As you can see in Figure 1, below, revenue, operating income, EBIT, and net income are all up from the year-ago period by double digits. Cost of revenue and operating expenses are up by double digits too, but neither one is exceeding revenue growth, so companies are keeping their financial noses above water. Can’t complain about any of that. 

We did want to call out that impressive-looking net income number, up 65.9 percent from Q2 2025. A jump like that might seem super-cool at first glance, but remember: a significant part of it comes from one-time gains that a handful of companies are reporting, rather than booming growth in core operations.

We first noted that issue several weeks ago when Google Alphabet ($GOOG) reported an astonishing $112.2 billion in quarterly net income, but $97.8 billion of that number came from Google revaluing the 6 percent of SpaceX ($SPCX) shares that it owns. That single $97.8 billion item was responsible for 40.5 percent of all net income we noted that week, among more than 280 firms.

That dynamic is still very much afoot in net income growth. Indeed, the Wall Street Journal finally caught onto the story this week, with an article that documented $121 billion in net income that actually came from one-time investment gains from exactly two companies: Google and Amazon ($AMZN). 

Net income for all 3,000+ companies in our sample this week was $658.9 billion, up 65.9 percent from one year ago. But if you strip out that $121 billion from Google and Amazon, then total year-over-year net income gains were only 35.4 percent — not shabby at all, but certainly not the 65.9 percent that has less-attentive Wall Street investors swooning. 

In contrast, when we look at operating income, that number is up 32.5 percent year-over-year, very similar to the 35.4 percent growth in net income when you strip out those one-time investment gains from the tech giants. 

This is why it pays to dive deeply into the data. Calcbench, of course, has all the data you need, indexed and structured and ready for solid analysis within minutes of companies filing that data with the Securities and Exchange Commission.

Meanwhile, as always, we also have the data from Figure 1 in table format instead.

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!