Calcbench

Today we turn to yet another niche of the financial disclosures world: healthcare spending, since several large healthcare providers have filed quarterly earnings releases lately.  Specifically, HCA Healthcare ($HCA) and Centene Corp. ($CNC) both filed their first-quarter 2025 earnings releases on Friday morning; while Molina Healthcare ($MOH) filed its release yesterday.  Calcbench specifically wanted to study the revenues each firm has been receiving from Medicaid, the U.S. federal government’s health insurance program for low-income residents. All three firms report Medicaid spending as a distinct operating segment, so we charted out quarterly Medicaid revenues each one has reported since the start of 2022. See Figure 1, below.  Obviously Centene is the kingpin here, with more than double the Medicaid revenues of Molina and HCA combined. That said, Moline and HCA have both seen faster growth in Medicaid revenue (roughly 36 percent each) than Centene (9.8 percent) ov...

Three big defense contractors all filed their first-quarter 2025 earnings releases today, which gives us yet another opportunity to dive into the non-GAAP financial metrics that Calcbench tracks and which can provide rich color into your financial analysis. The defense contractors are Lockheed Martin ($LMT), Northrop Grumman ($NOC), and RTX Corp. ($RTX). All filed their first-quarter earnings releases within a few minutes of each other on Tuesday morning, crammed with interesting disclosures.  Calcbench wanted to focus specifically on order backlog. Why? Because (a) all three companies report order backlogs, although each one in its own unique way; (b) order backlog can be an important sign of a defense contractor’s long-term health; and (c) order backlog could also become an even more important sign in the future, as countries spar with the United States over tariffs and military alliances.  Anyway, we pulled up the order backlog disclosures for all three companies going ba...

Auto retailer Carmax ($KMAX) filed its latest earnings release today , which offers a nifty glimpse into the world of auto sales non-GAAP disclosures.  Carmax runs on an off-kilter earnings calendar, so today’s numbers were for its fiscal and fourth-quarter 2025, which actually ended on Feb. 28. The numbers: full-year revenue declined 0.7 percent to $26.3 billion, while net income rose 4.5 percent to $500.5 million — although most of that increase was thanks to a $16.8 million drop in the company’s interest expense. More interesting to us, however, were the many and varied disclosures Carmax made about the used car business. Those disclosures include…  Total number of vehicles purchased in the period; Number of vehicles purchased from consumers and from dealers; Total unit sales, grouped into retail and wholesales segments; Gross profit per retail unit and per wholesale unit; Profit margin per retail unit for the company’s extended protection plan.  Our personal favorite,...

Welcome back to earnings season, everyone! Delta Air Lines ($DAL) filed its Q1 2025 earnings release this morning — and with that data, we’re all back to the grind. Delta and all the other airlines always make for fun earnings analysis, because they’re a great example of the non-GAAP disclosures that companies make. Calcbench dutifully tracks those disclosures, and has automated templates ready to go for those who want the latest data pulled together and ready for analysis.  For example, our airline industry template automatically pulls disclosures such as revenue per available seat mile (RASM), cost per available seat mile (CASM), load factor (the higher it is, the more efficiently the airline is putting butts on seats), and even fuel consumed and average fuel price. Plus all the regular metrics like, ya know, revenue and EPS and that stuff.  Please beware that our airline template only works for people who (a) have installed the Calcbench Excel Add-in; and (b) are premium ...

Good news for anyone who likes to obsess over Tesla disclosures! Calcbench has put together an Excel template to automatically track the car company’s data on unit deliveries and production, even down to specific vehicle models! As you may have already heard, Tesla ($TSLA) published an update this week on its first-quarter 2025 performance . The news was not good: the company delivered only 336,681 vehicles, 13 percent lower than the year-ago period and well below Wall Street expectations of 390,000.  The crack Calcbench research team then swung into action to put those numbers in context. We charted quarterly vehicle deliveries and production for the last five years, to get a sense of Tesla’s historical performance. The result was Figure 1, below. As you can see, both cars delivered to customers (in blue) and cars produced by Tesla factories (in orange) fell to their lowest levels in three years. Others can speculate about whether the drop is due to Elon Musk’s political activism...