Earnings Update Week 5: Near the Finish Line

Next week marks the official end of Q2 earnings season, when Nvidia ($NVDA) closes out the season with its earnings announcement on Aug. 26. Of course Calcbench will have that data too, but for now let’s see what the big picture for corporate earnings looks like with earnings from 3,500 non-financial companies already on file.

Figure 1, below, is our latest snapshot. Interestingly, year-over-year revenue growth has somewhat decelerated this week as many more smaller companies finally filed their Q2 earnings. We went from 16.1 percent YoY revenue growth last week to only 15.3 percent growth this week. Operating income and net income growth also decelerated by small but still notable amounts.

As we’ve been calling out all earnings season long, the 59.5 percent growth in net income deserves a bit of the side-eye. A significant part of that increase comes from one-time gains in “Other Income” that a few tech giants are reporting, rather than from robust growth in core operations. 

The big culprit here is Google Alphabet ($GOOG), which reported an astonishing $112.2 billion in quarterly net income — but $97.8 billion of that number came from Google revaluing the 6 percent of SpaceX ($SPCX) shares that it owns. 

Well, that $97.8 billion net income item is 14.5 percent of the total $674.6 billion in net income for all 3,400+ firms in our sample. If we exclude that Google gain, net income has risen only 36.3 percent from one year ago. Still solid growth, but not anywhere near what the headline number suggests. 

This is why it pays to dive deeply into the data. Calcbench, of course, has all the data you need, indexed and structured and ready for solid analysis within minutes of companies filing that data with the Securities and Exchange Commission.

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

Metric	Q2 2026	Q2 2025	Count	YoY Change
Revenue	$5.71T	$4.95T	3,039	15.3%
Cost Of Revenue	$3.22T	$2.83T	2,620	13.6%
Capex	$488.98B	$380.35B	2,537	28.6%
Operating Expenses	$1.50T	$1.35T	3,240	11.3%
SGA Expense	$735.26B	$677.43B	3,278	8.5%
Operating Income	$917.50B	$697.34B	3,526	31.6%
EBIT	$966.37B	$635.04B	3,478	52.2%
Net Income	$674.59B	$423.07B	3,445	59.5%
Assets	$33.31T	$30.00T	3,507	11.1%
Cash	$2.07T	$1.81T	3,481	14.1%
Inventory	$1.92T	$1.78T	1,966	7.7%
Total Debt	$9.78T	$9.05T	2,395	8.1%
Liabilities	$20.64T	$18.68T	3,488	10.5%

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!