Key Highlights

  • Bright Horizons posted a diluted loss of $4.76 per share versus adjusted EPS of $1.80 after $294.0 million of impairments.
  • Stryker posted EPS of $1.96 compared with adjusted EPS of $3.52, including a $293 million Goodwill impairment.
  • AptarGroup posted EPS of $0.51 versus adjusted EPS of $1.52 following a $58.0 million loss on the Russia deconsolidation.
  • Quaker Chemical posted GAAP EPS of $1.73 versus non-GAAP EPS of $2.39.
  • Columbia Financial posted EPS of $0.02 versus core EPS of $0.16 following its Acquisition and conversion.

Which Companies Showed the Widest Reported Versus Adjusted EPS Gaps in Third Quarter 2026?

These five companies are ranked by the per-share gap between reported and adjusted EPS, based on figures stated in each company's results. The bases vary, since each one excludes different items, such as impairments, special charges, a deconsolidation loss, non-recurring items or transaction-related costs. Core EPS at one bank and non-GAAP EPS at the others are treated as adjusted figures here.

Bright Horizons (NYSE:BFAM) posted a diluted loss of $4.76 against adjusted EPS of $1.80, a gap of $6.56 (calculated). Stryker (NYSE:SYK) posted $1.96 against $3.52, a gap of $1.56. AptarGroup (NYSE:ATR) posted $0.51 against $1.52, a gap of $1.01. Quaker Chemical (NYSE:KWR) posted $1.73 against $2.39, a gap of $0.66, and Columbia Financial (NASDAQ:CLBK) posted $0.02 against core EPS of $0.16, a gap of $0.14. All gaps are calculated.

1. Bright Horizons: How Did a $294.0 Million Impairment Produce a $6.56 Gap?

Revenue grew 5% to $841.5 million, with back-up care up 13%. Impairment losses of $294.0 million in international full service operations turned income from operations of $120.8 million a year earlier into a loss of $187.1 million. The net loss totaled $231 million.

Adjusted EBITDA increased 5% to $163.3 million, and adjusted Net Income was $87.5 million, down 3%, while adjusted EPS climbed 15% on a lower share count. The impairment is roughly 35% of quarterly Revenue (calculated). The company defines its adjusted figures as non-GAAP measures that exclude items such as the impairment, and the release reconciles them to GAAP.

Operating cash flow for the nine months reached $208.1 million, compared with $202.8 million a year earlier. Over that period the company repurchased about 7.7 million shares for $557.7 million, and it held $119.2 million of cash with $436.0 million available under its revolver.

2. Stryker: Why Did Reported EPS Decline While Adjusted EPS Advanced?

Net sales grew 7.7% to $6.5 billion. Reported EPS declined to $1.96 from $2.22, while adjusted EPS increased 10.3% to $3.52 from $3.19. A $293 million goodwill impairment accounted for $0.76 per share, special charges for $0.20, and amortization of purchased intangibles for $0.37.

Those three items total $1.33 per share (calculated), leaving about $0.23 of the $1.56 gap to other adjustments (calculated). Adjusted Operating Margin was 26.2%, compared with a reported margin of 15.9%.

Stryker bought back $1.0 billion of stock during the quarter and finished it with $3,271 million of cash. Chair and CEO Kevin Lobo said the quarter fell short of the company's own expectations, while underlying fundamentals remain strong.

3. AptarGroup: What Was the Financial Toll of the Russian Deconsolidation?

After a government decree placed its Russian Subsidiary under external administration, AptarGroup lost control and deconsolidated it. It recorded a $58.0 million loss, including about $30.0 million of cash held by the subsidiary, producing a combined pre-tax impact of $61.2 million.

Reported net income was $33 million, or $0.51 per share, with an effective tax rate of 45.6%. Adjusted EPS of $1.52 compares with $1.62 in the prior year period at comparable exchange rates. Sales grew 6% to $1.02 billion.

Over the nine months, reported EPS was $3.00 versus $4.75 and adjusted EPS was $4.13 versus $4.60, so the nine-month gap is $1.13 (calculated), slightly above the quarterly gap.

4. Quaker Chemical: Do Non-Recurring Items Explain the $0.66 Gap?

Net sales grew 10% to $544.5 million. GAAP net income was $30.0 million, or $1.73 per diluted share, compared with $30.5 million, or $1.75. Excluding non-recurring and non-core items, non-GAAP net income was $41.4 million, or $2.39, versus $36.3 million, or $2.08.

The $11.4 million difference between the two net income figures is calculated. The results describe the exclusions only as non-recurring and non-core items, so only the totals are shown here. GAAP EPS slipped $0.02 while non-GAAP EPS rose $0.31 (calculated).

Gross margin narrowed to 35.5% from 36.6% as raw material costs climbed, and adjusted EBITDA was $89.8 million versus $82.9 million. Net Debt stood at about $727.6 million at September 30, 2026.

5. Columbia Financial: How Wide Is the Distance Between $5.2 Million and $40.6 Million?

Net income was $5.2 million, or $0.02 per share, compared with $14.9 million, or $0.07. Core net income, a non-GAAP measure, was $40.6 million, or $0.16, versus $15.4 million, or $0.07. The roughly $35.4 million difference reflects transaction-related items excluded from core Earnings (calculated).

The quarter included the second-step conversion offering and a bank acquisition that closed on July 20, 2026. Total Assets increased $5.4 billion to $17.6 billion, gross loans rose 37.2% and net interest margin was 2.96%. Return on average assets was 0.13%, compared with core return on average assets of 0.97%.

How Do the Five Gaps Measure Up on a Calculated Basis?

Combined, the five per-share gaps total $9.93 (calculated), and Bright Horizons accounts for $6.56 of that, about 66% (calculated). Bright Horizons' gap is about 6.5 times AptarGroup's (calculated).

The smallest gap, $0.14 at Columbia Financial, is about 2% of the Bright Horizons gap (calculated). The two largest gaps stemmed from impairments, while the two smallest came from a bank's transaction items and a chemical maker's non-recurring items.

Expressed as a multiple, adjusted EPS is about 3.0 times reported EPS at AptarGroup, 1.8 times at Stryker and 1.4 times at Quaker Chemical (calculated). The two largest disclosed impairments, $294.0 million at Bright Horizons and $293 million at Stryker, combined with AptarGroup's $58.0 million loss, total $645.0 million (calculated).

What to Watch Next: Scheduled Payouts, Guidance Ranges and Upcoming Adjustments

AptarGroup's fourth quarter adjusted EPS guidance is $1.39 to $1.47, and its quarterly Dividend of $0.50 is payable on December 3, 2026. Stryker's 2026 adjusted EPS guidance of $14.80 to $14.90 implies roughly $4.99 to $5.09 for the fourth quarter (calculated), and its board approved a $3.0 billion increase to its repurchase program in October 2026.

Bright Horizons expects 2026 revenue of about $3.07 billion and adjusted EPS of $4.98 to $5.03. Columbia Financial will be tracked on integration costs and organic Loan growth, while Quaker Chemical will be tracked on raw material costs and Asia/Pacific margins.