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Financial Analysis

Analyze financial data and metrics to evaluate business performance and health

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13 min read

MiniMax H1 2026 Earnings: $116.6M Revenue, a $293.0M Adjusted Loss, and a New Balance Sheet

MiniMax reported $116.6M of H1 2026 revenue, up 283.1% and more than its entire FY2025 result, as Open Platform revenue grew 703.1% to become 63.4% of the mix. IFRS net loss narrowed 11% to $358.0M only because fair-value charges on pre-IPO preferred shares fell $222.9M; adjusted net loss more than doubled to $293.0M as R&D reached $296.9M — twice the incremental revenue — while the January listing converted a $3.6B preferred-share liability into $1.35B of positive equity. The full income statement and balance sheet are reconciled in a public Beancount ledger.

Mike Thrift

open-ledgerfinancial-reportingfinancial-analysis
10 min read

Starbucks Q3 FY2026 Earnings: 7.9% Comp Growth Behind a Revenue Decline

Starbucks reported $9.32B of Q3 FY2026 revenue, down 1.4%, while global comparable-store sales rose 7.9% and net earnings nearly doubled to $1.05B. Moving China retail into a licensed joint venture removed roughly $780M of consolidated revenue, and a $536.3M divestiture gain accounted for more than the entire year-over-year increase in net income — the full income statement and balance sheet reconciled in a public Beancount ledger.

Mike Thrift

open-ledgerfinancial-reportingfinancial-analysis
10 min read

Uber Q2 2026 Earnings: 24% Gross Bookings Growth and a $1.6 Billion Profit Swing

Uber processed $58.0B of gross bookings in Q2 2026, up 24%, while revenue grew 12% to $14.19B and operating income grew 30% to $1.89B. Net income rose 77% to $2.39B, but a $1.61B gain on debt and equity securities supplied more than half of pre-tax profit, and a UK shift to an agent model cut reported revenue by roughly $1.1B — the full income statement and balance sheet reconciled in a public Beancount ledger.

Mike Thrift

open-ledgerfinancial-reportingfinancial-analysis
11 min read

Cisco Q4 FY2026 Earnings: $9.3 Billion of AI Orders Against an 80% Inventory Build

Cisco's fiscal fourth quarter brought $17.25B of revenue (+18%), $3.86B of net income (+51%), 40% networking order growth and $9.3B of full-year hyperscaler AI orders — alongside inventory up 80% to $5.69B and full-year operating cash flow flat at $14.2B. A Beancount ledger reconciles the income statement, the inventory build and the deferred-revenue counterweight.

Mike Thrift

financial-reportingfinancial-analysisopen-ledger
11 min read

Home Depot Q2 FY2026 Earnings: 75% of the Sales Growth Came From the SRS Distribution Bet

Home Depot's Q2 FY2026 sales rose 5.7% to $47.86B, but the Other/SRS distribution segment supplied about 75% of the $2.58B increase at a 4.9% operating margin versus 15.4% for retail. Roughly $685M of IEEPA tariff refunds cut cost of goods sold; backing it out puts inferred gross margin near 32.2% and operating margin near 12.9%, while comparable transactions fell 1.0%.

Mike Thrift

financial-reportingfinancial-analysisopen-ledger
10 min read

Target Q2 FY2026 Earnings: $1.65 of the $4.11 EPS Came From a Tariff Refund

Target's Q2 FY2026 net sales rose 5.3% to $26.54B and diluted EPS doubled to $4.11, but $994M of tariff refunds cut cost of sales and supplied $1.65 of that EPS plus 3.7 points of operating margin. Excluding the refund, operating income still grew about 19% and gross margin was near 29.9%, on comparable sales of +3.8% led by 3.6% traffic growth and 8.7% digital growth.

Mike Thrift

financial-reportingfinancial-analysisopen-ledger
12 min read

Carnival FY2026 Q2 Earnings: The $9.0B Liability That Makes the Demand Story

Carnival's FY2026 Q2 revenue rose 5.3% to $6.66B while operating income fell 8.9% — fuel cost per metric ton jumped 29% to $793 and net income slipped to $539M. Customer deposits reached $9.0B, cash-backed proof of booked demand that is still a refundable liability sitting against $23.4B of long-term debt. Every figure traced line by line in a public Beancount ledger covering FY2021 through Q2 FY2026.

Mike Thrift

financial-reportingfinancial-analysisopen-ledger
12 min read

Tesla Q2 2026 Earnings: 480K Deliveries Could Not Save the Operating Margin

Tesla's Q2 2026 revenue rose 25.5% to $28.24 billion on 480,450 deliveries and a record 13.5 GWh of energy storage, yet operating income fell 57% to $398 million as R&D rose 49%, SG&A rose 45%, and regulatory-credit revenue dropped 67% to $146 million. A $1.0 billion unrealized gain on Tesla's SpaceX stake then lifted net income to $1.13 billion, nearly triple the operating result. Full income statement, balance sheet and FY2021-Q2 2026 history in a public Beancount ledger.

Mike Thrift

financial-reportingfinancial-analysisfinancial-statements
14 min read

NVIDIA Q2 FY2027: $96.2B Revenue, $59.7B Net Income — and Operating Cash Flow Cut in Half

NVIDIA's Q2 FY2027 revenue reached $96.2B (+106% YoY) on $59.7B of net income, yet operating cash flow fell 52% sequentially to $24.1B — accounts receivable rose $22.3B and DSO went from 45 to 60 days on extended payment terms. In the same quarter NVIDIA issued $25B of debt, returned $26B to shareholders, and disclosed guarantees of up to $105B for a single data-center campus. Full cash-flow bridge, balance sheet and FY2024–Q2 FY2027 history in a public Beancount ledger.

Mike Thrift

financial-reportingfinancial-analysiscash-flow
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