Calcbench

Mounjaro Sales Q2-26 $9.94B Zepbound SALES Q2-26 $4.93B All other SALES Q2-26 $6.98B Eli Lilly & Co. filed its Q2 earnings this morning . That gives us an excellent excuse to crack open the Calcbench databases and dine on Lilly’s disclosures about its blockbuster weight-loss drugs Zepbound and Mounjaro. As we’ve noted before in these pages, pharmaceutical firms disclose the sales of their individual blockbuster drugs. So we opened our Segments, Rollforwards & Breakouts page , called up Lilly’s ($LLY) quarterly revenues for Zepbound and Mounjaro, and then compared the sales of those two drugs against all Lilly’s other products.  The result is Figure 1, below. As you can see, Lilly’s two GLP-1 weight loss drugs went from 26.5 percent of total sales at the start of 2024 ($2.32 billion against $8.77 billion) to two-thirds of total sales today ($14.9 billion of $23 billion).  Figure 2, below, takes all that information and reframes it in dollar amounts. Again, the tale is...

Retail giant Walmart ($WMT) filed its Q4 and full-year 2025 results today, leading off with a 4.7 percent increase in annual net sales and a 10.5 percent jump in consolidated net income.  Walmart being a large, sophisticated business, however, the company also reports a host of lower-profile disclosures too. Today we want to spotlight some of those items, how analysts can find them, and what information they might give you as you ponder Walmart’s results. For example, one useful metric for retailers is the ratio of inventory to net sales. If that number is rising, it means goods are piling up on the shelves while consumers stay away ; a state of affairs that often leads retailers to slash prices so they can clear the shelves for next season’s goods.  We used our Multi-Company page to pull up Walmart’s inventory and net sales numbers for fiscal years 2020-2026; and within a few moments had Figure 1, below. As you can see, that ratio bulged upward in 2022 and 2023. Inflation s...

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...

Disney Corp. ($DIS) released its latest quarterly earnings on Monda y, and we get to those numbers momentarily; but the real news came on Tuesday, when Disney announced a successor to legendary and long-time CEO Robert Iger : Josh D’Amaro, who has been running Disney’s theme parks and cruise lines division since 2020. If you’ve been a close follower of Disney’s financial data, however, D’Amaro’s promotion to the top office isn’t really a surprise. Disney reports three principal operating segments:  Entertainment, which includes Disney films, television, and streaming services such as Hulu and Disney+; Sports, which is ESPN and various other sports channels overseas; and Experiences, which are the Disney resorts and cruise lines. One might assume that Disney is primarily an entertainment business because these are the folks who, ya know, invented Mickey Mouse and made zillions of dollars from the Avengers movies. But Disney reports revenue and operating profit for each of the three ...

We interrupt our recent string of posts about AI infrastructure costs to go back to tariffs and trade war pressures — because those are still a thing, as evidenced by today’s earnings release from liquor maker Brown Forman Corp . ($BF). The headline is that revenue for the company’s most recent quarter (its fiscal Q2 2026, ending on Oct. 31) declined 5 percent from the year-ago period to $1.04 billion. Operating income dropped 10 percent to $305 million, and EPS was down 14 percent to $0.47 percent Dig beneath the surface, however, and we quickly find that tariffs are driving a significant portion of those declines.  First is this narrative disclosure in the earnings release: In a challenging economic environment, net sales in the Developed International markets declined 4% (-6% organic), though improved sequentially. The decline was driven by the absence of American-made beverage alcohol from retail shelves in most of the Canadian provinces and lower volumes of Jack Daniel’s Tenn...

Whiskey maker Brown Forman filed its latest quarterly earnings last week, and for analysts trying to understand how tariffs are affecting corporate performance, this is a great example. First, the overall picture for Brown Forman ($BF) wasn’t great. Sales, gross profit, operating income, and net income were all down from the year-earlier period, resulting in a 12.8 percent decline in EPS. That alone is enough to make investors pour a stiff shot of Brown Forman’s flagship product, Jack Daniels. Tucked in the guts of Brown Forman’s earnings release , however, was even more grim news. The company also provided a breakdown of growth in net sales by geographic operating segment — and reported a 62 percent decline in sales from Canada. See Figure 1, below. Why did that drop happen? Brown Forman never expressly mentioned tariffs as the cause, but it did say this about sales growth in its “Developed International” geographic segment:  Net sales in the Developed International markets dec...