1,041 material Form 8-K filings that 824 companies we cover made with the SEC in November 2025, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
Target reported third quarter 2025 net sales of $25.3 billion, down 1.5% from last year, and GAAP diluted EPS of $1.51 versus $1.85. The company now expects full-year 2025 GAAP EPS of $7.70 to $8.70 and adjusted EPS of $7.00 to $8.00, and it maintained its fourth-quarter outlook for a low-single digit sales decline.
Net sales were $25.3 billion, down 1.5%; comparable sales fell 2.7%, with comparable digital sales up 2.4%.
GAAP diluted EPS was $1.51 versus $1.85 a year ago; adjusted EPS was $1.78, excluding business transformation costs.
Full-year 2025 GAAP EPS is now expected at approximately $7.70 to $8.70; adjusted EPS at approximately $7.00 to $8.00.
Share repurchases were $152 million in the quarter, with about $8.3 billion of remaining authorization at quarter end.
J&J Snack Foods reported fiscal fourth-quarter net sales of $410.2 million, down 3.9% from the prior year, and diluted EPS of $0.58 versus $1.52, with results hit by $24.1 million of plant closure charges. Full-year net sales rose 1% to $1.58 billion, but full-year diluted EPS fell to $3.36 from $4.45. The company said it has begun a business transformation program it expects to generate at least $20 million of annualized operating income.
Q4 net sales were $410.2 million, down 3.9%; Frozen Beverage segment sales fell 8.3% to $99.6 million.
Q4 operating income was $11.5 million versus $39.8 million a year earlier, including $24.1 million of plant closure charges.
Q4 adjusted EPS was $1.58 versus $1.60; full-year adjusted EPS was $4.27 versus $4.93.
As of September 27, 2025, the company reported $105.9 million in cash and no long-term debt.
MarineMax reported fiscal 2025 fourth-quarter revenue of $552.2 million, down from $563.1 million a year earlier, and a net loss of $0.9 million, or $0.04 per share, compared with net income of $4.0 million a year earlier. For the full year, the company reported a net loss of $31.6 million after a $69.1 million non-cash goodwill impairment, and it issued fiscal 2026 guidance of $110 million to $125 million in adjusted EBITDA and $0.40 to $0.95 per diluted share in adjusted net income.
Q4 fiscal 2025 adjusted EBITDA was $17.3 million, versus $33.5 million in the prior-year quarter.
Q4 gross margin rose to 34.7% from 34.3%, while SG&A expenses rose to $177.6 million from $166.4 million.
Full-year fiscal 2025 reported loss per share was $1.43; adjusted earnings per share was $0.61 versus $2.13 a year earlier.
Fiscal 2026 guidance: adjusted EBITDA of $110 million to $125 million and adjusted net income of $0.40 to $0.95 per diluted share.
Koppers reported third quarter 2025 net sales of $485.3 million, down 12.4% from $554.3 million a year earlier, and adjusted EBITDA of $70.9 million, down from $77.4 million. GAAP diluted EPS rose to $1.17 from $1.09, but adjusted EPS fell to $1.21 from $1.37. The company cut its 2025 sales forecast to about $1.9 billion from $1.9 billion to $2.0 billion and set adjusted EBITDA guidance of $255 million to $260 million and adjusted EPS of $4.00 to $4.15.
Q3 2025 net sales were $485.3 million vs. $554.3 million, and adjusted EBITDA was $70.9 million vs. $77.4 million.
GAAP diluted EPS was $1.17 vs. $1.09; adjusted EPS was $1.21 vs. $1.37.
2025 sales forecast revised to about $1.9 billion, from $1.9 billion to $2.0 billion previously.
2025 adjusted EBITDA guidance is $255 million to $260 million and adjusted EPS guidance is $4.00 to $4.15; the CEO expects adjusted EPS in the lower half of the previous range.
Wendy's reported unaudited third-quarter 2025 results for the quarter ended September 28, 2025, with total revenues down 3.0% and net income down 11.8%. Adjusted EBITDA rose 2.1% to $138.0 million, and the company reaffirmed its 2025 adjusted EBITDA and adjusted EPS outlook while raising its free cash flow outlook, but shareholders saw lower revenue, profit and earnings per share in the quarter.
Total revenues were $549.5 million, down 3.0% from $566.7 million a year earlier; adjusted EPS was $0.24, down 4.0%.
Net income was $44.3 million, down 11.8%; diluted EPS was $0.23 versus $0.25.
Reaffirmed 2025 adjusted EBITDA of $505 to $525 million and adjusted EPS of $0.82 to $0.89; raised free cash flow outlook to $195 to $210 million from $160 to $175 million.
On November 5, 2025, the Board amended the By-Laws, including stockholder written consent record date procedures and removing the stockholder list requirement for meetings.
CNH Industrial reported third-quarter 2025 net income of $67 million and diluted EPS of $0.06, down from $310 million and $0.24 a year earlier, on consolidated revenues of $4.40 billion, down 5%. The company lowered its 2025 adjusted diluted EPS outlook to $0.44 to $0.50, citing tariff headwinds and an unfavorable geographic sales mix, while raising its net sales guidance.
Q3 2025 net income was $67 million versus $310 million in Q3 2024; diluted EPS was $0.06 versus $0.24.
Adjusted EBIT of Industrial Activities fell 69% to $104 million; Agriculture adjusted EBIT margin was 4.6%, down from 10.2%.
Updated 2025 outlook: adjusted diluted EPS of $0.44 to $0.50; Agriculture net sales down 11% to 13% year over year.
Free cash flow of Industrial Activities was negative $188 million in Q3 2025; 2025 full-year guidance is $200 million to $500 million.
Celanese reported a third-quarter U.S. GAAP diluted loss of $12.39 per share, driven by about $1.5 billion in Certain Items, mainly non-cash impairments in Engineered Materials. Adjusted EPS was $1.34, down from $2.41 a year earlier, and net sales fell to $2.4 billion. The company guided fourth-quarter adjusted EPS to $0.85 to $1.00 and agreed to sell its Micromax business for about $500 million to deleverage the balance sheet.
Q3 net sales were $2.4 billion, down 4% sequentially and from $2.6 billion a year earlier; adjusted EPS was $1.34 versus $2.41 in Q3 2024.
Certain Items totaled $1.5 billion, principally non-cash asset impairment losses in the Engineered Materials segment.
Q4 2025 adjusted EPS is expected to be $0.85 to $1.00, with volume declines expected from western hemisphere seasonality.
Micromax divestiture to Element Solutions Inc. at about $500 million is expected to close in Q1 2026; Q3 free cash flow was $375 million.
Protagonist Therapeutics reported third-quarter 2025 results on November 6, 2025. The net loss widened to $39.3 million, or $0.62 per share, from $33.2 million, or $0.54 per share, a year earlier, as research and development expense rose to $40.0 million while license and collaboration revenue stayed flat at $4.7 million. The company said cash, cash equivalents and marketable securities of $678.8 million at September 30, 2025 are expected to fund operations through at least the end of 2028.
Q3 2025 license and collaboration revenue was $4.7 million, unchanged from $4.7 million in Q3 2024.
Q3 2025 research and development expense was $40.0 million, up from $36.0 million; general and administrative expense was $11.1 million.
Nine-month net loss was $85.8 million, compared with net income of $143.5 million in the same period of 2024.
Cash, cash equivalents and marketable securities were $678.8 million at September 30, 2025, with runway stated as through at least end of 2028.
Onto Innovation reported third-quarter 2025 results for the period ended September 27, 2025. Revenue fell 13.5% year over year to $218.2 million, and GAAP diluted EPS was $0.57 versus $1.07 a year earlier, though the company said both exceeded the midpoint of its previously announced guidance ranges. For fourth-quarter 2025, it expects revenue of $250 million to $265 million and GAAP diluted EPS of $0.85 to $1.00.
Q3 revenue of $218.2 million, down from $252.2 million in Q3 2024; GAAP gross margin 50.7% vs 54.1%
GAAP diluted EPS $0.57 vs $1.07; non-GAAP diluted EPS $0.92 vs $1.34
Q4 2025 guidance: revenue $250 million to $265 million; GAAP diluted EPS $0.85 to $1.00
Cash from operations of about $83.4 million in Q3; $983.9 million of cash and short-term investments at quarter end
MP Materials reported third-quarter 2025 results for the three months ended September 30, 2025, with revenue down 15% year over year to $53.6 million and a net loss of $41.8 million, up from $25.5 million a year earlier. The company stopped all sales to China to align with its agreements with the Department of War, which removed rare earth concentrate revenue, while magnetic precursor sales of $21.9 million began in the period. Shareholders face a larger GAAP loss, though the company's adjusted net loss narrowed to $17.8 million.
Total revenue fell to $53.6 million from $62.9 million; Materials Segment revenue fell 50% to $31.6 million after rare earth concentrate sales dropped to zero.
Net loss was $41.8 million, or $(0.24) per diluted share, compared with $25.5 million, or $(0.16), a year earlier; advanced projects and development expenses rose $17.0 million, including DoW-related transaction costs.
Adjusted Net Loss improved to $17.8 million from $19.6 million, while Adjusted EBITDA was $(12.6) million versus $(11.2) million.
Magnetics Segment Adjusted EBITDA was $9.5 million, up from $(3.6) million, and the company plans to begin commissioning its heavy rare earth facility in mid-2026.
Dentsply Sirona reported third-quarter 2025 net sales of $904 million, down 5.0% from a year earlier, and a GAAP net loss attributable to the company of $427 million, or $2.14 per share, which included a $263 million non-cash impairment charge. The company revised its 2025 outlook to net sales of $3.6 billion to $3.7 billion and adjusted EPS of about $1.60, and said CFO Matt Garth has departed, which shareholders should weigh against the company's Return-to-Growth plan.
Q3 2025 net sales were $904 million, down 5.0% as reported and down 8.0% in constant currency.
GAAP net loss attributable to Dentsply Sirona was $427 million ($2.14 per share), versus a $494 million loss ($2.46 per share) a year earlier; adjusted EPS was $0.37 versus $0.50.
Revised 2025 outlook: net sales of $3.6 billion to $3.7 billion and adjusted EPS of about $1.60.
CFO Matt Garth departed; Dustin Shields was named Chief Transformation Officer effective December 1, 2025.
Cummins reported third-quarter 2025 revenue of $8.3 billion, down 2% from a year earlier, and net income attributable to Cummins of $536 million, or $3.86 per diluted share, versus $809 million, or $5.86 per share, in 2024. The results include $240 million of non-cash charges in its Accelera electrolyzer business, and the company will not give a revenue or profit outlook for the rest of 2025, which lowers visibility for shareholders until it reinstates guidance in February.
Q3 revenue of $8.3 billion, down 2%; Engine segment sales down 11% and Distribution sales up 7%
Accelera charges of $240 million, or $1.73 per diluted share, including a $210 million goodwill impairment and a $30 million inventory write-down
No outlook for revenue or profitability for the rest of 2025; guidance to return in February with the 2026 outlook
Quarterly dividend raised from $1.82 to $2.00 per share
Under Armour reported second quarter fiscal 2026 results for the quarter ended September 30, 2025, with revenue down 5% to $1.3 billion and a net loss of $19 million, compared with net income of $170 million a year earlier. The company also issued fiscal 2026 guidance calling for lower revenue and a GAAP loss per share, and named Reza Taleghani as its next chief financial officer, effective February 2026, succeeding David Bergman.
Revenue fell 5% to $1.3 billion; North American revenue declined 8% to $792 million.
Net loss was $19 million, or $0.04 per diluted share, versus net income of $170 million, or $0.39 per diluted share, a year earlier.
Fiscal 2026 outlook: revenue expected to decrease 4% to 5%, and GAAP diluted loss per share of $0.15 to $0.17.
Reza Taleghani joins in February 2026 as CFO with a $825,000 base salary; David Bergman steps down as CFO but remains a senior advisor into the first quarter of fiscal 2027.
Alpha Metallurgical Resources reported a third quarter 2025 net loss of $5.5 million, or $0.42 per diluted share, compared with a $3.8 million profit a year earlier. Revenue, Adjusted EBITDA and coal sales realization all declined from the prior quarter, and the company lowered its 2025 guidance for capital contributions to equity affiliates.
Q3 2025 net loss of $5.5 million ($0.42 per diluted share), versus a net loss of $5.0 million in Q2 2025 and net income of $3.8 million in Q3 2024
Total revenues were $526.8 million, down from $671.9 million in Q3 2024; Adjusted EBITDA was $41.7 million, versus $46.1 million in Q2 2025 and $49.0 million in Q3 2024
Met segment realization was $114.94 per ton, down from $119.43 in Q2, while cost of coal sales fell to $97.27 per ton from $100.06
2025 guidance for capital contributions to equity affiliates lowered to $35 million to $41 million from $44 million to $54 million; total liquidity was $568.5 million as of September 30, 2025
International Seaways reported third quarter 2025 net income of $71 million, or $1.42 per diluted share, down from $92 million, or $1.84 per share, a year earlier, and shipping revenues fell to $196 million from $225 million. The company attributed the decline mainly to lower TCE revenues from weaker spot earnings and fewer revenue days. The board also declared a combined $0.86 per share dividend, which shareholders of record on December 9, 2025 will receive on December 23, 2025.
Net income was $71 million, or $1.42 per diluted share, versus $92 million, or $1.84 per diluted share, in Q3 2024.
Adjusted net income, which excludes gains on vessel sales, was $57 million, or $1.15 per diluted share, versus $1.57 a year earlier.
Shipping revenues were $196 million versus $225 million; Adjusted EBITDA was $108 million versus $130 million.
Declared a combined dividend of $0.86 per share ($0.12 regular and $0.74 supplemental), payable December 23, 2025, to holders of record on December 9, 2025.
Moderna reported third-quarter 2025 revenue of $1.0 billion, down 45% from $1.9 billion a year earlier, mainly due to lower COVID vaccine sales, and a GAAP net loss of $200 million compared with net income of $13 million in the prior-year quarter. The company narrowed its 2025 revenue projection to $1.6 to $2.0 billion from $1.5 to $2.2 billion, while lowering expected operating expenses and raising its expected year-end cash balance, which matters to shareholders because revenue and profit fell even as cost guidance improved.
Q3 2025 revenue was $1.0 billion, down 45% from $1.9 billion; net product sales fell $847 million, or 47%
Q3 GAAP net loss was $200 million, or $(0.51) per share, versus net income of $13 million, or $0.03 per share, a year earlier
2025 revenue range narrowed to $1.6 to $2.0 billion from $1.5 to $2.2 billion
2025 year-end cash and investments projected at $6.5 to $7 billion, up from about $6 billion
Papa John's reported third quarter 2025 total revenues of $508 million, flat year over year, while net income fell to $4 million from $42 million and diluted EPS fell to $0.13 from $1.27. The prior-year quarter included a $41.3 million pre-tax gain on the sale of two QC Center properties. The company also lowered its 2025 adjusted EBITDA outlook to $190 million to $200 million from $200 million to $220 million.
Total revenues were $508 million, up 0.3% from $506.8 million a year earlier, and net income was $4 million versus $42 million.
North America comparable sales decreased 3%, while International comparable sales increased 7%.
Adjusted EBITDA was $48 million versus $50 million; adjusted diluted EPS was $0.32 versus $0.43.
2025 guidance: adjusted EBITDA cut to $190 million to $200 million; North America comparable sales now down 2% to 2.5%.
United Parks & Resorts reported third-quarter 2025 results with total revenue of $511.9 million, down 6.2%, net income of $89.3 million, down 25.4%, and diluted EPS of $1.61 versus $2.08 a year earlier. The company attributed the decline to an unfavorable calendar shift, poor weather during peak holidays, and lower international visitation, and said it has repurchased 635,020 shares for $32.2 million through November 4, 2025.
Q3 total revenue was $511.9 million, down $34.1 million or 6.2%; net income was $89.3 million, down $30.4 million or 25.4%; diluted EPS was $1.61 versus $2.08.
Adjusted EBITDA was $216.3 million, down 16.3%; attendance was 6.8 million guests, down 3.4%.
Through November 4, 2025, the company repurchased 635,020 shares for about $32.2 million under stockholder-approved authority tied to a $500 million program.
CEO Marc Swanson said a decline of about 90,000 international guests and roughly 150,000 visits lost to calendar impacts weighed on attendance.
Murphy Oil reported a third-quarter 2025 net loss attributable to Murphy of $3.0 million, or $0.02 per diluted share, compared with net income of $139.1 million, or $0.93 per share, a year earlier. Revenue from production fell to $721.0 million from $753.2 million, and adjusted net income was $58.1 million, or $0.41 per diluted share, down from $110.7 million, or $0.74, in the prior-year quarter. The company reaffirmed its full-year 2025 production and capital expenditure guidance.
Q3 2025 net loss attributable to Murphy of $3.0 million, or $0.02 per diluted share, versus net income of $139.1 million, or $0.93 per share, in Q3 2024
Adjusted net income of $58.1 million, or $0.41 per diluted share, versus $110.7 million, or $0.74, a year earlier
Pretax impairment of $115 million ($92 million excluding noncontrolling interest) on the Dalmatian asset in the Gulf of America
Production of 200,383 BOEPD in the quarter; the company reaffirmed full-year 2025 production and capital expenditure guidance
Coty reported fiscal first-quarter results for the period ended September 30, 2025, with net revenue of $1,577.2 million, down 6% on a reported basis and 8% like-for-like. Reported operating income fell 22% to $185.0 million and reported EPS was $0.07, versus $0.09 a year earlier. The company said its prior outlook is unchanged, including a return to growth in the second half of fiscal 2026, which shareholders will need to see in later results.
Net revenue of $1,577.2 million, down 6% reported and 8% like-for-like; Consumer Beauty down 9% and Prestige down 4% on a reported basis
Reported operating income of $185.0 million versus $237.8 million; reported EPS of $0.07 versus $0.09
Adjusted EBITDA of $296.1 million, down 18%; Q2 like-for-like sales expected at the more favorable end of the prior decline range of 3% to 5%
Total debt of $4,069.3 million; retained 25.8% Wella stake valued at $1,003.0 million, which the company is pursuing to monetize
Pebblebrook Hotel Trust reported third-quarter 2025 results, showing a $32.4 million net loss compared with $45.1 million of net income a year earlier. Adjusted EBITDAre fell 11.6% to $99.2 million, and the company trimmed the midpoint of its 2025 Adjusted EBITDAre outlook by $3.0 million, while the Adjusted FFO per diluted share midpoint was unchanged.
Q3 net loss of $32.4 million, versus net income of $45.1 million in Q3 2024; the quarter included a $46.5 million impairment charge
Q3 Adjusted EBITDAre of $99.2 million, down from $112.2 million; Adjusted FFO per diluted share of $0.51, down from $0.59
Total revenues of $398.7 million, down from $404.5 million a year earlier
2025 outlook: Adjusted EBITDAre of $332.5 million to $341.5 million, midpoint reduced by $3.0 million; Adjusted FFO per diluted share of $1.50 to $1.57, midpoint unchanged
Veeco reported third quarter 2025 revenue of $165.9 million and GAAP net income of $10.6 million, or $0.17 per diluted share, both down from the year-earlier quarter. The company guided fourth quarter 2025 revenue to $155 million to $175 million, while the pending merger with Axcelis Technologies continues.
Q3 2025 revenue $165.9 million vs $184.8 million in Q3 2024
Q3 2025 GAAP net income $10.6 million ($0.17 per diluted share) vs $22.0 million ($0.36)
Q3 2025 non-GAAP net income $21.8 million ($0.36 per diluted share) vs $28.3 million ($0.46)
Q4 2025 guidance: revenue $155 million to $175 million; GAAP EPS ($0.07) to $0.05
Kemper reported a third-quarter 2025 net loss of $21.0 million, or $(0.34) per share, compared with net income of $73.7 million, or $1.14 per diluted share, a year earlier. Revenue rose to $1,239.7 million, but Specialty Property & Casualty results weakened, and the company called the quarter disappointing and below its expectations.
Q3 2025 net loss of $21.0 million, or $(0.34) per share, versus net income of $73.7 million, or $1.14 per diluted share, in Q3 2024
Adjusted Consolidated Net Operating Income was $20.4 million, or $0.33 per diluted share, versus $105.0 million, or $1.62 per diluted share, a year earlier
Specialty P&C Underlying Combined Ratio rose to 99.6 percent from 91.3 percent; total revenues increased $60.8 million to $1,239.7 million
Repurchased about 5.1 million shares for about $266 million from July 1 through October 31, 2025
Cinemark reported third-quarter 2025 results, with total revenue down 7.0% to $857.5 million and net income attributable to Cinemark of $49.5 million, compared with $187.8 million a year earlier. The company also authorized a $300 million share repurchase program beginning November 7, 2025, and raised its quarterly dividend 12.5% to $0.09 per share.
Q3 diluted EPS was $0.40 versus $1.19 a year earlier; Adjusted EBITDA was $177.6 million versus $220.5 million.
Q3 results included a $54.5 million loss on warrants.
Nine-month total revenue rose 4.6% to $2,338.7 million, but nine-month diluted EPS was $0.77 versus $1.73.
The $300 million buyback starts November 7, 2025; the higher dividend is payable December 12 to holders of record on November 28.
Parsons reported third quarter 2025 revenue of $1.6 billion, down 10% from a year earlier, and net income attributable to Parsons of $64 million, down from $72 million. The company lowered its fiscal 2025 revenue guidance, while reiterating its adjusted EBITDA and operating cash flow ranges at the mid-point, which matters to shareholders because the lower revenue outlook signals weaker top-line expectations for the year.
Q3 2025 revenue was $1.6 billion, down 10% year over year and down 14% on an organic basis.
Q3 GAAP diluted EPS was $0.59, compared with $0.65 in the prior year period.
Fiscal 2025 revenue guidance is now $6,400 million to $6,500 million, down from $6,480 million to $6,680 million; adjusted EBITDA ($600 million to $630 million) and operating cash flow ($380 million to $460 million) ranges were reiterated a
Total backlog was $8.8 billion at September 30, 2025, with a book-to-bill ratio of 1.0x for the quarter.
Innospec reported third-quarter 2025 revenue of $441.9 million, nearly flat with $443.4 million a year earlier, while net income fell to $12.9 million from $33.4 million. GAAP results include $24.4 million of net charges tied to impairments and restructuring, and the Board declared a semi-annual dividend of 87 cents per share, a 10 percent increase.
Q3 2025 net sales were $441.9 million versus $443.4 million in Q3 2024; diluted EPS was 52 cents versus $1.33
Adjusted non-GAAP EPS was $1.12 versus $1.35 a year earlier; net charges of $24.4 million cut GAAP EPS by 57 cents
Board declared a semi-annual dividend of $0.87 per share, payable November 26, 2025, to holders of record on November 18, 2025
Net cash was $270.8 million at September 30, 2025, with no debt, and $10.7 million of share repurchases were made in the quarter
Owens Corning reported third-quarter 2025 net sales from continuing operations of $2.7 billion, down 3% from a year earlier, and a net loss from continuing operations attributable to the company of $495 million, compared with a profit of $287 million in the prior-year quarter. The loss reflects a non-cash, pre-tax goodwill impairment charge of $780 million tied to the Doors business, while adjusted diluted EPS fell 9% to $3.67. The company expects fourth-quarter revenue from continuing operations of $2.1 billion to $2.2 billion, down mid-to-high teens.
Q3 net sales from continuing operations were $2.7 billion, down 3%; diluted EPS from continuing operations was $(5.93) versus $3.26 a year earlier.
Adjusted diluted EPS was $3.67 versus $4.05 in Q3 2024, a 9% decline.
Fourth-quarter outlook: revenue from continuing operations of $2.1 billion to $2.2 billion, down mid-to-high teens, with adjusted EBITDA margin of approximately 16% to 18%.
Q3 operating cash flow was $918 million and free cash flow was $752 million; the company returned $278 million to shareholders.
ArcBest reported unaudited third quarter 2025 results on November 5, 2025. Revenue was $1,048.1 million, down from $1,063.1 million a year earlier, and net income from continuing operations was $39.3 million, or $1.72 per diluted share, compared with $100.3 million, or $4.23, in the prior-year quarter, which included a $69.1 million after-tax benefit from a reduction in contingent consideration tied to the MoLo acquisition. Lower reported earnings reduce per-share profit for shareholders, although Asset-Based shipments per day rose 4.3 percent.
Q3 2025 revenue of $1,048.1 million versus $1,063.1 million in Q3 2024
Diluted EPS of $1.72 (GAAP) versus $4.23; non-GAAP diluted EPS of $1.46 versus $1.64
Asset-Light operating loss of $1.6 million versus operating income of $84.8 million, which included a $91.9 million pre-tax contingent consideration reduction
Asset-Based operating income of $70.2 million, including $15.9 million of net gains on asset sales; non-GAAP operating ratio 92.5 percent
Louisiana-Pacific reported third-quarter 2025 net sales of $663 million, down $59 million from a year earlier, and net income of $9 million, or $0.13 per diluted share, versus $90 million, or $1.28 per diluted share, in the prior-year quarter. The decline reflects lower OSB prices, which cut OSB net sales by $74 million, while siding net sales rose 5% to $443 million. The company reaffirmed its full-year 2025 siding adjusted EBITDA guidance, which matters to shareholders because the headline profit measures fell sharply while the outlook for that segment was held.
Q3 2025 net sales were $663 million, down $59 million; siding rose $22 million to $443 million while OSB fell $74 million to $179 million.
Q3 net income was $9 million ($0.13 per diluted share), down $82 million; adjusted EBITDA was $82 million, down $71 million.
Full-year 2025 siding adjusted EBITDA guidance of about $430 million was reaffirmed; consolidated adjusted EBITDA guidance is about $420 million for the full year and about $32 million for Q4.
Cash provided by operating activities was $89 million in Q3, and total liquidity was $1.1 billion as of September 30, 2025.
Ashland reported fourth-quarter fiscal 2025 sales of $478 million, down 8% from $522 million, and adjusted EBITDA of $119 million, down 4%, with portfolio optimization actions cutting sales by about $38 million. The company also issued fiscal 2026 guidance of $1,835 million to $1,905 million in sales and $400 million to $430 million in adjusted EBITDA, and said it received a $103 million tax refund in October.
Q4 sales $478 million, down 8% from $522 million; pricing declined 2%
Q4 adjusted EBITDA $119 million, down 4% from $124 million; adjusted diluted EPS excluding intangibles amortization $1.08 versus $1.26
Fiscal 2026 guidance: sales $1,835 million to $1,905 million; adjusted EBITDA $400 million to $430 million
Fiscal 2025 net loss $845 million, including a $706 million goodwill impairment; $103 million tax refund received in October
Douglas Emmett reported third-quarter 2025 results on November 4, 2025, with revenues flat at $251 million and a net loss attributable to common stockholders of $11 million, compared with net income of $5 million a year earlier. FFO per fully diluted share fell to $0.34 from $0.43, and AFFO dropped to $52 million from $69 million, and the company said third-quarter leasing was well below its expectations. The company also narrowed its 2025 FFO guidance to $1.43 to $1.47 per share and expects 2025 diluted net income per share of $0.07 to $0.11.
Third-quarter revenues were $251 million, flat with the prior year, while net loss attributable to common stockholders was $11 million versus net income of $5 million in Q3 2024.
FFO per fully diluted share was $0.34 versus $0.43 a year earlier; AFFO was $52 million versus $69 million.
In-Service Portfolio office leasing totaled 840,000 square feet, which the company called well below its expectations.
2025 guidance: diluted net income per share of $0.07 to $0.11 and FFO per fully diluted share of $1.43 to $1.47, with the FFO range narrowed.
MasterBrand reported third quarter 2025 net sales of $698.9 million, down 2.7% from a year earlier, and diluted earnings per share of $0.14 versus $0.22. The company updated its full-year 2025 outlook to account for the expected impact of recently enacted tariffs, and it said the outlook excludes the pending American Woodmark merger. The weaker profit and the tariff-related guidance update matter to shareholders because they signal pressure on earnings and cash flow ahead of the merger.
Q3 2025 net sales were $698.9 million, down 2.7% year over year; net income was $18.1 million versus $29.1 million
Diluted EPS was $0.14 versus $0.22; adjusted diluted EPS was $0.33 versus $0.40
2025 adjusted EBITDA guidance is $315 million to $335 million; adjusted diluted EPS guidance is $1.01 to $1.13
Thirty-nine week free cash flow was $65.0 million, versus $142.3 million a year earlier
Graphic Packaging reported third quarter 2025 net sales of $2,190 million, down 1% from $2,216 million a year earlier, and net income of $142 million, or $0.48 per diluted share, versus $165 million, or $0.55, in 2024. The company also revised its full-year 2025 guidance, citing year-to-date performance and a wider range of possible fourth quarter outcomes, so shareholders face lower quarterly sales and profit alongside a revised outlook.
Adjusted EBITDA was $383 million versus $433 million; Adjusted EBITDA margin was 17.5% versus 19.5%
Adjusted EPS was $0.58 per diluted share versus $0.64 in the third quarter of 2024
Full-year 2025 guidance: net sales $8.4 billion to $8.6 billion, Adjusted EBITDA $1.40 billion to $1.45 billion, Adjusted EPS $1.80 to $2.00
Third quarter share repurchase of $39 million; net debt was $5,821 million and net leverage ratio was 3.9x
LGI Homes reported third-quarter 2025 results on November 4, 2025, with home sales revenues of $396.6 million and net income of $19.7 million, or $0.85 per diluted share, compared with $651.9 million and $69.6 million, or $2.95 per diluted share, a year earlier. The company said third-quarter results met its stated guidance, that net orders rose 8.1% year over year, and that ending backlog rose 19.9%. Shareholders face sharply lower reported revenue and profit, and the company also issued fourth-quarter 2025 guidance for 1,300 to 1,500 home closings.
Home sales revenues were $396.6 million in the third quarter of 2025, versus $651.9 million a year earlier; home closings were 1,065, versus 1,757.
Net income was $19.7 million, or $0.85 per diluted share, versus $69.6 million, or $2.95 per diluted share, a year earlier.
Gross margin was 21.5%, versus 25.1% a year earlier.
Ending backlog was 1,305 homes, up 19.9% from the same period last year; fourth-quarter closings are guided to 1,300 to 1,500.
Axcelis Technologies reported third-quarter 2025 results on November 4, 2025, with revenue of $213.6 million, down from $256.6 million a year earlier, and GAAP diluted earnings per share of $0.83, down from $1.49. The company expects fourth-quarter revenue of about $215 million and GAAP diluted EPS of about $0.76, and it said the results include $8.3 million in transaction and integration costs tied to its pending merger with Veeco Instruments.
Q3 revenue $213.6 million vs. $256.6 million in Q3 2024; net income $26.0 million vs. $48.6 million
GAAP diluted EPS $0.83 vs. $1.49; non-GAAP diluted EPS $1.21 vs. $1.72
Q4 2025 outlook: revenue of about $215 million, GAAP diluted EPS of about $0.76, non-GAAP EPS of about $1.12
Over $590 million in cash and investments; Veeco merger announced October 1, 2025
Ingredion reported third-quarter 2025 results with diluted EPS of $2.61, down from $2.83 a year earlier, and adjusted EPS of $2.75 versus $3.05. Net sales fell 3% to $1.8 billion and reported operating income fell 7% to $249 million, with a Chicago plant production problem weighing on its U.S./Canada segment. The company also updated its full-year 2025 outlook, now expecting reported EPS of $11.11 to $11.31, which matters to shareholders because weaker quarterly profit and sales are the key measures they track.
Q3 2025 diluted EPS $2.61 vs $2.83 in Q3 2024; adjusted EPS $2.75 vs $3.05
Q3 net sales $1.816 billion, down 3%; reported operating income $249 million, down 7%
Full-year 2025 guidance: reported EPS $11.11 to $11.31; adjusted EPS $11.10 to $11.30
Net sales now expected flat to down low single digits; operating income up low to mid single digits
Innovative Industrial Properties reported third quarter 2025 results, with total revenues of $64.7 million, down 15% from $76.5 million a year earlier, and net income attributable to common stockholders of $28.3 million, or $0.97 per diluted share, versus $1.37 a year earlier. The company attributed the revenue decline mainly to a $14.9 million drop from tenant defaults, and it also disclosed a $270 million commitment to IQHQ and a new $100 million secured revolving credit facility.
Total revenues were $64.7 million versus $76.5 million, a decrease of 15%, driven mainly by a $14.9 million decrease from tenant defaults.
Net income attributable to common stockholders was $28.3 million, or $0.97 per diluted share, compared with $39.7 million, or $1.37, in the third quarter of 2024.
Normalized FFO was $45.2 million, or $1.60 per share, versus $59.5 million, or $2.08, a year earlier.
In October the company closed a three-year, $100 million secured revolving credit facility at one-month SOFR plus 200 basis points, secured by its IQHQ investment.
Cabot reported fiscal fourth-quarter 2025 net sales of $899 million, down from $1,001 million a year earlier, and diluted EPS of $0.79 versus $2.43. For the full fiscal year, adjusted EPS rose 3% to $7.25, but diluted EPS fell to $6.02 from $6.72 and net sales fell to $3.7 billion from $4.0 billion. The company expects fiscal 2026 adjusted EPS of $6.00 to $7.00, citing weak Reinforcement Materials demand and elevated Asian tire imports, which points to a lower range than fiscal 2025.
Q4 fiscal 2025 adjusted EPS was $1.70, down 6% from $1.80; diluted EPS was $0.79 versus $2.43
Full-year fiscal 2025 adjusted EPS was $7.25, up 3% from $7.06, while diluted EPS was $6.02 versus $6.72
Fiscal 2026 adjusted EPS outlook is $6.00 to $7.00; the company cites uncertain macroeconomic and trade conditions and competitive headwinds in Reinforcement Materials
Cabot announced an agreement to acquire Bridgestone Corporation's reinforcing carbons plant in Mexico
Unum Group reported third-quarter 2025 net income of $39.7 million ($0.23 per diluted share), down from $645.7 million ($3.46 per diluted share) a year earlier. The decline reflects an after-tax net reserve increase of $377.8 million tied to annual assumption updates, mainly in long-term care. Adjusted operating income fell to $357.1 million ($2.09 per diluted share) from $398.0 million ($2.13), and the company said it expects a comparable $0.10 per share effect in the fourth quarter.
Net income was $39.7 million ($0.23 per diluted share) in Q3 2025, versus $645.7 million ($3.46) in Q3 2024.
After-tax net reserve increase of $377.8 million ($2.21 per diluted share), mainly from long-term care assumption updates.
Adjusted operating income was $357.1 million ($2.09 per diluted share), compared with $398.0 million ($2.13) a year earlier.
Premium income grew 2.9 percent on a constant currency basis; the company returned about $980 million to shareholders year-to-date and will host a call on November 4, 2025 at 8:00 am Eastern Time.
Atlas Energy Solutions reported third quarter 2025 revenue of $259.6 million, down 10.1% from the second quarter, and a net loss of $23.7 million, or $0.19 per share. The company also suspended its quarterly common stock dividend and projected lower Adjusted EBITDA for the fourth quarter, so shareholders face both a lower payout and weaker near-term earnings.
Q3 2025 revenue was $259.6 million, down $29.1 million from Q2 2025; Adjusted EBITDA fell to $40.2 million from $70.5 million.
Net loss was $23.7 million ($0.19 per share), compared with a net loss of $5.6 million in Q2 2025.
The quarterly common stock dividend was suspended; dividend payments were $30.9 million in Q3 2025.
Fourth quarter 2025 Adjusted EBITDA is projected to be lower sequentially, with Sand & Logistics volumes forecast at about 4.8 million tons.
Goodyear reported a third-quarter 2025 net loss of $2.2 billion, driven by a $1.4 billion non-cash deferred tax asset valuation allowance and a $674 million non-cash goodwill impairment charge. Excluding significant items, net sales of $4.6 billion, segment operating income of $287 million and adjusted EPS of $0.28 all declined from the prior-year quarter. The company also completed the $650 million sale of its Chemical business on October 31, with about $580 million in cash proceeds that it said will be used to reduce debt.
Q3 2025 net loss of $2.2 billion ($7.62 per share), versus a net loss of $37 million ($0.13 per share) a year earlier
Adjusted EPS of $0.28 versus $0.36 a year earlier; adjusted net income of $82 million versus $102 million
Net sales of $4.6 billion versus $4.8 billion; segment operating income of $287 million versus $346 million
Chemical business sold October 31, 2025 for a $650 million purchase price, with cash proceeds of approximately $580 million
Boise Cascade reported third quarter 2025 net income of $21.8 million, or $0.58 per diluted share, down from $91.0 million, or $2.33 per share, a year earlier. Sales were $1.67 billion, down 3%, as lower engineered wood product and plywood prices and volumes hit the Wood Products segment, which posted a loss. Shareholders also got a new $300.0 million buyback authorization and a $0.22 quarterly dividend.
Net income was $21.8 million, or $0.58 per diluted share, versus $91.0 million, or $2.33 per share, in Q3 2024.
Sales were $1,667.8 million, down 3% from $1,713.7 million, with Wood Products sales down 13%.
Wood Products posted a segment loss of $12.1 million, compared with segment income of $53.9 million a year earlier.
On October 30, 2025, the board authorized repurchases of up to $300.0 million of common stock and declared a $0.22 quarterly dividend payable December 17, 2025.
Eastman Chemical reported third-quarter 2025 sales of $2.2 billion, down 11% from $2.46 billion a year earlier, and GAAP diluted EPS of $0.40 versus $1.53. The company attributed the decline mainly to lower sales volume, weak consumer demand, and customers reducing tariff-related inventory. It projects full-year 2025 adjusted EPS of $5.40 to $5.65 and operating cash flow approaching $1 billion, which shareholders will weigh against the sharp year-over-year drop in earnings.
Q3 2025 sales were $2,202 million versus $2,464 million in Q3 2024, down 11%; adjusted EBIT was $210 million versus $366 million.
Q3 2025 adjusted diluted EPS was $1.14 versus $2.26 a year earlier; GAAP diluted EPS was $0.40 versus $1.53.
Operating cash flow was $402 million, compared with $396 million in Q3 2024, helped by $204 million of inventory reduction.
Full-year 2025 adjusted diluted EPS is projected at $5.40 to $5.65, and the company expects to reduce costs by more than $75 million net of inflation in 2025.
Sarepta reported third-quarter 2025 total revenues of $399.4 million, down 15% from $467.2 million a year earlier, and a GAAP net loss of $179.9 million, or $1.80 per diluted share, compared with GAAP net income of $33.6 million a year earlier. The filing also disclosed that the ESSENCE confirmatory trial for AMONDYS 45 and VYONDYS 53 did not reach statistical significance on its primary endpoint, and the company plans to meet with the FDA about a path to traditional approval.
Total revenues were $399.4 million versus $467.2 million a year earlier; ELEVIDYS net product revenue fell $49.5 million after shipments to non-ambulatory patients in the U.S. were suspended in June 2025.
GAAP diluted loss per share was $1.80, compared with earnings of $0.34; non-GAAP diluted loss per share was $0.13, compared with earnings of $0.64.
A $138.6 million loss on debt extinguishment and $40.5 million in restructuring charges were recorded in the quarter.
Cash, cash equivalents, restricted cash and investments were $865.2 million at September 30, 2025, down from $1,503.5 million at December 31, 2024.
Clorox reported first-quarter fiscal 2026 net sales of $1.43 billion, down 19%, and diluted EPS of $0.65, down 19% from $0.80. Adjusted EPS fell 54% to $0.85, which the company attributes mainly to lower sales tied to its ERP transition. The company maintained its full-year fiscal 2026 outlook but said current expectations are toward the lower end of the range.
Net sales fell 19% to $1.43 billion, driven mainly by lower shipments related to the ERP transition
Adjusted EPS of $0.85 compared with $1.86 a year earlier; GAAP diluted EPS was $0.65 versus $0.80
Full-year fiscal 2026 net sales still expected to fall 6% to 10%, and diluted EPS between $5.60 and $5.95
Retailer inventory drawdown is expected to reduce fiscal 2026 diluted EPS by about 90 cents
Harmonic reported preliminary, unaudited third-quarter 2025 results for the quarter ended September 26, 2025, in a press release furnished with this 8-K. Revenue was $142.4 million, down from $195.8 million a year earlier, and GAAP net income fell to $2.7 million, or $0.02 per share, from $21.7 million, or $0.19 per share. The company also gave fourth-quarter 2025 GAAP net revenue guidance of $133 million to $147 million.
Q3 2025 revenue was $142.4 million versus $195.8 million in Q3 2024; Broadband was $90.5 million (versus $145.3 million) and Video was $51.9 million (versus $50.4 million).
GAAP net income was $2.7 million ($0.02 per share) versus $21.7 million ($0.19 per share) a year earlier; Non-GAAP net income per share was $0.12 versus $0.26.
Q4 2025 guidance projects total GAAP net revenue of $133 million to $147 million and Non-GAAP adjusted EBITDA of $13 million to $22 million.
Harmonic repurchased about 1.8 million shares for $15.7 million in the quarter and reported cash of $127.4 million at quarter end.
Bruker reported third-quarter 2025 revenue of $860.5 million, down 0.5% from a year earlier, and a GAAP diluted loss of $(0.41) per share, which included $119.4 million of goodwill and intangible impairment charges and $34.5 million of restructuring charges. Non-GAAP diluted EPS was $0.45, compared with $0.60 a year earlier. The company lowered its FY2025 non-GAAP EPS outlook to $1.85 to $1.90, citing earlier market weakness and EPS dilution from a higher share count.
Q3 2025 revenue $860.5 million, down 0.5% year-over-year and down 4.5% organically
Q3 2025 GAAP diluted loss $(0.41) per share versus EPS of $0.27 a year earlier; non-GAAP diluted EPS $0.45 versus $0.60
FY2025 guidance: revenue $3.41 to $3.44 billion and non-GAAP EPS $1.85 to $1.90
FY2026 cost-savings initiatives of $100 to $120 million are progressing toward the high end of the target
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