From Banks to Airlines, Earnings Season Gets Going

Earnings season kicked off again on Tuesday, with Q4 and full-year 2025 earnings numbers from Delta Air Lines ($DAL) and JPMorgan Chase ($JPM), plus a scattered few others. Today let’s start with JPMorgan and a look at its many lines of revenue. 

One can find those many lines of revenue from our Company-in-Detail page, which captures and displays those numbers if a company reports them. (Not all companies do.) Figure 1, below, is simply a quick look at JPMorgan’s income statement, filed at 6:41 a.m. today.



You’ll notice that we highlighted one particular line, “principal transactions.” Broadly speaking, principal transactions are those where the bank itself (the principal) commits its own capital to a deal. They have a clear, direct effect on the bank’s overall profitability, since the money going into the deal would otherwise fall straight to the bottom line.


Principal transactions can fluctuate substantially from one quarter to the next. See Figure 2, below; pulled together by using our See Tag History feature. 



On the other hand, you can also look at JPMorgan’s principal transactions line on an annualized basis, where things are plodding upward at a more stable pace. See Figure 3, below. 



We could just have easily analyzed other JPMorgan revenue lines, such as asset management fees, investment banking fees, or credit card fees. Our point is only to show that this data is readily available. It took us only three minutes to compile Figures 2 and 3, that was without an automated Excel template that could collapse the whole exercise to a few seconds. 


Delta Air Lines


Delta is the other early flight for quarterly earnings, and has been on an impressive string for a while. (See our post on Delta’s Q3 earnings from three months ago to understand what we mean.) Delta filed its Q4 and year-end statement at 6:31 a.m. today, and as usual the Calcbench databases were all over it.


We always love dissecting airline earnings because they’re full of non-GAAP disclosures. Foremost, airlines disclose total revenue per available seat mile (TRASM) and cost per available seat mile (CASM). 


We track TRASM and CASM on a regular basis. Figure 4, below, shows both metrics for Delta for the last five years. 



For Calcbench subscribers who are diehard airline analysts, we also have our Airlines Earnings Template. The template is a spreadsheet available on DropBox that tracks numerous disclosures in the airline sector, including:


  • TRASM

  • CASM

  • Load factor, or the percentage of seating capacity filled by customers

  • Fuel consumed

  • Average fuel cost per gallon

  • Percentage of revenue coming from passengers

  • EPS


The template populates automatically with the latest data as airlines file their numbers; we should have Q4 data from all the big players by the end of the month. The template only works if you are (a) a Calcbench professional-level subscriber; and (b) have installed our Excel Add-in — but once you do that, you’ll have all the latest data at your fingertips. (If you need help with any of that, contact us at us@calcbench.com.)


And that’s only on the first day of earnings season! Much more to come.

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