Calcbench

Cruise and hospitality giant Carnival Corp. ($CCL) delivered a solid earnings report last week , which gives us another opportunity to talk about one of our favorite financial analysis topics here at Calcbench: non-GAAP disclosures! Carnival discloses several non-GAAP metrics to help analysts understand the company’s operations. Most important are: Passenger cruise days , or “PCDs,” which is the number of cruise passengers on a voyage multiplied by the number of revenue-producing ship operating days for that voyage. PCDs are typically expressed as a number in the millions. Available lower-berth days , or “ALBDs.” This is a standard metric in the cruise industry to measure total possible capacity in a period, and is also measured in millions. Occupancy rate , which is calculated by dividing PCDs into ALBDs. Occupancy rates can be higher than 100 percent in the cruise business because ALBDs assume two berths per cabin, but in practice some cabins have more than two passengers (say, a fam...

Today we continue our look at trends in non-GAAP reporting, based on the findings of our annual analysis of non-GAAP adjustments to net income among S&P 500 firms.  Our previous post recapped the report’s biggest findings for 2025 earnings — most notably, that adjusted net income was almost universally higher than traditional GAAP net income, but the “spread” for 2025 was lower than that for 2024. Average dollar value for each non-GAAP adjustment was also lower in 2025 than the prior year, too. Now let’s look at non-GAAP from different perspective: Which firms made the largest adjustments to net income, and for what reasons?  First, some background. Calcbench (and our invaluable partner Suffolk University) identified 2,320 adjustments to net income items among the S&P 500 for their 2025 earnings. Those adjustments totaled $271.09 billion.  We then classified each of the 2,320 adjustments into one of 11 categories: Every company adjusted net income in its own way, ...

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 ...

Third-quarter earnings season took flight this morning with a stellar report from Delta Air Lines ($DAL), which lately has been the first big filer to publish earnings after quarter-close. Delta officially filed its Q3 report at 6:31 a.m. , and of course Calcbench had indexed all the disclosures pretty much immediately.  We can start with the top line numbers on the income statement, which all looked good. Revenue was $16.67 billion, up 6.35 percent from the year-ago period. Operating expenses were up only 4.96 percent, pretax income was up 13.8 percent, and net income popped 11.4 percent. See Figure 1, taken from our Company-in-Detail page .  Cool stuff, but we love airline earnings releases for all the non-GAAP metrics they also report — and which Calcbench captures and indexes too. Most notably, airlines report total revenue per available seat mile (TRASM) and cost per available seat mile (CASM) to keep investors informed about how efficiently the business is getting payin...