Earnings Update, Week 2

YoY Revenue Increase
14.8%
YoY Op Inc. Increase
26.9%
Net inc. Increase
66.8%

We now have roughly 800 firms in our Q2 Earnings Tracker! A vast range of non-financial companies announced second-quarter earnings this week, so we have a much better sense of where corporate performance is and how it compares to one year ago.


Overall, the numbers still look respectable. 


As you can see in Figure 1, below, revenue is up 14.8 percent from the year-ago period, a marginal improvement from the 13.6 percent from last week’s earnings update (with, admittedly, far fewer companies in our sample). Operating income is up 10.3 percent, and net income up 66.8 percent.




About that net income number, however. As we unpacked in last week’s earnings post, a huge portion of that year-over-year increase (currently at 66.8 percent) is solely due to Google Alphabet ($GOOG) and its one-time $98 billion gain from recognizing the SpaceX ($SPCX) shares that Google has owned since 2015. Strip that $98 billion out of the overall net income from this week’s sample, and net income is up only 33.2 percent from Q2 2025.


We should also note that Cost of Revenues line. It’s up 13.8 percent, uncomfortably close to the 14.8 percent gain in revenue. That could be a warning sign that inflation pressures are swirling, and is worth watching in coming weeks as more companies file Q2 reports. And then there’s that capex spending number, which is heavily driven by a few AI hyperscalers spending zillions on data centers. We’ll do another post on capex spending next week.


Meanwhile, here is all the data from Figure 1 in table format instead.


Metric Q2 2026 Q2 2025 Firms YoY Change
Revenue $3.08T $2.68T 804 14.8%
Cost of Revenue $1.54T $1.35T 730 13.8%
Capex $329.35B $243.37B 679 35.3%
Operating Expenses $845.76B $766.64B 773 10.3%
SG&A Expense $398.74B $370.34B 756 7.7%
Operating Income $616.23B $485.44B 827 26.9%
EBIT $685.21B $431.13B 794 58.9%
Net Income $485.31B $290.87B 820 66.8%
Assets $19.21T $17.06T 816 12.7%
Cash $1.15T $989.09B 806 15.8%
Inventory $998.96B $943.46B 578 5.9%
Total Debt $5.21T $4.80T 627 8.5%
Liabilities $11.61T $10.48T 791 10.8%

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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