Moderna $MRNA -26% Leaked Phase 3 data for its cancer vaccine with Merck reportedly suggests a 42% reduction in the risk of melanoma recurrence or death when combined with Keytruda, compared with Keytruda alone. That's below the 49% reduction reported in an earlier Phase 2b trial. The results still suggest a benefit, but may have disappointed investors after Moderna's massive rally. The leaked figures remain unverified ahead of Saturday's official ESMO presentation.

HUD has launched @datavendor_ai, a marketplace where companies can license private code and data to AI labs for training and evaluating models. Labs can review quality checks before buying and test sample tasks with their training environments. Sellers set their own prices and retain ownership. DataVendor says it has 4,000+ vendors and 50K+ assets listed. Sellers can join now, while buyers enter through a waitlist.

NVIDIA CEO Jensen Huang stopped by the Nebius booth today at GTC Berlin. “Love Nebius, no tagline needed.”

NORFOLK SOUTHERN $NSC Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.5B (Est. $3.48B) 🟢; +14% YoY 🔹 Adj. EPS: $3.62 (Est. $3.47) 🟢; +10% YoY Other Q3 Metrics: 🔹 Adj. Income from Railway Ops: $1.2B; +7% YoY 🔹 Adj. Operating Ratio: 65.4%; +210 bps YoY 🔹 Volume: +3% YoY 🔹 GAAP Income from Railway Ops: $1.2B; +5% YoY 🔹 GAAP Operating Ratio: 67.4% Key Updates: 🔹 GAAP EPS: $3.37; adj. EPS of $3.62 excludes merger-related expenses and the effects of the Eastern Ohio incident 🔹 Merger-related expenses and effects of the Incident: $70M ($0.25 per share), excluded from adjusted results Comments: 🔸 “Norfolk Southern delivered another quarter of solid execution, with record revenues, and strong earnings growth aided by continued productivity gains across the network, reflecting continued momentum in our business and the dedication of our team.”

CARPENTER TECHNOLOGY $CRS Q1’27 EARNINGS HIGHLIGHTS 🔹 Net Sales: $798.2M (Est. $831M) 🔴; +9% YoY 🔹 Adj. EPS: $3.25 (Est. $3.14) 🟢; +34% YoY 🔹 Adj. Oper Income: $196.4M (Est. $197M) 🔴 Affirms FY27 Guide: 🔹 Adj. Oper Income: $850M-$880M (Est. $894M) 🔴 🔹 Adj. Free Cash Flow: $400M-$430M Q2 FY27 Guide: 🔹 Adj. Oper Income: $192M-$197M (Est. $200M) 🔴 Cash Flow: 🔹 Adj. Free Cash Flow: -$24.8M 🔹 Operating Cash: $52.8M; +35% YoY Segment Operating Income: 🔹 Specialty Alloys Operations: $216.3M; +27% YoY 🔹 Performance Engineered Products: $7.3M Other Q1 Metrics: 🔹 Adj. Oper Income Growth: +28% YoY 🔹 Net Sales ex-Surcharge: $634.8M; +5% YoY 🔹 Adj. Oper Margin ex-Surcharge: 30.9% 🔹 SAO Adj. Margin ex-Surcharge: 37.7% 🔹 Aerospace & Defense: $425.4M Key Updates: 🔹 Repurchased $133.9M of stock in the quarter, with $985.0M remaining under the $1.0B program 🔹 Reaffirmed the fiscal year 2029 operating income target of $1.2B-$1.3B 🔹 Commercial Aerospace bookings increased 49% year-over-year Comments: 🔸 “Notably, in the current quarter we saw a step up in demand, especially in the commercial aerospace supply chain.”

UNION PACIFIC $UNP Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $7.20B (Est. $7.11B) 🟢; +15% YoY 🔹 Adj. EPS: $3.53 (Est. $3.47) 🟢; +15% YoY 🔹 Adj. Oper Income: $2.97B (Est. $2.92B) 🟢 🔹 Adj. Net Income: $2.10B (Est. $2.06B) 🟢 🔹 Adj. Operating Ratio: 58.8% FY26 Guide: 🔹 Reported EPS Growth: High-single digit 🔹 Capital Plan: $3.5B Freight Revenue by Group: 🔹 Bulk: $2.12B; +10% YoY 🔹 Industrial: $2.51B; +14% YoY 🔹 Premium: $2.19B; +21% YoY Other Q3 Metrics: 🔹 Operating Ratio: 59.1% 🔹 Freight Revenue: $6.81B; +15% YoY 🔹 Freight Revenue ex Fuel Surcharge: +6% YoY 🔹 Revenue Carloads: +6% YoY Key Updates: 🔹 GAAP EPS: $3.49; adj. EPS of $3.53 excludes $0.04 of acquisition-related expense 🔹 Acquisition-related expense: $22M; excluded from adjusted results 🔹 Revenue Drivers: higher fuel surcharge, 6% volume growth, core pricing gains and increased other revenue partially offset by business mix Comments: 🔸 “Union Pacific's third quarter results demonstrate our ability to safely deliver the service we sold to our customers while efficiently handling six percent volume growth.” 🔸 “We look forward to the upcoming steps of the Surface Transportation Board's merger review process and to delivering the benefits of America's first transcontinental railroad for our customers.”

$NBIS SECURES $3.5 BILLION FINANCING FACILITY FROM CITI Nebius announced a new senior secured credit facility to fund its global AI data center expansion and GPU purchases. The facility has a 364-day maturity, with interest starting at SOFR + 2.75% and potentially rising to SOFR + 3.50%. Nebius has more than $40 billion in long-term contracts with investment-grade customers, which could support additional asset-backed financing as it expands AI capacity in 2027 and beyond.

AMERICAN AIRLINES $AAL Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $16.34B (Est. $16.21B) 🟢; +19.3% YoY 🔹 Adj. EPS: -$0.28 (Est. -$0.36) 🟢 🔹 Fuel Expense: $4.64B; +67.5% YoY FY26 Guide: 🔹 Adj. EPS: -$1.60 to -$1.00 (Est. -$0.94) 🔴 Q4 Guide: 🔹 Adj. EPS: -$1.10 to -$0.50 (Est. -$0.47) 🔴 🔹 Total Revenue: +19.5% to +22.5% YoY 🔹 Available Seat Miles: +5.5% to +6.5% YoY 🔹 CASM ex-Fuel: +2.5% to +3.5% YoY 🔹 Avg Fuel Price: ~$4.70/gallon Revenue Performance: 🔹 Premium: +22.9% YoY 🔹 Main Cabin: +19.5% YoY 🔹 Domestic: +13.6% YoY 🔹 Atlantic: +14.5% YoY 🔹 Managed Corporate: +27.6% YoY 🔹 Co-Branded Card Spend: nearly 10% YoY Other Q3 Metrics: 🔹 Avg Fuel Price: $3.85/gallon; +62.7% YoY 🔹 Total Revenue per ASM: 20.25¢; +14.5% YoY 🔹 CASM ex-Fuel: 14.34¢; +3.0% YoY 🔹 Available Seat Miles: +4.2% YoY 🔹 Load Factor: 83.4%; -2.6 pts YoY 🔹 Total Available Liquidity: $11.8B Key Updates: 🔹 GAAP results include $9M of mainline operating special items 🔹 GAAP results also include $8M of regional operating special items 🔹 GAAP results also include $95M of net nonoperating special items 🔹 Net special items of $87M after taxes; GAAP net loss $269M, adj. net loss $182M 🔹 American paid an average of $3.85 per gallon in the third quarter, which increased fuel expense by $1.9 billion year over year. Comments: 🔸 “American delivered record third-quarter revenue and the strongest year-over-year revenue growth in my career, with premium performance leading the way.”

NASDAQ $NDAQ Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $1.48B (Est. $1.47B) 🟢; +13% YoY 🔹 Adj. EPS: $1.04 (Est. $1.02) 🟢; +18% YoY 🔹 Adj. Operating Income: $843M (Est. $828M) 🟢 🔹 ARR: $3.37B; +12% YoY FY26 Non-GAAP Guide: 🔹 Opex: $2.55B-$2.58B 🔹 Tax Rate: 22.5%-24.5% Segment Net Revenue: 🔹 Capital Access Platforms: $641M; +20% YoY 🔹 Financial Technology: $529M; +16% YoY 🔹 Market Services: $309M; +2% YoY Announcements: 🔹 Acquired: LeveL Markets Other Q3 Metrics: 🔹 Solutions Revenue: $1.17B; +17% YoY 🔹 Index Revenue: $286M; +39% YoY 🔹 GAAP EPS: $0.96; +31% YoY 🔹 Adj. Operating Margin: 57% 🔹 Period-End ETP AUM: $1.16T Comments: 🔸 “Nasdaq’s third quarter performance demonstrates the strength and momentum of our business, with new milestones achieved across all three divisions, including record Index net inflows, record FinTech ARR growth, and the establishment of Nasdaq Digital Liquidity Networks within Market Services.”

PROCTER & GAMBLE $PG Q1’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $23.28B (Est. $22.79B) 🟢; +4% YoY 🔹 Adj. EPS: $2.00 (Est. $1.88) 🟢; +1% YoY 🔹 Core Gross Margin: 50.0%; -150 bps YoY 🔹 Organic Sales: +4% YoY 🔹 GAAP EPS: $1.97; +1% YoY FY27 Guide: 🔹 Adj. EPS: $6.89-$7.11 (Est. $6.97) 🟡 🔹 Net Sales Growth: +2%-+4% 🔹 Organic Sales Growth: +1% to +3% 🔹 Core Effective Tax Rate: 20% to 21% 🔹 Adj. FCF Productivity: 85% to 90% 🔹 Dividends: Over $10B 🔹 Share Repurchases: ~$5B Segment Organic Sales: 🔹 Beauty: +5.4% YoY 🔹 Grooming: +4.5% YoY 🔹 Health Care: +2.7% YoY 🔹 Fabric & Home Care: +4.8% YoY 🔹 Baby, Feminine & Family Care: +3.0% YoY Other Q1 Metrics: 🔹 Core Oper Margin: 25.9%; -80 bps YoY 🔹 Operating Cash Flow: $5.8B 🔹 Adj. FCF Productivity: 93% Capital Return: 🔹 Dividends Paid: $2.6B 🔹 Share Repurchases: $1.3B Key Updates: 🔹 Thorne acquisition updated net sales guidance effective October 1, 2026 🔸 FY27 core EPS outlook absorbs an approximately $1.4B after-tax commodity cost headwind Comments: 🔸 “While we expect there will continue to be geopolitical and economic challenges, this strong start keeps us on track to deliver within our guidance ranges for organic sales growth, core EPS growth and free cash flow productivity for the fiscal year.”

COMCAST $CMCSA Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $29.30B (Est. $29.25B) 🟡; -6.1% YoY 🔹 Adj. EPS: $1.07 (Est. $0.98) 🟢; -4.0% YoY 🔹 Adj. EBITDA: $9.11B (Est. $8.9B) 🟢 🔹 Free Cash Flow: $4.21B (Est. $3.2B) 🟢 Pro Forma (ex-Versant, Sky Germany): 🔹 Pro Forma Revenue: +0.5% YoY 🔹 Pro Forma Adj. EBITDA: +0.8% YoY Segment Revenue: 🔹 Residential C&P: $17.02B; -3.5% YoY 🔹 Business Services: $2.65B; +2.7% YoY 🔹 Media: $5.36B; +13.0% YoY 🔹 Studios: $2.97B; -1.1% YoY 🔹 Theme Parks: $2.60B; -4.4% YoY Other Q3 Metrics: 🔹 Domestic Broadband Net Losses: 144,000 🔹 Domestic Wireless Line Net Adds: 368,000 🔹 Total Domestic Wireless Lines: 10.6M 🔹 Peacock Adj. EBITDA: $261M; vs -$217M LY 🔹 Theme Parks Adj. EBITDA: $780M; -17.1% YoY 🔹 C&P Adj. EBITDA Margin: 38.6%; -70 bps YoY 🔹 GAAP EPS: $0.97; vs $0.90 LY Key Updates: 🔹 Acquisition-related amortization: $0.11 per share 🔹 Investments: $0.03 per-share gain 🔹 Transaction costs: $0.01 per share 🔹 Other adjustments: $0.01 per share 🔹 Launched Xfinity Shield, a First-of-its-Kind Platform That Transforms Xfinity Wi-Fi into an Always-On Layer of Cybersecurity, Home and Family Protection 🔹 Dividends paid: $1.2B Comments: 🔸 “In Content & Experiences, Peacock delivered its second consecutive profitable quarter, generating $261 million in Adjusted EBITDA on $1.8 billion in revenue, driven by strong growth in distribution”

TRACTOR SUPPLY $TSCO Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.91B (Est. $3.81B) 🟢; +5.1% YoY 🔹 Adj. EPS: $0.43 (Est. $0.41) 🟢 🔹 Gross Margin: 36.4% Affirms FY26 Guide: 🔹 Adj. EPS: $1.90-$2.00 (Est. $1.94) 🟡 🔹 Adj. Net Income: $990M-$1.05B (Est. $1B) 🟡 🔹 Net Sales: +2.5%-+3.5% 🔹 Comparable Store Sales: -1% to flat 🔹 Adj. Oper Margin: 8.5%-8.8% 🔹 Oper Margin: 8.0%-8.3% 🔹 Net Income: $930M-$990M 🔹 GAAP EPS: $1.78-$1.88 Comparable Store Sales: 🔹 Total: +0.4% 🔹 Transaction Count: -0.3% 🔹 Average Ticket: +0.7% Other Q3 Metrics: 🔹 GAAP EPS: $0.43; -11.6% YoY 🔹 Operating Income: $307.7M; -10.2% YoY 🔹 Net Income: $224.7M; -13.3% YoY Key Updates: 🔹 Capital Returned: $213.4M 🔹 New Stores: 23 Tractor Supply 🔹 Petsense Stores Closed: 74 Comments: 🔸 “Our progress in the quarter and the actions underway give us confidence in our ability to deliver within our full-year guidance, which we are reaffirming today.”

ROPER TECHNOLOGIES $ROP Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $2.17B (Est. $2.17B) 🟡; +8% YoY 🔹 Adj. EPS: $5.89 (Est. $5.79) 🟢; +15% YoY 🔹 Adj. EBITDA: $864M (Est. $862M) 🟢; +7% YoY Raises FY26 Guide: 🔹 Adj. EPS: $22.35-$22.40 (Est. $22.22) 🟢 🔹 Revenue Growth: +8%+ YoY 🔹 Organic Revenue Growth: +7% YoY Q4 Guide: 🔹 Adj. EPS: $5.95-$6.00 (Est. $5.91) 🟢 Segment Revenue: 🔹 Application Software: $1.24B 🔹 Network Software: $446M 🔹 Technology Enabled Products: $486M Other Q3 Metrics: 🔹 Organic Revenue Growth: +7% YoY 🔹 Acquisition Contribution: +1% 🔹 Adj. EBITDA Margin: 39.8%; -40 bps YoY 🔹 GAAP EPS: $4.88; +33% YoY Key Updates: 🔹 Financial impacts associated with minority investments: $0.71/share gain 🔹 Amortization of acquisition-related intangible assets: $1.68/share 🔹 Transaction-related expenses for completed acquisitions: $0.05/share 🔸 FY26 adjusted DEPS guidance raised to $22.35-$22.40 from $22.15-$22.30 🔹 Deployed $436M toward three bolt-on acquisitions and received $1.2B in proceeds from Indicor’s sale of its instrumentation businesses 🔹 AI launches: PowerPlan, Strata, and Vertafore Comments: 🔸 “This quarter, our businesses again brought several AI launches to market, highlighted by PowerPlan, Strata, and Vertafore.”

BLACKSTONE $BX Q3’26 EARNINGS HIGHLIGHTS 🔹 Adj. Revenue: $3.22B (Est. $3.28B) 🔴; -3% YoY 🔹 Adj. EPS: $1.32 (Est. $1.28) 🟢; -13% YoY 🔹 Distributable Earnings: $1.72B; -9% YoY 🔹 Fee Related Earnings: $1.57B; +6% YoY 🔹 Total AUM: $1.37T; +10% YoY Capital Metrics: 🔹 Inflows: $63.3B 🔹 Deployment: $30.1B 🔹 Realizations: $33.1B 🔹 Fee-Earning AUM: $989.7B; +9% YoY 🔹 Perpetual Capital AUM: $562.3B; +12% YoY 🔹 Total Dry Powder: $228.9B Segment Distributable Earnings: 🔹 Real Estate: $553.7M; -10% YoY 🔹 Private Equity: $813.1M; -7% YoY 🔹 Credit & Insurance: $433.0M; +4% YoY 🔹 Multi-Asset Investing: $103.9M; +31% YoY Other Q3 Metrics: 🔹 FRE per Share: $1.26; +5% YoY 🔹 Net Accrued Performance Revenues: $7.3B 🔹 GAAP EPS: $0.83; +4% YoY 🔹 GAAP Net Income: $662.4M Capital Return: 🔹 Quarterly Dividend: $1.12/share 🔹 Share Repurchases: 0.2M shares Key Updates: 🔸 $1.5B to be distributed to shareholders with respect to the quarter through dividends and share repurchases Comments: 🔸 “Blackstone delivered strong third-quarter results amid a volatile external environment.”

DOVER $DOV Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $2.23B (Est. $2.22B) 🟢; +8% YoY 🔹 Adj. EPS: $2.88 (Est. $2.85) 🟢; +10% YoY 🔹 Organic Revenue Growth: +7% YoY FY26 Guide: 🔹 Adj. EPS: $10.60-$10.75 (Est. $10.67) 🟡 🔹 Revenue Growth: +7%-+8% YoY 🔹 Organic Revenue Growth: +5%-+6% YoY 🔹 GAAP EPS: $8.93-$9.08 Cash Flow: 🔹 Free Cash Flow: $383M (Est. $457M) 🔴 🔹 Operating Cash Flow: $439M Segment Organic Growth: 🔹 Engineered Products: -1.6% 🔹 Clean Energy & Fueling: +12.1% 🔹 Imaging & Identification: +2.2% 🔹 Pumps & Process Solutions: +1.2% 🔹 Climate & Sustainability Technologies: +17.9% Other Q3 Metrics: 🔹 GAAP EPS: $2.50; +14% YoY 🔹 Bookings: $2.31B 🔹 Segment Earnings Margin: 24.3% Key Updates: 🔹 Purchase accounting expenses: $0.34/share pre-tax, -$0.09/share tax impact 🔹 Restructuring and other costs: $0.16/share pre-tax, -$0.03/share tax impact Comments: 🔸 “Dover delivered strong results in the third quarter.”

QUEST DIAGNOSTICS $DGX Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.10B (Est. $3.05B) 🟢; +10.0% YoY 🔹 Adj. EPS: $3.00 (Est. $2.86) 🟢; +15.4% YoY 🔹 GAAP EPS: $2.78; +28.7% YoY Raises FY26 Guide: 🔹 Revenue: $12.07B-$12.11B (Est. $12B) 🟢 🔹 Adj. EPS: $11.25-$11.35 (Est. $11.19) 🟢 🔹 GAAP EPS: $10.21-$10.31 🔹 Operating Cash Flow: ~$1.90B 🔹 Capex: ~$550M Cash Flow: 🔹 Operating Cash Flow: $611M; +8.8% YoY 🔹 Capex: $166M; +15.0% YoY Other Q3 Metrics: 🔹 Adj. Oper Income: $517M (Est. $487M) 🟢 🔹 Adj. Oper Margin: 16.7% 🔹 Requisition Volume: +14.5% YoY 🔹 Organic Requisition Volume: +14.4% YoY 🔹 Revenue per Requisition: -4.2% YoY Announcements: 🔹 Quest laboratory test panels with over 50 biomarkers will be available through Apple Health later this year 🔹 Definitive agreement to acquire select outreach lab assets from a leading health system in the Northeastern U.S. 🔹 Launched a new AD-Detect test panel with pTau217, amyloid beta and APOE 🔹 Advanced Project Nova to the solutions-build phase; first lab deployment expected in fall 2027 Comments: 🔸 “With these growth trends and our strong performance, we are raising our revenue and EPS guidance for the full year.”

PULTEGROUP $PHM Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.97B (Est. $4.21B) 🔴 🔹 EPS: $2.53 (Est. $2.66) 🔴; vs $2.96 LY 🔹 Home Sale Gross Margin: 24.8%; vs 26.2% LY 🔹 Net New Orders: 6,208 homes; -6% YoY Other Q3 Metrics: 🔹 Home Sale Revenues: $3.9B; -9% YoY 🔹 Closings: 6,876 homes; -9% YoY 🔹 Avg. Sales Price: $561K; -1% YoY 🔹 Net New Order Value: $3.5B; vs $3.6B LY 🔹 Backlog: 10,298 homes; $6.4B in value 🔹 Avg. Community Count: 1,077; +7% YoY 🔹 Net Income: $476M; vs $586M LY 🔹 SG&A: $397M; 10.3% of home sale revenues 🔹 Mortgage Capture Rate: 85%; vs 84% LY Capital Return: 🔹 Share Repurchases: $350M; 2.8M shares Key Updates: 🔹 Cash: $1.4B; Debt-to-Capital Ratio: 12% Comments: 🔸 “Within this environment, we continue to appropriately balance the price and pace of home sales, align production accordingly, and remain disciplined in our allocation of capital.”

SNAP-ON $SNA Q3’26 EARNINGS HIGHLIGHTS 🔹 Net Sales: $1.18B (Est. $1.25B) 🔴; -0.6% YoY 🔹 EPS: $4.64 (Est. $4.93) 🔴 🔹 Organic Sales: -2.8% YoY Segment Net Sales: 🔹 Commercial & Industrial Group: $404.3M 🔹 Snap-on Tools Group: $471.5M 🔹 Repair Systems & Information Group: $454.7M Segment Operating Earnings: 🔹 Commercial & Industrial Group: $74.7M 🔹 Snap-on Tools Group: $84.8M 🔹 Repair Systems & Information Group: $116.1M 🔹 Financial Services: $68.3M Other Q3 Metrics: 🔹 Op. Earnings before Fin. Services: $248.1M 🔹 Op. Margin before Fin. Services: 21.0% 🔹 Consolidated Oper Earnings: $316.4M 🔹 Financial Services Revenue: $98.6M 🔹 Originations: $270.6M 🔹 Net Earnings: $243.0M Key Updates: 🔹 Acquisition-related sales: $25.6M 🔹 Favorable foreign currency translation: $0.4M 🔹 Capital expenditures in 2026 to approximate $100M 🔹 Full-year 2026 effective income tax rate to approximate 22% Comments: 🔸 “Our third quarter was mixed with varied outcomes among our business groups. The results were principally marked by the unprecedentedly accelerated rise in diesel prices, which in our mobile van channel prompted franchisees to reduce inventories despite very stable demand from their technician customers, substantially impacting the Tools Group in the period and overcoming what was an encouraging, record-setting performance in the Commercial & Industrial Group, led by gains in the critical industries and the precision torque arena,”

VALERO $VLO Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $46.10B (Est. $39.59B) 🟢 🔹 Adj. EPS: $23.90 (Est. $20.97) 🟢; +553% YoY Cash Flow & Returns: 🔹 Adj. Operating Cash Flow: $7.3B 🔹 Payout Ratio: 52% Segment Operating Income: 🔹 Refining: $8.8B 🔹 Renewable Diesel: $353M 🔹 Ethanol: $272M; +49% YoY Announcements: 🔹 The St. Charles FCC Unit optimization project was completed during the third quarter, on schedule and within budget. Other Q3 Metrics: 🔹 GAAP EPS: $23.89; +577% YoY 🔹 Refining Margin per Barrel: $39.24 🔹 Throughput: 3.0 million barrels per day Key Updates: 🔹 GAAP EPS of $23.89 includes $0.01 of Port Arthur Refinery fire expenses, excluded from adjusted EPS Comments: 🔸 “Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter.”

LOCKHEED MARTIN $LMT Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $20.71B (Est. $20.49B) 🟢; +11% YoY 🔹 EPS: $7.97 (Est. $7.43) 🟢; vs $6.95 LY 🔹 Operating Profit: $2.44B (Est. $2.42B) 🟢 🔹 Operating Margin: 11.8%; vs 12.3% LY FY26 Guide: 🔹 Revenue: $80.00B-$82.00B (Est. $80.96B) 🟡 🔹 EPS: $30.35-$30.75 (Est. $30.43) 🟡 🔹 Free Cash Flow: $7.80B-$8.00B (Est. $7.11B) 🟢 🔹 Oper Profit: $9.52B-$9.62B (Est. $9.65B) 🔴 🔹 Segment Operating Profit: $8.58B-$8.68B Cash Flow: 🔹 Free Cash Flow: $3.00B (Est. $1.56B) 🟢 🔹 Cash from Operations: $3.44B 🔹 Capital Expenditures: $439M Segment Sales: 🔹 Aeronautics: $8.2B; +13% YoY 🔹 Missiles and Fire Control: $4.5B; +24% YoY 🔹 Rotary and Mission Systems: $4.5B; +3% YoY 🔹 Space: $3.5B; +4% YoY Other Q3 Metrics: 🔹 Backlog: $292.0B (record) 🔹 Segment Operating Profit: $2.23B; +10% YoY 🔹 Segment Operating Margin: 10.8%; vs 10.9% LY 🔹 F-35 Deliveries: 43 Key Updates: 🔹 Updates 2026 financial outlook 🔹 Record backlog includes $52.5B associated with the multi-year award to produce PAC-3 Missile Segment Enhancement (MSE) interceptors 🔹 F-35 Lots 20-22 costs incurred began to exceed current contractual authorization and funding Comments: 🔸 “The sustained financial momentum across our portfolio gives us confidence to increase our outlook for sales, earnings per share and free cash flow, the second consecutive quarter we have raised our financial guidance.”