TotalEnergies SE (TTES:CA) Q4 2025 Earnings Call February 11, 2026 9:00 AM EST
Company Participants
Nicolas Terraz – President of Exploration & Production Jean-Pierre Sbraire – Chief Financial Officer Patrick de La Chevardière Arnaud Le Foll Stephane Michel – President of Gas, Renewables & Power Patrick Pouyanné – Chairman & CEO Namita Shah – President of One Tech
Conference Call Participants
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Biraj Borkhataria – RBC Capital Markets, Research Division Matthew Lofting – JPMorgan Chase & Co, Research Division Irene Himona – Bernstein Institutional Services LLC, Research Division Michele Della Vigna – Goldman Sachs Group, Inc., Research Division Christopher Kuplent – BofA Securities, Research Division Lydia Rainforth – Barclays Bank PLC, Research Division Alejandro Vigil – Banco Santander, S.A., Research Division Kim Fustier – HSBC Global Investment Research Henry Tarr – Joh. Berenberg, Gossler & Co. KG, Research Division Lucas Herrmann – BNP Paribas, Research Division Anish Kapadia – Palissy Advisors Limited Jean-Luc Romain – CIC Market Solutions (ESN), Research Division Maurizio Carulli – Quilter Cheviot Limited
Presentation
Unknown Executive
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So welcome, everybody, for this presentation of 2025 year results and the objective for 2026. We are from London. It is sunny like its sun for the shares of TotalEnergies until we speak. So we’ll see after that after this call. And I’m happy to be here today with the Executive Committee members. You know all of them, but not Catherine.
Catherine if you could stand up, which was — she’s our new member in charge of people and social engagement and all global services, that’s Catherine. And there is another person which is next to us that you need to know, which is Arnaud Le Foll. Arnaud is our Deputy CFO. You will have a chance to listen to him today.
We’ll make a presentation in two big parts and to focus in the middle, so to change. So Jean-Pierre will introduce the — first, we’ll have, of course, safety moment. It will be
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
While many wealthy parents are breathing a sigh of relief over estate tax changes in last year’s tax bill, some are questioning whether they gave too much to their children — and how to get some of it back.
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Before the passage of the One Big Beautiful Bill Act last summer, the estate tax exemption was set to be cut in half to about $7 million a person at the end of 2025. Many families accelerated gifts to their kids and friends before the deadline in order to take advantage of the higher exemption, which was set during the first Trump administration. Under Trump’s second term, however, the new tax law not only raised the exemption to $15 million but also made it permanent.
Lawyers and advisors told Inside Wealth that some parents are now second-guessing their gifts and considering their legal options for potentially clawing some of it back.
It’s a somewhat unexpected element of the “great wealth transfer,” with more than $100 trillion expected to flow to heirs through 2048, as estimated by Cerulli Associates.
Mark Parthemer of Glenmede said divorce is a common reason for clients to regret transferring vast sums to their kids. Wealthy couples frequently set up spousal lifetime access trusts, or SLATs, to get assets out of their estate but keep indirect access to them through their spouse. After a divorce, the spouse who funded the trust loses the benefit of that cash flow.
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“We’re now finding the rubber is hitting the road,” said Parthemer, Glenmede’s chief wealth strategist. “There’s a lot of individuals that are just statistically going to find themselves in that scenario.”
Parents have a few routes to claw back assets that were already transferred to their children. One option is to take a loan from the trust set up for their children’s benefit, though it can strain family ties.
And any route could invite scrutiny by the Internal Revenue Service.
“I’m always advising parents not to overcommit because you don’t want to ever have to be beholden to your kids,” said Robert Strauss, partner at Weinstock Manion.
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Strauss said he is currently advising a husband and wife who feel financially stretched after gifting two California homes to their children. The couple wants to sell the Malibu home for at least $17 million and collect the cash, but the home is in a trust for the benefit of their children. Strauss’ plan is to divide the trust, use one offshoot to sell the Malibu property and have it lend money to parents.
“I think their fears are irrational. They could slow down their spending, and they would have plenty left, but they evidently can’t,” he said. “They feel as if they’ve transferred too much, as if they didn’t retain enough, and that they lack economic security.”
While it’s legal for the parents to take a market-rate loan from the trust, the parents risk losing their tax savings, according to Strauss. The IRS could deem that the parents are the true beneficiaries of the trust and count its assets toward their taxable estate, he said. The risk is higher if the parents do not have the assets to repay the loan, he added.
“You can’t get around the fact that they need the money, and so you’re looking to break the fewest number of eggs,” Strauss said.
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Some parents feel squeezed when gifted assets significantly appreciate, according to Robert Westley of Northern Trust. Clients often use grantor trusts to transfer assets to their kids, meaning they are on the hook for the trust’s income taxes, he said. For instance, if the trust receives dividends or sells stocks, the income or capital gains tax burden falls on the grantor, the person who funds the trust. Over time, “that tax burden becomes overbearing,” said Westley, senior vice president and regional wealth advisor at Northern Trust.
An alternative to taking a loan is swapping the parents’ nonliquid assets with income-producing ones from the trust, which is permissible if they are of equal value, he said.
Todd Kesterson of Kaufman Rossin said his remorseful clients aren’t necessarily strapped for cash, but are frequently displeased when their children’s fortunes exceed theirs.
“The only regret I’ve seen is where they’ve given away a lot of money in trust, and those trusts have done incredibly well for their kids, and now suddenly their kids’ net worth is more than theirs,” said Kesterson, principal of the firm’s family office practice. “It’s happened a number of times, and they say, ‘Well, this isn’t fair. How can we reverse this?”’
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While estate planners frequently use irrevocable trusts for wealth transfers, they can be modified or terminated (despite their name), depending on the trust’s terms and jurisdiction. For instance, if the trustee has the authority to do so, an irrevocable trust can be “decanted,” which “pours” the assets from an old trust into a new one with more favorable terms. Depending on the state where the trust is held, it can be terminated altogether if the beneficiaries consent, returning the assets to the parents.
All of these routes risk undesirable tax consequences or, perhaps worse, ire from heirs. When children refuse to cooperate, sometimes their parents take them to court.
Scott Rahn, founding partner of RMO LLP, gets called in when ultra-high-net-worth families can’t see eye to eye. He said inheritance disputes are getting more common as families get richer and people live longer and fall ill with conditions like Alzheimer’s disease or Parkinson’s.
“These disputes are as much about emotion as they are about money,” Rahn said.
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“Often the parent wasn’t there for them. Perhaps the parent was creating the wealth, out there plowing the fields and captaining industry and these kinds of things,” he added. “The child feels connected to them financially but perhaps not as emotionally. And they’re going to have a difficult time being asked to give back the thing that meant love to them.”
Rahn said he occasionally brings in psychologists or family therapists to assist during the discussions. Courts tend to be more sympathetic if the trust creator has experienced an unforeseeable life circumstance like illness, he said. Most of Rahn’s cases eventually end in a settlement, he added.
Ultimately, Rahn said he anticipates more conflicts of this nature down the line and advises parents to build flexibility into their estate plans, such as designating a trust protector who can modify the terms of the trust if the grantor falls ill.
“This trend of giving while living isn’t going away. If you’re looking at millennials, Gen Zs, the [Generation] Alphas that are coming up, the cost to get a start in life, whether it’s a business or a home, is only continuing to increase,” he said. “I think the families who are best situated to help avoid disputes like the ones we see and avoid needing these modifications, are going to be the ones who combine that smart planning with clear communication with their heirs and beneficiaries, so that everybody’s on the same page.”
Good morning, ladies and gentlemen, and welcome to the Aevis Victoria SA publication of the 2025 annual results. [Operator Instructions] Let me now turn the floor over to your host, Antoine Hubert.
Antoine Hubert Executive Chairman
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Thank you very much. Welcome to the presentation of 2025 annual results. We just published our annual report this morning. And I’m here with Fabrice Zumbrunnen, CEO of Aevis Victoria; and Michel Keusch, CFO of Aevis Victoria. As you know, Aevis Victoria is an investment company and focusing on service to people. Our investments, if you take a look at this slide, our main investments, Swiss Medical Network and VIVA, our insurance product that we have with Visana. They represent 59% of the investment. MRH Switzerland, our hospitality, and Batmaid represents 19% of our investment. And infrastructure, so our 30% shareholding into Infracore, and Swiss Hotel Properties represents 22% of our investment.
This year 2025, if we can highlight some event, it was the takeover in December 2024 of Spital Zofingen. This was the fourth public hospital that Swiss Medical Network has acquired. The first one was in 2012, Hôpital de La Providence in Neuchâtel, and then with Hôpital Générale Beaulieu, the 2 hospitals of Saint-Imier and Moutier, and now in 2024, Spital Zofingen. This has triggered important growth within Swiss Medical Network. Michel Keusch will go into detail. But this also confirms that Swiss Medical Network has the ability to work together with the public sector.
I will hand over to Michel Keusch for the fiscal year 2025 performance. Michel?
JAKARTA, Indonesia — A powerful 7.4-magnitude earthquake struck off eastern Indonesia in the Molucca Sea early Thursday, killing at least one person, damaging buildings and triggering a brief tsunami warning that prompted evacuations before being lifted as small waves reached coastal areas.
The U.S. Geological Survey reported the quake at a depth of 35 kilometers (22 miles) with its epicenter about 127 kilometers (79 miles) northwest of Ternate in North Maluku province. It struck at 6:48 a.m. local time (2248 GMT Wednesday). Indonesia’s meteorology agency BMKG initially recorded it as high as 7.8 before adjusting the figure.
The Hawaii-based Pacific Tsunami Warning Center quickly issued an alert for hazardous tsunami waves possible within 1,000 kilometers (620 miles) of the epicenter, affecting coasts in Indonesia, the Philippines and Malaysia. Residents in North Sulawesi and North Maluku fled homes, offices and hospitals as sirens sounded and authorities urged people to move to higher ground.
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Small tsunami waves were observed in several locations. BMKG reported waves up to 0.75 meters (2.46 feet) in North Minahasa, with 0.3-meter (1-foot) waves logged in parts of North Maluku. The Pacific Tsunami Warning Center lifted its advisory just over two hours after the tremor, stating the immediate threat had passed.
At least one person died after being buried under rubble from a collapsed building in the affected region, local officials said. Damage assessments were ongoing in Ternate and nearby Bitung, where authorities reported cracks in several structures and light to moderate building damage. No widespread destruction or major infrastructure failures were immediately confirmed.
Indonesia lies on the Pacific “Ring of Fire,” where tectonic plates collide, making it one of the most seismically active regions on Earth. The country experiences frequent earthquakes and volcanic activity, and its tsunami early warning system (InaTEWS) has improved significantly since the devastating 2004 Indian Ocean tsunami that killed more than 230,000 people across the region.
Indonesia 7.4 Earthquake Triggers Tsunami Warning; One Dead as Waves Hit North Maluku
Residents described panic as the ground shook violently. In Manado, the capital of North Sulawesi, people ran into streets while some hospitals evacuated patients. Social media footage showed swaying buildings and people gathering in open spaces. Aftershocks followed the main quake, adding to the unease.
The U.S. Embassy in Jakarta issued a natural disaster alert advising American citizens in the region to follow local authorities and monitor updates. No immediate reports of damage or casualties emerged from the Philippines or Malaysia, though the initial warning covered their coastal areas.
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President Prabowo Subianto’s office said the government was closely monitoring the situation and coordinating with provincial authorities for rapid assessment and relief if needed. Emergency teams were dispatched to the hardest-hit zones.
This event highlights Indonesia’s ongoing vulnerability to seismic disasters despite advances in warning technology. The 2004 tsunami led to the creation of InaTEWS, which now provides faster alerts through sirens, text messages and apps. However, challenges remain in remote islands with limited infrastructure and in ensuring rapid public response.
Seismologists noted the quake’s relatively shallow depth likely contributed to stronger shaking near the epicenter. The Molucca Sea area, between Sulawesi and the Maluku islands, is tectonically complex with multiple plate boundaries.
No major tsunami inundation occurred, and the lifted warning brought relief to coastal communities. Local officials urged residents to remain vigilant for aftershocks, which can sometimes trigger additional hazards.
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The earthquake comes amid heightened global attention to natural disasters, as climate change and tectonic activity continue to pose risks in vulnerable regions. Indonesia has strengthened building codes in recent years, particularly in earthquake-prone areas, but enforcement varies and many older structures remain at risk.
Tourism authorities reported no immediate impact on popular destinations farther west, such as Bali or Java, though travelers in North Sulawesi and Maluku were advised to check local conditions. Flights and ferry services in the region experienced minor disruptions during the initial alert period.
International aid organizations stood ready to assist if requested, though Indonesian officials indicated current needs appeared limited to local response efforts. The Red Cross and other groups monitored the situation closely.
This quake serves as a reminder of the importance of preparedness in Indonesia, which averages several thousand earthquakes annually, many too small to feel but some capable of significant destruction. Public education campaigns on “Drop, Cover and Hold On” and evacuation routes have helped reduce casualties in recent events.
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As damage assessments continue, authorities emphasized that while the immediate tsunami threat has passed, residents should avoid beaches and low-lying coastal areas until all-clear signals are confirmed.
The event drew international attention, with governments and organizations expressing solidarity with Indonesia. The Philippines and Malaysia, initially placed on alert, reported no significant impacts.
Indonesia’s disaster management agency (BNPB) activated coordination centers and began compiling detailed reports from affected districts. Preliminary surveys indicated structural damage but no widespread collapse of critical infrastructure.
For many Indonesians, Thursday’s quake evoked memories of past tragedies, including the 2018 Sulawesi earthquake and tsunami that killed thousands. Improved warning systems appear to have limited casualties this time, though the single confirmed death underscores the human cost even in moderate events.
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Seismologists continue monitoring the fault system for further activity. The Pacific Tsunami Warning Center and BMKG will provide ongoing updates as needed.
As recovery efforts begin in the affected areas, the focus remains on ensuring safety and supporting communities impacted by the shaking and brief tsunami scare.
Indonesia’s location on the Ring of Fire means such events are part of daily life for millions. Thursday’s quake, while significant, caused limited overall damage thanks to quick warnings and public awareness.
The episode reinforces the value of investment in early warning systems and resilient infrastructure across the archipelago.
Police HQ demolition a ‘major milestone’ for development plans
Hannah Richardson and Local Democracy Reporter
04:00, 02 Apr 2026
Artist’s impression of what the development on the former Talbot Road police site could look like (Image: Trafford council)
Work to tear down a former Greater Manchester Police base has begun.
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The Old Trafford site is at the heart of a huge development plan which will see up to 1,200 homes there. A 55-bed hotel, new public park, shops and café are also on the cards for the land, off Talbot Road, White City Way and Chester Road.
The site previously housed the Chester House GMP headquarters. However, it has stood empty since the force relocated to Newton Heath in 2012.
More than a decade on, Trafford council has announced that demolition work has now started. The moment has been lauded by the authority as a ‘major milestone’ for the plans to regenerate the land.
Final details for the project are still to be submitted by the authority, with a planning application expected this summer. A public consultation to help shape the proposals closes on Monday, April 6.
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Previous public engagement has revealed a number of local priorities for the scheme. The ‘clearest message’ from respondents was the need for ‘better access to green spaces’ in the borough, developer Far East Consortium previously said.
A new public park now forms part of the plan, proposed to be located at the heart of the space.
Traffic is ‘already a challenge’ locally, particularly on matchdays, the developer added. As such, the new neighbourhood is expected to be ‘predominantly car‐free’ in a bid to not add to those pressures. Some 700 bicycle spaces are suggested to be included, as well as a ‘cycle rental hub’ and ‘safe’ walking and cycling routes.
Residents raised access to ‘good health services’ as a priority for them. Far East Consortium said it would be ‘working closely with the NHS’ to ‘understand what health provision the community may need, both now and in the future’.
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‘Flexible’ space is proposed within the development where services like a GP surgery could be set up, ‘if required’. This space could also be used for cafés, shops and other business opportunities. Around 25,000sq ft of commercial space is included in the masterplan.
Also in the plan is an ‘up to’ 255-bed hotel to ‘welcome visitors’ to Old Trafford. Some 25pc of the 1,200 new homes would be classed as ‘affordable’ under current intentions. The homes would be a mix of one-, two- and three-bed properties.
The Ellis Llwyd Jones Hall on the land, as well as the historic gateposts from the blind school formerly based there, will both be spared during the demolition phase.
The hall is expected to be converted into a leisure space under current thinking. The site was previously home to women studying deaf education at the University of Manchester, and is considered a key heritage asset in the area.
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The development is expected to create around 500 construction jobs, Trafford council has said.
Liz Patel, executive member for economy and regeneration, added: “I am delighted that demolition work has started on this important site. This scheme, if awarded planning permission, will result in 1,200 homes including affordable on a brownfield site.
“It supports Trafford council’s priorities regarding new and affordable housing for the borough.”
A JetBlue Airways Airbus A321 airplane departs from Los Angeles International Airport en route to New York on Oct. 17, 2025.
Kevin Carter | Getty Images
JetBlue Airways is raising bag fees at least $4 as jet fuel prices soar amid the Iran war.
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Airfare has climbed for routes around the world since the U.S. and Israel attacked Iran on Feb. 28. The higher fees for checked bags are the most recent sign of airlines passing steeper fuel costs down to U.S. consumers. Jet fuel is airlines’ biggest expense after labor.
JetBlue now lists the price to check a first piece of luggage for domestic, Caribbean and Latin America flights as $39 for off-peak periods for most economy passengers, up from $35. For peak periods, like much of the summer and major holidays, the fee will go up to $49 from $40.
If paying less than 24 hours before departure, such as at the airport, travelers will pay $10 more. Airlines have charged customers less for prepaying for their checked baggage in recent years.
There are exemptions to the bag fees entirely, however, such as travelers with a co-branded credit card and frequent flyers with elite status.
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“As we experience rising operating costs, we regularly evaluate how to manage those costs while keeping base fares competitive and continuing to invest in the experience our customers value,” JetBlue said in a statement to CNBC.
Fuel prices for Chicago, Houston, Los Angeles and New York averaged $4.57 a gallon last Friday, up nearly 83% since the day before the war began, according to data from Argus published by industry group Airlines for America.
“Adjusting fees for optional services used by select customers, such as checked baggage, allows us to continue offering more competitive fares while delivering the onboard experience our customers love, including complimentary snacks and drinks, unlimited, high-speed Wi-Fi and seatback entertainment screens,” JetBlue said. “While we recognize that fee increases are never ideal, we take careful consideration to ensure these changes are implemented only when necessary.”
Spectrum Internet service experienced widespread disruptions Thursday, April 2, 2026, with thousands of customers across the United States reporting outages starting in the early morning hours, according to real-time tracking sites and social media complaints.
Spectrum HQ
DownDetector, a popular outage monitoring platform, recorded a sharp spike in user reports beginning around 1:50 a.m. Eastern Time, with the majority of complaints centered on broadband internet and Wi-Fi connectivity issues. By mid-morning, the site showed hundreds of reports per hour, far exceeding typical baseline levels for the Charter Communications-owned provider.
The outage appeared to affect residential and business subscribers in multiple regions, though no single national epicenter was immediately confirmed by Spectrum. Users in states including New York, California, Texas, Florida and the Midwest flooded social media platforms and forums with complaints of complete loss of internet access, slow speeds or intermittent connections. Some reported that television and phone services remained operational in areas where bundled packages are common, suggesting the issue was isolated to the broadband network.
Spectrum, which serves more than 32 million residential customers across 41 states under the Spectrum brand, has not issued a formal public statement on the cause or expected resolution time as of early afternoon Thursday. The company’s official support pages directed users to check for outages via the My Spectrum app or website, but many customers said those tools were also unresponsive or showed no active alerts.
One user in the DesignTAXI community forum, which first highlighted the issue shortly after 5 a.m. Eastern, wrote: “Spectrum Internet is reportedly down for some subscribers right now. Are you one of them?” The post quickly gained traction as hundreds echoed similar experiences. Similar threads appeared on Reddit’s r/Spectrum and local Facebook groups, with customers sharing screenshots of error messages and router lights indicating no connection.
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The timing of the outage — occurring during peak morning hours when many remote workers and students rely on stable internet — amplified frustration. Parents reported children unable to join virtual classes, while small business owners described lost productivity and revenue. In some areas, cellular hotspots provided temporary relief, but Spectrum mobile customers in affected households often faced the same broadband-related problems.
This is not the first time Spectrum has faced significant service interruptions in 2026. Earlier in the year, the provider dealt with several notable outages linked to network maintenance, weather events and technical glitches. A January outage affected nodes in New York, Washington, D.C., and Houston, lasting over an hour and impacting downstream partners internationally. February and March saw additional regional disruptions, prompting criticism from consumer advocacy groups about reliability in an era when high-speed internet is considered essential infrastructure.
Industry analysts noted that Spectrum’s vast hybrid fiber-coaxial network, while expansive, can be vulnerable to cascading failures when core routing or backbone issues arise. Possible causes for Thursday’s event include routine overnight maintenance that encountered unexpected problems, fiber cuts, or a broader software configuration error — though without official confirmation, speculation remains rampant on tech forums.
Spectrum customers experiencing issues were advised to follow standard troubleshooting steps: power cycling modems and routers, checking cables, and testing connections on multiple devices. However, many reported that even these basic steps failed to restore service, pointing to a provider-side problem rather than individual equipment failure.
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Consumer advocates urged affected users to document the outage for potential compensation claims. Under Spectrum’s service agreement, prolonged disruptions may qualify for bill credits, though the company typically requires customers to contact support directly once service resumes. The Federal Communications Commission encourages reporting major outages, especially those affecting public safety or emergency communications, though no widespread 911 or emergency service impacts were reported Thursday.
The outage highlights broader concerns about internet reliability in the United States, where millions depend on a handful of large providers. Spectrum, as the second-largest cable internet provider behind Comcast’s Xfinity, has faced repeated scrutiny over service quality, pricing and customer service response times. Consumer Reports and other watchdogs have consistently ranked Spectrum lower in satisfaction surveys compared with fiber-based competitors like Verizon Fios or Google Fiber.
In response to similar past incidents, Spectrum has emphasized investments in network upgrades, including the rollout of DOCSIS 4.0 technology for multi-gigabit speeds in select markets. Company executives have touted these improvements as part of a broader modernization effort, yet recurring outages continue to frustrate subscribers.
As of midday Thursday, DownDetector’s heatmap showed concentrated reports in major metropolitan areas, though rural and suburban customers also reported problems. Some users noted partial restoration in certain neighborhoods, suggesting the issue might be resolving in waves as technicians address localized problems.
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Spectrum’s automated support chat and phone lines were reportedly overwhelmed, with long wait times or generic outage messages. The company’s official X (formerly Twitter) account had not posted an update on the situation by early afternoon, though it frequently directs users to the My Spectrum app for real-time status.
For families and remote workers, the disruption served as a stark reminder of digital dependence. One New York resident told local media that the outage forced her to drive to a coffee shop with public Wi-Fi to complete work deadlines. In Florida, retirees described frustration over lost streaming access during morning routines.
Telehealth providers and online educators advised users to switch to mobile data or alternative networks when possible. Schools in affected districts activated contingency plans, including paper-based assignments or delayed virtual sessions.
The event also sparked renewed calls from lawmakers for stronger oversight of broadband providers. Some consumer groups renewed pushes for stricter service-level agreements and automatic credits during outages lasting more than a few hours.
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As investigations continue, Spectrum customers are encouraged to monitor the company’s official channels and third-party trackers like DownDetector for updates. Restoration timelines remain unclear, but historical patterns suggest many outages of this scale are resolved within several hours to a full day.
In the meantime, affected users can explore workarounds such as using public Wi-Fi hotspots, mobile hotspots from other carriers, or wired Ethernet connections where available. Spectrum has previously offered goodwill credits following major disruptions, and customers should retain records of the outage duration and impact.
This latest incident underscores the fragility of even major internet providers in an increasingly connected world. While Spectrum continues to expand its fiber and advanced cable infrastructure, events like Thursday’s outage remind subscribers of the need for backup connectivity options and realistic expectations around uptime.
Spectrum, formerly known as Charter Spectrum after the 2016 merger, operates one of the largest cable networks in the country. Its services include high-speed internet, cable television and home phone, often bundled for residential and small business users. The company has faced class-action lawsuits and regulatory scrutiny in the past over billing practices and service reliability.
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As the day progressed, some users began reporting gradual restoration, while others continued to experience full outages. The situation remains fluid, with no official root cause or estimated full resolution time released by Spectrum executives.
For the latest developments, customers should check Spectrum’s outage map, the My Spectrum app or trusted third-party monitors. Authorities have not indicated any connection to broader cybersecurity threats or natural disasters, suggesting a technical network issue.
The outage serves as a timely reminder for all internet users to maintain backup communication plans, especially in an era when remote work, education and essential services increasingly rely on stable broadband connections.
Supplement brand Thorne is on pace to reach $650 million in annual revenue this year, fueled by Gen Z and millennial shoppers who are increasingly focused on improving their health, CNBC has learned.
The 42-year-old supplement brand, which L Catterton took private in 2023, has sustained a compound annual growth rate of over 30% since the acquisition, according to the company. Between 2022 and 2025, its revenue more than doubled from $229 million to over $500 million, according to filings and the company.
Meanwhile, the number of consumers who shop with the brand directly has grown to about 7 million, up from around 4 million at the end of 2023, fueling a 63% surge in direct-to-consumer sales, the company said.
“A lot of what we’ve done in the last few years has been streamlining and focusing and in some ways, simplifying our go-to-market, being really clear about who is our consumer that we’re serving, what are they looking for from brands as you move forward, and looking back at our heritage,” said CEO Colin Watts, the former CEO of The Vitamin Shoppe. “… Our expectation is this is going to be a billion-dollar brand over the next few years.”
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Thorne’s growth comes as the market for vitamins, minerals and supplements balloons in the U.S. — buoyed in part by the “Make America Healthy Again” movement and by health-conscious young shoppers who are looking to optimize their health and improve things like sleep and nutrition. The vitamins, minerals and supplements market reached $125 billion in the U.S. in 2025 and is projected to grow 11% by 2027, according to data collected by consulting firm AlixPartners.
“As the science has gotten better and as, frankly, the consumer has taken more control over their health, there’s been a shift in spending and a shift in focus towards ‘what can I do proactively to manage my health in the future?’” Watts said.
Thorne’s Magnesium Glycinate and Ginseng Plus supplements.
Courtesy: Thorne
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The surge in interest in dietary supplements, which was a popular gifting category over the recent holiday season, has created an opportunity for major retailers like Walmart, Target and Amazon, consumer product companies like Nestlé and smaller brands like Thorne. It also reflects a broader generational shift reshaping the industry. Once dominated by older consumers focused on preventative health, today the category is increasingly driven by younger shoppers interested in performance, personalization and daily wellness routines.
“When I started looking and working in this market 25 years ago, this was a boomer-driven market; you basically focused on servicing the boomers, that’s how you won in the market. So the reality is, today’s market is a Gen Z, millennial market,” Watts said. “One of the big Gen Z millennial trends is, they don’t think about supplementation as prevention. They think about it as performance. It’s like, ‘I want to sleep better. I want to have more energy. I want to deal with my anxiety. I want to work out better.’ These are the kinds of things that they’re very, very focused on.”
About 60% of Thorne’s total revenue comes from shoppers under the age of 40, who are spending about 1.5 times more than their parents did on wellness, Watts said. He estimated about half of those shoppers under 40 are subscribers, despite a broader hesitation among some younger consumers to commit to recurring subscription plans.
“One of the reasons that Gen Z hates subscriptions is because it drives them crazy — drives me crazy, frankly — to put something on a subscription and then see it cheaper somewhere else,” Watts said. “We are very disciplined about our pricing .… We don’t, you know, high, low, promote the brand. It is fairly consistent.”
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To entice shoppers to subscribe and offer a break on high pricing, Thorne offers free shipping and a 10% discount on each refill order. Subscriptions can come as often as every two weeks or as far apart as four months. When shoppers subscribe to three or more products, they can save 20%.
As the supplement industry grows, so does scrutiny surrounding ingredients, claims and manufacturing, especially among younger shoppers who often want to know how products are produced. Supplements are not regulated by the FDA for safety or effectiveness, putting pressure on brands to conduct their own testing that they can integrate into marketing campaigns.
“We spend a lot of time trying to make sure that we can demonstrate the science, that we can demonstrate the efficacy. We’re one of the few brands, for example, that has worked with the Mayo Clinic now for over 14 years,” Watts said. “We’ve also worked with a lot of top sports teams. We’re the official supplement of the UFC. We’re working with various different tennis associations … all of this basically forces us to raise our game, because these are folks that are even more discerning than the average consumer.”
When asked if the company has ambitions to go public again, Watts said there’s “no rush” to do so. He called an IPO one potential route, along with a potential strategic acquisition by a larger firm.
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“Like any private equity firm, I think [L] Catterton will look for the right opportunity, for the right exit, at the right time,” Watts said. “Right now, as we look at where we’re going to grow — through bricks-and-mortar retail, through international expansion, through larger expansion moving forward — there’s also a lot of strategic companies that are out there that might see a brand like Thorne as a very powerful asset within their overall portfolio.”
NEWARK, N.J. — Security wait times at Newark Liberty International Airport remained short and manageable on Thursday, April 2, 2026, with most TSA checkpoints reporting waits of 1 to 4 minutes for both general and TSA PreCheck lanes, according to the airport’s official real-time data.
IBTimes US
Newark Liberty, one of the busiest airports in the New York metropolitan area, handles millions of passengers annually and serves as a major hub for United Airlines. On a typical day, security lines can fluctuate significantly based on flight schedules, passenger volume and TSA staffing levels. As of mid-morning Thursday, however, travelers encountered unusually quick processing times across all three terminals.
According to the airport’s website, general security lines showed the following approximate waits:
Terminal A (all gates): 1 minute general line, no wait for TSA PreCheck.
Terminal B (Gates 40-49): 1-2 minutes general, 1 minute PreCheck.
Terminal B (Gates 51-57): 1 minute general.
Terminal B (Gates 60-68): 1-4 minutes general.
Terminal C (all gates): 2 minutes general, 2 minutes PreCheck.
These figures represent estimates and can change rapidly. Airport officials noted that posted times are approximate and advised passengers to allow extra time, especially during peak morning and evening rushes when waits can stretch to 15-45 minutes or more under normal conditions.
The relatively light lines Thursday morning likely resulted from a moderate flight schedule combined with efficient staffing. Newark has faced criticism in the past for long security delays, particularly during holiday periods or after weather disruptions, but recent data shows improvement when passenger volumes align with available resources.
Travelers with TSA PreCheck, CLEAR or Global Entry enjoyed even faster processing. In several checkpoints, PreCheck lanes reported no wait or waits under 2 minutes, highlighting the value of these expedited programs for frequent flyers.
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Newark Liberty offers multiple security checkpoints in Terminals B and C, allowing passengers to choose lines based on their gate location. Terminal A, primarily used for some international and domestic flights, typically sees lighter traffic. Walk times from security to gates are also displayed on the airport site, helping passengers gauge total time needed after clearing screening.
Airport authorities recommend arriving at least two hours before domestic flights and three hours for international departures. With current short waits, many passengers cleared security quickly and had time to relax in lounges or grab meals before boarding.
The TSA continues to emphasize the 3-1-1 rule for liquids in carry-on bags, removal of laptops and large electronics, and proper masking or health protocols if still in effect. Passengers are encouraged to download the MyTSA app for general guidance, though the official Newark Airport website provides the most accurate terminal-specific wait times.
Factors influencing wait times at EWR include the number of open lanes, TSA staffing levels, passenger volume, and the proportion of travelers with PreCheck or other expedited screening. During peak hours — typically early mornings (5-8 a.m.) and late afternoons (3-7 p.m.) — lines can build quickly even with efficient operations.
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Newark has invested in technology upgrades, including more automated screening lanes and better queue management, to reduce congestion. The airport also partners with airlines to promote TSA PreCheck enrollment, which has helped ease pressure on standard lines.
For international travelers, customs and border protection processing after arrival can add significant time, though departure security remains the primary concern for most. United Airlines, the dominant carrier at Newark, operates from Terminal C and has its own lounges for premium passengers that can provide a more comfortable pre-security experience.
Travelers facing longer-than-expected waits are advised to stay hydrated, wear comfortable shoes, and follow TSA officers’ instructions to keep lines moving. Families with young children or passengers needing assistance should request help from airport staff early.
The short waits reported Thursday contrast with occasional spikes seen in previous months, when government funding issues or high travel volumes caused delays of 20-40 minutes or more at some checkpoints. Officials have stressed that posted times may not always reflect real-time conditions due to sudden changes in passenger flow.
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Passengers can check live updates on the Newark Airport website (newarkairport.com), the MyTSA app, or third-party trackers like takeofftimer.com and airlineairport.com. These tools provide estimates based on airport data and user reports, though official airport figures remain the most authoritative.
For those connecting through Newark, short security waits are particularly beneficial, as the airport’s layout requires moving between terminals in some cases. The AirTrain monorail system connects all terminals efficiently, but travelers should factor in walking and train time after security.
Newark Liberty continues to rank among the busiest U.S. airports, with strong recovery in both domestic and international traffic post-pandemic. Its proximity to Manhattan makes it a popular choice for business and leisure travelers despite occasional congestion.
Airport management works closely with the TSA and Port Authority of New York and New Jersey to optimize operations. During busy periods, additional lanes are opened when possible, and staff are redeployed to high-traffic checkpoints.
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Travelers are reminded that security screening is a critical safety measure. While short waits are welcome, patience and compliance help maintain smooth flow and high security standards.
As of Thursday afternoon, April 2, 2026, conditions at Newark Liberty remained favorable for quick security processing. However, afternoon and evening flights could see increased volume, so passengers are urged to monitor updates and plan accordingly.
With efficient screening times reported across terminals, many travelers cleared security faster than expected, allowing more time for dining, shopping or relaxing before departure. Newark offers a variety of dining options post-security, including local favorites and national chains.
For the best experience, frequent flyers recommend enrolling in TSA PreCheck or CLEAR if eligible, arriving early during peak seasons, and packing carry-ons strategically to minimize time at the screening tables.
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Newark Liberty International Airport serves as a vital gateway to the New York region. Its security operations directly impact thousands of daily passengers, making real-time wait time information essential for smooth travel planning.
As the day progresses, conditions may evolve with changing flight schedules and passenger arrivals. Travelers should continue checking official sources for the most current data before heading to the airport.
In summary, TSA security wait times at Newark Liberty International Airport on April 2, 2026, were notably short across most checkpoints, offering a smoother experience for passengers compared with busier periods. Staying informed through official channels remains the best strategy for any airport journey.
Global energy markets are under pressure again. A new conflict involving the United States, Israel, and Iran has pushed oil prices close to record highs and disrupted one of the world’s most important shipping routes.
Experts warn that this is not just a short-term spike. It could reshape economies for years.
The price of Brent crude oil has surged to around $120 per barrel, reminding many people of past crises. But this time, the situation is different.
The disruption is not just about politics or trade rules—it is about physical supply being cut off.
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The Strait of Hormuz, a narrow waterway where a large share of the world’s oil passes, has seen major slowdowns in tanker traffic. This has reduced the amount of oil and gas reaching global markets.
One energy analyst explained the seriousness of the situation, saying, “This is the largest supply disruption in the history of the global oil market.” That statement captures why experts believe the economic effects could last longer than before.
Why This Crisis Is Different
In past energy shocks, like the 2022 crisis after Russia invaded Ukraine, supply chains adjusted.
Oil and gas were rerouted, and countries released reserves to calm prices. Over time, markets stabilized.
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Today’s disruption is harder to fix. The problem is not just who sells energy—it is how that energy moves. When a key route like the Strait of Hormuz is blocked or limited, there are very few alternatives.
Pipelines that bypass the area can only carry a small portion of the usual supply. Ships also face delays and risks, making transport slower and more expensive.
Even when countries release oil from emergency reserves, it does not solve everything. The oil still needs to be shipped to where it is needed. With fewer tankers available and unsafe routes, delivery becomes a challenge.
How High Energy Prices Affect Everyday Life
When oil and gas prices rise, the effects spread quickly. Businesses that rely on energy—like factories, airlines, and shipping companies—face higher costs. These costs are often passed on to consumers.
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This means higher prices for goods, plane tickets, and even food. Farmers, for example, depend on fuel and fertilizers, both tied to energy markets. When those costs go up, food prices can rise too.
At home, families feel the impact through higher electricity bills and fuel costs. Over time, people may spend less on other things because more of their money goes to energy. This slows down the overall economy.
Industries Under Pressure
Some industries are hit harder than others. Energy-heavy sectors like steel, cement, and chemicals depend on steady and affordable fuel supplies.
When prices stay high, these industries may reduce production or raise prices.
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According to Aljareeza, transportation is also affected. Airlines pay more for fuel, shipping costs increase, and public transport may become more expensive.
While people still need to travel, long-term high prices can lead to fewer trips and changes in habits.
A Chain Reaction in the Global Economy
The longer the disruption lasts, the more serious the impact becomes. Countries that rely heavily on imported energy may struggle the most. Slower production, higher costs, and reduced spending can lead to weaker economic growth.
For energy-producing countries, the situation is also risky. If they cannot export their resources due to blocked routes or damaged infrastructure, they lose income and reliability. This can affect their role in the global market.
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What Happens Next?
Markets may eventually stabilize, but not without consequences. Unlike past crises, this disruption highlights a major weakness: too much of the world’s energy passes through a few critical points.
As one expert noted, “The longer the disruption continues, the longer prices will remain high.”
This means the global economy may face a period of adjustment, with changes in energy use, trade routes, and investment.
In the long run, countries may look for new ways to secure energy—such as building alternative routes, increasing local production, or investing in renewable sources. But these solutions take time.
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