Calcbench

The earnings data for first-quarter 2025 continues to gush into Calcbench, so we wanted to give an overall update on earnings as determined by the famed Calcbench Earnings Tracker.  The bottom line: across a wide swath of Corporate America, the first quarter went pretty well.  Figure 1, below, tells the tale. It tracks the earnings data of more than 2,000 non-financial companies, comparing Q1 2025 numbers to the year-earlier period. Net income, revenue, operating cash flow, capital expenditures, and cash were all up. One point that does give pause is cost of revenue; it’s up 3.3 percent compared to one year ago, which isn’t that far behind revenue, up 3.9 percent. If tariffs or other pressures push cost of revenue up even further, that could drive companies to raise prices on their finished goods (to protect profit margins) and re-ignite inflation. Watch that one. Also note that 16.9 percent jump in net income. It might sound like a healthy jump, but beware! Roughly $26 billio...

The six major U.S. airlines have all filed their first-quarter 2025 quarterly reports, so Calcbench figured now is a good time to compare their overall performance using our trusty airlines earnings template. Regular readers of this blog know that Calcbench offers earnings templates for several industries, which capture earnings data automatically as companies file their reports with the Securities and Exchange Commission. You do need to be a Calcbench premium subscriber and have our Excel Add-in installed for the templates to run — and after that, the template runs on autopilot. For the airlines, our template captures several useful non-GAAP metrics: RASM, or revenue per available seat mile (sometimes with a “T” in front for “total” revenue) CASM, or cost per available seat mile; Load factor, which is the percentage of seats filled by passengers; Fuel costs, and average cost per gallon. Figure 1, below, shows what you can do with that analysis. It charts RASM in the top portion, measu...

Pop quiz for all you DoorDash ($DASH) users — roughly how much is your average DoorDash order?  The Calcbench prediction: somewhere around $31. Are we right?  We arrived at that conclusion after some quick analysis of DoorDash’s latest earnings report , filed on Tuesday morning. Along with all the usual financial numbers, the delivery giant also reports two notable non-GAAP metrics. One is the total number of orders in the period, and the other is “marketplace GOV” — the total dollar value of all orders completed, including taxes, tips, and applicable fees. (“GOV” stands for “gross order value.”) So if you divide that number of total orders into marketplace GOV, you can calculate an average dollar value per order.  Well, we did that math. It gave us a surprising insight into the DoorDash story. First let’s look at the raw numbers. We started by pulling up DoorDash’s Q1 2025 earnings release to find this period’s total orders (732 million) and marketplace GOV ($23.1 billi...

OshKosh Corp ., maker of specialty trucks, vehicles, airport equipment, and the like, filed its first-quarter 2025 earnings release last week . The company offers an interesting example of how to dig out segment-level data for financial analysis, so let’s take a look. First are the overall numbers for OshKosh ($OSK), which weren’t great. Revenue for the quarter was $2.3 billion, down 9.1 percent from the year-earlier period. Meanwhile operating expenses rose 6.7 percent, primarily due to a jump in sales, general & administrative costs. That and other various items resulted in net income at $112.2 million, down 37.5 percent. Then we dug further into OshKosh’s operating segments, because that’s what senior management talked about in its earnings release: An Access segment , which manufactures “ mobile aerial work platforms and telehandlers” which “position workers and materials at elevated heights.”  A Vocational segment, which makes trucks, cranes, command cars, and other heavy...

Fast food giant McDonalds filed underwhelming first-quarter 2025 earnings this morning, with same-store sales in the United States down 3.6 percent compared to the year-ago period — the worst performance for that particular metric since summer 2020 at the height of the pandemic. That got us wondering how McDonalds’ recent results compared to a few other fast-food rivals. We dug into the data, and belt-tightening among North America or U.S. consumers seems to be in vogue right now. Figure 1, below, shows the change in quarterly same-store sales for McDonalds ($MCD), Chipotle Mexican Grille ($CMG), and Starbucks ($SBUX).  First, a few caveats so everyone understands exactly what the data above captures. For McDonalds, the changes are in U.S. stores only. For Chipotle it is all stores, but nearly all Chipotle locations are in the United States and overseas locations are essentially immaterial. For Starbucks it is North America stores, which is primarily the United States and also...

Today we turn to yet another niche of the financial disclosures world: healthcare spending, since several large healthcare providers have filed quarterly earnings releases lately.  Specifically, HCA Healthcare ($HCA) and Centene Corp. ($CNC) both filed their first-quarter 2025 earnings releases on Friday morning; while Molina Healthcare ($MOH) filed its release yesterday.  Calcbench specifically wanted to study the revenues each firm has been receiving from Medicaid, the U.S. federal government’s health insurance program for low-income residents. All three firms report Medicaid spending as a distinct operating segment, so we charted out quarterly Medicaid revenues each one has reported since the start of 2022. See Figure 1, below.  Obviously Centene is the kingpin here, with more than double the Medicaid revenues of Molina and HCA combined. That said, Moline and HCA have both seen faster growth in Medicaid revenue (roughly 36 percent each) than Centene (9.8 percent) ov...

Three big defense contractors all filed their first-quarter 2025 earnings releases today, which gives us yet another opportunity to dive into the non-GAAP financial metrics that Calcbench tracks and which can provide rich color into your financial analysis. The defense contractors are Lockheed Martin ($LMT), Northrop Grumman ($NOC), and RTX Corp. ($RTX). All filed their first-quarter earnings releases within a few minutes of each other on Tuesday morning, crammed with interesting disclosures.  Calcbench wanted to focus specifically on order backlog. Why? Because (a) all three companies report order backlogs, although each one in its own unique way; (b) order backlog can be an important sign of a defense contractor’s long-term health; and (c) order backlog could also become an even more important sign in the future, as countries spar with the United States over tariffs and military alliances.  Anyway, we pulled up the order backlog disclosures for all three companies going ba...