Posts

CapEx: Ex Big 6 — Or Is It Big 4?

CapEx: Ex Big 6 — Or Is It Big 4? | Calcbench Earnings Monitor CALCBENCH Earnings Monitor · Feb 20, 2026 Calcbench Earnings Monitor CapEx: Ex Big 6 — Or Is It Big 4? 📅 Feb 20, 2026 📊 Q4 2025 vs Q4 2024 +14.9% Broad market CapEx growth 4 Companies driving the gain −3.4% CapEx growth ex-hyperscalers Four Companies Are Driving the Entire CapEx Story Here is the headline: across more than 1,100 public companies, Capital Expenditures appear to be up nearly 15% year-over-year. But that number is almost entirely a mirage. Strip out four companies — Alphabet, Amazon, Meta, and Microsoft — and CapEx for the rest of corporate America actually fell 3.4% in Q4 2025 versus a year ago. Four firms. That is the entire story. Everything else is noise. We will show you the data below — but we wanted to say that up front,...
Post a Comment
Read more

Days Sales Outstanding

Accounts Receivable Analysis  ·  SIC Division 7 Three Firms With Unbroken DSO Growth, 2020–2025 Of 68 publicly-traded SIC Code Division 7 companies analyzed in Business Services, only three recorded a higher Days Sales Outstanding (DSO) in every successive year from 2020 through 2024. 2025 data shown where available. This analysis was inspired by a post on Michael Burry's blog, Cassandra Unchained , which originally highlighted Palantir's rising DSO trend. We extended the analysis across all 68 SIC Division 7 companies in our dataset to identify whether the pattern was unique to Palantir. Palantir Technologies 65.3 2025 DSO (days) ▲ +30.7 days since 2020 Match Group 33.9 2025 DSO (days) ▲ +14.6 days since 2020 Dayforce, Inc.* 51.1 2025 DSO (days, est.) ▲ +11.8 days since 2020 ...
Post a Comment
Read more

Digging Into Walmart Earnings Data

Image
Retail giant Walmart ($WMT) filed its Q4 and full-year 2025 results today, leading off with a 4.7 percent increase in annual net sales and a 10.5 percent jump in consolidated net income.  Walmart being a large, sophisticated business, however, the company also reports a host of lower-profile disclosures too. Today we want to spotlight some of those items, how analysts can find them, and what information they might give you as you ponder Walmart’s results. For example, one useful metric for retailers is the ratio of inventory to net sales. If that number is rising, it means goods are piling up on the shelves while consumers stay away ; a state of affairs that often leads retailers to slash prices so they can clear the shelves for next season’s goods.  We used our Multi-Company page to pull up Walmart’s inventory and net sales numbers for fiscal years 2020-2026; and within a few moments had Figure 1, below. As you can see, that ratio bulged upward in 2022 and 2023. Inflation s...
Post a Comment
Read more

China Revenue Update, in Three Charts

Image
China is still a very important trading partner of the United States and most large companies in the world, even amid the tariffs and other trade tensions that exist between the United States and China these days. So how are those trade tensions affecting the China revenues of major public filers? It’s still early in the reporting season, but we decided to crack open our Segments, Rollforward, and Breakouts page to see what analysts can already glean. We first selected the S&P 500 and then searched for all firms that reported a China geographic segment in 2025. Thirty-six companies have both (a) already reported their full-year 2025 numbers; and (b) reported revenue for a China operating segment.  We then compared those China revenues to the firms’ total revenues, and compiled a top 10 list of U.S. filers with the highest percentage of China revenue. See Figure 1, below. Perhaps to no surprise, the list is dominated by chip companies, some tech giants (Apple, Tesla), and MGM R...
Post a Comment
Read more

The Stunning Capex of AI Hyperscalers in Context

Image
Big tech stunned the world last week when Amazon ($AMZN) and Google ($GOOG) both filed 2025 earnings reports and also announced plans to spend astonishing amounts of money on data centers in 2026.  Their big bets came shortly after Meta ($META) and Microsoft ($MSFT) filed their own quarterly reports at the end of January, which also included plans for somewhat smaller but still staggering amounts of money going to data centers this year. The only one not yet disclosing fresh numbers is Oracle ($ORCL), but they’re scheduled to file their next earnings release on March 9, and we’ve already written about Oracle’s data center ambitions — and obligations — in the recent past.  So what does the biggest picture look like? Do the hyperscalers even have the cash to cover all these capex costs? We cracked open our Multi-Company page to take a look, tracking capex and operating cash flow by calendar quarter and then adding up those numbers by year, even though Microsoft and Oracle...
Post a Comment
Read more