Net Income Growth Q1 '26

As of April 27, 2026

Of the 544 firms that have so far reported calendar Q1 2026 GAAP net income (and that also reported in Q1 2025), aggregate net income grew 16.2% year-over-year — from $179.3 billion to $208.4 billion. That’s a $29.1 billion increase (note: Unlike our weekly metric recap, this does include financial services firms).

Ten companies account for all of it.

The top ten contributors to the year-over-year change in net income added a combined $29.2 billion — slightly more than the entire $29.1 billion delta. That means the other 534 companies, taken as a group, contributed essentially nothing on net.

The Top Ten Contributors

Company Q1 2026 vs. Q1 2025 Δ
Micron Technology $12,202,000,000
GE Vernova $4,486,000,000
Netflix $2,392,440,000
JPMorgan Chase $1,851,000,000
Citigroup $1,831,000,000
Newmont $1,437,000,000
Travelers $1,316,000,000
Morgan Stanley $1,267,000,000
EQT $1,238,512,000
NextEra Energy $1,224,000,000

Micron alone is responsible for roughly 42% of the entire reported delta. Add GE Vernova and Netflix and you’re at two-thirds of it from three names.

The Drag on the Other Side

Concentration on the positive side is matched by meaningful drag from a small number of large declines. The ten biggest negative contributors collectively reduced aggregate net income by about $25.3 billion year-over-year:

Company Q1 2026 vs. Q1 2025 Δ
Johnson & Johnson ($5,764,000,000)
Verizon Communications ($4,983,000,000)
Bitmine Immersion ($3,817,256,109)
Mobileye Global ($3,716,000,000)
Intel ($3,394,000,000)
Comcast ($1,269,000,000)
Honeywell ($672,000,000)
Albertsons ($652,600,000)
Delta Air Lines ($529,000,000)
AT&T ($511,000,000)

The headline 16.2% growth figure is real, but the distribution behind it is not broad-based. A handful of large positive swings — concentrated in memory semiconductors, power equipment, streaming, and money-center banks — more than offset substantial declines at several large-cap names, with the broad middle of corporate America contributing little.

A Note on Timing

This snapshot is drawn from filings through the morning of April 27, 2026. Calendar Q1 is a heavy reporting week, so the 544-company population — and the rankings above — will move materially in the days ahead. We’ll revisit once the window settles.

Source: Calcbench.

Comments

Post a Comment

Popular posts from this blog

On Amazon and Server Lifespans

So there we were the other day, skimming the latest from Deep Quarry , a newsletter on financial statement analysis written by accounting aficionado Olga Usvyatsky.  She had been picking apart Amazon.com’s latest quarterly report , and noted that the e-commerce giant had revised the useful life of certain servers and networking equipment downward from six to five years. That change, Usvyatsky noted, will have the practical effect of reducing 2025 operating income by $700 million. Moreover, Amazon ($AMZN) also decided to retire some equipment early; that led to $920 million in accelerated depreciation in Q4 2024 and will reduce 2025 operating income by another $600 million. Wait a minute. The useful life of computer servers, why does that sound familiar…  Because Calcbench wrote about that exact issue in 2021!  Back then, we noted that Google ($GOOG) and Microsoft ($MSFT) had both extended the estimated life of their computer servers from three years to four, which had t...
Read more

More on Depreciation Adjustments

Image
Last month we had a post in these pages about how Amazon ($AMZN) recently shortened the estimated useful lifespan of the computer servers it uses , which will have the practical effect of reducing operating income this year by some $700 million.  Now Bloomberg has pulled on that thread more strongly, with an in-depth look at how companies adjust the useful lifespan of assets they use . It turns out that numerous companies do this — sometimes extending the estimated lifespan, which can push net income up; and sometimes shortening the estimated lifespan, which pushes net income down. The key issue here is that as you shorten estimated lifespan, your annual depreciation charges increase; that’s what whittles down net income. The same principle runs in reverse, too: extending estimated lifespan spreads out depreciation across more years, so your annual depreciation is lower; that pushes net income up. Cynics will suspect that adjustments to estimated lifespan are simply a form of earn...
Read more

Delta Kicks Off Q1 2025 Earnings Season

Image
Welcome back to earnings season, everyone! Delta Air Lines ($DAL) filed its Q1 2025 earnings release this morning — and with that data, we’re all back to the grind. Delta and all the other airlines always make for fun earnings analysis, because they’re a great example of the non-GAAP disclosures that companies make. Calcbench dutifully tracks those disclosures, and has automated templates ready to go for those who want the latest data pulled together and ready for analysis.  For example, our airline industry template automatically pulls disclosures such as revenue per available seat mile (RASM), cost per available seat mile (CASM), load factor (the higher it is, the more efficiently the airline is putting butts on seats), and even fuel consumed and average fuel price. Plus all the regular metrics like, ya know, revenue and EPS and that stuff.  Please beware that our airline template only works for people who (a) have installed the Calcbench Excel Add-in; and (b) are premium ...
Read more