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!