This week is a huge one for first-quarter earnings reports, and Calcbench will be with you every step of the way to parse the filings and find interesting morsels of disclosure to discuss.

First up: Coca-Cola ($KO) and Pepsico ($PEP). Both companies have filed their Q1 earnings reports, and we wanted to do a quick soda-to-soda comparison between the two.

For example, using our Multi-Company Page, you can benchmark the two companies on standard GAAP disclosures such as revenue and operating income, and also on non-GAAP disclosures such as adjusted net income and adjusted EPS. See Figure 1, below.

Calcbench tracks a host of non-GAAP disclosures, and on the Multi-Company page you can compare those disclosures across a host of companies. Not every company will use every non-GAAP metric we track, but we do follow EBITDA, free cash flow, and many more. Simply start typing “non-GAAP” in the standardized metrics field, find the metric of your choice, and see which companies are reporting what.

You can also track historical trends in non-GAAP disclosures that a company makes. For example, we cracked open the earnings release for Coca-Cola, and noticed right at the top that organic revenues (a non-GAAP disclosure) grew 12 percent compared to first-quarter 2022.

By mousing over that specific 12 percent number, we could then “see tag history” — which is a fancy way of saying we could see how Coca-Cola reported that same item in prior filings. Organic growth was 18 percent in Q1 2022 and 6 percent in Q1 2021. Dump those numbers into an Excel spreadsheet, and with a few keystrokes you can cook up a chart like Figure 2, below.

We then did the same for Pepsico’s earnings release. Organic growth at Pepsi rose 14.3 percent in Q1 23 versus 13.7 percent in Q1 2022, with less fizzy performance in the years before that. Again, we built a simple table in Excel and ended up with the chart below, Figure 3.

You could keep playing with the numbers from there, honing your analysis to ever more precise conclusions. For example, you could compare operating or geographic segments; or expand your analysis to include other peer companies, such as Snapple Dr. Pepper.

Some pointers to remember:

  • Choose your peer group carefully. That was true when your mom warned you about your peers in middle school, and it’s true in financial analysis too. Calcbench has several ways to let you find the peer group that’s right for you.
  • Any number you see that’s hyper-linked, you can hold your mouse cursor over it to get the tag history. That gives you the historical data you want, and most times you can export that tag history as an Excel spreadsheet
  • Excel can be your friend! Just use our Excel Add-In to help export the company data you want into whatever model you’ve whipped up on your PC.

That’s all for today. We’ll have more posts about the wide world of Q1 disclosures throughout the week.

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