Calcbench

Since our last update, we've added 28 companies to the list, though most of that reflects catching up on research into filings from July and early August rather than new activity. Companies that actually reported in the last week or so include American Eagle Outfitters ($179M), Academy Sports and Outdoors ($83.7M, via a Participation Agreement that pre-sold a portion of its claim to a third-party buyer), Caleres ($55.6M), Destination XL Group ($4.6M), J.Jill ($18.4M), Lovesac ($20.3M), ChargePoint Holdings ($6.1M), and Petco ($6.8M). The total has grown from $19.3 billion across 105 companies to approximately $20.3 billion across 133 companies. Companies with a quantified IEEPA tariff refund figure identified by Calcbench as of September 10, 2026, listed alphabetically. Total: approximately $20.3 billion. See the main analysis for methodology, sourcing, and the largest recoveries by dollar amount. Company Ticker Refund Amount ...

Screening for credit stress across a bank cohort Ahead of Q2 2026 bank earnings, we wanted to answer a specific question: is there evidence that bank customers — consumer and commercial borrowers alike — are under rising credit stress? Not for one bank, read off a single 10-Q, but systematically, across the sector, using Calcbench's standardized data. This post walks through the method, what it found, and a wrinkle along the way that's arguably the more important lesson: a systematic screen is only as good as your willingness to double-check what it flags. The method Provision for loan loss (PLL) is the natural starting point for a credit-stress question — it's the expense banks book each quarter in anticipation of loans going bad. But raw PLL dollars are a noisy signal on their own. A bank's provision grows simply because its loan book is growing, independent of whether borrower quality is deteriorating. To separate “more loans” from “worse loans,” we normalized pr...

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 ...

Carnival Cruise Lines ($CCL) is one of our favorite businesses to follow because it reports so many fascinating non-GAAP disclosures. Today Carnival filed a gangbusters earnings report for its quarter ending Aug. 31 — like, stupendous results on just about every financial performance metric you could imagine.  So let’s chart a course for analysis adventure, shall we?  First are the primary financial disclosures on the income statement. Revenue was up 3.25 percent from the year-earlier period, while operating expenses were up only 1.91 percent, largely thanks to a steep decline in fuel expenses. That ultimately led to pretax income up 6.54 percent, and net income up 6.74 percent. See Figure 1, below. OK, but that’s all just the usual stuff you can pull from anywhere. Calcbench subscribers can also pull a trove of non-GAAP data about Carnival too, including: Passenger cruise days (PCDs), which is the number of cruise passengers on a voyage multiplied by the number of revenue-...

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