Earnings Roundup: Feb. 27

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 9.8 percent.


Capex spending is also up an impressive 25.1 percent, which one might assume to mean that companies are spending oodles of cash to invest in long-term growth — but one would be misled! 


As we wrote one week ago, that surge in capex spending is entirely due to four AI hyperscalers pouring staggering sums into building data centers. Strip those four out (Alphabet, Amazon, Meta, and Microsoft) and capex spending among the rest of Corporate America actually fell by 3.4 percent compared to one year ago.


Figure 2, below, is the same information in table format.


Metric 2025 2024 Firms YoY Change
Revenue 4.93T 4.54T 1,942 +8.6%
Cost of Revenue 3.01T 2.69T 1,758 +11.7%
Capex 400B 320B 1,731 +25.1%
OpEx 1.27T 1.19T 1,991 +6.6%
SG&A 677B 629B 1,933 +7.6%
Operating Income 639B 567B 2,168 +12.8%
Net Income 493B 448B 2,026 +10.2%
Assets 30.35T 27.88T 2,187 +8.9%
Cash 1.97T 1.79T 2,162 +9.8%
Total Debt 8.77T 8.16T 1,635 +7.4%

There’s still plenty of financial data to arrive, including rich disclosures in 10-Ks, segment-level analysis, and lots of juicy morsels of insight in the footnotes. Heck, we might even do one or two more earnings roundups too if late filers submit data that changes the picture materially. Whatever the data is, we have it, and you can find it!


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