Many businesses will offer some thoughts about the war in their earnings releases, calls with analysts, and quarterly reports; but those aren’t the only sources of information that exist. Today let’s do a quick review of other disclosures companies might make, and how you can find them on Calcbench.

For example, one often-overlooked disclosure is a company’s list of subsidiaries. If a company you follow has extensive operations in the Middle East, that could mean those facilities are vulnerable to attack, which in turn might have substantial implications for a company’s operations, earnings, and assets on the balance sheet.

You can find subsidiary information via our Disclosures & Footnotes Query page. Just define the company or companies you want to research and then choose “subsidiaries” from the drop-down list of disclosures that Calcbench tracks. (It’s on the left side of your screen.) Then enter “UAE,” “Saudi Arabia,” “Israel,” “Middle East” or some other relevant term in the text search field (also on the left side of your screen) and you can see which companies have subsidiaries operating in the region.

We did a quick search of S&P 500 companies that listed “UAE” subsidiaries in their 2025 annual reports. We found 15, including Emerson Electric ($EMR), Quest Diagnostics ($DGX), and ServiceNow ($NOW). See Figure 1, below, as an example of the results.

OK, cool cool, but those disclosures only tell you that the company has a subsidiary in the war zone. It doesn’t (usually) tell you how large and significant that subsidiary is. 

To answer that question, you can try using our Segments, Rollforwards, and Breakouts page to see whether a company lists specific assets or operations in the Middle East. We searched the S&P 500 by geographic operating segment, filtering to look for Saudi Arabia. Within a few moments we found one result: Air Products & Chemicals ($ADP), which reported $6.9 billion in Property, Plant & Equipment (“PPE”) in Saudi Arabia. 

If you follow Air Products, and you’re wondering whether the company has assets in theater that might get blown up by Iranian missiles or drones — OK, now you have an answer to that question.

The drawback is that disclosures by geographic operating segment are imprecise. Dozens of S&P 500 companies do make PPE disclosures that include the Middle East — but those numbers are rolled into larger EMEA geographic segments that also include PPE from Europe and Africa. 

For example, Stryker Corp. ($SYK) reported $1.56 billion in PPE for the EMEA region last year, while Merck & Co. ($MRK) reported $8.85 billion; but what portion of those amounts are in the Middle East versus Europe or Africa? We can’t tell.

(You can, however, search for specific country names to see whether a company discloses assets there. For example, Nvidia ($NVDA) reports $1.47 billion in PPE in Israel; Albemarle ($ABL) reports $327.4 million worth of assets in Jordan.)

Insight From Tax Disclosures

You could also look for clues by searching income tax disclosures. As we noted in a blog post last month, companies must now report taxes paid to individual countries — and some companies are reporting taxes paid to countries in the Middle East. Presumably that means they have operations in those countries, which is a clue you can use to ask about geopolitical risk.

For example, Exxon Mobil ($XOM) reported paying $5 billion in taxes to the United Arab Emirates in 2025. Chevron ($CVX) reported paying $611 million to Saudi Arabia, and Halliburton ($HAL) reported $76 million. Dozens of companies reported taxes paid to Israel.

Again, like disclosures related to geographic segments, this is an imprecise method. Companies only need to report taxes paid to specific countries when those tax bills are at least 5 percent of the company’s total taxes paid. Plenty of businesses won’t meet that threshold, so their tax numbers get rolled into a single, vague “Unmapped” jurisdiction. Could some of that unmapped money be going to Middle East countries? Sure, but the company doesn’t need to report specifics.

And of course, the best way to understand war-related disclosures is simply to read the footnotes: Management Discussion & Analysis, Risk Factors, and even the earnings release or earnings call transcripts might all have interesting morsels of insight. Calcbench collects all that information and offers multiple ways for you to search it and find the signal through the noise.