Calcbench

Mounjaro Sales Q2-26 $9.94B Zepbound SALES Q2-26 $4.93B All other SALES Q2-26 $6.98B Eli Lilly & Co. filed its Q2 earnings this morning . That gives us an excellent excuse to crack open the Calcbench databases and dine on Lilly’s disclosures about its blockbuster weight-loss drugs Zepbound and Mounjaro. As we’ve noted before in these pages, pharmaceutical firms disclose the sales of their individual blockbuster drugs. So we opened our Segments, Rollforwards & Breakouts page , called up Lilly’s ($LLY) quarterly revenues for Zepbound and Mounjaro, and then compared the sales of those two drugs against all Lilly’s other products.  The result is Figure 1, below. As you can see, Lilly’s two GLP-1 weight loss drugs went from 26.5 percent of total sales at the start of 2024 ($2.32 billion against $8.77 billion) to two-thirds of total sales today ($14.9 billion of $23 billion).  Figure 2, below, takes all that information and reframes it in dollar amounts. Again, the tale is...

YoY Revenue Increase 14.8% YoY Op Inc. Increase 26.9% Net inc. Increase 66.8% We now have roughly 800 firms in our Q2 Earnings Tracker! A vast range of non-financial companies announced second-quarter earnings this week, so we have a much better sense of where corporate performance is and how it compares to one year ago. Overall, the numbers still look respectable.  As you can see in Figure 1, below, revenue is up 14.8 percent from the year-ago period, a marginal improvement from the 13.6 percent from last week’s earnings update (with, admittedly, far fewer companies in our sample). Operating income is up 10.3 percent, and net income up 66.8 percent. About that net income number, however. As we unpacked in last week’s earnings post, a huge portion of that year-over-year increase (currently at 66.8 percent) is solely due to Google Alphabet ($GOOG) and its one-time $98 billion gain from recognizing the SpaceX ($SPCX) shares that Google has owned since 2015. Strip that $98 billion o...

Everyone probably knew well ahead of major U.S. airlines filing their Q2 earnings that fuel costs would be bad — but wow, did anyone expect it would be this bad?  All six U.S. majors have now filed their Q2 earnings reports. ( Jetblue was the last, filing earlier this week .) As we’ve noted many times before, all six disclose their total fuel costs and average price per gallon of fuel every quarter. Calcbench tracks all this, which allows us to chart the airlines’ price of fuel over time.  Figure 1, below, shows the average price per gallon for all six airlines. Brace for impact. What verb can one even use to describe the increase in costs for Q2, the first quarter that fully captures the higher costs driven by the U.S. war against Iran? Soar? Spike? Pop? Rocket?  We previously wrote about jet fuel costs in early July , when Delta Air Lines ($DAL) was the first airline to report Q2 earnings. At the time, we did some trigonometry to ca...

Now that we have more companies filing their Q2 earnings releases and quarterly reports, we wanted to take another pass at one of our favorite corporate disclosure issues these days — tariff refunds! As we’ve noted in previous posts, companies started to make disclosures about tariff refunds earlier this spring after the U.S. Supreme Court struck down President Trump’s use of certain tariff powers in February. That was Q1, when many companies weren’t certain what they wanted to say because the ruling and the subsequent process to obtain tariff refunds was still new. Now we’re in Q2, and things have changed considerably. Many companies are disclosing specific refund amounts they’re seeking or have already received. Others have made more exotic moves, such as Children’s Place ($PLCE) selling off its expected tariff refund at 67 cents on the dollar .  Let’s see what a few other firms have said about tariffs. FedEx FedEx ($FDX) filed its latest annual report on July 20, for the fisca...

The famed Calcbench Earnings Tracker is now back in action, for our first analysis of Q2 2026 earnings data. So far, among the large companies that dominate the beginning of earnings season, the overall numbers look solid. Figure 1, below, tells the tale. With roughly data from roughly 280 non-financial firms, revenue is up 13.6 percent from the year-ago period, operating income up 33.1 percent, and net income up an eye-popping 85. 1 percent.  Those numbers might look impressive at first glance, but don’t pass around the Friday afternoon cocktails just yet. That 85.1 percent growth in net income is deceptive. It includes a single one-time gain of $97.8 billion that tracks back to Google’s ownership stake in the newly launched SpaceX ($SPCX). That’s right. Google ($GOOG) owned roughly 6 percent of SpaceX stock as of June 30. Because SpaceX soared after its IPO on June 12, that led to a huge increase in the value of Google’s ownership stake — and under U.S. accounting rules, that ga...