Earnings Roundup Week 2: Still Strong

YoY Revenue  +10.3%

YoY net income  +27.4%

Firm Count 2,100

Another week, another update from the famed Calcbench Earnings Tracker. We now have Q1 earnings data from roughly 2,100 firms — and for the second week in a row, the aggregate numbers look solid.

Growth in all the most important performance metrics is somewhat down this week compared to last week’s numbers, but that’s not a surprise. Last week we had only 800 firms in the Earnings Tracker sample, mostly the largest of the large. Now we have far more mid-sized and small firms reporting, and they tend to push the numbers downward.

All that said, the numbers are still moving upward. Year-over-year growth in revenue, operating income, and net income has decelerated from last week, but the growth is still healthy double-digits. See Figure 1, below.

The next question to ask — and one that Calcbench will explore next week — is the extent to which a small handful of over-achievers are skewing the whole picture.

For example, capex spending is up 30.7 percent from last year, but that’s almost entirely due to a tiny number of tech giants spending billions upon billions building data centers. In prior quarters, if you strip those data center hyperscalers out of the picture, capex spending was falling for everyone else.

We’ll perform that analysis for Q1 in a few weeks, once the last few hyperscalers file their latest earnings reports. (The last of the bunch is Oracle ($ORCL), which doesn’t file again until June 10.) 

Financial analysts should also perform similar analyses for operating income and net income. You can do that in any of several easy ways on Calcbench, such as using our Multi-Company page to compile net income for a large number of companies, compare Q1 2026 to Q1 2025, export the whole thing to Excel, and then lop off the 10 firms with the biggest growth in net income in absolute dollars. 

Figure 2, below, shows the earnings comparison in table format. 

Metric	Q1 2026	Q1 2025	Firm Count	Pct Change
Revenue	$4.5T	$4.1T	1,979	10.3%
Operating Income	$625.3B	$544.6B	2,100	14.8%
Capex	$402.7B	$308.0B	1,788	30.8%
Assets	$28.1T	$25.7T	2,086	9.6%
Liabilities	$17.4T	$16.0T	2,060	9.3%
Cost Of Revenue	$2.7T	$2.4T	1,740	10.2%
Cash	$1.8T	$1.6T	2,064	11.6%
Net Income	$498.4B	$391.2B	2,094	27.4%
SGA Expense	$576.1B	$531.4B	1,962	8.4%
Operating Expenses	$1.2T	$1.1T	1,973	8.9%
Inventory	$1.5T	$1.5T	1,343	6.4%
Operating Cash Flow	$644.0B	$557.7B	2,019	15.5%
TotalDebt	$8.3T	$7.6T	1,550	8.5%
EBIT	$657.1B	$536.1B	2,065	22.6%
Restructuring	$12.3B	$10.2B	342	20.5%

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.

That’s all for this week. Come back next Friday for more!