Financial Performance - The company reported Adjusted EBITDA of $1320 million in the third quarter[10] - Total Segment Margin was $146576 thousand in the third quarter[13, 21] - Available Cash Before Reserves was $35482 thousand in Q3 2025, with a Common Unit Distribution Coverage Ratio of 176x[17, 23] - The company exited the third quarter with a leverage ratio of 541x, aiming to improve the balance sheet and maintain the ratio near 40x[10] Operational Highlights - Shenandoah achieved first oil in late July and ramped up to a targeted rate of 100 kbd in early October[15] - Salamanca achieved first oil at the end of September, expecting production from the first 3 wells to approach 40 kbd, with a fourth well planned for 2Q 2026 potentially reaching 50 kbd[15] - Marine Transportation segment experienced challenging conditions in July and August but rebounded in September and October[15] Liquidity and Capital Allocation - The company has a credit facility with $800 million in commitments[8] - The current quarterly distribution remains $0165 per common unit[8] - To date, the company has repurchased $325 million of Class A convertible preferred securities and 114900 common units at an average price of $909 per unit[10]

Financial Performance - Net revenue increased to $4,759.3 million in Q3 2025 from $4,585.0 million in Q3 2024[4] - Gross profit decreased from $684.0 million in Q3 2024 to $659.4 million in Q3 2025[4] - Operating income decreased to $492.6 million in Q3 2025 from $508.4 million in Q3 2024[4] - Net income decreased slightly to $343.1 million in Q3 2025 from $350.0 million in Q3 2024[4] - Adjusted EBITDA decreased year-over-year, primarily due to lower pricing in Mexico and lower volume in Europe[6] - Adjusted EBITDA margin decreased from 14.4% to 13.3%[4] - Net interest increased from $19.5 million to $29.0 million due to lower YoY cash balance during Q3 2025, as a result of the $2 billion in dividends paid in 2025[4, 6] Segment Performance - U S net revenue was $2,836.6 million with an adjusted operating income of $403.7 million and a margin of 14.2%[5] - Europe net revenue was $1,392.5 million with an adjusted operating income of $71.3 million and a margin of 5.1%[5] - Mexico net revenue was $530.2 million with an adjusted operating income of $39.0 million and a margin of 7.4%[5] Production and Inventory - Pullet placements increased 0.4% year-over-year in Q3 2025[7] - Broiler layer flock decreased 2.3% year-over-year in Q3 2025[12] - Total chicken inventories ended Q3 up 4.3% year-over-year[21]

Financial Performance - Third quarter 2025 net income was $115 million and Adjusted EBITDA was $288 million[12] - The company is raising its 2025 Adjusted EBITDA guidance midpoint and narrowing the range to $1,115 - $1,145 million, an 18% increase from the prior year's original Adjusted EBITDA guidance[12] - The company reaffirmed its 2026 Adjusted EBITDA early outlook of $1,155 - $1,225 million[12] Organic Growth and Projects - Approximately $0.5 billion was committed within the quarter for new organic projects, bringing the total to approximately $1.6 billion out of the original $2.3 billion backlog[12] - The company reached FID (Final Investment Decision) on the upsized Guardian Pipeline "G3" expansion for a total of approximately 537 MMcf/d expansion capacity northbound from Chicago[12, 25] - The LEAP Phase 4 expansion was placed in-service early and on budget[12] Operational Performance - The Haynesville system achieved a record high throughput, with volumes up 35% year-over-year[10] Capital Investments - The upsized "G3" expansion is expected to require a total capital investment of $850 to $930 million[26] - Approximately $1.6 billion of projects have reached FID for 2025 – 2029[33] Guidance Updates - 2025 Distributable Cash Flow is now guided to $800 - $830 million[27] - 2025 Capital Expenditures are now guided to $445 - $485 million[27] Market Position - Haynesville throughput increased by 35% in Q3 2025, reaching 204 Bcf/d[36]

Financial Performance - Revenue decreased by 2.7% to $31.2 billion in 3Q 2025, compared to $32.1 billion in 3Q 2024[6] - Adjusted EBITDA decreased by 0.7% to $9.7 billion in 3Q 2025, compared to $9.7 billion in 3Q 2024[6] - Adjusted EPS was $1.12 in both 3Q 2025 and 3Q 2024[6] - Free cash flow generation was $4.9 billion in 3Q 2025[7, 13] Connectivity & Platforms - Residential Connectivity revenue increased by 3%, driven by a 14% increase in domestic wireless revenue and a 7% increase in international connectivity revenue[8] - Domestic residential broadband ARPU increased by 2.6%[8] - The company added 414,000 wireless lines, achieving its best quarterly result on record and surpassing 14% penetration of domestic residential broadband customers[8] - Business Services connectivity revenue increased by 4.5%[8] Content & Experiences - Theme Parks revenue increased by 18.7% to $2.717 billion, with Adjusted EBITDA increasing by 13.1% to $958 million[10] - Studios revenue increased by 6.1% to $3.0 billion, while Adjusted EBITDA decreased by 21.9% to $365 million[10] - Media revenue decreased by 19.9%, but increased by 4.2% excluding $1.9 billion of incremental revenue from the Paris Olympics in 3Q 2024[10] Capital Allocation - The company returned $2.8 billion of capital to shareholders in 3Q 2025, including $1.5 billion in share repurchases and $1.2 billion in dividends[7, 12] - Share repurchases reduced total shares outstanding by 5% year-over-year[12]

Core Insights - Cumulus Media reported a challenging advertising environment but managed to gain market share in both broadcast and digital segments, with digital marketing services revenue increasing by 34% in Q3 2025 [2][4] - The company achieved a net revenue of $180.3 million for Q3 2025, a decrease of 11.5% year-over-year, and a net loss of $20.4 million [4][6] - For the nine months ended September 30, 2025, net revenue was $553.6 million, down 9.0% from the same period in 2024, with a net loss of $65.6 million [5][8] Financial Performance - Q3 2025 net revenue was $180.3 million, down from $203.6 million in Q3 2024, reflecting an 11.5% decline [4][6] - The net loss for Q3 2025 was $20.4 million compared to a net loss of $10.3 million in Q3 2024, marking a 97.7% increase in losses [6][7] - Adjusted EBITDA for Q3 2025 was $16.7 million, down 30.8% from $24.1 million in Q3 2024 [4][6] Revenue Breakdown - Total broadcast radio revenue for Q3 2025 was $115.0 million, a decrease of 17.2% from $139.0 million in Q3 2024 [9] - Digital revenue for Q3 2025 was $39.0 million, down 2.6% year-over-year, but increased by 8.4% when excluding the impact of discontinued relationships [7][9] - Digital marketing services now account for approximately 50% of total digital revenue, reflecting strong growth in this segment [7] Cost Management - The company has successfully reduced annualized fixed costs by $7 million in Q3 2025, bringing total year-to-date savings to $20 million [2][7] - Since 2019, total annualized fixed cost reductions have reached $182 million, representing over 30% [7] Balance Sheet and Debt - As of September 30, 2025, Cumulus Media had cash and cash equivalents of $90.4 million and total debt of $722.2 million [10][27] - The total debt at maturity was reported at $697.1 million, with net debt less total unamortized discount at $606.7 million [10][27]

Core Insights - Talkspace, Inc. reported a total revenue growth of 25% year-over-year, reaching $59.4 million in Q3 2025, primarily driven by a 42% increase in Payor revenue [1][4][11] - The company achieved a net income of $3.3 million, reflecting a 73% increase compared to the same period last year, alongside an adjusted EBITDA of $5.0 million, which is a significant improvement from $2.4 million in Q3 2024 [1][5][4] - Share repurchases amounted to $8.8 million during the quarter, indicating a commitment to returning value to shareholders [1] Financial Performance - Total revenue for the nine months ended September 30, 2025, was $165.9 million, a 19% increase from $138.9 million in the same period of 2024 [3][14] - Payor revenue for Q3 2025 was $45.5 million, up 42.1% from $32.0 million in Q3 2024, while Consumer revenue decreased by 23.1% year-over-year [14][4] - Costs and operating expenses increased by 21% year-over-year to $57.2 million, primarily due to a rise in the cost of revenue [4][14] Key Metrics - The number of completed Payor sessions increased by 37% year-over-year to 432.2 thousand, while the number of unique active Payor members rose by 29% [3][4] - Adjusted EBITDA for the nine months ended September 30, 2025, was $9.2 million, reflecting a 114% increase from $4.3 million in the same period of 2024 [5][29] - Cash, cash equivalents, and restricted cash at the end of the period stood at $43.7 million, with short-term marketable securities at $52.1 million [3][19] Strategic Initiatives - The CEO highlighted the positive momentum achieved through product enhancements, new marketing strategies, and additional payor partnerships, which contributed to record quarterly revenue [4][3] - The recent acquisition of Wisdo Health and advancements in AI initiatives are expected to broaden Talkspace's mental health service offerings [4][3]

Core Insights - Federal Signal Corporation reported a consolidated net sales of $555 million for Q3 2025, marking a 17% increase year-over-year, with net income rising to $68.1 million or $1.11 per diluted share, compared to $53.9 million or $0.87 per diluted share in the same quarter last year [3][4][9]. Financial Performance - The company achieved a consolidated operating income of $94.0 million, up 24% from the prior year, with an operating margin of 16.9%, an increase from 16.0% [6][9]. - Adjusted EBITDA for Q3 was $116.2 million, reflecting a 25% increase year-over-year, with an adjusted EBITDA margin of 20.9%, up from 19.6% [7][9]. - The Environmental Solutions Group reported net sales of $466 million, a 17% increase, while the Safety and Security Systems Group saw net sales of $90 million, an 18% increase [5][9]. Orders and Backlog - Consolidated orders for the third quarter were $467 million, a 10% increase compared to the prior year, with a backlog of $992 million as of September 30, 2025 [9][10]. Outlook and Guidance - The company raised its 2025 adjusted EPS outlook to a range of $4.09 to $4.17, up from the previous range of $3.92 to $4.10, and increased its net sales outlook to between $2.10 billion and $2.14 billion [9][15]. Acquisition and Financial Flexibility - Federal Signal announced the acquisition of Scranton Manufacturing Company for an initial consideration of $396 million, with additional payments for manufacturing facilities [12]. - The company secured a new five-year credit facility of $1.5 billion, enhancing its financial flexibility to fund growth opportunities [10][13][14].

Core Insights - DT Midstream, Inc. reported a net income of $115 million for Q3 2025, equating to $1.13 per diluted share, with Operating Earnings also at $115 million and Adjusted EBITDA at $288 million [1][2][18] Financial Performance - The company declared a dividend of $0.82 per share, payable on January 15, 2026, to stockholders of record by December 15, 2025 [2] - Year-to-date results are ahead of plan, prompting an increase in Adjusted EBITDA guidance for 2025 to a range of $1,115 million to $1,145 million [2][9] Business Updates - Significant progress was made in both commercial and construction activities during the quarter [2] - The company reached a final investment decision on the Guardian Pipeline "G3" expansion, increasing pipeline capacity by approximately 537 million cubic feet per day (MMcf/d), a 40% increase [6] - The LEAP Phase 4 expansion project was placed in-service ahead of schedule and on budget [6] Company Overview - DT Midstream operates natural gas interstate and intrastate pipelines, storage, and gathering systems, serving utilities, power plants, and large industrial customers across the U.S. and Canada [3] - The company aims to achieve net zero greenhouse gas emissions by 2050, with a target of 30% carbon emissions reduction by 2030 [3] Financial Metrics - Adjusted EBITDA is defined as GAAP net income before interest, taxes, depreciation, and amortization, adjusted for non-routine items [5][8] - Distributable Cash Flow (DCF) is calculated by adjusting net income for various expenses and is considered a key measure of the company's ability to generate cash earnings [8][22]

Core Insights - Malibu Boats, Inc. reported strong financial results for the first quarter of fiscal 2026, with a focus on dealer health and operational discipline despite a challenging market environment [3][4]. Financial Performance - Net sales increased by $23.2 million, or 13.5%, to $194.7 million compared to the same period in fiscal 2025, driven by increased unit volumes in the Malibu segment and inflation-driven price increases [4][6]. - Gross profit decreased by 1.0% to $27.9 million, with a gross profit margin of 14.3%, down from 16.4% [4][12]. - The net loss for the quarter was $0.7 million, a significant improvement from a net loss of $5.1 million in the prior year, resulting in a net loss margin of (0.4)% compared to (3.0)% [4][14]. - Adjusted EBITDA rose by 19.1% to $11.8 million, with an adjusted EBITDA margin of 6.1% [4][15]. Segment Performance - The Malibu segment saw net sales increase by $22.6 million, or 40.4%, to $78.6 million, with unit volumes up by 154 units [5][6]. - The Saltwater Fishing segment experienced a slight decline in net sales, down $0.4 million, or 0.7%, to $64.3 million, with a decrease in unit volumes [8]. - The Cobalt segment's net sales increased by $1.0 million, or 1.9%, to $51.8 million, despite a decrease in unit volumes [9]. Cost and Expenses - Cost of sales increased by $23.4 million, or 16.3%, to $166.8 million, primarily due to higher unit volumes and increased material and labor costs [11]. - Selling and marketing expenses rose by 29.4% to $6.3 million, while general and administrative expenses decreased by 23.8% to $20.8 million [13]. Guidance - For the full fiscal year 2026, Malibu anticipates net sales to be flat to down mid-single digits year-over-year, with an adjusted EBITDA margin ranging from 8% to 9% [16].

Core Insights - KBR, Inc. reported third quarter fiscal 2025 results, showing resilience despite revenue headwinds, with a year-on-year double-digit growth in Adjusted EBITDA and strong cash conversion [2][6][8] Financial Performance - Revenues for the third quarter were $1.931 billion, a slight decrease of 0% or $6 million compared to the previous year [5][8] - Operating income increased by 10% to $191 million, driven by strong project execution on an LNG project [9][12] - Net income attributable to KBR was $115 million, up 15% from the previous year, reflecting improved operating income [9][10] - Adjusted EBITDA reached $240 million, a 10% increase, with an Adjusted EBITDA margin of 12.4% [6][12] - Diluted earnings per share attributable to KBR were $0.90, up 20% from the previous year [11][34] Segment Performance - Mission Technology Solutions (MTS) revenues were flat at $1.406 billion, with operating income remaining stable at $114 million [16] - Sustainable Technology Solutions (STS) revenues decreased by 1% to $525 million, but operating income increased by 13% to $118 million [18][20] - Backlog and options totaled $23.4 billion, with a book-to-bill ratio of 1.4x for the quarter [13][20] Capital Management - Operating cash flows from continuing operations were $198 million, a 29% increase, with an operating cash conversion rate of 152% [21] - KBR returned $122 million to shareholders, including $100 million in share repurchases and $22 million in dividends [21] - As of October 3, 2025, liquidity totaled approximately $1.1 billion, with a net leverage ratio of 2.2x [20] Guidance and Strategic Initiatives - KBR revised its fiscal year 2025 guidance, projecting revenues between $7.75 billion and $7.85 billion, down from the previous range [22][23] - The company announced plans to spin off its Mission Technology Solutions segment into a separate publicly-traded company, targeting completion by mid-to-late 2026 [24]