Calcbench

It’s that time of year again, financial data devotees — the Calcbench Non-GAAP Reconciliations Study is here! Every spring, Calcbench and Suffolk University team up to catalog the non-GAAP adjustments to net income made by S&P 500 firms in their annual reports. We then analyze those non-GAAP adjustments by size and number to see what trends in non-GAAP reporting we can identify.  Our report for 2025 earnings is now available for download , and we have a summary of our findings here, too. We studied the 2025 annual earnings releases of the S&P 500 and identified 361 companies (72 percent of the entire S&P 500) that reported either non-GAAP net income or non-GAAP earnings per share. Within that group of 361, we then measured and classified the specific adjustments each company cited to reconcile those adjusted numbers back to “traditional” net income according to U.S. Generally Accepted Accounting Principles (GAAP). Among the 361 firms that reported non-GAAP earnings, 87 ...

Here's a short summary of drug sales for 4 pharmaceutical companies from earnings reports in Q2 '24. Two of the firms reported this morning (July 30th) so the data is fresh.   Included in this small sample are Johnson & Johnson (ticker: JNJ), Pfizer (ticker: PFE), Abbvie (ticker: ABBV) and Merck (ticker: MRK). Using our Excel Add in and our Disclosures query tools, we are able to extract these segments in a flash.   A few noteworthy things.  Drugs that formed a significant portion of revenue in Q2 2024 are  Merck Keytruda (45%) and Gardasil (15%)   J&J  Stelara (13%) and Darzalex (13%)  AbbVie Humira (16%) Skyrizi (16%) Pfizer Elliquis (14%) Time Series of Revenues by Firm / Drug below

This morning (July 29) , McDonalds reported Q2 earnings.  Last week (July 24th), Chipotle Mexican Grill did the same.   Since we have the financial data catchers mitt, we thought we would roll up the sleeves and get to work a little.   First question: 'How did the firms fare?'  A quick as-filed income statement should suffice: MCD: Sales Flat.  Profits Down.  But levels are high meaning they make a lot of Big Macs consistently.     CMG: Sales way up (18.3% YoY) and Profits as measured by Net Income up 33.3% YoY.  The business is objectively smaller than MCD though.  There are other ways to compare these firms and we love to talk about our ability to showcase the tools that allow for that comparison.   Using our earnings press-release toolkit allows us to compare things like Net Profit Margins in real time for these firms.  Like this quarterly since 2010:   In the last 10 plus quarters, McDonald's is 2-3 times more pro...