Final Q2 Earnings Update

And that’s a wrap on the Q2 2025 earnings season! Nvidia ($NVDA), unofficial curtain closer for the quarter, filed earlier this week; so with the earnings data of nearly 3,800 non-financial companies now in hand, let’s see what the big picture tells us. 

Overall, the  numbers look good. Revenue was up a collective 4.6 percent from the year-ago period, which exceeded cost of revenue (up 4.2 percent) and operating expenses (up 3.4 percent). See Figure 1, below. 



One notable line-item this quarter has been capex spending, up 16.7 percent from the year-ago period. That would suggest that lots of businesses are investing in technology and equipment for long-term growth, but (as we noted in a blog post earlier this week) a huge amount of that capex spending is concentrated among a tiny number of technology firms spending gobs of money on artificial intelligence infrastructure. 


We’ll take a deeper dive into capex spending in September. For now, however, it’s not clear that a wide range of firms — especially smaller ones — actually are spending lots of money on capex. Stay tuned.


The other interest line-item is net income. As recently as last week’s earning recap, net income was up a collective 13.9 percent. You’ll notice in Figure 1 above, however, that this week that number shot up to 17.6 percent. 


What changed in the span of a single week? Nvidia, that’s what. 


Nvidia filed its latest earnings release on Aug. 27, and as usual these days, the AI chipmaker reported a stupendous amount of profit — $26.42 billion, to be precise. That amount accounted for 38.1 percent of the entire jump in net income last week, which was $69.35 billion.


Anyway, because of Nvidia’s profit spike, our usual Figure 2 chart (shown below) has changed dramatically. We sort all the line items we track from largest year-over-year gains to smallest, and all earnings season long the story has been, “Wow, look at capex spending, leading the pack.” 


Now, at the 11th hour, net income is the line-item with the largest year-over-year gain, thanks to Nvidia. 



Calcbench tracks these earnings using our Earnings Tracker template, which pulls in financial disclosures as companies file their latest earnings releases with the Securities and Exchange Commission. The Earnings Tracker provides an up-to-the minute snapshot of financial performance compared to the year-earlier period.


If Calcbench subscribers wish to get their hands on the template we use for this analysis, so you can conduct your own experiments at home, use this link to the file. 


Please note that it will only work with an active Calcbench subscription. If you need an active subscription (and who doesn’t, really, when swift access to real-time data is so important?), contact us at us@calcbench.com.


So that’s all for Q2 earnings. Enjoy the long weekend, enjoy September, and look forward to the return of the Earnings Tracker in about six weeks when we start getting Q3 reports!

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