Calcbench

Net Income +10.2% YoY change, Q4 2025 vs. Q4 2024 Revenue +8.5% YoY change, Q4 2025 vs. Q4 2024 Cash +9.8% YoY change, Q4 2025 vs. Q4 2024 We are just about at the end of Q4 and full-year earnings season, and this Friday have perhaps our last earnings roundup of the season courtesy of the famed Calcbench Earnings Tracker.  We now have more than 2,000 non-financial firms in our sample, including important late filers such as Walmart ($WMT) and Nvidia ($NVDA), which just filed two days ago. Figure 1, below, shows the change in Q4 2025 numbers from the year-ago period. Most notably, net income is up 10.2 percent from one year ago, revenue up 8.5 percent. EBIT, operating income, and cash from operations are all up by double-digits too. Cash is up 9...

You may have seen headlines lately that pharmaceutical giant Novo Nordisk ($NVO) will enact significant price cuts for its blockbuster weight loss drugs Ozempic, Wegovy, and Rybelsus starting in 2027. Novo Nordisk is cutting prices because it’s facing stiff competition from Eli Lilly &Co. ($LLY) and pressure from government regulators to make the popular drugs more affordable. The cuts will lower the price for a one-month supply to $675, which translates into reductions of from 35 to 50 percent depending on the exact drug.  For financial analysts, an important question emerges: Just how much money does Novo Nordisk make from these drugs, anyway? As always, Calcbench can help. Novo Nordisk is based in Denmark, and as a foreign issuer its annual report is known as a Form 20-F. In that report, however, the company does report the sales of individual drugs just like U.S. pharmaceutical companies do. (We have a pharmaceutical sales template available for Calcbench premium subscr...

Reading the Signals: Why Meta Borrows While Swimming in Cash Meta 3%  How much Free Cash Flow is left after deducting  Share Repurchasing Spend and Equity Withholding Taxes Alphabet 19% How Much Free Cash Flow is left after deducting Share Repurchasing and Equity With Holding Taxes

CapEx: Ex Big 6 — Or Is It Big 4? | Calcbench Earnings Monitor CALCBENCH Earnings Monitor · Feb 20, 2026 Calcbench Earnings Monitor CapEx: Ex Big 6 — Or Is It Big 4? 📅 Feb 20, 2026 📊 Q4 2025 vs Q4 2024 +14.9% Broad market CapEx growth 4 Companies driving the gain −3.4% CapEx growth ex-hyperscalers Four Companies Are Driving the Entire CapEx Story Here is the headline: across more than 1,100 public companies, Capital Expenditures appear to be up nearly 15% year-over-year. But that number is almost entirely a mirage. Strip out four companies — Alphabet, Amazon, Meta, and Microsoft — and CapEx for the rest of corporate America actually fell 3.4% in Q4 2025 versus a year ago. Four firms. That is the entire story. Everything else is noise. We will show you the data below — but we wanted to say that up front,...

Accounts Receivable Analysis  ·  SIC Division 7 Three Firms With Unbroken DSO Growth, 2020–2025 Of 68 publicly-traded SIC Code Division 7 companies analyzed in Business Services, only three recorded a higher Days Sales Outstanding (DSO) in every successive year from 2020 through 2024. 2025 data shown where available. This analysis was inspired by a post on Michael Burry's blog, Cassandra Unchained , which originally highlighted Palantir's rising DSO trend. We extended the analysis across all 68 SIC Division 7 companies in our dataset to identify whether the pattern was unique to Palantir. Palantir Technologies 65.3 2025 DSO (days) ▲ +30.7 days since 2020 Match Group 33.9 2025 DSO (days) ▲ +14.6 days since 2020 Dayforce, Inc.* 51.1 2025 DSO (days, est.) ▲ +11.8 days since 2020 ...

Retail giant Walmart ($WMT) filed its Q4 and full-year 2025 results today, leading off with a 4.7 percent increase in annual net sales and a 10.5 percent jump in consolidated net income.  Walmart being a large, sophisticated business, however, the company also reports a host of lower-profile disclosures too. Today we want to spotlight some of those items, how analysts can find them, and what information they might give you as you ponder Walmart’s results. For example, one useful metric for retailers is the ratio of inventory to net sales. If that number is rising, it means goods are piling up on the shelves while consumers stay away ; a state of affairs that often leads retailers to slash prices so they can clear the shelves for next season’s goods.  We used our Multi-Company page to pull up Walmart’s inventory and net sales numbers for fiscal years 2020-2026; and within a few moments had Figure 1, below. As you can see, that ratio bulged upward in 2022 and 2023. Inflation s...

China is still a very important trading partner of the United States and most large companies in the world, even amid the tariffs and other trade tensions that exist between the United States and China these days. So how are those trade tensions affecting the China revenues of major public filers? It’s still early in the reporting season, but we decided to crack open our Segments, Rollforward, and Breakouts page to see what analysts can already glean. We first selected the S&P 500 and then searched for all firms that reported a China geographic segment in 2025. Thirty-six companies have both (a) already reported their full-year 2025 numbers; and (b) reported revenue for a China operating segment.  We then compared those China revenues to the firms’ total revenues, and compiled a top 10 list of U.S. filers with the highest percentage of China revenue. See Figure 1, below. Perhaps to no surprise, the list is dominated by chip companies, some tech giants (Apple, Tesla), and MGM R...