Earnings Update Week 3: Enter Everyone Else

This was a busy week for corporate earnings, as more than 1,000 companies across a wide range of industries filed their Q2 earnings reports. We now have 2,050 non-financial companies in our famed Earnings Tracker, so let’s see where things stand.

As you can see in Figure 1, below, the numbers still look respectable — even a bit better than last week’s earnings update. 





Revenue is up 16.1 percent from the year-ago period, while cost of revenue is up 14.4 percent. The spread between those numbers (170 basis points) is a bit better than last week, when the spread was only 100 points. 


Operating income is up 31.5 percent (better than last week), and net income is up 63.7 percent (still largely thanks to a one-time accounting adjustment from Google Alphabet’s stake in SpaceX, which we discussed a few weeks ago). Cash, EBIT, total assets, cash flow from operations; they’re all moving in the right direction.


Questions we still want to explore as soon as our crack research team gets back from Montauk… 


  • To what extent is that capex number (up 29.8 percent) driven by the AI hyperscalers spending zillions on data centers? If we exclude them, how much is everyone else spending on capex? 

  • Which industries are enjoying the biggest growth in earnings? Which ones are seeing the least? 

  • Which firms are seeing the best growth in free cash flow, since FCF is so valuable for investing in new projects, share buybacks, and more? 


Those questions are all easy enough to answer with Calcbench, and we’ll start answering them next week now that we have a critical mass of Q2 filers in the sample.


Meanwhile, as always, we also have the data from Figure 1 in table format instead.


Metric Q2 2026 Q2 2025 Count YoY Change
Revenue $4.91T $4.23T 1,965 16.1%
Cost of Revenue $2.71T $2.37T 1,741 14.4%
Capex $451.09B $347.58B 1,764 29.8%
Operating Expenses $1.32T $1.19T 1,958 10.8%
SG&A Expense $608.89B $559.94B 1,943 8.7%
Operating Income $851.44B $647.30B 2,101 31.5%
EBIT $918.61B $584.02B 2,063 57.3%
Net Income $641.44B $391.74B 2,066 63.7%
Assets $29.53T $26.60T 2,095 11.0%
Cash $1.77T $1.55T 2,082 14.2%
Inventory $1.59T $1.48T 1,348 7.2%
Total Debt $8.69T $8.09T 1,541 7.4%
Liabilities $18.35T $16.66T 2,065 10.2%


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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