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JACKSONVILLE, Fla.--(BUSINESS WIRE)--Redwire Corporation (NYSE: RDW), a global leader in space and defense technology solutions, today announced it will deliver Redwire’s Stalker Uncrewed Aircraft Systems (UAS) in support of the National Guard Bureau’s evolving mission requirements and UAS modernization priorities. The value of the purchase orders was approximately $13.8 million.

“The Stalker UAS offers advanced multi-mission capabilities and operational durability in extreme environments. We are incredibly proud to partner with the National Guard Bureau," said Joshua Stinson, Co-President and CGO at Redwire Defense Tech.

Share The long range, Group 2 Stalker UAS will provide National Guard instructors with a highly reliable, modular platform to train incoming soldiers on complex flight operations, field maintenance, and multi-mission payload deployment. Stalker serves as an ideal bridge for this advanced training environment due to its ease of use and sophisticated yet highly learnable architecture.

"As the threat environment evolves so do mission requirements, and the National Guard requires versatile operators who are trained on combat proven aircraft that are ready to field," said Joshua Stinson, Co-President and Chief Growth Officer at Redwire Defense Tech. “The Stalker UAS offers advanced multi-mission capabilities and operational durability in extreme environments. We are incredibly proud to partner with the National Guard Bureau to equip guardsmen with the hands-on experience they need to ensure domestic readiness and overseas mission success."

National guardsmen will utilize Stalker to master critical competencies required by the U.S. Army’s newest Military Occupational Specialty (MOS): the 15X Tactical UAS Specialist. The 15X MOS represents a major paradigm shift in military aviation, combining the traditional roles of UAS operator and maintainer into a single, highly adaptable operator. Guardsmen trained under this curriculum are expected to embed within maneuver formations to operate, maintain, and rapidly troubleshoot Group 1 through Group 3 systems at the tactical edge.

By deploying the combat proven Stalker across key regional training sites, including Camp Shelby, Mississippi and Fort Indiantown Gap, Pennsylvania, the National Guard Bureau is pursuing standardized, high-tier instruction that replicates the multi-domain challenges guardsmen will face when integrated into brigade and lower-level maneuver units.

Redwire specializes in delivering innovative and combat proven uncrewed aircraft, advanced optics, and resilient energy solutions that are used by allied government and civilian operations worldwide. With nearly three decades of technology heritage and manufacturing expertise, Redwire’s experienced team delivers proven solutions based on real-world mission needs.

About Redwire
Redwire Corporation (NYSE: RDW) is an integrated space and defense tech company focused on advanced technologies. We are building the future of aerospace infrastructure, autonomous systems, and multi-domain operations leveraging digital engineering and AI automation. Redwire’s approximately 1,400 employees located throughout North America and Europe are committed to delivering innovative space and airborne platforms transforming the future of multi-domain operations. For more information, please visit RDW.com.

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Sax Wealth Advisors LLC acquired a new position in shares of Sandisk Corporation (NASDAQ:SNDK – Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 684 shares of the data storage provider’s stock, valued at approximately $1,190,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Handelsbanken Fonder AB boosted its stake in shares of Sandisk by 35.1% in the second quarter. Handelsbanken Fonder AB now owns 57,564 shares of the data storage provider’s stock worth $130,885,000 after acquiring an additional 14,964 shares during the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Sandisk during the second quarter worth approximately $4,775,000. Florida Financial Advisors LLC purchased a new stake in shares of Sandisk during the first quarter worth approximately $2,747,000. UNICOM Systems Inc. increased its position in shares of Sandisk by 14.9% during the second quarter. UNICOM Systems Inc. now owns 58,500 shares of the data storage provider’s stock worth $133,013,000 after purchasing an additional 7,600 shares in the last quarter. Finally, Affinity Capital Advisors LLC acquired a new position in Sandisk in the 2nd quarter valued at $2,506,000.

Insider Transactions at Sandisk In related news, CEO David Goeckeler sold 33,841 shares of Sandisk stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $1,574.21, for a total value of $53,272,840.61. Following the completion of the transaction, the chief executive officer owned 382,865 shares in the company, valued at approximately $602,709,911.65. The trade was a 8.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Luis Visoso sold 1,000 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $1,568.83, for a total value of $1,568,830.00. Following the sale, the chief financial officer directly owned 130,976 shares in the company, valued at $205,479,078.08. This represents a 0.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 77,899 shares of company stock valued at $121,159,122. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades Several equities analysts have recently weighed in on SNDK shares. Rosenblatt Securities started coverage on shares of Sandisk in a research note on Tuesday, September 22nd. They issued a “buy” rating and a $2,400.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Sandisk from $1,400.00 to $1,550.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Jefferies Financial Group reissued a “buy” rating and issued a $1,400.00 price objective (up from $1,000.00) on shares of Sandisk in a report on Thursday, August 6th. JPMorgan Chase & Co. started coverage on shares of Sandisk in a research report on Friday, August 14th. They set an “overweight” rating and a $2,250.00 price objective for the company. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $3,000.00 price objective (up from $1,700.00) on shares of Sandisk in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Sandisk presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,120.65. Check Out Our Latest Stock Analysis on SNDK

Sandisk Trading Down 5.3% NASDAQ SNDK opened at $1,403.34 on Thursday. The stock has a fifty day simple moving average of $1,599.14 and a 200-day simple moving average of $1,492.85. The stock has a market cap of $202.82 billion, a PE ratio of 19.25, a P/E/G ratio of 0.15 and a beta of 5.23. Sandisk Corporation has a twelve month low of $130.50 and a twelve month high of $2,354.39.

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

Sandisk declared that its board has approved a stock buyback program on Wednesday, August 5th that authorizes the company to repurchase $14.00 billion in shares. This buyback authorization authorizes the data storage provider to repurchase up to 6.6% of its stock through open market purchases. Share buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Key Headlines Impacting Sandisk Here are the key news stories impacting Sandisk this week:

Positive Sentiment: SanDisk entered a partnership with Meta Platforms to provide data-storage options for Meta’s VR glasses, supporting the company’s exposure to artificial intelligence, augmented reality and other long-term data-demand trends. SanDisk Stock Drops Despite Data Storage Partnership With Meta Positive Sentiment: Analyst Nicholas Mugalli reiterated a highly bullish long-term view, projecting a $3,000 price target and arguing that future earnings could make the valuation appear inexpensive. Other analysts also describe SNDK as an attractive buy-the-dip opportunity because of sustained AI-related memory demand. SanDisk Has More Upside Positive Sentiment: S&P Global upgraded SanDisk’s credit rating to BBB from BB+, citing stronger cash flows and rising AI-driven memory demand. A bullish investment case also points to robust NAND pricing, long-term contracts and financial guarantees. SanDisk Credit Rating Upgrade Neutral Sentiment: Strong third-quarter results from semiconductor-equipment maker ASML and continued expectations for AI infrastructure growth provide support for memory demand, but have not been enough to overcome current sector selling. Why Memory Stocks Are Falling Despite ASML Results Negative Sentiment: Chinese memory maker CXMT’s advances and plans to target high-end server memory are raising fears that new competition could pressure SanDisk’s pricing, market share and expected memory-cycle profits. Why Memory Stocks Are Falling Negative Sentiment: Hotter-than-expected U.S. inflation has increased macroeconomic and interest-rate uncertainty, while concerns about AI funding and stretched semiconductor valuations are adding to the sector-wide selloff. Market Open News About Sandisk (Free Report)

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

Featured Stories Five stocks we like better than Sandisk Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding SNDK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sandisk Corporation (NASDAQ:SNDK – Free Report).

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Optimizes service parts across complex global supply network
Transforms planning productivity through exception-based management
AI-powered intelligence built on deep service supply chain expertise and proven optimization science
, /PRNewswire/ -- PTC (NASDAQ: PTC) today announced that the United States Air Force (USAF) has extended its use of PTC's Servigistics® service supply chain optimization solution as part of its Enterprise Supply Chain Analysis, Planning, and Execution (ESCAPE) program. The renewal extends a nearly decade-long relationship focused on modernizing the Air Force service supply chain and improving aircraft and system readiness.

Copyright Image: (U.S. Air Force photo/Ken Wright).

The U.S. Air Force first selected Servigistics in 2017 to transform service parts planning across its global supply chain. Its use of the solution has since expanded to support more sophisticated planning and optimization requirements, consolidate legacy systems, and modernize its supply chain planning environment. Today, Servigistics helps the Air Force align inventory and supply decisions with aircraft and system availability objectives by combining advanced forecasting, multi-echelon optimization, supply planning, machine learning, and AI to ensure critical parts are available where and when they are needed.

"Readiness depends on our ability to anticipate requirements and make effective supply chain decisions in an increasingly complex operational environment," said Abigail Strobell, Deputy Chief, U.S. Air Force. "Our continued use of Servigistics enables us to build on the progress we have made in modernizing service parts planning and strengthen the supply chain capabilities that support aircraft availability."

The renewal marks the next phase of this journey, creating opportunities to leverage continued innovation in AI and exception-based management so planners can identify emerging issues, evaluate alternatives, automate routine workflows, and focus expert attention on decisions that require intervention.

With Servigistics and the rest of its portfolio, PTC is delivering on its vision for the Intelligent Product Lifecycle: enabling manufacturers to build a modern product data foundation, extend that data across the enterprise, and unlock AI‑powered transformation. Broader use of product data enables companies to bring higher‑quality products to market faster, manage complexity at scale, and support new digital business models.

About PTC   
PTC (NASDAQ: PTC) is a global software company that enables manufacturers and product companies to digitally transform how they design, manufacture, and service the physical products that the world relies on. Headquartered in Boston, Massachusetts, PTC employs over 7,000 people and supports more than 30,000 customers globally. For more information, please visit www.ptc.com.  

Media Contact
Libby Fink: [email protected]

Investor Contact
Michael Maguire: [email protected]

PTC, Servigistics and the PTC logo are trademarks or registered trademarks of PTC Inc. and its subsidiaries in the United States and other countries.  

SOURCE PTC Inc.

Apple Inc. (NASDAQ:AAPL) is trending Thursday after a Bloomberg report that the company plans to release Apple Intelligence in mainland China in December as part of the iOS 27.3 update.

Apple shares are testing new highs. Why is AAPL stock breaking out? Apple Plans a Limited Apple Intelligence Launch in China in DecemberAccording to Investing.com, Bloomberg reported Wednesday, citing people familiar with the matter, that the launch will include AI features that first became available in the U.S. two years ago on the iPhone, iPad and Mac. The new Siri AI assistant and other features Apple announced this year won’t be part of the December release. Apple received preliminary approval in July to introduce Apple Intelligence in China and recently held more discussions with the country’s Ministry of Industry and Information Technology about clearance for a consumer debut.

The rollout follows years of preparation and several delays. Apple initially expected a release in May 2025, then pushed it to the end of 2025 and again to spring 2026 while waiting for Chinese government approval. Apple hasn’t confirmed a launch date.

Alibaba and Baidu Reportedly Power the China Version, With a Government FilterChina restricts foreign AI technology, so Apple has partnered with local companies. Alibaba confirmed in July that its Qwen model will power Apple Intelligence features for Chinese users, and Baidu is reportedly handling search and some Siri features. Bloomberg reported that Apple and Alibaba built safeguards that include a process for the government to approve ongoing model updates.

Updated network access permits from the Ministry of Industry and Information Technology, completed September 29, list Apple Intelligence alongside Alibaba’s Qwen and Tongyi Wanxiang models for the iPhone Duo, iPhone 18 Pro and earlier iPhones, according to the South China Morning Post.

Why China Matters to AppleGreater China revenue rose 22.4% from a year earlier to $18.8 billion in Apple’s fiscal third quarter, which ended in June, according to Tech Times. Apple Intelligence has been missing from the market since the features debuted globally, and AppleInsider noted it remains to be seen whether the launch will help iPhone sales in China when local competitors ship more capable AI models on their phones.

Read Next

Apple Shares Trade FlatAAPL Price Action: At the time of publication, Apple shares are trading 0.76% higher at $345.58, according to data from Benzinga Pro.

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Uber sits 30% below its 52-week high while robotaxi fears and weak guidance batter the stock, but one Wall Street analyst just planted a flag that stands far above where even the bulls are willing to go.

Uber Technologies (NYSE:UBER | UBER Price Prediction) is trading at $69.31. The average price target among analysts is $100.86, which implies 45.5% upside.

Uber runs a global platform for rides, delivery and freight. It has 208 million monthly active platform consumers and recorded $58.02 billion in quarterly gross bookings. The question hanging over the stock all year is whether robotaxis make Uber the essential aggregator or cut it out of the trip.

One analyst has an unusually clear answer. Evercore ISI’s Mark Mahaney holds a Street-high $150.00 target, which implies 116.4% upside. He expects the stock to more than double. Price targets usually look about 12 months out, so that is a bold call.

Weak Guidance and Robotaxi Fears Left Uber 30% Below Its High
The biggest hit came from guidance. Uber forecast third-quarter adjusted EPS of 84 cents to 88 cents, below the 89 cents analysts expected, and shares fell 4.8%. The second quarter also missed. EPS came in at $0.81 versus $0.833 expected, and revenue was $14.19B versus $14.26B.

On the same call, Uber laid out plans to spend more than $10 billion on robotaxis. This came amid reports that Waymo was considering ending the two companies’ partnership. Investors were already examining capital allocation after the $14.80-billion Delivery Hero deal.

The stock is now 30.9% below its 52-week high of $100.35. That is a severe decline for a megacap. Self-driving headlines keep adding pressure. Uber fell 2.82% in the latest session as investors digested more self-driving news tied to Tesla (NASDAQ:TSLA). The S&P 500 slipped only 1.07% that day.

Evercore’s $150 Case Rests on Uber Becoming the Robotaxi Middleman
Mahaney’s first point is that Uber becomes the network orchestrator for autonomous fleets. Management is pushing the same story. Uber is live in seven AV cities and targets 15 cities by year end. It says partner vehicles reach “mid to high 20s, low 30s” trips per vehicle per day. The CEO, Dara Khosrowshahi, put the goal simply: “Our ambition is straightforward, to become the world’s leading commercialization platform for autonomous vehicles.”

The second point is delivery and cash generation. Delivery revenue grew 28%, and segment operating income rose 38% to $1.05B. Trailing free cash flow exceeded $10 billion for the first time. Management also said bigger buybacks will return in “months, not quarters.”

Most of the Street agrees. Of 51 analysts, 9 rate it Strong Buy, 33 Buy, 8 Hold and 1 Sell. Over the last 30 days, analysts revised 2027 EPS estimates up 7 times and down 2 times. Even so, the consensus dipped to $4.5379 from $4.6559 a month earlier. The CEO is adding shares: he bought 141,000 shares on the open market at $70.9642.

A skeptic would point out that the $150 target only works if the market starts treating AV spending as an asset. Management itself warned of a future “P&L impact.”

Lyft and DoorDash Fell Too, but Uber Shows the Widest Gap
The selloff spread across the group. Lyft (NASDAQ:LYFT) is down 14.92% year to date at $16.48. Its average target of $19.47 implies just 18.1% upside, and 31 of 45 analysts rate it Hold.

DoorDash (NASDAQ:DASH) is down 18.75% year to date and 9.6% over the past month. Trading at $184.01, it is well below its $257.37 target, which implies 39.9% upside. It carries 9 Strong Buy, 27 Buy and 10 Hold ratings.

Uber has the largest consensus upside in the group. DoorDash comes close, but it trades at a forward P/E of 38, compared with Uber’s 16.

Uber Has Lagged the S&P 500 by a Wide Margin This Year
At $69.31, Uber has 45.5% upside to the $100.86 consensus target set by 51 analysts. Shares are down 15.18% year to date and 26.46% over the past year. The S&P 500 has gained 12.86% year to date.

The valuation now looks low. Uber trades at about 16 times forward earnings with a free cash flow yield near 6.9%.

Robotaxi Execution Will Decide Whether Uber’s Discount Closes
The bull case improves if Uber reaches 15 AV cities on schedule, keeps Waymo alongside newer partners and resumes big buybacks. If that happens, a re-rating toward $100 looks reasonable. Risks grow if AV spending cuts into margins, Waymo walks away, or competition like Brazil’s “enormous amount of competition” starts dragging on bookings. In that case, today’s low multiple would turn out to be a value trap.

The balance of evidence leans bullish. A CEO buying stock on the open market and a mid-teens multiple on a business with $10 billion of free cash flow make a strong case. Mahaney’s $150 is the best-case outcome. The consensus target of roughly $100 is the more realistic goal.

Contact [email protected] for any questions or corrections.

Amazon’s personal AI wearable maker, Bee, is announcing its first new products since being acquired by the retail giant last year. The tech company on Thursday introduced the Bee Frontier, the next generation of its device that can be worn on the wrist or pinned to clothes, along with Bee Eclipse, a credit-card-sized device that magnetically attaches to the back of your smartphone.

The latter puts Bee into more direct competition with AI devices like the Plaud Note or Pocket, but at a lower price point — the Bee Frontier is $74.99, compared with $159 for the Plaud Note (or $189 for the Note Pro), or $129 for the Pocket AI device.

The Bee Frontier will come in Onyx, Lavender, and Sage, while the $99.99 Bee Eclipse will be offered in Silver, Midnight, Honey, and Blush.

Like the original Bee, the idea with the new devices is to leverage AI to take notes from your everyday conversations, allowing you to remember the important things that were said, and then turn those into actionable to-dos, summaries, and insights.

For instance, if you discussed making plans with friends, the Bee would remember the date and time you agreed on, then create a calendar invite. You could also use the Bee to take lecture notes in class, or to jot down the care plan you discussed with a doctor, among other things.

All Bee devices can create conversation summaries and recaps for free, and offer 14 days of memory. With an $11.99 per month Bee Pro subscription, users receive unlimited conversation summaries and integrations with Amazon.com, Alexa+, and third-party applications. Pro users also get suggested to-dos, daily memories, a personal chat assistant, and conversation templates.

To make all this possible, Bee devices use a private computing security architecture, which doesn’t store the raw audio from your conversations. Instead, audio is processed in real time and then deleted. Transcripts of the conversation are encrypted using keys that your device creates and controls, which means no one else, including Amazon employees, can access those files unless you manually and intentionally share them.

In addition, you can opt to connect the Bee to Alexa, allowing your Echo device to use its ability to identify your voice, a feature called Voice ID, to recognize when you’re speaking. It can then record your conversations to provide Bee’s insights. (This aspect of Bee is optional, and Amazon notes you can delete transcripts and summaries at any time.)

With its new connections to Amazon.com and Alexa, Bee users can make purchases from Amazon or ask Alexa for their Bee insights, summaries, or to-dos hands-free.

Bee also works with your existing productivity software, like Gmail, Google Calendar, and Microsoft Outlook, so it can draft emails, set up meetings, surface action items, and more.

Plus, you can upload photos to Bee or connect it with Apple’s HealthKit to add a picture of your overall wellness to be integrated into your provided insights.

The Bee Frontier and Bee Eclipse both have just one button that turns the device off and on, and include an indicator light when it’s summarizing a conversation. The Frontier also offers IP67 water resistance, up to seven days of battery life, USB-C charging, and dual microphones with advanced noise filtering.

All Bee devices come with a companion mobile app, which has also been newly redesigned, plus a new desktop app.

The Bee Frontier is available now on Amazon, and the Eclipse will be available soon thereafter.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.

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Landscape Capital Management L.L.C. acquired a new position in Microsoft Corporation (NASDAQ:MSFT – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,822 shares of the software giant’s stock, valued at approximately $1,053,000.

A number of other large investors have also recently made changes to their positions in MSFT. Auto Owners Insurance Co increased its stake in Microsoft by 56,160.8% during the fourth quarter. Auto Owners Insurance Co now owns 60,116,384 shares of the software giant’s stock worth $29,073,486,000 after acquiring an additional 60,009,531 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Microsoft by 234.5% in the 4th quarter. Corient Private Wealth LLC now owns 17,822,280 shares of the software giant’s stock valued at $8,619,211,000 after purchasing an additional 12,493,786 shares during the last quarter. Amundi lifted its stake in shares of Microsoft by 30.8% in the 1st quarter. Amundi now owns 41,675,076 shares of the software giant’s stock valued at $15,426,862,000 after purchasing an additional 9,814,598 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Microsoft by 64.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 24,264,779 shares of the software giant’s stock valued at $8,982,083,000 after purchasing an additional 9,493,778 shares during the last quarter. Finally, Diamant Asset Management Inc. boosted its holdings in shares of Microsoft by 38,442.1% in the 1st quarter. Diamant Asset Management Inc. now owns 6,810,388 shares of the software giant’s stock worth $2,521,001,000 after purchasing an additional 6,792,718 shares during the period. 71.13% of the stock is currently owned by institutional investors.

Microsoft Price Performance Microsoft stock opened at $533.69 on Thursday. The firm has a market capitalization of $3.96 trillion, a price-to-earnings ratio of 29.72, a PEG ratio of 1.74 and a beta of 1.10. The company has a quick ratio of 1.22, a current ratio of 1.23 and a debt-to-equity ratio of 0.07. The company has a fifty day simple moving average of $504.15 and a 200-day simple moving average of $438.68. Microsoft Corporation has a 52-week low of $349.20 and a 52-week high of $553.72.

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

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

Positive Sentiment: Microsoft unveiled its Maia 300 custom AI accelerator, designed for multi-gigawatt deployment across Azure data centers. Management says it can deliver 40% more tokens per megawatt than a GPU-based system, potentially lowering inference costs and reducing reliance on Nvidia and AMD hardware. What Could Microsoft Gain From Its Maia 300 AI Chip Rollout? Positive Sentiment: Investor optimism remains focused on Azure growth, Microsoft’s AI backlog, and more than $130 billion in reported data-center leases. The scale of commitments supports long-term demand for Azure and Copilot, although it also raises capital-spending risks. Microsoft Reports $130 Billion in Data Center Leases Positive Sentiment: Barclays raised its Microsoft price target to $600 from $512 and expects the upcoming fiscal first-quarter report to show improving differentiation in software. Earnings are scheduled for October 28. Microsoft Price Target Raised by Barclays Neutral Sentiment: Microsoft’s Azure chief reportedly seeks at least 20% cost cuts in an effort to offset soaring AI data-center expenses. The move could improve efficiency and margins, but it also highlights pressure from the company’s aggressive investment cycle. Microsoft Weighs 20% Cost Cuts in Azure Neutral Sentiment: Microsoft is introducing new AI-enabled Surface devices and an Xbox Nano Controller, supporting its broader push to put generative AI into consumer hardware. These products are strategically relevant but are unlikely to materially affect near-term results. Negative Sentiment: Hot inflation data pushed bond yields higher and triggered a broad selloff in AI-related shares, increasing concern that expensive AI infrastructure projects may face higher financing costs and tougher valuation scrutiny. Negative Sentiment: Phillip Securities downgraded Microsoft to “hold,” while Erste Group made a minor reduction to its FY2028 earnings forecast. These actions add to near-term caution following the stock’s strong run. Negative Sentiment: EVP Amy Hood sold 7,305 shares worth approximately $4.0 million under a pre-arranged Rule 10b5-1 plan. Because the sale was scheduled in advance and represents only 1.3% of her holdings, it is a limited bearish signal. Negative Sentiment: Reports that Microsoft issued security updates addressing more than 1,400 vulnerabilities could renew concerns about cybersecurity exposure, though patching the flaws is ultimately protective. Wall Street Analyst Weigh In Several research firms have recently weighed in on MSFT. Bank of America boosted their target price on Microsoft from $500.00 to $600.00 and gave the company a “buy” rating in a research report on Tuesday, September 1st. KeyCorp restated an “overweight” rating on shares of Microsoft in a report on Thursday, September 3rd. Scotiabank raised their price target on Microsoft from $510.00 to $615.00 and gave the stock an “outperform” rating in a research report on Monday, October 5th. Mizuho dropped their price objective on shares of Microsoft from $515.00 to $490.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. Finally, Phillip Securities lowered shares of Microsoft from a “moderate buy” rating to a “hold” rating in a research note on Monday. Forty-one analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $581.24.

View Our Latest Analysis on MSFT

Insiders Place Their Bets In other Microsoft news, EVP Takeshi Numoto sold 4,810 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $496.48, for a total value of $2,388,068.80. Following the transaction, the executive vice president directly owned 42,677 shares in the company, valued at $21,188,276.96. This represents a 10.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judson Althoff sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $487.89, for a total transaction of $4,878,900.00. Following the sale, the chief executive officer directly owned 100,447 shares in the company, valued at approximately $49,007,086.83. The trade was a 9.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 150,314 shares of company stock worth $75,404,992 in the last three months. 0.03% of the stock is owned by company insiders.

Microsoft Company Profile (Free Report)

Microsoft Corporation is a global technology company that develops software, cloud services, devices, gaming products and business solutions. Founded in 1975 by Bill Gates and Paul Allen, the company is best known for the Windows operating system and Microsoft Office productivity software. Microsoft is headquartered in Redmond, Washington, and serves consumers, businesses, governments and educational institutions worldwide.

Microsoft’s productivity and business offerings include Microsoft 365 applications such as Word, Excel, PowerPoint and Outlook, along with collaboration tools including Teams.

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Avanda Investment Management Pte. Ltd. acquired a new position in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,360 shares of the software giant’s stock, valued at approximately $4,611,000. Microsoft comprises 1.5% of Avanda Investment Management Pte. Ltd.’s investment portfolio, making the stock its 4th largest holding.

Several other institutional investors also recently modified their holdings of the company. Landscape Capital Management L.L.C. acquired a new position in shares of Microsoft during the second quarter worth $1,053,000. Concord Investment Counsel Inc. bought a new position in Microsoft during the 2nd quarter worth $10,742,000. Korea Investment CORP bought a new position in Microsoft during the 2nd quarter worth $1,873,752,000. EP Wealth Advisors LLC acquired a new position in Microsoft during the 2nd quarter worth about $350,329,000. Finally, Heartland Bank & Trust Co acquired a new position in Microsoft during the 2nd quarter worth about $10,934,000. 71.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets In other news, CEO Judson Althoff sold 10,000 shares of Microsoft stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $487.89, for a total value of $4,878,900.00. Following the completion of the sale, the chief executive officer owned 100,447 shares in the company, valued at $49,007,086.83. The trade was a 9.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Satya Nadella sold 86,525 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $501.46, for a total transaction of $43,388,826.50. Following the transaction, the chief executive officer owned 486,763 shares in the company, valued at $244,092,173.98. The trade was a 15.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 150,314 shares of company stock valued at $75,404,992 over the last 90 days. 0.03% of the stock is currently owned by corporate insiders.

Microsoft Stock Performance Shares of Microsoft stock opened at $533.69 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $504.15 and a two-hundred day moving average price of $438.68. Microsoft Corporation has a 1-year low of $349.20 and a 1-year high of $553.72. The company has a market cap of $3.96 trillion, a P/E ratio of 31.45, a PEG ratio of 1.74 and a beta of 1.10. Microsoft (NASDAQ:MSFT – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The software giant reported $4.74 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.50. Microsoft had a return on equity of 31.98% and a net margin of 40.31%. The firm had revenue of $90.01 billion during the quarter, compared to analyst estimates of $87.62 billion. During the same period last year, the company posted $3.65 EPS. The business’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, analysts anticipate that Microsoft Corporation will post 19.65 EPS for the current year.

Microsoft Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Thursday, November 19th will be issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, November 19th. This is a positive change from Microsoft’s previous quarterly dividend of $0.91. Microsoft’s dividend payout ratio (DPR) is currently 20.27%.

Analyst Ratings Changes MSFT has been the topic of a number of analyst reports. Argus reduced their price target on Microsoft from $620.00 to $510.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Jefferies Financial Group restated a “buy” rating and set a $650.00 price objective on shares of Microsoft in a research report on Wednesday. Rothschild & Co Redburn set a $440.00 price objective on Microsoft in a research note on Monday, September 21st. BNP Paribas Exane cut Microsoft from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. Finally, Guggenheim reissued a “buy” rating and set a $586.00 target price on shares of Microsoft in a research report on Monday, July 27th. Forty-one analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Microsoft has an average rating of “Moderate Buy” and an average price target of $581.24.

Read Our Latest Analysis on Microsoft

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

Positive Sentiment: Microsoft unveiled its Maia 300 custom AI accelerator, designed for multi-gigawatt deployment across Azure data centers. Management says it can deliver 40% more tokens per megawatt than a GPU-based system, potentially lowering inference costs and reducing reliance on Nvidia and AMD hardware. What Could Microsoft Gain From Its Maia 300 AI Chip Rollout? Positive Sentiment: Investor optimism remains focused on Azure growth, Microsoft’s AI backlog, and more than $130 billion in reported data-center leases. The scale of commitments supports long-term demand for Azure and Copilot, although it also raises capital-spending risks. Microsoft Reports $130 Billion in Data Center Leases Positive Sentiment: Barclays raised its Microsoft price target to $600 from $512 and expects the upcoming fiscal first-quarter report to show improving differentiation in software. Earnings are scheduled for October 28. Microsoft Price Target Raised by Barclays Neutral Sentiment: Microsoft’s Azure chief reportedly seeks at least 20% cost cuts in an effort to offset soaring AI data-center expenses. The move could improve efficiency and margins, but it also highlights pressure from the company’s aggressive investment cycle. Microsoft Weighs 20% Cost Cuts in Azure Neutral Sentiment: Microsoft is introducing new AI-enabled Surface devices and an Xbox Nano Controller, supporting its broader push to put generative AI into consumer hardware. These products are strategically relevant but are unlikely to materially affect near-term results. Negative Sentiment: Hot inflation data pushed bond yields higher and triggered a broad selloff in AI-related shares, increasing concern that expensive AI infrastructure projects may face higher financing costs and tougher valuation scrutiny. Negative Sentiment: Phillip Securities downgraded Microsoft to “hold,” while Erste Group made a minor reduction to its FY2028 earnings forecast. These actions add to near-term caution following the stock’s strong run. Negative Sentiment: EVP Amy Hood sold 7,305 shares worth approximately $4.0 million under a pre-arranged Rule 10b5-1 plan. Because the sale was scheduled in advance and represents only 1.3% of her holdings, it is a limited bearish signal. Negative Sentiment: Reports that Microsoft issued security updates addressing more than 1,400 vulnerabilities could renew concerns about cybersecurity exposure, though patching the flaws is ultimately protective. Microsoft Profile (Free Report)

Microsoft Corporation is a global technology company that develops software, cloud services, devices, gaming products and business solutions. Founded in 1975 by Bill Gates and Paul Allen, the company is best known for the Windows operating system and Microsoft Office productivity software. Microsoft is headquartered in Redmond, Washington, and serves consumers, businesses, governments and educational institutions worldwide.

Microsoft’s productivity and business offerings include Microsoft 365 applications such as Word, Excel, PowerPoint and Outlook, along with collaboration tools including Teams.

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SummaryAlibaba Group Holding Limited is down 41% from its 2025 peak as earnings recovery lags and capex expectations rise, but profitability recovery remains plausible.Q1 revenue grew 9% YoY, driven by China Quick Commerce and Cloud (+45% each), while traditional e-commerce declined and AI investments increased cash burn.Alibaba's investment case is shifting from mature e-commerce to high-margin cloud ambitions, targeting 20 GW data center power and 1 trillion RMB cloud revenue by 2032.Despite high capex needs (200–300bn RMB/year), Alibaba's strong balance sheet, low valuation (PEG 0.61), and potential for margin normalization offer significant upside. maybefalse/iStock Unreleased via Getty Images

Investment Summary The stock price of Alibaba Group Holding Limited (BABA) is down 41% from its peak in 2025 as earnings recovery takes longer than expected and the CapEx expectations pile up. However, the company path

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First Citizens Bank & Trust Co. lifted its position in shares of Citigroup Inc. (NYSE:C – Free Report) by 112.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 31,096 shares of the company’s stock after acquiring an additional 16,484 shares during the period. First Citizens Bank & Trust Co.’s holdings in Citigroup were worth $4,026,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Citigroup by 3.7% during the second quarter. State Street Corp now owns 80,956,349 shares of the company’s stock valued at $11,199,986,000 after purchasing an additional 2,913,701 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Citigroup during the 2nd quarter valued at $3,244,602,000. Bank of America Corp DE grew its stake in Citigroup by 2.8% in the first quarter. Bank of America Corp DE now owns 26,869,012 shares of the company’s stock valued at $3,047,215,000 after purchasing an additional 728,043 shares in the last quarter. Invesco Ltd. increased its holdings in Citigroup by 6.2% in the fourth quarter. Invesco Ltd. now owns 15,139,403 shares of the company’s stock worth $1,766,617,000 after buying an additional 887,430 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Citigroup by 10.7% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,467,857 shares of the company’s stock valued at $1,745,001,000 after purchasing an additional 1,210,006 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

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

Positive Sentiment: Citigroup reported third-quarter earnings of $2.85 per share, above the roughly $2.65 analyst consensus, while revenue rose 7.9% year over year to approximately $23.85 billion. Net income increased 40% to $5.2 billion, supported by growth in Services, Wealth and Markets. Citi profit jumps 40% with higher investment banking, services and wealth revenue Positive Sentiment: Management raised its 2026 profitability outlook, citing strong Services growth, AI-driven efficiency gains and disciplined capital deployment. Citi also increased shareholder returns through dividends and share repurchases, with approximately $4.1 billion returned during the quarter. Citigroup Q3 Earnings Call Highlights Higher Return Outlook and AI Gains Positive Sentiment: Loan growth and deposits remained healthy, while Citi’s fixed-income trading results were stronger than expected. These trends support the bank’s turnaround and restructuring efforts. Neutral Sentiment: Royal Bank of Canada lowered its price target from $150 to $135 but maintained an “Outperform” rating, implying potential upside from recent levels. RBC lowers Citigroup price target Negative Sentiment: Investors questioned how durable the beat was because trading and investment-banking gains may cool from unusually strong prior-quarter levels. Management also indicated that fourth-quarter trading revenue could decline sharply, while deal activity has moderated. Citi Stock Falls Despite Earnings Beat Negative Sentiment: Higher credit-loss provisions, rising reserves, a flat U.S. card business and concerns about capital ratios added to investor caution. Several analysts subsequently reduced their price targets or downgraded the stock to Hold. Negative Sentiment: Unusually heavy put-option activity and elevated Treasury yields are reinforcing a cautious view of bank stocks. Regulatory scrutiny of large banks’ “debanking” practices is an additional potential overhang for Citigroup. Citigroup Trading Down 1.6% Shares of Citigroup stock opened at $122.53 on Thursday. Citigroup Inc. has a 52-week low of $95.00 and a 52-week high of $147.96. The firm has a 50-day moving average of $133.16 and a 200-day moving average of $131.71. The stock has a market cap of $208.99 billion, a PE ratio of 11.95, a PEG ratio of 0.55 and a beta of 1.13. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.99 and a current ratio of 1.00. Citigroup (NYSE:C – Get Free Report) last posted its earnings results on Tuesday, October 13th. The company reported $2.85 earnings per share for the quarter, topping analysts’ consensus estimates of $2.66 by $0.19. The firm had revenue of $23.84 billion for the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a net margin of 10.97% and a return on equity of 10.57%. The company’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.86 earnings per share. As a group, sell-side analysts forecast that Citigroup Inc. will post 11.19 EPS for the current year.

Citigroup Increases Dividend The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 3rd were paid a $0.67 dividend. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date was Monday, August 3rd. This represents a $2.68 annualized dividend and a yield of 2.2%. Citigroup’s dividend payout ratio (DPR) is 28.94%.

Analyst Upgrades and Downgrades Several research analysts have commented on C shares. Wells Fargo & Company lifted their price target on Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 18th. Bank of America upped their price objective on Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Argus set a $150.00 price target on shares of Citigroup in a report on Wednesday, July 15th. HSBC began coverage on Citigroup in a report on Monday, September 28th. They set a “buy” rating and a $164.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered their price target on shares of Citigroup from $149.00 to $147.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Citigroup presently has an average rating of “Moderate Buy” and an average price target of $150.79.

View Our Latest Stock Report on C

Citigroup Company Profile (Free Report)

Citigroup Inc is a global financial services company headquartered in New York City and listed on the New York Stock Exchange under the symbol C. Through its subsidiaries and businesses, Citi provides banking, lending, investment, payments, wealth management and other financial services to consumers, businesses, governments and institutional clients.

Citi’s principal businesses include Services, which supports institutional clients with treasury, trade, securities services and related solutions; Markets, which provides sales, trading, research and financing services; Banking, which offers investment banking and corporate banking; and Wealth, which provides private banking and wealth management.

See Also Five stocks we like better than Citigroup Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know

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Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,347,275 shares of the computer hardware maker’s stock after purchasing an additional 9,900 shares during the period. NVIDIA makes up about 8.7% of Livforsakringsbolaget Skandia Omsesidigt’s investment portfolio, making the stock its biggest position. Livforsakringsbolaget Skandia Omsesidigt’s holdings in NVIDIA were worth $269,132,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of NVDA. J. Stern & Co. LLP raised its holdings in NVIDIA by 13,709.1% during the 4th quarter. J. Stern & Co. LLP now owns 125,760,307 shares of the computer hardware maker’s stock worth $23,454,297,000 after purchasing an additional 124,849,603 shares during the last quarter. Jupiter Topco LLC acquired a new position in NVIDIA during the 2nd quarter valued at about $16,156,076,000. Amundi boosted its stake in shares of NVIDIA by 10.4% in the 1st quarter. Amundi now owns 133,768,018 shares of the computer hardware maker’s stock valued at $23,329,141,000 after purchasing an additional 12,575,177 shares during the last quarter. SEB Asset Management AB bought a new position in shares of NVIDIA in the 1st quarter valued at about $1,692,807,000. Finally, Employees Provident Fund Board bought a new position in shares of NVIDIA in the 4th quarter valued at about $1,243,336,000. 65.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes A number of equities analysts have issued reports on the stock. BMO Capital Markets set a $340.00 price objective on shares of NVIDIA and gave the company an “outperform” rating in a research note on Thursday, August 20th. KGI Securities lifted their target price on shares of NVIDIA from $335.00 to $345.00 in a report on Thursday, August 27th. Itau BBA Securities dropped their target price on shares of NVIDIA from $256.00 to $218.00 in a research report on Wednesday, June 24th. Truist Financial increased their price target on NVIDIA from $307.00 to $346.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Finally, TD Cowen reissued a “buy” rating on shares of NVIDIA in a research note on Tuesday, August 18th. Five analysts have rated the stock with a Strong Buy rating, forty-nine have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $321.89.

View Our Latest Report on NVDA Insiders Place Their Bets In other NVIDIA news, Director Mark Stevens sold 622,239 shares of NVIDIA stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $231.62, for a total value of $144,122,997.18. Following the transaction, the director owned 2,336,531 shares in the company, valued at $541,187,310.22. The trade was a 21.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Colette Kress sold 34,918 shares of the company’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $219.05, for a total transaction of $7,648,787.90. Following the transaction, the chief financial officer owned 765,103 shares of the company’s stock, valued at $167,595,812.15. This trade represents a 4.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,766,118 shares of company stock worth $399,450,353 over the last three months. Insiders own 3.94% of the company’s stock.

NVIDIA Stock Down 3.2% Shares of NVDA stock opened at $221.30 on Thursday. NVIDIA Corporation has a 52-week low of $164.27 and a 52-week high of $243.37. The stock has a market cap of $5.33 trillion, a price-to-earnings ratio of 27.98, a PEG ratio of 1.77 and a beta of 2.22. The firm’s 50-day moving average is $223.43 and its 200-day moving average is $210.73. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.85 and a current ratio of 4.59.

NVIDIA (NASDAQ:NVDA – Get Free Report) last announced its earnings results on Wednesday, August 26th. The computer hardware maker reported $2.22 EPS for the quarter, topping the consensus estimate of $2.09 by $0.13. NVIDIA had a net margin of 63.66% and a return on equity of 96.04%. The business had revenue of $96.22 billion during the quarter, compared to the consensus estimate of $92.27 billion. During the same quarter in the previous year, the firm posted $1.05 EPS. NVIDIA’s revenue was up 105.9% compared to the same quarter last year. Sell-side analysts predict that NVIDIA Corporation will post 9.25 EPS for the current year.

NVIDIA Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 10th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, September 10th. This represents a $1.00 annualized dividend and a yield of 0.5%. NVIDIA’s dividend payout ratio is presently 12.64%.

NVIDIA declared that its board has initiated a share repurchase program on Monday, September 28th that allows the company to buy back $150.00 billion in shares. This buyback authorization allows the computer hardware maker to repurchase up to 2.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Key NVIDIA News Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: NVIDIA announced a five-year, $250 million compute commitment to support U.K. AI safety and security research. The initiative strengthens NVIDIA’s relationships with governments, universities and AI developers while promoting its hardware and software ecosystem. NVIDIA pledges $250 million to boost UK AI safety research Positive Sentiment: New ecosystem announcements highlighted continued demand for NVIDIA technology. LSEG is using NVIDIA GPUs to accelerate historical market-data processing, while NVIDIA introduced tools including cuPotential for molecular simulation and expanded collaborations in AI-defined chip manufacturing. LSEG teams up with NVIDIA for faster market data processing Positive Sentiment: State Street launched a sector ETF designed to give NVIDIA a 20.93% allocation, above the 15.41% weighting in its comparable fund, potentially creating incremental demand for NVDA shares. New State Street Sector ETFs Give Biggest Stocks Full Weight Neutral Sentiment: CEO Jensen Huang said NVIDIA would stop supplying chips to customers developing unsafe AI systems. The stance may improve regulatory and reputational positioning, although broader AI-safety concerns could increase scrutiny of the company and industry. Nvidia, Anthropic Weigh In On AI Safeguards Negative Sentiment: Investors are assessing competitive threats from Microsoft’s Maia 300 architecture and Intel’s lower-cost, air-cooled Crescent Island inference GPU. Custom accelerators and cheaper inference solutions could pressure NVIDIA’s pricing, growth assumptions and market share over time. Microsoft Just Unveiled a Brand-New AI Chip Negative Sentiment: IDC reportedly estimates NVIDIA’s China AI-chip market share has fallen to 34% as Huawei gains ground, underscoring export restrictions and rising local competition. Separately, investor Michael Burry is betting against chip stocks, reinforcing valuation and AI-spending concerns. NVIDIA’s China AI chip market share falls to 34% About NVIDIA (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Read More Five stocks we like better than NVIDIA Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

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Rakuten Investment Management Inc. lifted its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 12.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,767,757 shares of the computer hardware maker’s stock after purchasing an additional 527,365 shares during the period. NVIDIA accounts for 2.7% of Rakuten Investment Management Inc.’s holdings, making the stock its 5th biggest holding. Rakuten Investment Management Inc.’s holdings in NVIDIA were worth $929,570,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NVDA. Boyd Wealth Management LLC increased its holdings in shares of NVIDIA by 273.4% during the second quarter. Boyd Wealth Management LLC now owns 9,145 shares of the computer hardware maker’s stock valued at $1,830,000 after acquiring an additional 6,696 shares in the last quarter. Ally Financial Inc. lifted its holdings in shares of NVIDIA by 10.3% in the 2nd quarter. Ally Financial Inc. now owns 172,000 shares of the computer hardware maker’s stock worth $34,415,000 after purchasing an additional 16,000 shares in the last quarter. Altshuler Shaham Ltd grew its position in NVIDIA by 6,451.9% in the 1st quarter. Altshuler Shaham Ltd now owns 637,236 shares of the computer hardware maker’s stock valued at $111,134,000 after purchasing an additional 627,510 shares during the period. Storen Legacy Partners LLC acquired a new stake in NVIDIA in the 4th quarter valued at $1,350,000. Finally, Baker Tilly Wealth Management LLC grew its position in NVIDIA by 7.4% in the 2nd quarter. Baker Tilly Wealth Management LLC now owns 71,898 shares of the computer hardware maker’s stock valued at $14,386,000 after purchasing an additional 4,958 shares during the period. Institutional investors own 65.27% of the company’s stock.

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

Positive Sentiment: NVIDIA announced a five-year, $250 million compute commitment to support U.K. AI safety and security research. The initiative strengthens NVIDIA’s relationships with governments, universities and AI developers while promoting its hardware and software ecosystem. NVIDIA pledges $250 million to boost UK AI safety research Positive Sentiment: New ecosystem announcements highlighted continued demand for NVIDIA technology. LSEG is using NVIDIA GPUs to accelerate historical market-data processing, while NVIDIA introduced tools including cuPotential for molecular simulation and expanded collaborations in AI-defined chip manufacturing. LSEG teams up with NVIDIA for faster market data processing Positive Sentiment: State Street launched a sector ETF designed to give NVIDIA a 20.93% allocation, above the 15.41% weighting in its comparable fund, potentially creating incremental demand for NVDA shares. New State Street Sector ETFs Give Biggest Stocks Full Weight Neutral Sentiment: CEO Jensen Huang said NVIDIA would stop supplying chips to customers developing unsafe AI systems. The stance may improve regulatory and reputational positioning, although broader AI-safety concerns could increase scrutiny of the company and industry. Nvidia, Anthropic Weigh In On AI Safeguards Negative Sentiment: Investors are assessing competitive threats from Microsoft’s Maia 300 architecture and Intel’s lower-cost, air-cooled Crescent Island inference GPU. Custom accelerators and cheaper inference solutions could pressure NVIDIA’s pricing, growth assumptions and market share over time. Microsoft Just Unveiled a Brand-New AI Chip Negative Sentiment: IDC reportedly estimates NVIDIA’s China AI-chip market share has fallen to 34% as Huawei gains ground, underscoring export restrictions and rising local competition. Separately, investor Michael Burry is betting against chip stocks, reinforcing valuation and AI-spending concerns. NVIDIA’s China AI chip market share falls to 34% NVIDIA Trading Down 3.2% NVIDIA stock opened at $221.30 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.85 and a current ratio of 4.59. NVIDIA Corporation has a fifty-two week low of $164.27 and a fifty-two week high of $243.37. The stock has a market cap of $5.33 trillion, a P/E ratio of 27.98, a PEG ratio of 1.77 and a beta of 2.22. The firm’s fifty day moving average price is $223.43 and its 200-day moving average price is $210.73. NVIDIA (NASDAQ:NVDA – Get Free Report) last announced its quarterly earnings data on Wednesday, August 26th. The computer hardware maker reported $2.22 EPS for the quarter, beating the consensus estimate of $2.09 by $0.13. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. The firm had revenue of $96.22 billion for the quarter, compared to analyst estimates of $92.27 billion. During the same period in the prior year, the company earned $1.05 EPS. The company’s revenue was up 105.9% on a year-over-year basis. Equities research analysts forecast that NVIDIA Corporation will post 9.25 earnings per share for the current fiscal year.

NVIDIA declared that its board has authorized a share buyback program on Monday, September 28th that permits the company to repurchase $150.00 billion in shares. This repurchase authorization permits the computer hardware maker to buy up to 2.8% of its shares through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its shares are undervalued.

NVIDIA Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 10th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, September 10th. NVIDIA’s dividend payout ratio is currently 12.64%.

Insider Activity at NVIDIA In other NVIDIA news, EVP Timothy S. Teter sold 30,460 shares of NVIDIA stock in a transaction on Monday, September 21st. The stock was sold at an average price of $222.80, for a total transaction of $6,786,488.00. Following the completion of the transaction, the executive vice president owned 2,687,660 shares in the company, valued at approximately $598,810,648. The trade was a 1.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Colette Kress sold 34,918 shares of the firm’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $219.05, for a total transaction of $7,648,787.90. Following the sale, the chief financial officer directly owned 765,103 shares of the company’s stock, valued at $167,595,812.15. This trade represents a 4.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,766,118 shares of company stock worth $399,450,353 over the last quarter. 3.94% of the stock is owned by corporate insiders.

Analysts Set New Price Targets Several brokerages recently issued reports on NVDA. DA Davidson reaffirmed a “buy” rating and set a $300.00 target price on shares of NVIDIA in a research report on Thursday, August 27th. Rosenblatt Securities reissued a “buy” rating and issued a $390.00 price target on shares of NVIDIA in a report on Tuesday, September 29th. Wedbush increased their price target on shares of NVIDIA from $330.00 to $345.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Benchmark restated a “buy” rating and set a $335.00 price objective on shares of NVIDIA in a report on Thursday, August 27th. Finally, UBS Group reaffirmed a “buy” rating on shares of NVIDIA in a research report on Friday, October 9th. Five research analysts have rated the stock with a Strong Buy rating, forty-nine have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $321.89.

Get Our Latest Stock Report on NVDA

About NVIDIA (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Featured Articles Five stocks we like better than NVIDIA Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

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RIHO Partners LLC raised its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 32.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,461 shares of the computer hardware maker’s stock after buying an additional 21,127 shares during the period. NVIDIA comprises approximately 9.7% of RIHO Partners LLC’s investment portfolio, making the stock its 5th biggest position. RIHO Partners LLC’s holdings in NVIDIA were worth $17,300,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of NVDA. Lifetime Wealth Management P.C. bought a new stake in shares of NVIDIA during the fourth quarter worth $26,000. Longview Financial Advisors Inc. purchased a new stake in shares of NVIDIA during the first quarter valued at $27,000. Langley Wealth Management LLC bought a new position in shares of NVIDIA in the second quarter worth about $34,000. Phillip James Consulting Co. bought a new position in shares of NVIDIA in the first quarter worth about $40,000. Finally, Bard Associates Inc. grew its holdings in shares of NVIDIA by 8,866.7% in the second quarter. Bard Associates Inc. now owns 269 shares of the computer hardware maker’s stock worth $54,000 after purchasing an additional 266 shares during the last quarter. Institutional investors own 65.27% of the company’s stock.

Key NVIDIA News Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: NVIDIA announced a five-year, $250 million compute commitment to support U.K. AI safety and security research. The initiative strengthens NVIDIA’s relationships with governments, universities and AI developers while promoting its hardware and software ecosystem. NVIDIA pledges $250 million to boost UK AI safety research Positive Sentiment: New ecosystem announcements highlighted continued demand for NVIDIA technology. LSEG is using NVIDIA GPUs to accelerate historical market-data processing, while NVIDIA introduced tools including cuPotential for molecular simulation and expanded collaborations in AI-defined chip manufacturing. LSEG teams up with NVIDIA for faster market data processing Positive Sentiment: State Street launched a sector ETF designed to give NVIDIA a 20.93% allocation, above the 15.41% weighting in its comparable fund, potentially creating incremental demand for NVDA shares. New State Street Sector ETFs Give Biggest Stocks Full Weight Neutral Sentiment: CEO Jensen Huang said NVIDIA would stop supplying chips to customers developing unsafe AI systems. The stance may improve regulatory and reputational positioning, although broader AI-safety concerns could increase scrutiny of the company and industry. Nvidia, Anthropic Weigh In On AI Safeguards Negative Sentiment: Investors are assessing competitive threats from Microsoft’s Maia 300 architecture and Intel’s lower-cost, air-cooled Crescent Island inference GPU. Custom accelerators and cheaper inference solutions could pressure NVIDIA’s pricing, growth assumptions and market share over time. Microsoft Just Unveiled a Brand-New AI Chip Negative Sentiment: IDC reportedly estimates NVIDIA’s China AI-chip market share has fallen to 34% as Huawei gains ground, underscoring export restrictions and rising local competition. Separately, investor Michael Burry is betting against chip stocks, reinforcing valuation and AI-spending concerns. NVIDIA’s China AI chip market share falls to 34% Insider Buying and Selling at NVIDIA In other news, CFO Colette Kress sold 34,918 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $219.05, for a total value of $7,648,787.90. Following the transaction, the chief financial officer directly owned 765,103 shares of the company’s stock, valued at approximately $167,595,812.15. This trade represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Timothy S. Teter sold 30,460 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $222.80, for a total value of $6,786,488.00. Following the completion of the sale, the executive vice president owned 2,687,660 shares of the company’s stock, valued at $598,810,648. This trade represents a 1.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 1,766,118 shares of company stock worth $399,450,353. Corporate insiders own 3.94% of the company’s stock. NVIDIA Stock Performance Shares of NVDA stock opened at $221.30 on Thursday. The firm has a market capitalization of $5.33 trillion, a price-to-earnings ratio of 27.98, a price-to-earnings-growth ratio of 1.77 and a beta of 2.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.59 and a quick ratio of 3.85. The business has a fifty day moving average of $223.43 and a 200 day moving average of $210.73. NVIDIA Corporation has a 1 year low of $164.27 and a 1 year high of $243.37.

NVIDIA (NASDAQ:NVDA – Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The computer hardware maker reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.13. NVIDIA had a return on equity of 96.04% and a net margin of 63.66%. The business had revenue of $96.22 billion during the quarter, compared to analysts’ expectations of $92.27 billion. During the same quarter in the previous year, the firm posted $1.05 EPS. The company’s revenue for the quarter was up 105.9% on a year-over-year basis. As a group, research analysts expect that NVIDIA Corporation will post 9.25 earnings per share for the current year.

NVIDIA declared that its board has approved a share repurchase plan on Monday, September 28th that allows the company to buy back $150.00 billion in shares. This repurchase authorization allows the computer hardware maker to purchase up to 2.8% of its shares through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 10th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, September 10th. NVIDIA’s dividend payout ratio is currently 12.64%.

Wall Street Analyst Weigh In A number of brokerages recently issued reports on NVDA. Oppenheimer set a $315.00 price target on NVIDIA and gave the company an “outperform” rating in a report on Thursday, August 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $350.00 price objective on shares of NVIDIA in a research note on Thursday, October 1st. TD Cowen restated a “buy” rating on shares of NVIDIA in a report on Tuesday, August 18th. BNP Paribas Exane reaffirmed an “outperform” rating and set a $345.00 target price on shares of NVIDIA in a research report on Monday, October 5th. Finally, UBS Group reaffirmed a “buy” rating on shares of NVIDIA in a research report on Friday, October 9th. Five investment analysts have rated the stock with a Strong Buy rating, forty-nine have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $321.89.

Check Out Our Latest Research Report on NVIDIA

About NVIDIA (Free Report)

NVIDIA Corporation is a technology company that designs accelerated computing platforms, graphics processing units (GPUs), central processing units (CPUs), networking products and related software. Its technologies are used in artificial intelligence, data centers, scientific and technical computing, gaming, professional visualization, automotive systems and robotics.

The company’s products include GeForce GPUs and gaming software, data center computing platforms, networking solutions, and enterprise software for AI development and deployment.

Featured Articles Five stocks we like better than NVIDIA Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

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First Citizens Bank & Trust Co. lifted its stake in shares of JPMorgan Chase & Co. (NYSE:JPM) by 18.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,045 shares of the financial services provider’s stock after buying an additional 21,441 shares during the period. JPMorgan Chase & Co. makes up approximately 0.6% of First Citizens Bank & Trust Co.’s investment portfolio, making the stock its 27th biggest holding. First Citizens Bank & Trust Co.’s holdings in JPMorgan Chase & Co. were worth $45,008,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. E Fund Management Co. Ltd. boosted its position in JPMorgan Chase & Co. by 7.1% in the second quarter. E Fund Management Co. Ltd. now owns 29,956 shares of the financial services provider’s stock valued at $9,805,000 after buying an additional 1,973 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of JPMorgan Chase & Co. by 4.6% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 343,644 shares of the financial services provider’s stock valued at $112,485,000 after buying an additional 15,017 shares during the period. First National Bank of Mount Dora Trust Investment Services lifted its holdings in JPMorgan Chase & Co. by 18.7% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 41,218 shares of the financial services provider’s stock valued at $12,125,000 after acquiring an additional 6,492 shares during the period. FAS Wealth Partners Inc. increased its holdings in shares of JPMorgan Chase & Co. by 4.3% during the 1st quarter. FAS Wealth Partners Inc. now owns 43,527 shares of the financial services provider’s stock valued at $12,804,000 after purchasing an additional 1,794 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of JPMorgan Chase & Co. by 2.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,170,524 shares of the financial services provider’s stock worth $383,148,000 after acquiring an additional 33,071 shares during the period. 71.55% of the stock is currently owned by institutional investors and hedge funds.

More JPMorgan Chase & Co. News Here are the key news stories impacting JPMorgan Chase & Co. this week:

Positive Sentiment: Management projected approximately $107 billion in 2027 net interest income, excluding Markets, implying continued growth from fourth-quarter guidance. Resilient consumer activity, asset inflows and strength across investment banking and commercial banking supported the outlook. JPMorgan Q3 Earnings Call Highlights Capital Deployment and AI Risks Positive Sentiment: Analysts raised their price targets despite the results. Morgan Stanley lifted its target to $377 while maintaining an Equal Weight rating, and RBC reaffirmed Outperform with a $370 target. These revisions indicate that analysts view the earnings shortfall as manageable. JPMorgan Analysts Boost Their Forecasts After Q3 Results Positive Sentiment: Third-quarter revenue rose about 8% year over year to roughly $50.2 billion, while net income increased 6%. Consumer & Community Banking, the Commercial & Investment Bank and Asset & Wealth Management all posted year-over-year profit growth. JPMorgan Chase Reports $15.3 Billion Third-Quarter Net Income Neutral Sentiment: JPMorgan is restricting unvetted external AI agents from directly accessing customer accounts and is developing internal defensive tools. The policy limits near-term AI disruption and security exposure, but could increase technology and compliance costs. JPMorgan Chase blocks outside AI agents Negative Sentiment: Adjusted earnings of $5.75 per share missed the $5.94 consensus estimate, while revenue also fell short of expectations. Lower fixed-income trading revenue, investment-securities losses and softer dealmaking weighed on results. JPMorgan Earnings Miss Estimates But Reveal Broad-Based Strength Negative Sentiment: CEO Jamie Dimon warned that prolonged high interest rates could weaken consumer credit and that the probability of a market shock is higher than many investors assume. A flattening yield curve, inflation and elevated fiscal deficits remain additional risks to future bank profitability. Jamie Dimon Sees Higher Chance of Market Trouble Analysts Set New Price Targets Several equities analysts recently weighed in on JPM shares. Zacks Research lowered JPMorgan Chase & Co. from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 14th. Weiss Ratings raised JPMorgan Chase & Co. from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, October 9th. Citigroup upped their target price on JPMorgan Chase & Co. from $325.00 to $360.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Royal Bank Of Canada reiterated an “outperform” rating and set a $370.00 target price on shares of JPMorgan Chase & Co. in a research report on Wednesday. Finally, UBS Group dropped their price target on shares of JPMorgan Chase & Co. from $400.00 to $395.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $365.04. View Our Latest Analysis on JPMorgan Chase & Co.

JPMorgan Chase & Co. Price Performance NYSE:JPM opened at $335.03 on Thursday. The stock has a 50 day moving average of $349.00 and a two-hundred day moving average of $329.80. JPMorgan Chase & Co. has a 12 month low of $279.10 and a 12 month high of $366.50. The firm has a market cap of $890.58 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 1.36 and a beta of 1.02. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.31.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last released its earnings results on Tuesday, October 13th. The financial services provider reported $5.75 earnings per share for the quarter, missing the consensus estimate of $5.94 by ($0.19). The firm had revenue of $50.17 billion during the quarter, compared to analysts’ expectations of $51.23 billion. JPMorgan Chase & Co. had a net margin of 21.85% and a return on equity of 18.48%. The business’s revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the business earned $5.07 EPS. On average, analysts expect that JPMorgan Chase & Co. will post 24.18 earnings per share for the current fiscal year.

JPMorgan Chase & Co. Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 31st. Investors of record on Tuesday, October 6th will be paid a $1.65 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $6.60 annualized dividend and a yield of 2.0%. This is an increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50. JPMorgan Chase & Co.’s dividend payout ratio is currently 28.28%.

Insider Buying and Selling In related news, insider Robin Leopold sold 2,500 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $352.81, for a total value of $882,025.00. Following the completion of the transaction, the insider directly owned 71,047 shares of the company’s stock, valued at approximately $25,066,092.07. This represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.41% of the company’s stock.

JPMorgan Chase & Co. Profile (Free Report)

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, investment banking, asset management, private banking, commercial banking, consumer lending and payment services to individuals, businesses, institutions and governments.

The company operates through major business areas that include Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management. Its products and services include deposit accounts, credit cards, mortgages, auto loans, business financing, investment and advisory services, securities trading and custody, payment processing, and wealth-management solutions.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across international markets.

Read More Five stocks we like better than JPMorgan Chase & Co. Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding JPM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for JPMorgan Chase & Co. (NYSE:JPM – Free Report).

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NorthCrest Asset Manangement LLC grew its holdings in shares of Altria Group, Inc. (NYSE:MO – Free Report) by 201.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,340 shares of the company’s stock after acquiring an additional 14,928 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Altria Group were worth $1,596,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC increased its position in Altria Group by 5.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 2,619 shares of the company’s stock valued at $191,000 after buying an additional 143 shares in the last quarter. Angeles Wealth Management LLC lifted its stake in Altria Group by 1.3% during the 2nd quarter. Angeles Wealth Management LLC now owns 11,239 shares of the company’s stock valued at $821,000 after acquiring an additional 146 shares in the last quarter. Bernardo Wealth Planning LLC lifted its position in shares of Altria Group by 4.6% during the second quarter. Bernardo Wealth Planning LLC now owns 3,379 shares of the company’s stock valued at $243,000 after purchasing an additional 149 shares in the last quarter. Old Peak Finance LLC lifted its position in shares of Altria Group by 1.3% during the 2nd quarter. Old Peak Finance LLC now owns 11,920 shares of the company’s stock worth $858,000 after buying an additional 151 shares in the last quarter. Finally, Joel Isaacson & Co. LLC boosted its position in Altria Group by 0.7% in the second quarter. Joel Isaacson & Co. LLC now owns 23,324 shares of the company’s stock worth $1,678,000 after purchasing an additional 152 shares during the last quarter. Institutional investors own 57.41% of the company’s stock.

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

Positive Sentiment: Altria outperformed a weak market in the latest session, indicating continued demand for its relatively defensive, income-oriented profile. Altria Ascends While Market Falls Positive Sentiment: Several dividend-focused articles identify Altria as an attractive high-yield stock because of its approximately 6% yield, established tobacco brands, pricing power and strong cash flow. One screening article specifically emphasizes that Altria’s payout is supported by cash rather than merely a high headline yield. High-Yield Dividend Stocks With Cash to Spare Positive Sentiment: Altria’s dividend and cash-generation profile compare favorably with other income stocks, supporting its appeal to investors seeking reliable current income despite modest growth prospects. Altria’s 6.2% Dividend Yield Neutral Sentiment: Altria is scheduled to report third-quarter results later this month. Analysts expect single-digit earnings growth, making the report a near-term test of whether pricing and cost controls can offset declining cigarette volumes. Altria Earnings Preview Negative Sentiment: Bearish analysis argues that Altria’s rally has moved ahead of underlying earnings growth. The view is that recent EPS support has come partly from tax benefits and discount brands rather than stronger core Marlboro performance; a cited fair value of $63.80 implies downside from current levels. Altria Rally Ahead of Earnings Growth Negative Sentiment: Structural risks remain: fewer consumers smoke, and Altria must successfully expand smoke-free products to sustain earnings. This creates concern that the high dividend yield may reflect limited long-term growth as well as income value. Altria Strong Sell Analysis Wall Street Analyst Weigh In MO has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Altria Group from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. UBS Group lifted their target price on Altria Group from $76.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Weiss Ratings restated a “buy (b)” rating on shares of Altria Group in a research report on Monday. Barclays decreased their price objective on shares of Altria Group from $64.00 to $58.00 and set an “underweight” rating on the stock in a research report on Tuesday, August 11th. Finally, BTIG Research assumed coverage on Altria Group in a research note on Tuesday, July 21st. They issued a “neutral” rating on the stock. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Altria Group currently has a consensus rating of “Hold” and an average price target of $70.11. Check Out Our Latest Research Report on MO

Insider Transactions at Altria Group In other news, Director Kathryn McQuade acquired 1,500 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was acquired at an average price of $67.62 per share, for a total transaction of $101,430.00. Following the completion of the acquisition, the director owned 114,929 shares in the company, valued at $7,771,498.98. This trade represents a 1.32% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.10% of the company’s stock.

Altria Group Trading Up 2.1% Shares of NYSE:MO opened at $73.05 on Thursday. The company has a market cap of $121.98 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 2.55 and a beta of 0.42. Altria Group, Inc. has a 12 month low of $54.70 and a 12 month high of $77.06. The company has a 50-day moving average price of $68.38 and a 200-day moving average price of $69.53.

Altria Group (NYSE:MO – Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $1.48 EPS for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.02). Altria Group had a net margin of 33.99% and a negative return on equity of 315.29%. The business had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the company earned $1.44 EPS. Altria Group’s revenue was up 1.2% compared to the same quarter last year. Altria Group has set its FY 2026 guidance at 5.610-5.720 EPS. As a group, research analysts forecast that Altria Group, Inc. will post 5.67 EPS for the current fiscal year.

Altria Group Increases Dividend The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Tuesday, September 15th were issued a dividend of $1.11 per share. This is a positive change from Altria Group’s previous quarterly dividend of $1.06. The ex-dividend date was Tuesday, September 15th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 6.1%. Altria Group’s dividend payout ratio (DPR) is currently 93.67%.

About Altria Group (Free Report)

Altria Group, Inc is a U.S.-based holding company focused primarily on tobacco and nicotine products. Through its operating companies, Altria manufactures and markets cigarettes, cigars, smokeless tobacco, oral nicotine products and electronic cigarettes. Its portfolio includes well-known brands such as Marlboro cigarettes, Copenhagen and Skoal smokeless tobacco, Black & Mild cigars, NJOY e-cigarettes and on! nicotine pouches.

Altria’s principal businesses include Philip Morris USA, the largest U.S.

Read More Five stocks we like better than Altria Group Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know

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First Citizens Bank & Trust Co. lifted its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS – Free Report) by 76.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,976 shares of the investment management company’s stock after purchasing an additional 2,588 shares during the period. First Citizens Bank & Trust Co.’s holdings in The Goldman Sachs Group were worth $5,381,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in The Goldman Sachs Group in the second quarter valued at approximately $24,172,123,000. Bank of America Corp DE acquired a new stake in shares of The Goldman Sachs Group in the second quarter valued at approximately $6,756,772,000. Orange County Employees Retirement System bought a new position in shares of The Goldman Sachs Group during the 2nd quarter worth approximately $69,537,544,000. Corient Private Wealth LLC boosted its stake in shares of The Goldman Sachs Group by 1,657.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,596,487 shares of the investment management company’s stock worth $2,282,312,000 after acquiring an additional 2,448,767 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of The Goldman Sachs Group during the 2nd quarter worth approximately $2,560,028,000. Institutional investors own 71.21% of the company’s stock.

The Goldman Sachs Group Trading Down 1.7% GS stock opened at $877.07 on Thursday. The company has a debt-to-equity ratio of 2.82, a quick ratio of 0.63 and a current ratio of 1.10. The company’s 50-day simple moving average is $980.74 and its 200 day simple moving average is $989.49. The Goldman Sachs Group, Inc. has a 52 week low of $740.01 and a 52 week high of $1,153.99. The company has a market capitalization of $255.38 billion, a PE ratio of 12.82, a price-to-earnings-growth ratio of 0.98 and a beta of 1.29.

The Goldman Sachs Group (NYSE:GS – Get Free Report) last issued its quarterly earnings data on Tuesday, October 13th. The investment management company reported $17.01 earnings per share for the quarter, topping the consensus estimate of $12.86 by $4.15. The business had revenue of $18.68 billion during the quarter, compared to analysts’ expectations of $16.83 billion. The Goldman Sachs Group had a net margin of 15.77% and a return on equity of 19.55%. The business’s revenue was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $12.25 EPS. As a group, sell-side analysts anticipate that The Goldman Sachs Group, Inc. will post 67.48 earnings per share for the current year. The Goldman Sachs Group Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Wednesday, December 2nd will be issued a $5.00 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $20.00 annualized dividend and a yield of 2.3%. The Goldman Sachs Group’s payout ratio is currently 30.87%.

Analyst Ratings Changes A number of research firms recently weighed in on GS. Wells Fargo & Company dropped their price target on The Goldman Sachs Group from $1,325.00 to $1,175.00 and set an “overweight” rating on the stock in a research note on Friday, September 25th. Oppenheimer lowered shares of The Goldman Sachs Group from a “market perform” rating to an “underperform” rating in a research note on Tuesday, June 30th. Jefferies Financial Group set a $1,299.00 price target on shares of The Goldman Sachs Group in a report on Wednesday, July 15th. Loop Capital set a $1,050.00 price target on shares of The Goldman Sachs Group in a report on Thursday, October 8th. Finally, Barclays raised their price objective on shares of The Goldman Sachs Group from $1,048.00 to $1,245.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $1,050.55.

Check Out Our Latest Report on GS

The Goldman Sachs Group News Summary Here are the key news stories impacting The Goldman Sachs Group this week:

Positive Sentiment: Goldman Sachs reported third-quarter EPS of $17.01 versus the $12.86 consensus estimate, while revenue rose 23% year over year to $18.68 billion, exceeding expectations. Net income increased 29% to $5.29 billion. Reuters earnings report Positive Sentiment: Equities revenue surged 72% to $6.44 billion, investment-banking fees climbed 21%, and wealth-management assets reached a record $2.1 trillion. The board also declared a $5-per-share quarterly dividend, and Goldman returned $4.49 billion to shareholders during the quarter. Zacks earnings analysis Positive Sentiment: CEO David Solomon described Goldman’s business as “big, durable and diverse,” said the underlying economy remains strong, and reiterated that no leadership succession transition is underway. Jim Cramer also identified GS as his favorite bank stock following the results. CNBC interview with David Solomon Neutral Sentiment: Citigroup cut its GS price target to $1,000 from $1,050 and retained a Neutral rating, while RBC lowered its target to $1,010 from $1,220 and assigned a Sector Perform rating. The targets still imply upside, but the reductions signal more cautious valuation expectations. Benzinga analyst target changes Negative Sentiment: Hotter-than-expected inflation data pressured financial stocks and raised concerns that interest rates could remain elevated. Solomon warned that abrupt rate moves could create headwinds, while analysts cited late-cycle risks and Goldman’s already-premium valuation. Benzinga analysis of GS weakness Negative Sentiment: A Treasury review found that major U.S. banks’ reputation-risk policies could allow political or social considerations to influence access to banking services. Although no company-specific action was announced, the findings could increase regulatory and reputational scrutiny for Goldman Sachs. CNBC Treasury review (Free Report)

The Goldman Sachs Group, Inc is a global financial services company headquartered in New York City. Founded in 1869, the firm provides services to corporations, financial institutions, governments, individuals and other clients through its investment banking, markets, asset management and wealth management businesses.

Goldman Sachs advises clients on mergers and acquisitions, financing and other strategic transactions, and facilitates trading in equities, fixed income, currencies and commodities.

Further Reading Five stocks we like better than The Goldman Sachs Group Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding GS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Goldman Sachs Group, Inc. (NYSE:GS – Free Report).

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First Citizens Bank & Trust Co. bought a new stake in Linde PLC (NASDAQ:LIN – Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,334 shares of the basic materials company’s stock, valued at approximately $3,481,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp boosted its position in shares of Linde by 3.7% in the second quarter. State Street Corp now owns 20,344,181 shares of the basic materials company’s stock worth $10,558,016,000 after acquiring an additional 719,052 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Linde by 26.0% during the 4th quarter. Invesco Ltd. now owns 5,402,317 shares of the basic materials company’s stock worth $2,303,494,000 after buying an additional 1,114,751 shares during the last quarter. Amundi raised its position in shares of Linde by 13.4% in the 1st quarter. Amundi now owns 3,162,409 shares of the basic materials company’s stock worth $1,567,796,000 after buying an additional 373,012 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Linde by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,740,541 shares of the basic materials company’s stock valued at $1,358,712,000 after acquiring an additional 64,078 shares during the last quarter. Finally, Royal Bank of Canada increased its position in Linde by 18.0% during the 4th quarter. Royal Bank of Canada now owns 2,250,532 shares of the basic materials company’s stock worth $959,605,000 after purchasing an additional 343,161 shares in the last quarter. 82.80% of the stock is owned by hedge funds and other institutional investors.

Linde Price Performance Shares of LIN opened at $492.70 on Thursday. The company has a market capitalization of $227.12 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 2.87 and a beta of 0.71. Linde PLC has a fifty-two week low of $387.78 and a fifty-two week high of $548.20. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.88 and a quick ratio of 0.75. The business’s 50-day moving average is $478.29 and its 200-day moving average is $498.13.

Linde (NASDAQ:LIN – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The basic materials company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.49 by $0.01. Linde had a net margin of 20.43% and a return on equity of 20.09%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.02 billion. During the same period in the previous year, the company earned $4.09 earnings per share. Linde’s revenue for the quarter was up 9.3% on a year-over-year basis. Linde has set its FY 2026 guidance at 17.700-17.900 EPS and its Q3 2026 guidance at 4.450-4.550 EPS. Equities research analysts expect that Linde PLC will post 17.86 EPS for the current fiscal year. Linde Announces Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were issued a $1.60 dividend. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $6.40 annualized dividend and a dividend yield of 1.3%. Linde’s dividend payout ratio is presently 41.34%.

Analyst Upgrades and Downgrades A number of equities analysts have commented on LIN shares. The Goldman Sachs Group set a $580.00 price objective on shares of Linde and gave the stock a “buy” rating in a report on Monday, August 10th. Weiss Ratings raised shares of Linde from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 21st. Bank of America raised their target price on shares of Linde from $532.00 to $550.00 and gave the stock a “neutral” rating in a report on Friday, July 17th. Argus cut their target price on shares of Linde from $563.00 to $538.00 and set a “buy” rating on the stock in a report on Monday, September 28th. Finally, Barclays assumed coverage on Linde in a research note on Monday. They issued an “overweight” rating and a $577.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $547.29.

Check Out Our Latest Analysis on LIN

Linde Company Profile (Free Report)

Linde plc (NASDAQ:LIN) is a global industrial gases and engineering company that supplies gases, related equipment and process technologies to customers in healthcare, manufacturing, chemicals, energy, food and beverage, electronics, and other industries. Its products include oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide and specialty gases.

The company provides gases through on-site production facilities, pipelines, bulk deliveries and packaged cylinders. It also designs and builds industrial gas plants and offers technologies and services for applications such as hydrogen production, carbon capture, clean energy, semiconductor manufacturing, metal fabrication and medical care.

Linde traces its history to 1879, when German engineer Carl von Linde developed refrigeration and gas-related technologies.

Featured Stories Five stocks we like better than Linde Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding LIN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Linde PLC (NASDAQ:LIN – Free Report).

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First Citizens Bank & Trust Co. boosted its stake in shares of Dover Corporation (NYSE:DOV – Free Report) by 1,677.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,049 shares of the industrial products company’s stock after acquiring an additional 33,077 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Dover were worth $6,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Reflection Asset Management bought a new stake in Dover in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new position in shares of Dover in the second quarter worth approximately $30,000. MV Capital Management Inc. bought a new position in shares of Dover in the fourth quarter worth approximately $29,000. Keating Financial Advisory Services Inc. bought a new position in shares of Dover in the second quarter worth approximately $34,000. Finally, Financial Life Planners purchased a new position in shares of Dover in the first quarter worth $31,000. 84.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes DOV has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Dover from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, September 2nd. BMO Capital Markets raised shares of Dover from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Wolfe Research reissued an “outperform” rating and issued a $262.00 price target on shares of Dover in a report on Thursday, July 9th. Robert W. Baird set a $270.00 price objective on shares of Dover in a research report on Friday, July 24th. Finally, Wells Fargo & Company assumed coverage on shares of Dover in a research note on Thursday, September 24th. They set an “overweight” rating and a $229.00 price objective for the company. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Dover presently has an average rating of “Moderate Buy” and an average price target of $237.43.

Read Our Latest Analysis on Dover Dover Stock Performance NYSE:DOV opened at $193.41 on Thursday. The stock has a market cap of $26.05 billion, a P/E ratio of 23.30, a price-to-earnings-growth ratio of 1.68 and a beta of 1.13. The firm’s fifty day simple moving average is $195.10 and its 200 day simple moving average is $208.03. Dover Corporation has a twelve month low of $161.27 and a twelve month high of $237.54. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 0.33.

Dover (NYSE:DOV – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The industrial products company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.02. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Dover had a return on equity of 18.32% and a net margin of 13.48%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 EPS. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. As a group, research analysts predict that Dover Corporation will post 10.67 EPS for the current year.

Dover Increases Dividend The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.5250 per share. This is an increase from Dover’s previous quarterly dividend of $0.52. This represents a $2.10 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Monday, August 31st. Dover’s payout ratio is 25.30%.

About Dover (Free Report)

Dover Corporation is a diversified global manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including industrial manufacturing, energy, transportation, food and beverage, refrigeration, and building services.

The company’s products include pumps, compressors, fluid-handling equipment, fueling and dispensing systems, refrigeration and heat-transfer technologies, printing and marking equipment, and engineered components.

Featured Stories Five stocks we like better than Dover Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding DOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dover Corporation (NYSE:DOV – Free Report).

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Krilogy Financial LLC grew its position in Oracle Corporation (NYSE:ORCL – Free Report) by 70.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 31,241 shares of the enterprise software provider’s stock after buying an additional 12,951 shares during the period. Krilogy Financial LLC’s holdings in Oracle were worth $4,292,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Oracle by 0.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,680,278 shares of the enterprise software provider’s stock worth $2,151,395,000 after purchasing an additional 123,294 shares during the last quarter. Janus Henderson Group PLC lifted its position in Oracle by 8.6% during the 4th quarter. Janus Henderson Group PLC now owns 14,539,366 shares of the enterprise software provider’s stock valued at $2,815,242,000 after purchasing an additional 1,148,698 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Oracle by 3.0% in the 1st quarter. Bank of New York Mellon Corp now owns 13,251,059 shares of the enterprise software provider’s stock valued at $1,949,363,000 after purchasing an additional 384,984 shares during the last quarter. Amundi boosted its stake in shares of Oracle by 1.5% in the 2nd quarter. Amundi now owns 9,878,184 shares of the enterprise software provider’s stock valued at $1,447,648,000 after purchasing an additional 144,087 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Oracle by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,586,492 shares of the enterprise software provider’s stock valued at $1,262,827,000 after purchasing an additional 147,048 shares during the last quarter. Institutional investors own 42.44% of the company’s stock.

Oracle Trading Down 8.8% NYSE:ORCL opened at $130.60 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.89. Oracle Corporation has a 1-year low of $114.50 and a 1-year high of $322.54. The firm has a market capitalization of $394.90 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 1.01 and a beta of 1.78. The business’s 50-day moving average price is $145.93 and its two-hundred day moving average price is $158.89.

Oracle (NYSE:ORCL – Get Free Report) last posted its earnings results on Thursday, September 10th. The enterprise software provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.18. The company had revenue of $19.34 billion during the quarter, compared to analyst estimates of $19.13 billion. Oracle had a return on equity of 48.85% and a net margin of 26.36%. The company’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.47 EPS. Oracle has set its Q2 2027 guidance at 1.850-1.930 EPS and its FY 2027 guidance at 8.100-8.100 EPS. On average, equities analysts expect that Oracle Corporation will post 6.73 earnings per share for the current year. Oracle Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 9th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, October 9th. Oracle’s dividend payout ratio (DPR) is currently 31.35%.

Insider Buying and Selling In related news, EVP Maria Smith sold 2,631 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $151.70, for a total transaction of $399,122.70. Following the completion of the transaction, the executive vice president owned 64,357 shares in the company, valued at approximately $9,762,956.90. The trade was a 3.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen Rusckowski acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were purchased at an average price of $139.35 per share, with a total value of $3,483,750.00. Following the acquisition, the director owned 25,390 shares of the company’s stock, valued at approximately $3,538,096.50. This trade represents a 6,410.26% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 36,075 shares of company stock valued at $5,342,123 in the last 90 days. 38.40% of the stock is owned by insiders.

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

Positive Sentiment: Analyst support remains strong: Mizuho reaffirmed its “Outperform” rating and $320 price target, while other analysts maintained bullish views. Oracle’s $664 billion remaining performance obligations and expected cloud growth continue to support the long-term investment case. Wall Street analyst updates Oracle stock price target Positive Sentiment: Project Jupiter is progressing: Oracle proposed an electricity agreement with El Paso Electric and reaffirmed Bloom Energy’s role in powering the New Mexico AI data center campus. If completed, the project could support future cloud capacity and AI-related revenue. Why is Oracle stock gaining 4% today? Neutral Sentiment: Pipeline approval remains unresolved: Oracle urged federal regulators to expedite approval of a 17.8-mile natural-gas pipeline needed for Project Jupiter. Delays could postpone the data center’s launch, although approval would remove a significant execution bottleneck. Oracle urges FERC to expedite New Mexico gas pipeline for Project Jupiter Negative Sentiment: Hotter inflation pushed Treasury yields higher: September inflation data revived expectations for higher-for-longer interest rates, weighing on technology and AI stocks. Higher yields reduce the appeal of growth equities and raise Oracle’s financing costs. Stock Market Today, Oct. 14: Oracle Tumbles on Hotter CPI Data Lifting Treasury Yields Negative Sentiment: Investors are questioning AI spending and balance-sheet risk: Oracle’s heavy capital expenditures have pushed free cash flow into negative territory, while a broader sell-off in AI infrastructure stocks—particularly after concerns about CoreWeave’s debt—raised worries about Oracle’s returns on costly data-center expansion. Will Rising Capex Weigh on Oracle’s Free Cash Flow Outlook? Analyst Ratings Changes Several equities research analysts have recently commented on the stock. Stephens reiterated an “equal weight” rating and set a $175.00 price target on shares of Oracle in a research report on Friday, September 11th. DZ Bank restated a “buy” rating on shares of Oracle in a report on Thursday, September 17th. CLSA assumed coverage on shares of Oracle in a report on Monday, July 20th. They issued a “hold” rating and a $145.00 price objective on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $275.00 price objective (up from $235.00) on shares of Oracle in a research note on Tuesday, September 8th. Finally, BMO Capital Markets lowered their target price on shares of Oracle from $220.00 to $195.00 and set an “outperform” rating for the company in a report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $251.72.

Check Out Our Latest Stock Analysis on Oracle

Oracle Company Profile (Free Report)

Oracle Corporation (NYSE: ORCL) is a global technology company that develops enterprise software, cloud services and related hardware. Its offerings help businesses manage databases, applications, data, infrastructure and other core information-technology operations.

The company is best known for its Oracle Database, along with cloud-based infrastructure and platform services. Oracle also provides enterprise applications for functions such as finance, human resources, supply-chain management, customer experience and industry-specific operations.

Recommended Stories Five stocks we like better than Oracle Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding ORCL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Oracle Corporation (NYSE:ORCL – Free Report).

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Costco trades at a valuation that would make most investors flinch, yet buyers keep stepping in and analysts keep raising targets. The reason comes down to one membership metric that changes the math entirely.

Costco (NASDAQ:COST | COST Price Prediction) closed its latest full session at $954.63. The 24/7 Wall St. price target for Costco is $1,057.74 over the next 12 months, which implies 10.8% upside. The stock earns a buy rating with high confidence.

24/7 Wall St. Price Target Summary Metric Value Current Price $954.63 Price Target from 24/7 Wall St. $1,057.74 Upside/Downside 10.8% Recommendation BUY Confidence Level 90% Valuation is the main point. Costco trades at roughly 46x trailing earnings and 42x forward EPS of $22.7822. Our model still sees upside because membership loyalty, steady traffic gains and a six-quarter EPS beat run keep justifying that premium.

A Strong Fiscal Year Finish Revived the Rally Shares rose 1.32% to $967.21 in Wednesday trading and are up 3.37% over the past week, 6.9% over the past month and 12.66% year to date. At its latest close, Costco sat 12.8% below its 52-week high of $1,094.76 and 13.6% higher than its low of $840.35.

The fiscal fourth quarter, reported September 24, delivered EPS of $6.75 versus the $6.53 estimate, including a $0.15 one-time tariff refund benefit.

Revenue of $95.72 billion beat expectations and grew 11.1%. Comparable sales rose 9.4%, or 6.7% excluding gas and currency. That resilience recently gave CNBC’s Jim Cramer a reason to feel better about the stock.

Why Bulls See $1,147 Within Reach Membership quality keeps improving. Paid executive members reached 42.3 million, up 9.4%, and U.S. and Canada renewals hit 92.3%. CEO Ron Vachris noted that “our member base under 40 has grown nearly 60% since COVID,” which builds a pipeline of future high spenders.

Costco plans 33 openings in fiscal 2027, and online enabled sales exceeded $33 billion. With 24 Buy or Strong Buy ratings on the stock, the bull case reaches $1,147.89.

What Could Keep Costco Stuck in Its Range A 46x multiple leaves little room for error. Analysts also noted that membership growth has slowed for eight consecutive quarters, and fee income growth cooled to 7.3% from 14.0% in fiscal Q1.

As a counterpoint, much of that deceleration reflects lapping the 2024 fee increase. Excluding the increase and currency, fee income still grew 6.8%. With 13 Holds and two Sell-side ratings, our bear case stands at $967.31.

Costco’s Premium Over Walmart and BJ’s Looks Earned Walmart (NASDAQ:WMT) is the closest big-box rival and has Sam’s Club. It trades at about 41x earnings, yet Walmart U.S. comps grew just 2.6% last quarter. Costco’s small premium buys far faster comp growth, which makes our target look reasonable.

BJ’s Wholesale Club (NYSE:BJ) is the pure-play warehouse peer. BJ’s grew fee income 9.9% to a record 8.5 million members, but comps excluding gas rose only 3.1%. Costco’s ex-gas growth more than doubles that, supporting a conservative read on our target.

Company P/E Latest Comp Sales Costco 46x 9.4% Walmart (U.S.) 41x 2.6% BJ’s (ex-gas) Not available 3.1% Premium Price, Premium Business: BUY The 24/7 Wall St. price target of $1,057.74 supports a buy rating with 90% confidence. Renewal strength tips the scale.

I’d view the stock even more favorably if executive penetration keeps climbing and renewals improve further. I’d turn conservative if membership growth keeps slowing without offsetting spend gains. Costco is expensive, and I think the business keeps earning that premium.

Here is where the 24/7 Wall St. price target model projects Costco could trade, assuming current trends hold.

Year Price Target from 24/7 Wall St. 2026 (December) $954.59 2027 $1,061.05 2028 $1,156.13 2029 $1,219.90 2030 $1,312.05 These estimates assume Costco keeps executing on warehouse expansion and membership growth. Multiple compression or a faster international rollout could move results meaningfully in either direction.

Contact [email protected] for any questions or corrections.

Cliftonlarsonallen Wealth Advisors LLC decreased its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 9.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,277 shares of the company’s stock after selling 2,439 shares during the quarter. Cliftonlarsonallen Wealth Advisors LLC’s holdings in AbbVie were worth $6,351,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ranch Capital Advisors Inc. lifted its holdings in AbbVie by 37.0% in the 1st quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock worth $3,238,000 after purchasing an additional 4,017 shares in the last quarter. Capital Advisors Inc. OK boosted its stake in AbbVie by 11.2% in the 2nd quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company’s stock worth $112,516,000 after purchasing an additional 45,132 shares during the period. Danica Pension Livsforsikringsaktieselskab bought a new position in AbbVie in the 2nd quarter worth approximately $23,557,000. Wedge Capital Management L L P NC grew its holdings in AbbVie by 7.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company’s stock valued at $33,865,000 after buying an additional 9,380 shares in the last quarter. Finally, Mission Wealth Management LP grew its holdings in AbbVie by 119.1% during the 2nd quarter. Mission Wealth Management LP now owns 69,052 shares of the company’s stock valued at $17,376,000 after buying an additional 37,531 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

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

Positive Sentiment: Positive SKYRIZI Crohn’s disease data: Phase 3 AFFIRM results showed that subcutaneous SKYRIZI produced meaningful clinical and endoscopic benefits versus placebo, with a safety profile consistent with the established treatment. The data could support regulatory review of a more convenient induction option and strengthen AbbVie’s post-Humira growth franchise. Did SKYRIZI’s Subcutaneous Crohn’s Data Just Shift AbbVie’s Investment Narrative? Positive Sentiment: Analyst and earnings optimism: RBC reaffirmed an “outperform” rating and cited potential third-quarter strength from RINVOQ, SKYRIZI, and Vraylar. Erste Group also raised its FY2027 EPS estimate to $16.34 from $16.19 while maintaining a “Buy” rating. Investors are looking ahead to AbbVie’s October 30 earnings report. AbbVie Poised for Q3 Top-Line Beat Positive Sentiment: Broad healthcare rally and options activity: Pharmaceutical stocks rallied broadly, supporting ABBV. Investors also purchased 86,296 AbbVie call options, approximately 445% above typical call volume, indicating elevated bullish positioning, although options activity alone does not guarantee further gains. Lilly, Merck, AbbVie Stocks Surge Neutral Sentiment: Mixed comparative view: A Zacks analysis argued that Sanofi currently offers a more attractive combination of valuation, outlook, and Dupixent growth, suggesting AbbVie’s strong recent performance has left less valuation upside relative to some peers. Which Pharma Stock Looks More Attractive: Sanofi or AbbVie? Negative Sentiment: Valuation and conflicting market reaction: One report characterized ABBV as trading above estimated fair value, while another described an initial decline following the new SKYRIZI data. The conflicting reactions highlight execution, regulatory, and valuation risks despite the data’s long-term potential. A Look at AbbVie After a Decline AbbVie Price Performance NYSE:ABBV opened at $283.58 on Thursday. The firm has a market capitalization of $501.03 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 1.25 and a beta of 0.24. The business has a 50 day simple moving average of $261.16 and a 200-day simple moving average of $238.38. AbbVie Inc. has a 1 year low of $190.75 and a 1 year high of $285.40. AbbVie (NYSE:ABBV – Get Free Report) last released its earnings results on Friday, July 31st. The company reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.61 by $0.04. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%. The firm had revenue of $16.99 billion for the quarter, compared to the consensus estimate of $16.80 billion. During the same quarter in the previous year, the company posted $2.97 EPS. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, analysts expect that AbbVie Inc. will post 13.95 earnings per share for the current fiscal year.

AbbVie Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be paid a dividend of $1.73 per share. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 195.48%.

Wall Street Analyst Weigh In Several equities research analysts have recently issued reports on ABBV shares. Erste Group Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Wednesday, August 5th. Sanford C. Bernstein restated a “market perform” rating and set a $225.00 target price (up from $203.00) on shares of AbbVie in a research report on Tuesday, June 23rd. Argus upped their target price on shares of AbbVie from $250.00 to $270.00 in a research report on Tuesday, August 4th. BMO Capital Markets raised their target price on shares of AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of AbbVie from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $277.18.

View Our Latest Stock Report on ABBV

Insider Activity In related news, EVP Nicholas Donoghoe sold 32,710 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares in the company, valued at $18,607,500. The trade was a 30.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.06% of the company’s stock.

AbbVie Profile (Free Report)

AbbVie Inc is a global biopharmaceutical company that develops, manufactures and markets medicines for a range of serious and chronic health conditions. Its portfolio spans immunology, oncology, neuroscience, eye care, aesthetics, gastroenterology and women’s health.

The company’s products include the immunology medicines Skyrizi and Rinvoq; neuroscience treatments such as Vraylar, Ubrelvy and Qulipta; and oncology medicines including Imbruvica and Venclexta. AbbVie also markets Botox Cosmetic and Botox Therapeutic, as well as other products for aesthetics, eye care and specialty care.

AbbVie was established in 2013 as an independent, publicly traded company following its separation from Abbott Laboratories.

Further Reading Five stocks we like better than AbbVie Tesla Wants to Make Its Own Chips—What Could Go Wrong? IREN Limited’s AI Pivot Gains Traction—But Can Its Data Centers Deliver? PBF Energy’s Stunning Rally Faces a Critical Test Citi Stock Falls Despite Earnings Beat: What Investors Need to Know Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.

With the typical monthly payment for a new homeowner climbing nearly twice as fast as rent, more shoppers are turning to rentals

Rental demand is up 19.2% year over year nationwide, as measured by the Zillow Observed Renter Demand Index (ZORDI).1 The typical U.S. rent was $1,932 a month in September, up 2.7% from a year ago. The financial advantage of renting is growing, as the typical new home buyer's monthly payment2 is climbing nearly twice as fast as rent, up 5% from a year ago to $3,037. , /PRNewswire/ -- Housing demand doesn't disappear when buying becomes harder financially. Instead, it finds a new home in the rental market. The Zillow Observed Renter Demand Index (ZORDI), an indicator of rental demand, rose 19.2% year over year as elevated borrowing costs push would-be buyers to rent instead, according to the latest Zillow® Rental Market Report.

Rents are climbing, but buying costs are climbing faster. Typical rent is $1,932 a month, up 2.7% from a year ago. By comparison, the typical new home buyer's monthly payment has risen 5%, to $3,037, nearly double the pace.

"Elevated mortgage rates have pushed home shoppers straight into the arms of rentals," said Kara Ng, senior economist at Zillow. "Homeownership has long been a way for families to build wealth, but with the rise in borrowing costs, we're seeing the rise of the deliberate renter, someone who chooses to bank the difference between a buyer's monthly payment and rent, and build wealth without owning a home."

And for many home shoppers, what they still want is a house. ZORDI shows demand for single-family rentals up 21.6% from a year ago, more than double the 10.1% rise for multifamily rentals. At a typical rent of $2,266, renting a house offers the space and lifestyle shoppers want without a down payment or the hidden costs of owning, and it costs $771 less each month than a buyer's monthly payment.

For shoppers weighing renting against buying, Zillow's rent vs. buy research breaks down the break-even timeline by metro, that timeline being the number of years a household would need to own before buying comes out ahead.

Rental demand surges in the Bay Area and the Sun Belt
Rental demand rose the most in San Jose, where ZORDI is up 82.5% from a year ago, followed by San Francisco (66.9%), Austin (49.3%), Miami (48.9%) and Phoenix (43%).

Rent growth over the past year was also fastest in California's Bay Area, where typical rent is up 11.8% in San Francisco and 8.3% in San Jose. In the other markets where demand has jumped the most, rent growth was more moderate, at 0.7% in Austin, 1.8% in Miami and 1% in Phoenix, as new construction has kept supply in step with demand.

Not every market is following the national trend. ZORDI is down year over year in markets that include Louisville (down 6.2%), Baltimore (-6.1%), Washington, D.C. (-5.6%) and Cleveland (-5.5%).

Affordability holds steady for renters
The median household spends 26.3% of its income on a new rental, essentially unchanged from a year ago, compared with 41.3% spent by a new homeowner. A household needs an income of $77,278 to afford a typical rental versus $121,496 to afford a typical home, a gap of more than $44,000.

For renters who are ready to make a move, Zillow brings together apartments, single-family homes and rooms for rent in one place, and Zillow's portable rental application makes applying simpler: one form, one flat fee and 30 days to apply to as many participating properties as needed.

Metro area*

Zillow
Observed
Renter
Demand
Index
(ZORDI),
YoY

Zillow
Observed
Rent
Index
(ZORI)

Zillow
Observed
Rent
Index
(ZORI),
YoY

Typical monthly
payment for a new
homeowner (10%
down, 30-year fixed)

Typical monthly
payment for a new
homeowner (10%
down, 30-year
fixed), YoY

United States

19.2 %

$1,932

2.7 %

$3,037

5.0 %

New York, NY

19.3 %

$3,546

4.2 %

$6,296

8.6 %

Los Angeles, CA

25.9 %

$2,929

1.8 %

$7,473

5.3 %

Chicago, IL

21.6 %

$2,163

4.7 %

$3,120

8.5 %

Dallas, TX

38.9 %

$1,659

0.7 %

$3,205

1.6 %

Houston, TX

32.2 %

$1,638

0.1 %

$2,665

1.9 %

Washington, DC

-5.6 %

$2,407

1.4 %

$4,673

4.1 %

Philadelphia, PA

13.1 %

$1,903

3.3 %

$3,335

6.1 %

Miami, FL

48.9 %

$2,654

1.8 %

$4,259

3.8 %

Atlanta, GA

26.3 %

$1,843

2.1 %

$3,154

2.3 %

Boston, MA

21.2 %

$2,987

2.3 %

$5,926

6.0 %

Phoenix, AZ

43.0 %

$1,720

1.0 %

$3,400

3.1 %

San Francisco, CA

66.9 %

$3,445

11.8 %

$8,931

7.1 %

Riverside, CA

26.9 %

$2,533

2.9 %

$4,689

4.5 %

Detroit, MI

8.4 %

$1,514

4.2 %

$2,267

5.5 %

Seattle, WA

7.7 %

$2,250

1.8 %

$5,817

2.3 %

Minneapolis, MN

21.0 %

$1,736

3.5 %

$3,341

5.4 %

San Diego, CA

29.1 %

$2,967

2.2 %

$7,308

4.8 %

Tampa, FL

23.2 %

$1,991

0.4 %

$3,128

2.8 %

Denver, CO

19.6 %

$1,900

0.0 %

$4,457

2.2 %

Baltimore, MD

-6.1 %

$1,937

2.7 %

$3,337

4.2 %

St. Louis, MO

-1.1 %

$1,427

4.1 %

$2,377

6.8 %

Orlando, FL

21.1 %

$1,929

0.8 %

$3,301

2.3 %

Charlotte, NC

17.6 %

$1,735

1.4 %

$3,057

3.2 %

San Antonio, TX

28.7 %

$1,415

-0.7 %

$2,430

1.8 %

Portland, OR

15.7 %

$1,803

1.1 %

$4,394

3.7 %

Sacramento, CA

22.8 %

$2,269

1.8 %

$4,633

3.9 %

Pittsburgh, PA

7.7 %

$1,467

3.5 %

$1,995

3.9 %

Cincinnati, OH

0.0 %

$1,522

2.8 %

$2,590

5.9 %

Austin, TX

49.3 %

$1,603

0.7 %

$3,696

-0.6 %

Las Vegas, NV

16.9 %

$1,732

0.5 %

$3,272

1.5 %

Kansas City, MO

12.4 %

$1,534

3.8 %

$2,818

7.2 %

Columbus, OH

4.0 %

$1,525

2.9 %

$2,813

4.9 %

Indianapolis, IN

24.2 %

$1,528

3.5 %

$2,449

4.8 %

Cleveland, OH

-5.5 %

$1,440

4.5 %

$2,217

7.3 %

San Jose, CA

82.5 %

$3,812

8.3 %

$11,845

4.3 %

Nashville, TN

15.0 %

$1,803

1.2 %

$3,558

3.5 %

Virginia Beach, VA

40.0 %

$1,886

7.1 %

$3,095

6.6 %

Providence, RI

-1.3 %

$2,166

4.2 %

$4,331

7.4 %

Jacksonville, FL

35.5 %

$1,680

2.2 %

$3,037

3.6 %

Milwaukee, WI

6.1 %

$1,549

5.1 %

$3,364

8.9 %

Oklahoma City, OK

14.8 %

$1,384

2.4 %

$2,191

4.5 %

Raleigh, NC

23.2 %

$1,669

1.4 %

$3,487

2.2 %

Memphis, TN

19.0 %

$1,393

1.1 %

$2,116

3.7 %

Richmond, VA

-2.7 %

$1,706

2.5 %

$3,182

6.5 %

Louisville, KY

-6.2 %

$1,339

2.0 %

$2,337

5.3 %

New Orleans, LA

7.9 %

$1,577

1.7 %

$2,424

4.8 %

Salt Lake City, UT

7.4 %

$1,644

0.7 %

$4,337

5.1 %

Hartford, CT

-2.9 %

$1,998

3.5 %

$3,580

8.5 %

Buffalo, NY

24.0 %

$1,451

3.8 %

$2,274

7.6 %

Birmingham, AL

23.9 %

$1,404

2.9 %

$2,116

6.3 %

*Table ordered by market size

About Zillow Group:

Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.

As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.

Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.

(ZFIN)

1 The Zillow Observed Renter Demand Index (ZORDI) is a measure of the typical observed rental market engagement across a region. It tracks engagement on Zillow's rental listings to proxy changes in rental demand and is smoothed to remove volatility.
2 Reflects the typical new home buyer's monthly payment on a typical home (Zillow Home Value Index) with 10% down and a 30-year fixed rate, including principal and interest, property taxes and insurance.

SOURCE Zillow

In LUCENT-2, more than one in four (27.7%) Omvoh-treated patients with ulcerative colitis achieved comprehensive disease control, a novel composite outcome defined by simultaneous symptomatic, endoscopic and histologic remission, biomarker normalization and no corticosteroid use

In VIVID-1, one in five (20.4%) Omvoh-treated patients with Crohn's disease achieved corticosteroid-free deep remission, a composite outcome defined by simultaneous clinical remission, endoscopic remission and no corticosteroid use
 

Across both types of inflammatory bowel disease, including patients with prior biologic failure, achieving comprehensive disease control or corticosteroid-free deep remission was associated with improved patient-reported outcomes

, /PRNewswire/ -- New data analyses from Eli Lilly and Company (NYSE: LLY) show patients with moderately to severely active ulcerative colitis (UC) and Crohn's disease treated with Omvoh (mirikizumab-mrkz) achieved multiple treatment goals simultaneously at one year, as measured by comprehensive disease control in UC and corticosteroid-free deep remission in Crohn's disease. These multidimensional outcomes were observed even in patients with prior biologic failure, a population often facing greater treatment challenges. More than one-third of patients in the UC analysis and nearly half of patients in the Crohn's disease analysis had previously experienced biologic treatment failure. Furthermore, patients who achieved these endpoints were more likely to also achieve remission on the Inflammatory Bowel Disease Questionnaire (IBDQ), a validated patient-reported measure of health-related quality of life. Together, these findings reflect an evolution of treatment goals in inflammatory bowel disease (IBD), looking across symptoms, inflammation and impact of disease on daily life to support a more holistic, patient-centered approach that goes beyond clinical remission. These post-hoc data from the LUCENT and VIVID programs will be presented at United European Gastroenterology (UEG) Week 2026.1,2

"Treatment in inflammatory bowel disease is often measured one endpoint at a time. These new data show that patients treated with Omvoh achieved multiple treatment goals simultaneously at one year, including those with prior biologic failure, and were more likely to report better quality of life," said Anabela Cardoso, senior vice president, Lilly Immunology Medical Affairs. "These findings reinforce the impact that Omvoh can have for people living with ulcerative colitis and Crohn's disease and show that a higher bar for disease control is achievable."

A comprehensive approach to IBD management considers multiple dimensions of disease, including the symptoms patients experience, what clinicians can objectively measure and how disease affects daily life.3-4 In previously published real-world studies, improvements across multiple dimensions of disease have been associated with a lower risk of flares, steroid use, hospitalization and surgery over time.4-7

"Inflammatory bowel disease is complex, and understanding treatment impact requires a broader view than any single endpoint can provide. These endpoints reflect a meaningful shift in how we define treatment success," said Stefan Schreiber, M.D., University Hospital Schleswig-Holstein, Christian-Albrecht University of Kiel. "Across the LUCENT and VIVID programs, Omvoh-treated patients achieved multidimensional treatment outcomes, including comprehensive disease control in ulcerative colitis and corticosteroid-free deep remission in Crohn's disease. Importantly, these outcomes were also observed in patients with prior biologic failure."

Comprehensive disease control with Omvoh in ulcerative colitis
Comprehensive disease control is a novel composite outcome, informed by an international expert consensus3, that combines clinical remission*, no corticosteroid use for at least 12 weeks before Week 52, histologic remission† and fecal calprotectin ≤250 μg/g. Omvoh is the first IL-23p19 inhibitor evaluated for comprehensive disease control in UC, reflecting an evolving approach to treatment goals that goes beyond individual measures of disease activity for people living with UC. 

Comprehensive disease control was evaluated in a post hoc analysis at one year in patients with UC who responded to Omvoh at Week 12 in the LUCENT-1 induction study and were re-randomized in LUCENT-2 to continue Omvoh or receive placebo. More than one-third of patients (35.3%) had previously experienced biologic treatment failure.

At one year:1 

27.7% of patients treated with Omvoh achieved comprehensive disease control compared with 14% receiving placebo.‡ Among patients with prior biologic failure, 23.4% of those treated with Omvoh achieved comprehensive disease control compared with 9.4% receiving placebo.‡ Among Omvoh-treated patients, 91.1% of those who achieved comprehensive disease control also achieved IBDQ remission§, compared with 65.2% of those who did not achieve comprehensive disease control. Omvoh-treated patients who achieved comprehensive disease control were also more likely to report no to minimal bowel urgency (bowel urgency remission) and greater improvements in work productivity than those who did not achieve comprehensive disease control.∥  Corticosteroid-free deep remission with Omvoh in Crohn's disease
Corticosteroid-free deep remission was evaluated in a post hoc analysis at one year in patients with Crohn's disease in VIVID-1. Nearly half of patients (48.6%) had previously experienced biologic treatment failure. Corticosteroid-free deep remission is a composite outcome that combines clinical remission (as measured by the Crohn's Disease Activity Index), endoscopic remission and no corticosteroid use for at least 12 weeks before Week 52.¶

At one year:2 

20.4% of patients receiving Omvoh achieved corticosteroid-free deep remission compared with 2% receiving placebo.# Among patients with prior biologic failure, 15.7% of those treated with Omvoh achieved corticosteroid-free deep remission compared with none of those receiving placebo.# Among Omvoh-treated patients, 88.1% of those who achieved corticosteroid-free deep remission also achieved IBDQ remission§, compared with 51% of those who did not achieve corticosteroid-free deep remission. The safety findings observed in the Phase 3 LUCENT and VIVID clinical trial programs have been reported previously. The most common adverse reactions associated with Omvoh treatment in LUCENT-1 and -2 (reported in at least 2% of subjects at a higher frequency than placebo) were upper respiratory tract infections, injection site reactions, arthralgia, rash, headache and herpes viral infection. In VIVID-1, the most common adverse reactions associated with Omvoh treatment (reported in at least 5% of subjects at a higher frequency than placebo) were upper respiratory tract infections, injection site reactions, headache, arthralgia and elevated liver tests.8

Omvoh has received regulatory approvals for the treatment of moderately to severely active UC and moderately to severely active Crohn's disease in adults and has been approved in 47 countries. Omvoh is also approved as a single-injection maintenance regimen for adults with UC in several countries around the world, including the U.S., EU, Canada and Japan.

Lilly continues to advance the standard of care in gastroenterology through the next wave of immunology innovation, including combination approaches, novel mechanisms and the potential of incretins. Lilly is pursuing combination studies of mirikizumab aimed at delivering breakthrough induction efficacy while maintaining long-term remission and safety. These include studies in UC with eltrekibart (NCT06598943), a monoclonal antibody that targets neutrophil-driven inflammation, and with zotemtegrast (NCT07186101), an oral α4β7 integrin inhibitor. In Crohn's disease, Lilly is studying mirikizumab in combination with an FXR agonist (NCT07483099). The COMMIT-UC (NCT06937086) and COMMIT-CD (NCT06937099) trials are investigating the concomitant use of mirikizumab and an incretin-based therapy in adults with UC or Crohn's disease and obesity or overweight with at least one additional weight-related comorbid condition. In addition, trials of mirikizumab in pediatric patients are ongoing, including a long-term extension study in UC and Crohn's disease (NCT04844606) and an ongoing Phase 3 study in pediatric Crohn's disease (NCT05509777).

About the LUCENT Clinical Trial Program
Omvoh was studied in two Phase 3 clinical trials which evaluated the efficacy and safety of Omvoh in adults with moderately to severely active UC, in both biologic-naïve patients and those who had previously failed a biologic or Janus kinase inhibitor (JAKi).

The randomized, double-blind, placebo-controlled LUCENT-1 (induction) study included patients with an inadequate response, loss of response, or intolerance to corticosteroids, immunomodulators, biologic therapy, or JAKi, and LUCENT-2 (maintenance) evaluated continued treatment versus placebo in patients who achieved a clinical response to Omvoh in LUCENT-1.

About the VIVID Clinical Trial Program
VIVID-1 was a Phase 3 randomized, double-blind, placebo-controlled 52-week study in adults with moderately to severely active Crohn's disease. Patients randomized to Omvoh received Omvoh 900 mg by intravenous (IV) infusion at Week 0, Week 4 and Week 8, followed by a maintenance dose of 300 mg by subcutaneous injection (SC) at Week 12 and then every four weeks (Q4W) for 40 weeks.

About Omvoh
Omvoh (mirikizumab-mrkz) is an interleukin-23p19 (IL-23p19) antagonist indicated for the treatment of moderately to severely active ulcerative colitis and Crohn's disease in adults. Omvoh selectively targets the p19 subunit of IL-23 and inhibits the IL-23 pathway. Inflammation due to over-activation of the IL-23 pathway plays a critical role in the pathogenesis of inflammatory bowel disease.8

Omvoh and its delivery device base are trademarks owned by Eli Lilly and Company.

Endnotes and References
*Clinical remission (based on the modified Mayo score [mMS]): stool frequency subscore=0 or 1 with a ≥1-point decrease from baseline, and rectal bleeding subscore=0, and endoscopic subscore (ES)=0 or 1 (excluding friability).
†Histologic remission: Geboes subscores of 0 for grades 2b (neutrophils in lamina propria), 3 (neutrophils in epithelium), 4 (crypt destruction) and 5 (erosion or ulceration).
‡In LUCENT-2, patients randomized to placebo had achieved clinical response with Omvoh during LUCENT-1 induction and were then re-randomized to discontinue from Omvoh and receive placebo through the maintenance period. Patients randomized to Omvoh continued treatment, for a total of 52 weeks from induction baseline.
§Inflammatory Bowel Disease Questionnaire (IBDQ) remission: total score ≥170.
∥No to minimal bowel urgency (bowel urgency remission) was defined as an Urgency NRS score of 0 or 1; work productivity assessed using the Work Productivity and Activity Impairment Questionnaire for UC (WPAI).
¶Corticosteroid-free Crohn's Disease Activity Index (CDAI)-based deep remission: CDAI <150, endoscopic remission (SES-CD ≤4 and ≥2-point reduction from baseline with no subscore >1) and no corticosteroid use during the 12 weeks before Week 52.
#Patients receiving placebo in VIVID-1 were randomized to placebo at baseline. Those who did not respond by Week 12 switched to Omvoh and were counted as non-responders in this analysis.

1Schreiber S, et al. Mirikizumab therapy enables comprehensive disease control with improved quality of life in patients with moderately-to-severely active ulcerative colitis: a post-hoc analysis of Phase 3 LUCENT-1 and LUCENT-2 trials. American College of Gastroenterology (ACG) Annual Scientific Meeting; October 11, 2026; Nashville, TN. P-1182.
2Schreiber S, et al. Mirikizumab effect on deep remission with improved quality of life in moderately to severely active Crohn's disease: a post hoc analysis from VIVID-1. United European Gastroenterology Week 2026;. October 18, 2026; Barcelona, Spain. MP0290.
3Schreiber, S, Danese, S, Dignass, A, et al. Defining comprehensive disease control for use as a treatment target for ulcerative colitis in clinical practice: International Delphi consensus recommendations. J Crohns Colitis. 2024;18(1):91–105. https://doi.org/10.1093/ecco-jcc/jjad130
4Fanizzi, F, D'Amico, F, Peyrin-Biroulet, L, Danese, S, & Dignass, A. Treatment targets in IBD: Is it time for new strategies? Best Pract Res Clin Gastroenterol. 2025;77:101990. https://doi.org/10.1016/j.bpg.2025.101990
5Shehab M, et al. Histological disease activity as predictor of clinical relapse, hospitalization, and surgery in inflammatory bowel disease: systematic review and meta-analysis. Inflamm Bowel Dis. 2024;30(4):563-572. doi:10.1093/ibd/izad119
6Andronic AM, Toader E. P398 Disease clearance: a potential target for management of patients with ulcerative colitis. J Crohns Colitis. 2023;17(Suppl 1):i529. doi:10.1093/ecco-jcc/jjac190.0528
7Pai RK, D'Haens G, Kobayashi T, et al. Histologic assessments in ulcerative colitis: the evidence behind a new endpoint in clinical trials. Expert Rev Gastroenterol Hepatol. 2024;18(1-3):73-87. doi:10.1080/17474124.2024.2326838
8Omvoh. Prescribing Information. Lilly USA, LLC.

Indications and Usage for Omvoh® (mirikizumab-mrkz) (in the United States)
Omvoh is an interleukin-23 antagonist indicated for adults with:

Moderately to severely active ulcerative colitis Moderately to severely active Crohn's disease Important Safety Information for Omvoh (mirikizumab-mrkz)

CONTRAINDICATIONS

Omvoh is contraindicated in patients with a history of serious hypersensitivity reaction to mirikizumab-mrkz or any of the excipients.

WARNINGS AND PRECAUTIONS

Hypersensitivity Reactions
Serious hypersensitivity reactions, including anaphylaxis during intravenous infusion, have been reported with Omvoh administration. Infusion-related hypersensitivity reactions, including mucocutaneous erythema and pruritus, were reported during induction. If a severe hypersensitivity reaction occurs, discontinue Omvoh immediately and initiate appropriate treatment.

Infections
Omvoh may increase the risk of infection. Do not initiate treatment with Omvoh in patients with a clinically important active infection until the infection resolves or is adequately treated. In patients with a chronic infection or a history of recurrent infection, consider the risks and benefits prior to prescribing Omvoh. Instruct patients to seek medical advice if signs or symptoms of clinically important acute or chronic infection occur. If a serious infection develops or an infection is not responding to standard therapy, monitor the patient closely and do not administer Omvoh until the infection resolves.

Tuberculosis
Evaluate patients for tuberculosis (TB) infection prior to initiating treatment with Omvoh. Do not administer Omvoh to patients with active TB infection. Initiate treatment of latent TB prior to administering Omvoh. Consider anti-TB therapy prior to initiation of Omvoh in patients with a history of latent or active TB in whom an adequate course of treatment cannot be confirmed. Monitor patients for signs and symptoms of active TB during and after Omvoh treatment. In clinical trials, subjects were excluded if they had evidence of active TB, a history of active TB, or were diagnosed with latent TB at screening.

Hepatotoxicity
Drug-induced liver injury in conjunction with pruritus was reported in a clinical trial subject following a longer than recommended induction regimen. Omvoh was discontinued. Liver test abnormalities eventually returned to baseline. Evaluate liver enzymes and bilirubin at baseline and for at least 24 weeks of treatment. Monitor thereafter according to routine patient management. Consider other treatment options in patients with evidence of liver cirrhosis. Prompt investigation of the cause of liver enzyme elevation is recommended to identify potential cases of drug-induced liver injury. Interrupt treatment if drug-induced liver injury is suspected, until this diagnosis is excluded. Instruct patients to seek immediate medical attention if they experience symptoms suggestive of hepatic dysfunction.

Immunizations
Avoid use of live vaccines in patients treated with Omvoh. Medications that interact with the immune system may increase the risk of infection following administration of live vaccines. Prior to initiating therapy, complete all age-appropriate vaccinations according to current immunization guidelines. No data are available on the response to live or non-live vaccines in patients treated with Omvoh.

ADVERSE REACTIONS
Most common adverse reactions associated with Omvoh (≥2% of subjects and at a higher frequency than placebo) in ulcerative colitis treatment are upper respiratory tract infections and arthralgia during the induction study (UC-1), and upper respiratory tract infections, injection site reactions, arthralgia, rash, headache, and herpes viral infection during the maintenance study (UC-2). Most common adverse reactions associated with Omvoh in the Crohn's disease study (CD-1) (≥5% of subjects and at a higher frequency than placebo) are upper respiratory tract infections, injection site reactions, headache, arthralgia, and elevated liver tests.

Omvoh injection is available as a 300 mg/15 mL solution in a single-dose vial for intravenous infusion, and as a 100 mg/mL solution or a 200 mg/2 mL solution in a single dose prefilled pen or prefilled syringe for subcutaneous injection. Refer to the Prescribing Information for dosing information.

MR HCP ISI CD APP

Click to access provided Prescribing Information and Medication Guide. See Instructions for Use provided with the device.

About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. P-LLY

Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Omvoh (mirikizumab-mrkz) as a treatment for people with moderately to severely active ulcerative colitis and moderately to severely active Crohn's disease and reflects Lilly's current beliefs and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development and commercialization. Among other things, there is no guarantee that future study results will be consistent with the results to date, or that Lilly will execute its strategies as planned. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly's expectations, see Lilly's Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

SOURCE Eli Lilly and Company

 | Source: Cronos Group Inc.

Cronos acquires CanAdelaar for a base purchase price of €57.5 million plus cash earnout of 0.5x Normalized EBITDA1 in 2026 and 2027

Establishes Cronos’ European platform with #1 market share2 in the largest adult-use cannabis market in Europe3

Enables borderless product strategy, leveraging investments in genetics, R&D, and product development

TORONTO, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos” or the “Company”), an innovative global cannabis company, today announced that it has completed its previously announced acquisition of CanAdelaar B.V. (“CanAdelaar”), the largest cannabis company operating within the Netherlands’ adult-use cannabis pilot program, the Wietexperiment.

Under the terms of the definitive share sale and purchase agreement (the “Purchase Agreement”) announced on December 9, 2025, as amended, Cronos acquired all the outstanding shares of CanAdelaar for a base purchase price of €57.5 million, subject to closing and post-closing adjustments. In addition, contingent consideration is payable in cash in amounts equal to 0.5x CanAdelaar’s Normalized EBITDA in each of 2026 and 2027. The base purchase price represents approximately 1.4x CanAdelaar net revenue and 2.9x CanAdelaar Adjusted EBITDA based on 1H 2026 annualized results.4

“This is a milestone for Cronos,” said Mike Gorenstein, Chairman, President and CEO of Cronos. “With the completion of this transaction, we have established a meaningful and scalable platform in Europe’s largest adult-use cannabis market. CanAdelaar is the clear market leader in the Wietexperiment, with a proven operational track record, strong management team, and leading market share. We are excited to welcome the CanAdelaar team to Cronos and accelerate execution of our borderless product strategy in the Netherlands. With our preparations well underway, we look forward to bringing our innovative, borderless products to Dutch adult-use consumers.”

_______________
1 As defined in the Purchase Agreement.
2 Market share measurement based on volume sold and revenue. Market share information provided by CanAdelaar management, based on their surveying of Wietexperiment coffee shops in Q2 2026.
3 Sources: Cronos and CanAdelaar estimates, Prohibition Partners, Statista, Hanf Journal, which compare the market size of the Wietexperiment to the market sizes of the adult-use cannabis markets in (i) Malta, (ii) Switzerland (within pilot programs across certain cities), and (iii) Germany (within non-profit communal cultivation associations).
4 Based on CanAdelaar net revenue and CanAdelaar Adjusted EBITDA for the six months ended June 30, 2026, with Adjusted EBITDA reflecting an add-back of €0.2M of legal expenses in the period. Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two. They are not actual full-year results or forecasts. The underlying unaudited financial information was provided by CanAdelaar management and prepared under Dutch generally accepted accounting principles (“Dutch GAAP”). CanAdelaar Adjusted EBITDA is a non-GAAP financial measure.

“Joining Cronos is a natural next step for CanAdelaar,” said Christopher Martens, former CEO of CanAdelaar and newly appointed General Manager, Cronos Netherlands. “Our team has built a leading operation in the Wietexperiment, and with Cronos’ product innovation and global resources, we are well positioned to serve Dutch adult-use consumers and support the continued success of the program. We believe the experiment provides an important opportunity to build a strong evidence base around the regulated production and supply of cannabis and to help inform the future development of Dutch cannabis policy.”

The Wietexperiment is a government-led adult-use cannabis pilot program designed to establish a closed, regulated cannabis supply chain across ten participating municipalities. Under the Wietexperiment, all 69 coffee shops (cannabis retailers) in the ten participating municipalities5 may no longer operate within the legacy ‘tolerated’ market and are required to source their cannabis products exclusively from the ten licensed producers. The framework prohibits the import and export of cannabis products and sales between licensed producers; cannabis produced under the program may only be supplied to coffee shops in the ten participating municipalities.

CanAdelaar is headquartered in Voorne aan Zee, Netherlands, and operates a 540,000-square-foot greenhouse facility encompassing cultivation, processing, production and packaging. The company supplies nearly all 69 coffee shops participating in the Wietexperiment with a portfolio of cannabis products sold under its CanAdelaar Original Grow (“C.O.G.”) brand.

The completion of the acquisition positions Cronos as the leader in the Wietexperiment, Europe’s largest adult-use cannabis market, establishes a European operating platform for Cronos’ borderless product strategy, and provides Cronos a role in a thoughtfully designed regulatory framework for adult-use cannabis.

CanAdelaar’s existing management team will continue to lead the business following the acquisition, operating within Cronos’ global framework. Cronos expects a smooth integration and will continue to focus on regulatory compliance, operational excellence, and responsible adult-use cannabis consumption.

_______________
5 CanAdelaar estimated coffee shop count within the Wietexperiment as of October 2026.

Transaction Overview
Under the terms of the Purchase Agreement, the base purchase price is €57.5 million, subject to closing and post-closing adjustments. In addition, contingent consideration is payable in cash in amounts equal to 0.5x CanAdelaar’s Normalized EBITDA, as defined in the Purchase Agreement, for each of 2026 and 2027.

Immediately prior to closing, Cronos’ wholly owned subsidiary, CGM B.V., waived all its contractual closing conditions pursuant to an addendum to the Purchase Agreement. Ring International Holding AG, one of the sellers, provided additional indemnities in respect of certain regulatory and environmental matters, subject to contractual limitations. Further details regarding the addendum are provided in the Company’s Current Report on Form 8-K regarding the acquisition.

CanAdelaar Highlights

The only large-scale greenhouse cultivator in the Wietexperiment, with the other licensed producers operating indoor grow facilities.Current cultivation yield of approximately 20,000 kg of dried flower annually.6Leading Wietexperiment market share.7Sales commenced in the fourth quarter of 2023, with net revenue growing to €15.2 million in 2024, €40.6 million in the twelve months ended September 30, 2025, and €41.6 million annualized for the six months ended June 30, 2026.8CanAdelaar Adjusted EBITDA of €6.9 million in 2024, €24.2 million in the twelve months ended September 30, 2025, and €20.1 million annualized for the six months ended June 30, 2026.9 The decline from the twelve months ended September 30, 2025 to the annualized result for the six months ended June 30, 2026 primarily reflects increased competition now that the Wietexperiment is fully operational and all licensed producers are participating. Strategic Rationale
The acquisition is expected to provide strategic and financial benefits that will further Cronos’ position as a leading global cannabis company, including:

Enabling Borderless Product Strategy: a platform to bring Cronos’ investments in genetic breeding, product development and brand portfolio to Dutch adult-use consumers. With over 60% of CanAdelaar’s revenue generated by cannabis flower,10 Cronos sees room to expand the genetic offering and bring innovation into derivative product categories permitted under the Wietexperiment.Competitive Positioning and Aligned Operations: CanAdelaar has the highest market share11 within the Wietexperiment and is the only large-scale greenhouse cultivator of the ten licensed producers, providing an advantaged cost position and a differentiated value proposition.Compelling Financial Profile: the base purchase price of €57.5 million12 represents approximately 1.4x net revenue and 2.9x CanAdelaar Adjusted EBITDA based on 1H 2026 annualized results.13Upside Through Potential Expansion of the Dutch Adult-Use Cannabis Program: the Wietexperiment permits the regulated sale of cannabis for adult-use in ten Dutch municipalities (which do not include Amsterdam), covering 69 of a total of 562 coffee shops in the Netherlands and approximately 1.7 million residents of a total Dutch population of 18.1 million,14 which could significantly expand the addressable market if the Wietexperiment is extended to more municipalities or nationwide. Cronos is encouraged by the interim report on the Wietexperiment commissioned by the Dutch government and published in September 2026, which reported that initial experiences are predominantly positive.15Thoughtful Regulatory Setup to Promote Responsible Adult Use: the Wietexperiment is well-designed and regulated to ensure product testing, quality control and transparency, as well as to allow cannabis sales to adult consumers only, serving as a potential model for other EU countries. Cronos is committed to the continuity of the Wietexperiment and cooperation with regulators, municipalities, and all industry stakeholders to ensure its long-term success. Additional information regarding the transaction is available on Cronos’ website under “Investor Relations” and in the Company’s filings on EDGAR and SEDAR+.

_______________
6 CanAdelaar management estimates.
7 Market share measurement based on volume sold and revenue. Market share information provided by CanAdelaar management, based on their surveying of Wietexperiment coffee shops in Q2 2026.
8 Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two. They are not actual full-year results or forecasts. CanAdelaar net revenue is provided by CanAdelaar management, unaudited and prepared under Dutch GAAP.
9 CanAdelaar Adjusted EBITDA is a non-GAAP financial measure derived from unaudited financial information provided by CanAdelaar management and prepared under Dutch GAAP. Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two, with CanAdelaar Adjusted EBITDA reflecting an add-back of €0.2M of legal expenses for the six-month period.
10 CanAdelaar management estimate, unaudited, for twelve months ended June 30, 2026.
11 Market share measurement based on volume sold and revenue. Market share information provided by CanAdelaar management, based on their surveying of Wietexperiment coffee shops in Q2 2026.
12 Base purchase price refers to the €57.5 million base amount before closing and post-closing adjustments including adjustments for CanAdelaar’s net debt position.
13 Based on CanAdelaar net revenue and CanAdelaar Adjusted EBITDA for the six months ended June 30, 2026, with CanAdelaar Adjusted EBITDA reflecting an add-back of €0.2M of legal expenses in the period. Annualized figures were calculated by multiplying CanAdelaar’s results for the six months ended June 30, 2026 by two. They are not actual full-year results or forecasts. The underlying unaudited financial information was provided by CanAdelaar management and prepared under Dutch generally accepted accounting principles (“Dutch GAAP”). CanAdelaar Adjusted EBITDA is a non-GAAP financial measure.
14 Coffee shop count sources: count within the Wietexperiment is CanAdelaar estimate as of October 2026, nationwide count source is Scientific Research and Data Center (WODC) of the Netherlands’ Ministry of Justice and Security, as of March 31, 2025; population source: Centraal Bureau voor de Statistiek.
15 Source: Scientific Research and Data Center (WODC) of the Netherlands’ Ministry of Justice and Security, September 9, 2026; https://www.wodc.nl/actueel/nieuws/2026/09/09/mogelijke-effecten-wietexperiment-nog-niet-vast-te-stellen; translated from Dutch.

About Cronos
Cronos is a global cannabis company focused on scaling leading consumer goods products through R&D and innovation. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos’ diverse international brand portfolio includes Spinach®, PEACE NATURALS®, LIT™, Lord Jones® and C.O.G. For more information about Cronos and its brands, please visit: thecronosgroup.com.

Forward-Looking Statements
This press release may contain information that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, “Forward-looking Statements”). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements regarding the integration of CanAdelaar and the anticipated strategic and financial benefits of the acquisition; Cronos’ borderless product strategy in the Netherlands; CanAdelaar’s future operations and management; the potential continuation or expansion of the Wietexperiment, its addressable market and its potential as a model for other countries; and the outcomes and financial effects of outstanding regulatory and environmental matters and related contractual adjustments and indemnities. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks. Forward-looking Statements are not guarantees of future performance, and actual results, performance or achievements may differ materially from those expressed or implied by them. A discussion of some of the material risks applicable to the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, each of which has been filed on SEDAR+ and EDGAR and can be accessed at www.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.

For further information, please contact:
Harrison Aaron
Investor Relations
Tel: (416) 504-0004
[email protected]

Media Inquiries
Tel: (416) 504-0004
[email protected]

Dutch Media Contact
Daan Horbach
[email protected]

Healthy customer demand supports continued momentum

, /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) today announced results for the quarter ended September 30, 2026.

Net earnings per diluted share was $0.86, compared with $0.82 for the same period in 2025. Core funds from operations (Core FFO)* per diluted share was $1.60, compared with $1.49 for the same period in 2025. Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.61, compared with $1.50 for the same period in 2025. "We executed well on our plan this quarter, signing 60 million square feet of leases and announcing nearly $2.3 billion of transactions," said Daniel S. Letter, chief executive officer of Prologis. "Customers are running lean on inventory, and excess capacity within their networks has largely cleared. We see healthy demand supported by e-commerce, advanced manufacturing and the build-out of the data center supply chain."

Letter added: "On SEGRO, shareholder approval was an important milestone in bringing our two companies together. We look forward to completing the transaction and expanding our platform in Europe, increasing the scale at which we can serve customers."

"Our financial results reflect another quarter of strong operating performance and disciplined capital allocation," said Timothy D. Arndt, chief financial officer of Prologis. "That performance, together with the strength of our balance sheet, gives us the capacity and flexibility to continue investing in growth even in a higher interest rate environment."

OPERATING PERFORMANCE 

Owned & Managed

     3Q26

Average Occupancy

95.1 %

Period End Occupancy

95.6 %

Leases Commenced (Operating and Development Portfolio)             

55.9 MSF

Retention

75.9 %

Prologis Share

3Q26

Average Occupancy

95.1 %

Cash Same Store NOI* Growth

5.9 %

Net Effective Rent Change

38.0 %

Cash Rent Change

23.4 %

 DEPLOYMENT ACTIVITY

Prologis Share

          3Q26

Acquisitions

$702M

     Weighted avg stabilized cap rate (excluding other real estate)          

4.2 %

Development Stabilizations

$401M

     Estimated weighted avg yield

5.6 %

     Estimated weighted avg margin

9.7 %

     Estimated value creation

$39M

     % Build-to-suit

17.5 %

Development Starts

$964M

     Estimated weighted avg yield

6.6 %

     Estimated weighted avg margin

16.1 %

     Estimated value creation

$155M

     % Build-to-suit

18.3 %

Total Dispositions and Contributions

$169M

Weighted avg stabilized cap rate (excluding land, properties under
development, and other real estate)

5.1 %

BALANCE SHEET STRENGTH & LIQUIDITY
During the quarter, the company:

Closed, together with its co-investment ventures, an aggregate of $1.3 billion of debt at a weighted average interest rate of 4.0% and a weighted average term of 4.5 years. As of quarter-end:

Total available liquidity was approximately $8.8 billion. Debt-to-Adjusted EBITDA* was 4.5x and debt as a percentage of total market capitalization was 23.9%. The weighted average interest rate on the company's share of total debt was 3.3%, with a weighted average term of 7.6 years. Forecasted earnings for 2026, 2027 and 2028 are 99%, 98% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD. 2026 GUIDANCE 
Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.

2026 GUIDANCE 

Earnings (per diluted share)**

Previous

Current

Net earnings attributable to common
stockholders

$4.40 to $4.55

$4.05 to $4.15

Core FFO attributable to common
stockholders/unitholders*

$6.22 to $6.30

$6.25 to $6.29

Core FFO attributable to common
stockholders/unitholders, excluding Net
Promote Income (Expense)*

$6.22 to $6.30

$6.25 to $6.29

  ** Note: Please refer to section titled "U.K. Takeover Code Required Disclosure in Connection With Offer
for SEGRO plc" below.

Operations - Prologis Share

Previous

Current

Average occupancy

95.25% to 95.75%

95.25% to 95.50%

Cash Same Store NOI*

6.75% to 7.25%

7.00% to 7.50%

Net Effective Same Store NOI*

5.25% to 5.75%

5.50% to 6.00%

Strategic Capital (in millions)

Previous

Current 

Strategic Capital revenue, excluding promote
revenue

$660 to $680

$650 to $660

Net Promote Income (Expense)1

$0

$0

 G&A (in millions)

 Previous

 Current 

General & administrative expenses

$510 to $525

$515 to $525

Capital Deployment - Prologis Share (in millions)2

Previous 

Current 

Development stabilizations

$2,250 to $2,750

$2,500 to $3,000

Development starts

$4,500 to $5,500

$5,000 to $5,750

Acquisitions

$1,500 to $2,000

$2,100 to $2,300

Contributions

$2,000 to $2,500

$1,750 to $2,250

Dispositions

$2,250 to $2,750

$1,750 to $2,500

Realized development gains

$600 to $700

$600 to $700

1.

Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods.

2.

Inclusive of data centers.

*‌

This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.

The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC's website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.

U.K. TAKEOVER CODE REQUIRED DISCLOSURE IN CONNECTION WITH OFFER FOR SEGRO PLC
Prologis' Earnings (per diluted share) guidance set forth above (the "Profit Forecast") constitutes a profit forecast for the purposes of Rule 28 of the U.K. City Code on Takeovers and Mergers (the "Code"). The U.K. Takeover Panel has granted Prologis a dispensation from the Code requirement to include a report from a reporting accountant and Prologis' financial advisers in respect of the Profit Forecast. SEGRO plc has agreed to Prologis receiving this dispensation, on the basis that: (i) the Profit Forecast is presented on a basis consistent with Prologis' ordinary course quarterly guidance; and (ii) the Prologis board of directors is providing the confirmations in respect of the Profit Forecast stated below. The U.K. Takeover Panel has granted its dispensation on the same basis.

Prologis' board of directors has considered the Profit Forecast and confirms that the Profit Forecast is valid and has been properly compiled on the basis of the assumptions, and subject to the factors, set forth in the "Forward-Looking Statements" disclaimer below and that the basis of accounting used in preparing the Profit Forecast is consistent with the accounting policies of Prologis.

The Profit Forecast and certain other statements set forth in this announcement constitute "forward-looking statements" as described in the "Forward-Looking Statements" disclaimer below, and investors should consider the Profit Forecast and such other statements in the context of being so disclaimed.

OCTOBER 15, 2026, CALL DETAILS
The call will take place on Thursday, October 15, 2026, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.

A telephonic replay will be available October 15 - October 29 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."

ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.

FORWARD-LOOKING STATEMENTS
The statements in this document 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. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to the combination with SEGRO plc ("SEGRO"), rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including those specific to data center development and the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) Prologis' and SEGRO's ability to complete the combination on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties relating to satisfying the conditions to the combination and relating to failure to realize the expected benefits or synergies of the combination; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

dollars in millions, except per share/unit data

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Rental and other revenues

$                             2,224

$                             2,064

$                                6,544

$                                6,098

Strategic capital revenues

164

150

567

439

Total revenues

2,388

2,214

7,111

6,537

Net earnings attributable to common stockholders

816

763

2,857

1,924

Core FFO attributable to common stockholders/unitholders*

1,545

1,426

4,544

4,178

AFFO attributable to common stockholders/unitholders*

1,207

1,064

4,002

3,184

Adjusted EBITDA attributable to common stockholders/unitholders*

2,081

1,868

6,401

5,428

Estimated value creation from development stabilizations - Prologis Share

39

169

516

473

Common stock dividends and common limited partnership unit distributions

1,045

967

3,097

2,898

Per common share - diluted:

Net earnings attributable to common stockholders

$                               0.86

$                              0.82

$                                  3.04

$                                 2.06

Core FFO attributable to common stockholders/unitholders*

1.60

1.49

4.73

4.37

Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*

1.61

1.50

4.72

4.41

Business line reporting:

Real estate* 

1.54

1.43

4.53

4.19

Strategic capital* 

0.06

0.06

0.20

0.18

Core FFO attributable to common stockholders/unitholders*

1.60

1.49

4.73

4.37

Realized development gains, net of taxes*

0.08

0.01

0.47

0.05

Dividends and distributions per common share/unit

1.07

1.01

3.21

3.03

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

in thousands

September 30, 2026

June 30, 2026

December 31, 2025

Assets:

Investments in real estate properties:

Operating properties

$                                                  83,327,950

$                                                   82,117,896

$                                                  80,561,020

Development portfolio

3,168,563

2,741,535

3,019,009

Land

4,794,539

4,802,617

4,888,153

Other real estate investments

7,468,798

7,351,737

6,661,174

98,759,850

97,013,785

95,129,356

Less accumulated depreciation

16,359,720

15,783,188

14,729,149

Net investments in real estate properties   

82,400,130

81,230,597

80,400,207

Investments in and advances to unconsolidated entities

11,505,548

11,467,403

11,093,936

Assets held for sale or contribution

545,788

498,975

203,344

Net investments in real estate

94,451,466

93,196,975

91,697,487

Cash and cash equivalents

2,273,497

1,765,043

1,145,647

Other assets

7,169,743

6,049,854

5,881,122

Total assets

$                                               103,894,706

$                                                101,011,872

$                                                  98,724,256

Liabilities and Equity:

Liabilities:

Debt 

$                                                 36,832,482

$                                                  36,442,085

$                                                  35,037,073

Accounts payable, accrued expenses and other liabilities

6,720,593

6,450,272

5,933,175

Total liabilities

43,553,075

42,892,357

40,970,248

Equity:

Stockholders' equity

55,909,034

53,725,722

53,193,178

Noncontrolling interests

3,312,124

3,304,267

3,316,713

Noncontrolling interests - limited partnership unitholders

1,120,473

1,089,526

1,244,117

Total equity

60,341,631

58,119,515

57,754,008

Total liabilities and equity

$                                                103,894,706

$                                                101,011,872

$                                                  98,724,256

Three Months Ended

Nine Months Ended

     September 30,

September 30,

in thousands, except per share amounts

2026

2025

2026

2025

Revenues:

Rental

$                       2,205,269

$                       2,054,200

$                       6,507,427

$                       6,066,797

Strategic capital 

164,326

150,351

566,757

438,652

Development management and other 

17,923

9,330

36,509

31,966

Total revenues

2,387,518

2,213,881

7,110,693

6,537,415

Expenses:

Rental 

511,715

484,635

1,562,859

1,460,915

Strategic capital 

84,202

69,270

261,681

194,964

General and administrative 

127,597

110,662

384,113

332,234

Depreciation and amortization

710,300

647,999

2,131,324

1,957,278

Other

16,957

8,724

47,246

30,079

Total expenses

1,450,771

1,321,290

4,387,223

3,975,470

Operating income before gains on real estate transactions, net

$                           936,747

$                            892,591

$                        2,723,470

$                      2,561,945

Gains on dispositions of development properties and land, net

51,538

15,435

423,717

53,363

Gains on other dispositions of investments in real estate, net

56,435

32,235

359,924

116,078

Operating income

$                        1,044,720

$                            940,261

$                        3,507,111

$                      2,731,386

Other income (expense):

Earnings from unconsolidated entities, net

155,417

92,827

396,183

268,418

Interest expense

(286,955)

(258,274)

(817,552)

(741,891)

Foreign currency, derivative and other gains (losses) and other income (expense), net     

64,535

100,981

218,809

(53,506)

Gains (losses) on early extinguishment of debt, net

144

—

(1,777)

—

Total other income (expense)

(66,859)

(64,466)

(204,337)

(526,979)

Earnings before income taxes

977,861

875,795

3,302,774

2,204,407

Current income tax benefit (expense)

(59,164)

(59,847)

(196,264)

(124,271)

Deferred income tax benefit (expense)

(38,795)

5,312

(57,839)

2,948

Consolidated net earnings

879,902

821,260

3,048,671

2,083,084

Net earnings attributable to noncontrolling interests

(46,191)

(38,329)

(125,231)

(107,044)

Net earnings attributable to noncontrolling interests - limited partnership units

(16,608)

(18,665)

(62,170)

(47,592)

Net earnings attributable to controlling interests

817,103

764,266

2,861,270

1,928,448

Preferred stock dividends

(1,369)

(1,369)

(4,216)

(4,326)

Net earnings attributable to common stockholders 

$                            815,734

$                              762,897

$                        2,857,054

$                           1,924,122

Weighted average common shares outstanding - Diluted

968,511

956,603

961,350

955,824

Net earnings per share attributable to common stockholders - Diluted

$                                  0.86

$                                    0.82

$                                 3.04

$                                    2.06

    Three Months Ended

Nine Months Ended

September 30,

September 30,

in thousands

2026

2025

2026

2025

Net earnings attributable to common stockholders

$                            815,734

$                              762,897

$                           2,857,054

$                          1,924,122

Add (deduct) NAREIT defined adjustments:

Real estate related depreciation and amortization

683,465

626,093

2,052,673

1,896,978

Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land)      

(56,435)

(32,277)

(358,450)

(115,048)

Adjustments related to noncontrolling interests

(11,268)

(13,142)

(35,361)

(48,888)

Our proportionate share of adjustments related to unconsolidated entities

142,760

138,279

426,100

422,637

NAREIT defined FFO attributable to common stockholders/unitholders*

$                         1,574,256

$                           1,481,850

$                           4,942,016

$                          4,079,801

Add (deduct) our modified adjustments:

Unrealized foreign currency, derivative and other losses (gains), net

12,728

(37,767)

(6,911)

154,948

Deferred income tax expense (benefit)

38,795

(5,312)

57,839

(2,948)

Adjustments related to noncontrolling interests

6

—

503

—

Our proportionate share of adjustments related to unconsolidated entities

437

(1,183)

(5,725)

(2,948)

FFO, as modified by Prologis attributable to common stockholders/unitholders*

$                         1,626,222

$                           1,437,588

$                           4,987,722

$                         4,228,853

Add (deduct) Core FFO defined adjustments:

Gains on dispositions of development properties and land, net

(51,538)

(15,435)

(423,717)

(53,363)

Current income tax expense (benefit) on dispositions

7,413

2,799

15,473

3,602

Losses (gains) on early extinguishment of debt, net

(144)

—

1,777

—

Venture formation costs

—

—

6,049

—

Adjustments related to noncontrolling interests

—

675

271

3,496

Our proportionate share of adjustments related to unconsolidated entities

(37,380)

3

(43,382)

(4,945)

Core FFO attributable to common stockholders/unitholders*

$                         1,544,573

$                           1,425,630

$                           4,544,193

$                         4,177,643

Add (deduct) AFFO defined adjustments:

Gains on dispositions of development properties and land, net

51,538

15,435

423,717

53,363

Current income tax benefit (expense) on dispositions

(7,413)

(2,799)

(15,473)

(3,602)

Straight-line rents and amortization of lease intangibles

(174,807)

(162,529)

(501,708)

(530,691)

Property improvements

(98,490)

(109,397)

(195,773)

(212,536)

Turnover costs

(177,483)

(138,212)

(435,258)

(413,577)

Amortization of debt discount, financing costs and management contracts, net

22,126

21,989

65,512

65,310

Stock compensation amortization expense

49,964

44,509

165,744

141,654

Adjustments related to noncontrolling interests

19,656

25,052

59,285

57,628

Our proportionate share of adjustments related to unconsolidated entities

(22,832)

(55,987)

(108,547)

(151,669)

AFFO attributable to common stockholders/unitholders*

$                         1,206,832

$                          1,063,691

$                          4,001,692

$                         3,183,523

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Three Months Ended

Nine Months Ended

September 30,

September 30,

in thousands

2026

2025

2026

2025

Net earnings attributable to common stockholders

$                                 815,734

$                                   762,897

$                                2,857,054

$                                1,924,122

Gains on other dispositions of investments in real estate, net (excluding development properties and land)

(56,435)

(32,235)

(359,924)

(116,078)

Depreciation and amortization expense

710,300

647,999

2,131,324

1,957,278

Interest charges

254,043

242,992

747,749

694,500

Current and deferred income tax expense, net

97,959

54,535

254,103

121,323

Net earnings attributable to noncontrolling interests - limited partnership units

16,608

18,665

62,170

47,592

NOI adjustments for real estate transactions

(1,740)

1,353

12,450

11,663

Preferred stock dividends

1,369

1,369

4,216

4,326

Unrealized foreign currency, derivative and other losses (gains), net

12,728

(37,767)

(6,911)

154,948

Stock compensation amortization expense

49,964

44,509

165,744

141,654

Losses (gains) on early extinguishment of debt, net

(144)

—

1,777

—

Venture formation costs

—

—

6,049

—

Adjustments related to noncontrolling interests

(28,970)

(32,315)

(99,398)

(97,984)

Our proportionate share of adjustments related to unconsolidated entities

209,127

195,704

624,796

585,130

Adjusted EBITDA attributable to common stockholders/unitholders*

$                              2,080,543

$                              1,867,706

$                              6,401,199

$                              5,428,474

*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.

Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders ("Adjusted EBITDA"), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure is net earnings.

We believe Adjusted EBITDA provides relevant and useful information by offering insight into our operating performance before the effects of financing decisions, income taxes, and certain non-cash or non-recurring charges.

We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of:

gains or losses from the disposition of investments in real estate (excluding development properties and land); depreciation and amortization expense; impairment charges; interest charges; current and deferred income taxes; preferred stock dividends; unrealized gains or losses on foreign currency and derivatives; stock compensation amortization expense; gains from the revaluation of equity investments upon acquisition of a controlling interest; gains or losses on early extinguishment of debt and derivative contracts (including cash charges); and third-party costs associated with the successful formation of new ventures. We also include an adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter.

We calculate Adjusted EBITDA based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of Adjusted EBITDA measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjusting items on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.

While we believe Adjusted EBITDA is an important supplemental measure, it should not be used alone as it excludes significant components of net earnings computed under GAAP and is therefore limited as an analytical tool. We do not use Adjusted EBITDA as an alternative measure to net earnings computed under GAAP or as an alternative to cash from operating activities computed under GAAP or as an indicator of our ability to fund our cash needs. Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders.

Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development. The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business. The amount of Core FFO allocated to the strategic capital line of business represents the third-party share of asset management fees and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group and Net Promote Income (Expense). Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis' respective businesses to other companies' comparable businesses. Prologis' computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures.

Calculation of Per Share Amounts

Three Months Ended

Nine Months Ended

Sep. 30,

Sep. 30,

in thousands, except per share amounts

2026

2025

2026

2025

Net earnings

Net earnings attributable to common stockholders

$             815,734

$              762,897

$           2,857,054

$           1,924,122

Noncontrolling interest attributable to exchangeable limited partnership units

16,781

18,781

62,639

47,592

Adjusted net earnings attributable to common stockholders - Diluted

$             832,515

$              781,678

$           2,919,693

$           1,971,714

Weighted average common shares outstanding - Basic

944,132

928,851

936,252

928,186

Incremental weighted average effect on exchange of limited partnership units

19,778

22,809

20,629

22,958

Incremental weighted average effect of equity awards

4,601

4,943

4,469

4,680

Weighted average common shares outstanding - Diluted

968,511

956,603

961,350

955,824

Net earnings per share - Basic

$                    0.86

$                    0.82

$                    3.05

$                    2.07

Net earnings per share - Diluted

$                    0.86

$                    0.82

$                    3.04

$                    2.06

Three Months Ended

Nine Months Ended

Sep. 30,

Sep. 30,

in thousands, except per share amounts

2026

2025

2026

2025

Core FFO

Core FFO attributable to common stockholders/unitholders

$          1,544,573

$           1,425,630

$           4,544,193

$           4,177,643

Noncontrolling interest attributable to exchangeable limited partnership units

261

273

714

825

Core FFO attributable to common stockholders/ unitholders - Diluted

$          1,544,834

$           1,425,903

$           4,544,907

$           4,178,468

Less: Net Promote Income (Expense)

(10,158)

(12,268)

3,689

(36,598)

Core FFO attributable to common stockholders/ unitholders, excluding Net      
Promote Income (Expense) - Diluted

$          1,554,992

$           1,438,171

$           4,541,218

$           4,215,066

Weighted average common shares outstanding - Basic

944,132

928,851

936,252

928,186

Incremental weighted average effect on exchange of limited partnership units

19,778

22,909

20,629

23,223

Incremental weighted average effect of equity awards

4,601

4,943

4,469

4,680

Weighted average common shares outstanding - Diluted

968,511

956,703

961,350

956,089

Core FFO per share - Diluted

$                    1.60

$                     1.49

$                     4.73

$                     4.37

Core FFO per share, excluding Net Promote Income (Expense) - Diluted

$                    1.61

$                     1.50

$                     4.72

$                     4.41

Development Portfolio includes industrial and non-industrial properties, data centers, yards and parking lots that are under development and properties that are developed but have not met Stabilization. At September 30, 2026, total TEI for yards, parking lots, data centers and non-industrial assets was $2.9 billion on an Owned and Managed basis and $2.8 billion on a Prologis Share basis. We do not disclose square footage for yards and parking lots.

Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn. 

Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI.

Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows:

               Pre-Stabilized

Developments

               2026 Expected Completion

               2027 and Thereafter Expected
Completion

               Total Development Portfolio

U.S.

6.8 %

6.3 %

7.9 %

7.6 %

Other Americas       

5.0 %

8.9 %

8.8 %

8.2 %

Europe

5.0 %

5.5 %

5.9 %

5.4 %

Asia

5.7 %

6.2 %

4.9 %

5.3 %

Total

6.1 %

6.2 %

7.5 %

7.1 %

FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as modified by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core FFO"); AFFO attributable to common stockholders/unitholders ("AFFO"); (collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is commonly used in the real estate industry, with net earnings as the most directly comparable GAAP measure.

The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. This measure excludes similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures.

Our FFO Measures

Our FFO measures begin with NARElT's definition, with certain adjustments to calculate FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect our business and execution of our management strategy. While these adjustments are subject to significant fluctuations from period to period, with both positive and negative short-term impacts, the removal of the effects of these items enhances our understanding of the core operating performance of our properties over the long term.

We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. We use both Core FFO and AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi)  evaluate how a specific potential investment will impact our future results.

We calculate our FFO measures based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjustments on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.

FFO, as modified by Prologis

To arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude:

deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit  in earnings that is excluded from our defined FFO measure; and foreign currency exchange gains and losses resulting from (a) debt transactions between us and our foreign entities; (b) third-party debt that is used to hedge our investment in foreign entities; (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market adjustments associated with derivative and other financial instruments. Core FFO

To arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following:

gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell; income tax expense related to the sale of investments in real estate; impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; gains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock; and third-party costs associated with the successful formation of new ventures. AFFO

To arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, turnover costs and property improvements and exclude the following items that we recognize directly in Core FFO:

straight-line rents; amortization of above- and below-market lease intangibles; amortization of management contracts; amortization of debt premiums and discounts and financing costs, net of amounts capitalized; and stock compensation amortization expense. Limitations on the use of our FFO measures

While we believe our modified FFO measures are important supplemental measures, neither NAREIT's measures or our measures of FFO should be used alone because they exclude significant components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Some of these limitations arise from excluding income tax expense that may be payable or depreciation and amortization expenses that reflect costs necessary to maintain operating performance. In addition, our FFO measure does not reflect changes in asset values resulting from fluctuations in market conditions or foreign currency exchange rates nor costs or benefits from settlement of deferred income taxes or the extinguishment of debt. We do not use NAREIT's measures or our measures of FFO as alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.

We compensate for the limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures from consolidated net earnings attributable to common stockholders.

Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share:

                                             Low

                                        High

Net earnings attributable to common stockholders (a)

$  4.05

$     4.15

Our share of:

Depreciation and amortization

3.28

3.32

Net gains on real estate transactions, net of taxes

(1.12)

(1.22)

Unrealized foreign currency losses (gains), losses (gains) on early

   extinguishment of debt and other, net

0.04

0.04

Core FFO attributable to common stockholders/unitholders

$  6.25

$     6.29

Less: Net Promote Income (Expense)

—

—

Core FFO attributable to common stockholders/unitholders, excluding Net Promote                
Income (Expense)

$  6.25

$     6.29

‌   

(a)

‌

Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or losses
as these items are difficult to predict.

Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt.

Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable.

Operating Portfolio represents industrial properties in our Owned and Managed portfolio that have reached Stabilization. Assets held for sale, Non-Strategic Assets and non-industrial assets are excluded from the portfolio. NOI of our Operating Portfolio excludes net termination fees and adjustments. Prologis Share of NOI includes NOI for the properties contributed to or acquired from co-investment ventures at our actual share prior to and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver, Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The European countries not presented consist of Belgium, Czech Republic, Hungary, Italy, Poland, Slovakia, Spain and Sweden.

Owned and Managed represents the consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage.

Prologis Share represents our proportionate economic ownership of each entity, or property included in our total Owned and Managed portfolio, whether consolidated or unconsolidated.

Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory ("teaser") rates defined as 50% or less of the stabilized rate.

Rent Change (Net Effective) represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates for the same respective spaces. This measure excludes any short-term leases of less than one year and holdover payments.

Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation.

Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a "same store" analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below.

We define our same store population for the three months ended September 30, 2026 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2025 and owned throughout the same three-month period in both 2025 and 2026.

We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share").

The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2025) and properties acquired or disposed of to third parties during the periods. To derive an appropriate measure of period-to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar, for both periods.

As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses ("Property NOI") (from our Consolidated Financial Statements prepared in accordance with U.S. GAAP) to our Same Store Property NOI measures, as follows:

     Three Months Ended

Sep. 30,

dollars in thousands

‌                         2026

‌                         2025

               ‌     Change (%)

Reconciliation of Consolidated Property NOI to Same Store Property NOI measures:                 

Rental revenues

$     2,205,269

$     2,054,200

Rental expenses

(511,715)

(484,635)

Consolidated Property NOI

$     1,693,554

$     1,569,565

Adjustments to derive same store results:

Property NOI from consolidated properties not included in same
     store portfolio and other adjustments (a)

(210,095)

(163,892)

Property NOI from unconsolidated co-investment ventures
     included in same store portfolio (a)(b)

1,001,336

955,412

Third parties' share of Property NOI from properties included in
     same store portfolio (a)(b)

(774,809)

(743,868)

Prologis Share of Same Store Property NOI - Net Effective (b)

$     1,709,986

$     1,617,217

5.7 %

Consolidated properties straight-line rent and fair value lease
     amortization included in the same store portfolio (c)

(137,117)

(132,380)

Unconsolidated co-investment ventures straight-line rent and fair
     value lease amortization included in the same store portfolio (c)

(37,816)

(38,610)

Third parties' share of straight-line rent and fair value lease
      amortization included in the same store portfolio (b)(c)

29,103

31,079

Prologis Share of Same Store Property NOI - Cash (b)(c)

$     1,564,156

$     1,477,306

5.9 %

‌     

(a)

‌

We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early lease terminations, including termination fees received from customers and the write-off of related lease assets and liabilities, that are not indicative of the property's recurring operating performance in order to evaluate the growth or decline in each property's rental revenues. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense.

(b)

We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures' underlying Property NOI for the same store portfolio and apply our ownership percentage at September 30, 2026 to the Property NOI for both periods, including the properties contributed during the periods. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties' share of both consolidated and unconsolidated co-investment ventures. During the periods presented, certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result, only line items labeled "Prologis Share of Same Store Property NOI" are comparable period-over-period.

(c)

We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure. We manage our business and compensate our executives based on the same store results of our Owned and Managed portfolio at 100% as we manage our portfolio on an ownership-blind basis.
We calculate those results by including 100% of the properties included in our same store portfolio.

Stabilization is defined as the earlier of when a property that was developed has been completed for one year, is contributed to a co-investment venture following completion or is 90% occupied. Upon Stabilization, a property is moved into our Operating Portfolio.

Total Expected Investment ("TEI") represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change.

Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs.

Weighted Average Stabilized Capitalization ("Cap") Rate is calculated as Stabilized NOI divided by the Acquisition Price.

SOURCE Prologis, Inc.