SHARPE
Reported results
- GAAP net income was $161.1 million, or $1.71 per diluted share, in 3Q26 compared to $23.1 million, or $0.24 per diluted share, in 3Q25.
- Net operating income, a non-GAAP financial measure, was $179.1 million, or $1.90 per diluted share, in 3Q26 compared to $127.2 million, or $1.29 per diluted share, in 3Q25.
- GAAP total revenues were $1,086.0 million in 3Q26 compared to $1,188.7 million in 3Q25.
- GAAP book value per share was $25.34 as of September 30, 2026, compared to $27.24 as of September 30, 2025.
- Book value per diluted share, excluding accumulated other comprehensive loss, a non-GAAP financial measure, was $41.29 as of September 30, 2026, compared to $38.10 as of September 30, 2025.
Guidance
- The company raised its 2026 operating earnings per share (EPS) guidance with the midpoint up 9% from prior guidance.
Notes
Significant items related to the comprehensive annual actuarial review had a $44.9 million net favorable impact on both net income and net operating income in 3Q26.
Price and volatility reaction
The stock moved +4.5% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -0.3 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 55.17 | 2026-10-29 |
| Close after release | 57.67 | 2026-10-30 |
| Realised move | +4.5% | close to close |
| 30d ATM IV change | -0.3 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-29 (8-K, Item 2.02). Read the original filing on sec.gov.