Business

E.l.f. Beauty missed revenue estimates but beat on earnings for its fiscal second-quarter earnings.
Hailey Bieber’s cosmetics line Rhode is expected to increase the company’s annual sales by $200 million this fiscal year, E.l.f. CEO Tarang Amin told CNBC Wednesday.
The cosmetics company also issued fiscal-year guidance again.

e.l.f. Beauty welcomes rhode to its family at the New York Stock Exchange, Friday, Sept. 5, 2025.
Diane Bondareff | Invision for e.l.f. Beauty | AP

Hailey Bieber’s cosmetics line Rhode is expected to increase E.l.f. Beauty’s annual sales by $200 million this fiscal year, but its new parent company’s full-year guidance still fell below expectations, leading its stock to plunge 29% Wednesday.
E.l.f., which declined to release full-year guidance last quarter, is expecting full-year revenue to be between $1.55 billion and $1.57 billion, implying 18% to 20% sales growth. That’s far below the $1.65 billion analysts were expecting, according to LSEG. 

In an interview with CNBC, CEO Tarang Amin said Rhode, which the company acquired earlier this year in a blockbuster $1 billion deal, is expected to increase its annual sales by $200 million this fiscal year and by $300 million on an annual run rate basis.
Rhode’s expected contribution to sales represents about 13% of its revenue forecast, highlighting just how important the deal is to E.l.f’s future as its outsized growth continues to moderate. It shows that E.l.f. needs Rhode to help it grow in the quarters ahead and without the acquisition, its potential for higher revenue could have been far slimmer.
On the profitability side, E.l.f. expects full-year adjusted earnings per share to be between $2.80 and $2.85, far below expectations of $3.58, according to LSEG. 
In addition to guidance, E.l.f. missed revenue estimates but beat on earnings in its fiscal second quarter results.
Here’s how the beauty company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: 68 cents adjusted vs. 57 cents expected
Revenue: $344 million vs. $366 million expected

The company’s reported net income for the three-month period that ended Sept. 30 was $3 million, or 5 cents per share, compared with $19 million, or 33 cents per share, a year earlier. Excluding one-time items related to stock-based compensation and other non-recurring charges, E.l.f. saw earnings of 68 cents per share. 
Sales rose to $344 million, up about 14% from $301 million a year earlier. 
Amin blamed the misses on revenue and guidance on the fact the company didn’t release guidance last quarter, which he said can impact consensus estimates. 
“We actually believe both the sales that we delivered, as well as the guidance on net sales, are quite strong,” he said. 
E.l.f., which primarily sources its makeup from China, has seen its profitability crushed by President Donald Trump’s new tariffs. During the quarter, its net income fell by a staggering 84% while the company said its gross margin fell by 1.65 percentage points, primarily driven by higher tariff costs. 
Amin said the second quarter is expected to see the greatest hit from tariffs and the impact is expected to moderate sequentially from there. 
“In response to tariffs, we took our prices up $1, that was effective Aug. 1 so you’re seeing tariff impact without pricing in this quarter,” Amin said. “In the second half of the year, gross margin will actually improve sequentially. 
In the absence of major product launches from its namesake brand, which Amin said are currently in the works, Rhode is E.l.f.’s primary growth driver and for now, the business is growing by about 40% year over year, he said.
It launched in Sephora stores nationwide in September and was the biggest brand launch the retailer has seen in North America in its history, Amin said.
“It was two and a half times bigger than the number two, [Sephora’s] second biggest launch ever, so it’s performed extremely well,” Amin said. “We continue to see incredible potential for growth, not only in North America where we just launched and in the UK where we’re about to launch, but also internationally. … We definitely see global potential for that brand and see it being much bigger than it is today.”  More

Warner Bros. Discovery said last month it would explore strategic options for the company after receiving unsolicited takeover offers.
Warner Bros. Discovery plans to make an announcement on its future by Christmas, sources told CNBC.
Paramount has sent Warner Bros. Discovery’s board multiple letters explaining why its offer is more valuable to shareholders than splitting the company, signaling negotiations could soon turn more aggressive.

Paramount Skydance CEO David Ellison speaks during the Bloomberg Screentime conference in Los Angeles on October 9, 2025.
Patrick T. Fallon | Afp | Getty Images

Paramount Skydance has already informed Warner Bros. Discovery it believes its $23.50 per share acquisition offer is in the best interest of shareholders. Now it has to plan on what to do if the WBD board disagrees.
WBD is openly for sale and intends to publicly announce its plans toward the middle or end of December, according to people familiar with the matter, who asked not to be named because the discussions are private. The legacy media giant, run by Chief Executive Officer David Zaslav, is deciding whether to split the company in two, sell some assets or sell the entire company.

Paramount has sent WBD’s board multiple letters explaining why its offer is more valuable to shareholders than splitting the company, signaling negotiations could turn more aggressive if WBD chooses other options. CNBC has reviewed copies of two of the letters.
A portion of a Paramount letter dated Oct. 13 specifically details the company’s argument that its latest offer of $23.50 per share “delivers superior value” for WBD shareholders compared with any reasonable plan to break up the company.
Roughly a week after receiving that letter, WBD said it would begin “a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.”
The sale process was formally launched after WBD’s announcement in June that it would split into two companies — a streaming and studios company to be called Warner Bros., which would include WBD movie properties and streaming service HBO Max, and a global networks company called Discovery Global, which would house CNN, TNT Sports and Discovery, among other businesses. Both companies would trade publicly on their own.
The strategic options aren’t mutually exclusive. Given an expected yearlong (or more) regulatory approval process, splitting the company into two and then selling one or both parts would be the most tax-efficient way to sell, according to the people familiar with the matter. The split, expected to be completed by April, is a tax-free transaction.

Comcast and Netflix have shown interest in acquiring the studio and streaming assets, CNBC has previously reported. If Warner Bros. Discovery decides its best value-creation path is to sell Warner Bros., it plans to make that announcement in December, before the split takes place, said the people familiar.
Comcast President Mike Cavanagh said last week during the company’s earnings report that such an acquisition would be complementary to its post-Versant-spin NBCUniversal business.
Warner Bros. Discovery is scheduled to announce third-quarter earnings Thursday morning.

Paramount’s hostile decision

Warner Bros. Discovery has rejected three different offers from Paramount for a full takeover of the company. The last, for $23.50 a share, was comprised of 80% cash and 20% equity, CNBC reported last month.
Paramount executives are willing to wait to see if Warner Bros. Discovery’s board decides to engage in friendly sale discussions, according to people familiar with the company’s thinking.
But, if WBD stalls in its decision or decides to move in a different direction, Paramount has discussed taking an offer directly to shareholders and formalizing a hostile bid for the company, the people said.
Warner Bros. Discovery asked Paramount to sign a nondisclosure agreement that includes a standstill provision that would prevent Paramount from launching a hostile tender offer in return for access to its data room, according to people familiar with the matter. Paramount hasn’t signed the NDA to keep its options open, one person said.
Spokespeople for Warner Bros. Discovery and Paramount declined to comment.
If Paramount appeals directly to shareholders, it will argue that its offer is superior relative to Warner Bros. Discovery’s closing price on Sept. 10, the day before The Wall Street Journal reported Paramount was preparing a bid for the company. Warner Bros. Discovery closed at $12.54 per share on Sept. 10. A $23.50 per share offer is 87% higher than the so-called unaffected share price.
Warner Bros. Discovery will have to persuade its shareholders that splitting the company or merging one of its units with another entity, such as NBCUniversal, is more shareholder friendly than an outright sale.
Paramount has already laid out the math to Warner Bros. Discovery in the Oct. 13 letter obtained by CNBC. Here’s the argument from the letter, addressed to the Warner Bros. Discovery board of directors and signed by Paramount Skydance Chairman and CEO David Ellison:

“We understand that you and your leadership team are optimistic about potential value creation from your planned break-up. However, a more objective analysis yields results meaningfully below the consideration to WBD shareholders in our proposal. We have analyzed the value of the planned break-up to WBD shareholders at the end of 2028 based on optimistic assumptions, including:

Warner Bros. outperforming consensus EBITDA by ~$500 million (10%) and trading at the same multiple as Disney, despite the iconic global company that Disney represents across its businesses
Discovery Global achieving consensus EBITDA, despite meaningful headwinds, and trading at the media of analyst research “sum-of-the-parts” multiples for the business
An illustrative 25-40% M&A premium applied to Warner Bros.

Based on these assumptions, the planned break-up would generate a present value to WBD shareholders of less than $15 per share on a trading basis, or ~$18 to ~$20 per share including a robust, yet highly uncertain, M&A premium for Warner Bros.”

Paramount’s assumptions aren’t necessarily in line with WBD’s or third-party equity analysts including Bank of America’s Jessica Reif Ehrlich, who estimates a takeover $26-per-share value for Warner Bros. and a $4-per-share value for Discovery Global, according to an Oct. 21 note to clients.

Regulatory uncertainty

Paramount can also argue its deal for the entirety of Warner Bros. Discovery is well positioned to gain regulatory approval, given President Donald Trump’s recent kind words about Ellison and his father, Larry, who is one of the world’s richest people and who could contribute tens of billions of his personal money to help finance a transaction.
“I think you have a great, new leader,” Trump said of David Ellison during a CBS “60 Minutes” interview last week. “I think one of the best things to happen is this show and new ownership, CBS and new ownership. I think it’s the greatest thing that’s happened in a long time to a free and open and good press.”
In stark contrast, Trump has repeatedly bashed Comcast CEO Brian Roberts, including calling him a “lowlife” and a “slimeball.”
Some analysts have speculated Comcast could try to structure a deal with Warner Bros. Discovery where it would spin NBCUniversal and merge it with the studio and streaming assets.

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It’s unclear if shareholders will be bullish on the future prospects of either Discovery Global or Warner Bros. as stand-alone entities.
Discovery Global’s collection of linear cable networks, such as TNT, TBS and CNN, faces declining advertising rates on top of annual cable subscriptions that are falling by the millions.
Warner Bros.’ HBO Max and the Warner Bros. movie studio may command a sizable M&A premium in a sale if Comcast, Paramount and Netflix are all potential buyers, but the price would have to be high enough to convince WBD shareholders that it’s a better option than selling the entire company.
Still, even if Paramount does decide to take an offer directly to shareholders, tender offers aren’t guarantee to succeed.
A threshold of just 20% of Warner Bros. Discovery shareholders who have held the stock for at least a year is needed to call a special meeting to potentially fight off a hostile bid, according to a company filing. Those long-term Warner Bros. Discovery shareholders may argue current management and the board are the best stewards of the company.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant. More

Starbucks union baristas have voted to authorize an open-ended strike.
The strike would disrupt Red Cup Day, one of the company’s biggest sales days of the year, and potentially the broader holiday season.
Workers United began organizing Starbucks locations in 2021.

Starbucks baristas gather outside a Starbucks store as they protest against the company during a rally to demand a new contract in New York City, on October 28, 2025. The Starbucks Workers United is fighting for a new contract that delivers improved staffing hours, take-home pay, and on-the-job protections for baristas. (Photo by TIMOTHY A.CLARY / AFP) (Photo by TIMOTHY A.CLARY/AFP via Getty Images)
Timothy A.clary | Afp | Getty Images

Starbucks Workers United has authorized an open-ended strike that could begin on Red Cup Day, one of the coffee chain’s biggest sales days of the year, the union announced Wednesday.
The union is preparing to strike in more than 25 cities if it doesn’t reach a collective bargaining agreement with Starbucks by Nov. 13, when Red Cup Day falls this year. The two parties have not been in active negotiations to reach a contract after talks between them fell apart late last year. Starbucks and the union entered into mediation in February, and hundreds of barista delegates voted down the economic package Starbucks proposed in April.

The strike authorization won 92% of votes, according to Starbucks Workers United.
The union is pushing for improved hours, higher wages and the resolution of hundreds of unfair labor practice charges levied against Starbucks.
The strike would clash with Starbucks’ annual giveaway of reusable red cups bearing the company’s logo with any purchase. The freebie has become a collector’s item for the coffee giant’s biggest fans.
Without an end date in sight, the strike would also disrupt Starbucks’ broader holiday season, which falls during the company’s fiscal first quarter and is one of the busiest times of the year for the coffee chain. Customers flock to its cafes for seasonal drinks like its peppermint mocha, along with gift cards and other merchandise.

Workers United, which began organizing at Starbucks in 2021, says it now represents more than 12,000 workers across more than 650 stores. (The company told CNBC that the union only represents workers at 550 cafes, accounting for some store closures over time.)

In a statement, Starbucks said it will be ready to serve customers across its nearly 18,000 company-operated and licensed stores this holiday season.
“We are disappointed that Workers United, who only represents around 4% of our partners, has voted to authorize a strike instead of returning to the bargaining table. When they’re ready to come back, we’re ready to talk,” Starbucks spokesperson Jaci Anderson said.
Starbucks said any agreement with the union needs to reflect the reality that it “already offers the best job in retail, including more than $30 an hour on average in pay and benefits for hourly partners. The facts show people like working at Starbucks. Partner engagement is up, turnover is nearly half the industry average, and we get more than 1 million job applications a year.”
The company is in the midst of a turnaround plan under new CEO Brian Niccol, dubbed “Back to Starbucks,” that has begun to show momentum. Starbucks reported in its fiscal fourth quarter that its same-store sales returned to growth for the first time in nearly two years. The coffee chain’s global same-store sales rose 1%, lifted by international markets. Its U.S. same-store sales were flat for the quarter but turned positive in September. 
Starbucks also announced a $1 billion restructuring plan in September that involves closing some 500 of its North American stores, according to analyst estimates, and laying off 900 workers in nonretail roles.  More

NATCA President Nick Daniels said on “Squawk Box” Wednesday that it could take the industry “weeks to recover” from the impacts of the shutdown.
Daniels said the real damage from the shutdown may not become apparent until long after the shutdown ends.
Earlier this week, Transportation Secretary Sean Duffy said he could close the airspace if the shutdown drags on.

The head of the air traffic controllers’ union said Wednesday that it could take the industry “weeks to recover” from the impacts of the government shutdown.
Nick Daniels, president of the National Air Traffic Controllers Association, said on CNBC’s “Squawk Box” that the holiday season will be especially affected by the shortage of air traffic controllers, who missed their first full paycheck last week. The Department of Transportation has reported increased delays and ground stops as a result of the shutdown, now in its fifth consecutive week.

“To somehow fathom we could go into the holiday season still in a government shutdown, I can’t even begin to predict what the impacts will be across this country,” Daniels said. “Three-hour TSA wait lines will be the least of our worries.”

The FAA Air Traffic Control tower at Newark Liberty International Airport (EWR) in Newark, New Jersey, US, on Monday, Nov. 3, 2025.
Michael Nagle | Bloomberg | Getty Images

Air traffic controllers and airport security screeners are among the employees required to work during the shutdown as essential employees, even though they’re not receiving regular paychecks. The shutdown, which entered its 36th full day on Wednesday, is now the longest in history.
Even if the shutdown ended today, Daniels added, the impacts could take much longer to be seen among air traffic controllers and could pose challenges for the industry at large.
“We’ve been in this shutdown for so long at this point, I don’t think we’ll actually see the damage until well after the shutdown ends, seeing air traffic controllers resign from this career and profession,” he said. “Even if they open the government today, we won’t see the pay that we deserve, that we’ve rightfully earned for over two to two and a half months.”

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Daniels said there are already 300 to 400 fewer air traffic controllers today than in 2019, when the government was shut down for 35 days. That shutdown ended after air traffic controller shortages led to severe disruptions at U.S. airports.

“We’ll do everything we can and be the professionals that show up and try to move the aircraft across the airspace — at the same time, we can’t make the impossible possible if it’s just going to be putting us in an impossible situation,” Daniels said.
Earlier this week, Transportation Secretary Sean Duffy said on “Squawk Box” that he may “shut the whole airspace down” if the shutdown continues to stretch on. The industry is currently 2,000 to 3,000 controllers short of its ideal staffing goal, he added.
“We won’t let people travel, [but] we’re not there at this point. It’s just significant delays,” Duffy said. More

Industrial outdoor storage (IOS) is suddenly seeing significant demand and rent growth amid lean supply. 
These sites are often located near highways, ports and other key infrastructure, but are now becoming essential staging grounds for data center construction.
Leo Addimando, CEO of Alterra IOS, said there’s $300 billion worth of IOS space that’s owned by businesses, ripe for investment.

Industrial outdoor storage in Elgin, Illinois.
Courtesy of Alterra IOS

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The rapid buildout of AI and quantum infrastructure is sparking a boom in an often overlooked commercial real estate sector. Industrial outdoor storage (IOS) is suddenly seeing significant demand and rent growth amid lean supply. 

IOS comprises all types of either paved or gravel land where companies can park construction equipment, vehicles, containers, supplies, really anything that can be stored outside. It acts as essential, back-office support for the movement of goods around the country – everything that isn’t a warehouse or a factory. It can have a structure on it, but the designation requires that structure be less than 25% of the overall space.
These sites are often located near highways, ports and other key infrastructure, but are now becoming essential staging grounds for data center construction. Developers are parking millions of dollars’ worth of generators, tractors and other critical equipment, according to Alterra IOS, a prominent player in the space that has acquired over 400 sites nationwide.
“It’s the real estate hiding in plain sight,” said Leo Addimando, CEO of Alterra IOS. “There is over a trillion dollars of IOS real estate in the U.S., but most of that is municipally, government-owned. It’s the shipyard, it’s the airport. There’s about $300 billion of it, which is owned by mostly small local owners that own businesses, not institutional, and that’s the addressable market.”
The sector was once considered a mom-and-pop-dominated corner of the CRE market, but it is now attracting big investment from big names. In August, Zenith IOS formed a  $700 million joint venture with institutional investors advised by J.P. Morgan Asset Management, for IOS properties nationwide. The gross asset value will be over $1.5 billion, making it one of the largest IOS portfolios in the U.S., according to a Zenith release. 

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Also this year, Blackstone provided a $189 million loan commitment to Alterra IOS for 49 sites and a $231 million loan to Jadian Capital for a 43-property portfolio. 

The fundamentals are attractive and becoming even more so, outperforming the bulk warehouse sector. While warehouses may have won investors’ attention in the last five years, given the growth of e-commerce, IOS has delivered twice the rent growth and has roughly half the vacancy rate of the bulk warehouse sector, according to a report from Newmark. 
IOS rents have increased 123% since 2020. Phoenix, Memphis and Atlanta lead in rent growth. In some markets, IOS delivers rents similar to bulk warehouses when normalized per acre. 
“It’s bigger than self storage. It’s bigger than manufactured housing. It’s bigger than marinas. It’s bigger than RV parks. It’s bigger than a lot of categories of real estate that are already institutionally owned,” said Addimando.
Alterra just announced the close of a $150 million loan facility from funds managed by Blue Owl Capital. The initial funding of the facility was collateralized by 21 properties in 12 states. Subsequent fundings of the loan commitment will support acquisitions for Alterra IOS Venture III, a closed-end fund with $925 million in equity commitments, according to Alterra. The deal is Blue Owl’s first financing in the IOS space.
“Our investment in Alterra reflects Blue Owl’s focus on working with market-leading operators in high-growth, resilient sectors,” said Jesse Hom, chief investment officer for Blue Owl’s real assets platform. “We see strong, sustained demand for IOS assets and believe Alterra is well positioned to lead in this evolving space.”
IOS spans an estimated 1.4 million acres in the U.S., but well located sites remain scarce due to zoning, according to Newmark, which points to users such as FedEx, J.B. Hunt and Maersk on the transportation and logistics end. For equipment and bulk materials storage, users would include TruGreen, ABC Supply and United Rentals, which has approximately 1,400 locations across the U.S. 
The fundamentals are strong and improving, but the sector is not without risk. Data center demand is huge, but some are already cautioning that it’s getting overheated. Still-high interest rates, tariffs, and a weakening economy are also a concern, and then there are more basic issues, such as zoning. 
“The No. 1  biggest risk is zoning, which goes back to why it’s so land-constrained. Not only are they not making more IOS real estate, no one’s giving zoning variances for IOS real estate,” said Addimando, explaining that if anything, municipalities are trying to reduce IOS acreage because it doesn’t really generate jobs or higher taxes. More

McDonald’s earnings missed estimates, but the company’s same-store sales rose 3.6%.
The burger chain’s U.S. same-store sales increased 2.4%, boosted by growth in average check.
CEO Chris Kempczinski said in a statement that the results are “a testament to our ability to deliver sustainable growth even in a challenging environment.”

McDonald’s on Wednesday fell short of Wall Street’s earnings expectations, but the company’s U.S. restaurants reported better-than-expected same-store sales growth.
CEO Chris Kempczinski said in a statement that the results are “a testament to our ability to deliver sustainable growth even in a challenging environment.” For more than a year, McDonald’s, long considered a bellwether for the financial health of consumers, has been sounding the alarm about a pullback in restaurant spending, particularly from low-income diners.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $3.22 adjusted vs. $3.33 expected
Revenue: $7.08 billion vs. $7.1 billion expected

The fast-food giant reported third-quarter net income of $2.28 billion, or $3.18 per share, up from $2.26 billion, or $3.13 per share, a year earlier. McDonald’s saw a higher effective tax rate during the quarter, which weighed on its earnings.
Excluding restructuring charges and other items, the burger chain earned $3.22 per share.
Revenue rose 3% to $7.08 billion.

A McDonald’s restaurant is viewed on July 22, 2024 in Burbank, California.
Mario Tama | Getty Images

The company’s same-store sales increased 3.6%, a reversal from the year-ago period’s decline of 1.5% and roughly in line with Wall Street’s expectations, according to StreetAccount.

In the United States, McDonald’s same-store sales increased 2.4%, topping StreetAccount estimates of 1.9%. The company credited growth in average check, suggesting that diners are paying more for their meals despite the ongoing “value wars” between fast-food chains.
In an appeal to budget-conscious consumers, McDonald’s brought back its Snack Wraps for the first time in nine years and priced them at $3.99. And in September, the chain reintroduced Extra Value Meals, which it last promoted before the Covid-19 pandemic.
Outside of the U.S., McDonald’s saw even stronger same-store sales growth. Its international operated markets division, which includes Australia and Canada, reported a 4.3% increase in same-store sales. And its international developmental licensed markets segment saw its same-store sales grow 4.7%, lifted by demand in Japan. More

Investments in alternatives are expected to top $32 trillion by 2030, according to a report from Preqin.
A recovery in IPOs and mergers, falling interest rates and the AI boom will all drive a new growth cycle in private markets.
To power the next growth wave, the private equity industry is betting on wealthy investors.

Shironosov | Istock | Getty Images

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Investments in alternatives are expected to top $32 trillion by 2030, boosted in large part by growth from wealthy investors, according to a report from Preqin.

Total assets under management in alternatives – including private equity, hedge funds, real estate, venture capital, infrastructure, natural resources and private credit – are forecast to increase by 60% over the next five years, according to the private markets research firm.
A recovery in IPOs and mergers, falling interest rates and the AI boom will all drive a new growth cycle in private markets, according to the report. Assets in private credit are expected double to $4.5 trillion by 2030.
Yet even as deal activity and exits start to increase, fundraising from institutional investors continues to fall due to a lack of distributions and poor performance in many funds. Total fundraising for private equity plunged from a peak of $676 billion in 2023 to under $500 billion this year, the report said.

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To power the next growth wave, the private equity industry is betting on wealthy investors. The report said ultra-high-net-worth individuals (typically defined as investors with $30 million or more), family offices and private-wealth managers will account for at least 30% to 40% of flagship fund capital “in future cycles.”
“With institutional rebalancing, private wealth can act as an alternative source of capital,” the report said. “Many larger managers are anticipating a doubling of private wealth capital raised in the short term. ”

The big question is whether family offices and the ultra-wealthy are also following institutional investors out the door.
Family office allocations to private equity fell from 26% of their portfolios in 2023 to 23% in 2025, according to a Goldman Sachs survey of family offices. At the same time, family offices increased their allocation to public stocks.
Family offices are also focusing more on direct investments, bypassing funds and buying stakes in companies directly, according to surveys.
 With deal activity returning, some surveys suggest family offices and ultra-wealthy investors are planning to start investing more. A survey from BNY Wealth showed that 55% of family offices surveyed plan to increase their allocation to private equity funds in the next 12 months – the highest of any asset class. More

A UPS plane crashed on Tuesday around 5:15 p.m. local time after departing from Louisville, Kentucky, the FAA said.
There were at least three fatalities and at least 11 injuries, some of them significant, Kentucky Gov. Andy Beshear said Tuesday evening.

Fire and smoke mark where a UPS cargo plane crashed near Louisville Muhammad Ali International Airport on Nov. 4, 2025 in Louisville, Kentucky.
Stephen Cohen | Getty Images

A UPS plane crashed shortly after taking off from Louisville Muhammad Ali International Airport in Kentucky at around 5:15 p.m. local time Tuesday, the Federal Aviation Administration said.
At least three people were killed and at least 11 were injured, some of them significantly, Kentucky Gov. Andy Beshear said in a press conference. He said those numbers are preliminary and that he thinks they will grow.

UPS said in a statement that there were three crewmembers on the plane. It was unclear if the fatalities were from the plane or on the ground, and Beshear said the status of the crew was unknown. He added that there was an emergency response area set up for families.
The reason for the crash was not immediately known. The plane was a MD-11F, a type of freight transport aircraft made by aircraft manufacturer McDonnell Douglas, which merged with Boeing in 1997. The plane had hundreds of thousands of pounds of fuel on board to travel all the way to Honolulu, Louisville Fire Chief Brian O’Neill said in the press conference.
The Louisville Metro Police Department said on X that it was implementing a shelter-in-place order near the crash site. Several businesses near the area were affected, officials said.
There was no hazardous material on the plane that would create an environmental issue, but the place where it crashed “could create those types of situations,” Beshear said. He said a petroleum recycling business and an an auto parts business are in the area and called it an “all-hands on deck response.”

A plume of smoke wafts over airport property after reports of a plane crash at Louisville International Airport, Tuesday, Nov. 4, 2025, in Louisville, Ky.
Jon Cherry | AP

A large plume of black smoke was visible near the airport, and footage from local TV showed fire and debris in a large radius around the crash site.

The FAA said the plane was en route to Honolulu and that it and the National Transportation Safety Board would investigate the incident.
The airport was closed following the incident, and “all arriving and departing flights at SDF are temporarily suspended,” the airport said in a statement on X Tuesday evening.
The airport is home to the UPS Worldport, which the company says is its largest package handling facility in the world. Hundreds of UPS flights take off daily from Louisville, according to the company.
“This is a UPS town,” said Louisville city council member Betsy Ruhe.
— CNBC’s Dennis Green contributed to this report. More