Calcbench

That’s it, folks — we now call time on our Q2 earnings updates! With more than 3,600 non-financial companies in our sample, we have reams of financial disclosures to review and ponder, so let’s get to it.  As usual, we start with a snapshot of results compared to the year-ago period. Figure 1, below, shows revenue up 16 percent, operating income up 35 percent, cash up 14.9 percent, and net income up a whopping 62.8 percent. Except, as we’ve said all earnings season long, that net income growth number is somewhat deceptive, because it’s driven by a small number of tech giants reporting staggering amounts of net income growth. First was 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. That one-time item alone (not even including the rest of Google’s net income!) accounts for 13 percent of all net income among the 3,600 companies we...

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.  T...

We are now nearing the end of Q2 earnings season, with data from more than 3,000 non-financial companies in our sample group. At this point the overall picture isn’t likely to change much, and it really hasn’t changed much since last week either: this has been a good quarter for Corporate America. As you can see in Figure 1, below, revenue, operating income, EBIT, and net income are all up from the year-ago period by double digits. Cost of revenue and operating expenses are up by double digits too, but neither one is exceeding revenue growth, so companies are keeping their financial noses above water. Can’t complain about any of that.  We did want to call out that impressive-looking net income number, up 65.9 percent from Q2 2025. A jump like that might seem super-cool at first glance, but remember: a significant part of it comes from one-time gains that a handful of companies are reporting, rather than booming growth in core operations. We first noted that issue several weeks ago...

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 get...

YoY Revenue Increase 14.8% YoY Op Inc. Increase 26.9% Net inc. Increase 66.8% We now have roughly 800 firms in our Q2 Earnings Tracker! A vast range of non-financial companies announced second-quarter earnings this week, so we have a much better sense of where corporate performance is and how it compares to one year ago. Overall, the numbers still look respectable.  As you can see in Figure 1, below, revenue is up 14.8 percent from the year-ago period, a marginal improvement from the 13.6 percent from last week’s earnings update (with, admittedly, far fewer companies in our sample). Operating income is up 10.3 percent, and net income up 66.8 percent. About that net income number, however. As we unpacked in last week’s earnings post, a huge portion of that year-over-year increase (currently at 66.8 percent) is solely due to Google Alphabet ($GOOG) and its one-time $98 billion gain from recognizing the SpaceX ($SPCX) shares that Google has owned since 2015. Strip that $98 billion o...

Everyone probably knew well ahead of major U.S. airlines filing their Q2 earnings that fuel costs would be bad — but wow, did anyone expect it would be this bad?  All six U.S. majors have now filed their Q2 earnings reports. ( Jetblue was the last, filing earlier this week .) As we’ve noted many times before, all six disclose their total fuel costs and average price per gallon of fuel every quarter. Calcbench tracks all this, which allows us to chart the airlines’ price of fuel over time.  Figure 1, below, shows the average price per gallon for all six airlines. Brace for impact. What verb can one even use to describe the increase in costs for Q2, the first quarter that fully captures the higher costs driven by the U.S. war against Iran? Soar? Spike? Pop? Rocket?  We previously wrote about jet fuel costs in early July , when Delta Air Lines ($DAL) was the first airline to report Q2 earnings. At the time, we did some trigonometry to ca...