Earnings Roundup Week 3: Evening Out

YOY REVENUE 
+10.5%
YOY NET INCOME 
+26.3%
FIRM COUNT
3,100

The Calcbench Earnings Tracker rolls on this week, with Q1 earnings data from more than 3,100 firms now in hand. That means the broad trends we see in financial performance are generally set, although the arrival of many smaller firms does nudge those trends downward just a bit.


As you can see in Figure 1, below, the year-over-year change in all important metrics is still positive; that growth is just decelerating compared to what we saw in last week’s numbers, which were also somewhat decelerated from the week before. Such is the order of things as a larger number of smaller firms report their earnings data and eclipse the smaller number of larger firms that reported first.


Anyway, as you can see from Figure 1, revenue is up 10.5 percent from the year-ago period, operating income up 14.8 percent, and net income up 26.3 percent.


Except, recall our post from earlier this week, when we noted that the vast majority of growth in net income can be attributed to a tiny number of firms enjoying huge profit growth. As nice as that 26.3 percent jump is, it isn’t spread widely among a large number of firms. 


At the same time, cost of revenue is up 10.3 percent, operating expenses are up 9.1 percent, and SG&A expenses are up 8.7 percent. Those numbers aren’t too far below the increase in revenue. We’ve also seen multiple inflation indicators start flashing red this week. 


So if this is what Q1 looks like, with only a brief exposure to war and high energy costs, what will Q2 numbers look like? We don’t know, but Calcbench will always be gathering and indexing the latest corporate financial data to help you find out!


Meanwhile, the table below shows the year-over-year change across 14 line items.

Metric Q1 2026 Q1 2025 Firm Count YoY Change
Revenue $4.8T $4.3T 2,786 10.5%
Cost Of Revenue $2.8T $2.5T 2,378 10.3%
SGA Expense $611.9B $562.9B 2,969 8.7%
Capex $419.8B $321.1B 2,458 30.7%
Operating Expenses $1.2T $1.1T 2,934 9.1%
Restructuring $12.5B $10.6B 392 18.2%
Operating Income $642.3B $559.4B 3,150 14.8%
Net Income $502.2B $397.7B 3,124 26.3%
Cash $1.9T $1.7T 3,107 12.2%
Assets $30.3T $27.5T 3,133 10.1%
Liabilities $18.7T $17.0T 3,105 9.8%
Inventory $1.6T $1.5T 1,792 6.8%
Operating Cash Flow $661.3B $559.8B 3,056 18.1%
Total Debt $8.9T $8.2T 2,145 9.2%

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!


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