Last Call for Q3 Earnings Analysis

That’s a wrap on Q3 earnings season, folks. This week we received earnings data from Nvidia ($NVDA) and Walmart ($WMT), the last big filers to grace the markets with performance data. So with roughly 3,700 non-financial companies now compiled into the famed Calcbench Earnings Tracker, let’s take one last look at Q3 2025.

Overall, it was respectable stuff. 


Figure 1, below, is our standard snapshot of earnings performance. Net income is up 16.1 percent from the year-ago period, operating income up 8.1 percent, revenue up 6.8 percent. Even cash, which had been slightly down from the year-ago period for most of this season, finally turned positive and was up 0.7 percent.



The patterns above are largely what we’ve seen for several weeks now. There are still plenty of idiosyncrasies within individual companies, even apparent all-stars like Nvidia — which had great top-line numbers, but raised eyebrows once analysts dug into its inventory and accounts receivable numbers. So as always, dig into the segment-level and footnote disclosures to understand what’s really going on!


Meanwhile, Figure 2, below, shows all the latest numbers in table format. 



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 a wrap on Q3. Now we can all coast through the holidays and then get ready for Q4 earnings in six weeks!

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