Calcbench

The six biggest banks on Wall Street have all filed their first-quarter earnings now, so today we thought we’d examine the banks’ proprietary trading — and specifically, how much revenue from those trades drives revenue for the banks overall.  Figure 1, below, shows the historical pattern for the last five years plus Q1 2026.  As you can see, some banks drive more revenue from proprietary trading than others. Wells Fargo ($WFC) in particular seems least dependent on proprietary trading, never even hitting 10 percent. Contrast that with Goldman Sachs ($GS), which always drives a considerable amount of revenue from proprietary trading even though the overall percentage has trended downward from the low 40s to the low 30s. Some more precise readings from Q1 2026: GOLDMAN SACHS ($GS) 32.3% JP MORGAN CHASE ($JPM) 16.9% WELLS FARGO ($WFC) 6.7% Insights like this can be hard to find simply by reading the earnings releases, since each bank tags its p...

Earnings releases and quarterly reports for Q1 2026 will start arriving in large numbers this week and next. One issue sure to be on the minds of financial analysts will be the war in Iran and how that fighting might affect corporate operations — so where should you look for disclosures that might help you understand a company’s exposure to that risk? Many businesses will offer some thoughts about the war in their earnings releases, calls with analysts, and quarterly reports; but those aren’t the only sources of information that exist. Today let’s do a quick review of other disclosures companies might make, and how you can find them on Calcbench. For example, one often-overlooked disclosure is a company’s list of subsidiaries. If a company you follow has extensive operations in the Middle East, that could mean those facilities are vulnerable to attack, which in turn might have substantial implications for a company’s operations, earnings, and assets on the balance sheet. You can find ...

Clothing maker Levi Strauss & Co. ($LEVI) filed its latest earnings report earlier this week with an intriguing new disclosure about tariff costs. Analysts might want to take a look here, since we may see more such disclosures from other companies as Q1 earnings releases start arriving later this month. Levi’s filed its earnings report (for the quarter ending March 1) on April 7, and overall the income statement numbers looked solid. Revenue up 14.1 percent from the year-ago period, operating income up 3.7 percent, net income up 30.2 percent thanks to a big boost on the always-popular “Other Income” line item. In short, the jeans looked fabulous.  Instead, our analytics eye drifted to Levi’s footnote disclosures, and we found this fascinating nugget in Levi’s Commitments and Contingencies footnote : On February 20, 2026, a U.S. Supreme Court ruling invalidated tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). The Company estimates it has paid ap...

Fuel Cost Q1 2025 $2.47 per gal Fuel Cost Q4 2025 $2.28 per gal Fuel Cost Q1 2026 $2.78 per gal Buckle up, everybody! Earnings season takes flight today with Delta Air Lines, which filed its Q1 2026 earnings report this morning — and as always, Calcbench is collecting and collating the data so it’s ready for your analysis. We can start with the headline numbers. Delta ($DAL) reported Q1 revenue of $15.8 billion (up 12.9 percent from the year-ago period) and operating profit of $501 million (a decline of 11.9 percent). Delta also swung to a net loss of $289 million thanks to several special items. The most interesting items in today’s report, however, are the numbers Delta reported for fuel costs. Delta spent an average of $2.78 per gallon, up 12.5 percent from the $2.47 per gallon Delta reported one year ago. The c...

Ireland has long been a haven of low corporate tax rates, to entice global corporations to locate their European (and even global) operations there.  Now, thanks to new tax disclosures that U.S. filers have started making this year , we’re able to see just how much companies are paying in taxes to the Emerald Isle. Table 1, below, ranks U.S. filers by how much they paid in taxes to Irish authorities in 2025. Company 2025 Taxes to Ireland Eli Lilly & Co. $6,600,000,000 Pfizer $1,016,000,000 Regeneron Pharmaceuticals $645,200,000 Johnson & Johnson $600,000,000 Meta Platforms $567,000,000 AbbVie $431,000,000 Verizon Communications $291,000,000 Bristol Myers Squibb $179,000,000 Stryker Corp. $175,000,000 Zoetis $12...