LOUISVILLE, Ky., Oct. 20, 2025 (GLOBE NEWSWIRE) -- BrightSpring Health Services, Inc. ("BrightSpring" or the "Company") (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, today announced preliminary financial results for the third quarter ended September 30, 2025, increased Revenue and Adjusted EBITDA(1) guidance, and provided details regarding its planned third quarter earnings conference call.
Preliminary Financial Highlights
(note: all figures represent continuing operations and exclude the Community Living business)
-- Revenues of approximately $3,334 million, up 28.2% compared to
approximately $2,601 million in the third quarter of 2024.
-- Gross Profit of approximately $392 million, up 21.3% compared to
approximately $323 million in the third quarter of 2024.
-- Third quarter net income of approximately $37.5 million, compared to net
loss of approximately $25.7 million in the third quarter of 2024.
-- Adjusted EBITDA1 of approximately $160 million, up 37.2% compared to
approximately $117 million in the third quarter of 2024.
-- Planned divestiture of Community Living business to Sevita, announced on
January 20, 2025, is expected to close in early Q1 2026.
-- Leverage was approximately 3.31x, as calculated under our First Lien
Credit Agreement and Second Lien Credit Agreement, at September 30, 2025.
The results of the Community Living business are included in such
calculation pursuant to our First Lien Credit Agreement and the Second
Lien Credit Agreement.
-- Increased 2025 Revenue and Adjusted EBITDA guidance, which excludes the
Community Living business and the effects of any future closed
acquisitions. All growth rates are shown as compared to the full year
2024 Revenue and Adjusted EBITDA results, excluding the Community Living
business:
-- Revenues of $12,400 million to $12,700 million, or 23.1% to 26.1%
growth.
-- Pharmacy Segment Revenue of $10,950 million to $11,200
million, or 25.1% to 27.9% growth.
-- Provider Segment Revenue of $1,450 million to $1,500
million, or 10.0% to 13.8% growth.
-- Adjusted EBITDA2 of $605 million to $615 million, or 31.5% to
33.7% growth.
These third quarter 2025 results are preliminary and subject to the finalization of the Company's regular financial and accounting procedures, however, the Company does not expect its final results to materially differ from the preliminary results shown within this release. These preliminary estimates are forward-looking statements. The Company's unaudited financial results as of the three and nine months ended September 30, 2025 are not yet finalized.
The Company will announce full third quarter results on October 28(th) , and host a conference call at 4:30 p.m. Eastern Time on the same day. Management will not be discussing its financial results for the third quarter before its conference call on October 28(th) . Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the "Events & Presentations" section of the BrightSpring website at https://ir.brightspringhealth.com/.
Preliminary Key Financials (for BrightSpring continuing operations)
Three Months Nine Months
Ended Ended
September 30, September 30,
(Unaudited) (Unaudited)
-------------- --------------
2025 2024 % 2025 2024 %
------ ------ ------ ------ ------ ------
($ in millions)
Pharmacy
Solutions
Revenue $2,967 $2,266 31% $8,289 $6,357 30%
Provider
Services
Revenue 367 336 9% 1,071 968 11%
----- ----- ----- -----
Total Revenue $3,334 $2,601 28% $9,360 $7,325 28%
===== ===== ===== =====
Three Months Ended Nine Months Ended
September 30, September 30,
(Unaudited) (Unaudited)
------------------- --------------------
2025 2024 % 2025 2024 %
--------- -------- ------ --------- --------- ------
($ in millions)
Pharmacy
Solutions
segment EBITDA $141 $ 99 42% $ 381 $ 282 35%
Provider
Services
segment EBITDA 61 52 16% 168 150 12%
--- --- --- ---- ----
Total Segment
Adjusted
EBITDA $202 $151 33% $ 550 $ 432 27%
Corporate Costs (42) (34) - (116) (102) -
--- --- ---- ----
Total Company
Adjusted
EBITDA(1) $160 $117 37% $ 434 $ 330 32%
=== === === ==== ====
(1) Adjusted EBITDA is a non-GAAP financial measure. Please see "Non-GAAP Financial Information" and the end of this press release for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure prepared in accordance with GAAP.
(2) A reconciliation of the foregoing guidance for the non-GAAP metric of Adjusted EBITDA to GAAP net income (loss) cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.
About BrightSpring Health Services
BrightSpring Health Services provides complementary home- and community-based pharmacy and provider health solutions for complex populations in need of specialized and/or chronic care. Through the Company's service lines, including pharmacy, home health care and primary care, and rehabilitation and behavioral health, we provide comprehensive and more integrated care and clinical solutions in all 50 states to over 460,000 customers, clients and patients daily. BrightSpring has consistently demonstrated strong and often industry-leading quality metrics across its services lines, while improving the quality of life and health for high-need individuals and reducing overall costs to the healthcare system.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements may relate to matters which include, but are not limited to, industries, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. In some cases, we have used words such as "anticipate," "assume," "believe," "continue, " "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," "target," "guidance," the negative version of these words, or similar terms and phrases to identify these forward-looking statements.
The forward-looking statements are based on management's current expectations and are not historical facts or guarantees of future performance. The forward-looking statements relate to the future and are therefore subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following:
-- our operation in a highly competitive industry;
-- our inability to maintain relationships with existing patient referral
sources or establish new referral sources;
-- changes to Medicare and Medicaid rates or methods governing Medicare and
Medicaid payments for our services;
-- cost containment initiatives of third-party payors, including
post-payment audits;
-- the implementation of alternative payment models and the transition of
Medicaid and Medicare beneficiaries to managed care organizations may
limit our market share and could adversely affect our revenues;
-- changes in the case mix of patients, as well as payor mix and payment
methodologies, and decisions and operations of third-party organizations;
-- our reliance on federal and state spending, budget decisions, and
continuous governmental operations which may fluctuate under different
political conditions;
-- changes in drug utilization and/or pricing, PBM contracts, and Medicare
Part D/Medicaid reimbursement, which may negatively impact our
profitability;
-- changes in our relationships with pharmaceutical suppliers, including
changes in drug availability or pricing;
-- reliance on the continual recruitment and retention of nurses,
pharmacists, therapists, caregivers, direct support professionals, and
other qualified personnel, including senior management;
-- compliance with or changes to federal, state, and local laws and
regulations that govern our employment practices, including minimum wage,
living wage, and paid time-off requirements;
-- fluctuation of our results of operations on a quarterly basis;
-- harm caused by labor relation matters;
-- limitations in our ability to control reimbursement rates received for
our services if we are unable to maintain or reduce our costs to provide
such services;
-- delays in collection or non-collection of our accounts receivable,
particularly during the business integration process;
-- failure to manage our growth effectively, which may inhibit our ability
to execute our business plan, maintain high levels of service and
satisfaction or adequately address competitive challenges;
-- our ability to identify, successfully complete and manage acquisitions,
joint ventures, and other strategic initiatives, including the pending
sale of our Community Living business;
-- our ability to continue to provide consistently high quality of care;
-- maintenance of our corporate reputation or the emergence of adverse
publicity, including negative information on social media or changes in
public perception of our services;
-- contract continuance, expansion and renewal with our existing customers,
including renewals at lower fee levels, customers declining to purchase
additional services from us, or reduction in the services received from
us pursuant to those contracts;
-- effective investment in, implementation of improvements to and proper
maintenance of the uninterrupted operation and data integrity of our
information technology and other business systems;
-- security breaches, loss of data, and other disruptions, which could
compromise sensitive business or patient information; cause a loss of
confidential patient data, employee data or personal information; or
prevent access to critical information and thereby expose us to liability,
litigation, and federal and state governmental inquiries and damage our
reputation and brand;
-- risks related to credit card payments and other payment methods;
-- potential substantial malpractice or other similar claims;
-- various risks related to governmental inquiries, regulatory actions, and
whistleblower and other lawsuits, which may not be entirely covered by
insurance;
-- our current insurance program, which may expose us to unexpected costs,
particularly if we incur losses not covered by our insurance or if claims
or losses differ from our estimates;
-- factors outside of our control, including those listed, which have
required and could in the future require us to record an asset impairment
of goodwill;
-- a pandemic, epidemic, or outbreak of an infectious disease;
-- inclement weather, natural disasters, acts of terrorism, riots, civil
insurrection or social unrest, looting, protests, strikes, or street
demonstrations;
-- our inability to adequately protect our intellectual property rights;
-- risks related to our compliance with our regulatory framework;
-- the interests of KKR Stockholder may conflict with our stockholders'
interests in the future;
-- our substantial indebtedness;
-- significant changes in tax or trade policies, tariffs, or trade relations
between the United States and other countries, such as the imposition of
unilateral tariffs on imported products, including impacts on imported
drug products, which could result in supply chain disruptions and
significant increases in costs; and
-- repurchases of our common stock.
The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. These factors should not be construed as exhaustive, and should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements. 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 may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward- looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make.
For additional information on these and other factors that could cause BrightSpring's actual results to differ materially from expected results, please see our filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov.
Non-GAAP Financial Measures
This press release contains "non-GAAP financial measures," including "EBITDA," "Adjusted EBITDA," and "Adjusted EPS," which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP.
EBITDA, Adjusted EBITDA, and Adjusted EPS have been presented in this release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management also believes that these measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses EBITDA, Adjusted EBITDA, and Adjusted EPS to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish and award discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures.
Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. EBITDA, Adjusted EBITDA, and Adjusted EPS are not GAAP measures of our financial performance and should not be considered as an alternative to net income (loss) as a measure of financial performance or any other performance measures derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management's discretionary use as they do not consider certain cash requirements such as tax payments, debt service requirements, total capital expenditures, and certain other cash costs that may recur in the future.
Management defines EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest expense, net and depreciation and amortization. Management also defines Adjusted EBITDA as EBITDA, further adjusted to exclude non-cash share-based compensation, acquisition, integration and transaction-related costs, restructuring and divestiture-related and other costs, legal costs and settlements associated with certain historical matters for PharMerica, significant projects, and management fees.
The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Please see the end of this press release for reconciliations of non-GAAP financial measures to the most directly comparable financial measure prepared in accordance with GAAP.
BrightSpring Contact:
Investor Relations:
David Deuchler, CFA
Gilmartin Group LLC
ir@brightspringhealth.com
Media Contact:
Leigh White
leigh.white@brightspringhealth.com
502.630.7412
BrightSpring Health Services, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2025 and December 31, 2024
(In thousands, except share and per share data)
(Unaudited and Preliminary)
September 30, 2025 December 31, 2024
-------------------- -------------------
Assets
Current assets:
Cash and cash equivalents $ 140,344 $ 60,954
Accounts receivable, net
of allowance for credit
losses 1,012,913 902,782
Inventories 639,195 636,561
Prepaid expenses and
other current assets 123,978 161,310
Current assets held for
sale 863,846 131,447
---------------- ---------------
Total current assets 2,780,276 1,893,054
---------------- ---------------
Property and equipment,
net of accumulated
depreciation of $387,921
and $339,892 at
September 30, 2025 and
December 31, 2024,
respectively 175,494 180,570
Goodwill 2,370,566 2,363,884
Intangible assets, net of
accumulated
amortization 521,610 595,224
Operating lease
right-of-use assets,
net 159,589 161,032
Deferred income taxes,
net -- 5,288
Other assets 41,962 39,128
Non-current assets held
for sale -- 687,960
---------------- ---------------
Total assets $ 6,049,497 $ 5,926,140
================ ===============
Liabilities, Redeemable
Noncontrolling Interest,
and Equity
Current liabilities:
Trade accounts payable $ 954,497 $ 923,926
Accrued expenses 304,046 295,746
Current portion of
obligations under
operating leases 38,217 38,910
Current portion of
obligations under
financing leases 4,727 3,463
Current portion of
long-term debt 51,870 48,725
Current liabilities held
for sale 196,613 117,563
---------------- ---------------
Total current liabilities 1,549,970 1,428,333
---------------- ---------------
Obligations under
operating leases, net of
current portion 128,751 129,467
Obligations under
financing leases, net of
current portion 10,423 6,530
Long-term debt, net of
current portion 2,465,334 2,561,858
Deferred income taxes,
net 10,441 --
Long-term liabilities 63,560 71,190
Non-current liabilities
held for sale -- 77,177
---------------- ---------------
Total liabilities 4,228,479 4,274,555
---------------- ---------------
Redeemable noncontrolling
interest 2,361 3,730
Shareholders' equity:
Common stock, $0.01 par
value, 1,500,000,000
shares authorized,
180,685,884 and
174,245,990 shares
issued and outstanding
at September 30, 2025
and December 31, 2024,
respectively $ 1,807 $ 1,742
Preferred stock, $0.01
par value, 250,000,000
authorized, no shares
issued and outstanding
at September 30, 2025
and December 31, 2024 -- --
Additional paid-in
capital 1,931,616 1,866,850
Accumulated deficit (108,569) (222,155)
Accumulated other
comprehensive (loss)
income (6,291) 1,418
---------------- ---------------
Total shareholders'
equity 1,818,563 1,647,855
---------------- ---------------
Noncontrolling interest 94 --
---------------- ---------------
Total equity 1,818,657 1,647,855
---------------- ---------------
Total liabilities,
redeemable
noncontrolling interest,
and equity $ 6,049,497 $ 5,926,140
================ ===============
BrightSpring Health Services, Inc. and Subsidiaries
Consolidated Statements of Operations
For the three and nine months ended September 30,
2025 and 2024
(In thousands, except per share amounts)
(Unaudited and Preliminary)
For the Three Months For the Nine Months
Ended Ended
September 30, September 30,
----------------------- ------------------------
2025 2024 2025 2024
---------- ---------- ---------- -----------
Revenues:
Products $2,966,966 $2,265,697 $8,289,238 $ 6,357,223
Services 367,140 335,532 1,070,695 968,026
--------- --------- --------- ----------
Total revenues 3,334,106 2,601,229 9,359,933 7,325,249
Cost of goods 2,721,314 2,077,121 7,605,931 5,815,981
Cost of services 220,784 201,016 648,773 581,509
--------- --------- --------- ----------
Gross profit 392,008 323,092 1,105,229 927,759
Selling,
general, and
administrative
expenses 304,165 293,995 918,090 875,344
Operating income 87,843 29,097 187,139 52,415
Loss on
extinguishment
of debt -- -- -- 12,726
Interest
expense, net 38,235 46,614 118,776 144,366
--------- --------- --------- ----------
Income (loss)
from continuing
operations
before income
taxes 49,608 (17,517) 68,363 (104,677)
Income tax
benefit 12,120 8,155 13,118 (31,464)
--------- --------- --------- ----------
Income (loss)
from continuing
operations, net
of income
taxes 37,488 (25,672) 55,245 (73,213)
Income from
discontinued
operations, net
of income
taxes 17,753 16,691 56,548 37,288
--------- --------- --------- ----------
Net income
(loss) 55,241 (8,981) 111,793 (35,925)
Net loss
attributable to
noncontrolling
interests
included in
continuing
operations (595) (751) (1,793) (1,864)
Net income
(loss)
attributable to
BrightSpring
Health
Services, Inc.
and
subsidiaries $ 55,836 $ (8,230) $ 113,586 $ (34,061)
========= ========= ========= ==========
Net income
(loss) per
common share:
Basic income
(loss) per
share
attributable to
common
shareholders:
Continuing
operations $ 0.19 $ (0.13) $ 0.28 $ (0.37)
Discontinued
operations $ 0.08 $ 0.09 $ 0.28 $ 0.19
--------- --------- --------- ----------
Net income
(loss) $ 0.27 $ (0.04) $ 0.56 $ (0.18)
Diluted income
(loss) per
share
attributable to
common
shareholders:
Continuing
operations $ 0.17 $ (0.13) $ 0.26 $ (0.37)
Discontinued
operations $ 0.09 $ 0.09 $ 0.26 $ 0.19
--------- --------- --------- ----------
Net income
(loss) $ 0.26 $ (0.04) $ 0.52 $ (0.18)
Weighted
average shares
outstanding:
Basic 203,487 198,491 202,067 190,541
Diluted 217,982 198,491 218,519 190,541
BrightSpring Health Services, Inc. and Subsidiaries
Reconciliation of EBITDA and Adjusted EBITDA
For the three and nine months ended September 30, 2025 and 2024
(Unaudited and Preliminary)
The following table reconciles net income (loss) to EBITDA and Adjusted EBITDA:
For the Three For the Nine
($ in thousands) Months Ended Months Ended
September 30, September 30,
------------------ ------------------
2025 2024 2025 2024
-------- -------- -------- --------
Net income (loss) $ 37,488 $(25,672) $ 55,245 $(73,213)
Income tax expense
(benefit) 12,120 8,155 13,118 (31,464)
Interest expense, net 38,235 46,614 118,776 144,366
Depreciation and
amortization 40,753 40,533 123,424 119,469
------- ------- ------- -------
EBITDA $128,596 $ 69,630 $310,563 $159,158
Non-cash share-based
compensation (1) 14,173 12,720 46,155 49,793
Acquisition,
integration, and
transaction-related
costs (2) 5,462 11,766 34,811 25,328
Restructuring and
divestiture-related
and other costs (3) 12,212 12,904 42,493 47,642
Legal costs and
settlements (4) -- 8,920 -- 21,886
Significant projects
(5) -- 1,000 -- 2,604
Management fee (6) -- -- -- 23,381
------- ------- ------- -------
Total adjustments $ 31,847 $ 47,310 $123,459 $170,634
------- ------- ------- -------
Adjusted EBITDA $160,443 $116,940 $434,022 $329,792
======= ======= ======= =======
(1) Represents non-cash share-based compensation to certain
members of our management and full-time employees.
The nine months ended September 30, 2024 includes
$15.0 million of previously unrecognized share-based
compensation expense related to performance-vesting
options under the 2017 Stock Plan, a portion of which
vested upon completion of the IPO.
(2) Represents transaction costs incurred in connection
with planned, completed, or terminated acquisitions,
which include investment banking fees, legal diligence
and related documentation costs, finance and accounting
diligence and documentation; costs associated with
the integration of acquisitions, including any facility
consolidation, integration travel, or severance; and
costs associated with other planned, completed, or
terminated non-routine transactions. The three and
nine months ended September 30, 2025 includes other
non-routine transaction costs of $1.1 million and
$23.4 million, respectively, as compared to $0.7 and
$1.4 million in the three and nine months ended September
30, 2024.
(3) Represents costs associated with restructuring-related
activities, including closure, and related license
impairment, and severance expenses associated with
certain enterprise-wide or significant business line
cost-savings measures. These costs include $3.8 million
and $18.5 million of costs that did not meet the criteria
for discontinued operations related to the Community
Living divestiture for the three and nine months ended
September 30, 2025, respectively, as compared to $6.2
million and $19.6 million for the three and nine months
ended September 30, 2024, respectively. These costs
also include $12.7 million of unamortized debt issuance
costs associated with the extinguishment of our Second
Lien Facility in the nine months ended September 30,
2024.
(4) Represents settlement and defense costs associated
with certain historical PharMerica litigation matters,
including the Silver matter, all of which were finalized
in 2024.
(5) Represents costs associated with certain transformational
projects and for the periods presented primarily included
general ledger system implementation, pharmacy billing
system implementation, and ransomware attack response
costs, all of which were finalized in 2024.
(6) Represents annual management fees payable to the Managers
under the Monitoring Agreement through the date of
the IPO, and $22.7 million of termination fees resulting
from the termination of the Monitoring Agreement upon
completion of the IPO Offerings. All management fees
ceased following the completion of the IPO in 2024.
BrightSpring Health Services, Inc. and Subsidiaries
Reconciliation of Adjusted EPS
For the three and nine months ended September 30, 2025 and 2024
(Unaudited and Preliminary)
The following table reconciles diluted EPS to Adjusted EPS:
For the Three For the Nine Months
(shares in thousands) Months Ended Ended
September 30, September 30,
------------------- -------------------
2025 2024 2025 2024
-------- -------- -------- --------
Diluted EPS $ 0.17 $ (0.13) $ 0.26 $ (0.37)
Non-cash share-based
compensation (1) 0.07 0.06 0.21 0.25
Acquisition,
integration, and
transaction-related
costs (1) 0.03 0.06 0.16 0.13
Restructuring and
divestiture-related
and other costs (1) 0.06 0.06 0.19 0.24
Legal costs and
settlements (1) -- 0.04 -- 0.11
Significant projects
(1) -- 0.00 -- 0.01
Management fee (1) -- -- -- 0.12
Income tax impact on
adjustments (2)(3) (0.03) (0.06) (0.13) (0.29)
------- ------- ------- -------
Adjusted EPS $ 0.30 $ 0.03 $ 0.69 $ 0.20
======= ======= ======= =======
Weighted average common
shares outstanding
used in calculating
diluted U.S. GAAP net
income (loss) per
share 217,982 198,491 218,519 190,541
Weighted average common
shares outstanding
used in calculating
diluted Non-GAAP
income per share 217,982 208,694 218,519 199,930
(1) This adjustment reflects the per share impact of the
adjustment reflected within the definition of Adjusted
EBITDA.
(2) The income tax impact of non-GAAP adjustments is calculated
using the estimated tax rate for the respective non-GAAP
adjustment.
(3) For the three and nine months ended September 30,
2024, the income tax impact on adjustments is inclusive
of a discrete tax benefit related to the Silver matter
that was finalized in connection with the signing
of the settlement agreement during the second fiscal
quarter of 2024.
(END) Dow Jones Newswires
October 20, 2025 16:13 ET (20:13 GMT)