Expands Robotics-as-a-Service (RaaS) footprint in Singapore’s premier hospitality hub, delivering autonomous fleet delivery, smart lift integration, and operational productivity enhancements.

SINGAPORE, Oct. 30, 2026 (GLOBE NEWSWIRE) — YYForce Inc. (NASDAQ: YFOR) (“YYForce” or the “Company”), a leading technology-driven workforce management and integrated facility solutions provider, today announced the commercial deployment of an 11-robot autonomous service fleet at the dual-branded Novotel Singapore on Stevens and Mercure Singapore on Stevens complex.

Under the 24-month commercial agreement, YYForce is deploying a specialized fleet of autonomous service robots engineered to streamline intra-hotel logistics, guest room deliveries, and inter-floor service workflows across the property’s extensive hospitality infrastructure. The deployment reflects an ongoing commitment to advancing Physical AI and automation across commercial real estate portfolios.

Key Highlights of the Commercial Deployment:

  • Scalable Fleet Architecture: An integrated 11-robot service ecosystem operating seamlessly across daily hospitality and housekeeping workflows to enhance guest engagement and reduce routine service transit times.
  • Full-Stack Building Automation: End-to-end multi-floor navigation powered by dedicated elevator IoT and API systems integration, allowing the fleet to autonomously call lifts and traverse the multi-tower development.
  • Telephony & PBX Ecosystem Connectivity: Seamless interoperability with hotel Private Branch Exchange (PBX) and SIP communication protocols, enabling direct in-room automated guest notifications and real-time operational coordination.
  • Commercial RaaS Growth: Highlights the expanding enterprise adoption of YYForce’s Robotics-as-a-Service (RaaS) framework, which delivers recurring high-margin service revenue while eliminating capital expenditure barriers for hospitality partners.
“The commercial deployment of our 11-robot autonomous fleet at Novotel and Mercure on Stevens represents a major operational milestone in physical AI and hospitality automation. By integrating advanced multi-floor elevator IoT, communication networks, and fleet robotics into established enterprise workflows, we are actively solving service labor constraints while driving tangible productivity gains. This deployment underscores the accelerating market demand for our integrated RaaS platform across Southeast Asia’s premium hotel assets.”
— Mike Fu, Chairman and Chief Executive Officer of YYForce Inc.

The 11-unit deployment serves as a commercial blueprint for YYForce’s continued rollout of embodied physical AI and smart automation solutions across commercial hospitality and integrated facility management portfolios throughout the Asia-Pacific region.

About YYForce Inc.
YYForce Inc. (NASDAQ: YFOR) is an innovative technology enterprise redefining workforce management, integrated facility services, and commercial operations through AI-enabled platforms and autonomous robotics. Leveraging proprietary marketplace tech, intelligent staffing algorithms, and smart robotics deployment, YYForce empowers enterprise clients across hospitality, logistics, healthcare, and commercial real estate to optimize productivity, enhance service delivery, and navigate the future of work.

For more information, visit www.yyforce.ai.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the Company’s current expectations, assumptions and information available to it as of the date of this release. Forward-looking statements can be identified by words such as “may,” “will,” “should,” “expects,” “anticipates,” “plans,” “intends,” “believes,” “estimates,” “potential” or similar expressions, or the negative of these terms.

Forward-looking statements in this release include, but are not limited to, statements regarding the timing, scope and expected outcomes of the Company’s humanoid robot deployment; potential hospitality and other applications of humanoid robotics; the Company’s robotics strategy and future robotics services; and the development, commercialization and adoption of humanoid technologies generally.

Forward-looking statements involve inherent risks and uncertainties, and the forward-looking events discussed in this press release may not occur, actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about the Company and a number of factors. These factors include, but are not limited to, the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations, including the introduction of new products and services, expected changes in the Company’s revenues, costs and expenditures, anticipated customer growth, and demand for and market acceptance of the Company’s products and services; and industry, market and regulatory conditions, including competition, government policies and regulations affecting the Company’s industry, and other factors that may affect the Company’s financial condition, liquidity and results of operations.

For a more detailed discussion of risk factors, please refer to the Company’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section of the Company’s most recent annual report on Form 20-F, as amended. Readers should also consider the risks described in the Company’s filings with the U.S. Securities and Exchange Commission. YYForce undertakes no obligation to update these statements except as required by applicable law.

Investor Relations Contact
YYForce Inc.
Investor Relations Department
Email: ir@yyforce.ai
Website: www.yyforce.ai

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN) (“Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, today announced its financial results for the quarter ended September 30, 2026.

2026 Third Quarter Highlights

  • Total net income attributable to stockholders for the third quarter was $2.4 million, or $0.10 per share, compared to $7.8 million, or $0.32 per share, in the prior year quarter.
  • Net interest income grew 5% to $58.4 million from $55.7 million in the prior year quarter.
  • Net interest margin (“NIM”) was 7.34% compared to 8.21% in the prior year quarter.
  • Loan originations grew 41% to $603.9 million, compared to $427.4 million in the prior year quarter, and included $259.4 million of strategic partnership loan originations in the current quarter, compared to $208.4 million in the prior year quarter.
  • Total loan portfolio as of September 30, 2026 was $2.936 billion, up 15% compared to $2.559 billion a year ago.
  • Credit loss provision was $30.8 million, compared to $18.6 million in the prior year quarter. The current quarter credit loss provision included approximately $5.6 million related to allowance for credit losses tied to consumer loan growth, compared to $1.9 million in the prior year quarter.
  • Net book value per share at September 30, 2026 was $17.73 compared to $17.07 a year ago.
  • The Company declared and paid a quarterly cash dividend of $0.14 per share.
  • The Company repurchased 483,871 shares of its common stock at an average cost of $11.48 per share for $5.6 million.
  • Subsequent to quarter end, the Board of Directors approved a new $40 million stock repurchase program.

Executive Commentary

Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, “Our third quarter results further demonstrate the strength of our consumer lending platform. We continued to grow our loan portfolio, with total assets reaching a record level of more than $3.3 billion. During the quarter, recreation and home improvement loans increased 5% and 7%, respectively, from last quarter. They have grown 16% and 18% over the past twelve months. Total loan originations increased 41% year-over-year to $603.9 million. We are especially pleased with the growth in our home improvement loan origination volume, which grew by 145% in this quarter from last year.

As we’ve said previously, growth at these levels requires us to recognize large upfront day-one provisions, which reduced earnings significantly during the quarter. While these provisions result in an immediate impact on reported earnings, they reflect the expansion of our loan portfolio and position us to generate increased earnings and shareholder value over time. These day-one provisions are a large part of the decrease in earnings this quarter from the prior year.

We were also pleased to have successfully raised an additional $55 million of preferred stock at Medallion Bank through the reopening of our investment grade rated Series G Preferred Stock, underscoring the confidence investors continue to place in our business model and growth strategy. We expect this additional capital to be accretive to our shareholders as we deploy it in our consumer lending business in the coming quarters.

In addition, we repurchased $5.6 million of our common stock during the quarter and, subsequent to quarter end, completed our previously authorized $40 million stock repurchase program. Our board of directors has authorized a new $40 million stock repurchase program; we intend to remain disciplined and opportunistic in repurchasing shares while continuing to support the growth of our business and create long-term shareholder value.

Lastly, we were able to repurchase $15 million of our trust preferred securities in October at a meaningful discount, which will result in a gain on the extinguishment of that debt in the upcoming fourth quarter.”

Business Highlights

Recreation Lending

  • Originations were $198.2 million during the quarter, up 40% compared to $141.7 million a year ago.
  • Recreation loans, including loans held for investment and loans held for sale, grew 16% to $1.853 billion, or 63% of total loans, as of September 30, 2026, compared to $1.603 billion, or 63%, a year ago.
  • Average loan size as of September 30, 2026 was $23,000 with a weighted average FICO score, measured at the time of loan origination, of 683.
  • Interest income grew 14% to $61.0 million for the quarter, from $53.6 million in the prior year quarter.
  • The weighted average interest rate was 15.01% at quarter-end, compared to 15.17% a year ago.
  • Recreation loans 90 days or more past due were $11.9 million, or 0.66% of gross recreation loans, as of September 30, 2026, compared to $8.9 million, or 0.57%, a year ago.
  • Allowance for credit losses as of September 30, 2026 was 5.30%, compared to 5.10% a year ago.

Home Improvement Lending

  • Originations were $146.3 million during the quarter, up 145% compared to $59.7 million a year ago.
  • Home improvement loans grew 18% to $947.5 million, or 32% of total loans, as of September 30, 2026, compared to $804.0 million, or 31%, a year ago.
  • Average loan size as of September 30, 2026 was $26,500 with a weighted average FICO score, measured at the time of loan origination, of 768.
  • Interest income grew 5% to $21.4 million for the quarter, compared to $20.5 million in the prior year quarter.
  • The weighted average interest rate was 9.52% at quarter-end, compared to 9.87% a year ago.
  • Home improvement loans 90 days or more past due were $1.7 million, or 0.18% of gross home improvement loans, as of September 30, 2026, compared to $1.3 million, or 0.16%, a year ago.
  • Allowance for credit losses as of September 30, 2026 was 2.59%, compared to 2.55% a year ago.

Commercial Lending

  • Commercial loans were $118.7 million as of September 30, 2026, compared to $135.1 million a year ago.
  • Average loan size was $4.0 million as of September 30, 2026, invested across 30 portfolio companies.
  • Interest income was $3.2 million for the quarter, compared to $4.2 million in the prior year quarter.
  • The average interest rate on the portfolio was 14.36% as of September 30, 2026, compared to 13.71% a year ago.

Strategic Partnerships

  • Originations were $259.4 million during the quarter, up 25% compared to $208.4 million a year ago.
  • Total strategic partnership loans held for sale as of September 30, 2026 were $15.2 million, compared to $15.3 million a year ago.
  • Fees generated from strategic partnerships were $0.8 million for the quarter, compared to $1.0 million in the prior year quarter.
  • The average holding period of strategic partnership loans was approximately five days.
  • In September 2026, rFinance Credit Company (finance affiliate of Renewal by Andersen) was added as the sixth partner to the strategic partnership program.

Taxi Medallion Lending

  • The Company collected $1.7 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.1 million.
  • Total net taxi medallion-related assets declined to $3.0 million, a 42% reduction from a year ago, and represented less than 0.1% of the Company’s total assets, as of September 30, 2026.

Average Balances and Rates

The following table presents our consolidated average balance sheets, interest income and expense, and the average interest earning/bearing assets and liabilities and reflects the average yield on assets and average costs on liabilities as of and for the three months ended September 30, 2026 and 2025.

    Three Months Ended September 30,  
    2026     2025  
(Dollars in thousands)   Average
Balance
    Interest     Average
Yield/Cost
    Average
Balance
    Interest     Average
Yield/Cost
 
Interest-earning assets                                    
Interest earning cash equivalents   $ 67,550     $ 598       3.51 %   $ 22,094     $ 177       3.18 %
Federal funds sold     134,558       1,292       3.81       71,673       1,046       5.79  
Investment securities     67,747       700       4.10       60,900       614       4.00  
Loans                                    
Recreation     1,816,101       60,977       13.32       1,579,820       53,565       13.45  
Home improvement     926,228       21,403       9.17       802,745       20,453       10.11  
Commercial     123,946       3,239       10.37       130,486       4,354       13.24  
Taxi medallion     1,240       55       17.60       1,593       91       22.66  
Strategic partnerships     16,442       626       15.11       12,794       471       14.67  
Total loans     2,883,957       86,300       11.87       2,527,438       78,934       12.39  
Total interest-earning assets   $ 3,153,812     $ 88,890       11.18 %   $ 2,682,105     $ 80,771       11.92 %
Non-interest-earning assets                                    
Allowance for credit losses   $ (128,384 )               $ (108,719 )            
Cash     10,052                   49,133              
Equity investments     8,596                   8,903              
Loan collateral in process of foreclosure     6,432                   8,517              
Goodwill and intangible assets     167,603                   169,048              
Other assets     67,576                   61,459              
Total non-interest-earning assets     131,875                   188,341              
Total assets   $ 3,285,687                 $ 2,870,446              
Interest-bearing liabilities                                    
Deposits   $ 2,424,820     $ 24,998       4.09 %   $ 2,066,763     $ 20,502       3.94 %
Privately placed notes     190,250       4,185       8.73       146,500       3,166       8.57  
SBA debentures and borrowings     72,250       814       4.47       77,750       855       4.36  
Trust preferred securities     33,000       514       6.18       33,000       562       6.76  
Total interest-bearing liabilities     2,720,320       30,511       4.45       2,324,013       25,085       4.28  
Non-interest-bearing liabilities                                    
Deferred tax liability     18,242                   18,985              
Other liabilities (1)     30,930                   23,872              
Total non-interest-bearing liabilities     49,172                   42,857              
Total liabilities     2,769,492                   2,366,870              
Non-controlling interest     112,991                   111,201              
Total stockholders’ equity     403,204                   392,375              
Total liabilities and stockholders’ equity   $ 3,285,687                 $ 2,870,446              
Net interest income         $ 58,379                 $ 55,686        
Net interest margin                 7.34 %                 8.21 %

(1) Includes deferred financing costs of $9.9 million and $9.0 million as of September 30, 2026 and 2025.


Loan Portfolio

The following table provides information regarding the composition of our loan portfolio for the dates presented:

    September 30, 2026     December 31, 2025     September 30, 2025  
(Dollars in thousands)   Amount     As a
Percent of
Total Loans
    Amount     As a
Percent of
Total Loans
    Amount     As a
Percent of
Total Loans
 
Loans held for investment:                                    
Recreation   $ 1,852,958       63 %   $ 1,617,221       63 %   $ 1,545,528       60 %
Home improvement     947,503       32       810,237       32       804,003       31  
Commercial     118,691       4       123,068       5       135,123       5  
Taxi medallion     1,209     *       1,179     *       1,509     *  
Total loans     2,920,361       99       2,551,705       100       2,486,163       97  
Loans held for sale, at lower of amortized cost or fair value:                                    
Recreation     —       —       —       —       57,641       2  
Strategic partnership     15,233     *       15,144     *       15,277     *  
Total loans held for sale, at lower of amortized cost or fair value     15,233     *       15,144     *       72,918       2  
Total loans and loans held for sale   $ 2,935,594       100 %   $ 2,566,849       100 %   $ 2,559,081       100 %

(*) Less than 1%.


Balance Sheet 

  • Cash and cash equivalents, including investment securities, as of September 30, 2026, were $306.9 million, compared to $212.1 million as of September 30, 2025.
  • As of September 30, 2026, total assets were $3.361 billion, up from $2.900 billion as of September 30, 2025.
  • As of September 30, 2026, total liabilities were $2.810 billion, up from $2.404 billion as of September 30, 2025.

Capital Allocation

Quarterly Dividend

  • The Board of Directors declared a quarterly dividend of $0.14 per share, payable on November 19, 2026, to stockholders of record at the close of business on November 9, 2026.
Dividends Announced   Amount
Per Share
    Record
Date
  Payment
Date
Q4 2026   $ 0.14     11/9/2026   11/19/2026
Q3 2026     0.14     8/17/2026   8/31/2026
Q2 2026     0.14     5/11/2026   5/21/2026
Q1 2026     0.12     3/19/2026   3/31/2026
Total: Year 2026     0.54          
Total: Year 2025     0.47          
Total: Year 2024     0.41          
Total: Year 2023     0.34          
Total: Year 2022 *     0.32          

(*) Dividend reinstated in Q1 2022.

Stock Repurchase Plan

  • During the quarter ended September 30, 2026, the Company repurchased 483,871 shares of its common stock at an average cost of $11.48 per share for $5.6 million.
  • As of September 30, 2026, the Company had $1.2 million remaining under its $40 million stock repurchase program, all of which was utilized subsequent to quarter end.
  • On October 27, 2026, the Board of Directors approved a new stock repurchase plan in the amount of $40 million. Under the repurchase program, we may repurchase our outstanding shares of common stock from time to time in open market or privately-negotiated transactions, including accelerated share repurchase transactions, block trades, or pursuant to 10b5-1 trading plans. Any repurchases will be at management’s discretion and will be subject to market conditions, the price of the Company’s shares and other factors. The stock repurchase program may be modified, suspended or terminated by the Board of Directors at any time.

Conference Call Information

The Company will host a conference call to discuss its third quarter financial results tomorrow, Friday, October 30, 2026, at 9:00 a.m. Eastern time.

In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

How to Participate

A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

Replay Information

The conference call replay will be available following the end of the call through Friday, November 6, 2026

  • Dial-in: (844) 512-2921 or (412) 317-6671
  • Passcode: 1021 2416

Additionally, the webcast replay will be available at the Company’s IR website.

About Medallion Financial Corp.

Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (swimming pools, replacement roofs, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

Forward-Looking Statements

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, expectations regarding our loan portfolio, including collections on our taxi medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, the effects of tariffs, the impact of the conflict with Iran, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2025 Annual Report on Form 10-K.

Investor Relations
InvestorRelations@medallion.com
212-328-2176

MEDALLION FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)‌
 
   
    (Unaudited)           (Unaudited)  
(Dollars in thousands, except share and per share data)   September 30, 2026     December 31, 2025     September 30, 2025  
Assets                  
Cash, cash equivalents, and federal funds sold   $ 243,056     $ 201,564     $ 150,978  
Investment securities     63,853       60,183       61,081  
Equity investments     8,185       8,099       9,305  
Loans held for sale, at lower of amortized cost or fair value     15,233       15,144       72,918  
Loans     2,920,361       2,551,705       2,486,163  
Allowance for credit losses     (133,895 )     (114,789 )     (111,053 )
Net loans receivable     2,786,466       2,436,916       2,375,110  
Goodwill and intangible assets, net     167,420       168,504       168,866  
Accrued interest receivable     21,967       19,401       16,973  
Property, equipment, and right-of-use lease asset, net     17,184       11,861       10,839  
Loan collateral in process of foreclosure     6,570       7,333       8,235  
Other assets     30,710       26,459       26,082  
Total assets   $ 3,360,644     $ 2,955,464     $ 2,900,387  
Liabilities                  
Deposits   $ 2,386,276     $ 2,084,265     $ 2,055,802  
Long-term debt     287,837       215,987       215,698  
Short-term borrowings     77,000       95,250       80,250  
Deferred tax liabilities, net     16,701       19,596       19,019  
Operating lease liabilities     11,409       5,041       3,459  
Accrued interest payable     6,967       6,319       5,290  
Accounts payable and accrued expenses     23,354       20,960       23,992  
Total liabilities     2,809,544       2,447,418       2,403,510  
Total stockholders’ equity     399,758       408,617       397,448  
Non-controlling interest in consolidated subsidiaries     151,342       99,429       99,429  
Total equity     551,100       508,046       496,877  
Total liabilities and equity   $ 3,360,644     $ 2,955,464     $ 2,900,387  
Number of shares outstanding     22,550,694       23,311,683       23,279,435  
Book value per share   $ 17.73     $ 17.53     $ 17.07  

MEDALLION FINANCIAL CORP.‌
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)‌
 
             
    Three Months Ended September 30,     Nine Months Ended September 30,  
(Dollars in thousands, except share and per share data)   2026     2025     2026     2025  
Total interest income   $ 88,890     $ 80,771     $ 252,335     $ 233,637  
Total interest expense     30,511       25,085       82,650       73,170  
Net interest income     58,379       55,686       169,685       160,467  
Provision for credit losses     30,769       18,556       75,518       62,132  
Net interest income after provision for credit losses     27,610       37,130       94,167       98,335  
Other income                        
Gain on taxi medallion assets, net     1,090       1,767       3,506       3,359  
Strategic partnership fees     762       990       2,722       2,461  
Gain on sale of recreation and home improvement loans     1,682       —       2,963       1,304  
Gain (loss) on equity investments, net     (217 )     257       329       15,783  
Other income     107       34       788       951  
Total other income, net     3,424       3,048       10,308       23,858  
Other expenses                        
Salaries and employee benefits     10,799       10,145       33,046       30,286  
Loan servicing fees     3,989       2,852       11,892       8,568  
Collection costs     1,871       1,970       5,739       5,742  
Professional fee costs, net     1,592       1,073       4,932       4,010  
Regulatory fees     1,120       680       3,101       2,610  
Rent expense     710       680       2,105       2,036  
Depreciation     661       625       1,949       1,871  
Director compensation     467       445       1,340       1,281  
Amortization of intangible assets     361       361       1,084       1,084  
Other expenses     2,396       1,871       6,105       5,518  
Total other expenses     23,966       20,702       71,293       63,006  
Income before income taxes     7,068       19,476       33,182       59,187  
Income tax provision     2,336       5,862       11,381       18,380  
Net income     4,732       13,614       21,801       40,807  
Less: income attributable to the non-controlling interest     2,335       2,336       7,006       6,446  
Less: redemption of non-controlling interest     —       3,515       —       3,515  
Net income attributable to Medallion Financial Corp.   $ 2,397     $ 7,763     $ 14,795     $ 30,846  
Basic net income per share   $ 0.11     $ 0.34     $ 0.64     $ 1.36  
Diluted net income per share   $ 0.10     $ 0.32     $ 0.61     $ 1.28  
Weighted average common shares outstanding                        
Basic     22,686,300       22,854,836       23,010,224       22,737,572  
Diluted     23,647,271       24,437,133       24,067,423       24,131,840  

Company advances agentic strategy while driving margin expansion

MINNEAPOLIS, Oct. 29, 2026 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), the leading intelligent supply chain network, today announced financial results for the third quarter ended September 30, 2026.

Financial Highlights

Third Quarter 2026 Financial Highlights

  • Revenue was $197.6 million in the third quarter of 2026, compared to $189.9 million in the third quarter of 2025, reflecting 4% growth, which was partially offset by the divestiture of the 3P Revenue Recovery business completed in the second quarter of 2026, and variability in the 1P Revenue Recovery take rate model.
  • Recurring revenue grew 4% from the third quarter of 2025.
  • Net income was $30.7 million or $0.85 per diluted share, compared to net income of $25.6 million or $0.67 per diluted share in the third quarter of 2025.
  • Non-GAAP income was $50.2 million or $1.39 per diluted share, compared to non-GAAP income of $43.0 million or $1.13 per diluted share in the third quarter of 2025.
  • Adjusted EBITDA for the third quarter of 2026 increased 17% to $70.9 million compared to the third quarter of 2025.
  • Share repurchases in the third quarter of 2026 totaled $48.8 million.

“The progress we have made to date with our agentic transformation initiatives – both across our product portfolio and internally – has exceeded my expectations. I want to recognize all of Team SPS for their agentic-first mindset and commitment to this transformation,” said Chad Collins, CEO of SPS Commerce. “With our agentic strategy advancing, we are uniquely positioned to deliver sustainable, profitable growth, backed by the combination of AI and SPS’ intelligent network – a powerful and durable competitive moat that no one else can match.”

“Our third quarter financial results clearly demonstrate the strong operating leverage embedded in our business model,” said Joe Del Preto, CFO of SPS Commerce. “Continued margin expansion underscores both our commitment to disciplined cost management and the tangible efficiency gains we’re unlocking through agentic customer onboarding.”

Guidance

As a result of the divestiture of the 3P Revenue Recovery business on June 30, 2026, guidance factors in a reduction of approximately $10.5 million in revenue to the second half of 2026. The divestiture is expected to be neutral to Adjusted EBITDA in the second half of 2026.

Fourth Quarter 2026 Guidance

  • Revenue is expected to be in the range of $199.3 million to $201.3 million.
  • Net income per diluted share is expected to be in the range of $0.74 to $0.79, with fully diluted weighted average shares outstanding of 36.0 million shares.
  • Non-GAAP income per diluted share is expected to be in the range of $1.31 to $1.36.
  • Adjusted EBITDA is expected to be in the range of $72.0 million to $74.0 million.
  • Non-cash, share-based compensation expense is expected to be $17.0 million, depreciation expense is expected to be $6.1 million, and amortization expense is expected to be $12.3 million.

Fiscal Year 2026 Guidance

  • Revenue is expected to be in the range of $786.9 million to $788.9 million, representing approximately 5% growth over 2025.
  • Net income per diluted share is expected to be in the range of $2.29 to $2.35, with fully diluted weighted average shares outstanding of 36.6 million shares.
  • Non-GAAP income per diluted share is expected to be in the range of $5.05 to $5.11.
  • Adjusted EBITDA is expected to be in the range of $267.4 million to $269.4 million, reflecting an Adjusted EBITDA margin of 34% at the midpoint, an increase of approximately 330 basis points compared to full year 2025.
  • Non-cash, share-based compensation expense is expected to be $69.5 million, depreciation expense is expected to be $24.1 million, and amortization expense is expected to be $40.8 million.

The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

Quarterly Conference Call

To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q3 2026 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com. 

About SPS Commerce

SPS Commerce (NASDAQ: SPSC) is the leading intelligent supply chain network, connecting trading partners around the globe to optimize supply chain operations with all retail partners. Our AI-powered network connects 300,000+ trading relationships worldwide and moves more than 750M transactions and over $650B in gross merchandise value each year. From retailers and brands to manufacturers, distributors, and logistics providers, SPS is trusted by seven of the top ten largest retailers, and over two-thirds of today’s fastest growing brands. Our multi-solution portfolio orchestrates the data, decisions, and relationships that keep the world’s supply chains moving forward. With nearly 3,000 employees and  offices worldwide, SPS Commerce is headquartered in Minneapolis, Minnesota. For more information, visit www.spscommerce.com. 

SPS-F

Use of Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

Adjusted EBITDA Measures:

Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain from investments and foreign currency transactions, investment income, loss on sale of business, and other adjustments as necessary for a fair presentation. Other adjustments for the three months ended September 30, 2026 included asset disposals and for the nine months ended September 30, 2026, included the remeasurement of an acquired earn-out liability, asset disposals, and the net impact of divestiture-related exit and disposal activity. Net income is the most directly comparable GAAP measure of financial performance.

Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

Non-GAAP Income Per Share Measure:

Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain from investments and foreign currency transactions, loss on sale of business, and other adjustments as necessary for a fair presentation, including for the three months ended September 30, 2026 asset disposals and for the nine months ended September 30, 2026, the remeasurement of an acquired earn-out liability, asset disposals, net impact of divestiture-related exit and disposal activity, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the most directly comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

Forward-Looking Statements

This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the fourth quarter and full year of 2026, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SPS COMMERCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; In thousands, except shares)
 
  September 30,
2026
  December 31,
2025
ASSETS      
Current assets      
Cash and cash equivalents $ 153,818     $ 151,355  
Short-term investments   29,683       —  
Accounts receivable   74,477       75,295  
Allowance for credit losses   (8,302 )     (7,129 )
Accounts receivable, net   66,175       68,166  
Deferred costs   64,181       66,693  
Other assets   33,164       49,090  
Total current assets   347,021       335,304  
Property and equipment, net   43,943       43,117  
Operating lease right-of-use assets   5,656       5,025  
Goodwill   539,089       541,719  
Intangible assets, net   162,545       215,815  
Other assets      
Deferred costs, non-current   19,996       20,719  
Deferred income tax assets   492       493  
Other assets, non-current   13,856       7,667  
Total assets $ 1,132,598     $ 1,169,859  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities      
Accounts payable $ 9,881     $ 13,757  
Accrued compensation   47,459       47,577  
Accrued expenses   16,059       13,074  
Deferred revenue   79,342       75,590  
Operating lease liabilities   1,232       4,353  
Total current liabilities   153,973       154,351  
Other liabilities      
Deferred revenue, non-current   3,910       5,288  
Operating lease liabilities, non-current   5,392       2,839  
Deferred income tax liabilities   36,166       33,201  
Other liabilities, non-current   255       287  
Total liabilities   199,696       195,966  
Commitments and contingencies      
Stockholders’ equity      
Common stock   40       40  
Treasury stock   (328,155 )     (177,949 )
Additional paid-in capital   778,767       722,737  
Retained earnings   486,714       429,438  
Accumulated other comprehensive loss   (4,464 )     (373 )
Total stockholders’ equity   932,902       973,893  
Total liabilities and stockholders’ equity $ 1,132,598     $ 1,169,859  

SPS COMMERCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; in thousands, except per share amounts)
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2026     2025     2026     2025
Revenues $ 197,647   $ 189,904   $ 587,583   $ 558,853
Cost of revenues (1)   57,101     57,932     175,346     174,672
Gross profit   140,546     131,972     412,237     384,181
Operating expenses              
Sales and marketing (1)   43,474     42,322     132,144     127,390
Research and development (1)   16,546     17,276     51,420     51,986
General and administrative (1)   30,831     31,690     103,851     93,598
Amortization of intangible assets   9,766     9,493     28,467     27,590
Loss on sale of business   —     —     23,454     —
Total operating expenses   100,617     100,781     339,336     300,564
Income from operations   39,929     31,191     72,901     83,617
Other income, net   1,372     1,260     4,774     4,240
Income before income taxes   41,301     32,451     77,675     87,857
Income tax expense   10,618     6,882     20,399     20,359
Net income $ 30,683   $ 25,569   $ 57,276   $ 67,498
               
Net income per share              
Basic $ 0.85   $ 0.67   $ 1.56   $ 1.78
Diluted $ 0.85   $ 0.67   $ 1.56   $ 1.77
               
Weighted average common shares used to compute net income per share              
Basic   35,900     37,895     36,599     37,939
Diluted   36,209     37,993     36,740     38,070
               
(1) Amounts include stock-based compensation expense as follows:              
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2026     2025     2026     2025
Cost of revenues $ 3,383   $ 3,171   $ 9,787   $ 9,610
Operating expenses              
Sales and marketing   4,086     3,486     12,345     9,270
Research and development   2,415     2,354     7,086     6,506
General and administrative   5,809     5,442     23,244     17,932
Total stock-based compensation expense $ 15,693   $ 14,453   $ 52,462   $ 43,318
               

SPS COMMERCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
 
  Nine Months Ended
September 30,
    2026       2025  
Cash flows from operating activities      
Net income $ 57,276     $ 67,498  
Reconciliation of net income to net cash provided by operating activities      
Deferred income taxes   890       12,583  
Depreciation and amortization of property and equipment   18,056       15,302  
Amortization of intangible assets   28,467       27,590  
Accretion of purchase discounts on investments   (257 )     —  
Provision for credit losses   6,497       6,843  
Stock-based compensation   52,462       43,318  
Loss on sale of business   23,454       —  
Other, net   (1,280 )     (343 )
Changes in assets and liabilities, net of effects of acquisitions      
Accounts receivable   (6,536 )     (16,301 )
Deferred costs   2,912       234  
Other assets and liabilities   7,545       (25,233 )
Accounts payable   (2,837 )     2,925  
Accrued compensation   (2,808 )     1,035  
Accrued expenses   259       (2,226 )
Deferred revenue   2,772       1,051  
Operating leases   (1,208 )     (1,357 )
Net cash provided by operating activities   185,664       132,919  
Cash flows from investing activities      
Purchases of property and equipment   (21,246 )     (18,873 )
Purchases of investments   (34,444 )     —  
Maturities of investments   5,000       —  
Proceeds from sale, net   8,768       —  
Acquisition of business, net   —       (142,628 )
Net cash used in investing activities   (41,922 )     (161,501 )
Cash flows from financing activities      
Repurchases of common stock   (147,205 )     (89,556 )
Net proceeds from exercise of options to purchase common stock   1,035       3,481  
Net proceeds from employee stock purchase plan activity   4,718       5,924  
Net cash used in financing activities   (141,452 )     (80,151 )
Effect of foreign currency exchange rate changes   173       1,441  
Net increase (decrease) in cash and cash equivalents   2,463       (107,292 )
Cash and cash equivalents at beginning of period   151,355       241,017  
Cash and cash equivalents at end of period $ 153,818     $ 133,725  
       
       
       

SPS COMMERCE, INC.
NON-GAAP RECONCILIATIONS
(Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)

Adjusted EBITDA
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2026       2025       2026       2025  
Net income $ 30,683     $ 25,569     $ 57,276     $ 67,498  
Income tax expense   10,618       6,882       20,399       20,359  
Depreciation and amortization of property and equipment   6,072       5,354       18,056       15,302  
Amortization of intangible assets   9,766       9,493       28,467       27,590  
Stock-based compensation expense   15,693       14,453       52,462       43,318  
Realized loss (gain) from investments and foreign currency transactions   13       (205 )     (509 )     (678 )
Investment income   (1,611 )     (1,076 )     (3,973 )     (3,613 )
Loss on sale of business   —       —       23,454       —  
Other   (366 )     10       (201 )     1,129  
Adjusted EBITDA $ 70,868     $ 60,480     $ 195,431     $ 170,905  

Adjusted EBITDA Margin
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2026       2025       2026       2025  
Revenue $ 197,647     $ 189,904     $ 587,583     $ 558,853  
               
Net income   30,683       25,569       57,276       67,498  
Margin   16 %     13 %     10 %     12 %
               
Adjusted EBITDA   70,868       60,480       195,431       170,905  
Adjusted EBITDA Margin   36 %     32 %     33 %     31 %

Non-GAAP Income per Share
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
    2026       2025       2026       2025  
Net income $ 30,683     $ 25,569     $ 57,276     $ 67,498  
Stock-based compensation expense   15,693       14,453       52,462       43,318  
Amortization of intangible assets   9,766       9,493       28,467       27,590  
Realized loss (gain) from investments and foreign currency transactions   13       (205 )     (509 )     (678 )
Loss on sale of business   —       —       23,454       —  
Other   (366 )     10       (201 )     1,129  
Income tax effects of adjustments   (5,628 )     (6,365 )     (23,277 )     (19,935 )
Non-GAAP income $ 50,161     $ 42,955     $ 137,672     $ 118,922  
               
Shares used to compute net income and non-GAAP income per share              
Basic   35,900       37,895       36,599       37,939  
Diluted   36,209       37,993       36,740       38,070  
               
Net income per share, basic $ 0.85     $ 0.67     $ 1.56     $ 1.78  
Non-GAAP adjustments to net income per share, basic   0.55       0.46       2.20       1.35  
Non-GAAP income per share, basic $ 1.40     $ 1.13     $ 3.76     $ 3.13  
               
Net income per share, diluted $ 0.85     $ 0.67     $ 1.56     $ 1.77  
Non-GAAP adjustments to net income per share, diluted   0.54       0.46       2.19       1.35  
Non-GAAP income per share, diluted $ 1.39     $ 1.13     $ 3.75     $ 3.12  

The annual per share amounts may not cross-sum due to rounding.

Contact:
Investor Relations
The Blueshirt Group
Irmina Blaszczyk
SPSC@blueshirtgroup.com

AUSTIN, Texas, Oct. 29, 2026 (GLOBE NEWSWIRE) — Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today its financial results for the third quarter of 2026. All per share results are presented on a fully diluted basis.

Highlights

  • Reported net income available to common stockholders of $0.48 per share in 3Q26, compared to $0.15 in 3Q25
  • Reported FFO per share of $1.97 in 3Q26, compared to $1.65 in 3Q25
  • Reported Core FFO per share of $2.10 in 3Q26, compared to $1.89 in 3Q25
  • Signed record total bookings during 3Q26 that are expected to generate $855 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were a record $627 million, including a record $152 million within the 0-1 megawatt plus interconnection category
  • Reported rental rate increases on renewal leases of 11.8% on a cash basis in 3Q26
  • Reported a record total backlog of $2.5 billion of annualized GAAP base rent at 100% share at the end of 3Q26; at Digital Realty’s share, the backlog was a record $1.8 billion
  • Raised 2026 Core FFO per share (excluding net promote) outlook to $8.30 – $8.35 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.25 – $8.30

Financial Results

Digital Realty reported total revenues of $1.9 billion in the third quarter of 2026, 10% higher than the previous quarter when excluding $201 million of promote income in the second quarter and 21% above the same quarter last year.

The company delivered net income of $194 million in the third quarter of 2026, as well as net income available to common stockholders of $185 million and $0.48 per share, compared to $1.21 per share in the previous quarter and $0.15 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $978 million in the third quarter of 2026, which was in line with the previous quarter and a 13% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $742 million in the third quarter of 2026, or $1.97 per share, compared to $2.73 per share in the previous quarter and $1.65 per share in the same quarter last year.

Digital Realty delivered Core FFO per share (excluding net promote) of $2.10 in the third quarter of 2026, compared to $2.13 per share in the previous quarter and $1.89 per share in the same quarter last year. Digital Realty delivered Core FFO per share (excluding net promote) of $6.27 for the nine-month period ended September 30, 2026. Digital Realty delivered Constant-Currency Core FFO per share (excluding net promote) of $2.10 in the third quarter of 2026 and $6.18 per share for the nine-month period ended September 30, 2026.

“Digital Realty extended its track record of execution in the third quarter with record leasing, an expanding backlog, and another quarter of double-digit earnings growth,” said Digital Realty President and Chief Executive Officer Andy Power. “These results underscore the global strength of customer demand for connectivity-rich environments, trusted execution, and a well-capitalized partner with the reach and capabilities to support their evolving requirements across the digital infrastructure landscape.”

Leasing Activity

In the third quarter, Digital Realty signed total bookings that are expected to generate $855 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $627 million, including a $130 million contribution from the 0-1 MW category and a $22 million contribution from interconnection.

The weighted-average lag between new leases signed during the third quarter of 2026 and the contractual commencement date was 17 months. The backlog of signed-but-not-commenced leases at quarter-end was $2.5 billion of annualized GAAP base rent at 100% share, and $1.8 billion at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $261 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2026 increased 11.8% on a cash basis and 17.0% on a GAAP basis.

New leases signed during the third quarter of 2026, at Digital Realty’s share, are summarized by region and product as follows:

                 
    Annualized GAAP          
    Base Rent       GAAP Base Rent
Americas   (in thousands)   Megawatts   per Kilowatt
0-1 MW     $39,587   11.6     $284
> 1 MW       203,002   64.0       264
Other(1)       357   —       —
Total     $242,947   75.6     $267
                 
EMEA(2)                
0-1 MW     $68,062   23.1     $245
> 1 MW       9,906   6.4       129
Other(1)       94   —       —
Total     $78,062   29.5     $220
                 
Asia Pacific(2)                
0-1 MW     $21,979   6.5     $282
> 1 MW       261,271   73.2       297
Other(1)       136   —       —
Total     $283,386   79.7     $296
                 
All Regions(2)                
0-1 MW     $129,628   41.2     $262
> 1 MW       474,180   143.6       275
Other(1)       587   —       —
Total     $604,395   184.8     $272
                 
Interconnection     $22,209   N/A     N/A
                 
Grand Total at DLR Share     $626,604   184.8     $272
                 
Grand Total at 100% Share     $855,275   267.2     $259

Note: Totals may not foot due to rounding differences.
(1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
(2) Based on quarterly average exchange rates during the three months ended September 30, 2026.

Investment Activity

During the third quarter of 2026, Digital Realty acquired $742 million of land:

  • Near the Indianapolis metro area, to support over one gigawatt of IT capacity.
  • Adjacent to Digital Realty’s Fort Gillem campus in Atlanta to support hyperscale and enterprise colocation IT capacity.
  • Two parcels in the Chicago metro area to support hyperscale and enterprise colocation for an aggregate of 360 megawatts of IT capacity.
  • In the Charlotte metro area to support development of up to 600 megawatts of IT capacity.
  • Near Digital Realty’s Ostend campus in Frankfurt, Germany to support up to 14 megawatts of IT capacity.
  • Near Crete, Greece to support up to 5 megawatts of IT capacity.

As previously disclosed, during the quarter, Digital Realty entered into a new joint venture with Rönesans Infrastructure to develop data centers across Türkiye for $33 million. The joint venture’s first investment will be a data center in Ankara, expected to support more than 22 megawatts of IT capacity.
  
Subsequent to quarter end, Digital Realty also closed on the following acquisitions:

  • Land near Brussels, Belgium for approximately €15 million or $17 million.
  • The freehold interest in the land underlying our campus in Dugny, France for approximately €80 million or $90 million.
  • An additional 16% stake in Teraco for approximately $688 million from certain minority shareholders, principally through the issuance of 3.4 million shares of common stock, increasing Digital Realty’s ownership from 61% to approximately 77%.

Subsequent to quarter end, we closed $1.4 billion of initial cornerstone equity commitments to our new perpetual capital strategy focused on stabilized hyperscale data centers in North America.

Balance Sheet

Digital Realty had approximately $19.5 billion of total debt outstanding as of September 30, 2026, comprised of $17.9 billion of unsecured debt and approximately $1.6 billion of secured debt and other debt. At the end of the third quarter of 2026, net debt-to-Adjusted EBITDA was 5.2x, debt-plus-preferred-to-total enterprise value was 23.2% and fixed charge coverage was 4.8x. 

During the quarter, the company sold approximately 2.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $191.84 per share, for net proceeds of approximately $450 million. Year-to-date, the company has sold approximately 15.9 million shares under its ATM equity issuance program at a weighted average price of $185.98 per share, for net proceeds of approximately $2.9 billion.

In October, the company issued:

  • €1 billion of 5.125% euro notes due 2036, for net proceeds of approximately €1 billion ($1.1 billion); and 
  • CHF225 million of 1.6803% Swiss bonds due 2029, CHF185 million of 2.0600% due 2032 and CHF100 million of 2.4150% due 2036, for aggregate net proceeds of approximately CHF508 million ($611 million). 

2026 Outlook

Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.30 – $8.35 and its 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.25 – $8.30. The assumptions underlying the outlook are summarized in the following table.

                 
    As of   As of   As of   As of
Top-Line and Cost Structure   February 5, 2026   April 23, 2026   July 23, 2026   October 29, 2026
Total revenue (excluding promote income)   $6.600 – $6.700 billion   $6.650 – $6.750 billion   $6.850 – $6.950 billion   $7.050 – $7.125 billion
Net non-cash rent adjustments(1)   ($90 – $95 million)   ($90 – $95 million)   ($145 – $150 million)   ($145 – $150 million)
Adjusted EBITDA   $3.600 – $3.700 billion   $3.650 – $3.750 billion   $3.750 – $3.850 billion   $3.800 – $3.850 billion
G&A   $610 – $620 million   $615 – $625 million   $620 – $630 million   $640 – $650 million
                 
Internal Growth                
Rental rates on renewal leases                
Cash basis   6.0% – 8.0%   6.5% – 8.5%   9.0% – 11.0%   10.0% – 12.0%
GAAP basis   8.5% – 10.5%   9.5% – 11.5%   12.0% – 14.0%   13.0% – 15.0%
Year-end portfolio occupancy(2)   +50 – 100 bps   +50 – 100 bps   +75 – 125 bps   +75 – 125 bps
“Same-Capital” cash NOI growth(3)   4.0% – 5.0%   4.0% – 5.0%   4.25% – 5.25%   5.25% – 5.75%
                 
Foreign Exchange Rates                
U.S. Dollar / Pound Sterling   $1.30 – $1.35   $1.32 – $1.37   $1.32 – $1.37   $1.32 – $1.37
U.S. Dollar / Euro   $1.13 – $1.18   $1.15 – $1.20   $1.13 – $1.18   $1.13 – $1.18
                 
External Growth                
Dispositions / Asset Contributions                
Dollar volume   $500 – $1,000 million   $500 – $1,000 million   $1,000 – $1,500 million   $1,500 – $2,000 million
Cap rate   0.0% – 10.0%   0.0% – 10.0%   0.0% – 10.0%   0.0% – 10.0%
Development                
CapEx (Net of Partner Contributions)(4)   $3,250 – $3,750 million   $3,500 – $4,000 million   $4,250 – $4,750 million   $4,250 – $4,750 million
Average stabilized yields   10.0%+   10.0%+   10.0%+   10.0%+
Enhancements and other non-recurring CapEx(5)   $30 – $35 million   $30 – $35 million   $30 – $35 million   $30 – $35 million
Recurring CapEx + capitalized leasing costs(6)   $400 – $425 million   $400 – $425 million   $400 – $425 million   $400 – $425 million
                 
Balance Sheet                
Long-term debt issuance                
Dollar amount   $1,000 – $1,500 million   $1,500 – $2,000 million   $1,500 – $2,000 million   ~$1,750 million
Pricing   4.0% – 4.5%   4.0% – 4.5%   4.5% – 5.5%   ~4.0%
Timing   Mid-Year   Mid-Year   2H-2026   October
                 
Net income per diluted share   $2.55 – $2.65   $2.65 – $2.75   $3.10 – $3.15   $2.90 – $2.95
Real estate depreciation and (gain) / loss on sale   $4.90 – $4.90   $4.95 – $4.95   $5.30 – $5.30   $5.65 – $5.65
Funds From Operations / share (NAREIT-Defined)   $7.45 – $7.55   $7.60 – $7.70   $8.40 – $8.45   $8.55 – $8.60
Non-core expenses and revenue streams   $0.45 – $0.45   $0.40 – $0.40   $0.25 – $0.25   $0.25 – $0.25
Net Promote   $0.00 – $0.00   $0.00 – $0.00   ($0.50) – ($0.50)   ($0.50) – ($0.50)
Core Funds From Operations / share (excluding net promote)   $7.90 – $8.00   $8.00 – $8.10   $8.15 – $8.20   $8.30 – $8.35
Foreign currency translation adjustments   $0.00 – $0.00   ($0.05) – ($0.05)   ($0.05) – ($0.05)   ($0.05) – ($0.05)
Constant-Currency Core FFO / share (excluding net promote)   $7.90 – $8.00   $7.95 – $8.05   $8.10 – $8.15   $8.25 – $8.30

(1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments). 
(2) Year-end portfolio occupancy guidance based on IT load (kW).
(3) The “Same-Capital” pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
(4) Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.
(5) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. 
(6) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO (excluding net promote) to Constant Currency Core FFO (excluding net promote), a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Core FFO (excluding net promote), Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company’s control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on October 29, 2026, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s third quarter 2026 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived for one year and the replay will be available shortly after the conclusion of the live event.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier
Chief Financial Officer
Digital Realty

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
InvestorRelations@digitalrealty.com

Consolidated Quarterly Statements of Operations Third Quarter 2026
Unaudited and in Thousands, Except Per Share Data
                 
  Three Months Ended   Nine Months Ended
  30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25   30-Sep-26 30-Sep-25
Rental revenues $1,224,802   $1,145,936   $1,103,946   $1,074,703   $1,045,708     $3,474,684   $3,009,784  
Tenant reimbursements – Utilities   423,919     352,897     333,909     356,084     332,681       1,110,726     898,373  
Tenant reimbursements – Other   47,032     45,391     38,093     34,406     37,302       130,516     116,834  
Interconnection and other   131,356     130,409     124,278     123,414     120,399       386,043     355,320  
Fee income   75,298     248,927     34,899     45,692     36,398       359,124     91,468  
Other   11     480     47     372     4,746       538     6,242  
Total Operating Revenues $1,902,418   $1,924,040   $1,635,173   $1,634,671   $1,577,234     $5,461,631   $4,478,021  
                 
Utilities $477,537   $396,454   $372,385   $398,185   $375,627     $1,246,376   $1,028,301  
Rental property operating   304,193     291,408     266,115     295,948     278,292       861,716     784,615  
Property taxes   60,408     55,160     54,964     50,791     51,823       170,532     150,249  
Insurance   4,654     4,744     4,799     4,711     4,508       14,197     13,937  
Depreciation and amortization   539,471     507,106     499,511     493,458     497,002       1,546,088     1,401,178  
General and administration   170,644     153,316     151,923     159,283     139,911       475,883     394,778  
Severance, equity acceleration and legal expenses   2,643     4,384     2,835     4,937     1,794       9,862     6,484  
Transaction and integration expenses   48,961     38,703     15,685     36,083     86,559       103,349     149,007  
Provision for impairment   —     —     —     78,553     —       —     —  
Other expenses   179     13,508     23     98     3,297       13,710     3,604  
Total Operating Expenses $1,608,690   $1,464,783   $1,368,240   $1,522,047   $1,438,813     $4,441,713   $3,932,153  
                 
Operating income before gain (loss) on disposition of properties, net $293,728   $459,257   $266,933   $112,624   $138,420     $1,019,918   $545,868  
Gain (loss) on disposition of properties, net   8,403     7,988     873     42,865     19,780       17,264     952,721  
Operating Income $302,131   $467,245   $267,806   $155,489   $158,200     $1,037,182   $1,498,589  
                 
Equity in earnings (loss) of unconsolidated entities   (18,433 )   36     (1,833 )   4,659     (16,944 )     (20,230 )   (36,646 )
Interest and other income (expense), net   11,937     137,944     45,342     42,797     47,735       195,223     118,255  
Interest (expense)   (93,273 )   (113,943 )   (116,384 )   (116,516 )   (113,584 )     (323,600 )   (321,431 )
Income tax benefit (expense)   (8,751 )   (33,675 )   (16,008 )   9,673     (11,695 )     (58,434 )   (41,713 )
Gain (loss) on debt extinguishment and modifications   —     —     (4,119 )   9     —       (4,119 )   —  
Net Income $193,611   $457,607   $174,804   $96,111   $63,713     $826,022   $1,217,054  
                 
Net income (loss) attributable to noncontrolling interests   1,735     (4,318 )   4,470     2,536     4,099       1,887     (7,112 )
Net Income Attributable to Digital Realty Trust, Inc. $195,346   $453,289   $179,274   $98,647   $67,812     $827,909   $1,209,942  
                 
Preferred stock dividends   (10,181 )   (10,181 )   (10,181 )   (10,181 )   (10,181 )     (30,543 )   (30,543 )
Net Income (Loss) Available to Common Stockholders $185,165   $443,108   $169,093   $88,466   $57,631     $797,366   $1,179,399  
                 
Weighted-average shares outstanding – basic   372,193     354,118     345,013     343,493     341,370       357,208     338,565  
Weighted-average shares outstanding – diluted   379,799     361,542     353,255     351,570     349,234       364,903     346,631  
Weighted-average fully diluted shares and units   385,937     367,605     359,300     357,430     355,165       370,963     352,571  
                 
Net income / (loss) per share – basic $0.50   $1.25   $0.49   $0.26   $0.17     $2.23   $3.48  
Net income / (loss) per share – diluted $0.48   $1.21   $0.46   $0.24   $0.15     $2.14   $3.35  

Funds From Operations and Core Funds From Operations Third Quarter 2026
Unaudited and in Thousands, Except Per Share Data
                   
  Three Months Ended   Nine Months Ended
Reconciliation of Net Income to Funds From Operations (FFO) 30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25     30-Sep-26 30-Sep-25
                   
Net Income (Loss) Available to Common Stockholders $185,165   $443,108   $169,093   $88,466   $57,631       $797,366   $1,179,399  
Adjustments:                  
Noncontrolling interest in operating partnership   4,000     9,000     4,000     2,000     2,000         17,000     26,000  
Real estate related depreciation and amortization(1)   527,646     499,106     490,965     484,260     487,182         1,517,717     1,370,884  
Reconciling items related to noncontrolling interests   (23,943 )   (24,292 )   (23,726 )   (22,753 )   (22,888 )       (71,961 )   (63,406 )
Unconsolidated entities real estate related depreciation and amortization   57,047     62,972     60,291     70,260     65,922         180,310     180,955  
(Gain) loss on real estate transactions   (8,403 )   (7,988 )   (226 )   (42,865 )   (19,780 )       (16,617 )   (952,721 )
Provision for impairment   —     —     —     78,553     —         —     —  
Funds From Operations $741,512   $981,906   $700,398   $657,921   $570,067       $2,423,815   $1,741,111  
                   
Weighted-average shares and units outstanding – basic   378,331     360,181     351,059     349,354     347,301         363,268     344,504  
Weighted-average shares and units outstanding – diluted(2) (3)   385,937     367,605     359,300     357,430     355,165         370,963     352,571  
                   
Funds From Operations per share – basic $1.96   $2.73   $2.00   $1.88   $1.64       $6.67   $5.05  
                   
Funds From Operations per share – diluted(2) (3) $1.97   $2.73   $1.99   $1.89   $1.65       $6.68   $5.07  
                   
Reconciliation of FFO to Core FFO 30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25     30-Sep-26 30-Sep-25
                   
Funds From Operations $741,512   $981,906   $700,398   $657,921   $570,067       $2,423,815   $1,741,111  
Other non-core revenue adjustments(4)   (3,219 )   (80,837 )   (29 )   (10,633 )   (4,746 )       (84,085 )   (2,443 )
Transaction and integration expenses   48,961     38,703     15,685     36,083     86,559         103,349     149,007  
Gain (loss) on debt extinguishment and modifications   —     —     4,119     (9 )   —         4,119     —  
Severance, equity acceleration and legal expenses(5)   2,643     4,384     2,835     4,937     1,794         9,862     6,484  
(Gain) loss on FX and derivatives revaluation   7,515     (1,608 )   (4,398 )   (16,295 )   252         1,509     7,015  
Other non-core expense adjustments(6)   (2,149 )   13,208     (2,538 )   (21,794 )   2,075         8,521     6,465  
Core Funds From Operations $795,263   $955,756   $716,071   $650,210   $656,001       $2,467,090   $1,907,639  
                   
Net promote   —     (187,871 )   —     —     —         (187,871 )   —  
                   
Core Funds From Operations (excluding net promote) $795,263   $767,885   $716,071   $650,210   $656,001       $2,279,219   $1,907,639  
                   
Weighted-average shares and units outstanding – diluted(2) (3)   378,770     360,648     351,293     349,740     347,700         363,687     344,873  
                   
Core Funds From Operations per share – diluted(2) $2.10   $2.65   $2.04   $1.86   $1.89       $6.78   $5.53  
                   
Core FFO per share (excluding net promote) – diluted(2) $2.10   $2.13   $2.04   $1.86   $1.89       $6.27   $5.53  
                   
(1) Real Estate Related Depreciation & Amortization 30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25     30-Sep-26 30-Sep-25
                   
Depreciation and amortization per income statement $539,471   $507,106   $499,511   $493,458   $497,002       $1,546,088   $1,401,178  
Non-real estate depreciation  & amortization   (11,825 )   (8,000 )   (8,546 )   (9,198 )   (9,820 )       (28,371 )   (30,294 )
Real Estate Related Depreciation & Amortization $527,646   $499,106   $490,965   $484,259   $487,182       $1,517,717   $1,370,884  

(2) Certain of Teraco’s minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

                                             
    Three Months Ended     Nine Months Ended
      30-Sep-26     30-Jun-26     31-Mar-26     31-Dec-25     30-Sep-25       30-Sep-26     30-Sep-25
Teraco noncontrolling share of FFO     $19,190     $19,979     $15,410     $18,240     $17,018       $54,579     $46,154
Teraco related minority interest     $19,190     $19,979     $15,410     $18,240     $17,018       $54,579     $46,154

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO, Core FFO and Core FFO (excluding net promote), see the Definitions section.
(4) Includes development fees included in gains, lease termination fees, gain on sale of equity investment included in other income, insurance proceeds related to property damage and unconsolidated entities non-core adjustments within equity in earnings.
(5) Relates to severance and other charges related to the departure of company executives and integration-related severance.
(6) Includes non-real estate amortization expense, write-offs associated with non-recurring legal and insurance expenses, impact of foreign tax rate changes, non-core adjustments attributable to noncontrolling interests, impact on tax expense due to insurance proceeds related to property damage and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

Adjusted Funds From Operations (AFFO)                         Third Quarter 2026
Unaudited and in Thousands, Except Per Share Data
  Three Months Ended Nine Months Ended
Reconciliation of Core FFO to AFFO   30-Sep-26   30-Jun-26 31-Mar-26   31-Dec-25   30-Sep-25   30-Sep-26   30-Sep-25    
                               
Core Funds From Operations   $795,263   $955,756 $716,071   $650,210   $656,001   $2,467,090   $1,907,639    
Adjustments:                              
Non-real estate depreciation    7,422    8,000  8,546    9,198    9,820    23,968    30,293    
Amortization of deferred financing costs    6,368    6,343  6,443    6,781    6,565    19,154    19,564    
Amortization of debt discount/premium    1,612    1,595  1,581    1,341    1,293    4,788    3,669    
Non-cash stock-based compensation expense    22,789    21,379  20,908    17,327    18,174    65,076    52,900    
Straight-line rental revenue    (44,053)    (26,955)  (21,741)    (34,351)    (33,351)    (92,749)    (66,741)    
Straight-line rental expense    1,714    (602)  (1,410)    (97)    (271)    (298)    (906)    
Above- and below-market rent amortization    (2,142)    (962)  (1,007)    (972)    (864)    (4,111)    (2,322)    
Deferred tax (benefit) / expense    (13,146)    (12,681)  (10,919)    (26,184)    18,187    (36,746)    (13,044)    
Leasing compensation and internal lease commissions    15,987    13,857  15,476    14,644    15,013    45,320    43,139    
Recurring capital expenditures (1)    (105,789)    (76,674)  (59,665)    (168,539)    (77,998)    (242,128)    (175,386)    
                               
Adjusted Funds From Operations (2)    $686,025    $889,056  $674,283    $469,358    $612,569    $2,249,364    $1,798,805    
                               
Weighted-average shares and units outstanding – basic    378,331    360,181  351,059    349,354    347,301    363,268    344,504    
Weighted-average shares and units outstanding – diluted (3)    378,770    360,648  351,293    349,740    347,700    363,687    344,873    
                               
AFFO per share – diluted (3)   $1.81   $2.47 $1.92   $1.34   $1.76   $6.18   $5.22    
                               
 Dividends per share and common unit   $1.22   $1.22 $1.22   $1.22   $1.22   $3.66   $3.66    
                               
Diluted AFFO Payout Ratio   67.4%   49.5% 63.6%   90.9%   69.2%   59.2%   70.2%    
                                   
  Three Months Ended  Nine Months Ended  
Share Count Detail   30-Sep-26   30-Jun-26 31-Mar-26     31-Dec-25     30-Sep-25   30-Sep-26   30-Sep-25    
                                   
Weighted Average Common Stock and Units Outstanding    378,331     360,181  351,059      349,354      347,301      363,268      344,504    
Add: Effect of dilutive securities    439   467  234      386      399      419      369    
Weighted Avg. Common Stock and Units Outstanding – diluted    378,770     360,648  351,293      349,740      347,700      363,687      344,873    

(1) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
(2) For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income (loss) available to common stockholders to FFO and Core FFO, see above.
(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.  

Consolidated Balance Sheets       Third Quarter 2026
Unaudited and in Thousands, Except Per Share Data  
                     
  30-Sep-26   30-Jun-26   31-Mar-26   31-Dec-25 30-Sep-25
Assets                    
Investments in real estate:                    
Real estate   $34,399,727     $ 33,700,303     $ 31,633,899     $ 31,359,298     $ 30,194,891  
Construction in progress     10,634,707       9,770,384       5,381,071       4,976,785       5,422,338  
Land held for future development     769,433       122,841       199,681       91,130       66,668  
Investments in Real Estate   $45,803,867     $43,593,528     $37,214,651     $36,427,213     $35,683,897  
Accumulated depreciation and amortization     (11,150,810 )     (10,736,127 )     (10,355,181 )     (9,993,596 )     (9,665,380 )
Net Investments in Properties   $34,653,057     $32,857,401     $26,859,470     $26,433,617     $26,018,517  
Investment in unconsolidated entities     3,805,462       3,548,297       3,536,757       3,427,903       3,690,749  
Net Investments in Real Estate   $38,458,519     $36,405,698     $30,396,227     $29,861,520     $29,709,266  
                     
Operating lease right-of-use assets, net   $ 1,071,340     $ 1,093,015     $ 1,105,080     $ 1,135,645     $ 1,167,398  
Cash and cash equivalents     802,903       1,864,796       2,426,631       3,451,647       3,299,703  
Accounts and other receivables, net(1)     1,809,964       1,564,955       1,430,242       1,358,895       1,496,105  
Deferred rent, net     832,808       792,045       765,198       750,907       710,624  
Goodwill     10,050,563       9,592,127       9,591,250       9,711,953       9,647,754  
Customer relationship value, deferred leasing costs and other intangibles, net     2,714,699       2,595,046       2,053,368       2,134,698       2,080,898  
Assets held for sale and contribution     —       —       441,064       349,826       116,624  
Other assets     783,719       610,232       650,913       655,377       500,262  
Total Assets   $56,524,515     $54,517,914     $48,859,973     $49,410,468     $48,728,634  
                     
Liabilities and Equity                    
Global unsecured revolving credit facilities, net   $ 1,640,466     $ 709,756     $ 707,961     $ 899,090     $ 1,152,042  
Unsecured term loans, net     424,364       427,681       432,450       439,536       438,933  
Unsecured senior notes, net of discount     15,809,482       15,906,794       16,013,977       16,194,441       15,808,565  
Secured and other debt, net of discount     1,620,303       1,591,118       842,245       869,068       825,894  
Operating lease liabilities     1,192,434       1,209,459       1,218,509       1,253,217       1,285,067  
Accounts payable and other accrued liabilities     3,609,832       3,241,792       2,419,888       2,600,979       2,377,726  
Deferred tax liabilities     1,100,877       1,124,899       1,093,955       1,124,724       1,151,374  
Accrued dividends and distributions     —       —       —       428,337       —  
Security deposits and prepaid rents     886,252       759,979       733,974       754,920       699,528  
Obligations associated with assets held for sale and contribution     —       —       —       182       283  
Total Liabilities   $26,284,010     $24,971,478     $23,462,959     $24,564,494     $23,739,412  
                     
Redeemable noncontrolling interests     1,596,431       1,567,282       1,594,718       1,498,975       1,535,972  
                     
Equity                    
Preferred Stock:  $0.01 par value per share, 110,000 shares authorized:                    
Series J Cumulative Redeemable Preferred Stock(2)   $ 193,540     $ 193,540     $ 193,540     $ 193,540     $ 193,540  
Series K Cumulative Redeemable Preferred Stock(3)     203,264       203,264       203,264       203,264       203,264  
Series L Cumulative Redeemable Preferred Stock(4)     334,886       334,886       334,886       334,886       334,886  
Common Stock: $0.01 par value per share, 502,000 shares authorized(5)     3,716       3,669       3,459       3,406       3,400  
Additional paid-in capital     35,077,627       34,160,611       30,093,165       29,350,487       29,182,332  
Dividends in excess of earnings     (7,212,298 )     (6,939,476 )     (6,946,676 )     (6,690,722 )     (6,358,501 )
Accumulated other comprehensive loss, net     (488,408 )     (522,024 )     (512,885 )     (469,198 )     (533,891 )
Total Stockholders’ Equity   $28,112,327     $27,434,470     $23,368,753     $22,925,663     $23,025,030  
                     
Noncontrolling Interests                    
Noncontrolling interest in operating partnership   $ 521,934     $ 533,622     $ 426,853     $ 415,456     $ 420,280  
Noncontrolling interest in consolidated entities     9,813       11,062       6,690       5,880       7,940  
                     
Total Noncontrolling Interests   $531,747     $544,684     $433,543     $421,336     $428,220  
                     
Total Equity   $28,644,074     $27,979,154     $23,802,296     $23,346,999     $23,453,250  
                     
Total Liabilities and Equity   $56,524,515     $54,517,914     $48,859,973     $49,410,468     $48,728,634  

(1) Net of allowance for doubtful accounts of $78,043 and $85,274 as of September 30, 2026 and September 30, 2025, respectively.
(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of September 30, 2026 and September 30, 2025.
(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of September 30, 2026 and September 30, 2025.
(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of September 30, 2026 and September 30, 2025.
(5) Common Stock: 374,888 and 343,041 shares issued and outstanding as of September 30, 2026 and September 30, 2025, respectively.

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios Third Quarter 2026
Unaudited and Dollars in Thousands      
           
  Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)(1) 30-Sep-26 30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25
           
Net Income (Loss) Available to Common Stockholders $185,165   $443,108   $169,093   $88,466   $57,631  
Interest expense   93,273     113,943     116,384     116,516     113,584  
(Gain) loss on debt extinguishment and modifications   —     —     4,119     (9 )   —  
Income tax expense (benefit)   8,751     33,675     16,008     (9,673 )   11,695  
Depreciation and amortization   539,471     507,106     499,511     493,458     497,002  
EBITDA $826,660   $1,097,832   $805,115   $688,758   $679,912  
Unconsolidated JV real estate related depreciation and amortization   57,047     62,972     60,291     70,260     65,922  
Unconsolidated JV interest expense and tax expense   37,874     37,142     35,814     38,498     44,795  
Severance, equity acceleration and legal expenses   2,643     4,384     2,835     4,937     1,794  
Transaction and integration expenses   48,961     38,703     15,685     36,083     86,559  
(Gain) loss on disposition of properties, net   (8,403 )   (7,988 )   (873 )   (42,865 )   (19,780 )
Provision for impairment   —     —     —     78,553     —  
Other non-core adjustments, net(2)   4,474     (82,084 )   (4,270 )   (25,033 )   2,523  
Net promote   —     (187,871 )   —     —     —  
Noncontrolling interests   (1,735 )   4,318     (4,470 )   (2,536 )   (4,099 )
Preferred stock dividends   10,181     10,181     10,181     10,181     10,181  
Adjusted EBITDA $977,702   $977,589   $920,307   $856,836   $867,807  

(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2) Includes foreign exchange remeasurement (gain) loss, net, impact of foreign tax rate changes, non-recurring legal and insurance expenses, lease termination fees, insurance proceeds related to property damage and similar adjustments on unconsolidated entities.

             
  Three Months Ended
Financial Ratios 30-Sep-26   30-Jun-26 31-Mar-26 31-Dec-25 30-Sep-25
             
Total GAAP interest expense $93,273   $113,943   $116,384 $116,516   $113,584
Capitalized interest expense   70,964   37,102   35,637 34,783   32,923
Change in accrued interest and other non-cash amounts   61,617   (104,924 ) 30,268 (52,014 ) 41,265
Cash Interest Expense(3) $225,854   $46,121   $182,289 $99,285   $187,772
             
Preferred stock dividends   10,181   10,181   10,181 10,181   10,181
Total Fixed Charges(4) $174,418   $161,226   $162,202 $161,479   $156,687
             
             
Coverage            
Interest coverage ratio(5) 5.1x   5.5x 5.2x 4.8x 4.9x
Cash interest coverage ratio(6) 3.8x   13.2x 4.4x 6.8x 3.9x
Fixed charge coverage ratio(7) 4.8x   5.2x 4.9x 4.5x 4.6x
Cash fixed charge coverage ratio(8) 3.7x   11.6x 4.2x 6.3x 3.8x
             
Leverage            
Debt to total enterprise value(9)(10)   22.4%   21.4%   21.7% 25.1%   23.0%
Debt-plus-preferred-stock-to-total-enterprise-value(10)(11)   23.2%   22.3%   22.7% 26.1%   23.9%
Pre-tax income to interest expense(12) 3.1x   5.0x   2.5x 1.8x 1.6x
Net Debt-to-Adjusted EBITDA(13) 5.2x   4.7x   4.7x 4.9x 4.9x

(3) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.
(4) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
(5) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).
(6) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).
(7) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).
(8) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).
(9) Total debt divided by market value of common equity plus debt plus preferred stock.
(10) Total enterprise value defined as market value of common equity plus debt plus preferred stock.
(11) Same as (9), except numerator includes preferred stock.
(12) Calculated as net income plus interest expense divided by GAAP interest expense.
(13) Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

Definitions

Funds From Operations (FFO):
We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper – 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) available to common stockholders (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO) and Core FFO (excluding net promote):
We present core funds from operations, or Core FFO, and Core FFO (excluding net promote) as supplemental operating measures because, in excluding certain items that do not reflect core revenue or expense streams, they provide a performance measure that, when compared year over year, capture trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) gain (loss) on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. We calculate Core FFO (excluding net promote) by adding to Core FFO the net impact of (i) promote income and (ii) promote expense (collectively “net promote”). Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO and Core FFO (excluding net promote) as a measure of our performance is limited. Other REITs may calculate Core FFO and Core FFO (excluding net promote) differently than we do and accordingly, our Core FFO and Core FFO (excluding net promote) may not be comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core FFO and Core FFO (excluding net promote) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:
We believe that earnings before interest expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Net Operating Income (NOI) and Cash NOI:
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

GAAP refers to United States generally accepted accounting principles.

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended September 30, 2026, GAAP interest expense was $93 million, capitalized interest was $71 million and preferred stock dividends were $10 million.

               
Reconciliation of Net Operating Income (NOI)   Three Months Ended   Nine Months Ended
(in thousands)   30-Sep-26 30-Jun-26 30-Sep-25   30-Sep-26 30-Sep-25
               
Operating income before gain (loss) on disposition of properties, net   $293,728   $459,257   $138,420     $1,019,918   $545,868  
               
Fee income   (75,298 )   (248,927 )   (36,398 )   (359,124 ) (91,468 )
Other income   (11 )   (480 )   (4,746 )   (538 ) (6,242 )
Depreciation and amortization   539,471     507,106     497,002     1,546,088   1,401,178  
General and administrative   170,644     153,316     139,911     475,883   394,778  
Severance, equity acceleration and legal expenses   2,643     4,384     1,794     9,862   6,484  
Transaction and integration expenses   48,961     38,703     86,559     103,349   149,007  
Provision for impairment   —     —     —     —   —  
Other expenses   179     13,508     3,297     13,710   3,604  
               
Net Operating Income   $980,317   $926,868   $825,839     $2,809,148   $2,403,209  
               
               
Cash Net Operating Income (Cash NOI)              
               
Net Operating Income   $980,317   $926,868   $825,839     $2,809,148   $2,403,209  
               
Straight-line rental revenue   (43,501 )   (26,955 )   (33,196 )   (92,268 ) (66,904 )
Straight-line rental expense   (710 )   (617 )   (297 )   (2,751 ) (742 )
Above- and below-market rent amortization   (2,142 )   (962 )   (864 )   (4,111 ) (2,322 )
               
Cash Net Operating Income   $933,964   $898,334   $791,482     $2,710,018   $2,333,240  
               
               
               
Constant Currency Core FFO (Excluding Net Promote) Reconciliation   Three Months Ended   Nine Months Ended
(in thousands, except per share data)   30-Sep-26   30-Sep-25   30-Sep-26 30-Sep-25
               
Core FFO (Excluding Net Promote)(1)   $795,263     $656,001     $2,279,219   $1,907,639  
Core FFO impact of holding ’25 Exchange Rates Constant(2)   1,693       —     (32,442 ) —  
               
Constant Currency Core FFO (Excluding Net Promote)   $796,956     $656,001     $2,246,777   $1,907,639  
Weighted-average shares and units outstanding – diluted   378,770       347,700     363,687   344,873  
Constant Currency Core FFO Per Share (Excluding Net Promote)   $2.10     $1.89     $6.18   $5.53  

(1) As reconciled to net income above.
(2) Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025.     

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation capacity, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), adjusted FFO, adjusted EBITDA, net income,  2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

  • reduced demand for data centers or decreases in information technology spending;
  • decreased rental rates, increased operating costs or increased vacancy rates;
  • increased competition or available supply of data center capacity;
  • the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;
  • breaches of our obligations or restrictions under our contracts with our customers;
  • our inability to successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties;
  • the impact of current global and local economic, credit and market conditions;
  • increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;
  • the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
  • the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;
  • our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;
  • changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
  • our inability to retain data center capacity that we lease or sublease from third parties;
  • information security, cyberattacks, security breaches and data privacy breaches;
  • difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
  • our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions;
  • our failure to successfully integrate and operate acquired or developed properties or businesses;
  • difficulties in identifying properties to acquire and completing acquisitions;
  • risks related to joint venture investments, including as a result of our lack of control of such investments;
  • risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
  • our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
  • financial market fluctuations and changes in foreign currency exchange rates;
  • adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
  • our inability to manage our growth effectively;
  • losses in excess of our insurance coverage;
  • our inability to attract and retain talent;
  • environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
  • the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
  • our inability to comply with rules and regulations applicable to our company;
  • Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes;
  • Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes;
  • restrictions on our ability to engage in certain business activities;
  • changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and
  • the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10‑K for the year ended December 31, 2025, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

HOUSTON, Oct. 29, 2026 (GLOBE NEWSWIRE) — PEDEVCO Corp. (NYSE American: PED) (“PEDEVCO” or the “Company”), a publicly traded energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region, will host a conference call on Thursday, November 12, 2026, at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2026. The Company’s results will be reported in a press release prior to the call.

PEDEVCO’s management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions prior to the call by emailing the Company’s investor relations team, Elevate IR, at PED@elevate-ir.com.

Date: Thursday, November 12, 2026
Time: 4:30 p.m. Eastern time
Dial-in registration link: here
Webcast registration link: here

The conference call will also be available for replay in the Events section of the Company’s website at https://www.pedevco.com/investors.

About PEDEVCO Corp.
PEDEVCO Corp. (NYSE American: PED) is a publicly traded energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region. The Company holds over 300,000 net acres, with principal assets in the D-J Basin of southeastern Wyoming and northern Colorado, as well as the Powder River Basin of northeastern Wyoming. PEDEVCO is headquartered in Houston, Texas. More information about PEDEVCO can be found at www.pedevco.com.

CONTACTS:

Media Contact:
PEDEVCO Corp.
(713) 221-1768
PR@pedevco.com

Investor Relations Contact:
Sean Mansouri, CFA or Laurent Weil
Elevate IR
(720) 330-2829
PED@elevate-ir.com

PHOENIX, Oct. 29, 2026 (GLOBE NEWSWIRE) — Cavco Industries, Inc. (Nasdaq: CVCO) (“we,” “our,” the “Company” or “Cavco”) today announced financial results for the second fiscal quarter ended September 26, 2026.

Quarterly Highlights

  • Net revenue was $656.4 million, up $100 million or 17.9% compared to $556.5 million in the second quarter of the prior year, primarily on home sales volume and average selling price per home growth.
  • Home sales volume was up 15.3% and capacity utilization remained consistent year over year at approximately 75%.
  • Factory-built housing Gross profit as a percentage of Net revenue was 21.1%, down from 22.9% in the same period in the prior year.
  • Financial services Gross profit as a percentage of Net revenue was 60.2%, compared to Gross profit of 55.6% in the same period in the prior year.
  • Selling, general and administrative expenses include a one-time $7 million benefit from a return of insurance premium which favorably impacts Net income per diluted share by $0.70.
  • Income before income taxes was $73 million, up $6 million, or 9.1% compared to $67 million in the same period in the prior year.
  • Net income per diluted share was $7.17, up 9%, compared to $6.55 in the prior year quarter.
  • Backlogs totaled $348 million at the end of the quarter representing 8-10 weeks of production, up $50 million sequentially from $298 million.
  • Stock repurchases were approximately $30 million in the quarter. At the end of the second quarter, $158 million remains available for repurchases under our previously announced Board authorizations.

Commenting on the quarter, President and Chief Executive Officer Bill Boor said, “This is our second consecutive quarter of record revenue and unit volume. While orders were off the preceding quarter pace, they remained healthy and backlogs continued to grow. This positions us very well going into the seasonally slower winter months with the ability to adjust production depending on order trends. While materials inflation continued and is expected to remain a challenge going forward, during Q2, selling price increases were in excess of cost pressures, resulting in a small sequential Gross Margin improvement. Additionally, we began to see data center workforce housing orders and shipments during the quarter which are contributing to healthy backlogs.”

He continued, “A highlight this quarter was showing Cavco’s Grande Arbor, the first off-chassis HUD-Code home, at HUD’s Innovative Housing Showcase in Washington DC. Increasing federal and state-level support through the ROAD to Housing Act and other reforms will be opening exciting opportunities for factory-built housing in the years ahead.”

Financial Results

  Three Months Ended          
($ in thousands, except revenue per home sold) September 26,
2026
  September 27,
2025
  Change
Net revenue                    
Factory-built housing $ 633,736     $ 535,117     $ 98,619     18.4 %
Financial services   22,642       21,410       1,232     5.8 %
  $ 656,378     $ 556,527     $ 99,851     17.9 %
                     
Factory-built modules sold   9,794       8,699       1,095     12.6 %
                     
Factory-built homes sold (consisting of one or more modules)   5,972       5,178       794     15.3 %
                     
Net factory-built housing revenue per home sold $ 106,118     $ 103,344     $ 2,774     2.7 %
                     
  Six Months Ended            
($ in thousands, except revenue per home sold) September 26,
2026
  September 27,
2025
  Change
Net revenue                    
Factory-built housing $ 1,219,708     $ 1,070,811     $ 148,897     13.9 %
Financial services   46,629       42,573       4,056     9.5 %
  $ 1,266,337     $ 1,113,384     $ 152,953     13.7 %
                     
Factory-built modules sold   19,301       17,599       1,702     9.7 %
                     
Factory-built homes sold (consisting of one or more modules)   11,629       10,594       1,035     9.8 %
                     
Net factory-built housing revenue per home sold $ 104,885     $ 101,077     $ 3,808     3.8 %
                             
  • In the factory-built housing segment, Net revenue increased in both periods due to higher home sales volume driven by both the American Homestar acquisition in the third quarter of the prior year and organic volume growth in both periods, as well as an increase in Net revenue per home sold.
  • Financial services segment Net revenue increased in both periods due to increased loan sale volume and increased retained insurance premium net of reinsurance payments.
  Three Months Ended        
($ in thousands) September 26,
2026
  September 27,
2025
  Change
Gross profit              
Factory-built housing $ 133,975     $ 122,493     $ 11,482     9.4 %
Financial services   13,637       11,914       1,723     14.5 %
  $ 147,612     $ 134,407     $ 13,205     9.8 %
               
Gross profit as % of Net revenue              
Consolidated   22.5 %     24.2 %   N/A   (1.7 )%
Factory-built housing   21.1 %     22.9 %   N/A   (1.8 )%
Financial services   60.2 %     55.6 %   N/A   4.6 %
               
Selling, general and administrative expenses              
Factory-built housing $ 69,625     $ 65,757     $ 3,868     5.9 %
Financial services   8,085       6,472       1,613     24.9 %
  $ 77,710     $ 72,229     $ 5,481     7.6 %
               
Income from operations              
Factory-built housing $ 64,350     $ 56,736     $ 7,614     13.4 %
Financial services   5,552       5,442       110     2.0 %
  $ 69,902     $ 62,178     $ 7,724     12.4 %
               
  Six Months Ended        
($ in thousands) September 26,
2026
  September 27,
2025
  Change
Gross profit              
Factory-built housing $ 255,994     $ 243,338     $ 12,656     5.2 %
Financial services   26,208       20,575       5,633     27.4 %
  $ 282,202     $ 263,913     $ 18,289     6.9 %
               
Gross profit as % of Net revenue              
Consolidated   22.3 %     23.7 %   N/A   (1.4 )%
Factory-built housing   21.0 %     22.7 %   N/A   (1.7 )%
Financial services   56.2 %     48.3 %   N/A   7.9 %
               
Selling, general and administrative expenses              
Factory-built housing $ 143,595     $ 128,911     $ 14,684     11.4 %
Financial services   15,950       12,466       3,484     27.9 %
  $ 159,545     $ 141,377     $ 18,168     12.9 %
               
Income from operations              
Factory-built housing $ 112,399     $ 114,427     $ (2,028 )   (1.8 )%
Financial services   10,258       8,109       2,149     26.5 %
  $ 122,657     $ 122,536     $ 121     0.1 %
                             
  • In the factory-built housing segment, Gross profit increased due to an increase in home sales volume and Net revenue per home sold, partially offset by higher input costs for both periods. Selling, general and administrative expenses were higher for both periods primarily due to the addition of American Homestar, partially offset by a one-time $7 million benefit from a return of insurance premium related to additional D&O insurance purchased in 2019.
  • In the financial services segment, Gross profit increased primarily due to loan sales volume, higher retained insurance premium net of reinsurance premium and lower commissions on insurance policies written. Selling, general and administrative expenses increased in both periods primarily due to higher compensation on stronger results.
  Three Months Ended        
($ in thousands, except per share amounts) September 26,
2026
  September 27,
2025
  Change
Interest income $ 3,595     $ 5,046     $ (1,451 )   (28.8 )%
Net income $ 55,439     $ 52,381     $ 3,058     5.8 %
Diluted net income per share $ 7.17     $ 6.55     $ 0.62     9.5 %
                   
                   
  Six Months Ended          
($ in thousands, except per share amounts) September 26,
2026
  September 27,
2025
  Change
Interest Income $ 6,858     $ 10,149     $ (3,291 )   (32.4 )%
Net income $ 97,710     $ 104,023     $ (6,313 )   (6.1 )%
Diluted net income per share $ 12.59     $ 12.96     $ (0.37 )   (2.9 )%
                           

Conference Call Details

Cavco’s management will hold a conference call to review these results tomorrow, October 30, 2026, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com.

About Cavco

Headquartered in Phoenix, Arizona, Cavco Industries, Inc. (Nasdaq: CVCO) designs and builds manufactured homes and modular homes, distributed nationwide through a network of independent and Company-owned retailers. Cavco is one of the largest manufactured and modular home builders in the United States, based on reported wholesale shipments, and is also a leading producer of park model RVs, vacation cabins, and factory-built commercial structures. Cavco’s finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer, offering manufactured home loans — including conforming, non-conforming, and home-only financing — to buyers of manufactured and modular homes. Cavco’s insurance subsidiary, Standard Casualty, provides manufactured home insurance and other property and casualty coverage to manufactured homeowners. Learn more about Cavco’s manufactured homes and modular homes at www.cavcohomes.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco’s current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (v) the strength of Cavco’s business model. These statements may be preceded by, followed by, or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “seek,” “target,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco’s ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers; (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the “SEC”) by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company’s other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended March 28, 2026 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco’s reported financial results and our business outlook for future periods.

 
CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
       
  September 26,
2026
  March 28,
2026
ASSETS (Unaudited)    
Current assets      
Cash and cash equivalents $ 271,911     $ 236,721  
Restricted cash, current   25,386       20,306  
Accounts receivable, net   139,244       108,288  
Short-term investments   17,166       16,233  
Current portion of consumer loans receivable, net   19,713       19,207  
Current portion of commercial loans receivable, net   41,835       54,841  
Current portion of commercial loans receivable from affiliates, net   1,510       1,836  
Inventories   311,110       295,671  
Prepaid expenses and other current assets   54,554       71,630  
Total current assets   882,429       824,733  
Restricted cash   585       585  
Investments   43,416       38,151  
Consumer loans receivable, net   17,474       18,974  
Commercial loans receivable, net   65,715       55,801  
Commercial loans receivable from affiliates, net   3,993       3,519  
Property, plant and equipment, net   321,398       278,890  
Goodwill   211,667       208,841  
Other intangibles, net   26,859       28,067  
Operating lease right-of-use assets   37,992       33,578  
Total assets $ 1,611,528     $ 1,491,139  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities      
Accounts payable $ 68,047     $ 44,168  
Accrued expenses and other current liabilities   352,184       291,230  
Total current liabilities   420,231       335,398  
Operating lease liabilities   32,955       30,747  
Other liabilities   6,977       7,096  
Deferred income taxes   14,362       14,716  
Total liabilities   474,525       387,957  
Stockholders’ equity      
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding   —       —  
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,509,421 and 9,474,288 shares, respectively; Outstanding 7,661,911 and 7,738,700, respectively   95       95  
Treasury stock, at cost; 1,847,510 and 1,735,588 shares, respectively   (646,225 )     (585,865 )
Additional paid-in capital   298,032       300,208  
Retained earnings   1,486,424       1,388,714  
Accumulated other comprehensive (loss) income   (1,323 )     30  
Total stockholders’ equity   1,137,003       1,103,182  
Total liabilities and stockholders’ equity $ 1,611,528     $ 1,491,139  
               

 
CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
       
  Three Months Ended   Six Months Ended
  September 26,
2026
  September 27,
2025
  September 26,
2026
  September 27,
2025
Net revenue $ 656,378     $ 556,527     $ 1,266,337     $ 1,113,384  
Cost of sales   508,766       422,120       984,135       849,471  
Gross profit   147,612       134,407       282,202       263,913  
Selling, general and administrative expenses   77,710       72,229       159,545       141,377  
Income from operations   69,902       62,178       122,657       122,536  
Interest income   3,595       5,046       6,858       10,149  
Interest expense   (282 )     (112 )     (414 )     (276 )
Other income, net   136       142       38       142  
Income before income taxes   73,351       67,254       129,139       132,551  
Income tax expense   (17,912 )     (14,873 )     (31,429 )     (28,528 )
Net income $ 55,439     $ 52,381     $ 97,710     $ 104,023  
               
Net income per share              
Basic $ 7.22     $ 6.62     $ 12.70     $ 13.12  
Diluted $ 7.17     $ 6.55     $ 12.59     $ 12.96  
Weighted average shares outstanding              
Basic   7,679,380       7,909,326       7,693,552       7,931,589  
Diluted   7,734,777       7,992,745       7,760,165       8,024,720  
                               

 
CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)
       
  Three Months Ended   Six Months Ended
  September 26,
2026
  September 27,
2025
  September 26,
2026
  September 27,
2025
Capital expenditures $ 29,704     $ 9,861     $ 55,197     $ 18,870  
Depreciation $ 6,282     $ 4,961     $ 12,368     $ 9,758  
Amortization of other intangibles $ 603     $ 372     $ 1,208     $ 744  
                               

For additional information, contact:

Mark Fusler
Corporate Controller and Investor Relations
investor_relations@cavco.com

Phone: 602-256-6263
On the Internet: www.cavcoindustries.com

NEW YORK, Oct. 29, 2026 (GLOBE NEWSWIRE) — The Nasdaq Stock Market (Nasdaq: NDAQ) announced today that it has notified Charming Medical Limited (Nasdaq: MCTA) that its securities will be delisted from the Nasdaq Stock Market LLC on November 9, 2026, unless the company appeals to a Listing Qualifications Hearings Panel. The securities will remain halted, and unavailable to trade, until any appeal is resolved. Following removal from Nasdaq the securities may be eligible for trading in the over-the-counter market. 

Following a temporary trading suspension in the Company’s securities by the U.S. Securities and Exchange Commission (https://www.sec.gov/files/litigation/suspensions/2025/34-104176.pdf) Nasdaq halted trading in the Company’s ordinary shares on November 26, 2025. Nasdaq has now determined that it is appropriate to use its authority under IM-5101-4 to delist the Company’s securities from Nasdaq.

For news and additional information about the company, please review the companies’ public filings or contact the company directly.

For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.  

BEVERLY HILLS, California, Oct. 29, 2026 (GLOBE NEWSWIRE) — Nordicus Partners Corporation (OTCQB: NORD) (“Nordicus” or the “Company”), a biotech company specializing in developing breakthrough therapeutics in diseases with unmet medical needs, starting with oral disorders, today announced that its shares of common stock have been approved for listing to The Nasdaq Capital Market LLC (“Nasdaq”). Trading on the exchange is expected to commence effective with the open of business on October 30, 2026, under the Company’s current ticker symbol, “NORD.”

Shareholders are not required to take any action as a result of the uplisting.

About Nordicus Partners Corporation

Nordicus Partners Corporation is a U.S. based company focusing on acquiring and developing drugs from innovative biotech companies in the Nordics, a region known for its brilliant scientists, exceptional life science ecosystem and drug discoveries and developments. Nordicus is dedicated to developing breakthrough therapeutics in diseases with unmet medical needs – starting with oral disorders. Its scientific foundation targets inflammation and immune modulation. In 2024, Nordicus acquired 100% of Orocidin A/S, a Danish preclinical-stage biotech company developing next-generation therapies for periodontitis and 100% of Bio-Convert A/S, a Danish preclinical-stage biotech company dedicated to revolutionizing the treatment of oral leukoplakia. For more information about Nordicus, please visit: https://ir.nordicuspartners.com, and follow us on LinkedIn and X

Cautionary Note Regarding Forward-Looking Statements:

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “confident” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition, prospects of being listed on Nasdaq, studies related to Orocidin, Bio-Convert and NoviThera and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 

For further information, contact:

Mr. Henrik Rouf
Chief Executive Officer
hr@nordicuspartners.com
Tel +1 310 666 0750

Hayden IR 
Brett Maas
(646) 536-7331
brett@haydenir.com

James Carbonara
(646)-755-7412
james@haydenir.com

SALT LAKE CITY, Oct. 29, 2026 (GLOBE NEWSWIRE) — LifeVantage Corporation® (Nasdaq: LFVN) continues to lead the next generation of healthy aging with its latest in vitro research study examining how five modern environmental toxins—pollution, microplastics, ultra-processed foods, hormone disruptors, and pesticides—affect cells and the role Protandim® Nrf2 can play in helping protect against their impact.† These findings further reinforce LifeVantage’s position as a pioneer in nutrigenomics and the science behind its products that ignite the human body’s natural defense systems.

“Modern life exposes people to things they cannot always see or avoid. Our work begins with a powerful belief: the body has remarkable systems designed to defend itself,” said LifeVantage CEO, Terrence Moorehead. “This research advances our understanding of how Protandim® Nrf2 can support those natural capabilities so people can continue living fully.”* 

Making Cellular Stress Visible
A two-part cell study was designed to further evaluate the beneficial effects of Protandim® Nrf2 on oxidative stress associated with modern toxins encountered in everyday life: microplastics, pollution (fine particulate matter), hormone disruptors (phthalates), pesticides (glyphosate), and ultra-processed foods and diet (methylglyoxal).

Three cell types—from the liver (HepG2), skin and connective tissue (Fibroblasts), and intestinal lining (Caco-2)—were selected to create a multi-tissue exposure platform based on their roles in the body’s defenses against toxin exposure. Each cell type was evaluated under three conditions: without toxin exposure, with toxin exposure, and with toxin exposure combined with Protandim® Nrf2.

“When people hear ‘oxidative stress’ or ‘environmental toxins,’ they often picture something far removed from their own lives like industrial factories or farming equipment,” said Lisa Barnes, Vice President of Research and Development at LifeVantage. “We wanted to study exposures that feel familiar and modern: the air around us, the foods we eat, and the products we use. What excites me about these findings is the possibility of empowering the human body to meet those everyday challenges by activating the powerful defenses it already has within.”*†

The Results
The researchers evaluated cell viability and used fluorescent imaging to make oxidative stress visible, with more green indicating a higher oxidative stress signal and less green indicating a lower signal.

The viability data showed that all five tested environmental toxins adversely affected the three cell types: higher exposure levels caused cell death, while lower levels caused considerable cellular damage. Across all five categories, cells exposed to the toxins and then to Protandim® Nrf2 showed significantly lower oxidative stress signals than cells exposed to the stressor alone. In some cases, these signals returned to levels comparable to those observed in unexposed cells.*†

Example: Microplastics in HepG2

Example: Microplastics in HepG2

These findings suggest that Protandim® Nrf2 can help support cellular defenses against oxidative stress associated with the tested environmental toxins.*† The research does not demonstrate that the product removes toxins or prevents exposure but shows how cells responded under controlled laboratory conditions.

The new findings add to previous human clinical research showing that Protandim® Nrf2 reduced a marker of oxidative stress by an average of 40% after 30 days.††*

Read the full study at LifeVantage.com

Bringing the Science to Everyday Life
Alongside the research, LifeVantage launched Cell Care, a new campaign designed to make cellular health more personal, visible and easy to understand. As part of the campaign, the new Cellular Stress Quiz asks 15 simple questions about everyday habits and potential exposures. Participants receive an educational Modern Life Exposure Score and information about supporting the body’s natural cellular defenses.*

“Cell Care turns complex science into a simple, personal question: What is your everyday routine asking of your cells?” said Wendy Freedman, Vice President of Global Marketing at LifeVantage. “The quiz helps people recognize exposures they may never have considered and gives them an easy way to start a conversation about supporting their bodies from within. Ultimately, it is about helping people make proactive choices and live healthier, longer.”*

For more information about Protandim® Nrf2 and to take the Cellular Stress Quiz, visit www.LifeVantage.com.

*These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease.
† Results based on a cell study on Protandim® Nrf2.
†† Results from a human clinical study. (S.K. Nelson, et al.) on Protandim® Nrf2 showed reduction of oxidative stress by 40% in 30 days.
 

About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN), is a pioneer in nutrigenomics—the study of how nutrition and naturally occurring compounds can unlock your genes and the health coded within. Its products work with your unique biology and help your body make what it needs for health. The line of scientifically validated activators includes the flagship Protandim® family of products, TrueScience® Liquid Collagen, MindBody GLP-1 System®, and the comprehensive gut activator, P84, and activation-supporting nutrients such as Omega, D3+, and the Rise AM & Reset PM System®, as well as AXIO® nootropic energy drink mixes, the full TrueScience® line of skin and hair care products, and Petandim®, a pet supplement formulated to combat oxidative stress in dogs.* LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com.

Investor Relations Contact:
Reed Anderson, ICR
(646) 277-1260
reed.anderson@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5998c163-bfa3-48f3-9862-39d04e2a4cdf

 

CHATTANOOGA, Tenn., Oct. 29, 2026 (GLOBE NEWSWIRE) — Covenant Logistics Group, Inc. (NYSE: CVLG) (“Covenant” or the “Company”) announced today financial and operating results for the third quarter ended September 30, 2026. The Company’s conference call to discuss the quarter will be held at 10:00 A.M. Eastern Time on Friday, October 30, 2026.

Chairman and Chief Executive Officer David R. Parker commented, “We were pleased with our third-quarter earnings of $0.40 per diluted share, or $0.50 per diluted share on a non-GAAP adjusted basis. This marked the first time since the second quarter of 2022 that adjusted earnings per diluted share increased both sequentially and year over year.

“The third quarter reflected strong coordination between our Truckload and Managed Freight segments as we continued to re-allocate assets to customers that are seeking long-term capacity for their needs and are willing to offer a reasonable return on our meaningful investments in professional drivers, new equipment, and advanced technology. Exiting the third quarter, approximately 80% of our fleet assets were under long-term contracts, and we continue to receive inbound demand from our customers on growing our committed capacity. I’m proud of our team’s execution, as repositioning hundreds of drivers, tractors, and trailers, and starting up several new operational and administrative systems during the quarter was a big accomplishment. Repositioning for new contracts created some disruption to utilization and added cost to the Truckload fleets. This was more than countered by higher revenue and operating income in Managed Freight, as our historical brokerage operations successfully sourced capacity for overflow Expedited freight, and the brokerage operations we acquired in the fourth quarter of 2025 had their best quarter as part of Covenant. Margin improvement reflected customer rate increases implemented during the first half of the year and lower purchased transportation costs as spot rates eased during the quarter. These improvements followed three consecutive quarters of margin compression.

“From a market perspective, freight demand is adequate in most sectors and strong in specific sectors that are aligned with U.S. economic growth. Driver capacity is tight, and the cost of recruiting, retaining, and compensating drivers is increasing significantly. Cost inflation is weighing on nearly every significant line item in our business, including wages and benefits, equipment ownership and maintenance, and technology. In this environment, rate increases have been largely offset by cost increases. However, we expect sequential improvement to continue in the fourth quarter as a higher percentage of our fleet operates under committed arrangements and we incur less repositioning cost.

“Our goal is to place substantially all of our asset-based business under long-term dedicated or other committed contracts by the end of this freight market upcycle. Consistent with our strategy, which reduced volatility during the recent freight market downturn, we intend to remain disciplined and patient in pursuing customers and markets that support sustainable long-term value creation.

“Our 49% equity method investment with Transport Enterprise Leasing (“TEL”) exceeded our expectations for a second consecutive quarter by contributing pre-tax net income of $5.7 million, or $0.16 per share, compared to $3.6 million, or $0.10 per share, in the 2025 quarter. TEL’s results benefited from the combination of equipment leasing growth, as well as higher equipment sale gains.”

Third Quarter Financial Performance:
  Three Months Ended September 30,     Nine Months Ended September 30,  
($000s, except per share information) 2026     2025     2026     2025  
Total Revenue $ 353,894     $ 296,889     $ 993,928     $ 869,098  
Freight Revenue, Excludes Fuel Surcharge $ 315,050     $ 268,840     $ 891,668     $ 788,591  
Operating Income $ 12,494     $ 7,926     $ 27,617     $ 27,116  
Adjusted Operating Income (1) $ 15,823     $ 14,977     $ 37,602     $ 40,853  
Operating Ratio   96.5 %     97.3 %     97.2 %     96.9 %
Adjusted Operating Ratio (1)   95.0 %     94.4 %     95.8 %     94.8 %
Net Income $ 10,704     $ 9,093     $ 23,659     $ 25,496  
Adjusted Net Income (1) $ 13,197     $ 11,517     $ 31,198     $ 32,927  
Earnings per Diluted Share $ 0.40     $ 0.35     $ 0.89     $ 0.94  
Adjusted Earnings per Diluted Share (1) $ 0.50     $ 0.44     $ 1.18     $ 1.22  
 
(1)  Represents non-GAAP measures.

Truckload Operating Data and Statistics
  Three Months Ended September 30,     Nine Months Ended September 30,  
($000s, except statistical information) 2026     2025     2026     2025  
Combined Truckload                              
Total Revenue $ 204,597     $ 199,652     $ 598,477     $ 587,531  
Freight Revenue, excludes Fuel Surcharge $ 165,960     $ 171,765     $ 496,735     $ 507,489  
Segment Operating Income (1) $ 14,262     $ 9,178     $ 38,834     $ 30,407  
Adj. Seg. Operating Income (2) $ 7,853     $ 9,977     $ 21,316     $ 25,775  
Segment Operating Ratio (1)   93.0 %     95.4 %     93.5 %     94.8 %
Adj. Seg. Operating Ratio (2)   95.3 %     94.2 %     95.7 %     94.9 %
Average Freight Revenue per Tractor per Week $ 5,778     $ 5,445     $ 5,741     $ 5,469  
Average Freight Revenue per Total Mile $ 3.03     $ 2.53     $ 2.89     $ 2.53  
Average Miles per Tractor per Period   25,081       28,306       77,412       84,456  
Weighted Average Tractors for Period   2,186       2,400       2,219       2,379  
                               
Expedited                              
Total Revenue $ 89,473     $ 94,632     $ 267,564     $ 286,625  
Freight Revenue, excludes Fuel Surcharge $ 70,555     $ 80,184     $ 216,246     $ 243,662  
Segment Operating Income (1) $ 7,846     $ 5,079     $ 19,053     $ 18,135  
Adj. Seg. Operating Income (2) $ 4,161     $ 5,140     $ 8,799     $ 14,870  
Segment Operating Ratio (1)   91.2 %     94.6 %     92.9 %     93.7 %
Adj. Seg. Operating Ratio (2)   94.1 %     93.6 %     95.9 %     93.9 %
Average Freight Revenue per Tractor per Week $ 7,934     $ 7,082     $ 7,726     $ 7,281  
Average Freight Revenue per Total Mile $ 2.52     $ 2.10     $ 2.35     $ 2.11  
Average Miles per Tractor per Period   41,422       44,275       128,188       134,288  
Weighted Average Tractors for Period   677       861       718       858  
                               
Dedicated                              
Total Revenue $ 115,124     $ 105,020     $ 330,913     $ 300,906  
Freight Revenue, excludes Fuel Surcharge $ 95,405     $ 91,581     $ 280,489     $ 263,827  
Segment Operating Income (1) $ 6,416     $ 4,099     $ 19,781     $ 12,272  
Adj. Seg. Operating Income (2) $ 3,692     $ 4,837     $ 12,517     $ 10,905  
Segment Operating Ratio (1)   94.4 %     96.1 %     94.0 %     95.9 %
Adj. Seg. Operating Ratio (2)   96.1 %     94.7 %     95.5 %     95.9 %
Average Freight Revenue per Tractor per Week $ 4,810     $ 4,529     $ 4,791     $ 4,446  
Average Freight Revenue per Total Mile $ 3.56     $ 3.07     $ 3.52     $ 3.08  
Average Miles per Tractor per Period   17,754       19,365       53,134       56,352  
Weighted Average Tractors for Period   1,509       1,539       1,501       1,521  
 
(1)  Segment operating income and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, impairment of goodwill, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments.
(2)  Represents non-GAAP measures.
 

Combined Truckload Revenue

Paul Bunn, the Company’s President, commented on Combined Truckload operations, “For the quarter, total revenue in our Truckload operations increased 2.5%, to $204.6 million. The increase in total revenue consisted of $10.8 million more fuel surcharge revenue, which varies with the cost of fuel, offset by $5.8 million less freight revenue. The reduction in freight revenue is largely attributable to a 8.9% decrease in the average fleet size, offset with the improvements to pricing and freight mix discussed earlier.

Expedited Truckload Revenue

Mr. Bunn added, “Freight revenue in our Expedited segment decreased $9.6 million, or 12.0%. Average total tractors decreased by 184 units or 21.4% to 677, compared to 861 in the prior year quarter. Average freight revenue per tractor per week increased 12.0% compared to the prior year. During the quarter, our Expedited fleet continued to transition to multi-year committed capacity agreements. By the end of the quarter, approximately 58% of our Expedited tractors were serving under committed capacity agreements, compared to approximately 40% three months ago. As we progress throughout this cycle, our focus for our Expedited fleet is to serve customers who truly need our teams and are willing to agree to multi-year agreements as a sign of their commitment.

Dedicated Truckload Revenue

“For the quarter, freight revenue in our Dedicated segment increased $3.8 million, or 4.2%. Average total tractors decreased by 30 units or 1.9% to 1,509, compared to 1,539 in the prior year quarter. Average freight revenue per tractor per week increased 6.2% as a result of the expansion of our agricultural protein-related business and exiting non-specialized dedicated business that has struggled to meet profitability thresholds.”

Combined Truckload Operating Expenses

Mr. Bunn continued, “Truckload freight revenue per total mile increased approximately 19.7% year-over-year, and Truckload operating expenses increased approximately 20.8% year-over-year, each on a non-GAAP adjusted basis. Elevated expenses during the quarter reflected a combination of ongoing inflation (wages, benefits, equipment depreciation and maintenance, and technology) and quarter-specific costs (equipment repositioning, driver hiring in new locations, costs and lower utilization associated with start-ups for a large number of contracts, and the effects of extreme heat on certain Dedicated operations). As mix continues to shift toward more committed capacity contracts, we expect the repositioning and start-up costs to moderate as a percentage of revenue and for ongoing rate increases to more than outpace general inflation.

Managed Freight Segment
  Three Months Ended September 30,     Nine Months Ended September 30,  
($000s) 2026     2025     2026     2025  
Freight Revenue $ 121,635     $ 72,220     $ 311,908     $ 206,620  
Segment Operating Income (1) $ 7,367     $ 2,960     $ 12,809     $ 10,962  
Adj. Seg. Operating Income (2) $ 7,082     $ 3,035     $ 13,302     $ 10,555  
Segment Operating Ratio (1)   93.9 %     95.9 %     95.9 %     94.7 %
Adj. Seg. Operating Ratio (2)   94.2 %     95.8 %     95.7 %     94.9 %
 
(1)  Segment operating income and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments.
(2)  Represents non-GAAP measures.
 

“For the quarter, Managed Freight grew freight revenue by 68.4% year over year, primarily as a result of the integration of assets acquired during the fourth quarter of 2025. The segment operating ratio and adjusted segment operating ratio improved compared to the same quarter last year due to the combination of customer rate increases obtained during the first half of the year and sequentially easing capacity costs experienced during the quarter. As supply continues to exit the freight market, our ability to source quality carrier capacity below contractual freight pricing can be challenging at times, leading to periods of margin compression. Additionally, higher insurance and claims expense has become a greater risk in Managed Freight.

Warehousing Segment
  Three Months Ended September 30,     Nine Months Ended September 30,  
($000s) 2026     2025     2026     2025  
Freight Revenue $ 26,738     $ 24,802     $ 81,012     $ 74,429  
Segment Operating Income (1) $ 1,697     $ 2,498     $ 5,049     $ 6,258  
Adj. Seg. Operating Income (2) $ 888     $ 1,963     $ 2,984     $ 4,521  
Segment Operating Ratio (1)   93.7 %     90.0 %     93.8 %     91.6 %
Adj. Seg. Operating Ratio (2)   96.7 %     92.1 %     96.3 %     93.9 %
 
(1)  Segment operating income and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments.
(2)  Represents non-GAAP measures.
 

“For the quarter, Warehousing’s freight revenue increased $1.9 million, primarily from onboarding a significant new customer in the fourth quarter of 2025. Segment operating income and adjusted segment operating income fell short of the prior year as a result of the combination of operational inefficiencies at new customer locations and general labor inflation. Looking ahead, our focus will be on returning this segment to high single digit margins through the combination of rate increases and cost reductions.”

Capitalization, Liquidity and Capital Expenditures

Tripp Grant, the Company’s Chief Financial Officer, added the following comments: “At September 30, 2026, our total indebtedness, comprised of total debt and finance lease obligations, net of cash (“net indebtedness”), decreased by $12.4 million to approximately $283.9 million as compared to December 31, 2025. In addition, our net indebtedness to total capitalization improved to 40.2% at September 30, 2026, from 42.3% at December 31, 2025.

“At September 30, 2026, we had cash and cash equivalents totaling $5.1 million. Under our ABL credit facility, we had $35.0 million in outstanding borrowings, undrawn letters of credit outstanding of $19.8 million, and immediate available borrowing capacity of $75.2 million.

“At the end of the quarter, we had $0.2 million in assets held for sale that we anticipate disposing of within twelve months. The average age of our tractors increased to 26 months compared to 23 months a year ago. Given the mix change between our high mileage expedited fleet and lower mileage dedicated fleets, going forward, we anticipate the average age of our tractors to range from 25 to 28 months.

“Our net capital expenditures for the first three quarters of the year were approximately $18.4 million, as proceeds from fleet downsizing and selling excess used equipment kept pace with the investment in new replacement equipment. For the balance of 2026, our expectations for net capital equipment expenditures range from $35.0 million to $40.0 million.”

Outlook

Mr. Parker concluded, “Based on our growing customer pipeline, we expect Dedicated fleet growth and a stable Expedited fleet with a higher proportion of capacity under dedicated or committed contracts. We are also focused on reducing overhead and other controllable costs as a percentage of revenue, which we expect will support gradual margin expansion. For the fourth quarter of 2026, we expect a modest sequential increase in earnings per share, with anticipated operating margin improvement from our asset-based operations partially offset by lower income from our equity method investment, TEL. Longer term, we believe our strategy can materially improve Combined Truckload operating margins through continued world-class customer service and disciplined asset reallocation to operations offering higher margins and returns.”

Conference Call Information

The Company will host a live conference call tomorrow, October 30, 2026, at 10:00 a.m. Eastern time to discuss the quarter. Individuals may access the call by dialing 877-550-1505 (U.S./Canada) and 0800-524-4760 (International). An audio replay will be available for one week following the call at 800-645-7964, access code 3895#. For additional financial and statistical information regarding the Company that is expected to be discussed during the conference call, please visit our website at www.covenantlogistics.com/investors under the icon “Earnings Info.”

About Covenant Logistics Group

Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. Primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage capability. In addition, Transport Enterprise Leasing is an affiliated company providing revenue equipment sales and leasing services to the trucking industry. Covenant’s Class A common stock is traded on the New York Stock Exchange under the symbol, “CVLG.”

(1)   See GAAP to Non-GAAP Reconciliation in the schedules included with this release. In addition to operating income, segment operating income, operating ratio, segment operating ratio, net income, and earnings per diluted share, we use adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share, non-GAAP measures, as key measures of profitability. Adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share are not substitutes for operating income, segment operating income, operating ratio, segment operating ratio, net income, and earnings per diluted share measured in accordance with GAAP. There are limitations to using non-GAAP financial measures. We believe our presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with supplemental information that we use internally for purposes of assessing profitability. Further, our Board and management use non-GAAP operating income, segment operating income, operating ratio, segment operating ratio, net income, and earnings per diluted share measures on a supplemental basis to remove items that may not be an indicator of performance from period-to-period. Although we believe that adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share improves comparability in analyzing our period-to-period performance, they could limit comparability to other companies in our industry, if those companies define such measures differently. Because of these limitations, adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “expects,” “estimates,” “projects,” “believes,” “anticipates,” “plans,” “could,” “continue,” “would,” “may,” “will,” “intends,” “outlook,” “focus,” “seek,” “potential,” “mission,” “continue,” “goal,” “target,” “objective,” “strategy,” derivations thereof, and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release, statements relating to equipment age, net capital equipment expenditures and related priorities, benefits, and returns, capital allocation alternatives, expectations for the general freight market, including rates, demand, and capacity, our ability to achieve our desired business mix, future margin and return on capital, future expenses and the impact of inflation, including maintenance, wages, benefits, technology, and insurance and claims, progress toward our strategic goals and the expected impact of achieving such goals, and the statements under “Outlook” are forward-looking statements. The following factors, among others could cause actual results to differ materially from those in the forward-looking statements: Our business is subject to economic, credit, business, and regulatory factors affecting the truckload industry that are largely beyond our control; We may not be successful in achieving our strategic plan; We operate in a highly competitive and fragmented industry; We may not grow substantially in the future and we may not be successful in improving our profitability; We may not make acquisitions in the future, or if we do, we may not be successful in our acquisition strategy; Global conflicts could adversely impact our business and financial results; Increases in driver compensation or difficulties attracting and retaining qualified drivers could have a materially adverse effect on our profitability and the ability to maintain or grow our fleet; Our engagement of independent contractors to provide a portion of our capacity exposes us to different risks than we face with our tractors driven by company drivers; We derive a significant portion of our revenues from our major customers; Fluctuations in the price or availability of fuel, the volume and terms of diesel fuel purchase commitments, surcharge collection, and hedging activities may increase our costs of operation; We depend on third-party providers, particularly in our Managed Freight reportable segment; We depend on the proper functioning and availability of our management information and communication systems and other information technology assets (including the data contained therein) and a system failure or unavailability, including those caused by cybersecurity breaches internally or with third-parties, or an inability to effectively upgrade such systems and assets could cause a significant disruption to our business; If we are unable to retain our key employees, our business, financial condition, and results of operations could be harmed; Seasonality and the impact of weather and climate change and other catastrophic events affect our operations and profitability; We self-insure for a significant portion of our claims, have exposure outside of our insurance coverage, could be uninsured or underinsured, and have additional exposure following the Supreme Court’s recent Montgomery decision, which could significantly increase the volatility of, and decrease the amount of, our earnings; Our self-insurance for auto liability claims and our use of a captive insurance company could adversely impact our operations; We have experienced, and may experience additional, erosion of available limits in our aggregate insurance policies; We may experience additional expense to reinstate insurance policies due to liability claims; We operate in a highly regulated industry; If our independent contractor drivers are deemed by regulators or judicial process to be employees, our business, financial condition, and results of operations could be adversely affected; Developments in labor and employment law and any unionizing efforts by employees or employees of related businesses could have a materially adverse effect on our results of operations; The Compliance Safety Accountability program adopted by the Federal Motor Carrier Safety Administration could adversely affect our profitability and operations, our ability to maintain or grow our fleet, and our customer relationships; Receipt of an unfavorable Department of Transportation safety rating at any of our motor carriers could have a materially adverse effect on our operations and profitability; Compliance with and changes to various environmental laws and regulations; Regulatory changes related to climate change could increase our costs significantly; Changes to trade regulation, export controls, duties, or tariffs; Litigation may adversely affect our business, financial condition, and results of operations; Conflicting views on environmental and societal matters may have a negative impact on our business, impose additional costs on us, and expose us to additional risks; A large-scale outbreak of avian flu or related illness among the nation’s poultry flock may adversely affect the revenues of our Dedicated segment; Our ABL credit facility and other financing arrangements contain certain covenants, restrictions, and requirements, and we may be unable to comply with such covenants, restrictions, and requirements; In the future, we may need to obtain additional financing that may not be available or, if it is available, may result in a reduction in the percentage ownership of our stockholders; Our indebtedness and finance and operating lease obligations could adversely affect our ability to respond to changes in our industry or business; Our profitability may be materially adversely impacted if our capital investments do not match customer demand or if there is a decline in the availability of funding sources for these investments; Increased prices for new revenue equipment, design changes of new engines, future uses of autonomous tractors, volatility in the used equipment market, decreased availability of new revenue equipment, and the failure of manufacturers to meet their sale or trade-back obligations to us could have a materially adverse effect on our business, financial condition, results of operations, and profitability; Our 49% owned subsidiary, Transport Enterprise Leasing, faces certain additional risks particular to its operations, any one of which could adversely affect our operating results; We could determine that our goodwill and other intangible assets are impaired, thus recognizing a related loss; Our Chairman of the Board and Chief Executive Officer and his wife control a large portion of our stock and have substantial control over us, which could limit other stockholders’ ability to influence the outcome of key transactions, including changes of control; Provisions in our charter documents or Nevada law may inhibit a takeover, which could limit the price investors might be willing to pay for our Class A common stock; The market price of our Class A common stock may be volatile; We cannot guarantee the timing or amount of repurchases of our Class A common stock, or the declaration of future dividends, if any; Changes in taxation could lead to an increase of our tax exposure; If we fail to maintain effective internal control over financial reporting in the future, there could be an elevated possibility of a material misstatement, and such a misstatement could cause investors to lose confidence in our financial statements, which could have a material adverse effect on our stock price; and The effects of a widespread outbreak of an illness or disease, or any other public health crisis, as well as regulatory measures implemented in response to such events, could negatively impact the health and safety of our workforce and/or adversely impact our business and results of operations. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

For further information contact:

M. Paul Bunn, President
PBunn@covenantlogistics.com

Tripp Grant, Chief Financial Officer
TGrant@covenantlogistics.com

For copies of Company information contact:

Brooke McKenzie, Executive Administrative Assistant
BMcKenzie@covenantlogistics.com

Covenant Logistics Group, Inc.
Key Financial and Operating Statistics
 
  Income Statement Data  
  Three Months Ended September 30,     Nine Months Ended September 30,  
($s in 000s, except per share data) 2026     2025     % Change     2026     2025     % Change  
Revenues                                              
Freight revenue $ 315,050     $ 268,840       17.2 %   $ 891,668     $ 788,591       13.1 %
Fuel surcharge revenue   38,844       28,049       38.5 %     102,260       80,507       27.0 %
Total revenue $ 353,894     $ 296,889       19.2 %   $ 993,928     $ 869,098       14.4 %
                                               
Operating expenses:                                              
Salaries, wages, and related expenses   115,501       109,745               334,903       323,845          
Fuel expense   38,259       29,506               104,406       85,663          
Operations and maintenance   20,235       19,352               56,915       52,168          
Revenue equipment rentals and purchased transportation   113,412       72,908               301,354       206,504          
Operating taxes and licenses   3,089       3,304               9,104       10,326          
Insurance and claims   9,791       14,179               40,575       46,769          
Communications and utilities   2,152       1,631               6,063       4,580          
General supplies and expenses   16,448       15,872               43,046       44,124          
Depreciation and amortization   23,458       22,953               70,253       67,869          
(Gain) loss on disposition of property and equipment, net   (945 )     (487 )             (308 )     134          
Total operating expenses   341,400       288,963               966,311       841,982          
Operating income   12,494       7,926               27,617       27,116          
Interest expense, net   3,854       3,468               10,721       8,795          
Income from equity method investment   (5,650 )     (3,578 )             (14,602 )     (11,622 )        
Income from continuing operations before income taxes   14,290       8,036               31,498       29,943          
Income tax expense   3,586       1,772               7,839       7,276          
Income from continuing operations   10,704       6,264               23,659       22,667          
Income from discontinued operations, net of tax   –       2,829               –       2,829          
Net income $ 10,704     $ 9,093             $ 23,659     $ 25,496          
                                               
Basic earnings per share (1)                                              
Income from continuing operations $ 0.42     $ 0.25             $ 0.94     $ 0.88          
Income from discontinued operations $ –     $ 0.11             $ –     $ 0.11          
Net income per basic share $ 0.42     $ 0.36             $ 0.94     $ 0.99          
Diluted earnings per share (1)                                              
Income from continuing operations $ 0.40     $ 0.24             $ 0.89     $ 0.83          
Income from discontinued operations $ –     $ 0.11             $ –     $ 0.10          
Net income per diluted share $ 0.40     $ 0.35             $ 0.89     $ 0.94          
Basic weighted average shares outstanding (000s)   25,383       25,030               25,229       25,872          
Diluted weighted average shares outstanding (000s)   26,603       26,301               26,559       27,156          

  Segment Freight Revenues  
  Three Months Ended September 30,     Nine Months Ended September 30,  
($s in 000’s) 2026     2025     % Change     2026     2025     % Change  
Expedited – Truckload $ 70,555     $ 80,184       (12.0 %)   $ 216,246     $ 243,662       (11.3 %)
Dedicated – Truckload   95,405       91,581       4.2 %     280,489       263,827       6.3 %
Combined Truckload   165,960       171,765       (3.4 %)     496,735       507,489       (2.1 %)
Managed Freight   121,635       72,220       68.4 %     311,908       206,620       51.0 %
Warehousing   26,738       24,802       7.8 %     81,012       74,429       8.8 %
Other   717       53       1252.8 %     2,013       53       3698.1 %
Consolidated Freight Revenue $ 315,050     $ 268,840       17.2 %   $ 891,668     $ 788,591       13.1 %

  Truckload Operating Statistics  
  Three Months Ended September 30,     Nine Months Ended September 30,  
  2026     2025     % Change     2026     2025     % Change  
Average freight revenue per loaded mile $ 3.67     $ 2.99       22.7 %   $ 3.50     $ 2.98       17.4 %
Average freight revenue per total mile $ 3.03     $ 2.53       19.8 %   $ 2.89     $ 2.53       14.2 %
Average freight revenue per tractor per week $ 5,778     $ 5,445       6.1 %   $ 5,741     $ 5,469       5.0 %
Average miles per tractor per period   25,081       28,306       (11.4 %)     77,412       84,456       (8.3 %)
Weighted avg. tractors for period   2,186       2,400       (8.9 %)     2,219       2,379       (6.7 %)
Tractors at end of period   2,178       2,434       (10.5 %)     2,178       2,434       (10.5 %)
Trailers at end of period   7,011       6,851       2.3 %     7,011       6,851       2.3 %

  Selected Balance Sheet Data  
($s in ‘000’s, except per share data) 9/30/2026     12/31/2025  
Total assets $ 1,023,637     $ 1,047,548  
Total stockholders’ equity $ 422,257     $ 403,997  
Total indebtedness, comprised of total debt and finance leases, net of cash $ 283,927     $ 296,297  
Net Indebtedness to Capitalization Ratio   40.2 %     42.3 %
Tangible book value per end-of-quarter basic share $ 9.63     $ 8.69  

Covenant Logistics Group, Inc.
Non-GAAP Reconciliation (Unaudited)
Adjusted Operating Income and Adjusted Operating Ratio(1)
 
(Dollars in thousands) Three Months Ended September 30,     Nine Months Ended September 30,  
GAAP Presentation 2026     2025     bps Change     2026     2025     bps Change  
Total revenue $ 353,894     $ 296,889             $ 993,928     $ 869,098          
Total operating expenses   341,400       288,963               966,311       841,982          
Operating income $ 12,494     $ 7,926             $ 27,617     $ 27,116          
Operating ratio   96.5 %     97.3 %     (80 )     97.2 %     96.9 %     30  
                                               
Non-GAAP Presentation 2026     2025     bps Change     2026     2025     bps Change  
Total revenue $ 353,894     $ 296,889             $ 993,928     $ 869,098          
Fuel surcharge revenue   (38,844 )     (28,049 )             (102,260 )     (80,507 )        
Freight revenue (total revenue, excluding fuel surcharge)   315,050       268,840               891,668       788,591          
                                               
Total operating income   12,494       7,926               27,617       27,116          
Adjusted for:                                              
Amortization of intangibles(2)   3,001       2,653               9,001       7,770          
Contingent consideration liability adjustment   328       710               984       2,130          
Transaction costs   –       –               –       149          
Employee separation costs   –       1,375               –       1,375          
Lease abandonment and customer exit costs   –       429               –       429          
Abandonment of long-lived software   –       1,884               –       1,884          
Adjusted operating income   15,823       14,977               37,602       40,853          
Adjusted operating ratio   95.0 %     94.4 %     60       95.8 %     94.8 %     100  
 
(1)  Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP operating income and operating ratio to consolidated non-GAAP adjusted operating income and adjusted operating ratio.
(2)  “Amortization of intangibles” reflects the non-cash amortization expense relating to intangible assets.

Non-GAAP Reconciliation (Unaudited)
Adjusted Net Income and Adjusted EPS(1)
 
(Dollars in thousands) Three Months Ended September 30,     Nine Months Ended September 30,  
  2026     2025     2026     2025  
GAAP Presentation – Net income $ 10,704     $ 9,093     $ 23,659     $ 25,496  
Adjusted for:                              
Amortization of intangibles (2)   3,001       2,653       9,001       7,770  
Contingent consideration liability adjustment   328       710       984       2,130  
Transaction costs   –       –       –       149  
Employee separation costs   –       1,375       –       1,375  
Lease abandonment and customer exit costs   –       429       –       429  
Abandonment of long-lived software   –       1,884       –       1,884  
Total adjustments before taxes   3,329       3,278       9,985       9,964  
Provision for income tax expense at effective rate   (836 )     (854 )     (2,446 )     (2,533 )
Tax effected adjustments $ 2,493     $ 2,424     $ 7,539     $ 7,431  
Non-GAAP Presentation – Adjusted net income $ 13,197     $ 11,517     $ 31,198     $ 32,927  
                               
GAAP Presentation – Diluted earnings per share (“EPS”) (3) $ 0.40     $ 0.35     $ 0.89     $ 0.94  
Adjusted for:                              
Amortization of intangibles (2)   0.11       0.10       0.34       0.29  
Discontinued operations reversal of loss contingency(4)   –       (0.14 )     –       (0.14 )
Contingent consideration liability adjustment   0.01       0.03       0.04       0.08  
Transaction costs   –       –       –       0.01  
Employee separation costs   –       0.05       –       0.05  
Lease abandonment and customer exit costs   –       0.02       –       0.02  
Abandonment of long-lived software   –       0.07       –       0.07  
Total adjustments before taxes   0.12       0.12       0.38       0.37  
Provision for income tax expense at effective rate   (0.02 )     (0.03 )     (0.09 )     (0.09 )
Tax effected adjustments $ 0.10     $ 0.09     $ 0.29     $ 0.28  
Non-GAAP Presentation – Adjusted EPS $ 0.50     $ 0.44     $ 1.18     $ 1.22  
 
(1)  Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP net income to consolidated non-GAAP adjusted net income and consolidated GAAP diluted earnings per share to non-GAAP consolidated Adjusted EPS.
(2)  “Amortization of intangibles” reflects the non-cash amortization expense relating to intangible assets.
(3)  Total may not sum due to rounding.
(4)  “Discontinued Operations reversal of loss contingency” reflects the non-cash reversal of a previously recorded loss contingency that is no longer considered probable. The original loss contingency was recorded in Q4 2020 as a result of our disposal of our former accounts receivable factoring segment, TFS.

Covenant Logistics Group, Inc
Non-GAAP Reconciliation (Unaudited)
Adjusted Operating Income and Adjusted Operating Ratio (1)
 
(Dollars in thousands) Three Months Ended September 30,  
GAAP Presentation 2026     2025  
  Expedited     Dedicated     Combined Truckload     Managed Freight     Warehousing     Expedited     Dedicated     Combined Truckload     Managed Freight     Warehousing  
Total revenue $ 89,473     $ 115,124     $ 204,597     $ 121,635     $ 26,945     $ 94,632     $ 105,020     $ 199,652     $ 72,220     $ 24,964  
Total segment operating expenses (2)   81,627       108,708       190,335       114,268       25,248       89,553       100,921       190,474       69,260       22,466  
Segment operating income (2) $ 7,846     $ 6,416     $ 14,262     $ 7,367     $ 1,697     $ 5,079     $ 4,099     $ 9,178     $ 2,960     $ 2,498  
Segment operating ratio (2)   91.2 %     94.4 %     93.0 %     93.9 %     93.7 %     94.6 %     96.1 %     95.4 %     95.9 %     90.0 %
                                                                               
Non-GAAP Presentation                                                                              
Total revenue $ 89,473     $ 115,124     $ 204,597     $ 121,635     $ 26,945     $ 94,632     $ 105,020     $ 199,652     $ 72,220     $ 24,964  
Fuel surcharge revenue   (18,918 )     (19,719 )     (38,637 )     –       (207 )     (14,448 )     (13,439 )     (27,887 )     –       (162 )
Freight revenue (total revenue, excluding fuel surcharge)   70,555       95,405       165,960       121,635       26,738       80,184       91,581       171,765       72,220       24,802  
                                                                               
Total segment operating income (2) $ 7,846     $ 6,416       14,262     $ 7,367     $ 1,697     $ 5,079     $ 4,099       9,178     $ 2,960     $ 2,498  
Adjusted for:                                                                              
Other (3)   (3,685 )     (2,724 )     (6,409 )     (285 )     (809 )     (1,548 )     (1,054 )     (2,602 )     (212 )     (535 )
Employee separation costs   –       –       –       –       –       680       622       1,302       73       –  
Lease abandonment and customer exit costs   –       –       –       –       –       49       166       215       214       –  
Abandonment of long-lived software   –       –       –       –       –       880       1,004       1,884       –       –  
Adjusted segment operating income   4,161       3,692       7,853       7,082       888       5,140       4,837       9,977       3,035       1,963  
Adjusted segment operating ratio   94.1 %     96.1 %     95.3 %     94.2 %     96.7 %     93.6 %     94.7 %     94.2 %     95.8 %     92.1 %

  Nine Months Ended September 30,  
GAAP Presentation 2026     2025  
  Expedited     Dedicated     Combined Truckload     Managed Freight     Warehousing     Expedited     Dedicated     Combined Truckload     Managed Freight     Warehousing  
Total revenue $ 267,564     $ 330,913     $ 598,477     $ 311,908     $ 81,530     $ 286,625     $ 300,906     $ 587,531     $ 206,620     $ 74,894  
Total segment operating expenses (2)   248,511       311,132       559,643       299,099       76,481       268,490       288,634       557,124       195,658       68,636  
Segment operating income (2) $ 19,053     $ 19,781     $ 38,834     $ 12,809     $ 5,049     $ 18,135     $ 12,272     $ 30,407     $ 10,962     $ 6,258  
Segment operating ratio (2)   92.9 %     94.0 %     93.5 %     95.9 %     93.8 %     93.7 %     95.9 %     94.8 %     94.7 %     91.6 %
                                                                               
Non-GAAP Presentation                                                                              
Total revenue $ 267,564     $ 330,913     $ 598,477     $ 311,908     $ 81,530     $ 286,625     $ 300,906     $ 587,531     $ 206,620     $ 74,894  
Fuel surcharge revenue   (51,318 )     (50,424 )     (101,742 )     –       (518 )     (42,963 )     (37,079 )     (80,042 )     –       (465 )
Freight revenue (total revenue, excluding fuel surcharge)   216,246       280,489       496,735       311,908       81,012       243,662       263,827       507,489       206,620       74,429  
                                                                               
Total segment operating income (2) $ 19,053     $ 19,781     $ 38,834     $ 12,809     $ 5,049     $ 18,135     $ 12,272     $ 30,407     $ 10,962     $ 6,258  
Adjusted for:                                                                              
Other (3)   (10,254 )     (7,264 )     (17,518 )     493       (2,065 )     (4,874 )     (3,308 )     (8,182 )     (694 )     (1,737 )
Transaction costs   –       –       –       –       –       –       149       149       –       –  
Employee separation costs   –       –       –       –       –       680       622       1,302       73       –  
Lease abandonment and customer exit costs   –       –       –       –       –       49       166       215       214       –  
Abandonment of long-lived software   –       –       –       –       –       880       1,004       1,884       –       –  
Adjusted segment operating income   8,799       12,517       21,316       13,302       2,984       14,870       10,905       25,775       10,555       4,521  
Adjusted segment operating ratio   95.9 %     95.5 %     95.7 %     95.7 %     96.3 %     93.9 %     95.9 %     94.9 %     94.9 %     93.9 %
 
(1)  Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP segment operating income and segment operating ratio to consolidated non-GAAP adjusted segment operating income and adjusted segment operating ratio.
(2)  Segment operating expenses, segment operating income, and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, impairment of goodwill, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments. The prior year periods have been conformed to this presentation.
(3)  Represents indirect costs not directly attributable to any one reportable segment.

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