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Churchill Downs Incorporated (CHDN) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT

Company Participants

Sam Ullrich - Vice President of Investor Relations
William C. Carstanjen - CEO & Director
Marcia Dall - Executive VP & CFO

Conference Call Participants

Barry Jonas - Truist Securities, Inc., Research Division
Brandt Montour - Barclays Bank PLC, Research Division
David Katz - Jefferies LLC, Research Division
Daniel Politzer - JPMorgan Chase & Co, Research Division
Shaun Kelley - BofA Securities, Research Division
Chad Beynon - Macquarie Research
Jordan Bender - Citizens JMP Securities, LLC, Research Division
Raymond Bowers - Wells Fargo Securities, LLC, Research Division
Jeffrey Stantial - Stifel, Nicolaus & Company, Incorporated, Research Division
Peter Supino - Wolfe Research, LLC
Daniel Guglielmo - Capital One Securities, Inc., Research Division
Joseph Stauff - Susquehanna Financial Group, LLLP, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Churchill Downs Incorporated Third Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Mr. Sam Ullrich, Vice President, Investor Relations.

Sam Ullrich
Vice President of Investor Relations

Thank you, Andrew. Good morning, and welcome to our third quarter 2026 earnings conference call. After the company's prepared remarks, we will open the call for your questions.

The company's 2026 third quarter business results were released yesterday afternoon. A copy of this release announcing results and other financial and statistical information about the period to be presented in this conference call, including information required by Regulation G, is available at the section of the company's website titled News, located at churchilldownsincorporated.com as well as in the website's Investors section.

Before we get started, I would like to remind you that some of the statements that we make today may include forward-looking statements. These statements involve a number of risks

Mid-America Apartment Communities, Inc. (MAA) Q3 2026 Earnings Call Transcript

On its third quarter 2026 earnings call, held on Oct. 28, 2026, Sprouts (SFM -22.58%) announced a national pricing reset to revive slowing customer traffic. Declining transaction counts and shrinking profit margins show that specialty grocery stores aren't immune to tightening consumer budgets amid persistent inflation.

Three things management said on the call stand out, as Jack Sinclair wraps up his tenure as CEO this year, and Nick Konat prepares to step into the role in 2027.

1. Price Cuts Are Necessary to Reverse Falling Customer TrafficShoppers are buying fewer items as elevated food costs strain household budgets, driving store transactions down. Management is lowering prices on key staples across the country to protect market share rather than holding margins high.

Our efforts to date have not been enough, and our current pricing strategy has not delivered against that goal. This means making more meaningful price investments across a broader range of products. To that end, we are rebuilding our pricing strategy, and we will roll it out nationally in January, when Sprouts is most top of mind for healthy solutions.
-- Nick Konat, President, Chief Operating Officer, and incoming Chief Executive Officer2. New Store Openings Remain the Primary Engine for Long-Term GrowthSales at established locations are slumping, but newly opened stores, particularly this year's "vintage," which refers to the year a group of stores were opened, continue to beat internal performance targets. Expanding the physical store footprint gives the company its clearest path to increase total sales over time.

Our 2026 vintage is outperforming our expectations, and our recent vintages are comping positively, reinforcing our confidence in the long-term unit growth opportunity.
-- Curtis Valentine, Chief Financial Officer3. Expanding In-House Distribution Will Help Restore Profit MarginsManaging product freshness and reducing spoilage depend heavily on controlling the supply chain from warehouse to shelf. Taking direct control of shipping private-label goods reduces distribution expenses and protects long-term earnings.

Supply chain will remain a significant self-help lever to drive profitability. Greater control over freshness, service levels, inventory and shrink will help us respond faster to changes in demand and improve execution over time. We are now planning the next phase of self-distribution, with a selection of Sprouts Brand products representing a logical next step as we look to expand the benefits of our network.
-- Nick Konat, President, Chief Operating Officer, and incoming Chief Executive OfficerLooking AheadCustomer traffic is softening, but executive leadership isn't standing still while sales slip. To protect market share, management is accepting near-term gross margin compression (the profit left after paying direct product costs) to lower prices on essentials and protect its customer proposition.

Rather than wait over a longer period of time, we're acting with conviction now because we believe in the long-term health of the model. We're not going to let the customer fade away from us.
-- Nick Konat, President, Chief Operating Officer, and incoming Chief Executive OfficerThe business retains key structural advantages, including strong store-level unit economics, expanding private-label product lines, and growing digital sales. Management is focusing on pricing discipline, inventory shrink control, and supply chain expansion to rebuild profitability during the transition.

Over time, we believe stronger sales performance, together with expanded self-distribution, improved retail media, vendor partnership, sourcing initiatives, and continued cost savings, can help us rebuild profitability and create long-term shareholder value.
-- Nick Konat, President, Chief Operating Officer, and incoming Chief Executive OfficerThe Motley Fool has positions in and recommends Sprouts Farmers Market. The Motley Fool recommends the following options: long January 2028 $75 calls on Sprouts Farmers Market and short January 2028 $85 calls on Sprouts Farmers Market. The Motley Fool has a disclosure policy.

Murphy USA Inc. ( MUSA ) Q3 2026 Earnings Call October 29, 2026 11:00 AM EDT Company Participants Christian Pikul - Vice President of Investor Relations & FP&A Mindy West - President, CEO & Director Conference Call Participants Jacob Aiken-Phillips - Melius Research LLC Bonnie Herzog - Goldman Sachs Group, Inc., Research Division Thomas Palmer - JPMorgan Chase & Co, Research Division Edward Kelly - Wells Fargo Securities, LLC, Research Division Robert Griffin - Raymond James & Associates, Inc., Research Division Pooran Sharma - Stephens Inc., Research Division Daniel Guglielmo - Capital One Securities, Inc., Research Division Bradley Thomas - KeyBanc Capital Markets Inc., Research Division Presentation Operator Thank you for standing by. My name is Freda, and I will be your conference operator today.

Nubank is the largest digital bank in Latin America — now it's turning its eyes towards the US.

Cristina Junqueira, the co-founder and US CEO of Nubank, sat down with Dan DeFrancesco, executive editor and anchor of Business Insider Today, at Business Insider's The Long Play, to talk about the digital bank's expansion on Thursday.

How it beganSince its founding in 2013, the fintech bank has pushed for financial inclusivity in Latin America by providing access to banking and financial services through its mobile app. Headquartered in Junqueira's home country of Brazil, the simple, low-cost, and digital-first approach discarded the need for physical banks, which are at times harder to reach in parts of Latin America — a key part of its success in the region.

It all started with a purple credit card with no fees.

"We had this vision that data, design, technology, completely transforms people's relationship with money," she said.

Junqueira previously worked as an executive at Itaú Unibanco, the largest private-sector financial giant in the region, also headquartered in Brazil and now a direct competitor of Nubank. Today, it is the largest company in Brazil based on primary banking relationships, and two-thirds of the country's adult population are customers, she said.

Entering the US marketThe digital bank is set to expand into the US after opening a branch in September, operating under the name Nu. This comes after expansion into Mexico and Colombia in 2021.

"We always saw the thesis as a global one," she said. "Everywhere in the world, people want more convenience. People want more transparency. People want simpler experiences managing their finances. People still get like paralyzed by complexity through their financial lives."

Entering America's crowded banking sector is a risk — but for Junqueira, entering no country goes without risk.

"The US is a very hard market, but I haven't found easy ones either," she said. "Building a bank is hard everywhere, so you might as well go for the biggest payout."

In the US, she said getting a bank account is still "surprisingly hard" and normally requires you to go to a physical branch, while Nu offers an easier alternative to that, she said. Foreign digital-first banks have tried to bring their platforms to the US before and failed. German fintech N26 and UK fintech Monzo both tried to expand their businesses to the US, and ultimately withdrew from the market.

The American consumer is unique, which is why Junqueira aims to take a different approach than her competitors to earn trust and scale the platform. She said most other companies started with debit cards, while Nubank is the first to start with credit cards.

Starting people out with a debit card "requires you to build a lot of trust with those customers because you're asking them to deposit their money with you," she said. "In our case, all the countries that we started, we started with credit. This is a very different relationship because you're the one trusting the consumers," she said.

Some Latin American immigrants who already live in the US are responding positively to Nu as it enters the market.

"I've been positively surprised not only by the amount of people, sure, but Brazilians, Mexicans, and others are here and have been waiting for this," she said.

Junqueira also pointed to emerging AI technology and how it could impact the company and the banking sector. She said the company is "heavily leveraging AI," integrating it in credit underwriting, customer support, and product development.

Brazil's presidential election on Sunday made headlines as President Luiz Inácio Lula da Silva unexpectedly won a runoff against Flávio Bolsonaro, who fled the country to the US after he was under investigation for alleged corruption and money laundering. When asked about how she reacted to the big market sell-off in response, Junqueira said volatility is part of operating in a country like Brazil, but having 13 years of experience in the country has helped them learn they are going to run the company for the long run.

"We got to focus on the fundamentals, and the reality is, last quarter we turned over a billion dollars in net income," she said. "Markets don't like surprises, right? But we manage our business regardless of what happens."

Building a brandThe founder said one of the hardest things Nu will have to do in the US is build a brand that connects with users on an "emotional" level. Junqueira's dream scenario, five years from now, is to find evidence of that connection in the US.

One of the ways Nubank is attempting to spread its brand is through a recently signed deal with the Mercedes F1 team. Junqueira pointed to fans' passion for specific teams, as they follow the championship around the world, which was part of why they wanted to take part.

"We got a lot of visibility out of that, and we're working with them on brand activations," she said. "We're producing very interesting activations for consumers that help us amplify the branding fast, and that really help us bring this partnership to life."

Another huge part of the digital bank's brand is gender equality. In 2021, Nubank set a goal for 50% of Nubank's leadership to be women by 2025. Junqueira said today that the company's workforce is over 45% women, with many in leadership positions. In the four countries where they operate, all top leaders are women. Junqueira said the biggest challenge of being an executive while raising a family is not having the flexibility to juggle the demands of both roles.

"The reality is, as hard as we have to work, I think the hardest part is not having enough flexibility," she said. "It has been wonderful for us to have that type of opportunity, for us to really be able to tap into this part of the workforce that often struggles to have this type of career opportunity."

Correction — October 29, 2026: An earlier version of this article misstated Junqueira's title; she is the co-founder and CEO of US Nubank. The article also has been updated to note that the top leaders in the four countries where Nubank operates are women.

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Martina is an economy fellow at Business Insider. She reports for Cost of the City, a series exploring how New Yorkers afford life in one of the country’s most expensive cities and the financial and personal trade-offs they make to stay. She also contributes to Business Insider’s Cost of Living video series.She studied journalism and international relations at Boston University.

The Long Play

BlackBerry Shifts Gears With Coretura DealMobileye Global NASDAQ: MBLY reported third-quarter revenue of $492 million, down about 2% from $504 million a year earlier, while adjusted operating income rose 20% to $89 million. The advanced driver-assistance technology company said EyeQ shipment demand continued to exceed expectations, helping it raise its full-year revenue and adjusted operating income outlook.

CEO and President Amnon Shashua said Mobileye’s year-to-date revenue increased 8% year over year, adjusted operating income climbed 42%, and operating cash flow exceeded $300 million. He attributed the company’s performance to demand for its EyeQ products, with shipments rising 11% through the third quarter even as global automotive production declined slightly.

Get Mobileye Global alerts:

3 Robotics Stocks Under $10: Value, Momentum, or Bet?“Demand for our technology is outpacing production at our top 10 customers, while Chinese OEMs continue to choose our solutions for export markets,” Shashua said.

EyeQ volume and China mix shaped quarterly results Mobileye shipped 9.5 million EyeQ units in the third quarter, at the high end of its 9.3 million to 9.5 million outlook. CFO Moran Shemesh said unit volume increased 3% year over year during the quarter, though revenue was affected by a larger mix of Chinese OEM shipments that carried lower software content and pricing.

Forget Tesla: These 2 Earnings Reports Reveal Where the Auto Market Is HeadingChinese OEM mix alone reduced year-over-year average selling price by about $1, Shemesh said. The company said Chinese automakers are selecting Mobileye products to support export expansion, particularly in Latin America, South Asia and Eastern Europe. Management also cited increased ADAS fitment by legacy automakers responding to Chinese competition in emerging markets.

Mobileye expects more than 4.5 million chips to be delivered to China during 2026, with demand remaining sustained through the year. The company said it expects full-year EyeQ shipments to rise about 10% at the midpoint compared with 2025.

Higher memory costs added approximately $7 million of revenue in the quarter through a customer pass-through arrangement, but generated no gross margin. Shemesh said the higher SuperVision volume and memory-cost pass-through together reduced corporate average gross margin by roughly 100 basis points.

Guidance raised as SuperVision deliveries outperform Mobileye raised its full-year revenue midpoint by $13 million to approximately $2.008 billion, narrowing its outlook to a range of $1.995 billion to $2.02 billion. The guidance implies annual revenue growth of 5% to 7%.

The company also raised the midpoint of its adjusted operating income outlook to $400 million from $395 million, with a new range of $380 million to $420 million. The outlook includes approximately $190 million from Israel’s R&D incentive at the midpoint.

Third-quarter adjusted operating margin was 18%, up about three percentage points from a year earlier. The Israeli R&D credit contributed $51 million of contra-R&D expense during the quarter. Mobileye expects full-year non-GAAP operating expenses of about $910 million at the midpoint, including $180 million to $200 million of R&D credits. First-nine-month operating cash flow totaled $303 million. Cash equivalents, marketable securities and deposits stood at $1.5 billion. The increased outlook primarily reflects stronger-than-expected EyeQ5 High-based SuperVision deliveries. Mobileye delivered more than 15,000 SuperVision systems in the third quarter and nearly 60,000 through the first nine months, already modestly above its original full-year expectation. It now expects about 65,000 SuperVision systems for the full year.

However, management continued to forecast lower fourth-quarter volume, citing expected inventory adjustments and component-shortage-related inventory building. At the midpoint of its annual outlook, Mobileye expects fourth-quarter revenue of $450 million and adjusted operating income of roughly $60 million. EyeQ orders currently point to 8.8 million to 8.9 million units in the fourth quarter, compared with 9.5 million in the third quarter.

Company outlined higher-content ADAS opportunity Management said its future growth opportunity rests on both broader ADAS adoption and greater content per vehicle. Shashua said Mobileye is expanding beyond front-camera perception systems as automakers pursue lower-cost hands-free highway functions and more advanced point-to-point driving features.

Three automakers—Volkswagen, Mahindra and a large U.S. OEM—have selected Mobileye’s Surround ADAS solution based on EyeQ6 High, according to Shashua. Stellantis, a top-five Asian automaker and a top-10 Japanese OEM have selected an alternative approach that adds Mobileye’s road-experience management, or REM, capabilities to existing EyeQ6 Lite programs.

Nimrod Nehushtan, Mobileye’s executive vice president of corporate strategy, said cloud-enhanced ADAS with REM can add “a few tens of dollars per EyeQ,” depending on volume and adoption rates. He said Surround ADAS carries roughly twice the average selling price of base ADAS, while SuperVision is priced above $1,000 per vehicle and Chauffeur is priced at about $2,500 per vehicle.

Management expects Surround ADAS and cloud-enhanced ADAS production launches to be primarily 2028 events. For 2027, Shemesh said the company expects EyeQ ASPs to be relatively flat, with potentially a moderate decrease depending on software-content mix.

Volkswagen programs and robotaxi plans progress Shashua said Mobileye’s nominated Volkswagen Group programs—including base ADAS, Surround ADAS, SuperVision led by Porsche, Chauffeur led by Audi, and the ID. Buzz program with Moia—are operating on production hardware and production-intent vehicle platforms. The company is focused on software hardening ahead of planned launches across multiple vehicle models in 2027 and 2028.

Regarding Volkswagen’s CARIAD software unit, Shashua said CARIAD’s partner selection process does not affect Mobileye’s existing production programs. He said CARIAD’s future architecture decisions would relate to longer-term opportunities rather than currently nominated Mobileye programs.

In robotaxis, Mobileye said it has integrated Moovit’s rider-experience and fleet-orchestration stack and has begun initial testing in Tel Aviv. The company said it is seeking a vehicle-platform arrangement that could support rapid scaling after initial commercialization.

Shashua said Mobileye plans to deploy 100 vehicles in one city in 2027, with Orlando under consideration and Miami potentially following. The company is working with partners on operational infrastructure, including fleet management, maintenance, warehouses and parking facilities. It also said it is working with OEMs on a Level 4-ready platform that could be purchased at scale beginning in 2028 and beyond.

Mobileye said its long-term robotaxi sensor strategy emphasizes cameras and imaging radar, with Shashua stating that the company believes lidar may not be needed over time. The company also disclosed that it has repurchased approximately $33 million of shares since launching its buyback program in April, at an average price of $9.36 per share.

About Mobileye Global (NASDAQ:MBLY)Mobileye Global Inc NASDAQ: MBLY develops advanced driver-assistance systems and autonomous driving technologies for vehicle manufacturers worldwide. Founded in 1999 and headquartered in Jerusalem, Israel, the company provides computer-vision and artificial-intelligence solutions designed to improve vehicle safety and support automated driving.

Its product portfolio includes EyeQ system-on-chips, camera-based driver-assistance features, and software for functions such as automatic emergency braking, lane-keeping assistance, adaptive cruise control, and traffic-sign recognition.

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

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The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.

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Viking Therapeutics, Inc. is advancing VK2735, a dual GLP-1/GIP agonist, targeting the obesity and diabetes market dominated by Eli Lilly and Novo Nordisk. VKTX's Phase 3 VANQUISH trials for injectable VK2735, and SUNRISE trials for oral VK2735, are key 2025–2027 catalysts; >20% weight loss with strong safety could drive approval. Recent maintenance study data showed up to 21.7% mean weight loss and excellent tolerability with less frequent dosing, but competition and limited data durability remain concerns.

SAN FRANCISCO--(BUSINESS WIRE)--Reddit, Inc. (NYSE: RDDT) today announced financial results for the quarter ended September 30, 2026. Reddit's complete financial results and management commentary can be found in its shareholder letter on Reddit's Investor Relations website at https://investor.redditinc.com. “Our business is growing because the Reddit experience captures the human experience in a way that no other platform can replicate,” said Steve Huffman, Founder and CEO of Reddit. “Surpassin.

A Reddit logo is seen in this picture illustration taken, August 16, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Oct 29 (Reuters) - Reddit

(RDDT.N), opens new tab CEO Steve Huffman outlined a plan on Thursday to make signing-in mandatory for most content as the ​company grapples with data scraping and declining search referral traffic in recent ‌months.

Huffman warned that total daily active unique visitors (DAUq) could fall by a low double-digit percentage in the fourth quarter from about 130 million currently, if search referral traffic continues to decline further. Shares of ​the company fell more than 9% in extended trading.

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

Search engine referrals to Reddit ​decreased by more than one million on average each week during ⁠October, he said. In the US, its biggest market by revenue, DAUq fell 2% ​to 50.7 million.

Reddit, which licenses its data to OpenAI and Alphabet's

(GOOGL.O), opens new tab Google, has sued IPO-bound Anthropic, Perplexity AI ​and three data scraping companies, accusing them of illegally collecting Reddit's data.

The social media company's trove of user-generated discussions is a prized asset, offering AI startups data to train models and helping marketers get ​insights for ads.

"We will continue licensing our corpus intentionally, but those commercial deals come ​with guardrails that protect our users and our business," Huffman said.

Reddit's 53% revenue growth slowed sequentially in ‌the ⁠quarter ended September 30, but it is still better than rivals including Snap

(SNAP.N), opens new tab and Pinterest

(PINS.N), opens new tab, as they compete for ad dollars with Meta

(META.O), opens new tab in a tough market.

Huffman said Reddit is enhancing its platform for logged-in users, which make up over 80% of the monetization, ​by delivering more relevant ​advertisements and through ⁠product improvements like increased video content and better personalization.

The company plans to test the logged-in-only experience in select markets outside of US ​in the fourth quarter to assess its impact before wider ​implementation, the ⁠shift that would end two decades of allowing anyone to browse Reddit freely without an account.

The firm's third-quarter revenue of $895 million exceeded LSEG-compiled analysts' average estimate of $878.4 million. Its revenue forecast ⁠for ​the current quarter of $1 billion to $1.03 billion is largely ​in line with estimates.

It expects fourth-quarter adjusted earnings before interest, taxes, depreciation, and amortization to be between $480 million ​and $510 million, versus estimates of $512.2 million.

Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Reddit (RDDT -3.79%) grew third-quarter revenue by 53% to $895 million even as its U.S. daily users shrank 2% from a year ago. Shares fell about 10% in early after-hours trading. All of Reddit's user growth came from outside the U.S., so in its most valuable market this quarter's growth came from earning more from each user, not adding new ones.

Key NumbersRevenue: $895 million, up 53% year over yearU.S. daily active uniques (people who visit or open the app daily): 50.7 million, down 2%U.S. average revenue per unique (quarterly revenue per daily user): $13.82, up 53%Net income: $283 million, up 74%RDDT Reddit$129.60-$5.10 (-3.79%)

NYSE · As of 4:00 PM ET 10/29/26

What It MeansU.S. revenue rose 50% despite a smaller audience, so all of that growth came from making more money from each user. That lever is powerful, but it has a ceiling when the base keeps shrinking.

The leak is in logged-out users, who fell 4% in the U.S. These are often people who land on Reddit from a search such as Google's, so the traffic depends on a search engine Reddit doesn't control. Logged-in U.S. users, which the release calls its most engaged and monetizable, grew only 1%. The release says app users grew from last quarter, but it gives no app figures to back that up.

Profit is not the worry here. Total costs grew slower than revenue, and fourth-quarter guidance calls for $1.00 billion to $1.03 billion in revenue, above this quarter's $895 million. Advertisers clearly still want to reach Reddit's users, and the open question is how many users there will be.

What to Watch NextWatch U.S. daily active uniques next quarter, since another decline would leave pricing to carry the whole U.S. story. Also watch whether Reddit backs up its claim about app users with real numbers.

Sharice Wells has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Reddit. The Motley Fool has a disclosure policy.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.

Morgan Stanley analyst Meta Marshall initiated coverage on Rubrik Inc (NYSE:RBRK) with an Overweight rating and announced a price target of $155. Rubrik closed at $136.00 on Wednesday. See how other analysts view this stock. Cantor Fitzgerald analyst Kristen Kluska initiated coverage on Kardigan, Inc. (NASDAQ:KARD) with an Overweight rating and announced a price target of $50. Kardigan shares closed at $13.73 on Wednesday. See how other analysts view this stock. BTIG analyst Tyler DiMatteo initiated coverage on MSG Rangers Corp. (NYSE:MSGR) with a Buy rating and announced a price target of $257. MSG Rangers closed at $186.65 on Wednesday. See how other analysts view this stock. Morgan Stanley analyst Devin McDermott initiated coverage on Ormat Technologies, Inc. (NYSE:ORA) with an Overweight rating and announced a price target of $123. Ormat shares closed at $91.66 on Wednesday. See how other analysts view this stock. Considering buying RBRK stock? Here’s what analysts think:

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Donation supports Remote Area Medical’s mission to bring high-quality dental care to underserved communities through advanced 3D printing technology.  | Source: 3D Systems Inc.

ROCK HILL, S.C., Oct. 29, 2026 (GLOBE NEWSWIRE) -- 3D Systems (NYSE: DDD) today announced the donation of a NextDent® 300 MultiJet 3D printer to Remote Area Medical (RAM®), a nonprofit organization dedicated to providing free, quality dental, vision, and medical care to underserved and uninsured individuals in the United States. The donation supports RAM’s mission to eliminate barriers to essential healthcare by expanding its ability to provide customized, high-quality dentures to patients in need, at no cost.

For individuals without access to affordable dental care, missing teeth can significantly affect their ability to eat, speak, and engage confidently in everyday life. Yet the cost of restorative dental treatment, including dentures, can place these essential services out of reach. Since 1985, RAM has worked to eliminate these barriers, delivering free healthcare services to more than one million patients across the United States. In 2025 alone, the organization served 32,770 patients and provided more than $16.6 million in free healthcare through the efforts of over 17,000 volunteers.

After learning about RAM’s mission and its use of 3D Systems’ NextDent 5100 platform to provide dentures for underserved patients, 3D Systems CEO Jeff Graves saw an opportunity to further support RAM’s efforts. The donation of the Company’s new NextDent 300 MultiJet 3D printer will help RAM expand its digital denture manufacturing capabilities, enabling faster production of high-quality dentures for patients in need.

The NextDent 300, powered by 3D Systems’ MultiJet 3D Printing technology, enables the production of highly realistic, durable monolithic dentures, with teeth and gums printed together as a single piece. By streamlining traditionally labor-intensive denture manufacturing processes, the solution helps reduce production time while delivering the precision, fit, and natural aesthetics patients deserve.

The donated printer system is now installed and operational at RAM’s facility in Knoxville, Tennessee, where the organization is already using the technology to produce dentures for members of the community. Once RAM’s newest mobile dental laboratory is completed, the NextDent 300 will be integrated into the mobile unit, expanding the organization’s ability to bring advanced digital denture production directly to underserved communities across the country.

“Remote Area Medical has an extraordinary record of bringing essential healthcare to people who need it most,” said Jeff Graves, CEO of 3D Systems. “We are proud to support that work with the NextDent 300, which enables the production of high-quality monolithic dentures more efficiently. The ability to eat comfortably, speak clearly, and smile with confidence can have a profound impact on a person’s quality of life. We hope this donation helps RAM extend that impact to even more patients.”

“A Mirror Moment lasts only a few seconds, but its impact lasts a lifetime. It’s the first time in years someone smiles without covering their mouth, with the confidence to apply for a job, share a meal with family, or simply laugh out loud. Remote Area Medical’s partnership with 3D Systems lets us give patients high-quality dentures, and with them, a moment many thought they’d never have again. Together, we’re proving what’s possible when innovation and compassion share the same goal, one Mirror Moment at a time,” said Connor Gibson, Dental Technology Manager, Remote Area Medical.

RAM’s ongoing investment in mobile healthcare services reflects its commitment to reaching patients who face geographic, financial, or other obstacles to treatment. The addition of the NextDent 300 will further support that work, helping the organization’s dental teams provide essential restorative care through an increasingly efficient digital workflow. 3D Systems looks forward to continuing to support Remote Area Medical’s community outreach.

For more information about 3D Systems’ NextDent Jetted Denture Solution, visit www.3dsystems.com.

To learn more about Remote Area Medical and its mission to provide free healthcare to underserved communities, visit www.ramusa.org.

About 3D Systems

For 40 years Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; data center infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

About Remote Area Medical Remote Area Medical (RAM®) is a nonprofit provider of free dental, vision, and medical services to underserved and uninsured individuals. Through its network of volunteers, pop-up clinics, and mobile healthcare units, RAM delivers essential care to individuals and communities in need, regardless of their ability to pay. For more information, visit www.ramusa.org.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including statements regarding the timing of product launches, regulatory approvals, market opportunities, expected revenue impact, and shareholder value. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not, be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.
Investor Contact: [email protected]
Media Contact: [email protected]

Pagaya Technologies Ltd. (PGY) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT

Company Participants

Craig Smyth - Investor Relations
Gal Krubiner - CEO, Co-Founder & Director
Sanjiv Das - Co-Founder & President
Jonathan Dobres - Chief Financial Officer

Conference Call Participants

John Hecht - Jefferies LLC, Research Division
Sanjay Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division
Moshe Orenbuch - TD Cowen, Research Division
Kyle Joseph - Stephens Inc., Research Division
Peter Christiansen - Citigroup Inc., Research Division
Guru Sidaarth - Oppenheimer & Co. Inc., Research Division
Harold Goetsch - B. Riley Securities, Inc., Research Division
David Scharf - Citizens JMP Securities, LLC, Research Division
Joseph Vafi - Canaccord Genuity Corp., Research Division
Randy Binner - Texas Capital Securities, Research Division

Presentation

Operator

Greetings, and welcome to the Pagaya Third Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Craig Smyth, Investor Relations. Thank you. You may begin.

Craig Smyth
Investor Relations

Thank you, and welcome to Pagaya's third quarter 2026 earnings conference call.

Joining me today to talk about our business and results are Gal Krubiner, Chief Executive Officer of Pagaya; Sanjiv Das, President; and Jon Dobres, Chief Financial Officer.

You can find the materials that accompany our prepared remarks and a replay of today's webcast on the Investor Relations section of our website at investor.pagaya.com. Our remarks today will include forward-looking statements that are based on our current expectations and forecasts with respect to, among other things, our operations and financial performance, including our financial outlook for the fourth quarter and full year 2026.

Our actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially from our expectations include, but are not limited to, those risks described in today's press release and our

Key Takeaways GE Vernova beat Q3 earnings estimates, raised 2026 guidance and doubled its share buyback program to $20B.GEV expects 2026 gas equipment order pricing per kilowatt to rise about 50% over 2025, supporting margins.GEV's $9B Trench deal targets grid expansion, while Electrification's equipment backlog reached $42B.
GE Vernova Inc. (GEV - Free Report) emphasized accelerating gas turbine demand, improving equipment pricing and expanding grid infrastructure opportunities during its third-quarter 2026 earnings call. Management highlighted stronger margins, a growing backlog and the planned Trench Group acquisition as important drivers of future growth.

The company reported third-quarter earnings of $4.81 per share, exceeding the Zacks Consensus Estimate of $4.03. Revenues reached $12.64 billion, surpassing the $12.10 billion consensus estimate. Management also raised its full-year outlook.

GEV Sees Further Upside in Gas Power MarginsCEO Scott Strazik emphasized that Power's margin expansion is entering a new phase as higher-priced turbine orders begin converting into revenues. The segment achieved a 21.4% EBITDA margin despite seasonally lower services activity.

During the Goldman Sachs Q&A, Strazik explained that third-quarter shipments included equipment ordered at improved prices beginning in late 2024. He indicated that second-half 2026 margins provide a reasonable starting point for evaluating 2027 performance.

CFO Kenneth Parks added that productivity improvements accompanied the production ramp to 5 gigawatts quarterly. Management expects full-year 2026 gas equipment order pricing per kilowatt to be approximately 50% above 2025 levels.

GE Vernova Expands Grid Capabilities With TrenchStrazik described the planned $9 billion acquisition of Trench Group as a strategic move to strengthen high-voltage equipment capabilities and improve supply-chain control. The transaction is expected to close in late 2027.

Trench is projected to generate approximately $2 billion in revenues by 2028, with an adjusted EBITDA margin near 36%. Parks expects annualized cost synergies of $50 million to $100 million by 2030.

During the Wolfe Research Q&A, Strazik emphasized that internalizing critical components, including transformer bushings, could improve delivery reliability and create commercial opportunities. Management also identified potential expansion across India, Southeast Asia and the Middle East.

GEV Targets Higher Electrification ProfitabilityElectrification continued benefiting from grid modernization and data center investment. Its equipment backlog reached $42 billion, while quarterly EBITDA margin improved to 19.1%.

Strazik highlighted growing demand for new technologies, including medium-voltage uninterruptible power supplies and solid-state transformers. The company secured its first hyperscaler order for its MV-UPS technology during the quarter.

Responding to Evercore ISI's question about margins potentially exceeding 30%, Strazik expressed confidence in substantial annual improvement. He indicated that the upcoming Capital Markets Day would establish longer-term financial targets through 2030.

GE Vernova Raises ’26 Guidance and Expands BuybacksParks raised 2026 revenue guidance to $46.5 billion-$47.5 billion from $45.5 billion-$46.5 billion. Adjusted EBITDA margin expectations increased to 13.5%-14.5%, while free cash flow guidance rose to $16 billion-$17 billion.

The company generated $5.4 billion in quarterly free cash flow, supported substantially by customer down payments. Its backlog reached $197 billion, providing visibility into future equipment deliveries and services activity.

Management also doubled the share repurchase authorization to $20 billion. Parks said the Trench acquisition would be financed through approximately equal portions of cash and debt while maintaining an investment-grade balance sheet.

GEV Maintains Caution on Wind RecoveryWind achieved positive quarterly EBITDA of $72 million, reflecting improved onshore services profitability and reduced offshore project costs. However, management continues to anticipate full-year segment losses of $400 million-$500 million.

During the Bank of America Q&A, Strazik acknowledged improving strategic flexibility but emphasized uncertainty surrounding the U.S. onshore wind market. Permitting delays and tariffs continue affecting customer decisions.

Strazik indicated that completing offshore project commitments and assessing domestic demand through 2027 remain priorities before determining the business's longer-term strategic direction.

GE Vernova Prioritizes Execution and CapacityManagement's overarching message centered on converting strong demand into profitable deliveries while expanding manufacturing capacity. Investments in automation, artificial intelligence and research remain central to productivity improvements.

Strazik also emphasized disciplined capital allocation and continued execution across all three segments. The expanding equipment and services backlog remains central to management's expectations for sustained margin improvement.

What GEV's Zacks Rank and Style Scores IndicateGEV currently carries a Zacks Rank #3 (Hold), reflecting a neutral near-term earnings estimate revision outlook. Its Growth Score of A and Momentum Score of A indicate favorable growth characteristics and price momentum, while its Value Score of D points to comparatively weaker valuation attractiveness.

The stock's VGM Score of A reflects a strong combined assessment of value, growth and momentum characteristics. However, the Zacks framework generally favors combining strong Style Scores with a Zacks Rank #1 (Strong Buy) or 2 (Buy). GEV's current Hold rank warrants a measured interpretation, particularly because subsequent analyst earnings estimate revisions could change its Zacks Rank following the quarterly results.

You can see the complete list of today’s Zacks #1 Rank stocks here.

MCLEAN, Va.--(BUSINESS WIRE)--AIRO Group Holdings, Inc. (Nasdaq: AIRO) (“AIRO” or the “Company”), a global leader in advanced aerospace and defense technologies, today announced that it will issue its third quarter 2026 earnings release before the market opens on Thursday, November 12, 2026. AIRO will host a live earnings conference call to discuss results at 8:00 a.m. ET on the same day, November 12, 2026. Participants can join the call by dialing 1-833-461-5787 (US) or 1-585-542-9983 (interna.

SummaryFiserv maintains its compounding characteristics despite missteps leading to recent revenue and margin guidance cuts, with strategic assets and market leadership remaining intact.Fiserv's market leadership, transaction volume scale, distribution, and mission-critical platforms represent hard-to-replicate strategic assets that underpin its competitive advantage.Fiserv trades at a depressed level with a paltry forward P/E of around 6.48x and offers a 14% free cash flow yield, presenting an attractive upside for an investor.I reiterate a Strong Buy rating, as excessive market pessimism overlooks Fiserv's profound strategic assets and reliable cash generation. Getty Images

Introduction Fiserv, Inc. (FISV) is set to report its Q3 2026 earnings on November 3, 2026, before the market opens. For Q3, analysts expect revenue of $4.85 billion and an EPS of $1.717, which represents a decline of 7.94% and almost 16%, respectively. However, I believe

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of FISV either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The company posted net income of $8.1 billion in the first quarter as the AI buildout drives memory demand skyward.

The trading week is approaching its end and, for now, a neutral tone continues to dominate the euro's short-term price action. EUR/USD has recorded a move of only around -0.15% during the week, highlighting the pair's inability to establish a clear direction in favor of either the euro or the U.S. dollar. As a result, a relatively consistent phase of indecision continues to dominate market behavior.

This cautious environment has persisted even after the monetary policy decisions from both the Federal Reserve and the European Central Bank (ECB). Although the dollar has also struggled to develop a particularly strong bullish bias, the ECB's decision has not been enough to restore meaningful demand for the euro. As a consequence, the market continues to trade under a cautious tone that may remain relevant in the sessions ahead.

What Happened with Central Banks?
This week has been especially important from a monetary policy perspective due to decisions from both the Fed and the ECB. What stands out is that, despite the attention surrounding both events, the decisions and subsequent comments ultimately reinforced a relatively similar tone of caution from the two institutions.

The Federal Reserve was the first to announce its decision, leaving the benchmark rate unchanged at 4.00%. While the institution acknowledged that inflation remains elevated, it also reiterated the need for additional data before considering more aggressive policy actions. In this scenario, the majority of policymakers supported keeping rates unchanged.

Later, the European Central Bank maintained its deposit rate at 2.50% and its refinancing rate at 2.65%. The comments that followed were relatively similar to those seen in the United States. The ECB acknowledged that energy prices continue to pose upside risks to inflation but also stressed the importance of waiting for additional economic data before confirming expectations of higher rates potentially extending into 2027.

Overall, both institutions continue to maintain a cautious stance and have not provided especially clear signals regarding a potential acceleration in monetary tightening over the coming months.

Source: TradingEconomics

An important takeaway is that this environment increasingly reflects an alignment between both central banks. In fact, for the December meetings, which will be the final policy decisions of the year for both institutions, markets assign more than 77% probability to a rate increase in the United States toward 4.25%, while expectations for the ECB show more than 80% probability that the deposit rate will rise from 2.50% to 2.75%.

This suggests that, while there is still room for slightly higher rates before the end of 2026, recent comments from both institutions do not clearly support a prolonged tightening cycle during the first part of 2027. As a result, caution continues to be the dominant feature within monetary policy expectations.

Source: CMEGROUP

Source: ECBWATCH

At the same time, this relatively cautious tone has not generated meaningful changes within fixed-income markets. 10-year bond yields in both the United States and Europe continue to follow a moderation trend even after the latest policy decisions.

While European yields continue struggling to establish themselves above the 4.00% area, U.S. yields remain slightly below 5.00%, suggesting that investors still lack conviction regarding a scenario of substantially higher interest rates during the coming months.

Source: TradingEconomics

This remains relevant because, as long as bond markets fail to increase the relative attractiveness of their yields, demand for both euro- and dollar-denominated investments also remains limited. Even though the United States still holds an interest-rate advantage, that differential has not been enough to generate significant dollar strength.

As a consequence, the market continues to operate within a broadly cautious environment where neither central bank expectations nor recent bond market developments have been sufficient to attract significant capital flows into either currency. Rather than generating a meaningful shift in EUR/USD dynamics, this week's central bank events appear to have reinforced an ongoing lack of direction. As long as this alignment in caution remains in place, the current phase of indecision could continue to be a relevant feature of the pair over the coming weeks.

EUR/USD Technical Forecast

Source: StoneX, Tradingview

The broader downtrend is beginning to enter a consolidation phase: Since January 2026, EUR/USD has developed an important bearish trendline that remains the dominant technical structure on the daily chart. In recent weeks, this broader trend also gave rise to a short-term bearish trendline as dollar strength gained momentum. Recently, however, price action has begun to change, with the pair struggling to establish new significant lows and increasingly reflecting a lack of direction. This suggests that both the long-term downtrend and the short-term bearish structure may be entering a consolidation phase, favoring a more neutral environment while price remains above key support levels.

 
RSI: The RSI has started to flatten noticeably during recent sessions, reflecting a slowdown in the bearish momentum observed in previous weeks. In addition, while EUR/USD has continued to post slightly lower lows, the RSI has developed progressively higher lows, keeping a potential bullish divergence in place. This signal continues to suggest that the market may be reflecting an excessive accumulation of selling pressure and could still leave room for short-term bullish corrections.

 
MACD: The MACD histogram continues to trade around the 0 neutral line, a reading that reflects a relatively balanced environment within short-term moving averages. This behavior continues to support the possibility that a phase of indecision remains a relevant characteristic of recent EUR/USD price action.

 
Key Levels:

1.12715 – Key Resistance: This level coincides with an important area of previous highs and currently represents the most relevant upside barrier on the chart. Price action returning toward this zone could reinforce the current neutral environment and even favor the formation of a more established trading range over the coming weeks.

 
1.12009 – Near-Term Barrier: This level coincides with an important retracement area observed in recent weeks and currently serves as one of the market's main equilibrium references. It could become the key level to monitor in the event of short-term bullish corrections.

 
1.10892 – Key Support: A level not seen since May 2025, which remains the most important downside barrier within the current structure. Price action returning toward this area could restore bearish momentum and favor a more aggressive extension of the broader downtrend during the coming weeks as the dominant technical pattern within EUR/USD.

 
Written by Julian Pineda, CFA, CMT – Market Analyst

Follow him on: @julianpineda25

4.2K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

29.10.2026 21:28

Index Dow Jones -0,25 % na 52342,62 b. S&P 500 -0,3 % na 7720,54 b. Nasdaq 100 -2,01 % na 29003,692 b.

Ve čtvrteční seanci se americké indexy pohybovaly v červených číslech a index Dow Jones si tak odepsal -0,25% a širší index S&P 500 uzavřel také o málo vyšší ztrátou  -0,3 %. Nejvíce do červených se pohroužil technologický Nasdaq 100, který ztratil -2,01% a opět se u investorů objevují pochybnosti  o tom, jakou návratnost přinesou výdaje na umělou inteligenci a z výše zmíněných důvodů byly technologické tituly pod silným tlakem. Lehká ropa WTI z průběžné ztráty -2,5% otočila do kladných a posílila o 0,3% a dostala se k úrovni 102,3 USD/barel. K růstu ceny WTI dopomohl také oslabující dolar, který na páru s eurem ponížil o -0,1% tj. 1,1164 USD/EUR. Kladné hodnoty dnes neudržel také žlutý kov, který korigoval o -0,01% a zlato se tak dostalo k úrovni 4 031 USD/Troy. unci. 

Luboš Bedrník
Fio banka, a.s.
Prohlášení

Diluted earnings per share (“EPS”) of $0.95 Invested $84 million in water and wastewater utility infrastructure during the nine months ended September 30, 2026 Declared $0.38 common stock cash dividend, a 5.56% increase ISELIN, N.J., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ: MSEX) today announced financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

Operating Revenues of $394.0 millionOperating Income of $32.8 millionDiluted Earnings Per Share of $0.69Debt - net of $678.1 million and Operating Debt(a) of $500.5 millionCredit Agreement Leverage Ratio(a) of 1.98xRevolving Credit Facility Extended Through September 30, 2029Declares Quarterly Dividend:  $0.105 per share, /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a diversified transportation and logistics company, today reported consolidated operating revenues of $394.0 million, income from operations of $32.8 million, net income of $18.1 million, and earnings per basic and diluted share of $0.69 for the third quarter 2026.

For comparative purposes, Universal reported total operating revenues of $396.8 million, an operating loss of $117.4 million, a net loss of $117.9 million, and a loss per basic and diluted share of $4.48 for the corresponding period last year. As previously disclosed, Universal's reported loss in the prior year included non-cash impairment charges totaling $124.4 million.

Universal's operating margin was 8.3% for the quarter, compared with (29.6)% during the same period last year. Excluding the impact of prior year impairment charges, adjusted income from operations(a) for the third quarter 2025 was $7.0 million and adjusted operating margin(a) was 1.8%. The Company's adjusted EBITDA(a) for the quarter was $64.7 million, compared to adjusted EBITDA(a) of $43.3 million one year earlier. Reconciliations of the non-GAAP measures used in this release to the most directly comparable GAAP measures are included below.

Universal at a Glance

Universal operates a diversified portfolio of transportation and logistics businesses. The Company's largest business is Contract Logistics, which includes value-added logistics programs and dedicated transportation services, complemented by Intermodal and Trucking operations. For the third quarter of 2026, Contract Logistics represented approximately 69.0% of consolidated operating revenues, compared with approximately 13.5% from Intermodal and 17.5% from Trucking.

Q3 Revenues
(in thousand)

Approx. Share

Contract logistics

$

271,918

69.0

%

Intermodal

$

53,076

13.5

%

Trucking

$

69,049

17.5

%

Operating Commentary

"Our third quarter results reflect solid execution across our portfolio of transportation and logistics services," stated Tim Phillips, Universal's CEO. "Our intermodal segment also made meaningful progress in its turnaround and generated positive income from operations during the quarter."

Segment Results

Contract Logistics

Contract Logistics results reflected certain new value-added programs, increased volumes in certain existing value-added programs and dedicated transportation, partially offset by fewer programs in value-added rail services operations. Third-quarter operating revenues increased 2.8% to $271.9 million from $264.4 million in the prior-year period. The segment generated income from operations of $22.9 million, compared with $13.7 million a year earlier, and operating margin improved to 8.4% from 5.2%, primarily reflecting lower direct personnel and depreciation expense.

Contract Logistics revenues included $11.8 million of separately identified fuel surcharges from dedicated transportation services, compared with $8.1 million in the prior year period. At quarter-end, Universal managed 76 active value-added programs, compared with 82 a year earlier.

Intermodal

Overall, Intermodal results reflect improved operating performance in the third quarter. Although revenues declined year over year, revenues increased 20.4% sequentially from the second quarter and the segment generated income from operations during the period. Third-quarter operating revenues decreased 17.9% to $53.1 million from $64.7 million in the prior-year period. Load volumes declined 45.7%, while the average operating revenue per load, excluding fuel surcharges, increased 40.4%.

The segment reported income from operations of $2.7 million, compared with an operating loss of $135.1 million a year earlier, including the previously discussed $124.4 million non-cash impairment charge in the prior period. Intermodal revenues included $7.4 million of separately identified fuel surcharges and $8.5 million of detention, demurrage and storage charges, compared with $7.6 million and $9.0 million, respectively, in the prior-year period.

Trucking

Trucking results reflected lower load volumes, substantially offset by higher average operating revenue per load, excluding fuel surcharges. Third-quarter operating revenues were $69.0 million, compared with $67.7 million in the prior-year period. Load volumes declined 9.6%, while average operating revenue per load, excluding fuel surcharges, increased 8.7%.

The segment generated income from operations of $4.4 million, compared with $3.9 million a year earlier. Operating margin was 6.3%, compared with 5.8%, reflecting an improved pricing environment. Trucking revenues included $20.1 million from brokerage services and $5.8 million of separately identified fuel surcharges, compared with $17.3 million and $3.6 million, respectively, in the prior-year period.

Balance Sheet, Liquidity and Capital Structure

At October 3, 2026, the Company reported Debt - net of approximately $678.1 million on its consolidated balance sheet and held $15.3 million of cash and cash equivalents. Gross outstanding borrowings were approximately $681.7 million. Of those borrowings, approximately $500.5 million consisted of Operating Debt(a), representing revolving credit facility borrowings and equipment financing, and approximately $181.2 million consisted of CTL financing.

Operating Debt(a) excludes CTL financing and is presented to distinguish the Company's revolving credit facility borrowings and equipment financing from its separately financed CTL obligations.

At October 3, 2026, the Company's Credit Agreement Leverage Ratio(a) was 1.98x. The maximum permitted Credit Agreement Leverage Ratio(a) at October 3, 2026 was 3.50x. The Credit Agreement Leverage Ratio(a) was calculated using Net Indebtedness(a) of approximately $497.9 million and Combined EBITDA(a) of approximately $251.8 million, each as defined in the Credit Agreement. Reconciliations of Net Indebtedness(a), Combined EBITDA(a) and the Credit Agreement Leverage Ratio(a) are included below.

Capital expenditures during the quarter totaled $32.2 million.

During the quarter, certain subsidiaries of the Company entered into a Fourth Amendment to the syndicated revolving credit facility. The amendment reduced aggregate revolving commitments from $500.0 million to $350.0 million, extended the commitment period from September 30, 2027 to September 30, 2029, and reset the facility's uncommitted accordion to permit the Company to request up to $150.0 million of incremental revolving commitments, subject to lender agreement and satisfaction of the conditions specified in the credit agreement. At October 3, 2026, approximately $90.1 million of revolving commitments remained unused, and the Company was in compliance with its financial covenants. 

CTL Financing

The Company's CTL financing is a long-term, fixed-rate financing supported primarily by Ford lease payments and related project collateral. At October 3, 2026, approximately $181.2 million of CTL financing was outstanding. The CTL financing is included in Universal's consolidated debt for GAAP purposes but is excluded from Net Indebtedness for purposes of the leverage covenant under the Company's revolving credit agreement. Universal has specified recourse, indemnity and environmental obligations relating to the financing.

Financial Commentary

"We continued to make meaningful progress strengthening the balance sheet during the quarter. Debt – net declined by approximately $119.5 million from year-end to $678.1 million, and the extension of our revolving credit facility through September 2029 strengthens our debt-maturity profile and preserves financial flexibility. We remain focused on further debt reduction while maintaining the capacity to support our operations and strategic priorities," said Michael Rogers, Universal's Chief Financial Officer.

Cash Dividend

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock. The dividend is payable to stockholders of record at the close of business on December 1, 2026 and is expected to be paid on January 6, 2027.

(a) A non-GAAP measure, see accompanying non-GAAP measure explanations and reconciliations later in this release.

About Universal:

Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico and Canada. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including value-added, dedicated, intermodal and trucking services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements identify prospective information. Forward-looking statements are statements other than statements of historical fact and include statements regarding future freight-market conditions, customer demand and pricing; the expected performance of our businesses and operating initiatives; improvement in our intermodal operations; future debt reduction and capital allocation; liquidity and borrowing capacity; the availability and use of incremental revolving commitments; our strategies and objectives; and the anticipated payment of the declared dividend. Words such as "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these words.

Forward-looking statements are based on  management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements. Important factors that could cause actual results to differ include general economic and freight-market conditions; changes in automotive and other customer production volumes; customer demand, pricing and competitive pressures; the loss or reduction of customer business; our ability to implement operating, cost-reduction and efficiency initiatives and improve intermodal performance; labor availability and costs; fuel, equipment, insurance and claims costs; litigation and regulatory developments; the performance of customers and other counterparties, including those supporting the CTL financing; interest rates and the availability and cost of capital; our ability to comply with financial covenants and access unused or incremental revolving commitments; and the other risks described under "Risk Factors" in our most recent Annual Report on Form 10-K and in our subsequent reports filed with the Securities and Exchange Commission.

These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. Forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances arising after the date of this release.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)

Thirteen Weeks Ended

Thirty-nine Weeks Ended

October 3,

September 27,

October 3,

September 27,

2026

2025

2026

2025

Operating revenues:

Truckload services

$

48,947

$

50,419

$

127,964

$

134,119

Brokerage services

21,133

18,011

57,335

57,847

Intermodal services

52,051

63,966

142,774

200,165

Dedicated services

88,842

86,171

261,065

253,007

Value-added services

183,076

178,219

551,809

527,832

Total operating revenues

394,049

396,786

1,140,947

1,172,970

Operating expenses:

Purchased transportation and equipment rent

68,165

80,063

195,857

241,314

Direct personnel and related benefits

169,241

176,572

510,242

509,105

Operating supplies and expenses

55,387

55,938

160,001

157,608

Commission expense

4,470

4,271

13,123

12,922

Occupancy expense

13,778

13,738

45,602

36,794

General and administrative

14,492

13,625

45,580

40,828

Insurance and claims

6,496

8,494

31,617

23,057

Depreciation and amortization

31,915

35,499

100,742

107,190

(Gain) loss on disposal of property and equipment

(2,660)

1,585

(48,382)

1,578

Impairment expense

—

124,411

3,886

124,411

Total operating expenses

361,284

514,196

1,058,268

1,254,807

Income (loss) from operations

32,765

(117,410)

82,679

(81,837)

Interest expense, net

(8,744)

(9,985)

(29,010)

(27,061)

Other non-operating income

—

833

293

1,560

Income (loss) before income taxes

24,021

(126,562)

53,962

(107,338)

Income tax expense (benefit)

5,879

(8,624)

13,145

(3,730)

Net income (loss)

$

18,142

$

(117,938)

$

40,817

$

(103,608)

Earnings per common share:

Basic

$

0.69

$

(4.48)

$

1.55

$

(3.94)

Diluted

$

0.69

$

(4.48)

$

1.55

$

(3.93)

Weighted average number of common shares outstanding:

Basic

26,367

26,330

26,363

26,327

Diluted

26,367

26,340

26,363

26,341

Dividends declared per common share:

$

0.105

$

0.105

$

0.315

$

0.315

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

October 3,
2026

December 31,
2025

Assets

Cash and cash equivalents

$

15,280

$

26,846

Marketable securities

—

10,351

Accounts receivable - net

289,980

261,337

Other current assets

96,576

84,308

Total current assets

401,836

382,842

Property and equipment - net

776,975

819,495

Other long-term assets - net

506,304

569,651

Total assets

$

1,685,115

$

1,771,988

Liabilities and stockholders' equity

Current liabilities, excluding current maturities of debt

$

226,300

$

203,245

Debt - net

678,054

797,571

Other long-term liabilities

206,046

230,817

Total liabilities

1,110,400

1,231,633

Total stockholders' equity

574,715

540,355

Total liabilities and stockholders' equity

$

1,685,115

$

1,771,988

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Summary of Operating Data

Thirteen Weeks Ended

Thirty-nine Weeks Ended

October 3,

September 27,

October 3,

September 27,

2026

2025

2026

2025

Contract Logistics Segment:

Average number of value-added direct employees

6,816

7,596

6,957

7,418

Average number of value-added full-time equivalents

27

43

39

42

Number of active value-added programs

76

82

76

82

Intermodal Segment:

Number of loads (a)

55,418

102,028

195,539

297,825

Average operating revenue per load, excluding fuel surcharges (a)

$

671

$

478

$

541

$

519

Average number of tractors

879

1,363

1,012

1,385

Number of depots

8

8

8

8

Trucking Segment:

Number of loads

26,881

29,731

79,476

89,804

Average operating revenue per load, excluding fuel surcharges

$

2,360

$

2,172

$

2,112

$

1,991

Average number of tractors

514

594

526

610

Average length of haul

420

371

402

377

(a)

Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our intermodal segment and improve the comparability to our peer companies.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Unaudited Summary of Operating Data - Continued

(Dollars in thousands)

Thirteen Weeks Ended

Thirty-nine Weeks Ended

October 3,

September 27,

October 3,

September 27,

2026

2025

2026

2025

Operating Revenues by Segment:

Contract logistics

$

271,918

$

264,390

$

812,875

$

780,839

Intermodal

53,076

64,679

145,007

204,290

Trucking

69,049

67,716

183,059

187,368

Other

6

1

6

473

Total

$

394,049

$

396,786

$

1,140,947

$

1,172,970

Income from Operations by Segment:

Contract logistics

$

22,923

$

13,720

$

64,994

$

59,349

Intermodal

2,652

(135,116)

(20,914)

(151,501)

Trucking

4,375

3,914

7,797

9,443

Other

2,815

72

30,802

872

Total

$

32,765

$

(117,410)

$

82,679

$

(81,837)

Non-GAAP Financial Measures

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). These non-GAAP financial measures include adjusted income from operations, adjusted operating margin, adjusted EBITDA, Operating Debt, Net Indebtedness, Combined EBITDA and Credit Agreement Leverage Ratio.

Adjusted income from operations and adjusted operating margin reflect GAAP income from operations and operating margin, respectively, adjusted for the items shown in the reconciliations below. EBITDA represents net income before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA for the items shown in the reconciliations below. Management uses these measures to evaluate operating performance and compare results across reporting periods. The Company believes these measures provide useful supplemental information by allowing investors to evaluate operating performance after separately identifying the effects of the specified adjustments.

Operating Debt represents total outstanding borrowings excluding CTL financing. The Company presents  Operating Debt to distinguish its revolving credit borrowings and equipment financing from its separately financed CTL financing. The Company also presents Net Indebtedness, Combined EBITDA and the Credit Agreement Leverage Ratio because those measures are used under the Company's revolving credit agreement to evaluate leverage and covenant compliance. These measures should not be considered in isolation or as substitutes for GAAP financial measures, and their definitions may differ from similarly titled measures used by other companies.

October 3,
2026

Reconciliation of Debt - net to Operating Debt(a)

(in thousands)

Debt - net

$

678,054

Add: unamortized debt issue costs

3,680

Total outstanding borrowings

681,734

Less:  CTL Financing

(181,202)

Operating Debt(a)

$

500,532

October 3,
2026

Reconciliation of Debt - net to Net Indebtedness(a) (in thousands):

(in thousands)

Debt - net

$

678,054

Add: unamortized debt issue costs

3,680

Total outstanding borrowings

$

681,734

Less:  CTL Financing

(181,202)

Less:  Unrestricted Domestic Cash

(2,629)

Net Indebtedness(a)

$

497,903

Reconciliation of Other GAAP Measures

Thirteen Weeks Ended

Thirty-nine Weeks Ended

October 3,

September 27,

October 3,

September 27,

2026

2025

2026

2025

( in thousands, except percentages)

( in thousands, except percentages)

Adjusted income from operations

Income from operations

$

32,765

$

(117,410)

$

82,679

$

(81,837)

(Gain) on Kearny sale

—

—

(45,274)

—

Legal charges

—

—

12,250

—

Impairment expense

—

124,411

3,886

124,411

Adjusted income from operations(a)

$

32,765

$

7,001

$

53,541

$

42,574

Operating margin

8.3

%

-29.6

%

7.2

%

-7.0

%

Adjusted operating margin(a)

8.3

%

1.8

%

4.7

%

3.6

%

Notes: Operating margin is income from operations divided by total operating revenues. Adjusted operating margin(a) is adjusted income from operations divided by total operating revenues.

Thirteen Weeks Ended

Thirty-nine Weeks Ended

TTM

October 3,

September 27,

October 3,

September 27,

October 3,

2026

2025

2026

2025

2026

( in thousands)

( in thousands)

( in thousands)

Adjusted EBITDA and Combined EBITDA

Net income

$

18,142

$

(117,938)

$

40,817

$

(103,608)

$

44,552

Income tax expense

5,879

(8,624)

13,145

(3,730)

16,735

Interest expense, net

8,744

9,985

29,010

27,061

39,757

Depreciation

29,090

32,719

92,254

93,304

128,512

Amortization

2,825

2,780

8,488

13,886

11,286

EBITDA

64,680

(81,078)

183,714

26,913

240,842

(Gain) on Kearny sale

—

—

(45,274)

—

(45,274)

Legal charges

—

—

12,250

—

12,250

Impairment expense

—

124,411

3,886

124,411

3,886

Adjusted EBITDA(a)

$

64,680

$

43,333

$

154,576

$

151,324

$

211,704

Credit Agreement adjustments

40,061

Combined EBITDA(a)

$

251,765

Notes: Combined EBITDA(a) represents trailing-twelve-month Adjusted EBITDA(a), further adjusted for additional items permitted under the Credit Agreement for purposes of determining covenant compliance, including the $45.3 million gain on Kearny sale.

(a) A non-GAAP measure, see accompanying non-GAAP measure explanations and reconciliations later in this release.

The Company presents these non-GAAP measures because it believes they assist investors and analysts in comparing performance across reporting periods on a consistent basis and in understanding the measures used under the Company's revolving credit agreement. These measures have limitations and should not be considered in isolation or as substitutes for GAAP measures. The Company relies primarily on GAAP results and uses these non-GAAP measures only as supplemental measures.

SOURCE Universal Logistics Holdings, Inc.

Key Takeaways CNX's Q3 earnings of 61 cents per share miss estimates by 6.2%, while revenues fall 7.1% to $373 million.Natural gas prices decline 8.6% and production drops 3.1%, while production costs fall 4.7% year over year. CNX's free cash flow falls 44.7% to $125 million, marking 27 consecutive quarters of positive cash flow. CNX Resources Corporation (CNX - Free Report) reported third-quarter 2026 operating earnings of 61 cents per share, missing the Zacks Consensus Estimate of 65 cents by 6.2%. Lower natural gas prices and production volumes weighed on quarterly performance despite improved cost efficiency and continued free cash flow generation.

CNX’s RevenuesCNX reported revenues of $373 million, missing the Zacks Consensus Estimate of $400 million by 6.8%. Revenues declined 7.1% from $401 million in the year-ago quarter.

CNX’s Production, Pricing and Profitability MetricsThe average natural gas sales price declined 8.6% year over year to $2.22 per thousand cubic feet equivalent (Mcfe) from $2.43. Including cash settlements, the average realized price for natural gas, NGLs and oil increased 3.8% to $2.72 per Mcfe from $2.62. Total natural gas, NGL and oil production costs declined 4.7% year over year to $1.63 per Mcfe from $1.71.

Total production volumes were 156.3 Bcfe, down 3.1% from 161.3 billion cubic feet equivalent (Bcfe) in the year-ago quarter. Average daily production declined 3.1% year over year to 1,699.2 million cubic feet equivalent (MMcfe) from 1,753.3 MMcfe.

Shale gas sales volumes declined 4.6% year over year to 132.8 billion cubic feet (Bcf), while natural gas liquids (NGLs) sales volumes increased 15% to 13.8 Bcfe.

Adjusted EBITDAX declined 1.3% year over year to $294 million from $298 million. Adjusted net income increased 9.8% year over year to $90 million from $82 million.

Interest expenses totaled $39.59 million, down 7.9% from $42.96 million in the prior-year period.

CNX’s Financial Position, Cash Flow and Share BuybacksAs of Sept. 30, 2026, CNX had cash and cash equivalents of $1.98 million compared with $0.78 million as of Dec. 31, 2025.

As of Sept. 30, 2026, long-term debt increased 3% to $2.28 billion from $2.21 billion as of Dec. 31, 2025.

In the third quarter of 2026, net cash provided by operating activities increased 8.5% year over year to $253.53 million from $233.76 million in the year-ago quarter.

In the third quarter of 2026, capital expenditures increased 84.2% year over year to $139.15 million from $75.54 million in the year-ago quarter.

In the third quarter of 2026, free cash flow declined 44.7% year over year to $125 million from $226 million in the year-ago quarter, marking the company's 27th consecutive quarter of positive free cash flow generation.

During the third quarter, CNX repurchased approximately 5.2 million shares at an average price of $34.35 per share for a total cost of $180 million. Following the quarter, it repurchased an additional 1.1 million shares for $37 million.

CNX’s 2026 GuidanceManagement expects 2026 production volumes to be in the range of 612.5-617.5 Bcfe.

Adjusted EBITDAX is projected to be in the range of $1.29-$1.31 billion in 2026.

Total capital expenditures are projected to be in the range of $571-$586 million, while free cash flow is expected to be approximately $550 million in 2026.

CNX’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Upcoming ReleasesMurphy Oil Corporation (MUR - Free Report) is slated to report third-quarter 2026 results on Nov. 4, after market close. The Zacks Consensus Estimate for earnings is pegged at 90 cents per share, which indicates a year-over-year increase of 119.51%.

MUR's dividend yield is 3.26%. The Zacks Consensus Estimate for third-quarter 2026 sales is pinned at $762.06 million, which implies a year-over-year improvement of 3.97%.

Devon Energy (DVN - Free Report) is slated to report third-quarter results for 2026 on Nov. 5, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.24 per share, which indicates year-over-year growth of 19.23%.

DVN's dividend yield is 2.50%. The Zacks Consensus Estimate for third-quarter 2026 sales is pinned at $7.33 billion, which implies a year-over-year improvement of 69.20%.

EOG Resources (EOG - Free Report) is scheduled to report third-quarter 2026 results on Nov. 6. The Zacks Consensus Estimate for earnings is pegged at $4.45 per share, which indicates a year-over-year increase of 64.21%.

EOG's dividend yield is 2.54%. The Zacks Consensus Estimate for third-quarter 2026 sales is pegged at $7.54 billion, which implies a year-over-year improvement of 28.91%.

AAPL's fiscal Q4 earnings outlook points to strong iPhone demand, Services growth and AI momentum, but supply constraints and a stretched valuation raise concerns.

Meta has quietly launched Style Sketch, an AI fashion app that helps users put together outfit ideas using clothes they already own. The app connects to Instagram to build a virtual closet from photos you’ve posted, or lets you add items manually by snapping a photo, recording a quick video, or uploading images from your camera roll.

Style Sketch then suggests outfit combinations built from your wardrobe matched to your style. Users can then try on the outfits on a “realistic model matched to your body shape and skin tone,” the app description reads.

The app, which was first spotted by social media consultant Matt Navarra, is available in Indonesia, Singapore, and Thailand on iOS and Android.

Meta did not respond to TechCrunch’s request for comment. It’s unknown whether Meta plans to launch Style Sketch more widely.

🚨 Meta quietly launched an AI fashion app! 👗

Style Sketch connects to Facebook & Instagram to build a wardrobe from photos you’ve already posted

• 👕 AI outfits from clothes you own
• 🪞 Virtual try-ons matched to your body
• ☀️ Weather-based looks
• ✈️ Trip packing plans pic.twitter.com/uNYX6VHRCn

— Matt Navarra (@MattNavarra) October 28, 2026

Several apps already use AI to help users digitize their wardrobes and visualize new outfits, including startups like Alta. Even Google Photos offers tools that let users turn photos of their clothes into digital closets where they can create new outfit ideas.

To compete with what’s already on the market, Meta will likely rely less on the novelty of the idea and more on the app’s integration with Instagram, where users already have a visual record of their personal style.

Rather than relying on random suggestions, users can also select a specific item from their wardrobe and get fresh outfit ideas built around it, according to the app description.

The app can also help users plan outfits for trips. If they enter their destination, trip length, and planned activities, users can get a day-by-day outfit plan that takes the weather forecast and itinerary into account.

Style Sketch is one of many AI apps from Meta in recent months. Most recently, the company launched an app called Waddle World, which essentially looks like a Tamagotchi clone, but with AI. Meta has also launched Pocket, a tool for vibe-coding games, and Vibes, which lets users quickly generate AI-powered videos.

The wave of new apps is part of a broader effort at Meta to release more apps. The Wall Street Journal reported earlier this year that CEO Mark Zuckerberg told employees the company plans to release far more apps than it has historically, as AI-driven efficiencies have made it faster and easier to ship new apps.

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Aisha is a consumer news reporter at TechCrunch. Prior to joining the publication in 2021, she was a telecom reporter at MobileSyrup. Aisha holds an honours bachelor’s degree from University of Toronto and a master’s degree in journalism from Western University.

You can contact or verify outreach from Aisha by emailing [email protected] or via encrypted message at aisha_malik.01 on Signal.