Images GM is closing a battery assembly plant south of Detroit, a spokesperson confirmed to TechCrunch.
The Brownstown Battery Assembly Plant assembled battery packs for Cadillac’s flagship EV, the Celestiq, and both electric drive units (the motors that power the car) and battery packs for the Chevrolet Corvette E-Ray, a plug-in hybrid version of its famous sports car. Automotive News first reported the closure.
The closure is not related to GM’s electric vehicle strategy, the spokesperson said. Instead, GM leased the site, and the lease was nearing its end.
The employees and work at Brownstown will be moved to other GM facilities, though the company would not confirm which ones.
Like many automakers, GM’s electrification strategy was thrown a curveball after the One Big Beautiful Bill Act, the sweeping federal law signed last year, repealed incentives to produce and sell EVs.
Since then, the company has pared back its public comments on EVs, though it hasn’t given up on full electrification.
GM continues to produce a range of EVs, including the Chevrolet Silverado EV and the limited-time-only Chevrolet Bolt. It also continues researching new battery chemistries, including lithium-manganese-rich and sodium-ion, and it’s rolling out a new $900 million facility to speed commercialization.
BlackRock podal žádost o ETF PBIT, které má prostřednictvím opcí na IBIT omezit ztrátu každé tranše přibližně na 10 %, ale zároveň zastropovat růstový potenciál.
Bitcoin (BTC +0.70%) has made plenty of early investors rich. It has also put them through some brutal stretches, including a slide of roughly 75% from its late-2021 peak to its late-2022 low. For many investors, that volatility is the main reason to stay on the sidelines.
Asset manager BlackRock (BLK +0.36%) thinks it has a product for that crowd. And I'm not talking about the market-leading iShares Bitcoin Trust (IBIT +0.89%), a straight-up spot-price Bitcoin tracker with $67 billion of assets under management -- also managed by BlackRock's iShares arm. No, IBIT is getting a safer sibling.
On Oct. 19, the gigantic asset manager filed a preliminary prospectus with the Securities and Exchange Commission for the iShares Bitcoin Managed Protection ETF, which would trade under the ticker PBIT. The fund aims to deliver Bitcoin-linked gains up to a ceiling while cushioning some losses.
Here's what the filing says, and what it leaves out.
Image source: Getty Images.
It's a filing, not a fund (yet)PBIT isn't trading yet. The filing becomes effective 75 days after submission, which would be as early as January 2027, and BlackRock can revise the terms before then. Several important details are still blank, including the annual management fee and the listing exchange.
The fund would join BlackRock's growing Bitcoin lineup. The iShares Bitcoin Trust launched in January 2024 and is now the largest spot Bitcoin ETF by a wide margin. IBIT took in $665.2 million of new money on Oct. 19 alone. iShares added a Bitcoin income fund in June, and Bloomberg Intelligence analyst James Seyffart counts PBIT as BlackRock's third Bitcoin ETF filing.
How the protection worksPBIT won't own Bitcoin or IBIT shares directly. Instead, it will build its exposure with options on IBIT (or similar Bitcoin products) while holding Treasury bills and other short-term, high-quality debt alongside them.
The structure rests on three overlapping "tranches," each lasting roughly three months. Each tranche combines two option positions:
A purchased call option with a strike price around 90% of IBIT's price when the tranche starts. This provides the Bitcoin exposure and sets the floor. If IBIT falls below that level, the tranche's loss is capped at roughly 10% before fees.A sold call option at a higher strike price. The premium from this sale helps pay for the purchased call, but it also caps the tranche's potential upside. Gains above that strike go to whoever bought the option.The tranches start a month apart, so each month one expires, and a new one begins. Interest earned on the fund's cash-equivalent holdings helps offset the cost of the options.
Read the fine print"Broad discretion" appears again and again in the prospectus. BlackRock can change the floor, the number of tranches, the timing, basically the whole recipe.
The call-option floor applies per tranche, not per investor. Each tranche's 10% floor is measured from that tranche's starting price. If IBIT rallies after a tranche begins, an investor who buys in at the higher price could lose more than 10% before the floor kicks in. If you want a higher floor, you need to wait for the next tranche of downside protection. Investing in this ETF requires homework.
Fees come on top. The floor and cap math leaves out fees. So every number above gets a little worse once the blank fee value is converted to an actual percentage. For what it's worth, the iShares Bitcoin Premium Income ETF comes with a 0.65% annual fee, far above IBIT's 0.25%.
Extreme volatility cuts both ways. The prospectus warns that wild markets can shrink both the upside cap and the downside protection.
The tax strategy gave me a headache. BlackRock expects the options to be marked to market each year and taxed at 60% long-term and 40% short-term. The filing also notes that certain tax rules could leave shareholders with a lower after-tax return than they would receive by holding a Bitcoin fund directly. Why? That's above my pay grade. Give your tax accountant a copy of BlackRock's prospectus.
One more detail stands out. Because PBIT's options reference IBIT, the prospectus acknowledges that the new fund could indirectly push more assets into IBIT, generating additional fees for BlackRock and its affiliates. That isn't a red flag by itself, but it shows how the new product makes business sense for BlackRock and how the fund can indirectly lead to more Bitcoin purchases by IBIT.
IBIT iShares Bitcoin Trust$46.71+$0.41 (+0.89%)
NASDAQ · As of 4:00 PM ET 10/20/26
A crowded niche with no established giantDefined-outcome Bitcoin funds aren't new. Several smaller ETF issuers have offered versions since early 2025, with protection levels ranging from full principal protection to a 20% maximum loss. None has attracted much money.
BlackRock's brand and distribution network could change that. IBIT's rapid rise showed how quickly financial advisors and long-term investors might adopt a Bitcoin product from a familiar name. A protected version could appeal to the same audience, particularly advisors who want to offer clients Bitcoin exposure with a smaller worst-case scenario. The upside is smaller too, but it's a toe in the crypto waters either way.
For BlackRock shareholders, PBIT is unlikely to move the needle on its own. It does show the company extending its lead in crypto ETFs by layering new strategies atop IBIT, much as it has done with stock and bond funds for decades.
BTC Bitcoin$82,513.00+$572.61 (+0.70%)
CRYPTO · As of 4:23 PM ET 10/20/26
Who might want PBIT?PBIT could make sense for investors who want some Bitcoin exposure but would bail out of a plain Bitcoin fund after a steep drop. Giving up part of the upside is the price of admission, and in a strong Bitcoin rally, the price of lost opportunity could be steep. Then again, the same is true for staying entirely on Bitcoin's sidelines.
Investors comfortable with Bitcoin's full ride may be better served by a direct fund like IBIT, which has no cap and simpler tax treatment. Everyone else should wait for the buffered fund's final prospectus, especially the fee, before drawing conclusions.
Starbucks Corp (NASDAQ:SBUX, XETRA:SRB) is expected to deliver another quarter of strong US sales growth when it reports results on October 29, but investors will be looking for signs its turnaround can sustain momentum as recent tailwinds fade, according to UBS.
The bank forecasts fiscal fourth-quarter North American same-store sales growth of 7.5%, ahead of the consensus estimate of 6.7%, and earnings per share of $0.77 to $0.82, compared with the $0.72 consensus.
The expected performance reflects progress on Starbucks’ “Back to Starbucks” plan, supported by menu innovation, improved service, marketing and loyalty engagement.
UBS expects sales growth to comprise a 3% increase in average ticket and 4.5% growth in transactions. The fall menu, relaunch of the Unicorn Frappuccino, delivery and operational improvements under the Green Apron Service program are expected to support demand.
However, attention will turn to fiscal 2027 guidance and whether Starbucks can maintain growth as comparisons become more difficult.
Investors generally expect management to guide for US same-store sales growth of at least 3%, with estimates clustering around 3% to 4%. Fiscal 2027 earnings expectations broadly centre on the consensus forecast of $3.16 per share.
UBS models North American same-store sales growth of 4.6% for fiscal 2027, although it cautions that recent tailwinds may diminish.
In the third quarter of fiscal 2026, closures of underperforming stores contributed more than 2 percentage points to US same-store sales growth, while delivery added more than 1 point. UBS estimates that more than half of the quarter’s 8.1% growth could reflect benefits that will not recur at the same magnitude.
The recently announced closure of about 250 North American stores could provide further support as customers shift to nearby locations, while improving store productivity and returns.
UBS forecasts fourth-quarter operating margin of 13.4%, above the 12.6% consensus, supported by sales leverage, cost savings and lower incremental labor costs.
Starbucks is targeting $2 billion in gross cost savings through fiscal 2028. UBS considers its 13.5% to 15% fiscal 2028 operating margin target achievable, modelling 15%.
Despite the positive outlook, UBS sees a balanced risk-reward profile, arguing that shares already reflect a substantial multiyear recovery in sales and earnings.
PayPal (PYPL +1.11%), one of the world's largest digital payment companies, was once a popular growth stock. But if you had invested $1,000 in PayPal when it reached its record high on July 23, 2021, your investment would only be worth $187 today. Let's see why its stock has plummeted over the past five years and whether it's worth a fresh $1,000 investment today.
Image source: PayPal.
What happened to PayPal? PayPal hosted 439 million active accounts in the second quarter of 2026, but that was just 0.3% growth from a year earlier. Since the end of 2022, it's only gained 4 million new accounts.
PayPal is struggling to gain new users due to intense competition from other digital payment platforms. To offset that pressure, it's relying more heavily on its unbranded payment processing platform, Braintree, and its peer-to-peer payments platform, Venmo.
$57.14+$0.63 (+1.11%)
NASDAQ · As of 4:00 PM ET 10/20/26
However, those platforms generate lower take rates (the percentage of each transaction retained as revenue) than its namesake services. As a result, PayPal's transaction take rate has declined every year since its spin-off from eBay (EBAY +0.60%) in 2015. eBay's decision to replace PayPal with Adyen (ADYEY +0.29%) as its preferred payment provider, implemented in stages from 2018 to 2023, made it even harder for PayPal to acquire new accounts.
PayPal's revenue rose 8% in 2023, 7% in 2024, and 4% in 2025. That deceleration indicated its high-growth days were over, so it focused on cutting costs to stabilize its margins and buying back more shares to boost its EPS. Instead of aggressively pursuing new accounts, PayPal rolled out additional features to increase its total transactions and revenue per existing user.
Is PayPal a worthwhile investment today? At its peak, PayPal's stock traded at 87 times the $3.52 in EPS it would generate in 2021. Today, it trades at just 11 times this year's EPS -- even though its business is gradually stabilizing.
From 2025 to 2028, analysts expect PayPal's revenue and EPS to grow at CAGRs of 5% and 4%, respectively, as it deepens its partnerships with credit card companies, rolls out new services for brick-and-mortar businesses, expands Venmo's reach, and diversifies its platform with more crypto trading tools, high-yield savings accounts, and stablecoin-powered transfers.
PayPal isn't down for the count yet, and its low multiple should limit its downside potential. Therefore, it should be a safe place to park a fresh $1,000 investment -- but I wouldn't touch it unless it raises its paltry forward dividend yield of 1%. As a cheap, high-yielding dividend stock, PayPal might attract more investors willing to overlook its other glaring weaknesses.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adyen, PayPal, and eBay. The Motley Fool recommends the following options: short December 2026 $62.50 calls on PayPal. The Motley Fool has a disclosure policy.
Chevron (CVX +0.60%) is preparing to invest more than $7 billion in Venezuela over the next five years, expanding its presence in a country with some of the world's largest oil reserves. In fact, the company recently secured improved commercial and legal terms for its Venezuelan joint ventures, along with additional drilling acreage in the country's oil-rich Orinoco Belt. But the number you should watch isn't the $7 billion investment. It's 600,000 barrels per day. That's Chevron's production target for Venezuela, representing more than double its 2026 output.
Image source: Getty Images.
Why production growth is the key
Chevron's three Venezuelan joint ventures produced about 280,000 barrels of oil per day in the second quarter of 2026, up 15% from the previous six months. So reaching 600,000 barrels per day would add roughly 320,000 barrels of daily production.
At an illustrative oil price of $70 per barrel, that additional output would represent approximately $8.2 billion in annual gross oil sales before accounting for operating costs, government payments, and Chevron's ownership stakes in the joint ventures. That's not trivial.
Chevron also expects total production costs to remain below $20 per barrel, potentially leaving substantial room for profits if oil prices remain favorable. Of course, Venezuela carries significant political and regulatory risks. Years of underinvestment have also left much of the country's oil infrastructure in need of repair. That can't be ignored.
CVX Chevron$225.71+$1.34 (+0.60%)
NYSE · As of 4:00 PM ET 10/20/26
A strategic advantage
Chevron has operated in Venezuela for more than a century and already has producing assets, infrastructure, and established partnerships. That said, the company's investment case extends well beyond Venezuela, with major operations in the United States and other international markets.
On a global scale, Chevron already produces more than 4 million barrels of oil equivalent per day. The additional 320,000 barrels per day targeted in Venezuela would represent roughly 8% of that total, although Chevron's actual share would be smaller because it doesn't fully own the joint ventures. So while Venezuela isn't likely to make or break Chevron, it could still become a meaningful source of additional cash flow, particularly if production costs remain below $20 per barrel. And that does make Venezuela relevant.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.
Pomerantz LLP prověřuje společnost Kinross Gold kvůli možnému porušení předpisů o cenných papírech poté, co firma snížila svůj výhled roční produkce na 1,84 až 1,86 milionu uncí.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Kinross Gold Corporation (“Kinross” or the “Company”) (NYSE: KGC). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Kinross 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 23, 2026, Kinross issued a press release “provid[ing] an operational, guidance and return of capital update.” Specifically, Kinross advised that “[t]he Company now expects full-year 2026 and 2027 attributable production to be 2% to 3% below the low end of the previously disclosed guidance, with approximately 1.84 to 1.86 million gold equivalent ounces (‘Au eq. oz.’) expected per year. The change to the Company’s 2026 guidance is concentrated at two smaller assets, La Coipa and Round Mountain, and is the result of extreme weather and operational challenges.”
On this news, Kinross’s stock price fell $3.20 per share, or 11.59%, to close at $24.42 per share on September 24, 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.
Společnost General Mills ve svém 1. fiskálním čtvrtletí roku 2027 snížila tržby o 3 %, zatímco organické tržby stagnovaly; Bank of America a Evercore ISI snížily cílové ceny.
Shares of General Mills (GIS +2.64%) are down around 30% over the past year. That's way worse than the average consumer staples stock, which is up nearly 10% over the same span. Wall Street is very downbeat on General Mills right now. While no analyst cut its rating on the company after it reported fiscal first-quarter 2027 earnings, only three analysts rate it a buy.
But if history is any guide, the food maker will eventually get back on track. Here's why you may want to buy it despite Wall Street's negative view.
Image source: Getty Images.
What's wrong with General Mills?
From a big-picture perspective, General Mills is dealing with the same basic issues as every other consumer staples company. Consumer buying habits are changing, inflation is causing consumers to tighten their belts, and inflation is increasing company costs. It is a very difficult period, and General Mills has been struggling.
For example, in the first quarter of fiscal 2027, the company's sales fell 3%, and its organic sales were flat. Still, that's actually an improvement from 2026, when the company's sales fell 5%, and organic sales were off by 2%. But it wasn't enough of a change to get Wall Street analysts back on board, with Bank of America (BAC +0.50%) and Evercore ISI actually cutting their price targets.
That said, there was some good news in the quarter. For example, the company's food service and international businesses benefited from sales growth in the quarter. Meanwhile, management highlights that flat organic sales growth suggests the business is stabilizing overall. But it would be hard to argue that the company isn't still struggling. However, that's not the worst thing in the world for long-term dividend investors.
$33.43+$0.86 (+2.64%)
NYSE · As of 4:00 PM ET 10/20/26
General Mills is a survivor
The simple truth is that no company as long-established as General Mills, which traces its history back to the mid-1800s, can avoid hard times. The real question for long-term investors is: how does a company like General Mills handle hard times? The answer is by adjusting.
In fact, fiscal 2026 was a very big transition year for the food maker. It realized that its pricing was out of line with peers and consumer spending levels, and it cut prices. That was a key reason why the year was so bad, financially speaking. The truth is, despite the weak top line, General Mills' fiscal first-quarter 2027 results were stronger than it expected. In addition, the company has been working to reduce costs and modernize its brands to better meet consumer taste preferences. These are all of the things you would expect a well-run company to do.
General Mills isn't likely to go out of business anytime soon. The real risk is the dividend, noting that adjusted fiscal first-quarter 2027 earnings of $0.75 per share leads to a payout ratio of roughly 80%, given its $0.61 per share dividend. That's a little high, which is why the dividend is being held steady while the company works through this difficult period.
GIS Dividend data by YCharts
That's a dividend warning sign, but one that needs to be taken with a grain of salt. General Mills has held the dividend steady before during difficult periods and resumed increases after the trouble has passed. Right now, the company is focusing on reducing leverage and adjusting its business to the current environment. But according to management, the dividend remains a key focus. Given the history here, it is probably worth giving management the benefit of the doubt.
General Mills is paying you well to wait
The truth is, General Mills isn't going to turn its business around overnight. You should be prepared to make a long-term commitment if you buy it today. However, with a 7.3% yield, you are getting paid very well to wait. And while the payout ratio is a bit high, there is still wiggle room before a cut is likely to be on the table. The one caveat is that a new CEO will take over at the start of 2027. However, that CEO is a 27-year veteran of General Mills, so it is likely that the company's approach won't change much, and neither will its commitment to its dividend.
Provozní zisk společnosti Micron ve fiskálním roce 2026 vzrostl z 9,77 miliardy USD na 99,34 miliardy USD díky vysoké poptávce po paměťových čipech pro AI.
Micron (MU -0.98%) has been one of the market's hottest stocks over the past year, with the ongoing artificial intelligence (AI) boom driving investors toward companies that make memory and storage devices. The stock was up 334% over the past 12 months and up 208% for the year through market close on Oct. 16.
There's no doubt it's been a good ride for Micron investors, but what might the next few years look like for the stock?
MU Micron Technology$896.07-$8.83 (-0.98%)
NASDAQ · As of 4:00 PM ET 10/20/26
Micron is riding an AI high Training AI models requires tons of data processing, and all that data must be stored in ways that allow processors to access it rapidly, which is why memory and storage devices have become some of the most important components in data centers.
With demand for memory chips skyrocketing and supplies limited, shortages are plaguing the whole space, and Micron and its peers have been able to flex their pricing power. From fiscal 2025 to fiscal 2026 (which ended Sept. 3), Micron's operating income (profit from core operations) rose from $9.77 billion to $99.34 billion, its gross margin jumped from 39.8% to 80.7%, and its operating margin jumped from 26.1% to 74.6%.
MU Revenue (Annual) data by YCharts.
The memory chip industry has always been cyclical, so current conditions won't prevail permanently, but right now, the company is definitely riding high.
At the moment, all the memory-chip makers are working on new fabrication lines to expand their production capacity. When supply catches up (and it will), prices will inevitably cool, but that doesn't diminish the stock's long-term appeal. The shortage is expected to last at least through 2027, though some have projected it to persist into 2030 because of the compute demands expected from agentic AI.
Regardless, right now, money is pouring into Micron and its peers from the ongoing data center and AI infrastructure build-out.
Could investors triple their investment by 2030? At the time of this writing, Micron is trading at 7.5 times its sales, slightly above the 6.5 P/S ratio it has averaged over the past three years.
MU PS Ratio data by YCharts.
In its fiscal 2027, Micron's revenue is projected to be $318 billion, up 139% from the $133.2 billion it made in fiscal 2026. I don't expect that growth rate to continue to 2030, but let's assume it grows by 30% in fiscal 2028 and 25% in fiscal 2029. That would put its revenue at around $517 billion in fiscal 2030.
If Micron trades at 6.5 to 8 times sales at that point, it would be valued between $3.36 trillion and $4.14 trillion. Right now, it's valued at $994 billion (as of Oct. 16), meaning a $5,000 investment could grow to between $16,900 and $20,800.
Even based on a more conservative P/S outlook, like 3 to 4 times sales (its average in the five years leading up to 2026), a $5,000 investment could grow to between $7,800 and $10,400.
Given all that, it's not hard to imagine a $5,000 investment in Micron growing to at least $15,000 by 2030.
Intuitive ve třetím čtvrtletí zvýšila tržby o 22 % na 3,05 miliardy USD, ale čistý zisk podle GAAP klesl na 523 milionů USD kvůli urovnání antimonopolního sporu.
SUNNYVALE, Calif., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Intuitive (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended September 30, 2026.
Q3 Highlights
Worldwide procedures (da Vinci and Ion combined) grew approximately 15% compared with the third quarter of 2025. Da Vinci procedures grew approximately 14%, and Ion procedures grew approximately 31%.The Company placed 546 da Vinci surgical systems, compared with 427 in the third quarter of 2025. The third quarter 2026 da Vinci surgical system placements included 315 da Vinci 5 systems, compared with 240 in the third quarter of 2025. The Company placed 56 Ion endoluminal systems, compared with 50 in the third quarter of 2025.The Company grew its da Vinci surgical system installed base to 12,094 systems as of September 30, 2026, an increase of 12% compared with 10,763 as of September 30, 2025. The Company grew its Ion endoluminal system installed base to 1,152 systems as of September 30, 2026, an increase of 21% compared with 954 as of September 30, 2025.Third quarter 2026 revenue of $3.05 billion increased 22%, compared with $2.51 billion in the third quarter of 2025.Third quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. was $523 million, or $1.49 per diluted share, compared with $704 million, or $1.95 per diluted share, in the third quarter of 2025.Third quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. included a pre-tax charge of $450 million in connection with the settlement of previously disclosed antitrust class action litigation. The third quarter 2026 expense was $347 million, net of tax, or $0.99 per diluted share.Third quarter 2026 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $1.05 billion, or $3.00 per diluted share, compared with $867 million, or $2.40 per diluted share, in the third quarter of 2025.Third quarter 2026 GAAP and non-GAAP* net income attributable to Intuitive Surgical, Inc. included a benefit of $22 million, net of tax, or $0.06 per diluted share, related to refunds for tariffs paid in prior periods under the International Emergency Economic Powers Act (“IEEPA”).The Company repurchased 7.8 million shares of its common stock for $2.94 billion in the third quarter of 2026. Q3 Financial Summary
Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
Third quarter 2026 revenue was $3.05 billion, an increase of 22% compared with $2.51 billion in the third quarter of 2025. The higher third quarter revenue was driven by growth in procedure volume, higher operating lease revenue, and an increase in the installed base of systems.
Third quarter 2026 instruments and accessories revenue increased by 18% to $1.80 billion, compared with $1.52 billion in the third quarter of 2025. The increase in instruments and accessories revenue was primarily driven by approximately 14% growth in da Vinci procedure volume and approximately 31% growth in Ion procedure volume.
Third quarter 2026 systems revenue was $769 million, compared with $590 million in the third quarter of 2025. The higher systems revenue reflected increased da Vinci system placements and a higher lease installed base compared with the third quarter of 2025. The Company placed 546 da Vinci surgical systems, of which 315 were da Vinci 5 systems, in the third quarter of 2026, compared with 427 systems, of which 240 were da Vinci 5 systems, in the third quarter of 2025. The third quarter 2026 da Vinci surgical system placements included 291 systems placed under operating lease arrangements, of which 160 systems were placed under usage-based operating lease arrangements, compared with 231 systems placed under operating lease arrangements, of which 115 systems were placed under usage-based operating lease arrangements in the third quarter of 2025.
Third quarter 2026 GAAP income from operations decreased to $593 million, compared with $760 million in the third quarter of 2025. Third quarter 2026 GAAP income from operations included share-based compensation expense of $216 million, compared with $206 million in the third quarter of 2025. Third quarter 2026 non-GAAP* income from operations increased to $1.27 billion, compared with $976 million in the third quarter of 2025.
In October 2026, following a mediation in the “In re: da Vinci Surgical Robot Antitrust Litigation” class action, the Company reached written agreement, without any admission of liability or wrongdoing, to settle the previously disclosed antitrust litigation for a one-time payment of $450 million and mutually agreed injunctive relief. The Company recorded a $450 million charge to selling, general, and administrative expenses in the third quarter of 2026. The settlement remains subject to preliminary and final Court approval, and there can be no assurance the Court will approve it or that individual class members will not object. The third quarter 2026 expense was $347 million, net of tax, or $0.99 per diluted share.
Third quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. was $523 million, or $1.49 per diluted share, compared with $704 million, or $1.95 per diluted share, in the third quarter of 2025. Third quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. included excess tax benefits of $13 million, or $0.04 per diluted share, compared with $24 million, or $0.07 per diluted share, in the third quarter of 2025. Additionally, third quarter 2026 GAAP net income included a benefit of $22 million, net of tax, or $0.06 per diluted share, related to refunds for tariffs paid in prior periods under IEEPA.
Third quarter 2026 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $1.05 billion, or $3.00 per diluted share, compared with $867 million, or $2.40 per diluted share, in the third quarter of 2025. Third quarter 2026 non-GAAP* net income included a benefit of $22 million, net of tax, or $0.06 per diluted share, related to refunds for tariffs paid in prior periods under IEEPA.
The Company ended the third quarter of 2026 with $6.80 billion in cash, cash equivalents, and investments, a decrease of $1.83 billion during the quarter, primarily driven by cash used for repurchases of common stock and purchases of property, plant, and equipment, partially offset by cash generated from operations.
“Our strong performance this quarter was marked by broad-based adoption across our multi-port, single-port, and Ion platforms, with customers using our systems to perform, on average, over 10,000 procedures per day throughout the period,” said Dave Rosa, Intuitive CEO. “Looking ahead, we will remain focused on serving customers across geographies and sites of care, enabling them to deliver better patient care, outcomes, and experiences, reduce the total cost of care, and expand access to minimally invasive care.”
2026 Financial Outlook
The Company expects the following results for the full year of 2026:
Worldwide da Vinci procedure growth of approximately 14% to 15% in 2026. The Company expects to be closer to the midpoint of this range.Non-GAAP* gross profit margin to be within a range of 68.7% to 69.3% of revenue in 2026. This range includes an estimated impact from tariffs of 0.9% of revenue (excluding recognized tariff refunds).Non-GAAP* operating expense growth of 11% to 13% in 2026. The range for expected non-GAAP* gross profit margin reflects the Company’s estimates of the adverse impact from tariffs that are currently in effect as of the time of this press release and assumes such tariffs remain in place through the end of the year. Should additional tariffs beyond our expectations be implemented, the additional impact on the Company’s financial results in 2026, including the change in expected non-GAAP* gross profit margin, could be material. The ultimate effect of tariffs will depend on various factors, including the proportion of components procured and finished goods manufactured outside of the United States and the amount, scope, nature, and timing of the tariffs.
The 2026 financial outlook provided above includes forward-looking, non-GAAP financial measures, which management uses in measuring performance. We do not provide a reconciliation of non-GAAP outlook measures to corresponding GAAP measures on a forward-looking basis, because we are unable to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including but not limited to legal proceedings, without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to the Company’s results computed in accordance with GAAP. For additional information regarding the nature of these items, refer to the reconciliations of historical GAAP to non-GAAP measures included elsewhere in this release.
Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/.
Webcast and Conference Call Information
Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the third quarter 2026 financial results. The call will be webcast live and can be accessed on Intuitive’s website at www.intuitive.com. For those individuals planning to participate on the call, registration can be completed online at https://edge.media-server.com/mmc/p/6sniqxsm to receive dial-in details and an individual pin. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic-assisted surgery. Our technologies include the da Vinci surgical systems and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most.
Product and brand names/logos are trademarks or registered trademarks of Intuitive or their respective owner. See www.intuitive.com/trademarks.
For more information, please visit the Company’s website at www.intuitive.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements relate to expectations concerning matters that are not historical facts. Statements using words such as “estimates,” “projects,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “may,” “will,” “could,” “should,” “commit,” “would,” “seek,” “potential,” “targeted,” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are necessarily estimates reflecting the judgment of the Company’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements include, but are not limited to, the following: statements related to future results of operations, including expected worldwide da Vinci procedure growth in 2026 and where within the expected range such growth will fall, expected non-GAAP gross profit margins in 2026, including the estimated impact from tariffs on such margins, and expected non-GAAP operating expense growth in 2026; future financial position; the Company's focus on serving customers across geographies and sites of care and the goals the Company shares with its customers, including improving patient care, outcomes, and experiences, reducing the total cost of care, and expanding access to minimally invasive care; the estimated impact from tariffs, including the assumption that tariffs currently in effect remain in place through the end of the year and the potential for material adverse impact on the Company’s financial results if additional tariffs beyond the Company’s current expectations are implemented; the proposed settlement of the antitrust class action litigation, including the receipt of preliminary and final court approval, and the extent of any objections to the settlement; expectations regarding the continuation of share-based compensation expense as a significant recurring expense; the Company’s strategic vision for the future of minimally invasive care; and the Company’s inability to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including legal proceedings. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which may impact customer spending and the Company’s costs, including tariffs, the levels of inflation, and interest rates; the conflict in Ukraine; conflicts in the Middle East, including Israel and Iran; disruption to the Company’s supply chain, including increased difficulties in obtaining a sufficient supply of materials; curtailed or delayed capital spending by hospitals; the impact of global and regional economic and credit market conditions on healthcare spending; delays in obtaining new product approvals, clearances, or certifications from the United States (“U.S.”) Food and Drug Administration (“FDA”), comparable regulatory authorities, or notified bodies; the risk of the Company’s inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and customer acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Company’s completion of and ability to successfully integrate acquisitions, including the recently completed acquisition of the da Vinci and Ion distribution businesses in Italy, Spain, and Portugal and the transition from a distributor to a direct sales model in those markets; intellectual property positions and litigation; competition from companies offering alternative surgical approaches or robotic-assisted surgical systems, including domestic competitors in certain geographic markets such as China; risks associated with the Company’s operations and any expansion outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; the Company’s reliance on sole- and single-sourced suppliers; the results of legal proceedings to which the Company is or may become a party; the risk that the proposed settlement of the antitrust class action litigation does not receive preliminary or final court approval on the agreed terms or at all, including as a result of objections by class members, or that any approval is appealed; adverse publicity regarding the Company and the safety of the Company’s products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements (including changes to tariffs imposed by the U.S. on imports from various countries, including Mexico, where the Company currently manufactures a significant majority of its instruments and accessories, Germany, where the Company currently manufactures a majority of its endoscopes, and China, where the Company currently imports certain materials); hospital staffing constraints and labor availability; cybersecurity risks, including risks to the Company’s supply chain; and other risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by the Company’s other filings with the Securities and Exchange Commission (“SEC”). The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statement, and the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.
*About Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive, and non-GAAP net income per diluted share attributable to Intuitive (“EPS”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (“SBC”) and long-term incentive plan (“LTIP”) expenses, acquisition-related items, a facilities asset abandonment charge, litigation charges, gains on the sale of businesses and assets, gains or losses on strategic investments, tax adjustments, and other special items. LTIP expense relates to phantom share awards granted in China by the Company’s Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. These awards are valued based on certain key performance metrics. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Company’s business within the period. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to its historical performance. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Company’s business.
Non-GAAP gross profit. The Company defines non-GAAP gross profit as gross profit, excluding SBC and LTIP expenses, amortization of intangible assets, and acquisition-related items.
Non-GAAP income from operations. The Company defines non-GAAP income from operations as income from operations, excluding SBC and LTIP expenses, amortization of intangible assets, a facilities asset abandonment charge, litigation charges, acquisition-related items, and gains on the sale of businesses and assets.
Non-GAAP net income attributable to Intuitive and EPS. The Company defines non-GAAP net income as net income attributable to Intuitive, excluding SBC and LTIP expenses, amortization of intangible assets, a facilities asset abandonment charge, litigation charges, acquisition-related items, gains on the sale of businesses and assets, gains or losses on strategic investments, tax adjustments, including the excess tax benefits associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets, and adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects. The Company excludes the excess tax benefits associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the ongoing results of its core operations. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Company’s operating results. The Company’s calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive divided by diluted shares outstanding, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period.
There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive, and non-GAAP EPS exclude items such as SBC and LTIP expenses, amortization of intangible assets, excess tax benefits associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfers of non-inventory assets, which are primarily recurring items. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive and non-GAAP EPS together with net income attributable to Intuitive and net income per share attributable to Intuitive calculated in accordance with GAAP.
INTUITIVE SURGICAL, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA)
Three Months Ended September 30,
2026 June 30,
2026 September 30,
2025Revenue: Instruments and accessories$1,797.4 $1,734.9 $1,518.8 Systems 769.1 685.0 590.4 Services 482.2 472.4 395.9 Total revenue 3,048.7 2,892.3 2,505.1 Cost of revenue: Product 797.7 777.0 699.4 Service 166.7 154.9 143.3 Total cost of revenue (1) 964.4 931.9 842.7 Gross profit 2,084.3 1,960.4 1,662.4 Operating expenses: Selling, general, and administrative (2) 1,083.4 617.9 573.3 Research and development 408.3 370.6 329.4 Total operating expenses 1,491.7 988.5 902.7 Income from operations (3) 592.6 971.9 759.7 Interest and other income, net 75.8 82.7 95.5 Income before taxes 668.4 1,054.6 855.2 Income tax expense (benefit) (4) 144.0 231.4 146.0 Net income 524.4 823.2 709.2 Less: net income attributable to noncontrolling interest in joint venture 1.6 5.1 4.8 Net income attributable to Intuitive Surgical, Inc.$522.8 $818.1 $704.4 Net income per share attributable to Intuitive Surgical, Inc.: Basic$1.50 $2.31 $1.98 Diluted (5)$1.49 $2.29 $1.95 Weighted average shares outstanding: Basic 349.0 354.1 356.6 Diluted 351.6 357.3 361.8 (1) Cost of revenue includes the following benefits related to refunds recognized for tariffs paid in prior periods under IEEPA:Product$25.7 $27.5 $— Service$2.1 $8.4 $— (2) Selling, general, and administrative includes the effect of the following item: Litigation charges$454.9 $0.1 $8.1 (3) Income from operations includes the effect of the following items: Amortization of intangible assets$(9.3) $(24.0) $(3.3)Expensed IP charged to R&D$— $— $(0.6)(4) Income tax expense (benefit) includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements$(12.6) $(17.3) $(24.2)Discrete tax benefit from release of unrecognized tax benefits$— $— $(22.5)(5) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items:IEEPA tariff refunds, net of tax$0.06 $0.08 $— Litigation charges, net of tax$(1.00) $— $(0.02)Amortization of intangible assets, net of tax$(0.03) $(0.05) $(0.01)Excess tax benefits related to share-based compensation arrangements$0.04 $0.05 $0.07 Discrete tax benefit from release of unrecognized tax benefits$— $— $0.06 INTUITIVE SURGICAL, INC.
UNAUDITED YEAR-TO-DATE CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA)
Nine Months Ended September 30, 2026
2025
Revenue: Instruments and accessories$5,218.7 $4,360.6 Systems 2,104.8 1,687.8 Services 1,388.3 1,150.1 Total revenue 8,711.8 7,198.5 Cost of revenue: Product 2,354.7 2,056.3 Service 481.9 404.2 Total cost of revenue (1) 2,836.6 2,460.5 Gross profit 5,875.2 4,738.0 Operating expenses: Selling, general, and administrative (2) 2,314.6 1,697.9 Research and development 1,140.8 958.9 Total operating expenses 3,455.4 2,656.8 Income from operations (3) 2,419.8 2,081.2 Interest and other income, net 243.6 274.6 Income before taxes 2,663.4 2,355.8 Income tax expense (4) 489.8 278.7 Net income 2,173.6 2,077.1 Less: net income attributable to noncontrolling interest in joint venture 11.2 15.9 Net income attributable to Intuitive Surgical, Inc.$2,162.4 $2,061.2 Net income per share attributable to Intuitive Surgical, Inc.: Basic$6.13 $5.77 Diluted (5)$6.07 $5.67 Weighted average shares outstanding: Basic 352.6 357.5 Diluted 356.2 363.5 (1) Cost of revenue includes the following benefits related to refunds recognized for tariffs paid in prior periods under IEEPA:Product$53.2 $— Service$10.5 $— (2) Selling, general, and administrative includes the effect of the following item: Litigation charges$461.3 $12.5 (3) Income from operations includes the effect of the following items: Amortization of intangible assets$(40.4) $(9.9)Expensed IP charged to R&D$— $(7.3)(4) Income tax expense includes the effect of the following items: Excess tax benefits related to share-based compensation arrangements$(103.2) $(202.5)Discrete tax benefit from release of unrecognized tax benefits$(1.6) $(23.0)(5) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items:IEEPA tariff refunds, net of tax$0.14 $— Litigation charges, net of tax$(1.00) $(0.03)Amortization of intangible assets, net of tax$(0.09) $(0.02)Expensed IP charged to R&D, net of tax$— $(0.02)Excess tax benefits related to share-based compensation arrangements$0.29 $0.56 Discrete tax benefit from release of unrecognized tax benefits$— $0.06 INTUITIVE SURGICAL, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
September 30,
2026
December 31,
2025
Cash, cash equivalents, and investments$6,800.4 $9,034.1 Accounts receivable, net 1,721.3 1,527.3 Inventory 2,128.2 1,840.0 Property, plant, and equipment, net 5,676.2 5,342.4 Goodwill 557.8 370.3 Deferred tax assets 719.7 1,018.6 Other assets 1,745.5 1,326.0 Total assets$19,349.1 $20,458.7 Accounts payable and other liabilities$2,561.9 $1,918.9 Deferred revenue 669.4 598.1 Total liabilities 3,231.3 2,517.0 Stockholders’ equity 16,117.8 17,941.7 Total liabilities and stockholders’ equity$19,349.1 $20,458.7 INTUITIVE SURGICAL, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(IN MILLIONS, EXCEPT PER SHARE DATA) Three Months Ended Nine Months Ended September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025GAAP gross profit $2,084.3 $1,960.4 $1,662.4 $5,875.2 $4,738.0 GAAP gross profit margin (1) 68.4% 67.8% 66.4% 67.4% 65.8%Share-based compensation expense 36.6 36.2 38.8 108.8 111.6 Long-term incentive plan expense — (0.1) 0.2 — 0.6 Amortization of intangible assets 8.7 23.3 2.4 38.6 7.3 Acquisition-related items — 4.1 — 10.0 — Non-GAAP gross profit $2,129.6 $2,023.9 $1,703.8 $6,032.6 $4,857.5 Non-GAAP gross profit margin (1) 69.9% 70.0% 68.0% 69.2% 67.5% GAAP income from operations $592.6 $971.9 $759.7 $2,419.8 $2,081.2 Share-based compensation expense 212.6 209.9 203.5 632.0 584.9 Long-term incentive plan expense 0.3 (0.4) 1.3 0.4 2.4 Amortization of intangible assets 9.3 24.0 3.3 40.4 9.9 Facilities asset abandonment charge — 6.9 — 6.9 — Litigation charges 454.9 — 8.1 461.2 11.6 Gains on sale of businesses and assets — — — (7.9) — Acquisition-related items — 5.7 — 11.7 — Non-GAAP income from operations $1,269.7 $1,218.0 $975.9 $3,564.5 $2,690.0 GAAP net income attributable to Intuitive Surgical, Inc. $522.8 $818.1 $704.4 $2,162.4 $2,061.2 Share-based compensation expense 212.6 209.9 203.5 632.0 584.9 Long-term incentive plan expense 0.3 (0.4) 1.3 0.4 2.4 Amortization of intangible assets 9.3 24.0 3.3 40.4 9.9 Facilities asset abandonment charge — 6.9 — 6.9 — Litigation charges 454.9 — 8.1 461.2 11.6 Gains on sale of businesses and assets — — — (7.9) — (Gains) losses on strategic investments (0.9) (0.2) (3.0) (1.7) 2.0 Acquisition-related items — 5.7 — 11.7 — Tax adjustments (2) (144.4) (62.1) (49.9) (347.6) (344.3)Adjustments attributable to noncontrolling interest in joint venture (0.1) 0.2 (0.5) (0.1) (1.1)Non-GAAP net income attributable to Intuitive Surgical, Inc. $1,054.5 $1,002.1 $867.2 $2,957.7 $2,326.6 GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted $1.49 $2.29 $1.95 $6.07 $5.67 Share-based compensation expense 0.60 0.59 0.56 1.77 1.61 Long-term incentive plan expense — — 0.01 — 0.01 Amortization of intangible assets 0.03 0.07 0.01 0.11 0.03 Facilities asset abandonment charge — 0.02 — 0.02 — Litigation charges 1.29 — 0.02 1.29 0.03 Gains on sale of businesses and assets — — — (0.02) — (Gains) losses on strategic investments — — (0.01) — — Acquisition-related items — 0.01 — 0.03 — Tax adjustments (2) (0.41) (0.18) (0.14) (0.97) (0.95)Adjustments attributable to noncontrolling interest in joint venture — — — — — Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted $3.00 $2.80 $2.40 $8.30 $6.40 (1) Gross profit margin is calculated by dividing gross profit by revenue.(2) For the three months ended September 30, 2026, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(12.6) million, or $(0.04) per diluted share; (b) the tax impact related to intra-entity transfers of non-inventory assets of $10.7 million, or $0.03 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(142.5) million, or $(0.40) per diluted share. For the three months ended September 30, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(24.2) million, or $(0.07) per diluted share; (b) the tax impact related to intra-entity transfers of non-inventory assets of $10.6 million, or $0.03 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(36.3) million, or $(0.10) per diluted share.For the nine months ended September 30, 2026, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(103.2) million, or $(0.29) per diluted share; (b) tax impact related to intra-entity transfers of non-inventory assets of $32.1 million, or $0.09 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(276.5) million, or $(0.77) per diluted share. For the nine months ended September 30, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of $(202.5) million, or $(0.56) per diluted share; (b) tax impact related to intra-entity transfers of non-inventory assets of $32.0 million, or $0.09 per diluted share; and (c) other tax adjustments effects determined by applying a calculated non-GAAP effective tax rate of $(173.8) million, or $(0.48) per diluted share. Contact: Investor Relations
(408) 523 - 2161
Texas Instruments ve svém výhledu před výsledky očekává tržby v rozmezí 5,65–6,15 mld. USD; střední hodnota odhadu 5,90 mld. USD znamená mezikvartální růst o 8 %.
Management's sales guidance sets an approximately 8% sequential growth hurdle for the October 21 report. Summary
The revenue midpoint would lift quarterly sales by roughly $437 million from the second quarter.
Texas Instruments TXN needs roughly $437 million in additional quarterly sales just to hit the midpoint of its own guidance. That is the hurdle. Shares traded at $279.96, up approximately 1.38%, around 12:35 p.m. ET on October 20. Ahead of earnings, Wells Fargo cut its price target to $300 from $310 while keeping an Equal Weight rating. The question is whether stronger demand can deliver the growth management has already promised.
TI's second-quarter release put third-quarter revenue guidance at $5.65 billion to $6.15 billion. The $5.90 billion midpoint requires an approximately 8% increase from second-quarter revenue of $5.463 billion, with management pointing to industrial, data-center and automotive demand. Results scheduled for October 21 will turn that forecast into a scorecard. The valuation picture adds pressure: at $279.96, shares sit 16.78% above the displayed GF Value estimate of $239.74. That model is no verdict, but it raises the stakes for execution.
My test is simple: clear the sales hurdle, then show why orders can keep growing. AI infrastructure spending matters when it translates into sustained component demand, supported by a broader industrial recovery. Watch revenue against the $5.90 billion midpoint, the next quarter's guidance and the strength of demand across end markets. Hitting the current target would show TI delivered. A stronger outlook, backed by durable orders, would give investors a reason to expect more.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Nucor investuje 60 milionů USD do rozšíření závodu v Trinity v Alabamě, čímž zvýší výrobu ocelových stožárů pro energetickou infrastrukturu a vytvoří 60 pracovních míst.
, /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced that it will invest $60 million to expand its Nucor Towers & Structures facility in Trinity, Alabama, subject to regulatory and other approvals. The project will add 60 jobs with average annual wages exceeding $87,000 and increase production of steel poles and other steel structures for utility infrastructure.
"Utilities across the country are making significant investments to strengthen and modernize the nation's power grid," said Leon Topalian, Chair and Chief Executive Officer of Nucor Corporation. "By expanding our Trinity facility adjacent to our Decatur sheet mill, we can combine American-made steel with highly efficient manufacturing to better serve our utility customers and support their long-term infrastructure needs. This investment also builds on Nucor's longstanding commitment to Alabama and its communities."
The Nucor Towers & Structures facility began operations in September 2025 and is located adjacent to Nucor Steel Decatur. The expansion will add production capacity, additional laydown space and a dedicated galvanizing inspection area.
"Nucor has deep roots in Alabama, and we are proud to continue growing our operations in Trinity," said Laurent De Mey, Vice President and General Manager of Nucor Towers & Structures. "This expansion will allow us to increase production, better serve our utility customers and create high-quality jobs in the region. We appreciate the support of Governor Ivey, the Alabama Department of Commerce, Morgan County, the City of Decatur, our local chambers of commerce and the many state and community leaders who have helped make this investment possible."
This additional investment will increase Nucor's ability to serve utility customers as they expand, modernize and strengthen the nation's power infrastructure.
Nucor formed its Towers & Structures business in 2022 through the acquisition of Summit Utility Structures LLC and its manufacturing facility in Pennsylvania. The company subsequently opened new facilities in Alabama and Indiana and is constructing a fourth facility in Utah, which is expected to begin operations next year.
Nucor employs more than 2,700 teammates at 12 locations across Alabama, including three steel mills that use recycled scrap as their primary raw material to make new steel products.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Annaly Capital Management ve třetím čtvrtletí vykázala čistou ztrátu podle GAAP ve výši 1,36 USD na akcii a ekonomickou ztrátu ve výši 7,6 %; účetní hodnota na akcii klesla na 17,86 USD.
NEW YORK--(BUSINESS WIRE)--Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended September 30, 2026.
Financial Highlights
GAAP net income (loss) of ($1.36) per average common share for the quarter Earnings available for distribution ("EAD") of $0.80 per average common share for the quarter Economic return (loss) of (7.6%) for the third quarter Book value per common share of $17.86 GAAP leverage of 8.0x, up from 7.4x in the prior quarter; economic leverage of 5.9x, up from 5.6x in the prior quarter Declared quarterly common stock cash dividend of $0.75 per share Business Highlights
Investment and Strategy
Total portfolio of $106.5 billion, including $91.8 billion in highly liquid Agency portfolio(1) Annaly’s Agency portfolio decreased modestly, representing 55% of dedicated capital(2), with activity focused on further rotation into higher coupon specified pools Actively managed the hedge portfolio throughout the quarter, primarily adding Treasury futures to offset market-driven extension and maintain a disciplined risk posture, ending the quarter with a hedge ratio of 100% Annaly’s Residential Credit portfolio was effectively unchanged at $10.4 billion(1), representing 23% of dedicated capital(2), with continued strong production from its whole loan correspondent channel including record loan fundings of $5.8 billion Annaly's MSR portfolio increased to $4.3 billion(1) in market value, representing 22% of dedicated capital(2); Onslow Bay is the sixth-largest non-bank servicer of Agency MBS(3) Financing and Capital
$8.5 billion of total assets available for financing(4), including cash and unencumbered Agency MBS of $4.2 billion During the quarter, Annaly Residential Credit Group issued twelve securitizations totaling a record $7.4 billion across a wide array of product types
– Remained the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS(5) Average GAAP cost of interest-bearing liabilities of 4.34%, up six basis points quarter-over-quarter, and average economic cost of interest-bearing liabilities of 4.03%, up seven basis points quarter-over-quarter Maintained warehouse capacity of $8.3 billion across our Residential Credit and MSR businesses, including $2.8 billion of committed capacity Announced redemption of all outstanding shares of the $442.5 million Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock(6) Raised $757 million of accretive capital through the Company’s at-the-market sales program(7) "While the third quarter of 2026 was a challenging period for fixed income markets, which we were not immune to, we entered the quarter prepared for the volatility. Our cycle-low leverage and minimal duration exposure provided us with the flexibility to actively manage our portfolio while continuing to make attractive investments across our three strategies," remarked Chief Executive Officer & Co-Chief Investment Officer David Finkelstein. "Meanwhile, Annaly generated EAD of $0.80 per share, once again exceeding the common stock dividend and underscoring the durable earnings power of our platform.
"Looking ahead, we remain disciplined in our approach to capital allocation, leverage, liquidity and our hedge portfolio. We continue to see ample investment opportunities across each of our three strategies and we believe Annaly’s deep capital base, differentiated operating capabilities and active portfolio management position us well to deploy capital and generate compelling risk-adjusted returns."
(1)
Total portfolio represents Annaly’s investments that are on-balance sheet and off-balance sheet in which Annaly has economic exposure. Assets exclude assets transferred or pledged to securitization vehicles of $42.5 billion, include TBA purchase contracts (market value) of $6.5 billion, include $4.1 billion of retained securities that are eliminated in consolidation and are shown net of participations issued totaling $2.2 billion.
(2)
Dedicated capital for each of the investment strategies is calculated as the difference between each investment strategy’s allocated assets (including TBAs) and liabilities.
(3)
Based on information aggregated from Fannie Mae and Freddie Mac monthly loan level files by eMBS servicing transfer data as of September 30, 2026. Excludes transfer activity related to platform acquisitions.
(4)
Comprised of $6.9 billion of unencumbered assets, which represents Annaly’s excess liquidity and defined as assets that have not been pledged or securitized (generally including cash and cash equivalents, Agency MBS, CRT, Non-Agency MBS, residential mortgage loans, MSR, reverse repurchase agreements, other unencumbered financial assets and capital stock), and $1.6 billion of fair value of collateral pledged for future advances.
(5)
Issuer ranking data from Inside Nonconforming Markets for 2025 to 2026 (October 9, 2026 issue). Used with permission.
(6)
All outstanding shares of Annaly's 6.750% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock were redeemed subsequent to quarter end on October 1, 2026.
(7)
Net of sales agent commissions and other offering expenses.
Financial Performance
The following table summarizes certain key performance indicators as of and for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025:
September 30,
2026
June 30,
2026
September 30,
2025
Book value per common share
$
17.86
$
20.15
$
19.25
GAAP net income per average common share (1)
$
(1.36
)
$
1.06
$
1.21
Annualized GAAP return on average equity (2)
(24.35
%)
19.88
%
23.69
%
GAAP leverage at period-end (3)
8.0:1
7.4:1
7.1:1
Net interest margin (4)
1.54
%
1.47
%
0.97
%
Average yield on interest earning assets (5)
5.58
%
5.44
%
5.40
%
Average GAAP cost of interest bearing liabilities (6)
4.34
%
4.28
%
4.73
%
Net interest spread
1.24
%
1.16
%
0.67
%
Non-GAAP metrics *
Earnings available for distribution per average common share (1)
$
0.80
$
0.79
$
0.73
Annualized EAD return on average equity
15.86
%
15.12
%
14.70
%
Economic leverage at period-end (3)
5.9:1
5.6:1
5.7:1
Net interest margin (excluding PAA) (4)
1.69
%
1.76
%
1.70
%
Average yield on interest earning assets (excluding PAA) (5)
5.45
%
5.46
%
5.46
%
Average economic cost of interest bearing liabilities (6)
4.03
%
3.96
%
3.96
%
Net interest spread (excluding PAA)
1.42
%
1.50
%
1.50
%
* Represents a non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for additional information.
(1) Net of dividends on preferred stock. The quarter ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock (the "Series J Preferred Stock") as of September 30, 2025.
(2) Annualized GAAP return on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return on average equity is (6.09%), 4.97%, and 5.92% for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
(3) GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced ("TBA") derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, structured repurchase transactions (included within Debt issued by securitization vehicles) and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued are non-recourse to us and are excluded from economic leverage.
(4) Net interest margin represents interest income less interest expense divided by average Interest Earning Assets. Net interest margin does not include net interest component of interest rate swaps. Net interest margin (excluding PAA) represents the sum of interest income (excluding PAA) plus TBA dollar roll income and less economic interest expense divided by the sum of average Interest Earning Assets plus average outstanding TBA contract balances. PAA represents the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities.
(5) Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA).
(6) Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). Net interest on variation margin related to interest rate swaps is included in the Net interest component of interest rate swaps in the Company’s Consolidated Statements of Comprehensive Income (Loss).
Other Information
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s beliefs and expectations, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results could differ materially from those set forth in forward-looking statements. Factors that could cause actual results to differ from those contained in the forward-looking statements can be found in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Annaly undertakes no obligation to update or revise any forward-looking statements.
We use our website and LinkedIn account as additional channels for distributing material company information, along with our press releases, SEC filings and public conference calls and webcasts.
The Company prepares an investor presentation and financial supplement for the benefit of its shareholders. Please refer to the investor presentation for definitions of both GAAP and non-GAAP measures used in this news release. Both the Third Quarter 2026 Investor Presentation and the Third Quarter 2026 Financial Supplement can be found on our website.
Conference Call
The Company will hold the third quarter 2026 earnings conference call on October 21, 2026 at 9:00 a.m. Eastern Time. Participants are encouraged to pre-register for the conference call to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed by accessing the pre-registration link found on the "Investors" section of the Company's website at www.annaly.com, or by using the following link: https://registrations.events/direct/IDX71212VIP2npOaYFOwrG0Td. Pre-registration may be completed at any time, including up to and after the call start time.
For participants who would like to join the call but have not pre-registered, access is available by dialing 800-715-9871 within the U.S., or 646-307-1963 internationally, and requesting the "Annaly Earnings Call."
There will also be an audio webcast of the call on www.annaly.com. A replay of the call will be available for one week following the conference call. The replay number is 800-770-2030 for domestic calls and 609-800-9909 for international calls and the conference passcode is 71212#. If you would like to be added to the e-mail distribution list, please visit www.annaly.com, click on News & Insights, then select Subscribe and complete the email notification form.
Financial Statements
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share data)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025 (1)
September 30,
2025
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Assets
Cash and cash equivalents
$
2,180,894
$
2,912,086
$
1,912,444
$
2,037,838
$
2,096,696
Securities
86,897,746
89,515,485
88,473,681
91,287,630
85,062,725
Loans, net
6,869,820
7,280,979
7,230,876
5,020,784
4,008,299
Mortgage servicing rights
4,199,823
4,089,485
4,115,999
3,645,865
3,476,181
Interests in MSR
110,350
106,775
27,212
28,626
35,833
Assets transferred or pledged to securitization vehicles
42,459,566
38,256,690
34,207,738
32,067,433
29,512,309
Derivative assets
1,204,812
81,784
395,099
115,533
47,899
Reverse repurchase agreements
32,425
33,047
33,524
34,389
35,004
Receivable for unsettled trades
705,160
104,722
891,293
1,031
185,916
Principal and interest receivable
882,299
846,548
806,484
926,660
959,435
Intangible assets, net
4,708
5,380
6,053
6,726
7,398
Other assets
599,871
508,195
437,188
437,323
433,877
Total assets
$
146,147,474
$
143,741,176
$
138,537,591
$
135,609,838
$
125,861,572
Liabilities and stockholders’ equity
Liabilities
Repurchase agreements
$
85,525,065
$
86,895,874
$
85,068,102
$
81,865,723
$
75,118,963
Other secured financing
1,125,000
1,125,000
1,125,000
1,075,000
1,025,000
Debt issued by securitization vehicles
38,380,269
34,366,098
30,719,417
28,918,753
26,601,790
Participations issued
2,200,562
2,553,709
2,484,018
1,932,655
1,831,657
U.S. Treasury securities sold, not yet purchased
—
—
—
2,396,724
2,442,570
Derivative liabilities
302,774
247,968
207,369
53,755
199,100
Payable for unsettled trades
1,108,206
331,586
1,522,750
2,059,386
2,604,278
Interest payable
319,589
420,764
347,607
380,688
285,080
Dividends payable
588,505
562,931
511,203
494,881
476,737
Other liabilities
703,118
258,870
226,314
272,362
279,818
Total liabilities
130,253,088
126,762,800
122,211,780
119,449,927
110,864,993
Stockholders’ equity
Preferred stock, par value $0.01 per share (2)
1,802,480
1,802,480
1,802,480
1,802,480
1,802,480
Common stock, par value $0.01 per share (3)
7,847
7,506
7,303
7,070
6,811
Additional paid-in capital
29,654,134
28,886,263
28,427,555
27,927,113
27,352,976
Accumulated other comprehensive income (loss)
(795,806
)
(557,014
)
(533,614
)
(488,566
)
(624,387
)
Accumulated deficit
(14,848,732
)
(13,213,859
)
(13,429,615
)
(13,157,325
)
(13,626,983
)
Total stockholders’ equity
15,819,923
16,925,376
16,274,109
16,090,772
14,910,897
Noncontrolling interests
74,463
53,000
51,702
69,139
85,682
Total equity
15,894,386
16,978,376
16,325,811
16,159,911
14,996,579
Total liabilities and equity
$
146,147,474
$
143,741,176
$
138,537,591
$
135,609,838
$
125,861,572
(1) Derived from the audited consolidated financial statements at December 31, 2025.
(2) 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock - Includes 28,800,000 shares authorized, issued and outstanding. 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock - Includes 17,000,000 shares authorized, issued and outstanding. 6.75% Series I Preferred Stock - Includes 17,700,000 shares authorized, issued and outstanding. 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock - Includes 11,500,000 shares authorized, and 11,000,000 issued and outstanding.
(3) Includes 1,456,750,000 shares authorized. Includes 784,673,349 shares issued and outstanding at September 30, 2026; 750,574,308 shares issued and outstanding at June 30, 2026; 730,290,500 shares issued and outstanding at March 31, 2026; 706,972,452 shares issued and outstanding at December 31, 2025; 681,052,317 shares issued and outstanding at September 30, 2025.
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except per share data)
(Unaudited)
For the quarters ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Net interest income
Interest income
$
1,970,425
$
1,812,198
$
1,724,930
$
1,690,707
$
1,532,497
Interest expense
1,426,813
1,324,005
1,272,239
1,324,128
1,256,747
Net interest income
543,612
488,193
452,691
366,579
275,750
Net servicing income
Servicing and related income
173,096
175,059
159,133
156,131
141,356
Servicing and related expense
17,087
17,835
16,580
16,485
15,104
Net servicing income
156,009
157,224
142,553
139,646
126,252
Other income (loss)
Net gains (losses) on investments and other
(4,721,745
)
(318,503
)
(672,119
)
289,428
561,927
Net gains (losses) on derivatives
3,074,072
552,426
409,112
251,799
(92,308
)
Other, net
16,895
13,521
9,323
13,952
13,959
Total other income (loss)
(1,630,778
)
247,444
(253,684
)
555,179
483,578
General and administrative expenses
Compensation expense
41,185
44,640
41,384
39,279
38,393
Other general and administrative expenses
12,021
13,549
11,180
11,928
11,947
Total general and administrative expenses
53,206
58,189
52,564
51,207
50,340
Income (loss) before income taxes
(984,363
)
834,672
288,996
1,010,197
835,240
Income taxes
16,335
6,899
(1,519
)
(7,754
)
(7,823
)
Net income (loss)
(1,000,698
)
827,773
290,515
1,017,951
843,063
Net income (loss) attributable to noncontrolling interests
1,061
5,100
7,863
4,457
10,618
Net income (loss) attributable to Annaly
(1,001,759
)
822,673
282,652
1,013,494
832,445
Dividends on preferred stock (1)
41,305
41,036
40,652
42,387
41,127
Net income (loss) available (related) to common stockholders
$
(1,043,064
)
$
781,637
$
242,000
$
971,107
$
791,318
Net income (loss) per share available (related) to common stockholders
Basic
$
(1.36
)
$
1.06
$
0.33
$
1.40
$
1.21
Diluted
$
(1.36
)
$
1.06
$
0.33
$
1.40
$
1.20
Weighted average number of common shares outstanding
Basic
764,359,434
738,926,270
722,707,153
693,011,031
656,335,974
Diluted
764,359,434
740,256,247
724,364,897
695,034,348
657,856,427
Other comprehensive income (loss)
Net income (loss)
$
(1,000,698
)
$
827,773
$
290,515
$
1,017,951
$
843,063
Unrealized gains (losses) on available-for-sale securities
(250,449
)
(23,400
)
(45,048
)
74,992
113,281
Reclassification adjustment for net (gains) losses included in net income (loss)
11,657
—
—
60,829
2,378
Other comprehensive income (loss)
(238,792
)
(23,400
)
(45,048
)
135,821
115,659
Comprehensive income (loss)
(1,239,490
)
804,373
245,467
1,153,772
958,722
Comprehensive income (loss) attributable to noncontrolling interests
1,061
5,100
7,863
4,457
10,618
Comprehensive income (loss) attributable to Annaly
(1,240,551
)
799,273
237,604
1,149,315
948,104
Dividends on preferred stock (1)
41,305
41,036
40,652
42,387
41,127
Comprehensive income (loss) attributable to common stockholders
$
(1,281,856
)
$
758,237
$
196,952
$
1,106,928
$
906,977
(1) The quarter ended December 31, 2025 excludes, and the quarter ended September 30, 2025 includes, cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except per share data)
For the nine months ended
September 30,
2026
September 30,
2025
(unaudited)
(unaudited)
Net interest income
Interest income
$
5,507,553
$
4,268,498
Interest expense
4,023,057
3,499,577
Net interest income
1,484,496
768,921
Net servicing income
Servicing and related income
507,288
423,461
Servicing and related expense
51,502
43,788
Net servicing income
455,786
379,673
Other income (loss)
Net gains (losses) on investments and other
(5,712,367
)
1,456,242
Net gains (losses) on derivatives
4,035,610
(1,458,960
)
Other, net
39,739
37,169
Total other income (loss)
(1,637,018
)
34,451
General and administrative expenses
Compensation expense
127,209
112,273
Other general and administrative expenses
36,750
36,149
Total general and administrative expenses
163,959
148,422
Income (loss) before income taxes
139,305
1,034,623
Income taxes
21,715
884
Net income (loss)
117,590
1,033,739
Net income (loss) attributable to noncontrolling interests
14,024
19,971
Net income (loss) attributable to Annaly
103,566
1,013,768
Dividends on preferred stock (1)
122,993
115,544
Net income (loss) available (related) to common stockholders
$
(19,427
)
$
898,224
Net income (loss) per share available (related) to common stockholders
Basic
$
(0.03
)
$
1.45
Diluted
$
(0.03
)
$
1.44
Weighted average number of common shares outstanding
Basic
742,107,269
621,484,893
Diluted
742,107,269
622,768,481
Other comprehensive income (loss)
Net income (loss)
$
117,590
$
1,033,739
Unrealized gains (losses) on available-for-sale securities
(318,897
)
311,717
Reclassification adjustment for net (gains) losses included in net income (loss)
11,657
81,578
Other comprehensive income (loss)
(307,240
)
393,295
Comprehensive income (loss)
(189,650
)
1,427,034
Comprehensive income (loss) attributable to noncontrolling interests
14,024
19,971
Comprehensive income (loss) attributable to Annaly
(203,674
)
1,407,063
Dividends on preferred stock (1)
122,993
115,544
Comprehensive income (loss) attributable to common stockholders
$
(326,667
)
$
1,291,519
(1) The nine months ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
Key Financial Data
The following table presents key metrics of the Company’s portfolio, liabilities and hedging positions, and performance as of and for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025:
September 30,
2026
June 30,
2026
September 30,
2025
Portfolio related metrics
Fixed-rate Residential Securities as a percentage of total Residential Securities
99
%
99
%
99
%
Adjustable-rate and floating-rate Residential Securities as a percentage of total Residential Securities
1
%
1
%
1
%
Weighted average experienced CPR for the period
9.6
%
11.6
%
8.6
%
Weighted average projected long-term CPR at period-end
8.6
%
11.0
%
10.4
%
Liabilities and hedging metrics
Weighted average days to maturity on repurchase agreements outstanding at period-end
30
33
49
Hedge ratio (1)
100
%
97
%
92
%
Weighted average pay rate on interest rate swaps at period-end (2)
3.19
%
3.20
%
3.16
%
Weighted average receive rate on interest rate swaps at period-end (2)
3.97
%
3.73
%
4.27
%
Weighted average net rate on interest rate swaps at period-end (2)
(0.78
%)
(0.53
%)
(1.11
%)
GAAP leverage at period-end (3)
8.0:1
7.4:1
7.1:1
GAAP capital ratio at period-end (4)
10.9
%
11.8
%
11.9
%
Performance related metrics
Book value per common share
$
17.86
$
20.15
$
19.25
GAAP net income per average common share (5)
$
(1.36
)
$
1.06
$
1.21
Annualized GAAP return on average equity (6)
(24.35
%)
19.88
%
23.69
%
Net interest margin (7)
1.54
%
1.47
%
0.97
%
Average yield on interest earning assets (8)
5.58
%
5.44
%
5.40
%
Average GAAP cost of interest bearing liabilities (9)
4.34
%
4.28
%
4.73
%
Net interest spread
1.24
%
1.16
%
0.67
%
Dividend declared per common share
$
0.75
$
0.75
$
0.70
Annualized dividend yield (10)
15.88
%
13.42
%
13.85
%
Non-GAAP metrics *
Earnings available for distribution per average common share (5)
$
0.80
$
0.79
$
0.73
Annualized EAD return on average equity (excluding PAA)
15.86
%
15.12
%
14.70
%
Economic leverage at period-end (3)
5.9:1
5.6:1
5.7:1
Economic capital ratio at period end (4)
14.2
%
14.9
%
14.8
%
Net interest margin (excluding PAA) (7)
1.69
%
1.76
%
1.70
%
Average yield on interest earning assets (excluding PAA) (8)
5.45
%
5.46
%
5.46
%
Average economic cost of interest bearing liabilities (9)
4.03
%
3.96
%
3.96
%
Net interest spread (excluding PAA)
1.42
%
1.50
%
1.50
%
* Represents a non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for additional information.
(1) Measures total notional balances of interest rate swaps, interest rate swaptions (excluding long receiver swaptions), futures and U.S. Treasury securities sold, not yet purchased, relative to repurchase agreements, other secured financing, cost basis of TBA derivatives outstanding and net forward purchases (sales) of investments; excludes MSR and the effects of term financing, both of which serve to reduce interest rate risk. Additionally, the hedge ratio does not take into consideration differences in duration between assets and liabilities.
(2) Excludes forward starting swaps.
(3) GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced ("TBA") derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, structured repurchase transactions (included within Debt issued by securitization vehicles) and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued are non-recourse to us and are excluded from economic leverage.
(4) GAAP capital ratio is computed as total equity divided by total assets. Economic capital ratio is computed as total equity divided by total economic assets. Total economic assets include the implied market value of TBA derivatives and are net of debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued.
(5) Net of dividends on preferred stock. The quarter ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
(6) Annualized GAAP return on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return on average equity is (6.09%), 4.97% and 5.92% for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
(7) Net interest margin represents interest income less interest expense divided by average interest earning assets. Net interest margin does not include net interest component of interest rate swaps. Net interest margin (excluding PAA) represents the sum of interest income (excluding PAA) plus TBA dollar roll income less economic interest expense divided by the sum of average interest earning assets plus average TBA contract balances.
(8) Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA).
(9) Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). Net interest on variation margin related to interest rate swaps is included in the Net interest component of interest rate swaps in the Company’s Consolidated Statements of Comprehensive Income (Loss).
(10) Based on the closing price of the Company’s common stock of $18.89, $22.36 and $20.21 at September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
The following table contains additional information on our investment portfolio as of the dates presented:
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
Agency mortgage-backed securities
$
85,294,151
$
87,768,578
$
83,317,819
Residential credit risk transfer securities
69
46,872
330,647
Non-agency mortgage-backed securities
1,603,526
1,565,016
1,414,259
Commercial mortgage-backed securities
—
135,019
—
Total securities
$
86,897,746
$
89,515,485
$
85,062,725
Residential mortgage loans
$
6,869,820
$
7,280,979
$
4,008,299
Total loans, net
$
6,869,820
$
7,280,979
$
4,008,299
Mortgage servicing rights
$
4,199,823
$
4,089,485
$
3,476,181
Interests in MSR
$
110,350
$
106,775
$
35,833
Residential mortgage loans transferred or pledged to securitization vehicles
$
42,459,566
$
38,256,690
$
29,512,309
Assets transferred or pledged to securitization vehicles
$
42,459,566
$
38,256,690
$
29,512,309
Total investment portfolio
$
140,537,305
$
139,249,414
$
122,095,347
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company provides the following non-GAAP measures:
earnings available for distribution ("EAD"); earnings available for distribution attributable to common stockholders; earnings available for distribution per average common share; annualized EAD return on average equity; economic leverage; economic capital ratio; interest income (excluding PAA); economic interest expense; economic net interest income (excluding PAA); average yield on interest earning assets (excluding PAA); average economic cost of interest bearing liabilities; net interest margin (excluding PAA); and net interest spread (excluding PAA). These measures should not be considered a substitute for, or superior to, financial measures computed in accordance with GAAP. While intended to offer a fuller understanding of the Company’s results and operations, non-GAAP financial measures also have limitations. For example, the Company may calculate its non-GAAP metrics, such as earnings available for distribution, or the PAA, differently than its peers making comparative analysis difficult. Additionally, in the case of non-GAAP measures that exclude the PAA, the amount of amortization expense excluding the PAA is not necessarily representative of the amount of future periodic amortization nor is it indicative of the term over which the Company will amortize the remaining unamortized premium. Changes to actual and estimated prepayments will impact the timing and amount of premium amortization and, as such, both GAAP and non-GAAP results.
These non-GAAP measures provide additional detail to enhance investor understanding of the Company’s period-over-period operating performance and business trends, as well as for assessing the Company’s performance versus that of industry peers. Additional information pertaining to the Company’s use of these non-GAAP financial measures, including discussion of how each such measure may be useful to investors, and reconciliations to their most directly comparable GAAP results are provided below.
Earnings available for distribution, earnings available for distribution attributable to common stockholders, earnings available for distribution per average common share and annualized EAD return on average equity
The Company's principal business objective is to generate net income for distribution to its stockholders and to preserve capital through prudent selection of investments and continuous management of its portfolio. The Company generates net income by earning a net interest spread on its investment portfolio, which is a function of interest income from its investment portfolio less financing, hedging and operating costs. Earnings available for distribution, which is defined as the sum of (a) economic net interest income, (b) TBA dollar roll income, (c) net servicing income less realized amortization of MSR, (d) other income (loss) (excluding amortization of intangibles, non-EAD income allocated to equity method investments and other non-EAD components of other income (loss)), (e) general and administrative expenses (excluding transaction expenses and non-recurring items), and (f) income taxes (excluding the income tax effect of non-EAD income (loss) items) and excludes (g) the premium amortization adjustment ("PAA") representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities is used by the Company's management and, the Company believes, used by analysts and investors to measure its progress in achieving its principal business objective.
The Company seeks to fulfill this objective through a variety of factors including portfolio construction, the degree of market risk exposure and related hedge profile, and the use and forms of leverage, all while operating within the parameters of the Company's capital allocation policy and risk governance framework.
The Company believes these non-GAAP measures provide management and investors with additional details regarding the Company’s underlying operating results and investment portfolio trends by (i) making adjustments to account for the disparate reporting of changes in fair value where certain instruments are reflected in GAAP net income (loss) while others are reflected in other comprehensive income (loss) and (ii) by excluding certain unrealized, non-cash or episodic components of GAAP net income (loss) in order to provide additional transparency into the operating performance of the Company’s portfolio. In addition, EAD serves as a useful indicator for investors in evaluating the Company's performance and ability to pay dividends. Annualized EAD return on average equity, which is calculated by dividing earnings available for distribution over average stockholders’ equity, provides investors with additional detail on the earnings available for distribution generated by the Company’s invested equity capital.
The following table presents a reconciliation of GAAP financial results to non-GAAP earnings available for distribution for the periods presented:
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
(dollars in thousands, except per share data)
GAAP net income (loss)
$
(1,000,698
)
$
827,773
$
843,063
Adjustments to exclude reported realized and unrealized (gains) losses
Net (gains) losses on investments and other (1)
4,728,272
316,206
(560,957
)
Net (gains) losses on derivatives (2)
(2,982,293
)
(464,968
)
284,199
Other adjustments
Amortization of intangibles
672
673
673
Non-EAD (income) loss allocated to equity method investments (3)
—
—
376
Transaction expenses and non-recurring items (4)
10,738
10,246
8,117
Income tax effect of non-EAD income (loss) items
13,820
5,044
(6,742
)
TBA dollar roll income (5)
18,803
17,904
9,019
MSR amortization (6)
(93,570
)
(89,816
)
(72,081
)
EAD attributable to noncontrolling interests
(2,086
)
(2,476
)
(4,175
)
Premium amortization adjustment cost (benefit)
(44,518
)
7,081
18,390
Earnings available for distribution *
649,140
627,667
519,882
Dividends on preferred stock (7)
41,305
41,036
41,127
Earnings available for distribution attributable to common stockholders *
$
607,835
$
586,631
$
478,755
GAAP net income (loss) per average common share
$
(1.36
)
$
1.06
$
1.21
Earnings available for distribution per average common share *
$
0.80
$
0.79
$
0.73
Annualized GAAP return (loss) on average equity (8)
(24.35
%)
19.88
%
23.69
%
Annualized EAD return on average equity *
15.86
%
15.12
%
14.70
%
* Represents a non-GAAP financial measure.
(1) Includes write-downs or recoveries on investments which are reported in Other, net in the Company's Consolidated Statements of Comprehensive Income (Loss).
(2) The adjustment to add back Net (gains) losses on derivatives does not include the net interest component of interest rate swaps which is reflected in earnings available for distribution. The net interest component of interest rate swaps totaled $91.8 million, $87.5 million and $191.9 million for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(3) The Company excludes non-EAD (income) loss allocated to equity method investments, which represents the unrealized (gains) losses allocated to equity interests in a portfolio of MSR, which is a component of Other, net.
(4) Represents costs incurred in connection with securitizations of residential whole loans.
(5) TBA dollar roll income represents a component of Net gains (losses) on derivatives.
(6) MSR amortization utilizes purchase date cash flow assumptions and actual unpaid principal balances and is calculated as the difference between projected MSR yield income and net servicing income for the period.
(7) The quarter ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
(8) Annualized GAAP return (loss) on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return (loss) on average equity is (6.09%), 4.97%, and 5.92% for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
From time to time, the Company enters into TBA forward contracts as an alternate means of investing in and financing Agency mortgage-backed securities. A TBA contract is an agreement to purchase or sell, for future delivery, an Agency mortgage-backed security with a specified issuer, term and coupon. A TBA dollar roll represents a transaction where TBA contracts with the same terms but different settlement dates are simultaneously bought and sold. The TBA contract settling in the later month typically prices at a discount to the earlier month contract with the difference in price commonly referred to as the "drop". The drop is a reflection of the expected net interest income from an investment in similar Agency mortgage-backed securities, net of an implied financing cost, that would be foregone as a result of settling the contract in the later month rather than in the earlier month. The drop between the current settlement month price and the forward settlement month price occurs because in the TBA dollar roll market, the party providing the financing is the party that would retain all principal and interest payments accrued during the financing period. Accordingly, TBA dollar roll income generally represents the economic equivalent of the net interest income earned on the underlying Agency mortgage-backed security less an implied financing cost.
TBA dollar roll transactions are accounted for under GAAP as a series of derivatives transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. The Company records TBA derivatives at fair value on its Consolidated Statements of Financial Condition and recognizes periodic changes in fair value in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss), which includes both unrealized and realized gains and losses on derivatives.
TBA dollar roll income is calculated as the difference in price between two TBA contracts with the same terms but different settlement dates multiplied by the notional amount of the TBA contract. Although accounted for as derivatives, TBA dollar rolls capture the economic equivalent of net interest income, or carry, on the underlying Agency mortgage-backed security (interest income less an implied cost of financing). TBA dollar roll income is reported as a component of Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).
Premium Amortization Expense
In accordance with GAAP, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities, excluding interest-only securities, multifamily and reverse mortgages, taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third-party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security’s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.
The Company’s GAAP metrics include the unadjusted impact of amortization and accretion associated with this method. Certain of the Company’s non-GAAP metrics exclude the effect of the PAA, which quantifies the component of premium amortization representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term CPR.
The following table illustrates the impact of the PAA on premium amortization expense for the Company’s Residential Securities portfolio and residential securities transferred or pledged to securitization vehicles, for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025:
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
(dollars in thousands)
Premium amortization expense (accretion)
$
18,422
$
52,423
$
36,719
Less: PAA cost (benefit)
(44,518
)
7,081
18,390
Premium amortization expense (excluding PAA)
$
62,940
$
45,342
$
18,329
Economic leverage and economic capital ratios
The Company uses capital coupled with borrowed funds to invest primarily in real estate related investments, earning the spread between the yield on its assets and the cost of its borrowings and hedging activities. The Company’s capital structure is designed to offer an efficient complement of funding sources to generate positive risk-adjusted returns for its stockholders while maintaining appropriate liquidity to support its business and meet the Company’s financial obligations under periods of market stress. To maintain its desired capital profile, the Company utilizes a mix of debt and equity funding. Debt funding may include the use of repurchase agreements, loans, securitizations, participations issued, lines of credit, asset backed lending facilities, corporate bond issuance, convertible bonds or other liabilities. Equity capital primarily consists of common and preferred stock.
The Company’s economic leverage ratio is computed as the sum of recourse debt, cost basis of TBA derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, structured repurchase transactions (included within Debt issued by securitization vehicles) and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued are non-recourse to us and are excluded from economic leverage.
The following table presents a reconciliation of GAAP debt to economic debt for purposes of calculating the Company’s economic leverage ratio for the periods presented:
As of
September 30,
2026
June 30,
2026
September 30,
2025
Economic leverage ratio reconciliation
(dollars in thousands)
Repurchase agreements
$
85,525,065
$
86,895,874
$
75,118,963
Other secured financing
1,125,000
1,125,000
1,025,000
Debt issued by securitization vehicles
38,380,269
34,366,098
26,601,790
Participations issued
2,200,562
2,553,709
1,831,657
U.S Treasury securities sold, not yet purchased
—
—
2,442,570
Total GAAP debt
$
127,230,896
$
124,940,681
$
107,019,980
Less Non-recourse debt:
Debt issued by securitization vehicles (1)
$
(38,136,634
)
$
(34,114,655
)
$
(26,601,790
)
Participations issued
(2,200,562
)
(2,553,709
)
(1,831,657
)
Total recourse debt
$
86,893,700
$
88,272,317
$
78,586,533
Plus / (Less):
Cost basis of TBA derivatives
$
6,710,766
$
7,169,573
$
3,981,439
Payable for unsettled trades
1,108,206
331,586
2,604,278
Receivable for unsettled trades
(705,160
)
(104,722
)
(185,916
)
Economic debt *
$
94,007,512
$
95,668,754
$
84,986,334
Total equity
$
15,894,386
$
16,978,376
$
14,996,579
Economic leverage ratio *
5.9:1
5.6:1
5.7:1
* Represents a non-GAAP financial measure.
(1) Non-recourse debt excludes debt issued by securitization vehicles related to structured repurchase transactions.
The following table presents a reconciliation of GAAP total assets to economic total assets for purposes of calculating the Company’s economic capital ratio for the periods presented:
As of
September 30,
2026
June 30,
2026
September 30,
2025
Economic capital ratio reconciliation
(dollars in thousands)
Total GAAP assets
$
146,147,474
$
143,741,176
$
125,861,572
Less:
Gross unrealized gains on TBA derivatives (1)
(34,383
)
(50,393
)
(24,074
)
Debt issued by securitization vehicles (2)
(38,136,634
)
(34,114,655
)
(26,601,790
)
Participations issued
(2,200,562
)
(2,553,709
)
(1,831,657
)
Plus:
Implied market value of TBA derivatives
6,488,723
7,216,874
3,991,915
Total economic assets *
$
112,264,618
$
114,239,293
$
101,395,966
Total equity
$
15,894,386
$
16,978,376
$
14,996,579
Economic capital ratio *
14.2
%
14.9
%
14.8
%
* Represents a non-GAAP financial measure.
(1) Included in Derivative assets in the Company’s Consolidated Statements of Financial Condition.
(2) Excludes debt issued by securitization vehicles related to structured repurchase transactions.
Interest income (excluding PAA), economic interest expense and economic net interest income (excluding PAA)
Interest income (excluding PAA) represents interest income excluding the effect of the PAA, and serves as the basis for deriving average yield on interest earning assets (excluding PAA), net interest spread (excluding PAA) and net interest margin (excluding PAA), which are discussed below. The Company believes this measure provides management and investors with additional detail to enhance their understanding of the Company’s operating results and trends by excluding the component of premium amortization expense representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), which can obscure underlying trends in the performance of the portfolio.
Economic interest expense includes GAAP interest expense, the net interest component of interest rate swaps (which includes net interest on variation margin related to interest rate swaps) and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). The Company uses interest rate swaps to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. Accordingly, adding the net interest component of interest rate swaps to interest expense, as computed in accordance with GAAP, reflects the total contractual interest expense and thus, provides investors with additional information about the cost of the Company's financing strategy. The Company may use market agreed coupon ("MAC") interest rate swaps in which the Company may receive or make a payment at the time of entering into such interest rate swap to compensate for the off-market nature of such interest rate swap. In accordance with GAAP, upfront payments associated with MAC interest rate swaps are not reflected in the net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss).
Similarly, economic net interest income (excluding PAA), as computed below, provides investors with additional information to enhance their understanding of the net economics of our primary business operations.
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
Interest income (excluding PAA) reconciliation
(dollars in thousands)
GAAP interest income
$
1,970,425
$
1,812,198
$
1,532,497
Premium amortization adjustment
(44,518
)
7,081
18,390
Interest income (excluding PAA) *
$
1,925,907
$
1,819,279
$
1,550,887
Economic interest expense reconciliation
GAAP interest expense
$
1,426,813
$
1,324,005
$
1,256,747
Add:
Net interest component of interest rate swaps and net interest on initial margin related to interest rate swaps (1)
(104,133
)
(98,841
)
(205,030
)
Economic interest expense *
$
1,322,680
$
1,225,164
$
1,051,717
Economic net interest income (excluding PAA) reconciliation
Interest income (excluding PAA) *
$
1,925,907
$
1,819,279
$
1,550,887
Less:
Economic interest expense *
1,322,680
1,225,164
1,051,717
Economic net interest income (excluding PAA) *
$
603,227
$
594,115
$
499,170
* Represents a non-GAAP financial measure.
(1) Interest on initial margin related to interest rate swaps is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss).
Average yield on interest earning assets (excluding PAA), net interest spread (excluding PAA), net interest margin (excluding PAA) and average economic cost of interest bearing liabilities
Net interest spread (excluding PAA), which is the difference between the average yield on interest earning assets (excluding PAA) and the average economic cost of interest bearing liabilities, which represents annualized economic interest expense divided by average interest bearing liabilities, and net interest margin (excluding PAA), which is calculated as the sum of interest income (excluding PAA) plus TBA dollar roll income less economic interest expense divided by the sum of average interest earning assets plus average TBA contract balances, provide management with additional measures of the Company’s profitability that management relies upon in monitoring the performance of the business.
Disclosure of these measures, which are presented below, provides investors with additional detail regarding how management evaluates the Company’s performance.
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
Economic metrics (excluding PAA)
(dollars in thousands)
Average interest earning assets
$
141,338,058
$
133,263,735
$
113,522,223
Interest income (excluding PAA) *
$
1,925,907
$
1,819,279
$
1,550,887
Average yield on interest earning assets (excluding PAA) *
5.45
%
5.46
%
5.46
%
Average interest bearing liabilities
$
129,667,247
$
122,802,541
$
103,994,302
Economic interest expense *
$
1,322,680
$
1,225,164
$
1,051,717
Average economic cost of interest bearing liabilities *
Netflix ve třetím čtvrtletí zvýšil tržby o 12 % na 12,87 mld. USD, ale ve čtvrtém čtvrtletí očekává tržby ve výši 13,44 mld. USD, tedy pod tržním konsenzem 13,51 mld. USD.
Netflix svými hospodářskými výsledky za třetí čtvrtletí sice překonal očekávání Wall Street, na druhé straně ale firma naznačila, že zpomalení tempa růstu tržeb bude pokračovat i ve zbytku letošního roku. Takový výhled tak může posílit obavy investorů o další směřování největší světové streamovací platformy. Akcie v bezprostřední reakci v aftermarketu vykazují pokles téměř o pět procent.
Ve třetím čtvrtletí dosáhl Netflix zisku na akcii ve výši 87 centů (+49 % y/y), zatímco analytici očekávali 82 centů. Na tržbách společnost vygenerovala 12,87 miliardy dolarů, což bylo jednak meziročně o 12 procent více a jednak v souladu s očekáváním.
Ovšem na čtvrté čtvrtletí firma odhaduje tržby ve výši 13,44 mld. USD, což už je pod konsenzem trhu, jenž je 13,51 mld. USD. Tempo růstu tržeb navíc už několik čtvrtletí postupně zpomaluje: z 17,6 procenta ve 4Q25 na očekávaných 11,5 procenta ve 4Q26.
Pokud se výhled pro letošní závěrečné čtvrtletí skutečně naplní, bude se jednat už o čtvrtý kvartál zpomalujícího růstu tržeb v řadě, podotkla agentura Bloomberg.
Společnost uvedla, že za slabším růstem stojí reklamní byznys, který by měl letos přinést zhruba o 300 milionů dolarů méně, než Netflix původně očekával.
Spoluvýkonný ředitel Netflixu Ted Sarandos se nechal minulý měsíc slyšet, že firma neroste tak rychle, jak by si přál, a že pracuje na urychlení tohoto tempa. Během posledního týdne pak Sarandos výrazně zasáhl do vedení společnosti ve snaze řešit podle něj zhoršující se kvalitu obsahu. Netflix propustil šéfku obsahu Belu Bajaria a šéfa filmové divize Dana Lina jen několik dní poté, co oznámil snížení počtu zaměstnanců o šest procent, tedy přibližně o tisíc lidí. Naposledy společnost přistoupila k tak rozsáhlým škrtům v roce 2022, kdy zaznamenala první čtvrtletní úbytek předplatitelů za více než deset let, připomněl Bloomberg.
Sarandos a jeho kolega ve funkci CEO Greg Peters se snaží investorům ukázat optimistickou budoucnost firmy, zároveň však připouštějí, že současný vývoj neodpovídá představám vedení ani akcionářů. Netflix si každopádně i tak nadále drží pozici jasného lídra streamovacího trhu s více než 325 miliony předplatitelů, což podle firmy představuje téměř miliardu diváků. Rovněž generuje více sledovanosti než jakákoliv jiná hollywoodská streamovací služba.
Jenže filmová studia obvykle nepřistupují k rozsáhlým personálním změnám v době, kdy se jim daří. Netflix už několik měsíců nepřišel s velkým kulturním fenoménem v podobě seriálu či filmu a zároveň se mu nedaří přilákat diváky k novým titulům ani dalším řadám zavedených sérií. Počet cen Emmy, které firma získala, navíc letos klesl na nejnižší úroveň za posledních deset let.
„V prostředí intenzivní konkurence a exploze obsahu bojujícího o pozornost spotřebitelů jsou strategická jasnost a bezchybná exekuce zásadní,“ uvedla společnost v dopise akcionářům. Přestože se jí daří naplňovat své priority, „stále vidí prostor pro zlepšení“.
Netflix, dlouhá léta miláček Wall Street, čelí rostoucím pochybnostem investorů od chvíle, kdy neuspěl ve snaze převzít streamovací a studiová aktiva společnosti Warner Bros. Discovery. Od té doby se firmě jen obtížně daří přesvědčit investory, že má životaschopnou strategii růstu i bez velké akvizice. Akcie společnosti od začátku roku odepsaly zhruba 25 procent hodnoty a za posledních dvanáct měsíců jsou v minusu o více než 40 procent.
Analytici i investoři opakovaně upozorňují na stagnující zapojení uživatelů. Podíl Netflixu na sledovanosti televizního obsahu v USA činí podle společnosti Nielsen 7,8 procenta, tedy výrazně méně než přibližně 14 procent u YouTube. Diváci Netflixu navíc v první polovině roku sledovali pouze o dvě procenta více obsahu než před rokem.
INOVIO získala proti společnostem VGXI a GeneOne rozsudek ve výši 80 416 101 USD, včetně náhrady škody ve výši 61 750 789 USD. Finanční situace žalovaných však může omezit vymahatelnost této částky.
, /PRNewswire/ -- INOVIO Pharmaceuticals, Inc. (Nasdaq: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, today announced that it secured a judgment in its favor, in the amount of $80,416,101, on all claims it filed against defendants VGXI, Inc. ("VGXI") and GeneOne Life Science, Inc. ("GeneOne") in the case captioned INOVIO Pharmaceuticals, Inc. v. VGXI, Inc. and GeneOne Life Science, Inc., No. 2020-06554, in the Court of Common Pleas of Montgomery County, Pennsylvania. The Court awarded INOVIO $61,750,789 in compensatory damages and $18,665,312 in fees and costs. The Court also entered judgment against defendants on their counterclaims.
INOVIO filed the case on June 3, 2020, when defendants breached the parties' Supply Agreement by refusing to honor their technology transfer obligations to enable scalable manufacturing of DNA plasmids.
Defendants' financial condition will likely impair INOVIO's ability to collect some or all of the judgment. INOVIO intends to use every reasonable effort to recover the damages awarded by this judgment.
Cooley LLP and FBT Gibbons served as trial counsel for INOVIO.
About INOVIO
INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that teach the body to manufacture its own disease-fighting tools.
Forward-Looking Statements
This press release contains certain forward-looking statements relating to INOVIO's business, including statements regarding INOVIO's ability to collect on and realize the ultimate value from the judgment entered in INOVIO's favor against VGXI and GeneOne and the impact of defendants' financial condition on INOVIO's ability to enforce or collect any portion of the judgment. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including the risk that the judgment may be reduced, reversed, or otherwise modified on post-trial motions or appeal; the risk that defendants' financial condition will likely impair INOVIO's ability to collect some or all of the judgment, associated interest, fees and costs, notwithstanding INOVIO's intent to use every reasonable effort to recover the damages awarded; the time, expense, and uncertainty associated with collection and enforcement efforts; the adequacy of INOVIO's capital resources; the level of corporate expenditures; capital market conditions; and other factors set forth in INOVIO's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and other filings INOVIO makes from time to time with the Securities and Exchange Commission. There can be no assurance that INOVIO will collect any or all of the judgment, that the judgment will not be reduced, reversed, or otherwise modified, or that any of the forward-looking information provided herein will be proven accurate. Forward-looking statements speak only as of the date of this release, and INOVIO undertakes no obligation to update or revise these statements, except as may be required by law.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Corning Incorporated (“Corning” or the “Company”) (NYSE: GLW). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Corning 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 11, 2026, Corning announced entry into an Equity Distribution Agreement with Goldman Sachs to launch an at-the-market equity offering of up to $2 billion of the Company’s common stock, advising that “[t]he Company intends to use any net proceeds from the sale of the Common Stock for general corporate purposes.”
Following this announcement, Corning’s stock price fell $22.80 per share, or 13.7%, to close at $143.60 per share on September 14, 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.
Rithm Capital (RITM) has several preferred shares we cover. Today, we're revisiting one that wasn’t in our buy range last time: RITM-C (RITM.PR.C). It wasn't a bad preferred share. It was simply more expensive than other options.
We stated that if the price declined enough, we would be interested in shares.
Well… the price declined.
Apparently, the market decided to give us an attractive offer.
RITM-C is now in our buy range, with a stripped yield around 9.5%. That’s a nice combination from a preferred share carrying a risk rating of 2.5 on our scale from 1 to 5.
RITM-C Hops Into Our Buy Range In our previous article, RITM-C was trading at approximately 101.3% of our buy target.
Here’s how the valuation looks today:
The REIT Forum
RITM-C was recently trading around $24.43. Here’s our price targets:
Strong Buy Under: $23.19
Buy Under: $24.74
Overpriced: $25.53
At $24.43, shares are trading at approximately 98.7% of our buy target. While that’s not a huge discount it’s still decently under our buy under target. Investors buying at this price are also paying less than the call value of $25. That’s a nice change of pace with most of the lower risk preferred shares we cover trading over $25.
However, we're not buying a preferred share just because the price is below $25. We care about risk and relative valuation. A terrible preferred share doesn't magically become a great investment because it trades for $24.99.
9.5% Stripped Yield RITM-C currently offers:
Stripped yield: 9.5%
Current yield: 9.31%
Floating yield on price: 9.83%
Floating spread: 4.969%
The REIT Forum
Given the 2.5 risk rating, those are relatively attractive numbers. RITM-C originally carried a fixed coupon rate of 6.375%. That swapped to a floating rate on 2/15/2025. Rithm's filing states that RITM-C receives:
Three-month CME SOFR
A 0.261% spread adjustment
A 4.969% contractual spread
If short-term interest rates were to decline, RITM-C's dividend would generally decline as well. Investors shouldn't assume they'll continue collecting a yield around 9.5% indefinitely. If short-term rates decline, the dividend will generally decline with them. However, lately the major factor is rates rising. If RITM-C’s rate was reset today, it would drag the stripped yield up to 9.88%. That’s pretty good. It’s not the highest, but it’s pretty good for a risk rating of 2.5 and moderate upside to the call value. Since the rate floats, RITM-C could see the dividend rate increase a couple of times over the next year. 3-month SOFR is strongly correlated to the market’s expectation for the Fed Funds rate over that time. Currently the market believes the Federal Reserve will hike a few times.
Investors also need to consider the call risk. RITM-C is already callable, meaning the company could give a 30-day call notice at any point. However, this isn’t something investors need to be concerned about if they are purchasing shares below the call value of $25. We wouldn't suggest purchasing shares purely on the assumption that management is about to call them and hand you alpha.
What Changed Since Our Last Article The most important change wasn't the underlying company.
It was the price.
We spend a great deal of time comparing preferred shares and baby bonds at The REIT Forum. We recently wrote a guide on swapping preferred shares. The basic concept is simple. When two similar preferred shares get too far apart on valuation, investors can sell the more expensive share and move into the cheaper one.
For readers who want to see how often we actually do this, we also published our most recent 100 trades in preferred shares and baby bonds. We find these opportunities fairly often in the preferred shares of mortgage REITs.
We are always hunting for a better price.
Now we've got one.
This is something we emphasize frequently when discussing preferred shares. Our ratings aren't permanent. They're based on the price investors are paying relative to the risks and potential returns.
If an investment is too expensive, we can wait.
Sometimes the market eventually gives us the price we want.
Other times, it doesn't. That's fine too.
Final Thoughts We still think investors should compare the different preferred shares from Rithm rather than automatically purchasing whichever one happens to have the highest yield. As of writing this article, we believe RITM-C offers the most attractive valuation when compared to other RITM preferred shares. However, that can change very quickly.
RITM-A (RITM.PR.A) and RITM-B (RITM.PR.B) have higher floating spreads than RITM-C. That gives them an advantage if we are only comparing spreads.
RITM-D has a different structure. It's a fixed-rate reset preferred share, so investors need to evaluate its upcoming reset rather than treating it like other floating rate preferred shares that are constantly changing based on the current rate.
RITM-C no longer needs to sit on the sidelines.
We wanted a better price. The market delivered.
We've upgraded RITM-C from hold to buy.
However, I should tell you that presently I have my allocation focused on another share. I’ll be publishing an article about that one pretty soon.
Western Digital ve čtvrtém fiskálním čtvrtletí zvýšil tržby meziročně o 44 % na 3,75 miliardy USD díky poptávce po vysokokapacitních HDD pro datacentra využívající AI.
When it comes to artificial intelligence (AI) infrastructure stocks, Micron Technology and Sandisk have been getting plenty of attention this year. Both are benefiting from the massive demand for memory and storage driven by the global expansion of AI data centers.
While Micron manufactures memory chips and Sandisk specializes in flash storage, Western Digital (WDC +3.44%) makes the high-capacity hard disk drives (HDDs) that cloud computing companies use to store enormous amounts of information.
It's a different part of the AI infrastructure business but one that's becoming increasingly important as companies build more powerful AI systems. And that's why I think Western Digital deserves a closer look. The stock is up more than 100% so far this year, with plenty more room to run.
Image source: The Motley Fool.
AI needs more than powerful processors Companies like Nvidia, Broadcom, and Advanced Micro Devices get a lot of attention surrounding AI infrastructure because they make powerful processors essential to allowing AI models to process information quickly.
But what happens to all that information after it's processed?
AI companies need somewhere to store training data sets, model outputs, historical records, and the enormous amounts of new information their systems generate. And keeping everything on expensive, high-performance flash storage isn't necessarily practical.
Western Digital's HDDs are important because traditional hard drives -- while slower than solid-state drives (SSDs) -- can store large amounts of information at a lower cost.
A Western Digital customer survey released in May found that 87% of respondents prioritized expanding storage capacity and reducing total ownership costs. Among respondents who knew their storage mix, 70% reported that hard drives accounted for more than half of their storage capacity.
That helps explain why HDDs aren't becoming obsolete as AI expands. They're serving a different purpose.
WDC Western Digital$364.32+$12.11 (+3.44%)
NASDAQ · As of 4:00 PM ET 10/20/26
Western Digital is expanding its storage capabilities Western Digital is also developing new technology to make its drives more attractive to cloud computing companies.
In February, the company announced a roadmap that includes hard drives capable of storing more than 100 terabytes of information. It also introduced a 40-terabyte drive that's undergoing customer qualification. (A terabyte is about 1,000 gigabytes.)
Demand for additional storage doesn't appear to be slowing. A September IDC study sponsored by Western Digital found that 61% of surveyed organizations experienced at least 25% data growth over the previous year due to AI. Nearly three-quarters expected similar growth over the next three years.
Western Digital stock at a glance Shares of Western Digital are up 105% so far this year -- not as much as Sandisk and Micron but still much better than the broader index.
Revenue for the company's fiscal fourth quarter (ending July 3) was $3.75 billion, up 44% from a year ago and 12% from Q3. The company continued to improve its margins, which increased from 41% to 54.1% over the last year, and generally accepted accounting principles (GAAP) net income was $3.19 billion, a whopping 1,215% increase from a year ago. Notably, much of that increase was attributable to Western Digital's interest in Sandisk, which the company spun off in 2025. Western Digital recorded a $2.05 billion gain from Sandisk. Adjusted net income, which is more representative of the company's hard-drive business, was $1.38 billion, up 130% from a year ago.
For the full fiscal year, Western Digital had revenue of $12.92 billion, up 36% from fiscal 2025, and adjusted earnings of $3.88 billion, up 120% from the previous year.
Why I like Western Digital right now I love AI infrastructure stocks because you can invest in the industry's expansion without having to predict which AI platform will eventually dominate the market.
Whether companies are training new AI models, operating cloud computing platforms, or deploying AI applications for their customers, they're generating information that needs to be stored. And Western Digital is building the high-capacity drives that can handle much of that demand at a relatively low cost.
I don't see the demand for data storage from AI disappearing anytime soon. Micron and Sandisk have demonstrated just how attractive the memory and storage markets can be for investors. Western Digital is participating in that same infrastructure expansion even if its products don't get the same attention.
For investors seeking another way to participate in the growth of AI infrastructure, I think Western Digital makes a compelling case.
EQT je v pokročilé fázi jednání o převzetí společnosti Qiagen a podala závaznou nabídku ve výši více než 50 USD za akcii; závaznou nabídku podala také KKR.
European molecular testing company Qiagen (QIA.DE) is in advanced talks to be acquired by Swedish buyout firm EQT (EQTAB.ST), Bloomberg News reported on Tuesday, citing people familiar with the matter.
US-listed shares of Qiagen were up over 6% in afternoon trading. The company has a market capitalization of €8.57 billion, according to data compiled by LSEG.
Qiagen's board is meeting this week to decide on the potential deal, the report said, citing people familiar with the talks. There is no certainty the discussions will lead to a sale to EQT or another buyer, the report added.
EQT has submitted a binding offer of more than $50 per share for Qiagen, while US private equity firm KKR has also made a bid, Bloomberg News reported.
The reported talks come after Qiagen said in January it was evaluating strategic options amid renewed takeover interest.
Interest in the diagnostics company continued through the year, with buyout firms including EQT, Advent and KKR linked to a potential acquisition in July.
Qiagen develops molecular testing and sample-preparation technologies used by research and clinical laboratories.
EQT and KKR did not immediately respond to Reuters' requests for comment. Qiagen said it does not comment on "market rumors or speculation."
ADR společnosti Yiren Digital 12. října 2026 klesly o 44 % poté, co firma oznámila, že její výkonný předseda a generální ředitel Ning Tang byl podroben trestním donucovacím opatřením v souvislosti s vyšetřováním některých spřízněných subjektů kontrolního akcionáře.
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Yiren Digital Ltd. (NYSE: YRD) resulting from allegations that Yiren may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Yiren securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/yiren-digital-ltd/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On October 12, 2026, Yiren issued a press release entitled "Yiren Digital Provides Update on Its CEO and Operations." The press release stated that Yiren had "became aware of a police notice published on October 12, 2026, stating that Mr. Ning Tang, the Company’s Executive Chairman and Chief Executive Officer, had been subject to criminal compulsory measures in connection with an investigation involving certain affiliates of the Company’s controlling shareholder."
On this news, Yiren American Depositary Shares fell 44% on October 12, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
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VICI Properties nabízí dividendový výnos 7,7 % a letos očekává výplatní poměr přibližně 75 % prostředků z provozu (FFO). Dividendu zvýšila osm let po sobě.
Vici Properties (VICI +1.02%) is one of my favorite dividend stocks, and I've owned it for more than six years. To say that its stock price hasn't performed well would be an understatement, and thanks to a recent decline, shares now yield about 7.7% annually, close to the highest level in its history.
Despite the poor stock price performance, I'm still a big fan of Vici from a long-term perspective. Here's why I've added to my position several times recently, and why I'm likely to continue doing so while the high yield remains.
Image source: Getty Images.
Vici Properties and its dividendIf you aren't familiar with the company, Vici is a real estate investment trust, or REIT, that owns 103 properties, most of which are occupied by gaming businesses. It owns the real estate for some of the most famous casinos on the Las Vegas Strip, including Caesars Palace, MGM Grand, and The Venetian. Tenants lease the properties under long-term agreements, up to 50 years, with rent increases tied to inflation. In short, the business is designed to generate predictable, growing income from its properties.
VICI Vici Properties$23.34+$0.24 (+1.02%)
NYSE · As of 3:44 PM ET 10/20/26
Vici spun off from Caesars Entertainment in 2017 and has increased its dividend for eight consecutive years. And while a 7.7% yield might sound high, Vici only expects to pay about 75% of its funds from operations (FFO) as dividends this year, a very comfortable payout level for a REIT. Not only is the dividend well covered by the company's income, but the built-in rent increases in its leases should allow it to maintain its dividend growth streak.
Why is the stock down?To be clear, Vici's business is performing quite well. Its casino tenants are paying rent, and there's no reason to believe any of them are struggling, or will be anytime soon. Vici's rent keeps rising every year, the dividend keeps growing, and the company has done a great job of finding creative ways to invest its capital, even in a difficult growth environment for real estate businesses.
The biggest reason for the stock's performance is interest rates. With the 10-year Treasury yield over 5%, income investors have more alternatives, and rising rates also make it more expensive for REITs to borrow for growth.
The bottom line is that none of the reasons why Vici is down changes my long-term thesis. A lower stock price allows me to lock in a higher yield on cost for every share I add. At the current price, a $10,000 investment yields about $770 in annual dividends, and this income should grow over time. As long as Vici's yield is high simply because its stock price has fallen despite strong business performance, I'm happy to keep adding shares and building an income stream.
ASCE snížila hodnocení kanalizační infrastruktury v Kentucky z C- na D+, zatímco hodnocení pitné vody zůstalo na úrovni C+. Kentucky American Water plánuje v příštích pěti letech investovat více než 570 milionů USD.
Calls for Increased Investment in Critical Water and Wastewater Systems
, /PRNewswire/ -- Robert Burton, president of Kentucky American Water, issued the following statement in response to the grade of C+ for drinking water and D+ for wastewater in the American Society of Civil Engineers' (ASCE) 2026 Report Card for Kentucky's Infrastructure:
"The ASCE 2026 Report Card for Kentucky's Infrastructure reinforces the urgent need for investment in critical water and wastewater systems, assigning the state a C+ for drinking water and a D+ for wastewater, showing no progress in the water grade and a decline in the wastewater grade from a C- in ASCE's 2019 report.
The report card underscores the growing infrastructure challenges facing the Commonwealth, including aging assets, recruiting and retaining licensed operators, and the need for greater climate resilience. These pressures reinforce the importance of continued, long-term investment in critical water and wastewater infrastructure.
At Kentucky American Water, our responsibility is clear: provide safe, clean, reliable and affordable water and wastewater service while investing in the systems that support and sustain the communities we serve. Our experience demonstrates how sustained, professionally managed investment can strengthen water and wastewater systems. Over the past five years, we have invested nearly $330 million in infrastructure, and we plan to invest more than $570 million over the next five years, while continuing to balance reliability, resilience and affordability for customers."
About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886 and celebrating 140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to approximately 14 million people with regulated operations in 14 states and on 19 military installations. American Water's approximately 7,000 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.
For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.
About Kentucky American Water
Kentucky American Water, a subsidiary of American Water, with approximately 150 dedicated employees, provides safe, clean, reliable and affordable water and wastewater services to approximately 550,000 people.
Marriott Vacations Worldwide dokončila sekuritizaci úvěrů na rekreační vlastnictví v hodnotě 460 milionů USD s průměrnou úrokovou sazbou 5,91 %. Výtěžek použije ke splácení úvěrových závazků a na obecné firemní účely.
ORLANDO, Fla.--(BUSINESS WIRE)--Marriott Vacations Worldwide Corporation (NYSE: VAC) (“MVW” or the “Company”) announced today the completion of a $460 million securitization of vacation ownership loans, offered to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. The notes were issued by MVW 2026-2 LLC (the “Issuer”). The notes have a blended interest rate of 5.91% and a gross advance rate of 98%.
“We are pleased with the successful execution of this transaction in a challenging ABS market. Our access to liquidity is supported by the strength of our historical performance, business and customer profile and our leading ABS platform,” said Jason Marino, Executive Vice President and Chief Financial Officer.
The transaction was backed by a pool of approximately $470 million of vacation ownership loans from a variety of the Company’s timeshare brands. Three classes of notes were issued by the Issuer, comprising approximately $303 million of Class A Notes, approximately $99 million of Class B Notes, and approximately $58 million of Class C Notes. The Class A Notes have an interest rate of 5.76%, the Class B Notes have an interest rate of 6.05%, and the Class C Notes have an interest rate of 6.44%. The Company intends to use the proceeds of the 2026-2 securitization, net of fees, to pay down outstanding credit facility obligations and for other general corporate purposes.
Important Notice
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products, and services. The Company has 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates an exchange network and membership programs comprised of more than 3,200 affiliated resorts in over 90 countries and territories, and provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and an affiliate of Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.
More News From Marriott Vacations Worldwide Corporation
Albertsons ve čtvrtletí končícím v srpnu 2026 utržil 18,89 miliardy USD, což je meziročně o 0,1 % méně, zatímco zisk na akcii (EPS) klesl z 0,44 USD na 0,36 USD.
For the quarter ended August 2026, Albertsons Companies, Inc. (ACI - Free Report) reported revenue of $18.89 billion, down 0.1% over the same period last year. EPS came in at $0.36, compared to $0.44 in the year-ago quarter.
The reported revenue represents a surprise of +0.37% over the Zacks Consensus Estimate of $18.83 billion. With the consensus EPS estimate being $0.33, the EPS surprise was +9.09%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Albertsons Companies performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Number of stores at end of quarter: 2,240 versus 2,238 estimated by four analysts on average.Same - Store Sales (Identical sales, excluding fuel): -0.8% compared to the -1% average estimate based on four analysts.Retail Square Feet (Based on Square Footage) - Total stores: 111.9 million versus the three-analyst average estimate of 111.73 million.Net sales and other revenue by product type- Fuel: $1.04 billion versus $985.5 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +14.2% change.View all Key Company Metrics for Albertsons Companies here>>>
Shares of Albertsons Companies have returned +8.4% over the past month versus the Zacks S&P 500 composite's +0.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Calix rozšířil SmartMDU o nové možnosti aktivace internetového připojení, Wi‑Fi připojení pro vozidla v garážích a širší kontrolu nasazení v bytových komplexech.
Award-winning SmartMDU on the Calix One platform is purpose-built to help service providers support property owners and managers in delivering better connected experiences at scale. Calix delivers new resident activation options, reliable connectivity for vehicles, and greater deployment control.
SAN JOSE, Calif.--(BUSINESS WIRE)--Today, at its annual innovation and customer success conference, Calix, Inc. (NYSE: CALX) announced new SmartMDU™ capabilities on the AI-native Calix One™ platform, giving service providers more ways to efficiently grow across multifamily markets.
"With Calix, we can serve more properties and continue growing our business without creating more work for our support team," said Scott Coonfield, president and chief executive officer at VA SkyWire.
Share Multifamily properties represent a significant growth opportunity for service providers as property managers seek to attract and retain residents. Increasingly, these residents expect secure, reliable connectivity from the moment they move in—both in their dwelling and property-wide—including historically hard-to-reach areas such as parking garages. Meeting those resident expectations means making Wi‑Fi available and easy to activate from day one, then sustaining that experience.
SmartMDU is purpose-built to simplify the delivery of move-in-ready connectivity across multifamily properties. Its ability to help service providers meet the needs of property managers and residents is reflected in industry recognition—including the 2026 Maravedis “Resident Experience Award” and Broadband Communities’ “Multifamily Technology Partner of the Year”—and service provider results, with resident satisfaction ratings as high as 95 percent.
With SmartMDU, service providers can now deliver a range of expanded capabilities for property owners and managers:
Even more seamless move-ins with new activation options to delight residents. Building on existing QR code activation, residents can now sign up via a unique SSID or activate service prior to move-in with a one-time code the property manager initiates through PropertyWorx™. These expanded options help service providers meet rising expectations in multi-dwelling units (MDUs) and raise resident satisfaction. Reliable, secure Wi-Fi connectivity for resident vehicles in parking garages. A dedicated connected vehicle network provides managed Wi-Fi in MDU parking facilities for over-the-air software updates, in-car navigation, and other connected services. Access is unique to each resident and ends when they move out, simplifying management and enhancing security. Greater visibility and control across SmartMDU deployments. With the expanded Calix GigaPro® managed switch portfolio on Calix One, service providers can simplify management for property managers and help scale consistent resident experiences across more multifamily properties. Planned property management system (PMS) integrations will further simplify resident onboarding and offboarding by enabling teams to provision and easily remove resident Wi-Fi access within existing property management workflows, helping reduce manual work and create smoother resident experiences.
All service providers deploying SmartMDU have access to Calix Success™ for expert guidance, training, and support to accelerate deployments and confidently scale across more multifamily properties.
Scott Coonfield, president and chief executive officer at VA SkyWire, said: “When MDU residents move into their new home, they want to get online right away, not schedule an installation or wait for support. SmartMDU on the Calix One platform makes that experience simpler for residents while giving our support team the visibility and tools to resolve issues quickly and efficiently. With Calix, we can serve more properties and continue growing our business without creating more work for our support team.”
Shane Eleniak, chief product officer at Calix, said: “Residents do not think about broadband in terms of networks or technology. They think about whether everything works from the moment they walk through the door. For service providers, delivering secure broadband that simply works is how they stand apart. That’s why we are continuing to evolve SmartMDU on the AI-native Calix One platform—helping providers remove friction behind the scenes, scale exceptional resident experiences, and win more multifamily business without adding operational complexity.”
Learn how SmartMDU is evolving to help service providers simplify operations, scale across more properties, and grow their multifamily business.
About Calix
Calix, Inc. (NYSE: CALX) is an AI platform company that enables service providers to transform their operations and accelerate delivery of differentiated experiences—so they can compete and win in the markets and communities they serve.
Through the AI-native Calix One platform, service providers can securely and privately activate agentic AI alongside their human teams to acquire new subscribers, grow existing subscriber revenue, and build loyalty across residential, business, municipal, and MDU markets. More than 1,200 customers of all sizes leverage the Calix One platform, which has evolved over 15 years at an investment of more than $2 billion.
Calix innovation cycles are underpinned by a strong financial balance sheet and a people‑first culture that routinely earns broad industry recognition—winning 81 culture and innovation awards since 2025 alone, as well as Fortune’s 100 Best Companies to Work For® in 2026.
This press release contains forward-looking statements that are based upon management’s current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting Calix’s business. The reader is cautioned not to rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix’s results and other risks and uncertainties are detailed in its quarterly reports on Form 10-Q and Annual Report on Form 10-K filed with the SEC and available at www.sec.gov.
Calix and the Calix logo are trademarks or registered trademarks of Calix and/or its affiliates in the U.S. and other countries. A listing of Calix’s trademarks can be found at https://www.calix.com/legal/trademarks.html. Third-party trademarks mentioned are the property of their respective owners.
Akcie AST SpaceMobile letos klesly o 42,35 % po dvou případech nenaplnění tržebních očekávání a emisi konvertibilních dluhopisů v objemu 1,15 mld. USD.
AST SpaceMobile has shed nearly half its value while satellite peers soared, yet one Wall Street analyst still sees it doubling from here. The next few launches will either validate that conviction or trigger another round of painful dilution.
AST SpaceMobile (NASDAQ:ASTS) currently trades at $41.87, while analysts’ consensus price target sits at $74.28. The difference points to 77.4% upside.
AST is building a space-based cellular broadband network that links ordinary smartphones directly to its BlueBird satellites. It counts 60+ mobile network operators covering 3+ billion subscribers as partners.
AST is valued near $12.55B, and Barron’s recently called it the new battleground stock. The biggest bull, Roth MKM’s Scott Searle, carries a $108.00 target, meaning 157.9% upside.
A Launch Loss, Two Misses and Fresh Dilution Cut Shares by 42% Back-to-back revenue misses did the most damage. Q1 revenue of $14.73M missed by 59.72%, and Q2 revenue of $31.52M missed the $34.40M consensus. Q2 GAAP EPS landed at -$0.77 against a -$0.29 estimate. That figure included a $125.9M loss tied to the BB7 launch incident and an $88.7M induced conversion expense on convertible notes. The operating loss reached $297.6M.
The stock is down 42.35% this year. The slide picked up speed recently, with shares falling 28.45% over the past month. A securities class action now says that management minimized how often capital needs would add debt and dilution, and overstated AST’s competitive position against Starlink’s direct-to-cell service (per the Robbins Geller case summary). A $1.15B convertible notes offering in July heightened the dilution worries.
Roth’s $108 Call Depends on 45 Satellites and a $1 Billion Revenue Year Searle rates the stock Buy, citing a first-mover moat in direct-to-device broadband, tier-1 carrier partnerships and capital he believes covers the full constellation launch. Management is targeting approximately 45 BlueBird satellites in orbit by early 2027. It still expects revenue approaching $1 billion in the first full year of commercial service, and says government work “could contribute to probably as much as half” of that total.
The balance sheet supports the story. AST holds a ~$1.30B contracted backlog and more than $3.70B in pro forma liquidity, and it confirmed FY2026 revenue guidance of $150M to $200M. The consensus FY2027 revenue estimate is roughly $581.7 million, but individual forecasts run from $345.1 million to $834.1 million.
Conviction is thin, though. Of 14 analysts, 1 rates it Strong Buy, 4 Buy, 7 Hold, 1 Sell and 1 Strong Sell. Estimates are moving the wrong way. The FY2027 EPS consensus has fallen from -$0.6476 to -$1.2782 over 90 days, with no upward revisions in the past month. Scotiabank also cut its rating to Sector Underperform.
Satellite Peers Rallied While AST SpaceMobile Fell Alone AST’s decline is specific to AST. Its closest US-listed peers are up sharply this year.
Iridium Communications (NASDAQ:IRDM | IRDM Price Prediction) trades at $44.18, up 157.39% this year and down only 5.54% over the past month. Its price now tracks Rocket Lab (NASDAQ:RKLB) under a pending all-stock acquisition by Rocket Lab, expected to close in mid-2027, so deal terms outweigh any analyst target. No reliable consensus target was available.
Viasat (NASDAQ:VSAT) trades at $60.29, up 74.96% this year despite a 21.07% drop over the past month. No dependable consensus target or ratings split was available. Its record $1.40 billion defense backlog gives it a firmer base than AST.
On the targets that could be checked, AST carries the group’s largest analyst-implied upside. It is also the only name in the group with deep losses and large capital needs still ahead.
Down 42% While the S&P 500 Gained 12% At $41.87, AST has 77.4% implied upside to the $74.28 consensus target set by 14 analysts. Shares are down 42.35% year to date, while the S&P 500 has gained 12.42%. Over one year, AST has lost 49.85% against the index’s 15.38% gain.
The stock sits near its 52-week low of $39.87, far from its high of $133.86. Its beta of 2.706 signals oversized swings, the kind that belong in the slice of a portfolio reserved for speculation (we wrote a free guide on sizing that slice and setting exit rules, here). Analyst targets are one data point and guarantee nothing, especially for a pre-commercial company.
Commercial Launch Decides Whether This Gap Closes AST SpaceMobile’s case improves if it reaches the 45-satellite mark on schedule and turns on commercial service early enough for 2027 revenue to move toward the top of the estimate range. Launch delays that push service into late 2027 would raise the risk, because that would mean more convertible raises, more dilution and more falling estimates.
On the bull side, AST has production running at approximately six satellites per month, 10 launches booked and funded government contracts. The downside is just as concrete: two straight misses, an active lawsuit and Starlink competing for the same customers.
I lean cautious. The 77.4% gap is real, but the next few launches matter more than any price target.
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