[{"data":1,"prerenderedAt":197},["ShallowReactive",2],{"catalog-insights":3},[4,16,25,35,45,54,63,73,82,91,100,110,119,129,138,148,157,167,177,187],{"id":5,"slug":5,"title":6,"summary":7,"category":8,"publishedAt":9,"sourceUrls":10,"body":12,"contentType":13,"symbols":14},"cost-membership-fees-and-the-revenue-denominator","Membership fees and the revenue denominator: COST","Membership fees are part of total revenue but are excluded from merchandise net sales.","Consumer Staples","2026-11-15",[11],"https:\u002F\u002Finvestor.costco.com\u002Fnews\u002Fnews-details\u002F2025\u002FCostco-Wholesale-Corporation-Reports-Fourth-Quarter-and-Fiscal-Year-2025-Operating-Results\u002F","Membership fees are part of total revenue but are excluded from merchandise net sales. Using net sales as if it were the full revenue denominator changes a margin calculation. Separating the two streams makes the calculation reproducible; it does not establish the profitability of either stream in isolation.\n\nSource context\nCostco operates membership warehouses and an e-commerce business. Merchandise sales and membership fees are reported separately. This profile covers the 52-week fiscal year ended August 31, 2025.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.","Editorial interpretation",[15],"COST",{"id":17,"slug":17,"title":18,"summary":19,"category":8,"publishedAt":9,"sourceUrls":20,"body":22,"contentType":13,"symbols":23},"tgt-when-profit-moves-faster-than-sales","When profit moves faster than sales: TGT","The decrease in operating income was larger in percentage terms than the decrease in net sales.",[21],"https:\u002F\u002Fcorporate.target.com\u002Finvestors\u002Fannual\u002F2025-annual-report\u002F10-k-report\u002F10-k-part-ii\u002Fitem-8-financial-statements-and-supplementary-data","The decrease in operating income was larger in percentage terms than the decrease in net sales. This is an observed relationship between two reported totals, rather than a claim about any single cause. A fuller explanation requires the gross-margin, expense and merchandise-mix discussion in the annual report.\n\nSource context\nTarget is a general merchandise retailer. Its fiscal 2025 year ended January 31, 2026, so the fiscal label is different from the calendar year of the closing date. Net sales is the revenue caption used in its statements.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[24],"TGT",{"id":26,"slug":26,"title":27,"summary":28,"category":29,"publishedAt":9,"sourceUrls":30,"body":32,"contentType":13,"symbols":33},"sbux-revenue-growth-can-coexist-with-lower-earnings","Revenue growth can coexist with lower earnings: SBUX","Fiscal 2025 revenue rose while operating income and attributable net earnings fell.","Consumer Discretionary",[31],"https:\u002F\u002Finvestor.starbucks.com\u002Fnews\u002Ffinancial-releases\u002Fnews-details\u002F2025\u002FStarbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results\u002Fdefault.aspx","Fiscal 2025 revenue rose while operating income and attributable net earnings fell. The reported restructuring charge is one disclosed item in that comparison, but removing it alone would not explain all of the movement. Store expenses, business mix and other costs must be considered before describing the change as a demand trend.\n\nSource context\nStarbucks reports company-operated stores, licensed stores and other revenues. Its fiscal 2025 statement covers the 52 weeks ended September 28, 2025. Company-operated and licensed stores have different revenue and cost structures.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[34],"SBUX",{"id":36,"slug":36,"title":37,"summary":38,"category":39,"publishedAt":9,"sourceUrls":40,"body":42,"contentType":13,"symbols":43},"adbe-cash-generation-and-the-earnings-bridge","Cash generation and the earnings bridge: ADBE","Operating cash flow exceeds net income in the reported year.","Information Technology",[41],"https:\u002F\u002Fwww.adobe.com\u002Fcc-shared\u002Fassets\u002Finvestor-relations\u002Fpdfs\u002Fadbe-10k-fy25-final.pdf","Operating cash flow exceeds net income in the reported year. Non-cash charges and working-capital timing help reconcile the two measures. The cash-flow statement also separates property purchases from acquisitions and investment-security purchases; combining those categories would overstate a simple capital-expenditure measure.\n\nSource context\nAdobe sells creative, document and digital-experience software. Its fiscal 2025 annual report distinguishes recognized revenue from annualized recurring revenue. The financial period ended November 28, 2025.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[44],"ADBE",{"id":46,"slug":46,"title":47,"summary":48,"category":39,"publishedAt":9,"sourceUrls":49,"body":51,"contentType":13,"symbols":52},"crm-keep-gaap-and-adjusted-margins-apart","Keep GAAP and adjusted margins apart: CRM","The reported GAAP operating margin and the adjusted margin use different expense treatments.",[50],"https:\u002F\u002Finvestor.salesforce.com\u002Fnews\u002Fnews-details\u002F2025\u002FSalesforce-Announces-Fourth-Quarter-and-Fiscal-Year-2025-Results\u002F","The reported GAAP operating margin and the adjusted margin use different expense treatments. Their gap is not an additional revenue stream or a cash-flow measure. The reconciliation identifies amortization, stock compensation and restructuring adjustments; a comparison should keep those expenses visible even when an adjusted figure is also shown.\n\nSource context\nSalesforce provides enterprise customer-management and related software services. Fiscal 2025 ended January 31, 2025. Subscription and support revenue, remaining performance obligations and cash collections measure different aspects of its business.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[53],"CRM",{"id":55,"slug":55,"title":56,"summary":57,"category":39,"publishedAt":9,"sourceUrls":58,"body":60,"contentType":13,"symbols":61},"csco-mix-matters-in-product-and-services-revenue","Mix matters in product and services revenue: CSCO","A higher consolidated revenue total does not mean each product family expanded at the same rate.",[59],"https:\u002F\u002Finvestor.cisco.com\u002Fnews\u002Fnews-details\u002F2025\u002FCISCO-REPORTS-FOURTH-QUARTER-AND-FISCAL-YEAR-2025-EARNINGS\u002F","A higher consolidated revenue total does not mean each product family expanded at the same rate. Product, service and acquired-business contributions can differ. Consolidated operating income was slightly lower despite higher revenue, so a revenue-only summary misses an important part of the annual comparison.\n\nSource context\nCisco reports networking, security, collaboration and observability products alongside services. Fiscal 2025 ended July 26, 2025. The profile uses the full-year GAAP statement rather than quarterly or adjusted earnings.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[62],"CSCO",{"id":64,"slug":64,"title":65,"summary":66,"category":67,"publishedAt":9,"sourceUrls":68,"body":70,"contentType":13,"symbols":71},"v-payment-volume-is-not-revenue","Payment volume is not revenue: V","A payment network processes transaction value that is much larger than the fees it recognizes.","Financials",[69],"https:\u002F\u002Fwww.sec.gov\u002FArchives\u002Fedgar\u002Fdata\u002F1403161\u002F000140316125000077\u002Fq42025earningsrelease.htm","A payment network processes transaction value that is much larger than the fees it recognizes. Growth in payments volume and growth in revenue therefore need not match. Client incentives, cross-border mix and service timing are relevant to the revenue bridge; the headline volume total should not be inserted into an income statement.\n\nSource context\nVisa operates a payment network and related services. Payment volume is the value moving across the ecosystem, not Visa revenue. Its fiscal 2025 year ended September 30, 2025.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[72],"V",{"id":74,"slug":74,"title":75,"summary":76,"category":67,"publishedAt":9,"sourceUrls":77,"body":79,"contentType":13,"symbols":80},"ma-reported-growth-and-currency-neutral-growth","Reported growth and currency-neutral growth: MA","The reported income statement remains denominated in U.S.",[78],"https:\u002F\u002Fwww.sec.gov\u002FArchives\u002Fedgar\u002Fdata\u002F1141391\u002F000114139126000003\u002Fma12312025-exx991xearnings.htm","The reported income statement remains denominated in U.S. dollars. Currency-neutral growth is a supplementary comparison that changes the exchange-rate assumption. It is useful for a distinct question about translation, but it does not replace the reported revenue base or remove all acquisition and pricing effects.\n\nSource context\nMastercard provides payment-network services and value-added services. The selected financials are GAAP full-year 2025 figures. Currency-neutral growth rates in the release are separate analytical measures.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[81],"MA",{"id":83,"slug":83,"title":84,"summary":85,"category":67,"publishedAt":9,"sourceUrls":86,"body":88,"contentType":13,"symbols":89},"bac-the-bank-revenue-boundary","The bank revenue boundary: BAC","Net interest income already reflects an interest-income versus interest-expense calculation.",[87],"https:\u002F\u002Finvestor.bankofamerica.com\u002Fregulatory-and-other-filings\u002Fselect-sec-filings\u002Fcontent\u002F0000070858-26-000157\u002Fbac-20251231.htm?wcmmode=disabled","Net interest income already reflects an interest-income versus interest-expense calculation. Treating the bank revenue line as industrial sales and then subtracting funding costs a second time would be inconsistent. Credit costs are also a separate part of the statement, so revenue growth alone cannot measure changes in loan risk.\n\nSource context\nBank of America reports consumer and institutional banking activities. Revenue is presented net of interest expense. Credit-loss provisions and funding costs make its statement structure different from a retailer or manufacturer.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[90],"BAC",{"id":92,"slug":92,"title":93,"summary":94,"category":67,"publishedAt":9,"sourceUrls":95,"body":97,"contentType":13,"symbols":98},"gs-earnings-per-share-and-the-equity-base","Earnings per share and the equity base: GS","Per-share earnings, return on average common equity and book value per share answer different questions.",[96],"https:\u002F\u002Fwww.goldmansachs.com\u002Fpressroom\u002Fpress-releases\u002F2026\u002F2026-01-15-q4-results","Per-share earnings, return on average common equity and book value per share answer different questions. EPS divides an earnings allocation by diluted shares, while the return ratio uses average equity. An increase in EPS is not, by itself, proof that every business generated the same improvement or that a future return is assured.\n\nSource context\nGoldman Sachs reports investment banking, markets, and asset and wealth management activities. Selected annual figures below follow the precision in the official earnings summary; amounts given in billions are displayed in millions without adding precision.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[99],"GS",{"id":101,"slug":101,"title":102,"summary":103,"category":104,"publishedAt":9,"sourceUrls":105,"body":107,"contentType":13,"symbols":108},"cvx-production-and-earnings-need-separate-explanations","Production and earnings need separate explanations: CVX","Physical production, realized prices and downstream economics are distinct drivers.","Energy",[106],"https:\u002F\u002Fchevroncorp.gcs-web.com\u002Fnews-releases\u002Fnews-release-details\u002Fchevron-reports-fourth-quarter-2025-results","Physical production, realized prices and downstream economics are distinct drivers. An increase in physical output does not guarantee higher consolidated earnings. The revenue captions also differ: equity-affiliate income and other income sit outside sales and operating revenues, so either denominator must be identified explicitly.\n\nSource context\nChevron reports upstream and downstream energy operations. Its statement distinguishes sales and operating revenues from total revenues and other income. Full-year results should be kept separate from the fourth-quarter headline figures.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[109],"CVX",{"id":111,"slug":111,"title":112,"summary":113,"category":104,"publishedAt":9,"sourceUrls":114,"body":116,"contentType":13,"symbols":117},"cop-two-cash-flow-measures-with-similar-names","Two cash-flow measures with similar names: COP","The release presents operating-activities cash and a separate CFO measure.",[115],"https:\u002F\u002Fwww.conocophillips.com\u002Fnews-media\u002Fstory\u002Fconocophillips-reports-fourth-quarter-and-full-year-2025-results-announces-2026-guidance-and-quarterly-dividend\u002F","The release presents operating-activities cash and a separate CFO measure. Their similar names do not make the values interchangeable. A shareholder-distribution ratio must use the denominator defined by the company or be labelled as a new calculation; otherwise even a correctly copied numerator can produce a misleading comparison.\n\nSource context\nConocoPhillips is an exploration and production company. The official annual results distinguish GAAP cash provided by operating activities from the company-defined CFO measure. Rounded earnings-release values retain their disclosed precision.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[118],"COP",{"id":120,"slug":120,"title":121,"summary":122,"category":123,"publishedAt":9,"sourceUrls":124,"body":126,"contentType":13,"symbols":127},"unh-a-large-revenue-base-is-not-a-profit-forecast","A large revenue base is not a profit forecast: UNH","An insurer and health-services group can report very large revenue while retaining a much smaller earnings share.","Health Care",[125],"https:\u002F\u002Fwww.unitedhealthgroup.com\u002Fnewsroom\u002F2026\u002F2026-01-27-uhg-reports-2025-results-and-issues-2026-outlook.html","An insurer and health-services group can report very large revenue while retaining a much smaller earnings share. Costs of medical care and the mix of services affect that relationship. The adjusted EPS figure is a supplementary measure, so it is shown beside rather than substituted for the GAAP result.\n\nSource context\nUnitedHealth Group reports health benefits and health-services businesses. This record contains selected fiscal 2025 measures from the official results announcement, with rounded dollar values identified. It is not a full income statement.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[128],"UNH",{"id":130,"slug":130,"title":131,"summary":132,"category":123,"publishedAt":9,"sourceUrls":133,"body":135,"contentType":13,"symbols":136},"abbv-portfolio-growth-and-research-charges","Portfolio growth and research charges: ABBV","Total revenue combines medicines with different commercial trajectories.",[134],"https:\u002F\u002Fnews.abbvie.com\u002F2026-02-04-AbbVie-Reports-Full-Year-and-Fourth-Quarter-2025-Financial-Results","Total revenue combines medicines with different commercial trajectories. Product-level sales therefore provide useful context for the group total. Acquired IPR&D and recurring R&D are separate expense captions; adding them together without explaining the distinction can obscure how acquisitions affect reported earnings.\n\nSource context\nAbbVie reports prescription medicines across immunology, neuroscience, oncology and other portfolios. The earnings release separates GAAP earnings from adjusted results and separately identifies acquired research and development charges.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[137],"ABBV",{"id":139,"slug":139,"title":140,"summary":141,"category":142,"publishedAt":9,"sourceUrls":143,"body":145,"contentType":13,"symbols":146},"duk-one-filing-several-reporting-entities","One filing, several reporting entities: DUK","The combined annual filing includes consolidated statements for the parent and several utility subsidiaries.","Utilities",[144],"https:\u002F\u002Fwww.sec.gov\u002FArchives\u002Fedgar\u002Fdata\u002F81020\u002F000132616026000014\u002Fduk-20251231.htm","The combined annual filing includes consolidated statements for the parent and several utility subsidiaries. The first number found by a text search may belong to a different registrant. Matching the heading, entity name and period is essential before comparing a revenue or debt balance with another utility.\n\nSource context\nDuke Energy reports regulated electric and natural gas utilities. The figures here are from the Duke Energy Corporation consolidated statement, not the separate subsidiary registrants included in the same combined filing.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[147],"DUK",{"id":149,"slug":149,"title":150,"summary":151,"category":142,"publishedAt":9,"sourceUrls":152,"body":154,"contentType":13,"symbols":155},"so-why-an-adjusted-result-needs-a-reconciliation","Why an adjusted result needs a reconciliation: SO","Annual reported earnings declined while the adjusted per-share comparison moved differently.",[153],"https:\u002F\u002Fwww.southerncompany.com\u002Fnewsroom\u002Ffinancials\u002Fsouthern-company-reports-fourth-quarter-and-full-year-2025-earnings.html","Annual reported earnings declined while the adjusted per-share comparison moved differently. This makes the reconciliation material rather than optional reading. Revenue growth cannot resolve the difference on its own; exclusions, share counts and expense changes should be examined separately.\n\nSource context\nSouthern Company reports utility and related energy businesses. This profile uses selected annual figures from the earnings release, including both reported and clearly labelled adjusted EPS. The revenue summary is rounded to one decimal billion dollars.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[156],"SO",{"id":158,"slug":158,"title":159,"summary":160,"category":161,"publishedAt":9,"sourceUrls":162,"body":164,"contentType":13,"symbols":165},"amt-affo-and-gaap-income-are-different-lenses","AFFO and GAAP income are different lenses: AMT","A REIT cash-oriented performance measure is not interchangeable with GAAP earnings.","Real Estate",[163],"https:\u002F\u002Famericantower.gcs-web.com\u002Fnode\u002F28631","A REIT cash-oriented performance measure is not interchangeable with GAAP earnings. Depreciation, disposals and other adjustments can affect the gap. For comparisons, keep the detailed operating statement, the definition of AFFO and the reconciliation together rather than presenting AFFO as an unqualified profit figure.\n\nSource context\nAmerican Tower reports property and services revenues from communications infrastructure and related operations. The selected GAAP table uses the detailed statement precision. AFFO is a separately labelled non-GAAP measure, not net income.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[166],"AMT",{"id":168,"slug":168,"title":169,"summary":170,"category":171,"publishedAt":9,"sourceUrls":172,"body":174,"contentType":13,"symbols":175},"lin-capital-expenditure-changes-the-cash-perspective","Capital expenditure changes the cash perspective: LIN","Operating cash flow is measured before capital expenditure.","Materials",[173],"https:\u002F\u002Fassets.linde.com\u002F-\u002Fmedia\u002Fglobal\u002Fcorporate\u002Fcorporate\u002Fdocuments\u002Finvestors\u002Ffull-year-financial-reports\u002F2025-annual-report-to-shareholders.pdf","Operating cash flow is measured before capital expenditure. A capital-intensive supplier can generate cash and also need substantial reinvestment. Subtracting disclosed capital expenditure provides a simple analytical residual, but it should be labelled as a calculation and should not be confused with a universal company-defined free-cash-flow measure.\n\nSource context\nLinde reports industrial gases and engineering operations. Its annual report provides both reported and adjusted performance. This profile keeps GAAP income, operating cash flow and capital expenditure as separate measures.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[176],"LIN",{"id":178,"slug":178,"title":179,"summary":180,"category":181,"publishedAt":9,"sourceUrls":182,"body":184,"contentType":13,"symbols":185},"ups-volume-pricing-and-the-cost-base","Volume, pricing and the cost base: UPS","Parcel revenue and profit need not move proportionately.","Industrials",[183],"https:\u002F\u002Finvestors.ups.com\u002Fsec-filings\u002Fall-sec-filings\u002Fcontent\u002F0001628280-26-008432\u002Fups-20251231.htm","Parcel revenue and profit need not move proportionately. Shipment volume, yield, service mix and the network cost base can each matter. The annual GAAP comparison shows a larger proportional decline in operating profit than revenue; a causal explanation still needs the operational discussion rather than a single aggregate ratio.\n\nSource context\nUPS reports parcel transportation and supply-chain services. The profile uses the consolidated annual GAAP figures, rather than replacing them with adjusted operating profit or adjusted earnings per share.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[186],"UPS",{"id":188,"slug":188,"title":189,"summary":190,"category":191,"publishedAt":9,"sourceUrls":192,"body":194,"contentType":13,"symbols":195},"tmus-wireless-service-and-equipment-have-different-economics","Wireless service and equipment have different economics: TMUS","Service revenue and handset or equipment revenue belong to the same consolidated statement but have different cost relationships.","Communication Services",[193],"https:\u002F\u002Finvestor.t-mobile.com\u002Fstatic-files\u002F2aea9b10-c0a2-40ac-b24a-0f9162e8aace","Service revenue and handset or equipment revenue belong to the same consolidated statement but have different cost relationships. A shift between them can change the consolidated revenue total without the same change in recurring service economics. Depreciation is also material in a network business and remains an expense in the GAAP operating result.\n\nSource context\nT-Mobile reports wireless service, equipment and other revenues. Equipment revenue and equipment costs are shown separately from the recurring service business. The reporting period is the calendar year ended December 31, 2025.\n\nHow to use the observation\nRead the source captions and dates next to the selected financial metrics. Preserve the distinction between a reported figure, a company-adjusted measure and a new calculation. A relationship between totals identifies a question for further research; it does not by itself establish causation or predict the stock price.\n\nScope\nThis is editorial interpretation of the linked historical disclosure. It does not represent company guidance, personalized advice or a current trading signal.",[196],"TMUS",1794754472234]