Calcbench

China is still a very important trading partner of the United States and most large companies in the world, even amid the tariffs and other trade tensions that exist between the United States and China these days. So how are those trade tensions affecting the China revenues of major public filers? It’s still early in the reporting season, but we decided to crack open our Segments, Rollforward, and Breakouts page to see what analysts can already glean. We first selected the S&P 500 and then searched for all firms that reported a China geographic segment in 2025. Thirty-six companies have both (a) already reported their full-year 2025 numbers; and (b) reported revenue for a China operating segment.  We then compared those China revenues to the firms’ total revenues, and compiled a top 10 list of U.S. filers with the highest percentage of China revenue. See Figure 1, below. Perhaps to no surprise, the list is dominated by chip companies, some tech giants (Apple, Tesla), and MGM R...

Today we continue our occasional series on how you can use Calcbench to better understand companies’ exposure to “trade war risk,” this time turning to the balance sheet.  The question: which U.S. registrants have sunk lots of money into China operations, and are those companies now trying to reduce those investments as trade war frictions increase?  One way analysts can explore the answer to that question is to look at a company’s disclosures for property, plant, and equipment (PP&E) specifically in China — a number that dozens of companies do disclose every year, typically tucked away somewhere in the PP&E footnote. Our Segments, Rollforwards, and Breakouts database lets you pull that disclosure out, so you can see how large it is and how it changes over time.  For example, we used the Segments database to search for all U.S. registrants who reported PP&E in China in their 2024 annual reports. We found 131 firms, which altogether disclosed $71.7 billion in...

We return to the front lines of the tariff wars today, this time shifting our focus east: which U.S. companies report the greatest reliance on revenue from China? After all, U.S. tariffs against Canada and Mexico are still a wild guessing game — but tariffs against China are here, and seem to be going nowhere but up. China has now responded in kind, imposing tariffs of its own on various U.S. imports and even blacklisting some companies entirely.  Just last week, for example, we had a post on the predicament of Illumina ($ILMN), a genomics company that received 7 percent of 2024 revenue from China. Beijing announced a ban on Illumina imports last week in response to U.S. tariffs; today the company lowered its 2025 earnings guidance and announced $100 million in planned cost-cuts to offset that squeeze. So what other U.S. companies might face similar pressures, as Beijing ratchets up its retaliatory measures?  To answer that question Calcbench cracked open our ever-handy Seg...

Headlines from China have been pounding out a steady message lately: the economy is not great, it’s not getting any better, and nobody is quite sure whether recent measures from Beijing meant to revive economic growth will do any good. So we wondered: which corporations have the most exposure to China, that they might feel a revenue squeeze if the country continues along its current economic malaise?  After spending a few minutes in our Segments, Rollforwards, and Breakouts page , we had an answer. Table 1, below, shows the 10 firms with the largest percentage of China-based revenues, based on their most recent annual reports.  In news that should surprise nobody, all 10 firms are engaged in the manufacture or design of microchips, industrial equipment, or other technology items with huge demand in China. Qualcomm ($QCOM) in particular has had a majority of its revenue come from China for years.  Further down the list were lots of other names you’d expect to see here, in...