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NVIDIA RTX Spark laptops are available today from ASUS, Dell, HP, Lenovo, Microsoft and MSI — with additional systems to follow — bringing RTX acceleration and NVIDIA’s full-stack AI platform to slim, premium Windows PCs for creation, gaming and local AI.RTX Spark delivers up to 1 petaflop of AI compute and up to 128GB of unified memory — enabling AI developers, creators and gamers to run frontier AI models locally, render 90GB+ 3D scenes and play AAA games at 1440p at over 100 frames per second, all on a slim, portable device.Day-one support across local AI agents, creative apps and major games helps users put RTX Spark to work immediately — from editing with Adobe Photoshop and Premiere to running Hermes and OpenClaw agents and playing titles including Gears of War: E-Day and NBA 2K27 with NVIDIA DLSS 5.
SANTA CLARA, Calif., Oct. 16, 2026 (GLOBE NEWSWIRE) -- NVIDIA today announced the availability of NVIDIA RTX Spark™ laptops, bringing together RTX graphics and NVIDIA’s full-stack AI platform in slim, premium Windows PCs for accelerated creation, immersive gaming and powerful local AI — rolling out from ASUS, Dell, HP, Lenovo, Microsoft and MSI.

Combining decades of NVIDIA innovation into a single superchip, RTX Spark delivers up to 128GB of unified memory and 1 petaflop of FP4 AI performance to run large language models and AI agents locally. On a single device, creators, developers and gamers can move seamlessly between their everyday workflows and emerging AI agents on the familiar Windows platform.

“RTX Spark brings the power of NVIDIA AI, RTX graphics and CUDA together with Microsoft Windows in one PC for creating, gaming and running personal AI agents,” said Jensen Huang, founder and CEO of NVIDIA. “Together with Microsoft and our PC industry partners, we’re bringing creators, developers and gamers a new generation of Windows PC, built for the work they do today and the personal AI agents they’ll work with next.”

“We’re building Windows to be the platform for hybrid intelligence, where AI can run locally when it makes sense and reach the cloud when needed,” said Yusuf Mehdi, executive vice president at Microsoft. “Windows PCs powered by RTX Spark unlock powerful new local compute for creators and developers, expanding what they can create, build and run on Windows.”

A New Beginning for Windows PCs
RTX Spark brings NVIDIA’s accelerated computing platform to a new generation of portable Windows PCs.

At its foundation is a single superchip combining an NVIDIA Blackwell RTX GPU and an NVIDIA Grace CPU with up to 128GB of unified memory and up to 1 petaflop of FP4 AI performance. That shared memory allows demanding creative projects and local AI models to run simultaneously and efficiently. MediaTek collaborated with NVIDIA on the custom CPU design, contributing to its best-in-class power efficiency, performance and connectivity.

All of NVIDIA’s platform innovation comes together in RTX Spark — NVIDIA CUDA®, DLSS, OptiX™, Reflex, G-SYNC®, TensorRT™ and hardware-accelerated video — in a device that fits in a messenger bag. Slim, efficient designs and all-day battery life bring these capabilities wherever users create, develop and play.

From Tool to Teammate
RTX Spark gives users the capabilities to deploy local AI agents that turn the PC from a tool into an everyday teammate that can complete tasks, generate assets and write code.

Users can put agents to work immediately. Guided setup and easy installers help users get started with agents, including GitHub Copilot, Hermes, OpenClaw, Perplexity, Pi and WorkBuddy, without requiring a command line.

“Personal AI becomes more useful when it can work with your tools and help get things done,” said Dillon Rolnick, CEO at Nous Research, creators of Hermes Agent. “We brought Hermes to RTX Spark so people can put open AI models and agents to work locally on a Windows laptop, with greater control over their data and the freedom to shape AI around their own workflows.”

NVIDIA’s models and tools build on that ecosystem. Nemotron 3.5 Bolt 74B-A9B 24GB, a 74-billion-parameter model optimized for tool calling and multistep tasks, brings more capable local AI to supported RTX Spark configurations.

The NVIDIA OpenShell™ secure runtime and Microsoft Execution Containers help users control agent permissions, while NVIDIA agent skills let compatible agents work with tools including NVIDIA Broadcast, RTX Remix and Omniverse™ libraries. For example, compatible agents can adjust Broadcast effects during a stream or batch-process recorded clips, all on a local PC.

That experience extends across devices with NVIDIA PAIR, letting RTX Spark serve AI inference to compatible Windows, Linux and macOS computers on a home network while keeping other PCs free for creating and gaming.

Create, Innovate, Play
RTX Spark helps creators move from an idea to finished content wherever they work, with the ability to edit 8K 4:2:2 video and render large 3D scenes up to 90GB, even when unplugged.

With the arrival of RTX Spark, Adobe is enhancing its industry-leading creative applications, including Photoshop, Premiere and Substance 3D, with NVIDIA TensorRT acceleration in AI-editing features. In Premiere, creators can work faster across some of the most intensive parts of post-production, from playback and rendering to effects, color grading and more. Photoshop and Premiere offer native RTX Spark support through beta releases available at launch, with Substance coming soon.

“Creatives are pushing the boundaries of what’s possible across image, video, audio and 3D, and they need tools that can keep up with their ambitions,” said Deepa Subramaniam, vice president of product marketing for creative professionals at Adobe. “By combining NVIDIA’s advanced computing technology with Adobe’s industry-leading creative applications, we’re delivering enhanced experiences that empower creatives to bring their ideas to life with greater power and speed.”

For enhancing recorded content, NVIDIA Broadcast 2.3 lets creators remove background noise from existing recordings and shape their voice with Studio Voice Mic Profiles. Beta RTX Video features enable up to 4K super resolution and 4x frame generation.

In ComfyUI, new RTX Video nodes can turn 15 frames-per-second (fps) AI-generated video into smoother 60 fps footage and convert it to high dynamic range without requiring per-use cloud inference charges.

Code, Test and Deploy With One Machine
As AI shifts software development from writing code to directing agents, work often spans a laptop, a cloud AI model and a cloud virtual machine for testing.

RTX Spark brings coding, testing and prototyping onto one machine. Native CUDA support lets developers run models and agents locally, keeping locally processed code and context on their device with a path to deploy across more than 150 million NVIDIA RTX™ AI PCs and NVIDIA GPUs in the cloud. Windows Developer Config streamlines setup, while Windows Subsystem for Linux provides familiar Linux tools used in cloud development.

NVIDIA Skills, an open source GitHub repository, teaches agents to use NVIDIA CUDA-X™ tools and libraries, helping developers build NVIDIA-accelerated apps without CUDA expertise.

NVIDIA and Microsoft have readied developer tools for RTX Spark, including the first PyTorch-CUDA build for Windows on Arm, the first Python build that is native by default, the first native Conda installer, support for 97% of the top 15,000 Python packages, and coding agents such as GitHub Copilot and Pi.

Game Ready With Hundreds of Games
RTX Spark brings immersive gaming to the same portable Windows PC used for creating and developing, with NVIDIA Blackwell RTX graphics enhancing image quality and accelerating performance in supported titles.

Launch support spans single-player adventure and online multiplayer games including Cyberpunk 2077, Fortnite, Gears of War: E-Day, Marvel Rivals, World of Warcraft and NBA 2K27.

NBA 2K27 showcases that immersive experience, using NVIDIA DLSS 5 technology with the 3D-Guided Neural Rendering feature to enhance lighting and material details for greater realism. A new 2x faster AI model, available today, boosts DLSS 5 frame rates by up to 1.4x. NVIDIA’s suite of RTX gaming technologies — DLSS, ray tracing, G-SYNC and Reflex — bring sharper visuals, smoother gameplay and greater responsiveness.

“Bringing the energy of NBA basketball to life means making every detail feel authentic,” said Peter Kavic, senior producer for visual concepts at 2K. “We worked with NVIDIA to bring ‘NBA 2K27’ to RTX Spark, using DLSS 5 with 3D-Guided Neural Rendering to deliver richer lighting and boost the visual quality of materials to deliver a jump in photorealism on a new generation of slim laptops and compact desktops.”

Availability
RTX Spark laptops are available globally today from ASUS, Dell, HP, Lenovo, Microsoft and MSI through their websites and major retailers, starting at $2,599, with a limited-time promotion for new Perplexity users. Pricing and configurations vary by region.

The lineup of RTX Spark laptops includes ASUS ProArt P14 and P16, Dell XPS 16, HP OmniBook Ultra and OmniBook X 14, Lenovo Yoga Pro 9n, Microsoft Surface Laptop Ultra, and MSI Prestige N16 Flip AI+ and Prestige N16.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.

For further information, contact:
Stephenie Ngo
Consumer PR
NVIDIA Corporation
[email protected]  

Certain statements in this press release including, but not limited to, statements as to: expectations with respect to growth, performance, availability, and benefits of NVIDIA’s products, services and technologies, and related trends and drivers; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments, and related trends and drivers; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are 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, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing products and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Copies of reports filed with the SEC are posted on NVIDIA’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

Many of the products and features described herein remain in various stages and will be offered on a when-and-if-available basis. The statements above are not intended to be, and should not be interpreted as a commitment, promise, or legal obligation, and the development, release, and timing of any features or functionalities described for our products is subject to change and remains at the sole discretion of NVIDIA. NVIDIA will have no liability for failure to deliver or delay in the delivery of any of the products, features or functions set forth herein.

© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, and other NVIDIA product and service names are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries and regions. Other company, product, and service names may be trademarks of the respective companies with which they are associated.

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Five Walmart milestones generated five very different outcomes for investors who bought on the headline. Which entry turned $1,000 into nearly $6,000, and which one left buyers underwater despite years of patience?

The Walmart (NASDAQ:WMT | WMT Price Prediction) events with the biggest headlines turned out to be some of the worst days to buy the stock. Below, we follow $1,000 from five points to a common end price of $117.67, quoted in premarket trading on October 16, 2026. Entry prices are adjusted for splits and dividends, so they show what a buy-and-hold investor actually got.

Jet.com Buyers Turned $1,000 Into $5,725.70
Walmart announced the Jet.com deal on August 8, 2016. It was the company’s answer to the dominant online leader in e-commerce, Amazon.com (NASDAQ:AMZN), and many people questioned it at the time. The adjusted entry price was $20.55. Since then, the stock has gained 472.57%, so $1,000 became $5,725.70. That makes it the best entry on this list. Global eCommerce now accounts for 24% of total net sales.

Pandemic Buyers More Than Tripled Their Money
On February 26, 2020, the adjusted price was $34.63. Walmart was named an essential retailer and kept its stores open while much of retail shut down. That entry is up 239.78%, turning $1,000 into $3,397.80.

Dividend King Day Still Returned 150.11%
On February 21, 2023, John David Rainey, Walmart’s CFO, marked fifty consecutive years of annual dividend increases in the company release: “We’re proud to be increasing our annual dividend for the 50th consecutive year, a milestone for our company.” That run puts Walmart in the Dividend Kings club. (We ranked ten of them by valuation in a free report.) From an adjusted $47.05, the stock returned 150.11%, so $1,000 grew to $2,501.10.

Stock Split Buyers Doubled Their Money Anyway
The split took effect on February 26, 2024. This split drew heavy retail attention and a wave of coverage, though the underlying business stayed the same. From an adjusted $57.97, the stock has returned 102.98%, and $1,000 is now worth $2,029.80.

Modern All-Time High Buyers Are Underwater
Walmart hit its modern all-time high on May 19, 2026, at an adjusted $133.88. The stock has since dropped 12.11%, leaving a $1,000 investment at $878.90. Shares have gained 8.86% over the past month after Deutsche Bank called the stock a Buy, but that rally hasn’t erased the loss.

Walmart Beat the Market Over Five and Ten Years
S&P 500 figures are price-only and exclude dividends.

Year to Date: 6.29% vs. S&P 500’s 13.18%
1-Year: $1,000 became $1,088.30 (8.83%); S&P 500 $1,160.30 (16.03%)
5-Year: $2,673.40 (167.34%); S&P 500 $1,731 (73.1%)
10-Year: $6,114.10 (511.41%); S&P 500 $3,634 (263.4%)

Your Entry Price Mattered More Than Your Holding Period
The buyer at the modern all-time high is losing money, while the Jet.com buyer has multiplied their stake more than five times. Milestone headlines report a move that has already happened. What you paid counted far more than how long you held.

Walmart’s upside depends on whether its higher-margin businesses keep compounding. Last quarter, global advertising grew 38%, membership fees rose 17%, and management raised its fiscal 2027 adjusted EPS guidance to a range of $2.80 to $2.87. Downside risks center on a thin margin of safety. A P/E near 43 is a steep price for a retailer with a 3.1% net margin, and tariff refunds lifted last quarter’s results.

The data favor patience. The business is performing well, but these five entry points show that buying with discipline has paid better than buying on headlines.

Contact [email protected] for any questions or corrections.

In recent years, artificial intelligence (AI) stocks soared in the triple and quadruple digits, leading the S&P 500 higher. Investors rushed to get in on the next big tech growth story, a technology with the potential to transform how many things are done and, as a result, fuel significant gains in corporate earnings. Companies such as AI chip designer Nvidia and memory chip providers Micron Technology and Sandisk have seen their shares skyrocket, and the positive momentum continues today.

But this year, AI stocks haven't been the only growth story. In fact, though they continue to advance, investors have expanded into other industries and turned their attention to new growth opportunities. And this brings me to the stock I'll talk about right here.

This particular company, a biotech innovator, has seen its shares surge more than 600% this year, largely outperforming Nvidia, Micron, Sandisk, and many other top-performing AI stocks. And just a few days ago, it entered the prestigious Nasdaq-100, an index that tracks the biggest non-financial Nasdaq companies.

This stock has been a clear winner for investors this year. But after its enormous gain, is it too late to buy now? Let's find out.

Image source: Getty Images.

Moderna's coronavirus blockbusterThe stock I'm talking about has known both tremendous increases and major declines in past years. This company is Moderna (MRNA +4.51%), a biotech that made headlines when it brought its coronavirus vaccine from the drawing board to commercialization in less than a year. That was during the early days of the pandemic, and the vaccine, the company's first commercialized product, became a blockbuster, bringing in more than $18 billion at its peak in 2022. Investors piled into Moderna stock, pushing it to a gain of more than 2,000% over about a year and a half.

MRNA Moderna$236.50+$10.20 (+4.51%)

NASDAQ · As of 4:00 PM ET 10/15/26

In recent years, however, Moderna faced significant headwinds. Demand for the vaccine declined in the later days of the pandemic, the company's respiratory syncytial virus (RSV) vaccine has struggled to gain market share, and Moderna's much-anticipated cytomegalovirus (CMV) vaccine candidate failed in a phase 3 study.

But Moderna has progressively turned things around. The company cut costs to match the current coronavirus vaccine revenue opportunity, won approval of new products such as a flu vaccine and new coronavirus vaccine updates, and focused its pipeline on oncology and rare diseases in addition to respiratory illnesses. In fact, the progress in oncology has been a catalyst for the stock's performance this year.

Moderna is studying intismeran autogene, a personalized cancer vaccine, in 10 clinical studies, with the most advanced in phase 3. In August, the company announced that intismeran autogene in combination with Merck's Keytruda met its goals of recurrence-free survival and survival without the spread of disease to distant organs in patients with melanoma. The companies said they would "engage with regulators on filing submissions," suggesting a new product approval for Moderna may be on the horizon.

Surpassing Wall Street's price targetsModerna had already climbed about 100% this year prior to that news, but the stock soared thereafter, pushing it to gains that surpass those of the AI companies I mentioned earlier. And the stock, trading at around $225, surpasses the average Wall Street 12-month price estimate of $122.

MRNA data by YCharts

Now, let's get back to our question: Is it too late to buy this hot biotech stock? Moderna has a bright future ahead, with new products generating revenue and a late-stage pipeline that should deliver fresh revenue streams moving forward. So Moderna is no longer only a coronavirus vaccine company, and instead is transforming into a larger biotech company with the ability to address a broad range of treatment areas.

Moderna makes a fantastic stock to own, and it should have plenty of room to run in the future as it wins approval for some of its promising pipeline candidates and generates revenue. That said, considering the stock's massive increase this year, I would watch it closely and wait for an opportunity to buy on the dip.

Travelers (TRV - Free Report) came out with quarterly earnings of $9.18 per share, beating the Zacks Consensus Estimate of $7.07 per share. This compares to earnings of $8.14 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +29.84%. A quarter ago, it was expected that this insurer would post earnings of $5.31 per share when it actually produced earnings of $10.04, delivering a surprise of +89.08%.

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

Travelers, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $12.45 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.41%. This compares to year-ago revenues of $12.44 billion. The company has topped consensus revenue estimates two times over the last four quarters.

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

Travelers shares have added about 32.4% since the beginning of the year versus the S&P 500's gain of 13.1%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $9.40 on $12.37 billion in revenues for the coming quarter and $34.25 on $48.82 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, HCI Group (HCI - Free Report) , has yet to report results for the quarter ended September 2026.

This property and casualty insurance holding company is expected to post quarterly earnings of $5.01 per share in its upcoming report, which represents a year-over-year change of +2.2%. The consensus EPS estimate for the quarter has been revised 0.2% higher over the last 30 days to the current level.

HCI Group's revenues are expected to be $248.59 million, up 14.9% from the year-ago quarter.

GIBRALTAR, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Aurora Intents, the cross-chain execution solution built by Aurora Labs, now powers deposits intoElara Finance directly from Solana. Solana users can now deposit into Elara, a treasury product from the Brila ecosystem, with one signature from their Solana wallet. Staked as sELUSD, Elara's stablecoin elUSD earns yield from stablecoin market making, giving Solana users a way to put idle stablecoins to work without leaving their wallet.

Moving tokens across chains is only half the problem. The harder part is doing something with them once they arrive: minting, staking, depositing. Intents Connect handles that last step, so an app can let users act on another chain from the wallet they already use.

Funds move to Ethereum, where Elara mints elUSD. From there, the user stakes it into sELUSD with a second signature from the same Solana wallet. Both tokens stay on Ethereum in an account controlled by the user’s Solana wallet. Aurora Intents never holds the funds.

"Every extra step between a user and a product costs that product deposits," said Declan Hannon, CEO of Aurora Labs. "Bridging and buying gas are two steps most Solana users would rather skip. Elara can now accept those users as they are, and Aurora Intents handles everything in between."

The return trip works the same way. Users unstake sELUSD, redeem ELUSD for stablecoins, and Aurora Intents returns the funds to their Solana wallet.

“Our job is to make idle stablecoins productive, and a lot of that capital is held on Solana,” said Sebastien Davies, Head of Strategy, Elara. “Aurora Intents gives those holders a direct route into Elara without bridging or managing a second wallet. It brings our yield to them, wherever their funds are.”

Today’s launch connects Solana wallets to Elara, with deposits and withdrawals handled from the same wallet. The Solana route is live now at app.elara.fi.

Aurora Intents powers that connection through NEAR Intents, a solver network that has processed more than $34 billion in transactions.

About Aurora Intents

Aurora Intents is the cross-chain execution layer for on-chain applications. It enables users and systems to move assets, execute actions, and access liquidity across chains - without bridging screens, wallet switching, or per-chain gas management. Aurora Intents is built on top of NEAR Intents, the underlying solver network developed by NEAR Protocol.

About Elara Finance

Elara Finance is a treasury management product from the Brila ecosystem. Users deposit stablecoins to mint elUSD, a dollar-referenced treasury asset, and stake it as sELUSD to earn yield from stablecoin market making.

Media Contact:
Maha Shah
Associate PR Director
[email protected]

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Aurora

Aurora Source: Aurora

Key Takeaways Medtronic is targeting high-growth markets, with cardiac ablation sales surging 88% worldwide.MDT's hypertension growth gains support from better reimbursement, clinical evidence and hospital adoption.MDT expands MedSurg growth through Hugo robotics and Touch Surgery amid tariff and currency pressures.
Medtronic plc (MDT - Free Report) is expanding its presence in high-growth markets, including cardiac ablation, robotics and structural heart, while advancing the MiniMed separation. Hypertension is a growing focus for the company, aided by improved reimbursement, clinical evidence, hospital adoption and workflow integration. MedSurg growth is supported by robotics, digital surgery and core procedural technologies, with Hugo and Touch Surgery expanding adoption. Meanwhile, Medtronic faces tariff, inflation, product-mix and currency risks that could pressure margins.

Over the past year, this Zacks Rank #3 (Hold) stock has risen 0.1% against the industry’s 26.6% fall and the S&P 500 composite’s 16.6% jump.

The renowned medical device company has a market capitalization of $120.53 billion. Medtronic has an earnings yield of 6.4% compared with the industry’s yield of 2.7%. MDT’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 2.76%.

Let’s delve deeper.

Tailwinds for MDTStrategic Focus to Capture Several Growth Markets: Medtronic is expanding in cardiac ablation, neuromodulation, diabetes technologies, surgical robotics and other faster-growing adjacencies. This approach lets the company concentrate investment in categories where differentiated innovation can support multi-year growth. In the first quarter of fiscal 2027, organic revenues rose 13.7%, including an estimated 670-basis-point (bps) benefit from the extra selling week. Excluding that benefit, management said the quarter delivered its best performance in nearly eight years outside pandemic-related comparisons. CAS remained the clearest growth driver, increasing 88% worldwide as Affera and Sphere-9 adoption expanded.

Medtronic also completed the Scientia Vascular and SPR Therapeutics acquisitions, which are expected to contribute more than $150 million of inorganic fiscal 2027 revenues. Both operate in markets with annual growth rates above 20%, increasing exposure to faster-growing categories. Strategic investments in Cornerstone Robotics and Pi-Cardia expand Medtronic’s exposure to robotics and structural heart, while the MiniMed separation remains on track for completion before fiscal year-end.

Image Source: Zacks Investment Research

Hypertension, A New Focus Area: Medtronic’s Hypertension business is building the Symplicity Spyral renal denervation franchise as reimbursement, clinical evidence and workflow integration improve. Procedure momentum increased following the final Medicare National Coverage Determination. At the end of fiscal 2026, average weekly procedures doubled after the decision, while the franchise annualized at about $100 million. In the first quarter of fiscal 2027, management cited progress in access, market development and adoption, with more hospitals approaching Medtronic about establishing programs.

The SPYRAL AFFIRM clinical trial was accepted as a late-breaker for TCT in fall 2026, extending the evidence base. The company also expects to launch a transradial catheter in the second half of fiscal 2027, which should make the therapy easier to integrate into established interventional workflows.

MedSurg Growth Prospects Remain Favorable: Medical Surgical is benefiting from broader adoption of robotics, digital surgery and core procedural technologies. First-quarter fiscal 2027 revenues increased 10.2% organically compared with 2.9% growth in fiscal 2026. Surgical & Endoscopy rose 9%, supported by Advanced Energy, Wound Management, Endoscopy and a larger Hugo contribution. Management expects Hugo to exceed 50,000 completed procedures by fiscal 2027 year-end, with procedure growth running at more than twice the market rate.

Touch Surgery is now used in more than 1,500 operating rooms globally, while FDA clearance for Touch Surgery Aide expands the digital surgery platform. The Cornerstone Robotics agreement broadens Medtronic’s robotics offering and is expected to contribute to growth and margins beginning in fiscal 2028.

Downsides for MDTMacroeconomic and Margin Risks Persist: Medtronic remains exposed to changing global trade policies, inflation and geopolitical disruption, which can raise operating costs and complicate margin recovery. Tariffs were only a slight drag in first-quarter fiscal 2027 as payments were largely offset by refunds, but the benefit may not persist as trade policies evolve. Product mix also remained unfavorable by 50 bps, mainly due to Diabetes and CAS. Pricing and cost of goods sold (COGS) efficiency provided offsets during the quarter, yet continued investment in commercialization and portfolio expansion could absorb part of those gains.

Exposure to Currency Movement: Medtronic’s large international presence leaves reported results sensitive to exchange rates. Fiscal 2027 guidance now assumes a $50 million to $150 million revenue drag from foreign exchange, while the EPS impact is expected to be neutral to a 1% benefit.

MDT Stock Estimate TrendThe Zacks Consensus Estimate for Medtronic’s fiscal 2027 earnings per share (EPS) has increased 1 cent to $5.98 in the past 30 days.

The consensus estimate for fiscal 2027 revenues is pegged at $38.97 billion, implying a 7.2% rise from the year-ago reported number.

Key PicksSome better-ranked stocks in the broader medical space are Phibro Animal Health (PAHC - Free Report) , Abbott (ABT - Free Report) and Globus Medical (GMED - Free Report) .

Phibro Animal Health has an earnings yield of 9.3% compared with the industry’s 2.7%. Shares of the company have dropped 3.1% compared with the industry’s 26.6% decline over the past year. PAHC’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 18.4%. 

PAHC sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Abbott, carrying a Zacks Rank #2 (Buy), has an earnings yield of 5.6% compared with the industry’s 2.6% yield. Its earnings beat estimates in each of the trailing four quarters, the average surprise being 0.8%. ABT shares have plunged 19.1% compared with the industry’s 26.5% decline over the past year.

Globus Medical, carrying a Zacks Rank #2, has an earnings yield of 6.8% against the industry’s negative 1.7% yield. Its earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 27.9%. GMED shares have rallied 35.1% compared with the industry’s 7.8% growth over the past year.

SummaryBroadcom Inc. maintains a Strong Buy rating, with robust AI revenue growth and a clear path to its $115B 2027 target.AVGO needs only ~12% quarterly AI revenue growth to hit 2027 goals, a marked slowdown from recent quarters, suggesting achievable targets.Networking, comprising ~27% of AI revenue, is poised to grow as fast as custom chips, supporting margins and diversified exposure.Significant lending to AI customers like Anthropic and OpenAI introduces risk, but AVGO's strong cash flow and balance sheet provide a cushion. Sundry Photography/iStock Editorial via Getty Images

Back in September, I argued that Broadcom Inc.'s (AVGO) AI demand story had survived the slowdown scare. But the stock is still about 28% below its record close of about $480 on June 2, 2026.

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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.

 | Source: Royalty Pharma plc

NEW YORK, Oct. 16, 2026 (GLOBE NEWSWIRE) -- The board of directors of Royalty Pharma plc (Nasdaq: RPRX) has approved the payment of a dividend for the fourth quarter of 2026 of $0.235 per Class A ordinary share.

The dividend will be paid on December 10, 2026, to shareholders of record at the close of business on November 13, 2026.

About Royalty Pharma plc

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 16 development-stage product candidates. For more information, visit www.royaltypharma.com.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6772
[email protected]

Decades of real-world medical records highlight the diverse challenges of living with classic congenital adrenal hyperplasia and how needs evolve from childhood through adulthood Patient records showed growth and bone-age monitoring in childhood; puberty and reproductive health concerns through adolescence and young adulthood; and increasingly diverse clinical needs in adulthood, while treatment and self-management demands persisted across life stages The analysis captured impacts beyond traditional medical complications, including daily activities, school, work, caregiving, self-management, and access to care Mapping patient experiences over time may help healthcare professionals anticipate evolving needs and inform education, support strategies, and coordination across care teams , /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced new real-world data demonstrating how the clinical and day-to-day impact of classic congenital adrenal hyperplasia can vary among individuals and evolve throughout a patient's life. The findings will be presented at the Endocrine Nurses Society Annual Symposium 2026, taking place Oct. 16-17 in Phoenix.

The analysis used a novel patient journey mapping approach to combine de-identified electronic medical records from CAHtalog®, a registry of patients with classic congenital adrenal hyperplasia (CAH) in the United States developed by Neurocrine in partnership with the CARES Foundation. CAHtalog was designed to characterize treatment patterns over time, natural history, and impact of CAH. The records used for this analysis spanned decades of care across providers, specialties, and health systems, allowing clinical, treatment, monitoring, and humanistic experiences to be examined within individual patients with CAH.

"Classic congenital adrenal hyperplasia is a complex, lifelong disease, and every person living with CAH experiences the condition differently, with needs that change over time," said Eiry W. Roberts, M.D., Chief Medical Officer, Neurocrine Biosciences. "By connecting decades of real-world medical records into longitudinal patient journeys, this analysis reveals how the impact of the condition accumulates across the lifespan and highlights challenges that might otherwise be missed in traditional clinical assessments. These insights may help healthcare professionals anticipate periods when patients could benefit from additional education, support, and coordination from their care team."

Electronic medical records from 10 adults (four males, six females) with classic CAH in the CAHtalog registry were used to construct aggregated and sex-stratified patient journeys.* The data comprised more than 2,800 CAH-relevant events representing more than 300 patient-years of medical history. Patient journeys were developed using large language model-assisted analysis and were reviewed and validated by the study team.

Patient records reflected a range of clinical and day-to-day challenges across life stages. Impacts emerged in infancy and centered on diagnosis, treatment, managing acute illness, and preparing caregivers for emergency steroid use. In childhood, records reflected growth-related concerns with bone-age monitoring becoming increasingly important. During adolescence, puberty brought new androgen-related symptoms and challenges with staying on treatment, while monitoring hormone and steroid levels became a greater focus. In young adulthood, new reproductive, surgical, and transition-of-care needs emerged. In adulthood, patients experienced a wider range of health concerns and greater need for imaging and testing.

Treatment, monitoring, caregiver support, and self-management demands recurred and evolved across life stages. Glucocorticoid dose adjustments and stress dosing, or temporarily increasing steroids during illness, injury, or other periods of physical stress, were documented over time in all 10 patients. Records also reflected ongoing monitoring and care coordination, including specialty referrals, changes in providers, treatment access, and the transition to adult endocrinology. Treatment management evolved from caregiver-led support to increasing self-management. These findings underscore ongoing education and preparedness needs for patients and caregivers.

Routine clinical records captured substantial challenges beyond medical complications, extending to school, work, and daily functioning. These impacts evolved over time from challenges managing treatment and progressing in sports during childhood to disruptions in education, work, and physical activity later in life.

While many treatment and weight-related impacts were shared across sexes, the analysis also identified certain sex-specific aspects of care. Menstrual concerns were documented among females, and testicular imaging and testicular adrenal rest tumor concerns were documented among males.

"Nurses are uniquely positioned to understand the full experience of living with adrenal insufficiency — not only the laboratory values and clinical data, but how the condition affects patients and families as they navigate daily life, transitions in care, and changing needs over time," said Louise Fleming, Ph.D., MSN-Ed, RN, FAAN, presenting author and Professor of Nursing at the University of Virginia School of Nursing. "Recognizing the broader patient journey can help us anticipate when additional education, stress-dosing preparation, self-management support or care coordination may be needed. It also allows us to move beyond responding to individual clinical encounters toward providing more proactive, coordinated and patient-centered care across the lifespan."

*This descriptive analysis was intended to provide qualitative insights into patient experiences rather than quantitative estimates, with some observations based on one or two individuals. The findings are illustrative and should not be interpreted as prevalence estimates or evidence of causality. 

Additional Presentations at the Endocrine Nurses Society Annual Symposium 2026 Include:

Long-term Treatment with Crinecerfont Enables Sustained Decreases in Glucocorticoid Doses and Improves Clinical Outcomes in Children and Adolescents with Classic Congenital Adrenal Hyperplasia: 2-Year Results from CAHtalyst® Pediatric
  Crinecerfont Improves Cardiometabolic Outcomes in the Context of Sustained Glucocorticoid Dose Reduction: 2-Year Results from the CAHtalyst Adult Study About Congenital Adrenal Hyperplasia
Congenital adrenal hyperplasia (CAH) is a rare genetic condition that results in an enzyme deficiency that alters the production of adrenal steroid hormones, such as cortisol, aldosterone and adrenal androgens. Severe enzyme deficiency leads to an inability of the adrenal glands to produce enough cortisol and, in approximately 75% of cases, aldosterone. Because individuals with CAH are typically still able to produce androgens, the unused precursors that would normally be used to make cortisol instead result in the production of excess amounts of androgens. If left untreated, CAH can result in adrenal crisis and even death.

Exogenous glucocorticoids (GCs) are necessary to correct the endogenous cortisol deficiency, but historically, doses higher than those needed for cortisol replacement (supraphysiologic) have been used to lower the elevated levels of adrenocorticotropic hormone (ACTH) and adrenal androgens. However, GC treatment at supraphysiologic doses has been associated with serious and significant complications of steroid excess, including metabolic issues such as weight gain and diabetes, cardiovascular disease and osteoporosis. Additionally, long-term treatment with supraphysiologic GCs may have psychological and cognitive impacts, such as changes in mood and memory. Adrenal androgen excess has been associated with abnormal bone growth and development in pediatric patients, female health problems such as excess facial hair growth and menstrual irregularities, in addition to cardiometabolic and fertility issues in both sexes. The symptoms of high ACTH may include testicular adrenal rest tumors (TARTs).

About the CAHtalog® Registry
In 2021, the CARES Foundation, Neurocrine Biosciences and PicnicHealth partnered to establish the CAHtalog (Congenital Adrenal Hyperplasia: Patient and Clinical Outcomes in Real-World Practice Settings) Registry. The CAHtalog Registry is a U.S.-based CAH patient registry, or collection of clinical patient data, for patients with CAH due to 21-hydroxylase deficiency. The database was developed to support patient-centered clinical research to enhance the scientific community's foundational knowledge about CAH, and ultimately help patients who live with the condition. Patients consent to the inclusion of their data in the registry with CAH researchers primarily utilizing de-identified data. For more information about the CAHtalog Registry, please visit CAHtalog.com.

About the CAHtalyst® Studies
The Phase 3 CAHtalyst global registrational studies were designed to evaluate the safety, efficacy and tolerability of CRENESSITY® (crinecerfont) in children and adults with classic congenital adrenal hyperplasia (CAH) due to 21-hydroxylase deficiency. The CAHtalyst studies were the largest-ever clinical trial program in classic CAH, including 285 pediatric and adult patients.

The CAHtalyst Pediatric study included 103 pediatric patients four to 17 years of age. The study tested two questions. The first question evaluated whether four weeks of CRENESSITY treatment could improve androgen control. The second question evaluated whether an additional 24 weeks of CRENESSITY treatment enabled customized glucocorticoid (GC) down-titration while androstenedione levels were maintained or improved. 

The CAHtalyst Adult study included 182 adult patients 18 to 58 years of age. Similarly, the first question of the study evaluated whether four weeks of CRENESSITY treatment could improve androgen control, and the second question evaluated whether an additional 20 weeks of CRENESSITY treatment enabled GC reduction to physiologic range while androstenedione levels were maintained or improved.

Data from the CAHtalyst Phase 3 studies supported approval of CRENESSITY by the U.S. Food and Drug Administration in December 2024. The open-label extension treatment portions of both studies are ongoing.

About CRENESSITY® (crinecerfont)
CRENESSITY is a potent and selective oral corticotropin-releasing factor type 1 receptor (CRF1) antagonist that reduces and controls excess adrenocorticotropic hormone (ACTH) and adrenal androgens through a non-glucocorticoid (GC) mechanism for the treatment of classic congenital adrenal hyperplasia (CAH). Antagonism of CRF1 receptors in the pituitary has been shown to decrease ACTH levels, which in turn decreases the production of adrenal androgens and potentially the symptoms associated with CAH. The robust clinical study data demonstrate that lowering adrenal androgen levels with CRENESSITY enables lower, more physiologic dosing of GCs to replace missing cortisol.

CRENESSITY comes in capsules and an oral solution. For adults 18 years of age and older, the recommended dosage is 100 mg twice daily taken orally with a meal. For pediatric patients 4 to 17 years of age weighing less than 55 kg (121 lbs), the recommended dosage is based on body weight and is administered twice daily, taken orally with a meal. For pediatric patients weighing more than 55 kg (121 lbs), the recommended dosage is 100 mg twice daily taken orally with a meal. Healthcare providers can work with patients to determine the appropriate formulation for use depending on patient needs. Patients receiving CRENESSITY should continue GC therapy for cortisol replacement. 

Important Information

Approved Uses
CRENESSITY® (crinecerfont) is a prescription medicine used together with glucocorticoids (steroids) to control androgen (testosterone-like hormone) levels in adults and children 4 years of age and older with classic congenital adrenal hyperplasia (CAH).

IMPORTANT SAFETY INFORMATION

Do not take CRENESSITY if you:

Are allergic to crinecerfont, or any of the ingredients in CRENESSITY.

CRENESSITY may cause serious side effects, including: 

Allergic reactions. Symptoms of an allergic reaction include tightness of the throat, trouble breathing or swallowing, swelling of the lips, tongue, or face, and rash. If you have an allergic reaction to CRENESSITY, get emergency medical help right away and stop taking CRENESSITY.

Risk of Sudden Adrenal Insufficiency or Adrenal Crisis with Too Little Glucocorticoid (Steroid) Medicine. Sudden adrenal insufficiency or adrenal crisis can happen in people with congenital adrenal hyperplasia who are not taking enough glucocorticoid (steroid) medicine. You should continue taking your glucocorticoid (steroid) medicine during treatment with CRENESSITY. Certain conditions such as infection, severe injury, or shock may increase your risk for sudden adrenal insufficiency or adrenal crisis. Tell your healthcare provider if you get a severe injury, infection, illness, or have planned surgery during treatment. Your healthcare provider may need to change your dose of glucocorticoid (steroid) medicine.

Before taking CRENESSITY, tell your healthcare provider about all of your medical conditions, including if you: are pregnant or plan to become pregnant, or are breastfeeding or plan to breastfeed.

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins and herbal supplements.

The most common side effects of CRENESSITY in adults include tiredness, headache, dizziness, joint pain, back pain, decreased appetite, and muscle pain.

The most common side effects of CRENESSITY in children include headache, stomach pain, tiredness, nasal congestion, and nosebleeds.

These are not all the possible side effects of CRENESSITY. Call your healthcare provider for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit MedWatch at www.fda.gov/medwatch or call 1-800-FDA-1088.

Dosage Forms and Strengths: CRENESSITY is available in 50 mg and 100 mg capsules, and as an oral solution of 50 mg/mL.

Please see full Prescribing Information. 

About Neurocrine Biosciences, Inc.

Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)

The NEUROCRINE BIOSCIENCES Logo, NEUROCRINE, YOU DESERVE BRAVE SCIENCE, CRENESSITY and CAHtalog are registered trademarks of Neurocrine Biosciences, Inc.

Forward-Looking Statements 
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding the interpretation and potential relevance of the data described in this press release, including the extent to which patient journey mapping may help healthcare professionals anticipate evolving needs among patients with classic congenital adrenal hyperplasia (CAH) and inform education, patient support and coordination across care teams; the potential benefits to be derived from CRENESSITY for the treatment of CAH; and the value and benefits CRENESSITY brings to patients with CAH. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: risks and uncertainties as to whether the data described in this press release, which are based on records from a limited number of patients, are representative of the broader CAH patient population and whether patient journey mapping will help healthcare professionals anticipate evolving patient needs and inform education, patient support and coordination across care teams; risks and uncertainties associated with Neurocrine Biosciences' business and finances in general, as well as risks and uncertainties associated with the commercialization of CRENESSITY, including the extent to which patients and physicians accept and adopt CRENESSITY; whether CRENESSITY receives adequate reimbursement from third-party payors; risks and uncertainties relating to competitive products and technological changes that may limit demand for CRENESSITY; risks associated with the Company's dependence on third parties for development and manufacturing activities related to CRENESSITY, and the ability of the Company to manage these third parties; risks that additional regulatory submissions for CRENESSITY may not occur or be submitted in a timely manner; risks that the FDA or other regulatory authorities may make adverse decisions regarding CRENESSITY; risks that post-approval CRENESSITY commitments or requirements may be delayed; risks that CRENESSITY may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than required by law. 

© 2026 Neurocrine Biosciences, Inc. All Rights Reserved. CAP-CFT-US-0071 10/2026 

SOURCE Neurocrine Biosciences, Inc.

SummaryVICI has crashed despite higher cash flows and a new dividend hike.The market is pricing in the Caesars risk and higher rates.A recovery to $40 by 2030 may not be that far fetched.High Yield Landlord members get exclusive access to our real-world portfolio. See all our investments here » MicroStockHub/iStock via Getty Images

I last covered VICI Properties (VICI) in an article about a month ago explaining why I think that its recent crash is a buying opportunity.

Today, I want to go a step further and outline the math and reasoning why I

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICI; NNN; WPC 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.

CHICAGO, Oct. 16, 2026 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) today announced that TIME has named its Branded Call Display solution one of the Best Inventions of 2026 in the Connectivity & Communication category. The solution helps consumers identify legitimate callers amid more than 50 billion robocalls initiated by fraudsters each year.

The solution was included in the Connectivity & Communications category, which honors the inventions that transform how people connect, communicate and collaborate. Branded Call Display enables businesses to display their name, logo and reason for the call. As a result, consumers can decide more accurately whether they should answer the phone.

“Rampant fraud has created a serious trust problem for the phone channel, to the point that consumers ignore important calls they’re expecting simply because they don’t recognize the number,” said James Garvert, Executive Vice President of Fraud and Communications Solutions at TransUnion. “Branded Call Display restores that trust for consumers and creates a new opportunity for businesses to promote and protect their brands.”

Branded Call Display authenticates calls in real time, helping protect consumers from spoofing and impersonation scams while improving engagement for legitimate businesses. Consumers instantly see who is calling, why they are calling, and whether the call is verified, transforming anonymous phone interactions into verified communications.

TransUnion also shaped the call-authentication ecosystem by supporting the establishment of STIR/SHAKEN as an industry standard and developing Branded Call Display to build on that infrastructure. Unlike traditional caller ID, which bad actors can spoof, or alternatives that require an app download, Branded Call Display operates through participating telecommunications networks.

Branded Call Display has demonstrated its value by collaborating with the largest mobile operators, growing business adoption and meaningful impact on operational results. Organizations across banking, healthcare, insurance and government agencies have reported various business benefits such as a 105% lift in answer rates, increases of up to 40% in callback rates, and 83% increase in offer conversions.

The solution has delivered more than 7 billion branded-call impressions across major wireless networks. In addition to the U.S., TransUnion has deployed Branded Call Display in Canada, Brazil and India, effectively impacting over 1B mobile subscribers.

TransUnion offers Branded Call Display through its Trusted Call Solutions suite, which helps reduce fraud and improve customer engagement. Learn more about these solutions here.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments, we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

The semiconductor industry has enjoyed a terrific run over the past four years, primarily driven by the artificial intelligence (AI) boom that has created incredible demand for chips in data centers.

The PHLX Semiconductor Sector Index has clocked a phenomenal jump of 440% over the past four years, easily crushing the tech-laden Nasdaq Composite index's 159% gain. However, chip stocks have been selling off lately. The PHLX Semiconductor Sector has lost more than 10% of its value in the past week.

Comments by the CEOs of Intel and Broadcom have contributed to the recent slide. Broadcom CEO Hock Tan believes that funding-related challenges could hinder the massive infrastructure investments fueling AI's expansion. Intel CEO Lip-Bu Tan is also concerned about capital-related constraints, noting that further investments in AI data center infrastructure could be influenced by the returns on investment this technology could deliver.

Not surprisingly, comments from two leading semiconductor companies have sent shockwaves through the industry. However, the correction in semiconductor stocks is an opportunity for savvy investors to buy a top name that could triple their money by 2030.

If you have $1,000 in investable cash after covering your expenses, paying off expensive loans, and saving enough for a rainy day, it would be a smart move to invest it in shares of Marvell Technology (MRVL -1.65%). Let's look at the reasons why.

Image source: Getty Images.

Marvell Technology is poised for phenomenal growth over the next five yearsThough the CEOs of Broadcom and Intel expressed concerns about the availability of capital to fund infrastructure expansion amid a high-interest-rate environment, they remained bullish about the state of AI. Broadcom's Tan, for example, pointed out that AI compute demand is outpacing supply, and he expects the supply constraints to persist through 2030.

MRVL Marvell Technology$241.24-$4.04 (-1.65%)

NASDAQ · As of 4:00 PM ET 10/15/26

Marvell Technology is gradually becoming a key player in the AI chip space. Though it trails Broadcom in the market for custom AI processors and networking chips, Marvell's recent investor day presentation makes it quite clear that it is going to make a big name for itself in the semiconductor industry.

The custom AI chips that Marvell manufactures help hyperscalers and AI companies lower operating costs. For instance, Microsoft claims that its latest custom AI chip is 40% more efficient compared to graphics processing unit (GPU)-based systems. Other estimates suggest that custom AI processors could reduce inference costs by 40% to 60% compared to GPUs.

Not surprisingly, Marvell anticipates a major acceleration in revenue growth over the next five years. The company reported $8.2 billion in revenue for fiscal 2026 (which ended on Jan. 31, 2026). Its top line increased by 42% from the prior year. However, Marvell sees its top line expanding at a compound annual growth rate (CAGR) of 55% to 60% through fiscal 2031. The company expects fiscal 2031 revenue to land between $70 billion and $90 billion after five years.

This terrific acceleration will be powered by the fast-growing demand for networking, switching, and storage components, as well as custom processors. What's more, Marvell's guidance indicates that it is poised to grow faster than the 35% CAGR in data center capital expenditure through 2030.

All in all, it is easy to see why analysts are estimating a major increase in Marvell's earnings per share over the next couple of years, following an estimated 48% jump in the current fiscal year.

MRVL EPS Estimates for Current Fiscal Year data by YCharts

Moreover, analysts have become quite bullish about Marvell's long-term growth prospects, which is why I think it is a good idea to invest $1,000 in this growth stock right now.

A $1,000 investment in this stock could be worth much more after five yearsWe saw in the previous chart that Marvell's earnings per share could reach $12.50 in fiscal 2029 (ending in January 2029). Analysts expect the company to maintain a solid long-term earnings growth rate and have increased their forecasts following its investor day earlier this month.

MRVL EPS LT Growth Estimates data by YCharts

Assuming Marvell's bottom line increases by 50% in fiscal years 2030 and 2031, its earnings per share could hit $28.12 after five years. If the stock trades at 31.5 times earnings at that time, in line with the Nasdaq-100 index's earnings multiple, its stock price could reach $885. That's 261% higher than Marvell's current stock price.

So, a $1,000 investment in this AI stock could be worth over $3,600 by the end of fiscal 2031 (which ends in January 2031 and overlaps with most of calendar 2030). That's why investors looking to add a top chip stock to their portfolios following the recent pullback in the sector should take a closer look at this name before it steps on the gas.

46 minutes ago

The Quantum Alliance, a consortium of nine crypto firms, was launched today. Publicly disclosed members include security company Hacken, Charles Hoskinson’s Midnight Foundation, quantum-resistant Layer 1 blockchain Quantus, and Postquant Labs; additional members have not yet been individually named. The alliance will develop common security standards for blockchains such as Bitcoin and Ethereum. It is estimated that roughly 6.4 million Bitcoin—representing 30.2% of the total supply—have exposed public keys, including around 1.1 million linked to Satoshi Nakamoto. Existing quantum computers are not yet capable of stealing these assets. However, the Quantum Alliance has significant internal divisions over the quantum threat timeline and response strategies. Bryn Bennett, chief revenue officer at The Vault, stated no one knows the exact date, but estimates of when quantum threats will become actionable are constantly advancing. Richard Carback, CTO of Postquant Labs, believes 2028 is a realistic timeline. The core debate centers on whether to freeze vulnerable assets. Carback advocates for transferring rather than freezing, while Bennett points out that freezing is a governance decision for the Bitcoin network, and any freeze would set a precedent that trades property rights and network neutrality for quantum risk. Previously, CZ suggested freezing Satoshi’s Bitcoin, and developer Jameson Lopp also proposed restricting vulnerable tokens, though critics argue this violates Bitcoin’s fundamental promise of non-seizure. Moving forward, the alliance plans to publish joint security testing and migration guidelines.

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NEW YORK, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against GoDaddy Inc. (NYSE:GDDY) and certain of the company’s senior executives for securities fraud after its significant stock drop resulting from potential violations of the federal securities laws.

If you invested in GoDaddy, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/godaddy-class-action-lawsuit.

Key Details of the GoDaddy ($GDDY) Class Action:

Lead Plaintiff Deadline: October 26, 2026Alleged Misconduct: Securities fraud alleging GoDaddy misrepresented its customer acquisition and go-to-market strategyStock Drop: February 25, 2026 – 14.28% Stock DropCourt: U.S. District Court for the Southern District of New YorkAction: Contact BFA Law to discuss your rights
Investors have until October 26, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in GoDaddy common stock. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Johnson v. GoDaddy Inc. et al., No. 26-cv-7144.

Why is GoDaddy Being Sued for Securities Fraud?

GoDaddy is an internet domain registry, domain registrar, and web hosting company that primarily serves small businesses, entrepreneurs, and other customers seeking tools to build and manage an online presence.

According to the complaint, GoDaddy repeatedly told investors that its strategy was focused on attracting “high-intent” customers who were likely to buy more products and spend more money, while allegedly failing to disclose that it had introduced a heavily discounted $4.99 promotional offer for one-year dotcom domain contracts.

As alleged, the promotion contradicted GoDaddy’s public messaging that it had turned off front-end discounting and was not pursuing customer growth for its own sake. The complaint alleges that the promotion encouraged shorter-term, lower-value contracts, reduced upfront bookings, and rendered GoDaddy’s statements about demand, average order size, and bookings growth misleading.

Why did GoDaddy’s Stock Drop?

On February 24, 2026, after the market closed, GoDaddy disclosed that total bookings growth sharply decelerated to 5% in Q4 2025, down from 9% the prior quarter and below analyst expectations. GoDaddy also disclosed that it had expanded its go-to-market approach and introduced a promotional price for dotcom domains with a one-year term. The Company stated that the offer increased new customer volume but that the shift in term mix and promotional pricing reduced upfront bookings and near-term revenue.

On this news, GoDaddy’s stock dropped $13.18 per share, or 14.28%, from a closing price of $92.30 per share on February 24, 2026, to $79.12 per share on February 25, 2026.

Click here for more information: https://www.bfalaw.com/cases/godaddy-class-action-lawsuit.

What Can You Do?

If you invested in GoDaddy, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/godaddy-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360, and “SuperLawyers” by Thomson Reuters.

Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.”  One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.”

BFA’s notable successes include a recovery of over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

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Attorney advertising. Past results do not guarantee future outcomes.

It's not uncommon for the stock price of an initial public offering (IPO) to drop 50% from its first-day close. In fact, 38.5% of IPO stocks since 1975 saw their share price cut in half after three years of public trading, according to data from economist and University of Florida professor Jay Ritter.

So, the 52% drop in Cerebras (CBRS +0.49%), one of the hottest artificial intelligence IPOs of 2026, isn't too out of the ordinary. The good news for investors is that analysts are still extremely bullish on the stock, with a median price target roughly double its current price.

Here's a closer look at Cerebras, what caused its drop, and whether the analysts covering it are right.

Image source: Getty Images.

The big drop in the big chipmaker Cerebras made its market debut in May, closing its first day of trading at $311.07 per share, 68% above its IPO price. The big pop in its price reflects excitement around the company, which designs multi-core systems that fill an entire 12-inch silicon wafer. Cerebras' chip architecture aims to solve the biggest challenge in AI inference speeds, transferring data between chips, by keeping everything on a single piece of silicon.

The technology attracted the attention of OpenAI, which signed a deal to use Cerebras' chips for inference. Amazon has also agreed to use Cerebras chips in its Amazon Web Services systems, pairing them with its own Trainium chips to use the best chips available for specific tasks.

But the excitement around Cerebras didn't last long. The stock sold off throughout May and June, dipping below its IPO price. While the chipmaker recovered somewhat alongside the rest of the industry in August, it disappointed investors with its second-quarter earnings report. That sent the stock plummeting 20%.

CBRS Cerebras Systems$142.17+$0.69 (+0.49%)

NASDAQ · As of 4:00 PM ET 10/15/26

The report showed Cerebras rapidly transitioning from selling its hardware directly to customers, as in its deal with Amazon, to standing up its own cloud computing service using its chips, as in its deal with OpenAI. Cloud revenue climbed 281% year over year while hardware sales dropped 23%. Cloud now accounts for two-thirds of revenue, up from one-third last year. Analysts were expecting hardware sales to hold up better.

The next big drop came when reports indicated that OpenAI is running its newest "Ultrafast" model using Nvidia GPUs instead of Cerebras' chips. That cast doubt on Cerebras' ability to execute on its contract with the frontier AI lab. OpenAI CEO Sam Altman reassured investors that Cerebras remains a key partner, but the news highlighted the significant customer concentration risk for Cerebras.

OpenAI has committed to spending up to $20 billion with Cerebras. Through June, it's spent just $74 million. The OpenAI deal makes up the bulk of the company's $25.4 billion backlog as of the end of the second quarter.

Of the 14 analysts covering the stock, not one rates it a sell. The median price target among them is $295, about double the current stock price.

Indeed, there's a lot of potential upside in the stock. After all, it has $25 billion in contracted revenue, while its current annual run rate sits around $720 million. The company could easily increase revenue tenfold if it can execute.

That remains the biggest question for Cerebras: execution. Building its own data centers and renting them out to customers is a much different business than making chips and selling them to third parties. There are major capital requirements as well, adding another wrench in the mix.

That said, management believes it's mostly insulated from supply constraints, using slightly older chip fabrication processes and avoiding the need to buy memory chips, which are in short supply. As such, it should have few problems ensuring it has enough chips for its data centers to meet the demands of its OpenAI contract.

The news that OpenAI is using Nvidia chips for its latest model isn't as big a threat as the actual challenge of getting data centers, power, and chips all in place to serve its biggest potential customer. Investors should look for signs that Cerebras can meet OpenAI's demands before trusting analysts that the stock can double from here.

Elon Musk couldn’t hide his delight after unveiling his new Tesla supercar “The Roadster” that could fly and hit 60 mph in under a second.

The SpaceX founder, 55, told guests at an event held at a SpaceX site in McGregor, Texas, on Thursday that the next-generation all-electric vehicle “can basically fly like a rocket”, can do “rolls”, and “crazy gymnastics” while it was being showcased.

“Well it worked,” Musk quipped alongside Tesla’s Vice President of Vehicle Engineering Lars Moravy and Tesla’s Chief Designer Franz von Wolzhausen after the demonstration passed without any accident.

Tesla unveiled its new Roadster car that Elon Musk said ‘can basically fly like a rocket’ via REUTERS
Musk said he thought he was “crazy” when he suggested the concept of the Roadster 2 to his team, teasing that the vehicle was “better than any James Bond car.”

“We need an audience to prove that it’s not AI or SI,” Musk told the crowd. “So, you guys can tell people that you saw it with your eyes. Because what you see with your eyes, you will not believe.

“You’re going to see what happens when you have a collaboration with the world’s best car company and the world’s best rocket company. This is the culmination of incredible work by Tesla and Space X engineers working closely together to make something that you haven’t seen in any movie.”

The car drove upside down on a curved ramp using a suction system and turned in the air.

“We have a fan suction system on the bottom of the car that can pull up to 2Gs (twice the force of gravity) in order to make the car upside down,” Moravy said, explaining the function.

“Then we borrowed some technology from SpaceX to do the rest. This car really sucks. This car could suck the chrome off a trailer hitch. It could suck a tennis ball through a hose pipe,” Moravy added.

Tesla’s Roadster will be its only manually driven car that it makes.

The car, which didn’t have a human driver inside because Musk didn’t want to “kill anyone,” landed using its built-in thrusters.

The car, which has a steer-by-wire system built in, then performed a kick-flip demo in the next segment of the presentation.

The car drove upside down on a curved ramp using a suction system and turned in the air. via REUTERS
It zoomed towards a truck and other cars part of the Tesla fleet before thrusting up into the air to an altitude of around 21 feet before rotating and landing.

The car, which can reach a top speed of up to 230 mph and has a battery range of at least 300 miles, was engulfed in the cloud of smoke produced by the jets. 

A zero to 60 mph speed test was carried out and the car clocked a time of 0.81 seconds. But Musk suggested the car might be able to exceed its 230 mph top speed.

“I think you got to crack halfway to the speed of sound — Mach 0.5,” he said, which was met with sniggers by Franz von Holzhausen, Tesla’s Chief Designer, and Moravy.

Fans were left in awe by what they had seen during the event, which was livestreamed by Tesla.

“Elon Musk just made Turbo Boost a reality,” one said, including a nod to the iconic scene from the 1980s show “Knight Rider” where Michael Knight, played by David Hasselhoff, pressed the turbo boost button on K.I.T.T’s dashboard.

“A bunch of guys my age have been waiting our whole lives for this.”

The car appeared to fly over a truck and other Tesla models. Tesla
“Turns out the future does have flying cars,” Musk later quipped on X, reveling in the achievement.

Musk has previously teased the prospect of flying cars.

During an appearance on Joe Rogan’s podcast “The Joe Rogan Experience” last October, Musk teased the demonstration would be “unforgettable” and said, “I think it has a shot of being the most memorable product unveil ever.”

Production will start in 2028 and a “performance” version of the vehicle requires a $50,000 deposit.

A so-called “Thrust” version that comes with “acceleration thrusters” will require a $250,000 deposit. 

During the event, Musk claimed the car will be “on the roads” before slightly backtracking.

The car went from zero to 60mph in less than a second. Tesla
“You know I’m not necessarily sure it’s legal in all jurisdictions,” he said.

“But there will be such a car that someone can own.”

“Depends on your street, but it’ll be a viable car,” he said in response to an audience member if the car would be road legal.

Tesla’s new Roadster comes 18 years after the original Roadster, Tesla’s first EV, hit the market.

The company is shifting its focus towards artificial intelligence-led self- driving tech and robotics.

Tesla has stopped selling its Model S and X cars. The company will publish its Q3 2026 financial results on Oct. 21.

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Brad Smith, the president of Microsoft, defended the company's use of visas and green cards. Paulo Nunes dos Santos/Bloomberg via Getty Images If America wants to win the AI race, sending the world's brightest engineers packing might not be a winning strategy.

That's the warning from Microsoft President Brad Smith, who said the Trump administration's immigration crackdown risks driving the next generation of AI talent away from the United States.

"I think we should all be worried about sending intentionally or inadvertently or otherwise, signals that send the most talented next wave of AI software engineers to other countries rather than the United States," Smith said in an episode of Politico's "The Decoded Podcast" that aired on Thursday.

His comments come after the Trump administration announced last week that it was suspending Microsoft, Adobe, and several other technology companies from a federal program that sponsors foreign workers for permanent residency.

Vice President JD Vance accused Microsoft of abusing the Permanent Labor Certification, or PERM, program by laying off American employees while hiring lower-paid foreign workers.

Sam Altman explains why AI will replace 40% of your work

Smith, who Business Insider reported was recently put in charge of Microsoft's communications, pushed back against those allegations, saying the administration had presented a misleading picture of Microsoft's hiring practices.

US Vice President JD Vance has criticized Microsoft's use of visa programs.  Daniel Heuer-Pool/Getty Images "What was presented as Microsoft replacing 6,000 people who lost their jobs with 9,000 foreigners was frankly completely off base," he said.

Smith said most of the company's visa and green card applications concerned existing employees rather than new hires, adding that Microsoft had hired 9,200 American workers in its last fiscal year.

"That was left out of the narrative," he said.

He also rejected suggestions that Microsoft pays foreign workers less than their American counterparts, saying employees are compensated under the same system regardless of immigration status.

The American dream, on holdThe dispute comes amid growing uncertainty for skilled foreign workers in the US.

Business Insider previously reported that the Trump administration's shifting immigration policies have prompted some international workers to explore opportunities abroad, including in countries like the UK, Germany, and Canada.

An analysis of federal data by Business Insider found that certified H-1B applications fell 10% in the first nine months of fiscal year 2026 compared with the same period a year earlier. Applications for data scientists, however, rose 22.5%, highlighting continued demand for specialized AI talent.

On the Politico podcast, Smith cited immigrants' economic contributions as evidence of what America stands to lose.

He said that five of the six technology and science medal recipients recently honored by President Donald Trump had immigrated to the United States.

President Donald Trump awards tech execs and founders some of the country's highest scientific honors.  Win McNamee/Getty Images According to Smith, the companies associated with those five individuals collectively represent more than a quarter of the S&P 500's market value.

Their contributions, he said, benefit not just technology employees but ordinary Americans whose retirement savings and pension funds are invested in those businesses.

"Think about what those five individuals have done for the well being, even the wealth and standard of living, of Americans across the country," Smith said.

"Let's not put that at risk."

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Thibault Spirlet You're currently following this author! Click to unsubscribe from email alerts.

Thibault is a tech reporter at Business Insider's London office.He covers the intersection of technology and work — focusing on AI’s impact on the workplace, job and cognitive skills, and how economic changes are affecting careers.Before moving to the trending team, Thibault covered international affairs, including the Russia-Ukraine war, tensions in the South China Sea, and Russia’s economy on the news desk.He has previously worked at the Daily Express and held internships at Agence France-Presse, Politico Europe, and Factal.Il parle français. Habla español.Email Thibault at [email protected], connect with him on LinkedIn @ThibaultSpirlet, or follow him on X @ThibaultSpirlet and BlueSky @thibaultspirlet.bsky.social.Expertise

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, /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $775 million or $5.04 of diluted earnings per common share.

(Dollars in millions, except per share data)

3Q26

2Q26

3Q25

Earnings Highlights

Net interest income

$        1,793

$        1,792

$        1,761

Taxable-equivalent adjustment

12

12

12

Net interest income - taxable-equivalent

1,805

1,804

1,773

Provision for credit losses

135

120

125

Noninterest income

743

740

752

Noninterest expense

1,393

1,349

1,363

Net income

775

818

792

Net income available to common shareholders - diluted

732

781

754

Diluted earnings per common share

5.04

5.32

4.82

Return on average assets - annualized

1.40 %

1.51 %

1.49 %

Return on average common shareholders' equity - annualized

11.44

12.30

11.45

Average Balance Sheet

Total assets

$     218,860

$     216,532

$    211,053

Interest-bearing deposits at banks

14,209

15,061

17,739

Investment securities

38,552

38,728

36,559

Loans

143,296

140,650

135,890

Deposits

166,777

163,524

162,576

Borrowings

19,225

20,794

15,633

Selected Ratios

(Amounts expressed as a percent, except per share data)

Net interest margin

3.65 %

3.70 %

3.69 %

Efficiency ratio (1)

54.4

52.8

53.6

Net charge-offs to average total loans - annualized

.35

.23

.42

Allowance for loan losses to total loans

1.51

1.53

1.59

Nonaccrual loans to total loans

.90

.85

1.11

Common equity Tier 1 ("CET1") capital ratio (2)

10.16

10.19

10.99

Common shareholders' equity per share

$      174.95

$      176.03

$      170.43

____________________

(1)

A reconciliation of non-GAAP measures is included in the tables that accompany this release.

(2)

CET1 capital ratio at September 30, 2026 is estimated.

Financial Highlights

Taxable-equivalent net interest income increased nominally in the recent quarter as compared with the second quarter of 2026 reflecting an additional day, partially offset by lower interest income on nonaccrual loans.
Average loans grew $2.6 billion in the recent quarter reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million.
Higher noninterest income in the recent quarter reflects an increase in residential mortgage banking revenues, partially offset by a decrease in capital markets and advisory revenues and a lower distribution from M&T's investment in Bayview Lending Group LLC ("BLG").
Noninterest expense reflects increases in outside data processing and software costs and professional and other services expense as well as higher personnel costs from an additional working day in the recent quarter.
The allowance for loan losses as a percent of total loans declined 2 basis points to 1.51% at September 30, 2026.
In the recent quarter, M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million. M&T's CET1 capital ratio is estimated to be 10.16% at September 30, 2026.

Chief Financial Officer Commentary

"M&T's third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people's lives. I want to thank our employees for their ongoing commitment to the communities and customers we serve."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:

Investor Relations:

Rajiv Ranjan

716.842.5138

Steve Wendelboe

716.842.5138

Media Relations:

Frank Lentini 

929.651.0447

Financial Reporting Matters

As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan-based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, in conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. All periods presented herein reflect those changes.

 Non-GAAP Measures (1)

(Dollars in millions, except per share data)

3Q26

2Q26

Change
3Q26 vs.
2Q26

3Q25

Change
3Q26 vs.
3Q25

Net operating income

$            780

$            823

-5 %

$            798

-2 %

Diluted net operating earnings per common share

5.08

5.35

-5

4.87

4

Annualized return on average tangible assets

1.47 %

1.59 %

1.56 %

Annualized return on average tangible common equity

17.29

18.57

17.13

Efficiency ratio

54.4

52.8

53.6

Tangible equity per common share

$       115.88

$       117.41

-1

$       115.31

—

____________________

(1)

A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature.

 Taxable-equivalent Net Interest Income (1)

(Dollars in millions)

3Q26

2Q26

Change
3Q26 vs.
2Q26

3Q25

Change
3Q26 vs.
3Q25

Average earning assets

$     196,739

$     195,216

1 %

$     190,920

3 %

Average interest-bearing liabilities

142,294

140,354

1

134,153

6

Net interest income - taxable-equivalent

1,805

1,804

—

1,773

2

Yield on average earning assets

5.41 %

5.40 %

5.60 %

Cost of interest-bearing liabilities

2.44

2.36

2.72

Net interest spread

2.97

3.04

2.88

Net interest margin

3.65

3.70

3.69

____________________ 

(1)

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table herein.

Taxable-equivalent net interest income in the recent quarter rose nominally from the second quarter of 2026 reflecting an additional day, lower interest income on nonaccrual loans and loan growth funded by interest-bearing deposits as the Company reduced its average short-term borrowings. Taxable-equivalent net interest income increased $32 million, or 2%, as compared with the year-earlier third quarter reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans.

 Average Earning Assets

(Dollars in millions)

3Q26

2Q26

Change
3Q26 vs.
2Q26

3Q25

Change
3Q26 vs.
3Q25

Interest-bearing deposits at banks

$      14,209

$      15,061

-6 %

$      17,739

-20 %

Investment securities

38,552

38,728

—

36,559

5

Loans held for sale

682

777

-12

637

7

Loans: (1)

Commercial and industrial

65,887

65,883

—

61,687

7

Real estate - commercial

24,862

23,221

7

23,982

4

Real estate - residential

25,194

24,827

1

24,122

4

Consumer

27,353

26,719

2

26,099

5

Total loans

143,296

140,650

2

135,890

5

Other

—

—

—

95

-100

Total earning assets

$    196,739

$    195,216

1

$    190,920

3

____________________

(1)

Supplemental information on loan balances is included in the accompanying table herein.

Average earning assets rose $1.5 billion from the second quarter of 2026 reflecting growth in average commercial real estate loan balances of $1.6 billion, average consumer loan balances of $634 million and average residential real estate loan balances of $367 million.

Average earning assets increased $5.8 billion from the third quarter of 2025, reflecting loan growth across all loan portfolios. Average commercial and industrial loan balances increased $4.2 billion, spanning most industry types. Average consumer, residential real estate and commercial real estate loan balances grew $1.3 billion, $1.1 billion and $880 million, respectively. The average balance of investment securities increased $2.0 billion from the year-earlier quarter, reflecting purchases of fixed rate mortgage-backed securities.

 Average Interest-bearing Liabilities

(Dollars in millions)

3Q26

2Q26

Change
3Q26 vs.
2Q26

3Q25

Change
3Q26 vs.
3Q25

Interest-bearing deposits:

Savings and interest-checking deposits

$       108,013

$       105,752

2 %

$       104,630

3 %

Time deposits

15,056

13,808

9

13,890

8

Total interest-bearing deposits

123,069

119,560

3

118,520

4

Short-term borrowings

5,248

8,016

-35

2,844

85

Long-term borrowings

13,977

12,778

9

12,789

9

Total interest-bearing liabilities

$       142,294

$       140,354

1

$       134,153

6

Average interest-bearing liabilities in the recent quarter rose $1.9 billion from the second quarter of 2026 reflecting growth in average interest-bearing deposits of $3.5 billion and higher average long-term borrowings resulting from asset securitizations and issuances of senior and subordinated notes. Those increases were partially offset by a $2.9 billion decline in average short-term borrowings from the FHLB of New York.

Average interest-bearing liabilities increased $8.1 billion from the third quarter of 2025 reflecting growth in average interest-bearing deposits of $4.5 billion, higher average short-term borrowings from the FHLB of New York of $1.9 billion and an increase in average long-term borrowings of $1.2 billion resulting from asset securitizations and issuances of subordinated notes, partially offset by net maturities of senior notes.

Provision for Credit Losses/Asset Quality

(Dollars in millions)

3Q26

2Q26

Change

3Q26 vs.
2Q26

3Q25

Change

3Q26 vs.
3Q25

At end of quarter

Nonaccrual loans

$         1,298

$         1,208

7 %

$         1,512

-14 %

Real estate and other foreclosed assets

28

23

22

37

-26

Total nonperforming assets

1,326

1,231

8

1,549

-14

Accruing loans past due 90 days or more (1)

570

603

-5

432

32

Nonaccrual loans as % of loans outstanding

.90 %

.85 %

1.11 %

Allowance for loan losses

$         2,179

$         2,176

—

$         2,161

1

Allowance for loan losses as % of loans outstanding

1.51 %

1.53 %

1.59 %

Reserve for unfunded credit commitments

$              93

$              95

-2

$              95

-2

For the period

Provision for loan losses

$            130

$            120

8

$            110

18

Provision for unfunded credit commitments

5

—

—

15

-67

Total provision for credit losses

135

120

13

125

8

Net charge-offs

127

80

59

146

-12

Net charge-offs as % of average loans (annualized)

.35 %

.23 %

.42 %

____________________

(1)

Predominantly government-guaranteed residential real estate.

The provision for credit losses was $135 million in the third quarter of 2026 as compared with $120 million in the second quarter of 2026 and $125 million in the third quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.51% at September 30, 2026 and 1.53% at June 30, 2026, each improved from 1.59% at September 30, 2025, reflecting lower levels of criticized loans.

Nonaccrual loans were $1.3 billion at September 30, 2026 and $1.2 billion at June 30, 2026, compared with $1.5 billion at September 30, 2025. The lower level of nonaccrual loans at September 30, 2026 and June 30, 2026 as compared with September 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.

 Noninterest Income

(Dollars in millions)

3Q26

2Q26

Change
3Q26 vs.
2Q26

3Q25

Change
3Q26 vs.
3Q25

Trust and investment services income

$          230

$          235

-2 %

$          217

6 %

Mortgage banking revenues (1)

152

127

19

147

3

Service charges on deposit accounts

109

107

1

105

3

Card revenues

90

89

2

90

—

Letter of credit and credit-related fees

46

44

4

45

3

Capital markets and advisory revenues

32

41

-24

35

-8

Gain (loss) on bank investment securities

(1)

2

—

1

—

Other revenues from operations (2)

85

95

-12

112

-25

Total

$          743

$          740

—

$          752

-1

____________________

(1)

Supplemental information on mortgage banking activities is included in the accompanying table herein.

(2)

Supplemental information on other revenues from operations is included in the accompanying table herein.

Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead, beginning in 2026 fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.

Noninterest income in the third quarter of 2026 increased $3 million from 2026's second quarter.

Trust and investment services income declined $5 million reflecting seasonal tax services fees earned by the wealth management business in the second quarter of 2026.
Mortgage banking revenues increased $25 million reflecting a rise in residential mortgage loan sub-servicing income. In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans.
Capital markets and advisory revenues decreased $9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers.
Other revenues from operations decreased $10 million reflecting a lower distribution from M&T's investment in BLG in the recent quarter.

Noninterest income declined $9 million, or 1%, as compared with the third quarter of 2025.

Trust and investment services income rose $13 million reflecting higher corporate trust revenues from the Company's institutional services business and an increase in personal trust and investment services revenues from its wealth management businesses.
Mortgage banking revenues increased $5 million reflecting a rise in residential mortgage loan sub-servicing income, partially offset by the impact of the Company's fair value accounting election described above and lower gains on commercial mortgage loans originated for sale.
Other revenues from operations decreased $27 million reflecting a $28 million distribution of an earnout payment from the Company's 2023 sale of its Collective Investment Trust ("CIT") business and a $12 million gain on the sale of equipment leases each in the third quarter of 2025, partially offset by an $11 million higher distribution from M&T's investment in BLG in the recent quarter.

 Noninterest Expense

(Dollars in millions)

3Q26

2Q26

Change
3Q26 vs.
2Q26

3Q25

Change
3Q26 vs.
3Q25

Salaries and employee benefits

$          832

$          826

1 %

$          833

— %

Outside data processing and software

173

154

12

138

25

Equipment and net occupancy

131

129

—

129

1

Professional and other services

97

89

10

81

22

FDIC assessments

19

18

15

13

55

Advertising and marketing

29

27

7

23

26

Amortization of core deposit and other intangible assets

7

7

—

10

-27

Other costs of operations

105

99

6

136

-23

Total

$       1,393

$       1,349

3

$       1,363

2

Noninterest expense rose $44 million, or 3%, from the second quarter of 2026.

Salaries and employee benefits expense increased $6 million reflecting an additional working day in the recent quarter, partially offset by lower payroll-related taxes.
Outside data processing and software costs increased $19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure.
Professional and other services rose $8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives.
Other costs of operations increased $6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc.

Noninterest expense increased $30 million, or 2%, from the third quarter of 2025.

Outside data processing and software costs rose $35 million reflecting costs associated with enhancements to the Company's technology infrastructure.
Professional and other services increased $16 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives and higher legal service costs.
FDIC assessments were $6 million higher in the recent quarter reflecting the reduction of estimated special assessment expense in the third quarter of 2025 resulting from a decrease in the FDIC's loss estimates associated with certain failed banks.
Other costs of operations decreased $31 million reflecting the amortization associated with residential mortgage loan servicing right assets in the third quarter of 2025 and lower expense associated with the Company's supplemental executive retirement savings plan in the recent quarter.

Income Taxes

The Company's effective income tax rate was 23.1% in each of the third and second quarters of 2026 compared with 22.8% in the third quarter of 2025.

Capital and Liquidity

3Q26

2Q26

3Q25

CET1 capital

10.16 %

(1)

10.19 %

10.99 %

Tier 1 capital

11.93

(1)

11.64

12.49

Total capital

13.93

(1)

13.73

14.35

Tangible capital – common

7.85

8.07

8.79

____________________

(1)

Capital ratios at September 30, 2026 are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $217 million and $42 million, respectively, for the quarter ended September 30, 2026. M&T's current stress capital buffer is 2.7%.

Reflecting rising interest rates, accumulated other comprehensive income declined $588 million in the recent quarter. In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with net unrealized gains of $8 million. Unrealized losses on those transferred securities at September 30, 2026 were $222 million ($165 million net of tax).

M&T repurchased shares of its common stock at a cost of $323 million during the recent quarter, compared with $465 million and $409 million in the second quarter of 2026 and the third quarter of 2025, respectively.

The CET1 capital ratio for M&T was estimated at 10.16% as of September 30, 2026. M&T's total risk-weighted assets at September 30, 2026 are estimated to be $170.6 billion. Reflecting loan growth and share repurchase activity in the recent quarter and the impact of unrealized losses on investment securities available for sale included in accumulated other comprehensive income at September 30, 2026, M&T's tangible common equity to tangible asset ratio at September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025.

While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on September 30, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ326. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Friday October 23, 2026, by calling (800) 839-3736 or (402) 220-2978 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations.

About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.

Financial Highlights

Three Months Ended

Nine Months Ended

September 30,

September 30,

(Dollars in millions, except per share, shares in thousands)

2026

2025

Change

2026

2025

Change

Performance

Net income

$         775

$         792

-2 %

$       2,257

$       2,092

8 %

Net income available to common shareholders

732

754

-3

2,133

1,981

8

Per common share:

Basic earnings

5.08

4.85

5

14.57

12.41

17

Diluted earnings

5.04

4.82

5

14.48

12.34

17

Cash dividends

1.50

1.50

—

4.50

4.20

7

Common shares outstanding:

Average - diluted

145,174

156,553

-7

147,329

160,503

-8

Period end

143,708

154,518

-7

143,708

154,518

-7

Return on (annualized):

Average total assets

1.40 %

1.49 %

1.39 %

1.33 %

Average common shareholders' equity

11.44

11.45

11.13

10.07

Taxable-equivalent net interest income

$       1,805

$       1,773

2

$       5,372

$       5,202

3

Yield on average earning assets

5.41 %

5.60 %

5.39 %

5.54 %

Cost of interest-bearing liabilities

2.44

2.72

2.38

2.71

Net interest spread

2.97

2.88

3.01

2.83

Contribution of interest-free funds

.68

.81

.67

.82

Net interest margin

3.65

3.69

3.68

3.65

Net charge-offs to average total net loans (annualized)

.35

.42

.30

.36

Net operating results (1)

Net operating income

$         780

$         798

-2

$       2,274

$       2,116

7

Diluted net operating earnings per common share

5.08

4.87

4

14.60

12.49

17

Return on (annualized):

Average tangible assets

1.47 %

1.56 %

1.46 %

1.41 %

Average tangible common equity

17.29

17.13

16.78

15.07

Efficiency ratio

54.4

53.6

55.1

56.3

At September 30,

Loan quality

2026

2025

Change

Nonaccrual loans

$       1,298

$       1,512

-14 %

Real estate and other foreclosed assets

28

37

-26

Total nonperforming assets

$       1,326

$       1,549

-14

Accruing loans past due 90 days or more

$          570

$          432

32

Government guaranteed loans included in totals above:

Nonaccrual loans

81

71

13

Accruing loans past due 90 days or more

556

403

38

Nonaccrual loans to total loans

.90 %

1.11 %

Allowance for loan losses to total loans

1.51

1.59

Additional information

Period end common stock price

$     217.60

$     197.62

10

Full-service domestic banking offices (2)

906

942

-4

Full-time equivalent employees

21,562

22,383

-4

____________________

(1)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.

(2)

In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.

Financial Highlights, Five Quarter Trend

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in millions, except per share, shares in thousands)

2026

2026

2026

2025

2025

Performance

Net income

$              775

$              818

$              664

$              759

$              792

Net income available to common shareholders

732

781

620

718

754

Per common share:

Basic earnings

5.08

5.35

4.16

4.71

4.85

Diluted earnings

5.04

5.32

4.13

4.67

4.82

Cash dividends

1.50

1.50

1.50

1.50

1.50

Common shares outstanding:

Average - diluted

145,174

146,758

150,109

153,712

156,553

Period end

143,708

144,933

146,917

151,840

154,518

Return on (annualized):

Average total assets

1.40 %

1.51 %

1.26 %

1.41 %

1.49 %

Average common shareholders' equity

11.44

12.30

9.67

10.87

11.45

Taxable-equivalent net interest income

$            1,805

$            1,804

$            1,763

$            1,790

$            1,773

Yield on average earning assets

5.41 %

5.40 %

5.35 %

5.47 %

5.60 %

Cost of interest-bearing liabilities

2.44

2.36

2.32

2.52

2.72

Net interest spread

2.97

3.04

3.03

2.95

2.88

Contribution of interest-free funds

.68

.66

.67

.75

.81

Net interest margin

3.65

3.70

3.70

3.70

3.69

Net charge-offs to average total net loans (annualized)

.35

.23

.31

.54

.42

Net operating results (1)

Net operating income

$              780

$              823

$              671

$              767

$              798

Diluted net operating earnings per common share

5.08

5.35

4.18

4.72

4.87

Return on (annualized):

Average tangible assets

1.47 %

1.59 %

1.33 %

1.49 %

1.56 %

Average tangible common equity

17.29

18.57

14.51

16.24

17.13

Efficiency ratio

54.4

52.8

58.3

55.1

53.6

September 30,

June 30,

March 31,

December 31,

September 30,

Loan quality

2026

2026

2026

2025

2025

Nonaccrual loans

$            1,298

$            1,208

$            1,240

$            1,252

$            1,512

Real estate and other foreclosed assets

28

23

27

35

37

Total nonperforming assets

$            1,326

$            1,231

$            1,267

$            1,287

$            1,549

Accruing loans past due 90 days or more

$               570

$               603

$               646

$               561

$               432

Government guaranteed loans included in totals above:

Nonaccrual loans

81

78

85

83

71

Accruing loans past due 90 days or more

556

586

634

543

403

Nonaccrual loans to total loans

.90 %

.85 %

.89 %

.91 %

1.11 %

Allowance for loan losses to total loans

1.51

1.53

1.54

1.54

1.59

Additional information

Period end common stock price

$          217.60

$          238.01

$          206.72

$          201.48

$          197.62

Full-service domestic banking offices (2)

906

911

930

942

942

Full-time equivalent employees

21,562

21,662

21,866

22,080

22,383

____________________

(1)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.

(2)

In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings.

Condensed Consolidated Statement of Income

Three Months Ended

Nine Months Ended

September 30,

September 30,

(Dollars in millions)

2026

2025

Change

2026

2025

Change

Interest income

$   2,667

$   2,680

— %

$   7,823

$   7,849

— %

Interest expense

874

919

-5

2,486

2,680

-7

Net interest income

1,793

1,761

2

5,337

5,169

3

Provision for credit losses

135

125

8

395

380

4

Net interest income after provision for
     credit losses

1,658

1,636

1

4,942

4,789

3

Other income:

Trust and investment services income

230

217

6

684

643

7

Mortgage banking revenues

152

147

3

406

395

3

Service charges on deposit accounts

109

105

3

322

307

5

Card revenues

90

90

—

257

257

—

Letter of credit and credit-related fees

46

45

3

132

132

—

Capital markets and advisory revenues

32

35

-8

109

89

23

Gain (loss) on bank investment securities

(1)

1

—

5

1

—

Other revenues from operations

85

112

-25

257

222

16

Total other income

743

752

-1

2,172

2,046

6

Other expense:

Salaries and employee benefits

832

833

—

2,572

2,533

2

Outside data processing and software

173

138

25

471

412

14

Equipment and net occupancy

131

129

1

393

391

—

Professional and other services

97

81

22

279

251

12

FDIC assessments

19

13

55

60

58

4

Advertising and marketing

29

23

26

77

70

9

Amortization of core deposit and other
     intangible assets

7

10

-27

23

32

-27

Other costs of operations

105

136

-23

305

367

-17

Total other expense

1,393

1,363

2

4,180

4,114

2

Income before taxes

1,008

1,025

-2

2,934

2,721

8

Income taxes

233

233

—

677

629

8

Net income

$      775

$      792

-2 %

$   2,257

$   2,092

8 %

Condensed Consolidated Statement of Income, Five Quarter Trend

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in millions)

2026

2026

2026

2025

2025

Interest income

$             2,667

$             2,620

$             2,536

$            2,637

$             2,680

Interest expense

874

828

784

858

919

Net interest income

1,793

1,792

1,752

1,779

1,761

Provision for credit losses

135

120

140

125

125

Net interest income after provision for
   credit losses

1,658

1,672

1,612

1,654

1,636

Other income:

Trust and investment services income

230

235

219

220

217

Mortgage banking revenues

152

127

127

155

147

Service charges on deposit accounts

109

107

106

105

105

Card revenues

90

89

78

87

90

Letter of credit and credit-related fees

46

44

42

47

45

Capital markets and advisory revenues

32

41

36

31

35

Gain (loss) on bank investment securities

(1)

2

4

1

1

Other revenues from operations

85

95

77

50

112

Total other income

743

740

689

696

752

Other expense:

Salaries and employee benefits

832

826

914

809

833

Outside data processing and software

173

154

144

146

138

Equipment and net occupancy

131

129

133

134

129

Professional and other services

97

89

93

105

81

FDIC assessments

19

18

23

(8)

13

Advertising and marketing

29

27

21

32

23

Amortization of core deposit and other
   intangible assets

7

7

9

10

10

Other costs of operations

105

99

101

151

136

Total other expense

1,393

1,349

1,438

1,379

1,363

Income before taxes

1,008

1,063

863

971

1,025

Income taxes

233

245

199

212

233

Net income

$                775

$                818

$                664

$                759

$                792

Condensed Consolidated Balance Sheet

September 30,

(Dollars in millions)

2026

2025

Change

ASSETS

Cash and due from banks

$         1,796

$         1,950

-8 %

Interest-bearing deposits at banks

14,342

16,751

-14

Investment securities

37,894

36,864

3

Loans held for sale

696

629

11

Loans:

Commercial and industrial

66,373

61,863

7

Real estate - commercial

25,561

23,768

8

Real estate - residential

25,301

24,335

4

Consumer

27,521

26,379

4

Total loans

144,756

136,345

6

Allowance for loan losses

(2,179)

(2,161)

1

Net loans

142,577

134,184

6

Goodwill

8,465

8,465

—

Core deposit and other intangible assets

41

74

-45

Other assets

14,699

12,360

19

Total assets

$     220,510

$     211,277

4 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$       44,819

$       44,994

— %

Interest-bearing deposits

122,691

118,432

4

Total deposits

167,510

163,426

2

Short-term borrowings

6,373

2,059

209

Long-term borrowings

13,648

12,928

6

Accrued interest and other liabilities

4,820

4,136

17

Total liabilities

192,351

182,549

5

Shareholders' equity:

Preferred

3,017

2,394

26

Common

25,142

26,334

-5

Total shareholders' equity

28,159

28,728

-2

Total liabilities and shareholders' equity

$     220,510

$     211,277

4 %

Condensed Consolidated Balance Sheet, Five Quarter Trend

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in millions)

2026

2026

2026

2025

2025

ASSETS

Cash and due from banks

$             1,796

$             1,939

$             1,903

$             1,701

$             1,950

Interest-bearing deposits at banks

14,342

15,499

14,445

17,068

16,751

Investment securities

37,894

38,374

38,621

36,649

36,864

Loans held for sale

696

663

861

1,067

629

Loans:

Commercial and industrial

66,373

65,995

65,216

63,406

61,863

Real estate - commercial

25,561

24,233

22,986

23,335

23,768

Real estate - residential

25,301

25,128

24,530

24,433

24,335

Consumer

27,521

27,174

26,321

26,461

26,379

Total loans

144,756

142,530

139,053

137,635

136,345

Allowance for loan losses

(2,179)

(2,176)

(2,136)

(2,116)

(2,161)

Net loans

142,577

140,354

136,917

135,519

134,184

Goodwill

8,465

8,465

8,465

8,465

8,465

Core deposit and other intangible assets

41

48

55

64

74

Other assets

14,699

13,919

13,469

12,977

12,360

Total assets

$        220,510

$        219,261

$        214,736

$        213,510

$        211,277

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$          44,819

$          48,295

$          45,892

$          46,509

$          44,994

Interest-bearing deposits

122,691

120,590

117,849

120,400

118,432

Total deposits

167,510

168,885

163,741

166,909

163,426

Short-term borrowings

6,373

4,614

7,851

2,149

2,059

Long-term borrowings

13,648

13,568

11,175

10,911

12,928

Accrued interest and other liabilities

4,820

4,248

3,997

4,364

4,136

Total liabilities

192,351

191,315

186,764

184,333

182,549

Shareholders' equity:

Preferred

3,017

2,434

2,434

2,834

2,394

Common

25,142

25,512

25,538

26,343

26,334

Total shareholders' equity

28,159

27,946

27,972

29,177

28,728

Total liabilities and shareholders' equity

$        220,510

$        219,261

$        214,736

$        213,510

$        211,277

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

Three Months Ended

Change in Balance

Nine Months Ended

September 30,

June 30,

September 30,

September 30, 2026 from

September 30,

Change

2026

2026

2025

June 30,

September 30,

2026

2025

in

(Dollars in millions)

Balance

Rate

Balance

Rate

Balance

Rate

2026

2025

Balance

Rate

Balance

Rate

Balance

ASSETS

Interest-bearing deposits at banks

$ 14,209

3.79 %

$ 15,061

3.72 %

$ 17,739

4.43 %

-6 %

-20 %

$ 15,159

3.74 %

$ 19,037

4.46 %

-20 %

Investment securities (1)

38,552

4.33

38,728

4.29

36,559

4.15

—

5

38,378

4.28

35,466

3.98

8

Loans held for sale

682

5.48

777

5.50

637

5.85

-12

7

819

5.45

750

6.92

9

Loans:

Commercial and industrial

65,887

6.00

65,883

6.00

61,687

6.45

—

7

65,139

6.00

61,234

6.41

6

Real estate - commercial

24,862

6.03

23,221

6.29

23,982

6.45

7

4

23,709

6.15

24,796

6.34

-4

Real estate - residential

25,194

4.69

24,827

4.63

24,122

4.57

1

4

24,832

4.62

23,543

4.50

5

Consumer

27,353

6.47

26,719

6.46

26,099

6.60

2

5

26,797

6.47

25,275

6.58

6

Total loans

143,296

5.86

140,650

5.89

135,890

6.15

2

5

140,477

5.87

134,848

6.09

4

Other

—

—

—

—

95

3.45

—

-100

31

—

96

3.46

-67

Total earning assets

196,739

5.41

195,216

5.40

190,920

5.60

1

3

194,864

5.39

190,197

5.54

2

Goodwill

8,465

8,465

8,465

—

—

8,465

8,465

—

Core deposit and other intangible assets

45

51

79

-12

-43

52

86

-40

Other assets

13,611

12,800

11,589

6

17

13,043

11,141

17

Total assets

$   218,860

$   216,532

$   211,053

1 %

4 %

$   216,424

$   209,889

3 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits:

Savings and interest-checking

      deposits

$   108,013

1.89 %

$   105,752

1.81 %

$   104,630

2.23 %

2 %

3 %

$   106,783

1.85 %

$   103,378

2.22 %

3 %

Time deposits

15,056

3.19

13,808

3.02

13,890

3.40

9

8

13,982

3.08

14,056

3.48

-1

Total interest-bearing deposits

123,069

2.05

119,560

1.95

118,520

2.36

3

4

120,765

1.99

117,434

2.37

3

Short-term borrowings

5,248

3.89

8,016

3.86

2,844

4.50

-35

85

6,318

3.87

3,013

4.50

110

Long-term borrowings

13,977

5.32

12,778

5.33

12,789

5.64

9

9

12,617

5.35

11,675

5.64

8

Total interest-bearing liabilities

142,294

2.44

140,354

2.36

134,153

2.72

1

6

139,700

2.38

132,122

2.71

6

Noninterest-bearing deposits

43,708

43,964

44,056

-1

-1

44,070

44,877

-2

Other liabilities

4,527

4,275

4,261

6

6

4,349

4,142

5

Total liabilities

190,529

188,593

182,470

1

4

188,119

181,141

4

Shareholders' equity

28,331

27,939

28,583

1

-1

28,305

28,748

-2

Total liabilities and shareholders' equity

$   218,860

$   216,532

$   211,053

1 %

4 %

$   216,424

$   209,889

3 %

Net interest spread

2.97

3.04

2.88

3.01

2.83

Contribution of interest-free funds

.68

.66

.81

.67

.82

Net interest margin

3.65 %

3.70 %

3.69 %

3.68 %

3.65 %

____________________

(1)

Yields on investment securities for the nine-month period ended September 30, 2025 reflect $18 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.

Supplemental Information - Loan Balances

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in millions)

2026

2026

2026

2025

2025

Commercial and industrial

Commercial and industrial excluding

   owner-occupied real estate by industry:

Financial and insurance

$         13,731

$         13,804

$         13,488

$         12,749

$         12,077

Services

8,719

8,534

8,207

7,887

7,685

Motor vehicle and recreational finance dealers

6,706

6,966

7,061

7,185

6,636

Manufacturing

6,311

6,389

6,402

6,094

6,238

Wholesale

4,473

4,330

4,343

4,373

4,244

Transportation, communications, utilities

4,456

4,199

3,928

3,883

3,754

Retail

3,347

3,319

3,302

3,087

3,112

Construction

2,412

2,445

2,305

2,260

2,205

Health services

1,811

1,707

1,835

1,816

1,779

Real estate investors

1,589

1,521

1,662

1,574

1,505

Other

1,370

1,397

1,362

1,300

1,567

Total commercial and industrial

   excluding owner-occupied real estate

54,925

54,611

53,895

52,208

50,802

Owner-occupied real estate by industry:

Services

2,351

2,362

2,377

2,368

2,308

Motor vehicle and recreational finance dealers

2,263

2,180

2,217

2,234

2,162

Retail

1,929

1,926

1,916

1,893

1,825

Health services

1,413

1,464

1,335

1,268

1,320

Wholesale

1,079

1,035

1,029

978

975

Manufacturing

735

712

727

791

783

Real estate investors

585

607

617

616

634

Other

1,093

1,098

1,103

1,050

1,054

Total owner-occupied real estate

11,448

11,384

11,321

11,198

11,061

Total commercial and industrial

66,373

65,995

65,216

63,406

61,863

Commercial real estate

Permanent finance by property type:

Apartments/Multifamily

7,320

6,865

6,269

6,353

6,270

Retail/Service

4,313

4,259

4,237

4,164

4,320

Industrial/Warehouse

3,510

3,276

2,462

2,297

2,175

Office

3,066

3,147

3,282

3,423

3,487

Health services

1,841

1,583

1,507

1,548

1,554

Hotel

1,728

1,665

1,727

1,743

1,776

Other

443

180

187

180

202

Total permanent

22,221

20,975

19,671

19,708

19,784

Construction/Development

3,340

3,258

3,315

3,627

3,984

Total commercial real estate

25,561

24,233

22,986

23,335

23,768

Residential real estate

Residential real estate

25,301

25,128

24,530

24,433

24,335

Consumer

Home equity lines and loans

4,991

4,891

4,796

4,807

4,730

Recreational finance

15,170

14,856

14,144

14,092

14,152

Automobile

4,871

4,969

5,016

5,167

5,223

Other

2,489

2,458

2,365

2,395

2,274

Total consumer

27,521

27,174

26,321

26,461

26,379

Total loans

$       144,756

$       142,530

$       139,053

$       137,635

$       136,345

Supplemental Information - Mortgage Banking Activities

Three Months Ended

Change

Nine Months Ended

Change

September 30,

June 30,

September 30,

September 30,

(Dollars in millions)

2026

2026

Amount

%

2026

2025

Amount

%

Residential mortgage banking revenues

Gains on loans originated for sale

$                  9

$                  7

$           2

30 %

$                24

$                23

$           1

4 %

Loan servicing:

Loan servicing fees

33

33

—

-1

98

105

(7)

-7

Changes in fair value of mortgage loan

   servicing right assets, net of hedging activities

(16)

(11)

(5)

-37

(40)

—

(40)

—

Loan sub-servicing and other fees

93

67

26

38

222

159

63

39

Total loan servicing

110

89

21

23

280

264

16

6

Total residential mortgage banking revenues

$              119

$                96

$         23

24 %

$              304

$              287

$         17

6 %

New commitments to originate loans for sale

$              377

$              411

$        (34)

-8 %

$            1,188

$            1,019

$        169

17 %

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in millions)

2026

2026

2026

2025

2025

Balances at period end

Loans held for sale

$                249

$                256

$                327

$                441

$                327

Commitments to originate loans for sale

191

258

222

224

329

Commitments to sell loans

407

467

544

645

576

Capitalized mortgage loan servicing assets

572

540

542

287

305

Loans serviced for others

34,909

35,253

35,586

35,873

36,421

Loans sub-serviced for others

179,605

183,599

123,968

156,938

161,785

Total loans serviced for others

$         214,514

$         218,852

$         159,554

$         192,811

$         198,206

Three Months Ended

Change

Nine Months Ended

Change

September 30,

June 30,

September 30,

September 30,

(Dollars in millions)

2026

2026

Amount

%

2026

2025

Amount

%

Commercial mortgage banking revenues

Gains on loans originated for sale

$                13

$                13

$         —

— %

$                44

$                50

$          (6)

-12 %

Loan servicing fees and other

20

18

2

9

58

58

—

—

Total commercial mortgage banking revenues

$                33

$                31

$           2

5 %

$              102

$              108

$          (6)

-6 %

Loans originated for sale to other investors

$              737

$              746

$         (9)

-1 %

$            2,618

$            3,138

$      (520)

-17 %

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in millions)

2026

2026

2026

2025

2025

Balances at period end

Loans held for sale 

$                263

$                259

$                359

$                484

$                278

Commitments to originate loans for sale

559

485

529

773

1,074

Commitments to sell loans

826

740

903

1,253

1,292

Capitalized mortgage loan servicing assets

132

136

138

132

123

Loans serviced for others

31,204

31,368

30,934

30,309

28,957

Loans sub-serviced for others

4,013

4,072

4,194

4,231

4,297

Total loans serviced for others

$           35,217

$           35,440

$           35,128

$           34,540

$           33,254

Supplemental Information - Other Revenues from Operations

Three Months Ended

Nine Months Ended

September 30,

June 30,

Change

September 30,

September 30,

Change

(Dollars in millions)

2026

2026

Amount

%

2026

2025

Amount

%

Bank owned life insurance revenue

$                 17

$               20

$        (3)

-12 %

$                  55

$                 56

$        (1)

-2 %

Equipment operating lease income

12

11

1

4

34

37

(3)

-9

BLG income

31

47

(16)

-34

111

20

91

455

Earnout payment related to 2023 sale of

   CIT business

—

—

—

—

—

28

(28)

-100

Gains on sales of out-of-footprint loan

   portfolio

—

—

—

—

—

15

(15)

-100

Gain on sale of institutional services

   subsidiary

—

—

—

—

—

10

(10)

-100

Other

25

17

8

47

57

56

1

2

Total other revenues from operations

$                 85

$               95

$      (10)

-12 %

$                257

$               222

$        35

16 %

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in millions)

2026

2026

2026

2025

2025

Bank owned life insurance revenue

$                  17

$                  20

$                    18

$                    19

$                  21

Equipment operating lease income

12

11

11

11

12

BLG income

31

47

33

—

20

Earnout payment related to 2023 sale of CIT business

—

—

—

—

28

Other

25

17

15

20

31

Total other revenues from operations

$                  85

$                  95

$                    77

$                    50

$                112

Supplemental Information - Interest Rate Swap Agreements Designated as Hedges at September 30, 2026

(Dollars in billions)

September 30,
2026

December 31,
2026

March 31,
2027

June 30,
2027

September 30,
2027

December 31,
2027

March 31,
2028

Fair value hedges:

Active

$             6.1

$             6.1

$           6.1

$           6.1

$             5.1

$             6.4

$              5.9

Forward-starting

1.3

1.3

1.3

1.3

1.3

—

—

Cash flow hedges:

Active

16.7

17.5

17.0

17.7

15.2

13.9

12.7

Forward-starting

8.8

8.0

5.8

1.8

1.8

1.5

—

Fair value hedges -

   weighted-average fixed rate:

Active

3.56 %

3.56 %

3.56 %

3.56 %

3.66 %

3.85 %

3.85 %

Forward-starting

4.62

4.62

4.62

4.62

4.62

—

—

Cash flow hedges -

   weighted-average fixed rate:

Active

3.70

3.69

3.67

3.78

3.78

3.76

3.87

Forward-starting

3.97

4.01

4.23

4.56

4.56

4.55

—

Reconciliation of Quarterly GAAP to Non-GAAP Measures

Three Months Ended

Nine Months Ended

September 30,

September 30,

2026

2025

2026

2025

(Dollars in millions, except per share)

Income statement data

Net income

Net income

$       775

$       792

$    2,257

$    2,092

Amortization of core deposit and other intangible assets (1)

5

6

17

24

Net operating income

$       780

$       798

$    2,274

$    2,116

Earnings per common share

Diluted earnings per common share

$      5.04

$      4.82

$    14.48

$    12.34

Amortization of core deposit and other intangible assets (1)

.04

.05

.12

.15

Diluted net operating earnings per common share

$      5.08

$      4.87

$    14.60

$    12.49

Other expense

Other expense

$    1,393

$    1,363

$    4,180

$    4,114

Amortization of core deposit and other intangible assets

(7)

(10)

(23)

(32)

Noninterest operating expense

$    1,386

$    1,353

$    4,157

$    4,082

Efficiency ratio

Noninterest operating expense (numerator)

$    1,386

$    1,353

$    4,157

$    4,082

Taxable-equivalent net interest income

$    1,805

$    1,773

$    5,372

$    5,202

Other income

743

752

2,172

2,046

Less: Gain (loss) on bank investment securities

(1)

1

5

1

Denominator

$    2,549

$    2,524

$    7,539

$    7,247

Efficiency ratio

54.4 %

53.6 %

55.1 %

56.3 %

Balance sheet data

Average assets

Average assets

$ 218,860

$ 211,053

$ 216,424

$ 209,889

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(45)

(79)

(52)

(86)

Deferred taxes

17

24

18

25

Average tangible assets

$ 210,367

$ 202,533

$ 207,925

$ 201,363

Average common equity

Average total equity

$  28,331

$  28,583

$  28,305

$  28,748

Preferred stock

(2,890)

(2,394)

(2,635)

(2,394)

Average common equity

25,441

26,189

25,670

26,354

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(45)

(79)

(52)

(86)

Deferred taxes

17

24

18

25

Average tangible common equity

$  16,948

$  17,669

$  17,171

$  17,828

At end of quarter

Total assets

Total assets

$ 220,510

$ 211,277

Goodwill

(8,465)

(8,465)

Core deposit and other intangible assets

(41)

(74)

Deferred taxes

16

23

Total tangible assets

$ 212,020

$ 202,761

Total common equity

Total equity

$  28,159

$  28,728

Preferred stock

(3,017)

(2,394)

Common equity

25,142

26,334

Goodwill

(8,465)

(8,465)

Core deposit and other intangible assets

(41)

(74)

Deferred taxes

16

23

Total tangible common equity

$  16,652

$  17,818

____________________

(1)

After any related tax effect.

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2026

2026

2026

2025

2025

(Dollars in millions, except per share)

Income statement data

Net income

Net income

$             775

$             818

$             664

$             759

$             792

Amortization of core deposit and other intangible assets (1)

5

5

7

8

6

Net operating income

$             780

$             823

$             671

$             767

$             798

Earnings per common share

Diluted earnings per common share

$             5.04

$             5.32

$             4.13

$             4.67

$             4.82

Amortization of core deposit and other intangible assets (1)

.04

.03

.05

.05

.05

Diluted net operating earnings per common share

$             5.08

$             5.35

$             4.18

$             4.72

$             4.87

Other expense

Other expense

$           1,393

$           1,349

$           1,438

$           1,379

$           1,363

Amortization of core deposit and other intangible assets

(7)

(7)

(9)

(10)

(10)

Noninterest operating expense

$           1,386

$           1,342

$           1,429

$           1,369

$           1,353

Efficiency ratio

Noninterest operating expense (numerator)

$           1,386

$           1,342

$           1,429

$           1,369

$           1,353

Taxable-equivalent net interest income

$           1,805

$           1,804

$           1,763

$           1,790

$           1,773

Other income

743

740

689

696

752

Less: Gain (loss) on bank investment securities

(1)

2

4

1

1

Denominator

$           2,549

$           2,542

$           2,448

$           2,485

$           2,524

Efficiency ratio

54.4 %

52.8 %

58.3 %

55.1 %

53.6 %

Balance sheet data

Average assets

Average assets

$        218,860

$        216,532

$        213,828

$        212,891

$        211,053

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(45)

(51)

(59)

(69)

(79)

Deferred taxes

17

17

19

22

24

Average tangible assets

$        210,367

$        208,033

$        205,323

$        204,379

$        202,533

Average common equity

Average total equity

$         28,331

$         27,939

$         28,648

$         28,970

$         28,583

Preferred stock

(2,890)

(2,434)

(2,576)

(2,691)

(2,394)

Average common equity

25,441

25,505

26,072

26,279

26,189

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(45)

(51)

(59)

(69)

(79)

Deferred taxes

17

17

19

22

24

Average tangible common equity

$         16,948

$         17,006

$         17,567

$         17,767

$         17,669

At end of quarter

Total assets

Total assets

$        220,510

$        219,261

$        214,736

$        213,510

$        211,277

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(41)

(48)

(55)

(64)

(74)

Deferred taxes

16

17

18

20

23

Total tangible assets

$        212,020

$        210,765

$        206,234

$        205,001

$        202,761

Total common equity

Total equity

$         28,159

$         27,946

$         27,972

$         29,177

$         28,728

Preferred stock

(3,017)

(2,434)

(2,434)

(2,834)

(2,394)

Common equity

25,142

25,512

25,538

26,343

26,334

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(41)

(48)

(55)

(64)

(74)

Deferred taxes

16

17

18

20

23

Total tangible common equity

$         16,652

$         17,016

$         17,036

$         17,834

$         17,818

____________________

(1)

After any related tax effect.

SOURCE M&T Bank Corporation