[{"data":1,"prerenderedAt":261},["ShallowReactive",2],{"catalog-research":3},[4,35,60,81,100,121,142,163,182,201,220,239],{"id":5,"slug":5,"title":6,"summary":7,"category":8,"publishedAt":9,"updatedAt":9,"sourceUrls":10,"sections":14,"contentType":30,"symbols":31},"information-technology-reported-results-2025","Subscription software and network infrastructure: Reported FY2025 Results","ADBE, CRM and CSCO provide three different ways to examine technology revenue. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Information Technology","2026-11-15",[11,12,13],"https:\u002F\u002Fwww.adobe.com\u002Fcc-shared\u002Fassets\u002Finvestor-relations\u002Fpdfs\u002Fadbe-10k-fy25-final.pdf","https:\u002F\u002Finvestor.salesforce.com\u002Fnews\u002Fnews-details\u002F2025\u002FSalesforce-Announces-Fourth-Quarter-and-Fiscal-Year-2025-Results\u002F","https:\u002F\u002Finvestor.cisco.com\u002Fnews\u002Fnews-details\u002F2025\u002FCISCO-REPORTS-FOURTH-QUARTER-AND-FISCAL-YEAR-2025-EARNINGS\u002F",[15,18,21,24,27],{"heading":16,"body":17},"The business models","ADBE, CRM and CSCO provide three different ways to examine technology revenue. Software subscriptions emphasize the timing of revenue recognition and cash collections; a network-equipment supplier also reports a large product-cost base. Gross profit and operating income should not be compared without understanding what each business includes in cost of revenue.",{"heading":19,"body":20},"Selected reported observations","Adobe Inc. (ADBE), year ended 2025-11-28 — Revenue: 23,769 USD million; Gross profit: 21,218 USD million; Operating income: 8,706 USD million.\n\nSalesforce, Inc. (CRM), year ended 2025-01-31 — Revenue: 37,895 USD million; Operating income: 7,205 USD million; Net income: 6,197 USD million.\n\nCisco Systems, Inc. (CSCO), year ended 2025-07-26 — Revenue: 56,654 USD million; Gross profit: 37,145 USD million; Operating income: 12,115 USD million.",{"heading":22,"body":23},"Analytical interpretation","Compare GAAP margins, stock compensation, product mix and cash conversion. ARR, remaining performance obligations and recognized revenue are different measures. 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. 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. 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.",{"heading":25,"body":26},"Comparison boundaries","Acquisitions can change the population being compared, while calendar and fiscal year-ends do not align. Use the individual report dates before constructing a time series.",{"heading":28,"body":29},"Sources and method","Figures are selected historical annual observations from the linked company reports. Fiscal 2025 means the issuer’s own fiscal label, not a common calendar interval. Dollar amounts retain the million-dollar source unit, and source-rounded figures remain marked as rounded. The analysis is editorial interpretation; it is not company guidance, a sector return estimate or an investment recommendation. Source review date: 2026-11-15.","Editorial analysis of primary disclosures",[32,33,34],"ADBE","CRM","CSCO",{"id":36,"slug":36,"title":37,"summary":38,"category":39,"publishedAt":9,"updatedAt":9,"sourceUrls":40,"sections":45,"contentType":30,"symbols":55},"financials-reported-results-2025","Payment networks and financial intermediaries: Reported FY2025 Results","Visa and Mastercard report network-service revenue, while Bank of America presents revenue net of interest expense and Goldman Sachs reports financial-services net revenues. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Financials",[41,42,43,44],"https:\u002F\u002Fwww.sec.gov\u002FArchives\u002Fedgar\u002Fdata\u002F1403161\u002F000140316125000077\u002Fq42025earningsrelease.htm","https:\u002F\u002Fwww.sec.gov\u002FArchives\u002Fedgar\u002Fdata\u002F1141391\u002F000114139126000003\u002Fma12312025-exx991xearnings.htm","https:\u002F\u002Finvestor.bankofamerica.com\u002Fregulatory-and-other-filings\u002Fselect-sec-filings\u002Fcontent\u002F0000070858-26-000157\u002Fbac-20251231.htm?wcmmode=disabled","https:\u002F\u002Fwww.goldmansachs.com\u002Fpressroom\u002Fpress-releases\u002F2026\u002F2026-01-15-q4-results",[46,48,50,52,54],{"heading":16,"body":47},"Visa and Mastercard report network-service revenue, while Bank of America presents revenue net of interest expense and Goldman Sachs reports financial-services net revenues. These are different business and accounting models within the broad financials grouping. Transaction volume is not payment-network revenue, and a bank provision for credit losses is not a manufacturer cost-of-goods line.",{"heading":19,"body":49},"Visa Inc. (V), year ended 2025-09-30 — Net revenue: 40,000 USD million; Operating expenses: 16,006 USD million; Net income: 20,058 USD million.\n\nMastercard Incorporated (MA), year ended 2025-12-31 — Net revenue: 32,791 USD million; Operating income: 18,897 USD million; Operating expenses: 13,894 USD million.\n\nBank of America Corporation (BAC), year ended 2025-12-31 — Total revenue net of interest expense: 113,097 USD million; Net interest income: 60,096 USD million; Noninterest income: 53,001 USD million.\n\nThe Goldman Sachs Group, Inc. (GS), year ended 2025-12-31 — Net revenues: 58,280 USD million (rounded from USD 58.28 billion); Net earnings: 17,180 USD million (rounded from USD 17.18 billion); Diluted EPS: 51.32 USD\u002Fshare.",{"heading":22,"body":51},"Use network revenue, bank net interest income, credit provisions and returns on equity within their own definitions. Compare GAAP results before adding company-adjusted figures. 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. 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. 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. 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.",{"heading":25,"body":53},"Funding conditions, credit losses, transaction mix and market activity affect the companies differently. The four-company sample is not a sector index or a statement about the whole industry.",{"heading":28,"body":29},[56,57,58,59],"V","MA","BAC","GS",{"id":61,"slug":61,"title":62,"summary":63,"category":64,"publishedAt":9,"updatedAt":9,"sourceUrls":65,"sections":68,"contentType":30,"symbols":78},"consumer-staples-reported-results-2025","Two retail revenue structures: Reported FY2025 Results","Costco separates membership fees from merchandise net sales; Target presents net sales as its revenue caption. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Consumer Staples",[66,67],"https:\u002F\u002Finvestor.costco.com\u002Fnews\u002Fnews-details\u002F2025\u002FCostco-Wholesale-Corporation-Reports-Fourth-Quarter-and-Fiscal-Year-2025-Operating-Results\u002F","https:\u002F\u002Fcorporate.target.com\u002Finvestors\u002Fannual\u002F2025-annual-report\u002F10-k-report\u002F10-k-part-ii\u002Fitem-8-financial-statements-and-supplementary-data",[69,71,73,75,77],{"heading":16,"body":70},"Costco separates membership fees from merchandise net sales; Target presents net sales as its revenue caption. The different presentations make denominator selection important. Comparing operating income with a total that omits part of one company’s revenue would create a mechanical inconsistency.",{"heading":19,"body":72},"Costco Wholesale Corporation (COST), year ended 2025-08-31 — Total revenue: 275,235 USD million; Net sales: 269,912 USD million; Membership fees: 5,323 USD million.\n\nTarget Corporation (TGT), year ended 2026-01-31 — Net sales: 104,780 USD million; Operating income: 5,117 USD million; Net earnings: 3,705 USD million.",{"heading":22,"body":74},"Reconcile merchandise sales, membership fees, total revenue and operating costs before comparing margins. Keep the 52-week reporting periods visible. 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. 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.",{"heading":25,"body":76},"Merchandise mix, store costs, foreign exchange and the role of membership economics limit direct comparison. The two selected issuers do not establish an industry average.",{"heading":28,"body":29},[79,80],"COST","TGT",{"id":82,"slug":82,"title":83,"summary":84,"category":85,"publishedAt":9,"updatedAt":9,"sourceUrls":86,"sections":88,"contentType":30,"symbols":98},"consumer-discretionary-reported-results-2025","Coffeehouse operations and licensed revenue: Reported FY2025 Results","Starbucks provides a case study in the difference between consolidated revenue growth and operating performance. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Consumer Discretionary",[87],"https:\u002F\u002Finvestor.starbucks.com\u002Fnews\u002Ffinancial-releases\u002Fnews-details\u002F2025\u002FStarbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results\u002Fdefault.aspx",[89,91,93,95,97],{"heading":16,"body":90},"Starbucks provides a case study in the difference between consolidated revenue growth and operating performance. Company-operated stores record a different revenue and expense structure from licensed operations, so the business mix matters to the overall margin.",{"heading":19,"body":92},"Starbucks Corporation (SBUX), year ended 2025-09-28 — Net revenues: 37,184.4 USD million; Operating income: 2,936.6 USD million; Net earnings attributable to Starbucks: 1,856.4 USD million.",{"heading":22,"body":94},"Review store revenue, store operating costs, restructuring charges and attributable earnings together. A larger revenue base alone does not establish higher unit-level profitability. 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.",{"heading":25,"body":96},"This collection covers one selected company. It is not a representative measurement of restaurants, leisure, autos or the entire consumer-discretionary economy.",{"heading":28,"body":29},[99],"SBUX",{"id":101,"slug":101,"title":102,"summary":103,"category":104,"publishedAt":9,"updatedAt":9,"sourceUrls":105,"sections":108,"contentType":30,"symbols":118},"energy-reported-results-2025","Integrated energy and upstream cash measures: Reported FY2025 Results","Chevron combines upstream and downstream activities, while ConocoPhillips provides an upstream-focused comparison. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Energy",[106,107],"https:\u002F\u002Fchevroncorp.gcs-web.com\u002Fnews-releases\u002Fnews-release-details\u002Fchevron-reports-fourth-quarter-2025-results","https:\u002F\u002Fwww.conocophillips.com\u002Fnews-media\u002Fstory\u002Fconocophillips-reports-fourth-quarter-and-full-year-2025-results-announces-2026-guidance-and-quarterly-dividend\u002F",[109,111,113,115,117],{"heading":16,"body":110},"Chevron combines upstream and downstream activities, while ConocoPhillips provides an upstream-focused comparison. Physical production, realized prices, operating costs and investment needs all influence financial results; physical growth cannot be read as a direct earnings forecast.",{"heading":19,"body":112},"Chevron Corporation (CVX), year ended 2025-12-31 — Sales and other operating revenues: 184,432 USD million; Total revenues and other income: 189,031 USD million; Total earnings attributable to Chevron: 12,299 USD million.\n\nConocoPhillips (COP), year ended 2025-12-31 — Earnings: 8,000 USD million (rounded from USD 8.0 billion); Diluted EPS: 6.35 USD\u002Fshare; Cash provided by operating activities: 19,800 USD million (rounded from USD 19.8 billion).",{"heading":22,"body":114},"Distinguish sales and operating revenue from total revenue and other income. Keep GAAP operating cash flow separate from company-defined CFO and adjusted earnings. 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. 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.",{"heading":25,"body":116},"Commodity prices, acquisitions, asset sales and production mix can change the comparison. The selected annual observations do not represent current commodity prices or forward guidance.",{"heading":28,"body":29},[119,120],"CVX","COP",{"id":122,"slug":122,"title":123,"summary":124,"category":125,"publishedAt":9,"updatedAt":9,"sourceUrls":126,"sections":129,"contentType":30,"symbols":139},"health-care-reported-results-2025","Benefits administration and biopharmaceutical sales: Reported FY2025 Results","UnitedHealth Group and AbbVie illustrate why health care cannot be assessed with one revenue-quality assumption. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Health Care",[127,128],"https:\u002F\u002Fwww.unitedhealthgroup.com\u002Fnewsroom\u002F2026\u002F2026-01-27-uhg-reports-2025-results-and-issues-2026-outlook.html","https:\u002F\u002Fnews.abbvie.com\u002F2026-02-04-AbbVie-Reports-Full-Year-and-Fourth-Quarter-2025-Financial-Results",[130,132,134,136,138],{"heading":16,"body":131},"UnitedHealth Group and AbbVie illustrate why health care cannot be assessed with one revenue-quality assumption. Premium and service revenue have a different cost structure from prescription-medicine revenue, and acquired research charges require specific accounting context.",{"heading":19,"body":133},"UnitedHealth Group Incorporated (UNH), year ended 2025-12-31 — Revenue: 447,600 USD million (rounded from USD 447.6 billion); Earnings from operations: 19,000 USD million (rounded from USD 19.0 billion); Operating cash flow: 19,700 USD million (rounded from USD 19.7 billion).\n\nAbbVie Inc. (ABBV), year ended 2025-12-31 — Net revenues: 61,160 USD million; Operating earnings: 15,075 USD million; Net earnings attributable to AbbVie: 4,226 USD million.",{"heading":22,"body":135},"Keep reported EPS, adjusted EPS, product revenue and medical or research costs in their respective definitions. Do not turn large revenue into a prediction of shareholder returns. 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. 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.",{"heading":25,"body":137},"Reimbursement, medical utilization, product exclusivity, clinical development and acquired intangible assets create different exposures. Two issuer cases do not yield a sector-wide margin.",{"heading":28,"body":29},[140,141],"UNH","ABBV",{"id":143,"slug":143,"title":144,"summary":145,"category":146,"publishedAt":9,"updatedAt":9,"sourceUrls":147,"sections":150,"contentType":30,"symbols":160},"utilities-reported-results-2025","Regulated revenue and capital-heavy operations: Reported FY2025 Results","Duke Energy and Southern Company provide annual utility observations with identifiable reported and adjusted measures. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Utilities",[148,149],"https:\u002F\u002Fwww.sec.gov\u002FArchives\u002Fedgar\u002Fdata\u002F81020\u002F000132616026000014\u002Fduk-20251231.htm","https:\u002F\u002Fwww.southerncompany.com\u002Fnewsroom\u002Ffinancials\u002Fsouthern-company-reports-fourth-quarter-and-full-year-2025-earnings.html",[151,153,155,157,159],{"heading":16,"body":152},"Duke Energy and Southern Company provide annual utility observations with identifiable reported and adjusted measures. Regulated revenue and asset investment need to be considered alongside depreciation, financing expense and any one-time adjustments.",{"heading":19,"body":154},"Duke Energy Corporation (DUK), year ended 2025-12-31 — Operating revenues: 32,237 USD million; Regulated electric revenues: 29,060 USD million; Regulated natural gas revenues: 2,870 USD million.\n\nThe Southern Company (SO), year ended 2025-12-31 — Operating revenues: 29,600 USD million (rounded from USD 29.6 billion); Net income as reported: 4,341 USD million; Reported EPS: 3.94 USD\u002Fshare.",{"heading":22,"body":156},"Confirm the legal reporting entity in combined filings. Compare parent consolidated statements with parent statements and identify the reconciliation whenever using an adjusted result. 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. 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.",{"heading":25,"body":158},"Rate mechanisms, weather, fuel recovery, financing and project timing differ by service territory. Revenue growth is not a direct measure of growth in earnings available to common shareholders.",{"heading":28,"body":29},[161,162],"DUK","SO",{"id":164,"slug":164,"title":165,"summary":166,"category":167,"publishedAt":9,"updatedAt":9,"sourceUrls":168,"sections":170,"contentType":30,"symbols":180},"real-estate-reported-results-2025","Communications infrastructure through a REIT lens: Reported FY2025 Results","American Tower provides an infrastructure REIT case study with both operating-statement and cash-oriented disclosures. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Real Estate",[169],"https:\u002F\u002Famericantower.gcs-web.com\u002Fnode\u002F28631",[171,173,175,177,179],{"heading":16,"body":172},"American Tower provides an infrastructure REIT case study with both operating-statement and cash-oriented disclosures. Property revenue is distinct from services revenue. GAAP operating income and AFFO should remain visible as separate measures.",{"heading":19,"body":174},"American Tower Corporation (AMT), year ended 2025-12-31 — Operating revenues: 10,644.6 USD million; Property revenues: 10,305 USD million; Services revenues: 339.6 USD million.",{"heading":22,"body":176},"Read the AFFO definition and reconciliation next to GAAP earnings. Record the asset and liability measurement date and distinguish annual flows from year-end balances. 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.",{"heading":25,"body":178},"Disposals, discontinued operations, currency translation, financing costs and tenant concentration can affect reported results. One issuer is not an estimate of the entire real-estate sector.",{"heading":28,"body":29},[181],"AMT",{"id":183,"slug":183,"title":184,"summary":185,"category":186,"publishedAt":9,"updatedAt":9,"sourceUrls":187,"sections":189,"contentType":30,"symbols":199},"materials-reported-results-2025","Industrial gases, operating profit and reinvestment: Reported FY2025 Results","Linde reports industrial gases and engineering activity with both GAAP and adjusted performance. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Materials",[188],"https:\u002F\u002Fassets.linde.com\u002F-\u002Fmedia\u002Fglobal\u002Fcorporate\u002Fcorporate\u002Fdocuments\u002Finvestors\u002Ffull-year-financial-reports\u002F2025-annual-report-to-shareholders.pdf",[190,192,194,196,198],{"heading":16,"body":191},"Linde reports industrial gases and engineering activity with both GAAP and adjusted performance. Operating cash flow is measured before capital expenditure, making reinvestment a separate component of the annual financial picture.",{"heading":19,"body":193},"Linde plc (LIN), year ended 2025-12-31 — Sales: 33,986 USD million; Operating profit: 8,923 USD million; Net income: 6,898 USD million.",{"heading":22,"body":195},"Distinguish reported operating profit from adjusted profit. Use disclosed cash flow and capital expenditures with a labelled formula if calculating an after-investment cash residual. 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.",{"heading":25,"body":197},"Project start-ups, energy-cost pass-through, price, volumes and exchange rates may move differently. A single global company does not establish an industry-wide cycle.",{"heading":28,"body":29},[200],"LIN",{"id":202,"slug":202,"title":203,"summary":204,"category":205,"publishedAt":9,"updatedAt":9,"sourceUrls":206,"sections":208,"contentType":30,"symbols":218},"industrials-reported-results-2025","Parcel logistics and network costs: Reported FY2025 Results","UPS offers a parcel-delivery case in which revenue, operating expense and operating profit can be followed through a single consolidated statement. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Industrials",[207],"https:\u002F\u002Finvestors.ups.com\u002Fsec-filings\u002Fall-sec-filings\u002Fcontent\u002F0001628280-26-008432\u002Fups-20251231.htm",[209,211,213,215,217],{"heading":16,"body":210},"UPS offers a parcel-delivery case in which revenue, operating expense and operating profit can be followed through a single consolidated statement. Shipment economics depend on network utilization, service mix and cost behavior as well as volume.",{"heading":19,"body":212},"United Parcel Service, Inc. (UPS), year ended 2025-12-31 — Revenue: 88,661 USD million; Operating expenses: 80,794 USD million; Operating profit: 7,867 USD million.",{"heading":22,"body":214},"Compare reported annual operating profit with reported revenue, then review the operational discussion. Adjusted figures should be shown with their reconciliation rather than used to overwrite GAAP results. 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.",{"heading":25,"body":216},"Restructuring, labor costs, customer mix and network changes can affect period comparisons. A selected logistics issuer cannot describe every industrial business.",{"heading":28,"body":29},[219],"UPS",{"id":221,"slug":221,"title":222,"summary":223,"category":224,"publishedAt":9,"updatedAt":9,"sourceUrls":225,"sections":227,"contentType":30,"symbols":237},"communication-services-reported-results-2025","Wireless service and equipment economics: Reported FY2025 Results","T-Mobile distinguishes service, equipment and other revenues. This source-linked study separates reported observations from interpretation and compares only the selected issuers.","Communication Services",[226],"https:\u002F\u002Finvestor.t-mobile.com\u002Fstatic-files\u002F2aea9b10-c0a2-40ac-b24a-0f9162e8aace",[228,230,232,234,236],{"heading":16,"body":229},"T-Mobile distinguishes service, equipment and other revenues. Equipment sales can have a different margin profile from connectivity services, while the network asset base creates substantial depreciation and investment needs.",{"heading":19,"body":231},"T-Mobile US, Inc. (TMUS), year ended 2025-12-31 — Total revenues: 88,309 USD million; Service revenues: 71,306 USD million; Equipment revenues: 15,972 USD million.",{"heading":22,"body":233},"Separate the revenue streams before interpreting consolidated growth. Keep operating income, net income and depreciation in their statement positions rather than treating every cash add-back as earnings. 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.",{"heading":25,"body":235},"Acquisitions, customer mix, equipment promotions and network investment can alter comparison periods. This single-company case is not a representative communications-sector index.",{"heading":28,"body":29},[238],"TMUS",{"id":240,"slug":240,"title":241,"summary":242,"category":243,"publishedAt":9,"updatedAt":9,"sourceUrls":244,"sections":245},"fiscal-year-and-measurement-guide","A Fiscal-Year Label Is Not a Shared Reporting Window","Costco, Salesforce, Adobe and Target each label a financial year FY2025, but the ending dates differ. A comparison guide to dates, units and reported measures.","Cross-sector methodology",[66,12,11,67],[246,249,252,255,258],{"heading":247,"body":248},"Four fiscal year-end dates","The selected FY2025 reports end on January 31, 2025 for Salesforce, August 31, 2025 for Costco, November 28, 2025 for Adobe, and January 31, 2026 for Target. These labels do not describe one common twelve-month economic window.",{"heading":250,"body":251},"Why alignment matters","A side-by-side table can be factually transcribed and still support a poor comparison. Different windows capture different demand, exchange-rate and cost conditions. For an analytical peer group, either align reporting intervals using additional disclosures or make the mismatch explicit. Do not silently combine fiscal annuals with a calendar-year quarter.",{"heading":253,"body":254},"Units and precision","The company tables in this edition preserve dollar amounts in USD millions. EPS remains dollars per share, operational production has its own unit, and ratios remain percentages. If the source earnings summary gives a rounded number in billions, the converted million-dollar display retains a rounding note. Conversion does not create more precision.",{"heading":256,"body":257},"Reported and calculated measures","GAAP observations, adjusted company measures and analyst calculations are different categories. A margin calculated by dividing operating profit by revenue should identify that formula and use matching periods. It should not be labelled a company-reported ratio unless that ratio is actually in the source.",{"heading":259,"body":260},"Coverage and reproducibility","This edition contains a selected company universe rather than a complete securities master or a live-price service. The linked annual reports and releases remain the authoritative documents. Publication dates on these editorial pages describe this edition; the observation dates describe the underlying financial periods.",1794754471686]