Big tech stunned the world last week when Amazon ($AMZN) and Google ($GOOG) both filed 2025 earnings reports and also announced plans to spend astonishing amounts of money on data centers in 2026. 

Their big bets came shortly after Meta ($META) and Microsoft ($MSFT) filed their own quarterly reports at the end of January, which also included plans for somewhat smaller but still staggering amounts of money going to data centers this year. 

The only one not yet disclosing fresh numbers is Oracle ($ORCL), but they’re scheduled to file their next earnings release on March 9, and we’ve already written about Oracle’s data center ambitions — and obligations — in the recent past. 

So what does the biggest picture look like? Do the hyperscalers even have the cash to cover all these capex costs? We cracked open our Multi-Company page to take a look, tracking capex and operating cash flow by calendar quarter and then adding up those numbers by year, even though Microsoft and Oracle use non-Jan. 1 fiscal years. 

Figure 1, below, shows the combined operating cash flow versus net capex spending for all five companies mentioned above, 2020 through 2025; plus estimated capex for 2026 (as per the companies’ guidance for 2026 capex spending). 

Notice that the spread between capex (in blue) and operating cash flow (in red) has been getting progressively narrower year after year. What we don’t know is estimated operating cash flow for 2026. (The hyperscalers have generally offered guidance on operating income, but that’s not the same.)

We could try to model an estimated operating cash flow by looking at the rate of increase from 2020 numbers ($262.5 billion) through 2025 ($602.83 billion). That rate changed from year to year: up 12.1 percent in 2021, down 0.3 percent in 2022, then up 34.6 percent the following year. 

The average rate of change in operating cash flow across that whole six-year period was 18.7 percent. If we assume 2026 operating cash flow is 18.7 percent higher than 2025 numbers, that implies a value of $715.56 billion. Which would imply a Figure 2, below, that looks like this:

That estimated 2026 differential is a lot narrower. Will it come to pass? We’ll have to wait and see. 

Individual Hyperscalers

Different individual companies tell different stories. For example, here’s the chart for Amazon ($AMZN):

Capex got dangerously close to exceeding operating cash flow in 2025. Then again, capex did exceed operating cash flow in 2021 and 2022, and Amazon is still here (although its share price did go through a marked decline in 2022).

On the other hand, here’s the same chart for Oracle ($ORCL):

A very different story. Oracle had solid operating cash flow over capex until 2024, and then capex soared, and then it soared even more in 2025, and it will soar even further in 2026. Plus, Oracle is a very different business than Amazon, which has always had large capex demands for its e-commerce operations. This is Oracle’s first venture into being a capital-intensive business.

Next we have Google ($GOOG), at a much more orderly progression:

Ditto for Microsoft ($MSFT):

And finally Meta ($META), or Facebook for the old-school purists:

Interesting that Meta also saw compression between operating cash flow and capex spending in 2025. It saw similar compression in 2022 — which, like Amazon, also coincided with a drop in share price over the year. 

The next question for financial analysts is how the hyperscalers will afford all this capex spending in 2026. They could squeeze cash flow even further, but they could also tap the debt markets. That’s what Oracle and Google have both done recently.

Can analysts track the debt that the hyperscalers are shouldering and then model the pressure those interest payments will add to net income, to better understand whether these AI bets are likely to pay off?

Yes, Calcbench lets you do that too. That will be in a future post.

Another week in earnings season, another update from the famed Calcbench Earnings Tracker. Last week we saw hundreds more companies report Q4 and full-year 2025 earnings, and we now have year-over-year data on roughly 700 non-financial firms. Let’s see what tale they tell. 

Figure 1, below, is this week’s snapshot. Net income is up 12.1 percent from the year-ago period, operating income up 21.2 percent, and revenue up 8.2 percent.

Interestingly, cost of revenue is up 14.1 percent. That’s a lot, although it’s down from the 18.3 percent year-over-year gain in last week’s earnings analysis. Since high cost of revenue can indicate higher prices for customers (read: price inflation) down the road, we’ll need to watch that line item closely as more firms file earnings and we get a sense of the bigger picture. Within two weeks we should have a much better view into what’s going on.

On the other hand, operating expenses are up only 5.9 percent, and SG&A expenses up 7.1 percent. Both of those numbers are below revenue increases, which is good. (As for capex spending, we’re devoting a whole separate post to that because the tech giants’ spending on data centers is so off-the-charts nuts it skews the picture for everyone else.) 

Figure 2, below, shows the data again in table format.

Calcbench tracks these earnings using our Earnings Tracker template, which pulls in financial disclosures as companies file their latest earnings releases with the Securities and Exchange Commission. The Earnings Tracker provides an up-to-the minute snapshot of financial performance compared to the year-earlier period.

If Calcbench subscribers wish to get their hands on the template we use for this analysis, so you can conduct your own experiments at home, use this link to the file. 

Please note that it will only work with an active Calcbench subscription. If you need an active subscription (and who doesn’t, really, when swift access to real-time data is so important?), contact us at us@calcbench.com.

That’s all for this week. Come back next Friday for more!

Disney Corp. ($DIS) released its latest quarterly earnings on Monday, 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.

Another week in earnings season, another update from the famed Calcbench Earnings Tracker. We now have Q4 earnings data from more than 320 non-financial firms — and so far, those firms are reporting impressive net income growth from the year-ago period.

Figure 1, below, is this week’s snapshot. Net income is up 15.1 percent from one year ago, revenue is up 6 percent, and cash from operations is up 25.1 percent. All numbers moving in the direction Wall Street wants to see.

If you want to worry about anything, you could fret over cost of revenue, operating expenses, and SG&A expenses — all of which are currently rising faster than overall revenue, which implies that companies will start to feel inflationary pressures sometime soon. Then again, we still have a relatively small number of companies in our sample size, and the picture could look quite different in another four weeks or so, when we’ll have nearly 10 times as many earnings releases to digest. 

Figure 2, below, shows the data again in table format.

Calcbench tracks these earnings using our Earnings Tracker template, which pulls in financial disclosures as companies file their latest earnings releases with the Securities and Exchange Commission. The Earnings Tracker provides an up-to-the minute snapshot of financial performance compared to the year-earlier period.

If Calcbench subscribers wish to get their hands on the template we use for this analysis, so you can conduct your own experiments at home, use this link to the file. 

Please note that it will only work with an active Calcbench subscription. If you need an active subscription (and who doesn’t, really, when swift access to real-time data is so important?), contact us at us@calcbench.com.

That’s all for this week. Come back next Friday for more!

Some of you may have noticed that companies are disclosing more tax information lately, thanks to a new accounting rule that requires filers to break out taxes paid to federal, state, local, and even overseas tax authorities.

If tax analysis is your thing, fear not! Calcbench has an easy way to find all this information and we’ve even cooked up a template to track tax disclosures automatically.

These new disclosures arise from updates to tax accounting rules that the Financial Accounting Standards Board adopted in 2023, and which went into effect with annual 10-K filings that companies started to make this month. Previously, companies only disclosed a single number for “income tax provisions.” Now they must report individual amounts and percentages for a variety of taxes paid or tax credits claimed, and do so in a nice table format.

One of the first companies to report these new details was Netflix ($NFLX), with its annual report filed on Jan. 23. Figure 1, below, is the new table that you see when you go digging through Netflix’ tax footnote.

Here is another example from Facebook — er, Meta Platforms ($META) — from its 10-K filed on Thursday morning. See Figure 2, below.

You can find these tables and disclosures via the Calcbench Disclosures & Footnotes Query page. Just look up the 10-K filing of the company you’re researching, find the tax footnote from the disclosures pull-down menu on the left side of the screen, and the disclosures will be in there. You can also try searching for “ASU 2023-09” in the text, since that’s the accounting rule prompting these new disclosures.

And of course, since Calcbench is all about ease of finding data, we have a few other short-cuts you can use too.

Finding Tax Data Quickly

One way to find tax disclosures quickly is via our Multi-Company page. Once you configure the group of companies you want to study, you can enter “income taxes” in the search fields and the disclosures that companies have made (if any) will automatically appear. 

For example, we searched the S&P 500 for companies that have already filed their 2025 annual reports, and looked up the federal, state and local, and foreign taxes paid. Figure 3, below, shows some of the results.

As you can see, a large number of companies still haven’t filed 2025 reports yet so we don’t have much data — but it will come soon! As companies file, Calcbench automatically indexes and collates that information so it’s at your fingertips. (You can also export the data to Excel for further analysis on your own desktop.) 

Calcbench also created a template to capture these tax disclosures as companies file them. The data populates automatically, so you’re getting the most comprehensive information as fast as possible. All you need is (a) a Premium-level Calcbench subscription; and (b) the Calcbench Excel Add-In. (If you need help with either of those, drop us an email at us@calcbench.com.)

That’s all there is to it!

Welcome back to earnings season, everyone! The famed Calcbench Earnings Tracker has nearly 150 Q4 2025 earnings reports in the hopper — not a large number, but big enough for us to fire up the analysis engine running again.

At midday on Friday, Jan. 23, we were tracking data from 149 non-financial firms that have already filed their Q4 2025 reports. Collectively, that group reported net income 2 percent lower than what they reported one year ago, although operating income was up 23.1 percent and revenue was up 5.9 percent. 

Huh, wait a minute. If revenue is up a decent amount and operating income is up by more than 20 percent, but net income has declined, doesn’t that imply some big expense further down the income statement related to taxes or restructuring charges or something like that? 

Indeed it does, and indeed that has happened. See Figure 1, below. 

We have a huge spike in tax provisions (up 205.1 percent) and an impressive jump in restructuring costs, too (up 48.5 percent). 

That tax spike, however, is almost entirely due to a statistical quirk from one company, Abbott Labs ($ABT). Abbott received a $7.2 billion tax credit in the year-ago period, which declined to a $582 million credit in Q4. Technically that results in a $6.6 billion “increase” in tax provision for Abbott, which skews the number for the whole sample. If you exclude Abbott and its weirdness, tax payments actually fell by nearly 22 percent. 

To that end, we did recalculate everything with the tax column excluded. The result is Figure 2, below. 

Second, these early filers tend to be large companies, with more sturdy and robust financial fundamentals than smaller ones. The smaller folks won’t start to file until mid-February, and the big picture we start to see then might look very different from the glimpse portrayed by the biggest of filers now. 

Figure 3, below, shows the data again in table format.

Calcbench tracks these earnings using our Earnings Tracker template, which pulls in financial disclosures as companies file their latest earnings releases with the Securities and Exchange Commission. The Earnings Tracker provides an up-to-the minute snapshot of financial performance compared to the year-earlier period.

If Calcbench subscribers wish to get their hands on the template we use for this analysis, so you can conduct your own experiments at home, use this link to the file. 

Please note that it will only work with an active Calcbench subscription. If you need an active subscription (and who doesn’t, really, when swift access to real-time data is so important?), contact us at us@calcbench.com.

That’s all for this week. Come back next Friday for more!

Companies are now filing Q4 and full-year earnings reports fast and furious, and some number of financial analysts out there will want to know what companies are saying about tariff-related charges. 

All the big Wall Street banks have reported their fourth-quarter and year-end earnings now, and as we noted in our prior post, the banks report numerous specific lines of revenue.

Earnings season kicked off again on Tuesday, with Q4 and full-year 2025 earnings numbers from Delta Air Lines ($DAL) and JPMorgan Chase ($JPM), plus a scattered few others. Today let’s start with JPMorgan and a look at its many lines of revenue. 

One can find those many lines of revenue from our Company-in-Detail page, which captures and displays those numbers if a company reports them. (Not all companies do.) Figure 1, below, is simply a quick look at JPMorgan’s income statement, filed at 6:41 a.m. today.

You’ll notice that we highlighted one particular line, “principal transactions.” Broadly speaking, principal transactions are those where the bank itself (the principal) commits its own capital to a deal. They have a clear, direct effect on the bank’s overall profitability, since the money going into the deal would otherwise fall straight to the bottom line.

Principal transactions can fluctuate substantially from one quarter to the next. See Figure 2, below; pulled together by using our See Tag History feature. 

On the other hand, you can also look at JPMorgan’s principal transactions line on an annualized basis, where things are plodding upward at a more stable pace. See Figure 3, below. 

We could just have easily analyzed other JPMorgan revenue lines, such as asset management fees, investment banking fees, or credit card fees. Our point is only to show that this data is readily available. It took us only three minutes to compile Figures 2 and 3, that was without an automated Excel template that could collapse the whole exercise to a few seconds. 

Delta Air Lines

Delta is the other early flight for quarterly earnings, and has been on an impressive string for a while. (See our post on Delta’s Q3 earnings from three months ago to understand what we mean.) Delta filed its Q4 and year-end statement at 6:31 a.m. today, and as usual the Calcbench databases were all over it.

We always love dissecting airline earnings because they’re full of non-GAAP disclosures. Foremost, airlines disclose total revenue per available seat mile (TRASM) and cost per available seat mile (CASM). 

We track TRASM and CASM on a regular basis. Figure 4, below, shows both metrics for Delta for the last five years. 

For Calcbench subscribers who are diehard airline analysts, we also have our Airlines Earnings Template. The template is a spreadsheet available on DropBox that tracks numerous disclosures in the airline sector, including:

• TRASM

• CASM

• Load factor, or the percentage of seating capacity filled by customers

• Fuel consumed

• Average fuel cost per gallon

• Percentage of revenue coming from passengers

• EPS

The template populates automatically with the latest data as airlines file their numbers; we should have Q4 data from all the big players by the end of the month. The template only works if you are (a) a Calcbench professional-level subscriber; and (b) have installed our Excel Add-in — but once you do that, you’ll have all the latest data at your fingertips. (If you need help with any of that, contact us at us@calcbench.com.)

And that’s only on the first day of earnings season! Much more to come.

Last week President Trump declared that U.S. defense contractors had to stop spending money on dividends and share buyback programs so that the companies could redirect that money to expanding the country’s defense base.

Calcbench takes no view on the political or legal practicalities of such a move, but it did make us wonder — how much money are we talking about here, anyway? 

Thanks to our Bulk Data Query and Multi-Company pages, we quickly found the answer. Let’s start with six major defense contractors in the United States:

• RTX Corp. ($RTX)

• Lockheed Martin ($LMT)

• Northrop Grumman ($NOC)

• Huntington Ingalls ($HII)

• Leidos ($LDOS)

• General Dynamics ($GD)

Using our Multi-Company page, we quickly found the amounts that each firm spent on capital expenditures, dividends, and share repurchases in 2024. See Figure 1, below.

The amounts vary widely, depending on each firm’s overall size. Perhaps more important for financial analysis is to look at the relative spending among the three categories by each firm. 

For example, Huntington Ingalls (shipbuilder) didn’t spend much on capex, but it spent even less on dividends and share repurchases. So while redirecting dividend and repurchasing money to capex would be a significant shift, it wouldn’t necessarily be a huge shift. 

Contrast that to Lockheed Martin’s position. The company is more than six times larger than Huntington in terms of revenue ($11.5 billion versus $71 billion) and spends far more on capex — but it spends even larger sums on dividends and on share repurchases. If Lockheed redirects all that money into capex, that is a huge shift in spending.

Then we used our Bulk Data Query page to examine Lockheed Martin specifically, to see how its spending fluctuated over time. See Figure 2, below. (This time we added free cash flow too, just because we could.)

As you can see, capex and dividend spending held quite steady over the last five years. Repurchase spending fluctuated substantially, although that’s not surprising when you think about it. Companies wanted to protect cash during the pandemic, and stock prices were rising briskly in those same years; then the markets tanked in 2022, which was a good time for confident companies to repurchase shares on the cheap.

Anyway, Figure 2 gives us a sense of how Lockheed’s free cash flow and spending have evolved over time, which lets you ponder how those same things might continue to change if Lockheed does indeed stop spending on dividends and repurchases.

Will Lockheed (or any other defense contractor, for that matter) actually shift all its dividend and share repurchase funds into capital investments, personnel, and other costs to accelerate weapons delivery? We have no idea. The president’s executive order isn’t clear on specifics, such as whether a company must redirect all those monies or just some; or redirect all the money right away versus following some sliding schedule over time. What about a company using those monies to acquire other businesses instead; does that count?  

Analysts will have to wait and see — but Calcbench does have the data to let you model out various scenarios and their consequences, so you won’t be caught by surprise as those specifics become more clear.

Our primary mission at Calcbench is to help financial analysts understand the information in corporate financial disclosures. Today we have an example of how that works in practice courtesy of disclosures just filed by publishing company Daily Journal Corp. 

Cash is king, they like to say in investment analysis. So during this slow holiday week, as we all wait for 2025 financial reports to start arriving in mid-January, the crack Calcbench data team decided to kill some time by looking at trends in cash for the S&P 500 versus everyone else.

This week the U.S. government released its latest inflation figures, and while the headline was that inflation overall decelerated to 2.7 percent, the sub-category of food eaten outside the home — that is, food eaten at restaurants — popped upward by 3.7 percent. 

As fate would have it, Darden Restaurants ($DRI) just reported its latest earnings release too — complete with an estimation of inflation for the coming year! So let’s see what Darden disclosed and what other clues about dining out costs one might be able to find by poking around restaurants’ disclosures.

First, Darden’s estimate. The company provided a forward-looking estimate of 3.5 percent inflation for its fiscal 2026 (which is already half over) among various other outlook numbers. See Figure 1, below.

Notice that the 3.5 percent number is tagged; so using our ‘See Tag History’ feature, we pulled up Darden’s prior estimates for annual inflation going back to 2018. See Figure 2, below.

Those numbers kinda sorta align with actual inflation in the United States, although a direct comparison is tricky because U.S. inflation statistics are published on the calendar year and Darden’s fiscal years start on July 1 of the prior year. 

So inflation in the United States in 2022 was 6.5 percent overall, and 8.3 percent for food away from home. But Darden’s fiscal 2023 includes the latter half of 2022 (when monthly inflation was peaking) and the first half of 2023 — when inflation was starting to decline, before a swifter fall in latter 2023 and an overall number of 3.4 percent by year’s end. So evaluating the accuracy of Darden’s fiscal 2023 estimate in Figure 1 isn’t easy.

Other Inflation Disclosures

After that inflation morsel from Darden, our appetite for information increased: What are other restaurant companies saying about inflation? 

The good news is that other restaurants do offer disclosures about inflation, and you can find them easily. The bad news is that most of those disclosures aren’t tagged (they aren’t required to be under federal securities rules) so comparing estimates across companies isn’t easy.

For example, Texas Roadhouse ($TXRH) offered this disclosure in its latest earnings release about inflation driving up costs in the quarter:

Restaurant margin dollars increased 1.1 percent to $204.3 million from $202.1 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 168 basis points to 14.3 percent as commodity inflation of 7.9 percent and wage and other labor inflation of 3.9 percent were partially offset by higher sales…

Wendy’s ($WEN), on the other hand, only said in passing that its margins in the United States were squeezed “primarily due to commodity inflation, a decline in traffic, and labor rate inflation, partially offset by an increase in average check and labor efficiencies.” No numbers provided.

Chipotle Mexican Grille ($CMG) said labor costs in Q3  2025 “were 25.2% of total revenue, an increase from 24.9% in the third quarter of 2024. The increase was primarily due to lower sales volumes and wage inflation, partially offset by the benefit from menu price increases in 2024.” We can deduce that labor costs were therefore $756.8 million, which is 25.2 percent of $3.003 billion in reported revenue; compared to $695.6 million in the year-earlier period (24.9 percent of $2.79 billion in Q3-24 revenue) — but we can’t assume that wage inflation accounted for all of that year-over-year increase.

McDonald’s ($MCD) offered no informative disclosures about inflation at all.  

Today we continue our dive into Remaining Performance Obligation (RPO) disclosures, since corporations will start making a lot of those disclosures in January when year-end 2025 reports start arriving. Analysts can compare revenue and RPO disclosures in lots of ways to help you understand how well a company is converting expected future revenue into booked revenue.

Earlier this week we had a post on Revenue Performance Obligations  (RPO), which is the value of contracted revenue that a company expects to deliver in future periods based upon existing customer agreements. For example, if a company has contracts with customers totaling $100 million, and those customers have already paid $30 million of that amount, then the company’s RPO is $70 million.

By now financial analysts everywhere have heard the theory that Corporate America’s performance as a whole these days is being pulled along by the stellar performance of a tiny number of tech giants known as the “Mag 7” plus Oracle. 

Revenue Performance Obligations (RPO) represent the value of contracted revenue that a company has committed to deliver in future periods under existing customer agreements. RPO includes both short-term and long-term contractual commitments and reflects the remaining value of signed arrangements that have not yet been recognized as revenue. It provides a measure of future revenue that is already contractually secured.

Across the S&P 500 companies included in this review, 151 firms reported RPO in both Q3 2025 and Q3 2024, and the median year-over-year change among those firms was an increase of 11.6%.

One challenge with RPO disclosures is that companies place this information in widely varied locations within their filings — making it difficult for investors or analysts to retrieve consistently without a structured database. For example:

 - Boeing includes RPO inside a paragraph titled “Backlog” within its segment and revenue disclosure.

 - Microsoft reports it in Note 11 – Unearned Revenue.

 - Adobe presents it within the Revenue footnote.

 - RTX labels it directly as an RPO disclosure.

 - Oracle includes it in the Accounting Policies section.

Calcbench standardizes the capture of this information so users can retrieve it regardless of where it appears in the filing.

Top 20 RPO Increases

Top 20 RPO Decreases

Here are some of the data in chart form.  

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 Tennessee Whiskey in Germany and the United Kingdom. The decline was partially offset by the positive effect of foreign exchange, new agency brands in Japan, and the benefit from transition to owned distribution in Italy.

“Developed International” is a geographic segment Brown Forman defines as Canada, Australia, United Kingdom, France, and Germany, plus assorted smaller markets grouped into an “Other” designation. As you can see from the above disclosure, sales for this segment declined by 4 percent in the most recent quarter.

OK, but how much is that in dollar terms? Brown Forman’s earnings release doesn’t disclose that number, but the company does disclose geographic segments in its full 10-Qs — so with some elementary sleuthing and Calcbench tools, we can figure it out.

First we opened the Segments and Breakouts page to search for Brown Forman’s geographic segment disclosures in its fiscal Q1 2026 quarter, which ended on July 31. As you can see in Figure 1, below, the company had $257 million in sales for the Developed International segment.

Second step: we ran the same search for the Developed International segment for Q2 2025, one year ago. That number was $289 million — and since this quarter’s numbers declined by 4 percent from one year ago, that means Q2 2026 sales for the Developed International segment must be $277.4 million (which is 4 percent less than the $289 million from one year ago). 

Presumably this will be proved true when Brown Forman files its full 10-Q in coming weeks. Our point is simply that even without the 10-Q, you can piece together a rich disclosure picture by pulling together data from the earnings release and prior 10-Q disclosures. You just need the right tools. (Read: Calcbench.) See Figure 2, below.

O Canada Segment

We were also curious about Canada sales specifically. Canadian liquor stores removed Brown Forman brands from their shelves earlier this year in retaliation for Trump Administration tariffs on Canadian goods. (Most liquor outlets in Canada are run by the provincial governments, so yes they can do this.) 

The bad news is that Brown Forman doesn’t report sales numbers for specific countries. It does, however, report sales growth or declines for specific countries. The declines for Canada are so steep they’ll blow your teque off. See Figure 3, below.

That’s a 62 percent decline in Canada sales in the six months of April through October 2025. Ouch. 

We know that Brown Forman’s total revenue for the first six months was $1.96 billion (that’s from the earnings release); and the Developed International segment accounted for roughly $566.4 million in that same period, which is 29 percent of total revenue.

Alas, we can’t tell how much Canada itself contributes to total revenue, which is a shame, because Canada’s trade retaliations could well be the factor that is pushing Brown Forman’s growth into decline. 

That’s a wrap on Q3 earnings season, folks. This week we received earnings data from Nvidia ($NVDA) and Walmart ($WMT), the last big filers to grace the markets with performance data. So with roughly 3,700 non-financial companies now compiled into the famed Calcbench Earnings Tracker, let’s take one last look at Q3 2025.

Overall, it was respectable stuff. 

Figure 1, below, is our standard snapshot of earnings performance. Net income is up 16.1 percent from the year-ago period, operating income up 8.1 percent, revenue up 6.8 percent. Even cash, which had been slightly down from the year-ago period for most of this season, finally turned positive and was up 0.7 percent.

The patterns above are largely what we’ve seen for several weeks now. There are still plenty of idiosyncrasies within individual companies, even apparent all-stars like Nvidia — which had great top-line numbers, but raised eyebrows once analysts dug into its inventory and accounts receivable numbers. So as always, dig into the segment-level and footnote disclosures to understand what’s really going on!

Meanwhile, Figure 2, below, shows all the latest numbers in table format. 

Calcbench tracks these earnings using our Earnings Tracker template, which pulls in financial disclosures as companies file their latest earnings releases with the Securities and Exchange Commission. The Earnings Tracker provides an up-to-the minute snapshot of financial performance compared to the year-earlier period.

If Calcbench subscribers wish to get their hands on the template we use for this analysis, so you can conduct your own experiments at home, use this link to the file. 

Please note that it will only work with an active Calcbench subscription. If you need an active subscription (and who doesn’t, really, when swift access to real-time data is so important?), contact us at us@calcbench.com.

So that’s a wrap on Q3. Now we can all coast through the holidays and then get ready for Q4 earnings in six weeks!

Walmart filed its latest quarterly earnings release today, so of course we took a peek to see how the world’s largest retailer and economic bellwether performed.