Core Insights - Wayfair reported total net revenue of $3.1 billion for Q3 2025, an 8.1% increase from Q3 2024, despite a widening net loss of $99 million compared to $74 million in the previous year [1][5] - US revenue rose 8.6% to $2.7 billion, while international revenue increased 4.6% to $389 million; excluding the exit from Germany, total net revenue grew 9% year-on-year [1][5] Financial Performance - Net cash provided by operating activities was $155 million, and non-GAAP free cash flow was $93 million for the quarter [2] - Adjusted EBITDA grew over 70% year-on-year, with a margin of 6.7%, the highest outside of the pandemic period [5] Customer Metrics - Wayfair had 21.2 million active customers at the end of the period, a 2.3% decline from the previous year [2] - The retailer delivered 9.8 million orders in the quarter, a 5.4% increase year-on-year, with repeat customers accounting for 80.1% of those orders [2][3] Order Trends - Repeat customers placed 7.9 million orders, reflecting a 6.8% year-on-year increase [3] - The average order value rose to $317, compared to $310 in Q3 2024 [3] - Mobile devices accounted for 63% of total orders delivered, slightly up from 62.9% in the same period of 2024 [3] Management Commentary - CEO Niraj Shah highlighted the success of Q3, noting accelerated share gain and revenue growth of 9% year-on-year excluding Germany, with new orders growing in mid-single digits for two consecutive quarters [4]

Core Insights - Constellium SE reported strong financial results for Q3 2025, with significant increases in revenue, net income, and Adjusted EBITDA compared to Q3 2024 [5][6][21] - The company appointed Ingrid Joerg as the new CEO, effective January 1, 2026, succeeding Jean-Marc Germain, who will retire at the end of 2025 [3][5] - The company raised its guidance for 2025, expecting Adjusted EBITDA to be in the range of $670 million to $690 million and Free Cash Flow to exceed $120 million [3][27] Financial Performance - Q3 2025 shipments reached 373 thousand metric tons, a 6% increase from Q3 2024, with revenue of $2.2 billion, up 20% year-over-year [5][6] - Net income for Q3 2025 was $88 million, compared to $8 million in Q3 2024, while Adjusted EBITDA increased to $235 million, an 85% rise from the previous year [5][6][21] - For the first nine months of 2025, shipments totaled 1.1 million metric tons, up 2% from the same period in 2024, with revenue of $6.2 billion, an 11% increase [7][6] Segment Performance - Aerospace & Transportation (A&T) segment Adjusted EBITDA for Q3 2025 was $90 million, a 67% increase from Q3 2024, driven by higher shipments and favorable pricing [10][11] - Packaging & Automotive Rolled Products (P&ARP) segment Adjusted EBITDA rose to $82 million in Q3 2025, a 14% increase, supported by improved performance at Muscle Shoals [12][14] - Automotive Structures & Industry (AS&I) segment Adjusted EBITDA increased significantly to $33 million in Q3 2025, up 371% from the previous year, despite lower shipments [15][16] Cash Flow and Liquidity - Free Cash Flow for the first nine months of 2025 was $68 million, a significant improvement from $(15) million in the same period of 2024 [23] - Cash flows from operating activities were $271 million for the first nine months of 2025, compared to $240 million in the prior year [24] - As of September 30, 2025, the company had liquidity of $831 million, consisting of $122 million in cash and cash equivalents [26] Outlook and Strategic Developments - The company expects demand trends to remain stable through the end of 2025, benefiting from improved market dynamics [3][27] - Constellium completed the divestment of its Nanjing Automotive Structures plant in August 2025, indicating a strategic shift in operations [29]

Company Performance & Financials - Caesars Digital generated approximately $13 billion of TTM Net Revenue and $171 million of TTM Adjusted EBITDA[14] - Q3 '25 TTM Adjusted EBITDA for Caesars Digital is 36% above Q3 '24 TTM[14] - Las Vegas center Strip assets generated approximately $1 billion of TTM Adjusted EBITDA[29] - Approximately $31 billion of capital spend in regional properties since closing of the Eldorado & Caesars merger in July 2020[34] - Since Q2 2024, Caesars has repurchased ~6% of shares outstanding totaling $391 million[54] - Q3 2025 Adjusted EBITDA was $884 million, with an Adjusted EBITDA margin of 308%[112, 113] Digital Growth - iGaming net gaming revenue increased by 30% YoY in Q3 2025, and 84% YoY in Q3 2024[77] - iGaming experienced a 2-Year Stack growth of +139%[77] - Monthly Unique Payers (MUPs) for Caesars Digital reached 458,434, a 15% YoY growth in Q3 '25 vs Q3 '24[75] Expansion & Investments - Caesars is developing Harrah's Oklahoma, expected to open in Q2 2026, increasing Caesars Rewards exposure to over 2 million adults within driving distance[37] - Caesars Republic Sonoma County is under development, expected to open in late 2027, giving Caesars Rewards exposure to over 6 million adults within 150 miles[40]

Financial Performance & Outlook - Clearwater reported Net Sales from continuing operations of $399 million in Q3 2025, a 3% increase compared to Q3 2024 and a 6% increase compared to Q2 2025[10] - The company experienced a Net Loss from continuing operations of $54 million in Q3 2025, which includes a non-cash goodwill impairment of $45 million[10, 11] - Adjusted EBITDA from continuing operations was $178 million with a margin of 4%, towards the higher end of the guidance range[10, 11] - Q4 2025 Adjusted EBITDA is projected to be between $13 million and $23 million, influenced by seasonality and a major maintenance outage at the Augusta, GA mill costing approximately $16 million[15] - For FY 2026, revenue is projected to be $145 billion to $155 billion, with a capacity utilization rate in the mid-80% range[15] Strategic Initiatives & Industry Trends - The company is targeting Adjusted EBITDA margins of 13% to 14% across the paperboard industry cycle, aiming for a 40-50% Adjusted EBITDA to free cash flow conversion rate, or over $100 million per year[5] - Clearwater is focused on reducing its fixed cost structure by $30 million to $40 million in 2025, with current tracking suggesting savings of approximately $50 million[5] - The company is exploring options to expand its product offering, including post-consumer recycled content, compostable plates, lightweight folding carton, poly-free coatings/barriers, unbleached paperboard grade (CUK), and recycled paperboard grade (CRB)[7] - Industry trends indicate a modest shipment growth expected in 2025 and a demand growth of approximately 3% projected for 2026[8] - Bleached paperboard net exports are expected to improve in 2025, with imports forecasted to decrease by approximately 4% and exports forecasted to decrease by approximately 2% compared to 2024[8]

Core Insights - Ryerson Holding Corporation reported third quarter revenue of $1.16 billion, which is in line with guidance, with average selling prices increasing by 2.6% and tons shipped decreasing by 3.2% compared to the previous quarter [4][5][6] - The company experienced a net loss of $14.8 million, or a diluted loss per share of $0.46, compared to a net income of $1.9 million in the previous quarter [8][4] - Ryerson ended the quarter with total debt of $500 million and net debt of $470 million, reflecting a decrease from the previous quarter [4][8] Financial Highlights - Revenue for Q3 2025 was $1,161.5 million, a decrease of 0.7% from Q2 2025 but an increase of 3.1% year-over-year [3][4] - Tons shipped in Q3 2025 were 485,000, down 3.2% from Q2 2025 and unchanged from Q3 2024 [3][4] - Average selling price per ton increased to $2,395, up 2.6% from Q2 2025 and 3.1% year-over-year [3][4] - Gross margin contracted to 17.2%, down 70 basis points from Q2 2025 [6][3] Operational Insights - The company executed a self-help strategy to manage operations amid ongoing challenges, including weak demand and tariff pricing conditions [5][6] - Areas of weakness included OEM contract shipments and carbon steel margin compression, while strengths were noted in transactional sales growth [5][6] - Operating expenses decreased by 1.5% compared to Q2 2025, driven by lower variable expenses [7][3] Debt and Liquidity - Ryerson recorded a cash outflow from operating activities of $8.3 million in Q3 2025, compared to an inflow of $23.8 million in Q2 2025 [8][4] - The company’s global liquidity, including cash and available credit, was $521 million as of September 30, 2025, up from $485 million at the end of Q2 2025 [8][4] Shareholder Returns - A quarterly cash dividend of $0.1875 per share was declared, payable on December 18, 2025 [9][4] - No share repurchases occurred during the quarter, with $38.4 million remaining under the existing authorization [10][4] Merger Agreement - Ryerson entered into a definitive merger agreement to acquire Olympic Steel, with shares to be converted based on a fixed exchange ratio [11][12] - The completion of the acquisition is subject to customary closing conditions, including stockholder approvals [12][11] Outlook - For Q4 2025, Ryerson expects customer shipments to decrease by 5% to 7% quarter-over-quarter, with anticipated net sales between $1.07 billion and $1.11 billion [13][4] - Average selling prices are expected to remain flat to up 2%, with LIFO expenses projected between $10 million and $14 million [13][4]

Core Insights - MSA Safety Incorporated reported solid financial performance in Q3 2025, with net sales reaching $468.4 million, an 8% increase year-over-year, driven by strong growth in fixed and portable detection and fall protection segments [2][3][6] - The company reaffirmed its low-single-digit organic sales growth outlook for 2025, while managing challenges related to the U.S. Government shutdown and timing issues in the fire service sector [4][6] Financial Performance - Net sales for Q3 2025 were $468.4 million, compared to $432.7 million in Q3 2024, reflecting an 8% increase [3][6] - GAAP operating income was $94.3 million, or 20.1% of net sales, a slight increase from $91.5 million in Q3 2024 [3][6] - Net income for Q3 2025 was $69.6 million, or $1.77 per diluted share, up from $66.6 million, or $1.69 per diluted share, in Q3 2024 [3][6] - Free cash flow generated was $100.5 million, a 43% increase compared to $70.1 million in Q3 2024 [3][6] Segment Performance - The Americas segment reported net sales of $313.3 million, a 5% increase from $299.5 million in Q3 2024 [3][6] - The International segment saw a significant 16% increase in net sales, reaching $155.1 million compared to $133.2 million in Q3 2024 [3][6] Strategic Developments - The acquisition of M&C TechGroup is performing well, with integration on track, contributing positively to the company's growth strategy [2][6] - The company plans to repurchase shares in Q4 2025, supported by strong free cash flow generation [2][6] Market Outlook - MSA Safety maintains a cautious outlook for 2025, acknowledging ongoing macroeconomic risks and the impact of the delayed Assistance to Firefighter Grants program [4][6] - The company expects some sales to shift from Q4 2025 to 2026 due to these timing challenges [4][6]

Core Insights - Chemed Corporation reported its third-quarter financial results for 2025, highlighting growth in its VITAS Healthcare and Roto-Rooter segments, despite some challenges in revenue growth and profitability metrics [1][2]. VITAS Segment Performance - VITAS net revenue reached $407.7 million, marking a 4.2% increase year-over-year, driven by a 2.5% rise in days-of-care and a 4.1% increase in Medicare reimbursement rates [4]. - Total VITAS admissions rose by 5.6% compared to the same quarter in 2024 [5]. - The average revenue per patient per day was $205.08, up 298 basis points from the previous year [7]. - The gross margin for VITAS, excluding Medicare Cap, was 22.5%, a decline of 261 basis points from the prior year [8]. Roto-Rooter Segment Performance - Roto-Rooter generated $217.2 million in revenue, a 1.1% increase from the previous year [11]. - Residential revenue increased by 3.4%, while commercial revenue rose by 2.8% [12]. - The gross margin for Roto-Rooter was 50.7%, down from 52.9% in the prior year [13]. - Adjusted EBITDA for Roto-Rooter was $49.4 million, reflecting a 12.4% decline year-over-year [14]. Consolidated Financials - Total consolidated revenue increased by 3.1% to $624.9 million [9]. - GAAP diluted EPS was $4.46, a decrease of 10.8%, while adjusted diluted EPS was $5.27, down 6.6% [9]. - Net income, excluding certain discrete items, was $48.9 million, a decrease of 9.0% [9]. - As of September 30, 2025, Chemed had total cash and cash equivalents of $129.8 million and no debt [16]. Share Repurchase and Guidance - The company repurchased 407,500 shares for $180.8 million, with approximately $301.8 million remaining under its share repurchase authorization [18]. - Management reiterated its guidance for 2025, projecting earnings per share between $22.00 and $22.30, excluding non-cash expenses and other discrete items [20].

Core Insights - Archrock, Inc. reported strong third-quarter performance in 2025, highlighting operational strength and profitability in the natural gas and compression markets [3][4][5] Financial Performance - Net income for Q3 2025 was $71.2 million, up from $37.5 million in Q3 2024, with adjusted net income at $73.2 million compared to $47.3 million in the previous year [5][7][22] - Adjusted EBITDA for Q3 2025 reached $220.9 million, a significant increase from $150.9 million in Q3 2024 [7][10][22] - Total revenue for Q3 2025 was $382.4 million, compared to $292.2 million in Q3 2024, with contract operations revenue increasing by 33% year-over-year [7][11][39] Operational Highlights - The company expanded its fleet by 56,000 horsepower sequentially, leading to increased contract operations revenue and adjusted gross margin [3][4] - Horsepower utilization at the end of Q3 2025 was 96%, up from 95% at the end of Q3 2024 [8][23] Shareholder Returns - Archrock declared a quarterly dividend of $0.21 per share, a 20% increase year-over-year, with a dividend coverage ratio of 3.7x [7][13][43] - The company repurchased 1,094,516 shares for approximately $25 million during Q3 2025, with an additional $100 million share repurchase authorization approved [14][15] Guidance and Outlook - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $835 million to $850 million, driven by strong demand in the natural gas sector [7][16] - Management anticipates continued growth in U.S. natural gas infrastructure and demand for LNG exports, projecting a minimum of $250 million in growth capital expenditures for 2026 [4][16]

Q3 2025 Financial Performance - Total property revenue increased by 5.9% year-over-year to $2616 million, or 4.2% on an FX-Neutral basis[5] - Total revenue increased by 7.7% year-over-year to $2717 million, or 6.1% on an FX-Neutral basis[5] - Net income attributable to AMT common stockholders was $853 million, a 207.7% increase compared to a loss of $792 million in Q3 2024[5] - Adjusted EBITDA increased by 7.6% year-over-year to $1816 million, or 6.2% on an FX-Neutral basis[5] - AFFO attributable to AMT common stockholders increased by 5.3% year-over-year to $1303 million, or 3.9% on an FX-Neutral basis[5] - AFFO attributable to AMT common stockholders, as adjusted, increased by 10.4% year-over-year to $1303 million, or 8.8% on an FX-Neutral basis[5] Updated 2025 Outlook - The company is raising its property revenue outlook midpoint by $40 million to $10250 million, primarily due to FX tailwinds[21] - The company is raising its Adjusted EBITDA outlook midpoint by $45 million to $7085 million, primarily due to FX tailwinds and U S Services outperformance[25] - The company is raising its Attributable AFFO outlook midpoint by $50 million to $5000 million, primarily due to FX tailwinds, conversion of topline growth and net interest benefits[28] Capital Allocation - The company is targeting a common dividend declaration of approximately $32 billion[32, 35] - Discretionary capital projects are allocated as follows: U S Data Centers ~40%, U S & Canada ~25%, Europe ~15%, and Emerging Markets ~20%[32]

FTAI AVIATION Q3 2025 Earnings Supplement OCTOBER 2025 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this Presentation. FORWARD-LOOKING S ...