Financial Models

59 published · 59 C15-verified · 0 pre-IPO · last published: DELL (2026-09-28)

DELL Dell Technologies

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 18Q + 4A history · 10Q + 5A projection
Segments: 2
KPI: Six filed revenue lines, each on its own sequential growth rate: AI-optimised servers / traditional servers and networking / storage inside ISG, commercial and consumer inside CSG, plus Corporate and other; the AI mix is an output of the six, not a driver
Thesis: AI-optimised servers go 1.6% of revenue to 38.5% in three years on management's own guide, and each point of that mix costs gross margin: the question is what the run-rate is once the build-out laps
Updated: 2026-09-28 · 160 KB

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Income statement preview for DELL. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Products	$64,353.0	$71,420.0	$90,405.0	$168,784.6	$192,040.7	$208,429.1
Services	24,072.0	24,147.0	23,133.0	23,255.4	23,144.2	23,256.2
Total Net Revenue	$88,425.0	$95,567.0	$113,538.0	$192,040.0	$215,184.9	$231,685.3
Less: Cost of Net Revenue - Products	($53,116.0)	($60,162.0)	($78,057.0)	($141,455.0)	($160,648.3)	($175,191.6)
Less: Cost of Net Revenue - Services	(14,240.0)	(14,155.0)	(12,774.0)	(12,631.8)	(12,451.6)	(12,511.8)
Total Cost of Net Revenue	($67,356.0)	($74,317.0)	($90,831.0)	($154,086.8)	($173,099.9)	($187,703.4)
Gross Margin	$21,069.0	$21,250.0	$22,707.0	$37,953.2	$42,085.1	$43,981.9
Less: Selling, General, and Administrative	($12,857.0)	($11,952.0)	($11,416.0)	($13,512.7)	($14,844.0)	($15,749.9)
Less: Research and Development	(2,801.0)	(3,061.0)	(3,142.0)	(4,521.4)	(5,379.6)	(6,023.8)
Total Operating Expenses	($15,658.0)	($15,013.0)	($14,558.0)	($18,034.1)	($20,223.6)	($21,773.7)
Operating Income	$5,411.0	$6,237.0	$8,149.0	$19,919.1	$21,861.5	$22,208.1
Add: Depreciation and Amortization	$3,303.0	$3,123.0	$3,029.0	$3,125.0	$3,509.5	$3,866.6
EBITDA	$8,714.0	$9,360.0	$11,178.0	$23,044.1	$25,371.0	$26,074.7
Interest and Other, Net	($1,324.0)	($1,189.0)	($886.0)	($477.6)	($1,031.1)	($1,051.0)
Income Before Income Taxes	$4,087.0	$5,048.0	$7,263.0	$19,441.5	$20,830.3	$21,157.2
Less: Income Tax Expense	($715.0)	($472.0)	($1,327.0)	($3,528.7)	($4,061.9)	($4,125.6)
Net Income	$3,372.0	$4,576.0	$5,936.0	$15,912.8	$16,768.4	$17,031.5
Add: Net Loss Attributable to Non-Controlling Interests	16.0	16.0	0.0	0.0	0.0	0.0
Net Income Attributable to Dell Technologies Inc.	$3,388.0	$4,592.0	$5,936.0	$15,912.8	$16,768.4	$17,031.5
Ratios & Assumptions
YoY Total Net Revenue Growth	(13.6%)	8.1%	18.8%	69.1%	12.1%	7.7%
Products Gross Margin	17.5%	15.8%	13.7%	16.2%	16.3%	15.9%
Services Gross Margin	40.8%	41.4%	44.8%	45.7%	46.2%	46.2%
Gross Margin %	23.8%	22.2%	20.0%	19.8%	19.6%	19.0%
Incremental Gross Margin	11.7%	2.5%	8.1%	19.4%	17.9%	11.5%

The full workbook adds 18 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation — every subtotal a live formula, every projection traced to a driver.

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GS The Goldman Sachs Group

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 18Q + 4A history · 10Q + 5A projection
Segments: 3
KPI: AWM management fees = average assets under supervision x fee rate; the eight Global Banking & Markets revenue lines off their own growth rates, split intermediation (cyclical) versus financing (durable); net interest = opening balance sheet x yield
Thesis: Equities intermediation reverts 28% to its own trailing average and financing keeps compounding into the SLR: the Hold expressed as drivers, ROTE settling at 21.5-22.5% against a 23.5% peak quarter
Updated: 2026-09-28 · 153 KB

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Income statement preview for GS. Dollars in millions, except per share amounts. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Investment Banking	$6,218.0	$7,738.0	$9,348.0	$12,644.6	$13,547.3	$14,313.1
Investment Management	9,532.0	10,596.0	11,749.0	13,870.9	15,521.7	16,495.3
Commissions and Fees	3,789.0	4,086.0	4,042.0	5,322.1	4,877.5	5,075.4
Market Making	18,238.0	18,390.0	17,993.0	25,365.7	25,382.4	26,665.8
Other Principal Transactions	2,126.0	4,646.0	1,592.0	2,200.2	1,836.5	1,887.5
Total Non-Interest Revenues	$39,903.0	$45,456.0	$44,724.0	$59,403.5	$61,165.5	$64,437.1
Interest Income	$68,515.0	$81,397.0	$80,373.0	$86,607.0	$89,095.9	$91,479.2
Less: Interest Expense	(62,164.0)	(73,341.0)	(66,814.0)	(71,086.5)	(72,740.8)	(74,507.2)
Net Interest Income	$6,351.0	$8,056.0	$13,559.0	$15,520.4	$16,355.1	$16,972.0
Total Net Revenues	$46,254.0	$53,512.0	$58,283.0	$74,923.9	$77,520.6	$81,409.1
Less: Provision for Credit Losses	($1,028.0)	($1,348.0)	$1,113.0	($1,019.6)	($1,266.0)	($1,341.0)
Less: Compensation and Benefits	($15,499.0)	($16,706.0)	($18,906.0)	($23,097.3)	($23,837.0)	($24,870.0)
Less: Transaction Based	(5,698.0)	(6,724.0)	(7,997.0)	(10,635.1)	(10,460.8)	(10,908.1)
Less: Market Development	(629.0)	(646.0)	(710.0)	(788.6)	(835.1)	(870.8)
Less: Communications and Technology	(1,919.0)	(1,991.0)	(2,170.0)	(2,442.4)	(2,527.3)	(2,635.4)
Less: Depreciation and Amortization	(4,856.0)	(2,392.0)	(2,182.0)	(2,079.4)	(2,219.6)	(2,314.5)
Less: Occupancy	(1,053.0)	(973.0)	(958.0)	(1,019.7)	(1,076.8)	(1,122.9)
Less: Professional Fees	(1,623.0)	(1,652.0)	(1,770.0)	(1,624.1)	(1,802.1)	(1,879.1)
Less: Other Expenses	(3,210.0)	(2,683.0)	(2,851.0)	(2,641.0)	(3,054.7)	(3,185.4)
Total Operating Expenses	($34,487.0)	($33,767.0)	($37,544.0)	($44,327.6)	($45,813.5)	($47,786.3)
Pre-Tax Earnings	$10,739.0	$18,397.0	$21,852.0	$29,576.7	$30,441.0	$32,281.8
Less: Provision for Taxes	($2,223.0)	($4,121.0)	($4,676.0)	($5,914.5)	($6,697.0)	($7,102.0)
Net Earnings	$8,516.0	$14,276.0	$17,176.0	$23,662.3	$23,744.0	$25,179.8
Less: Preferred Stock Dividends	($609.0)	($751.0)	($876.0)	($912.0)	($912.0)	($912.0)
Net Earnings to Common	$7,907.0	$13,525.0	$16,300.0	$22,750.3	$22,832.0	$24,267.8
Weighted Average Basic Shares	340.8	328.1	312.7	299.6	292.8	287.2
Weighted Average Diluted Shares	345.8	333.6	317.6	304.2	297.5	291.8
Diluted EPS	$22.87	$40.54	$51.32	$74.78	$76.74	$83.18
Basic EPS	$23.05	$41.07	$51.95	$75.66	$77.68	$84.20
Ratios & Assumptions
Net Margin	18.4%	26.7%	29.5%	31.6%	30.6%	30.9%
Net Interest Margin on Interest Income	9.3%	9.9%	16.9%	17.9%	18.4%	18.6%
Efficiency Ratio	74.6%	63.1%	64.4%	59.2%	59.1%	58.7%
Effective Tax Rate	20.7%	22.4%	21.4%	20.0%	22.0%	22.0%

The full workbook adds 18 historical and 10 projected quarters, plus Balance Sheet · Cash Flow Statement · Segment Performance · KPI Drivers · Projection Drivers — every subtotal a live formula, every projection traced to a driver.

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HD The Home Depot

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: Per-week rates × weeks in the fiscal period: retail = transactions × average ticket; HD Supply and SRS/GMS each on their own per-week growth rate; the three pieces sum to filed net sales
Thesis: Traffic stays negative into FY27E and SRS/GMS mix holds net margin at 8.5% against the Street's 10% by FY30E: the Hold expressed as drivers
Updated: 2026-09-28 · 176 KB

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Income statement preview for HD. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Net sales - retail	$146,076	$146,218	$145,032	$147,669	$150,428	$153,436
Net sales - HD Supply	6,593	6,890	6,934	6,864	7,070	7,282
Net sales - SRS Distribution and GMS (Other segment)	0	6,406	12,717	17,129	18,157	19,246
Total Net Sales	$152,669	$159,514	$164,683	$171,662	$175,654	$179,965
Less: Cost of Sales	($101,709)	($106,206)	($109,818)	($114,761)	($117,589)	($120,654)
Gross Profit	$50,960	$53,308	$54,865	$56,901	$58,065	$59,310
Less: Selling, General and Administrative	($26,598)	($28,748)	($30,702)	($32,181)	($32,771)	($33,395)
Less: Depreciation and Amortization (operating expense)	(2,673)	(3,034)	(3,273)	(3,436)	(3,471)	(3,452)
Total Operating Expenses	($29,271)	($31,782)	($33,975)	($35,617)	($36,242)	($36,847)
Operating Income	$21,689	$21,526	$20,890	$21,284	$21,823	$22,464
Interest Income and Other, net	$178	$201	$124	$148	$176	$180
Less: Interest Expense	(1,943)	(2,321)	(2,412)	(2,382)	(2,384)	(2,407)
Earnings Before Provision for Income Taxes	$19,924	$19,406	$18,602	$19,051	$19,614	$20,237
Less: Provision for Income Taxes	(4,781)	(4,600)	(4,446)	(4,643)	(4,707)	(4,857)
Net Earnings	$15,143	$14,806	$14,156	$14,408	$14,907	$15,380
Ratios & Assumptions
YoY Total Net Sales Growth	(3.0%)	4.5%	3.2%	4.2%	2.3%	2.5%
Gross Margin	33.4%	33.4%	33.3%	33.1%	33.1%	33.0%
Operating Margin	14.2%	13.5%	12.7%	12.4%	12.4%	12.5%
Adjusted Operating Margin (Non-GAAP)	14.2%	13.6%	12.9%	12.8%	12.8%	12.8%
Net Margin	9.9%	9.3%	8.6%	8.4%	8.5%	8.5%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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META Meta Platforms

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 3
KPI: YoY growth x revenue disaggregation (Advertising / FoA Other / Reality Labs); segment operating income tied FoA + RL = total
Thesis: AI capex supercycle: $125-145B FY26 capex vs ads +25% guide; FY26E $253B at consensus, FCF pinned near zero through FY27
Updated: 2026-09-28 · 106 KB

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Income statement preview for META. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Advertising Revenue (Family of Apps)	$131,948.0	$160,633.0	$196,175.0	$246,490.6	$291,834.5	$338,528.0
Other Revenue (Family of Apps)	1,058.0	1,722.0	2,584.0	3,956.0	5,108.3	6,232.2
Reality Labs Revenue	1,896.0	2,146.0	2,207.0	2,405.8	2,767.8	3,459.8
Total Revenue	$134,902.0	$164,501.0	$200,966.0	$252,852.4	$299,710.6	$348,219.9
Less: Cost of Revenue	($25,959.0)	($30,161.0)	($36,175.0)	($50,277.9)	($64,437.8)	($76,608.4)
Less: Research and Development	(38,483.0)	(43,873.0)	(57,372.0)	(84,610.3)	(100,149.3)	(109,689.3)
Less: Marketing and Sales	(12,301.0)	(11,347.0)	(11,991.0)	(14,600.1)	(18,239.8)	(20,893.2)
Less: General and Administrative	(11,408.0)	(9,740.0)	(12,152.0)	(13,670.5)	(16,226.9)	(18,107.4)
Total Costs and Expenses	($88,151.0)	($95,121.0)	($117,690.0)	($163,158.8)	($199,053.8)	($225,298.3)
Income from Operations	$46,751.0	$69,380.0	$83,276.0	$89,693.5	$100,656.8	$122,921.6
Interest and Other Income (Expense), Net	$677.0	$1,283.0	$2,656.0	($670.0)	$800.0	$800.0
Income Before Provision for Income Taxes	$47,428.0	$70,663.0	$85,932.0	$89,023.5	$101,456.8	$123,721.6
Less: Provision for (Benefit from) Income Taxes	($8,330.0)	($8,303.0)	($25,474.0)	($4,733.4)	($15,218.5)	($19,176.9)
Net Income	$39,098.0	$62,360.0	$60,458.0	$84,290.2	$86,238.3	$104,544.8
EPS — Basic	$15.19	$24.61	$23.98	$33.16	$33.66	$40.48
EPS — Diluted	$14.87	$23.86	$23.49	$32.78	$33.27	$40.01
Shares — Basic (M, weighted avg)	2,574.0	2,534.0	2,521.0	2,541.6	2,562.0	2,582.5
Shares — Diluted (M, weighted avg)	2,629.0	2,614.0	2,574.0	2,571.7	2,592.3	2,613.1
Ratios & Assumptions
YoY FoA Other Revenue Growth	30.9%	62.8%	50.1%	53.1%	29.1%	22.0%
YoY Total Revenue Growth	15.7%	21.9%	22.2%	25.8%	18.5%	16.2%
Operating Margin	34.7%	42.2%	41.4%	35.5%	33.6%	35.3%
FoA Operating Margin (FoA OI / FoA Revenue)	47.3%	53.7%	51.6%	43.7%	40.9%	42.0%
Net Margin	29.0%	37.9%	30.1%	33.3%	28.8%	30.0%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

Download the full META model (xlsx)Free — takes a moment to sign in or register

MS Morgan Stanley

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 3
KPI: Wealth asset management = average fee-based client assets x fee rate; Investment Management = average AUM x fee rate; Institutional Securities = five business lines off the same quarter a year earlier; net interest = opening balance sheet x yield
Thesis: Equities turns negative year on year in FY2027E and the Wealth fee rate compresses to 69bp: the Hold expressed as drivers, taking ROTCE from a peak 26.6% to under 20%
Updated: 2026-09-28 · 196 KB

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Income statement preview for MS. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Investment Banking	4,948.0	6,705.0	8,199.0	10,443.1	11,366.8	11,910.3
Trading	15,263.0	16,763.0	18,556.0	25,074.0	22,555.3	23,110.5
Investments	573.0	824.0	1,351.0	913.0	1,050.0	1,075.8
Commissions and Fees	4,537.0	5,094.0	5,936.0	7,081.4	6,906.5	7,076.5
Asset Management	19,617.0	22,499.0	25,145.0	28,302.2	31,078.6	33,279.5
Other	975.0	1,265.0	1,412.0	991.2	924.2	947.0
Total Non-Interest Revenues	$45,913.0	$53,150.0	$60,599.0	$72,804.7	$73,881.4	$77,399.5
Interest Income	$45,849.0	$54,135.0	$59,063.0	$63,010.5	$64,675.7	$67,552.2
Less: Interest Expense	(37,619.0)	(45,524.0)	(49,017.0)	(51,771.5)	(52,456.7)	(54,488.9)
Net Interest	$8,230.0	$8,611.0	$10,046.0	$11,239.0	$12,219.0	$13,063.4
Net Revenues	$54,143.0	$61,761.0	$70,645.0	$84,043.7	$86,100.4	$90,462.9
Less: Provision for Credit Losses	($532.0)	($264.0)	($349.0)	($389.6)	($398.1)	($422.2)
Less: Compensation and Benefits	(24,558.0)	(26,178.0)	(29,216.0)	(33,668.0)	(34,784.8)	(36,737.1)
Less: Brokerage, Clearing and Exchange Fees	(3,476.0)	(4,140.0)	(4,679.0)	(5,420.3)	(5,545.1)	(5,856.3)
Less: Information Processing and Communications	(3,775.0)	(4,088.0)	(4,418.0)	(4,869.0)	(5,170.8)	(5,461.0)
Less: Professional Services	(3,058.0)	(2,901.0)	(2,839.0)	(2,776.5)	(3,069.1)	(3,241.3)
Less: Occupancy and Equipment	(1,895.0)	(1,905.0)	(1,872.0)	(2,016.5)	(2,159.3)	(2,280.5)
Less: Marketing and Business Development	(898.0)	(965.0)	(1,173.0)	(1,442.8)	(1,502.9)	(1,587.2)
Less: Other Expenses	(4,138.0)	(3,724.0)	(4,145.0)	(5,219.9)	(5,349.3)	(5,649.5)
Total Non-Interest Expenses	($41,798.0)	($43,901.0)	($48,342.0)	($55,413.1)	($57,581.3)	($60,813.0)
Income Before Provision for Income Taxes	$11,813.0	$17,596.0	$21,954.0	$28,241.0	$28,121.0	$29,227.7
Less: Provision for Income Taxes	($2,583.0)	($4,067.0)	($4,929.0)	($6,191.4)	($6,411.6)	($6,722.4)
Net Income	$9,230.0	$13,529.0	$17,025.0	$22,049.5	$21,709.4	$22,505.3
Less: Net Income to Noncontrolling Interests	($143.0)	($139.0)	($164.0)	($274.9)	($267.1)	($277.7)
Net Income Applicable to Morgan Stanley	$9,087.0	$13,390.0	$16,861.0	$21,774.6	$21,442.3	$22,227.6
Ratios & Assumptions
YoY Net Revenues Growth	0.9%	14.1%	14.4%	19.0%	2.4%	5.1%
Net Margin	16.8%	21.7%	23.9%	25.9%	24.9%	24.6%
Expense Efficiency Ratio	77.2%	71.1%	68.4%	65.9%	66.9%	67.2%
Effective Tax Rate	21.9%	23.1%	22.5%	21.9%	22.8%	23.0%

The full workbook adds 22 historical and 10 projected quarters, plus Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance · Projection Drivers — every subtotal a live formula, every projection traced to a driver.

Download the full MS model (xlsx)Free — takes a moment to sign in or register

MUFG Mitsubishi UFJ Financial Group

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 6
KPI: NII = average interest-earning assets x NII yield; expenses = expense ratio x total net revenue; credit costs = credit-cost ratio x average loans; equity-securities gains = disposal rate x domestic equity book
Thesis: NII yield on a ¥237tn deposit book in Japan's first rate cycle: FY27E net income ¥2,994bn, 11% above MUFG's ¥2,700bn target; DPS ¥96
Updated: 2026-09-28 · 169 KB

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Income statement preview for MUFG. Billions of yen, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Net Interest Income	¥2,457.9	¥2,876.6	¥3,006.3	¥3,796.0	¥4,319.4	¥4,510.6
Trust Fees	139.4	144.4	163.1	179.6	188.5	196.1
Credit Costs for Trust Accounts	0.0	0.0	0.0
Net Fees and Commissions	1,681.3	1,945.8	2,226.8	2,445.7	2,592.4	2,722.0
Net Trading Profits	368.2	454.3	329.5	412.7	412.7	420.9
Net Other Operating Profits	85.8	(601.7)	218.8	206.0	206.0	210.1
Net Gains (Losses) on Debt Securities	(450.8)	(991.5)	(177.3)
Total Net Revenue (Gross Profits)	¥4,732.5	¥4,819.3	¥5,944.5	¥7,040.0	¥7,719.0	¥8,059.8
Less: G&A Expenses excl. Amortization of Goodwill	(2,866.5)	(3,191.6)	(3,525.4)	(3,846.2)	(4,263.1)	(4,433.8)
Less: Amortization of Goodwill	(22.2)	(36.6)	(41.8)	(42.7)	(41.4)	(39.4)
Total Non-Interest Expense	(¥2,888.7)	(¥3,228.1)	(¥3,567.2)	(¥3,888.9)	(¥4,304.5)	(¥4,473.2)
Provision for General Allowance for Credit Losses	(6.7)	0.0	20.1	5.9	0.0	0.0
Net Operating Profits	¥1,837.1	¥1,591.2	¥2,397.3	¥3,157.0	¥3,414.5	¥3,586.6
Less: Credit Costs	(592.9)	(302.3)	(474.7)	(415.8)	(424.3)	(485.8)
Losses on Loan Write-offs	(193.1)	(289.7)	(252.6)
Provision for Specific Allowance for Credit Losses	(387.4)	0.0	(202.4)
Other Credit Costs	(12.4)	(12.6)	(19.8)
Reversal of Allowance for Credit Losses	0.0	76.8	0.0	0.0	0.0	0.0
Reversal of Reserve for Contingent Losses	0.0	4.5	2.0	0.0	0.0	0.0
Gains on Loans Written-off	101.7	112.2	96.8	96.6	97.4	100.0
Net Gains (Losses) on Equity Securities	371.3	592.6	486.0	284.6	111.0	70.2
Gains on Sales of Equity Securities	452.1	679.0	604.7
Losses on Sales of Equity Securities	(70.7)	(35.5)	(100.3)
Losses on Write-down of Equity Securities	(10.2)	(51.0)	(18.4)
Equity in Earnings of Equity Method Investees	531.8	597.0	845.5	992.3	1,032.0	1,062.9
Other Non-Recurring Gains (Losses)	(121.0)	(2.5)	57.2	73.5	77.2	80.6
Total Net Non-Recurring Gains (Losses)	¥290.9	¥1,078.3	¥1,012.9	¥1,031.2	¥893.2	¥827.9
Ordinary Profits	¥2,128.0	¥2,669.5	¥3,410.2	¥4,188.2	¥4,307.7	¥4,414.5
Net Extraordinary Gains (Losses)	(77.9)	(118.8)	(88.0)	(63.3)	(92.6)	(96.7)
Profits before Income Taxes	¥2,050.1	¥2,550.6	¥3,322.2	¥4,124.9	¥4,215.1	¥4,317.8
Less: Income Taxes - Current	(411.9)	(382.7)	(853.4)	(907.8)	(1,011.6)	(1,057.9)
Refund of Income Taxes	0.0	0.0	0.0	0.0	0.0	0.0
Less: Income Taxes - Deferred	(66.5)	(226.5)	91.8	(85.4)	0.0	0.0
Total Taxes	(¥478.3)	(¥609.2)	(¥761.6)	(¥993.3)	(¥1,011.6)	(¥1,057.9)
Profits	¥1,571.8	¥1,941.5	¥2,560.5	¥3,131.6	¥3,203.5	¥3,260.0
Less: Profits Attributable to Non-Controlling Interests	(81.0)	(78.5)	(133.3)	(137.7)	(141.0)	(143.4)
Net Income	¥1,490.8	¥1,862.9	¥2,427.2	¥2,993.9	¥3,062.5	¥3,116.5
Weighted Average Shares - Basic (M)	11,959.978	11,642.149	11,386.395	11,202.891	11,002.596	10,804.550
Weighted Average Shares - Diluted (M)	11,959.978	11,642.149	11,386.395	11,202.891	11,002.596	10,804.550
Basic EPS	¥124.65	¥160.02	¥213.17	¥267.24	¥278.35	¥288.45
Basic EPS	¥124.65	¥160.02	¥213.17
Diluted EPS	¥124.33	¥159.48	¥212.34
Dividends per Share Declared	41.00	64.00	86.00	96.00	104.00	112.00
Ratios & Assumptions
YoY Total Net Revenue Growth	5.1%	1.8%	23.3%	18.4%	9.6%	4.4%
Net Margin	31.5%	38.7%	40.8%	42.5%	39.7%	38.7%
Effective Tax Rate	23.3%	23.9%	22.9%	24.1%	24.0%	24.5%

The full workbook adds 21 historical and 7 projected quarters, plus Balance Sheet · Cash Flow Statement · Disclosed Bank Metrics (as filed) · Segment Performance · KPI Drivers — every subtotal a live formula, every projection traced to a driver.

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NVDA NVIDIA

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 17Q + 5A history · 7Q + 5A projection
Segments: 2
KPI: QoQ growth × segment (Compute & Networking / Graphics)
Thesis: Vera Rubin in full production: Q2 FY27 rev $96.2B (+106% YoY), FY27E ~$410B (+90%), decel to +12% by FY31; GM fades 74% → 71%
Updated: 2026-09-28 · 85 KB

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Income statement preview for NVDA. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2024	FY2025	FY2026	FY27E	FY28E	FY29E
Revenue	$60,922	$130,497	$215,938	$409,987	$698,910	$915,100
Less: Cost of Revenue	($16,621)	($32,639)	($62,475)	($105,517)	($192,187)	($260,804)
Gross Profit	$44,301	$97,858	$153,463	$304,470	$506,723	$654,297
Less: Research and Development	($8,675)	($12,914)	($18,497)	($29,850)	($47,994)	($61,312)
Less: Sales, General & Administrative	(2,654)	(3,491)	(4,579)	(5,810)	(9,161)	(11,530)
Total Operating Expenses	($11,329)	($16,405)	($23,076)	($35,659)	($57,155)	($72,842)
Operating Income	$32,972	$81,453	$130,387	$268,811	$449,568	$581,455
Interest Income	$866	$1,786	$2,300	$2,029	$2,003	$2,013
Interest Expense	(257)	(247)	(259)	(1,045)	(1,420)	(1,464)
Other Income/(Expense), Net (incl. equity gains)	237	1,034	9,022	24,594	3,495	4,576
Pretax Income	$33,818	$84,026	$141,450	$294,389	$453,646	$586,579
Less: Income Tax (Provision)/Benefit	($4,058)	($11,146)	($21,383)	($49,407)	($77,120)	($99,718)
Net Income	$29,760	$72,880	$120,067	$244,981	$376,526	$486,861
EPS — Basic	$1.210	$2.970	$4.930	$10.155	$15.920	$21.006
EPS — Diluted	$1.190	$2.940	$4.900	$10.115	$15.858	$20.923
Shares — Basic (M, post-split)	24,690	24,555	24,359	24,123	23,651	23,178
Shares — Diluted (M, post-split)	24,940	24,804	24,514	24,221	23,744	23,269
Ratios & Assumptions
YoY Revenue Growth	125.9%	114.2%	65.5%	89.9%	70.5%	30.9%
Gross Margin %	72.7%	75.0%	71.1%	74.3%	72.5%	71.5%
Operating Margin	54.1%	62.4%	60.4%	65.6%	64.3%	63.5%
Net Margin	48.8%	55.8%	55.6%	59.8%	53.9%	53.2%
Effective Tax Rate	12.0%	13.3%	15.1%	16.8%	17.0%	17.0%

The full workbook adds 17 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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NVS Novartis AG

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 14Q + 3A history · 10Q + 5A projection
Segments: 5
KPI: Net sales built brand by brand: 28 disclosed brands on their own sequential growth rates, summing to five therapeutic areas, plus one explicit line for pipeline assets not yet launched
Thesis: Entresto's US cliff against six ramping launches: FY2026E net sales +3.0% on guidance, +5.05% CAGR to 2030 at the bottom of management's band, and the out-years rest on one visible pipeline line
Updated: 2026-09-28 · 224 KB

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Income statement preview for NVS. USD in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Net Sales - Cardiovascular, Renal and Metabolic	$6,390	$8,576	$8,959	$6,679	$6,731	$6,954
Net Sales - Immunology	7,798	9,293	10,293	10,747	11,101	11,361
Net Sales - Neuroscience	3,651	4,750	5,993	7,247	8,131	8,843
Net Sales - Oncology	12,851	14,297	16,830	17,865	20,631	22,564
Net Sales - Established Brands	14,750	13,401	12,457	13,621	12,978	12,456
Net Sales - Pipeline Assets Not Yet Launched	0	0	0	0	302	1,254
Total Net Sales	$45,440	$50,317	$54,532	$56,159	$59,874	$63,433
Other Revenues	$1,220	$1,405	$2,142	$1,971	$2,096	$2,157
Total Revenue	$46,660	$51,722	$56,674	$58,130	$61,969	$65,590
Less: Cost of Goods Sold	($12,472)	($12,827)	($13,699)	($15,028)	($16,236)	($16,922)
Gross Profit	$34,188	$38,895	$42,975	$43,102	$45,733	$48,667
Less: Selling, General and Administration	($12,517)	($12,566)	($13,248)	($13,558)	($14,749)	($15,348)
Less: Research and Development	(11,371)	(10,022)	(11,200)	(11,978)	(13,014)	(13,511)
Other Income	1,772	1,175	1,460	1,748	1,797	1,902
Less: Other Expense	(2,303)	(2,938)	(2,343)	(2,279)	(2,107)	(2,164)
Total Operating Expenses and Other, net	($24,419)	($24,351)	($25,331)	($26,068)	($28,072)	($29,122)
Operating Income	$9,769	$14,544	$17,644	$17,034	$17,661	$19,546
Add: Depreciation, Amortisation and Impairments	$8,277	$6,069	$5,325	$5,532	$5,633	$5,440
EBITDA	$18,046	$20,613	$22,969	$22,566	$23,294	$24,986
Loss from Associated Companies	($13)	($38)	($12)	($11)	($12)	($12)
Less: Interest Expense	(855)	(1,006)	(1,144)	(1,735)	(1,860)	(1,860)
Other Financial Income and Expense	222	140	(136)	(117)	(100)	(100)
Income Before Taxes	$9,123	$13,640	$16,352	$15,171	$15,689	$17,574
Less: Income Taxes	(551)	(1,701)	(2,385)	(2,860)	(2,589)	(2,900)
Net Income from Continuing Operations	$8,572	$11,939	$13,967	$12,311	$13,100	$14,674
Net Income from Discontinued Operations (Sandoz)	$6,282			$0	$0	$0
of which: Sandoz result before the distribution gain	422			0	0	0
of which: gain on distribution of Sandoz Group AG	5,860			0	0	0
Net Income	$14,854	$11,939	$13,967	$12,311	$13,100	$14,674
Attributable to Shareholders of Novartis AG	$14,850	$11,941	$13,984	$12,326	$13,116	$14,690
Attributable to Non-Controlling Interests	4	(2)	(17)	(15)	(16)	(16)
Net Income, Attributed	$14,854	$11,939	$13,967	$12,311	$13,100	$14,674
Weighted Average Shares Outstanding - Basic (million)	2,077	2,018	1,939	1,901	1,878	1,857
Weighted Average Shares Outstanding - Diluted (million)	2,092	2,035	1,955	1,913	1,893	1,873
Basic Earnings per Share	$7.15	$5.92	$7.21	$6.48	$6.99	$7.91
Diluted Earnings per Share	$7.10	$5.87	$7.15	$6.44	$6.93	$7.84
Ratios & Assumptions
YoY Total Net Sales Growth		10.7%	8.4%	3.0%	6.6%	5.9%
Gross Margin	75.2%	77.3%	78.8%	76.7%	76.4%	76.7%
Operating Margin	21.5%	28.9%	32.4%	30.3%	29.5%	30.8%
Net Margin	32.7%	23.7%	25.6%	21.9%	21.9%	23.1%
Effective Tax Rate	6.0%	12.5%	14.6%	18.9%	16.5%	16.5%

The full workbook adds 14 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Core (non-IFRS) Reconciliation · Net Sales by Region (memo) — every subtotal a live formula, every projection traced to a driver.

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PANW Palo Alto Networks

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 20Q + 5A history · 8Q + 5A projection
Segments: 3
KPI: YoY growth by revenue type (Product / Subscription / Support) off filed anchors; the face statement's Subscription-and-support line is a calculated subtotal
Thesis: Subscription +33% on a full CyberArk year: FY27E revenue $14.16B inside the $14.1-14.2B guide; $1.34B of D&A holds GAAP operating margin near 6%
Updated: 2026-09-28 · 156 KB

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Income statement preview for PANW. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Product	$1,603.3	$1,801.9	$2,280.0	$2,514.4	$2,675.9	$2,809.7
Subscription	4,188.5	4,974.4	6,239.0	8,271.0	9,592.7	11,031.7
Support	2,235.7	2,445.2	2,961.0	3,371.4	3,656.7	3,912.7
Subscription and Support	$6,424.2	$7,419.6	$9,200.0	$11,642.4	$13,249.5	$14,944.4
Total Revenue	$8,027.5	$9,221.5	$11,480.0	$14,156.8	$15,925.3	$17,754.0
Less: Cost of Product Revenue	(348.2)	(413.2)	(568.0)	(666.3)	(715.8)	(758.6)
Less: Cost of Subscription and Support Revenue	(1,711.0)	(2,038.4)	(2,835.0)	(3,958.4)	(4,471.7)	(5,006.4)
Less: Total Cost of Revenue	($2,059.2)	($2,451.6)	($3,403.0)	($4,624.7)	($5,187.5)	($5,765.0)
Total Gross Profit	$5,968.3	$6,769.9	$8,077.0	$9,532.1	$10,737.9	$11,989.0
Less: Research and Development	(1,809.4)	(1,984.1)	(2,552.0)	(3,185.3)	(3,543.4)	(3,905.9)
Less: Sales and Marketing	(2,794.5)	(3,100.2)	(3,931.0)	(4,601.0)	(5,096.1)	(5,592.5)
Less: General and Administrative	(680.5)	(442.7)	(899.0)	(849.4)	(923.7)	(994.2)
Less: Total Operating Expenses	($5,284.4)	($5,527.0)	($7,382.0)	($8,635.6)	($9,563.2)	($10,492.6)
Operating Income (Loss)	$683.9	$1,242.9	$695.0	$896.4	$1,174.7	$1,496.4
Add: Depreciation and Amortization (per CF)	$283.3	$343.4	$855.0	$1,343.4	$1,297.9	$1,193.6
EBITDA	$967.2	$1,586.3	$1,550.0	$2,239.8	$2,472.6	$2,690.0
Less: Interest Expense	($8.3)	($3.0)	$0.0	$0.0	$0.0	$0.0
Other Income (Expense), Net	312.7	355.8	(159.0)	311.4	350.4	390.6
Income (Loss) Before Income Taxes	$988.3	$1,595.7	$536.0	$1,207.9	$1,525.0	$1,887.0
Less: Provision for (Benefit from) Income Taxes	$1,589.3	($461.8)	($229.0)	($302.0)	($381.3)	($471.8)
Net Income (Loss)	$2,577.6	$1,133.9	$307.0	$905.9	$1,143.8	$1,415.3
Ratios & Assumptions
YoY Total Revenue Growth	16.5%	14.9%	24.5%	23.3%	12.5%	11.5%
Product Gross Margin	78.3%	77.1%	75.1%	73.5%	73.2%	73.0%
Subscription and Support Gross Margin	73.4%	72.5%	69.2%	66.0%	66.2%	66.5%
Total Gross Margin	74.3%	73.4%	70.4%	67.3%	67.4%	67.5%
Incremental Gross Margin	86.8%	67.1%	57.9%	54.4%	68.2%	68.4%

The full workbook adds 20 historical and 8 projected quarters, plus Pro-Forma / Non-GAAP Reconciliation · KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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PM Philip Morris International

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: Shipment volume x realised net revenue per 1,000 units (combustible / smoke-free)
Thesis: Cigarettes -2.5% at +8.6% price, HTUs +8.7%: smoke-free reaches 48% of net revenues by 2030E; FY26E diluted EPS $7.19, the floor of PMI's own guide
Updated: 2026-09-28 · 180 KB

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Income statement preview for PM. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Combustible Tobacco Products	22,334.0	23,218.0	23,794.0	25,193.3	26,170.8	26,919.9
Smoke-Free Products	12,840.0	14,660.0	16,854.0	18,715.9	20,617.4	22,501.8
Rounding Adjustment (product disaggregation)	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenues	$35,174.0	$37,878.0	$40,648.0	$43,909.2	$46,788.2	$49,421.8
Less: Cost of Sales	($12,893.0)	($13,329.0)	($13,366.0)	($14,104.1)	($14,747.4)	($15,330.5)
Gross Profit	$22,281.0	$24,549.0	$27,282.0	$29,805.1	$32,040.8	$34,091.2
Less: Marketing, Administration and Research Costs	(10,060.0)	(11,147.0)	(12,349.0)	(12,428.7)	(13,081.2)	(13,669.6)
Less: Impairment of Goodwill	(665.0)	0.0	(41.0)	0.0	0.0	0.0
Less: Corporate Expenses and Other				(619.0)	(655.0)	(691.9)
Total Operating Costs	($10,725.0)	($11,147.0)	($12,390.0)	($13,047.7)	($13,736.3)	($14,361.5)
Operating Income	$11,556.0	$13,402.0	$14,892.0	$16,757.5	$18,304.5	$19,729.7
Less: Interest Expense, net	(1,061.0)	(1,143.0)	(966.0)	(987.5)	(1,006.8)	(1,009.6)
Less: Pension and Other Employee Benefit Costs	(45.0)	(60.0)	(46.0)	20.0	20.0	20.0
Earnings Before Income Taxes	$10,450.0	$12,199.0	$13,880.0	$15,789.9	$17,317.7	$18,740.1
Less: Provision for Income Taxes	($2,339.0)	($3,017.0)	($2,737.0)	($3,315.9)	($3,723.3)	($4,029.1)
Less: Impairment Related to the RBH Equity Investment		(2,316.0)	0.0	(511.0)	0.0	0.0
Equity Investments and Securities Income (Loss), net	157.0	637.0	705.0	(124.0)	240.0	240.0
Net Earnings	$8,268.0	$7,503.0	$11,848.0	$11,839.0	$13,834.4	$14,951.0
Less: Net Earnings Attributable to Noncontrolling Interests	(455.0)	(446.0)	(500.0)	(594.2)	(622.5)	(672.8)
Net Earnings Attributable to PMI	$7,813.0	$7,057.0	$11,348.0	$11,244.7	$13,211.8	$14,278.2
Depreciation and Amortization (per Cash Flow Statement)	$1,398.0	$1,787.0	$1,996.0	$2,061.7	$2,109.9	$2,160.6
EBITDA	$12,954.0	$15,189.0	$16,888.0	$18,819.2	$20,414.5	$21,890.3
NOPAT	$8,969.4	$10,087.5	$11,955.4	$13,238.8	$14,369.0	$15,487.8
Less: Distributed and Undistributed Earnings to Share-Based Payment Awards	($22.0)	($23.0)	($32.0)	($30.2)	($35.7)	($38.6)
Net Earnings for Basic and Diluted EPS	$7,791.0	$7,034.0	$11,316.0	$11,214.6	$13,176.2	$14,239.7
Weighted-Average Shares for Basic EPS (millions)	1,552.000	1,554.000	1,556.000	1,558.750	1,559.000	1,559.000
Ratios & Assumptions
YoY Net Revenues Growth	10.7%	7.7%	7.3%	8.0%	6.6%	5.6%
Gross Margin	63.3%	64.8%	67.1%	67.9%	68.5%	69.0%
Incremental Gross Margin	56.3%	83.9%	98.7%	77.4%	77.7%	77.9%
Operating Margin	32.9%	35.4%	36.6%	38.2%	39.1%	39.9%
Net Margin (Net Earnings to PMI)	22.2%	18.6%	27.9%	25.6%	28.2%	28.9%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Operating Segments — every subtotal a live formula, every projection traced to a driver.

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RY Royal Bank of Canada

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 11Q + 2A history · 9Q + 5A projection
Segments: 6
KPI: NII = average balance x yield for each asset and funding class; wealth fees = assets under administration or management x a basis-point fee rate; PCL = average loans x PCL rate; staff cost = FTE x compensation per head
Thesis: Balance-sheet growth at a steady margin plus AUA-driven wealth fees: FY26E diluted EPS C$16.18, ROE 17.2%, CET1 13.4%
Updated: 2026-09-28 · 110 KB

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Income statement preview for RY. Millions of Canadian dollars, except per share and percentage amounts. Actual fiscal years followed by our estimates.
Income Statement
	Actual		Estimate
	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Loans	54,040.0	56,042.0	56,110.2	58,003.3	60,283.2
Securities	17,668.0	20,055.0	22,383.8	25,026.2	27,249.7
Assets Purchased Under Reverse Repos and Securities Borrowed	27,121.0	22,367.0	22,168.4	22,859.0	24,060.5
Deposits and Other	6,122.0	5,361.0	4,112.4	4,494.4	4,542.0
Total Interest and Dividend Income	C$104,951.0	C$103,825.0	C$104,774.8	C$110,382.9	C$116,135.4
Less: Deposits and Other	(47,256.0)	(44,817.0)	(42,802.9)	(43,905.9)	(45,522.7)
Less: Other Liabilities	(28,967.0)	(25,371.0)	(26,650.1)	(28,572.4)	(30,322.2)
Less: Subordinated Debentures	(775.0)	(637.0)	(525.4)	(529.6)	(529.6)
Total Interest Expense	(C$76,998.0)	(C$70,825.0)	(C$69,978.4)	(C$73,007.9)	(C$76,374.5)
Net Interest Income	C$27,953.0	C$33,000.0	C$34,796.4	C$37,375.0	C$39,760.9
Insurance Service Result	777.0	867.0	764.3	787.3	810.9
Insurance Investment Result	294.0	284.0	290.8	302.4	314.5
Trading Revenue	2,327.0	3,125.0	3,403.3	3,573.5	3,716.4
Investment Management and Custodial Fees	9,325.0	10,647.0	12,181.6	13,551.7	14,581.5
Mutual Fund Revenue	4,437.0	5,084.0	5,890.8	6,511.2	6,995.8
Securities Brokerage Commissions	1,660.0	1,905.0	2,202.5	2,452.0	2,664.4
Service Charges	2,294.0	2,425.0	2,355.0	2,378.6	2,402.3
Underwriting and Other Advisory Fees	2,672.0	2,899.0	3,494.2	3,738.8	3,925.7
Foreign Exchange Revenue, Other Than Trading	1,142.0	1,301.0	1,431.4	1,502.9	1,578.1
Card Service Revenue	1,273.0	1,333.0	1,331.5	1,371.4	1,412.6
Credit Fees	1,592.0	1,670.0	1,812.6	1,921.4	2,017.4
Net Gains on Investment Securities	170.0	120.0	209.1	219.6	230.5
Income (Loss) from Joint Ventures and Associates	(16.0)	73.0	102.0	107.1	112.5
Other	1,444.0	1,872.0	2,147.3	2,233.2	2,322.5
Total Non-Interest Income	C$29,391.0	C$33,605.0	C$37,616.5	C$40,651.0	C$43,085.3
Total Revenue	C$57,344.0	C$66,605.0	C$72,412.9	C$78,026.0	C$82,846.2
Less: Provision for Credit Losses	(C$3,232.0)	(C$4,362.0)	(C$4,064.8)	(C$4,177.7)	(C$4,174.7)
Less: Human Resources	(21,083.0)	(23,122.0)	(24,976.7)	(26,386.1)	(27,789.1)
Less: Equipment	(2,537.0)	(2,790.0)	(2,977.5)	(3,195.1)	(3,359.3)
Less: Occupancy	(1,805.0)	(1,679.0)	(1,754.8)	(1,868.6)	(1,950.9)
Less: Communications	(1,369.0)	(1,497.0)	(1,552.9)	(1,712.6)	(1,797.7)
Less: Professional Fees	(2,525.0)	(2,177.0)	(2,121.1)	(2,360.2)	(2,472.9)
Less: Amortization of Other Intangibles	(1,549.0)	(1,759.0)	(1,583.4)	(1,716.4)	(1,756.2)
Less: Other	(3,382.0)	(3,568.0)	(3,664.2)	(4,010.3)	(4,191.8)
Total Non-Interest Expense	(C$34,250.0)	(C$36,592.0)	(C$38,630.4)	(C$41,249.3)	(C$43,318.0)
Income Before Income Taxes	C$19,862.0	C$25,651.0	C$29,717.7	C$32,599.1	C$35,353.4
Less: Income Taxes	(C$3,622.0)	(C$5,282.0)	(C$6,597.6)	(C$7,187.8)	(C$7,777.8)
Net Income	C$16,240.0	C$20,369.0	C$23,120.1	C$25,411.3	C$27,575.7
Less: Net Income Attributable to Non-Controlling Interests	(C$10.0)	(C$7.0)	(C$5.0)	C$0.0	C$0.0
Net Income Attributable to Shareholders	C$16,230.0	C$20,362.0	C$23,115.1	C$25,411.3	C$27,575.7
Less: Preferred Dividends and Other Equity Distributions	(322.0)	(494.0)	(562.1)	(572.4)	(572.4)
Net Income Available to Common Shareholders	C$15,908.0	C$19,868.0	C$22,553.0	C$24,838.9	C$27,003.3
Weighted Average Common Shares - Basic	1,411.903	1,409.072	1,390.193	1,365.967	1,341.545
Weighted Average Common Shares - Diluted	1,413.755	1,411.589	1,393.634	1,369.519	1,345.033
Basic Earnings Per Share	C$11.27	C$14.10	C$16.22	C$18.18	C$20.13
Diluted Earnings Per Share	C$11.25	C$14.07	C$16.18	C$18.14	C$20.08
Income Statement Ratios & Assumptions
YoY Total Revenue Growth		16.1%	8.7%	7.8%	6.2%
Net Margin	28.3%	30.6%	31.9%	32.6%	33.3%
Efficiency Ratio	59.7%	54.9%	53.3%	52.9%	52.3%
Effective Tax Rate	18.2%	20.6%	22.2%	22.0%	22.0%

The full workbook adds 11 historical and 9 projected quarters, plus Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance · KPI Drivers - Projection Assumptions — every subtotal a live formula, every projection traced to a driver.

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WFC Wells Fargo & Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 18Q + 4A history · 10Q + 5A projection
Segments: 5
KPI: NII = average earning-asset and funding balances x yields and rates, annualised by days; each fee line on its own sequential growth; provision = average loans x provision rate
Thesis: Asset-cap removal redeployed at a thinner margin: earning assets +16% buy NII +5%; FY26E EPS $7.92, ROTCE 17.3% to 18.9% by FY28E
Updated: 2026-09-28 · 206 KB

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Income statement preview for WFC. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Interest Income on Loans	57,155.0	57,895.0	54,737.0	57,662.1	61,064.2	63,415.2
Other Interest Income	27,963.0	32,882.0	32,577.0	37,311.1	40,725.5	42,213.0
Total Interest Income	$85,118.0	$90,777.0	$87,314.0	$94,973.3	$101,789.8	$105,628.2
Less: Interest Expense on Deposits	(16,503.0)	(24,282.0)	(20,449.0)	(21,704.0)	(22,690.4)	(22,847.2)
Less: Interest Expense on Long-Term Debt	(11,572.0)	(12,463.0)	(10,268.0)	(9,834.1)	(10,013.9)	(9,938.3)
Less: Other Interest Expense	(4,668.0)	(6,356.0)	(9,113.0)	(12,393.8)	(13,447.2)	(14,112.5)
Total Interest Expense	($32,743.0)	($43,101.0)	($39,830.0)	($43,931.9)	($46,151.5)	($46,898.0)
Net Interest Income	$52,375.0	$47,676.0	$47,484.0	$51,041.3	$55,638.3	$58,730.2
Deposit-Related Fees	4,694.0	5,015.0	5,099.0	5,430.5	5,666.3	5,865.2
Lending-Related Fees	1,446.0	1,500.0	1,514.0	1,620.1	1,691.1	1,750.5
Investment Advisory and Other Asset-Based Fees	8,670.0	9,775.0	10,498.0	11,413.6	12,033.6	12,671.4
Commissions and Brokerage Services Fees	2,375.0	2,521.0	2,556.0	2,748.5	2,868.6	2,969.3
Investment Banking Fees	1,649.0	2,665.0	3,027.0	3,513.6	3,713.1	3,911.8
Card Fees	4,256.0	4,342.0	4,589.0	4,855.0	5,184.7	5,423.6
Mortgage Banking	829.0	1,047.0	1,152.0	976.7	1,071.0	1,114.4
Net Gains (Losses) from Trading Activities	4,799.0	5,284.0	5,147.0	5,571.9	5,827.5	6,064.1
Net Gains (Losses) from Debt Securities	10.0	(920.0)	(144.0)	1.0	0.0	0.0
Net Gains (Losses) from Equity Securities	(441.0)	1,070.0	244.0	1,785.1	1,578.7	1,642.8
Other Noninterest Income	1,935.0	2,321.0	2,533.0	1,636.8	1,605.2	1,681.3
Total Noninterest Income	$30,222.0	$34,620.0	$36,215.0	$39,552.9	$41,239.8	$43,094.6
Total Revenue	$82,597.0	$82,296.0	$83,699.0	$90,594.3	$96,878.1	$101,824.8
Less: Provision for Credit Losses	(5,399.0)	(4,334.0)	(3,658.0)	(4,298.9)	(4,818.6)	(5,243.2)
Less: Personnel	(35,829.0)	(35,729.0)	(36,281.0)	(36,438.2)	(37,158.4)	(38,718.0)
Less: Technology, Telecommunications and Equipment	(3,920.0)	(4,583.0)	(5,203.0)	(5,842.2)	(6,270.7)	(6,655.4)
Less: Occupancy	(2,884.0)	(3,052.0)	(3,151.0)	(3,206.2)	(3,326.3)	(3,424.9)
Less: Professional and Outside Services	(5,085.0)	(4,607.0)	(4,540.0)	(4,429.6)	(4,655.8)	(4,851.2)
Less: Advertising and Promotion	(812.0)	(869.0)	(1,094.0)	(1,460.6)	(1,495.4)	(1,539.7)
Less: Other Noninterest Expense	(7,032.0)	(5,758.0)	(4,573.0)	(4,402.6)	(4,534.1)	(4,724.4)
Total Noninterest Expense	($55,562.0)	($54,598.0)	($54,842.0)	($55,779.5)	($57,440.6)	($59,913.6)
Income Before Income Tax Expense	$21,636.0	$23,364.0	$25,199.0	$30,515.9	$34,618.8	$36,668.0
Less: Income Tax Expense	(2,607.0)	(3,399.0)	(3,841.0)	(4,978.4)	(6,058.3)	(6,416.9)
Net Income Before Noncontrolling Interests	$19,029.0	$19,965.0	$21,358.0	$25,537.5	$28,560.5	$30,251.1
Less: Net Income from Noncontrolling Interests	113.0	(243.0)	(20.0)	(275.0)	0.0	0.0
Wells Fargo Net Income	$19,142.0	$19,722.0	$21,338.0	$25,262.5	$28,560.5	$30,251.1
Less: Preferred Stock Dividends and Other	(1,160.0)	(1,116.0)	(1,053.0)	(994.0)	(988.0)	(988.0)
Net Income Applicable to Common Stock	$17,982.0	$18,606.0	$20,285.0	$24,268.5	$27,572.5	$29,263.1
Income Statement Ratios & Assumptions
Net Margin	23.2%	24.0%	25.5%	27.9%	29.5%	29.7%
Efficiency Ratio	67.3%	66.3%	65.5%	61.6%	59.3%	58.8%
Effective Tax Rate	12.0%	14.5%	15.2%	16.3%	17.5%	17.5%

The full workbook adds 18 historical and 10 projected quarters, plus Balance Sheet · Cash Flow Statement · KPI Drivers · Operating Segments · Memo: Superseded Disclosures — every subtotal a live formula, every projection traced to a driver.

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AAPL Apple

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 5
KPI: YoY growth % × product category (iPhone / Mac / iPad / Wearables / Services); four hardware lines sum to IS Products
Thesis: Memory inflation takes 280bps of GM in two quarters; FY27E EPS $9.23 vs $9.60 consensus on one iPhone supercycle, not two — Hold
Updated: 2026-09-27 · 161 KB

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Income statement preview for AAPL. Dollars in millions, except per share amounts. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Products	$298,085	$294,866	$307,003	$353,821	$373,189	$387,635
Services	85,200	96,169	109,158	123,209	134,298	145,713
Total Net Sales	$383,285	$391,035	$416,161	$477,031	$507,487	$533,349
Less: Cost of Sales - Products	(189,282)	(185,233)	(194,116)	(215,367)	(233,326)	(239,973)
Less: Cost of Sales - Services	(24,855)	(25,119)	(26,844)	(29,320)	(32,232)	(34,534)
Total Cost of Sales	($214,137)	($210,352)	($220,960)	($244,688)	($265,558)	($274,507)
Gross Margin	$169,148	$180,683	$195,201	$232,343	$241,930	$258,842
Less: Research and Development	(29,915)	(31,370)	(34,550)	(45,871)	(50,458)	(54,747)
Less: Selling, General and Administrative	(24,932)	(26,097)	(27,601)	(29,729)	(30,919)	(32,155)
Total Operating Expenses	($54,847)	($57,467)	($62,151)	($75,601)	($81,377)	($86,903)
Operating Income	$114,301	$123,216	$133,050	$156,742	$160,553	$171,939
Other Income/(Expense), net	($565)	$269	($321)	$1,019	$761	$800
Income Before Provision for Income Taxes	$113,736	$123,485	$132,729	$157,762	$161,314	$172,739
Less: Provision for Income Taxes	($16,741)	($29,749)	($20,719)	($27,357)	($27,423)	($29,366)
Net Income	$96,995	$93,736	$112,010	$130,405	$133,891	$143,374
Ratios & Assumptions
YoY Total Net Sales Growth	(2.8%)	2.0%	6.4%	14.6%	6.4%	5.1%
Products Gross Margin	36.5%	37.2%	36.8%	39.1%	37.5%	38.1%
Services Gross Margin	70.8%	73.9%	75.4%	76.2%	76.0%	76.3%
Total Gross Margin	44.1%	46.2%	46.9%	48.7%	47.7%	48.5%
Incremental Gross Margin (YoY)	14.8%	148.8%	57.8%	61.0%	31.5%	65.4%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Segment KPIs — every subtotal a live formula, every projection traced to a driver.

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ADBE Adobe

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: QoQ growth × customer group (BP&C / C&MP subscription revenue)
Thesis: Organic ARR decel caps growth at HSD; ~95%-of-FCF buybacks carry GAAP EPS $18→$29 by FY30; freemium conversion is the unmodeled upside
Updated: 2026-09-27 · 118 KB

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Income statement preview for ADBE. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Subscription Revenue	$18,284	$20,521	$22,904	$25,773	$28,173	$29,746
Product Revenue	460	386	325	357	356	356
Services and Other Revenue	665	598	540	436	377	320
Total Revenue	$19,409	$21,505	$23,769	$26,566	$28,905	$30,422
Less: Cost of Subscription Revenue	($1,822)	($1,799)	($2,027)	($2,323)	($2,564)	($2,707)
Less: Cost of Product Revenue	(29)	(25)	(23)	(22)	(21)	(21)
Less: Cost of Services and Other Revenue	(503)	(534)	(501)	(465)	(395)	(336)
Total Cost of Revenue	($2,354)	($2,358)	($2,551)	($2,810)	($2,980)	($3,064)
Gross Profit	$17,055	$19,147	$21,218	$23,755	$25,925	$27,358
Less: Research and Development	($3,473)	($3,944)	($4,294)	($4,774)	($5,246)	($5,575)
Less: Sales and Marketing	(5,351)	(5,764)	(6,488)	(7,440)	(8,180)	(8,548)
Less: General and Administrative	(1,413)	(1,529)	(1,573)	(2,032)	(2,096)	(2,190)
Less: Acquisition Termination Fee (Figma, Q1'24)		($1,000)	$0	$0	$0	$0
Less: Amortization of Intangibles	(168)	(169)	(157)	(160)	(139)	(102)
Total Operating Expenses	($10,405)	($12,406)	($12,512)	($14,406)	($15,661)	($16,415)
Operating Income	$6,650	$6,741	$8,706	$9,350	$10,264	$10,943
Interest Expense	($113)	($169)	($263)	($258)	($260)	($260)
Investment Gains (Losses), Net	16	48	43	23	0	0
Other Income (Expense), Net	246	311	248	203	188	188
Total Non-Operating Income (Expense), Net	$149	$190	$28	($32)	($72)	($72)
Income Before Income Taxes	$6,799	$6,931	$8,734	$9,318	$10,192	$10,871
Less: Provision for Income Taxes	($1,371)	($1,371)	($1,604)	($2,130)	($2,344)	($2,500)
Net Income	$5,428	$5,560	$7,130	$7,187	$7,848	$8,370
EPS — Basic	$11.87	$12.43	$16.73	$18.00	$20.71	$23.13
EPS — Diluted	$11.82	$12.36	$16.70	$17.98	$20.71	$23.13
Shares — Basic (M)	457	447	426	399	379	362
Shares — Diluted (M)	459	450	427	400	379	362
Ratios & Assumptions
YoY Subscription Revenue Growth	11.6%	12.2%	11.6%	12.5%	9.3%	5.6%
YoY Product Revenue Growth	(13.5%)	(16.1%)	(15.8%)	9.8%	(0.3%)	0.0%
YoY Services and Other Revenue Growth	(3.1%)	(10.1%)	(9.7%)	(19.3%)	(13.6%)	(15.1%)
YoY Total Revenue Growth	10.2%	10.8%	10.5%	11.8%	8.8%	5.2%
Subscription Gross Margin	90.0%	91.2%	91.2%	91.0%	90.9%	90.9%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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AMAT Applied Materials

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 3
KPI: Semiconductor Systems revenue by end market (foundry-logic / DRAM / flash), each on its own sequential growth rate, plus services off the installed base and Corporate and Other; the disclosed market mix is an output of the three, not a driver
Thesis: DRAM went 17% of systems revenue to 26% on HBM while flash sits at 7% against a 21-26% history: the recovery candidate is the market nobody is paying for
Updated: 2026-09-27 · 175 KB

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Income statement preview for AMAT. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Semiconductor Systems	$19,698.0	$19,911.0	$20,798.0	$26,258.5	$35,550.9	$38,175.3
Applied Global Services	5,732.0	6,225.0	6,385.0	6,839.4	7,863.2	8,406.6
Corporate and Other	1,087.0	1,040.0	1,185.0	1,185.9	1,254.2	1,305.1
Total Revenue	$26,517.0	$27,176.0	$28,368.0	$34,283.9	$44,668.3	$47,886.9
Less: Cost of Products Sold	($14,133.0)	($14,279.0)	($14,560.0)	($17,141.2)	($21,919.5)	($23,344.5)
Gross Profit	$12,384.0	$12,897.0	$13,808.0	$17,142.7	$22,748.8	$24,542.4
Less: Research, Development and Engineering	(3,102.0)	(3,233.0)	(3,570.0)	(4,202.6)	(5,238.2)	(5,746.4)
Less: Marketing and Selling	(776.0)	(836.0)	(858.0)	(955.0)	(1,116.7)	(1,245.1)
Less: General and Administrative	(852.0)	(961.0)	(910.0)	(689.2)	(804.0)	(909.9)
Less: Restructuring and Severance Charges	0.0	0.0	(181.0)	(12.0)	0.0	0.0
Less: Deal Termination Fee	0.0	0.0	0.0	0.0	0.0	0.0
Less: Legal Settlement	0.0	0.0	0.0	(253.0)	0.0	0.0
Total Operating Expenses	($4,730.0)	($5,030.0)	($5,519.0)	($6,111.9)	($7,158.9)	($7,901.3)
Income from Operations	$7,654.0	$7,867.0	$8,289.0	$11,030.8	$15,589.9	$16,641.1
Less: Interest Expense	($238.0)	($247.0)	($269.0)	($276.0)	($280.0)	($280.0)
Interest and Other Income (Expense), net	300.0	532.0	1,251.0	1,367.0	520.0	520.0
Income Before Income Taxes	$7,716.0	$8,152.0	$9,271.0	$12,121.8	$15,829.9	$16,881.1
Less: Provision for Income Taxes	($860.0)	($975.0)	($2,273.0)	($1,566.0)	($2,057.9)	($2,194.5)
Net Income	$6,856.0	$7,177.0	$6,998.0	$10,555.7	$13,772.0	$14,686.6
Ratios & Assumptions
Gross Margin	46.7%	47.5%	48.7%	50.0%	50.9%	51.3%
Incremental Gross Margin	53.4%	77.8%	76.4%	56.4%	54.0%	55.7%
Operating Margin	28.9%	28.9%	29.2%	32.2%	34.9%	34.8%
Net Margin	25.9%	26.4%	24.7%	30.8%	30.8%	30.7%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation — every subtotal a live formula, every projection traced to a driver.

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AMZN Amazon.com

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 3
KPI: YoY growth x segment (NA / International / AWS) + disaggregation, mix and segment-margin drivers
Thesis: AWS re-acceleration (+28% and rising) funds the ~$200B AI capex cycle; retail margin grind does the rest
Updated: 2026-09-27 · 125 KB

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Income statement preview for AMZN. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
North America Segment Net Sales	$352,828.0	$387,497.0	$426,305.0	$477,936.4	$527,336.9	$577,433.9
International Segment Net Sales	131,200.0	142,906.0	161,894.0	189,347.9	210,822.4	229,796.4
AWS Segment Net Sales	90,757.0	107,556.0	128,725.0	165,532.0	207,609.6	253,283.7
Total Net Sales	$574,785.0	$637,959.0	$716,924.0	$832,816.4	$945,768.9	$1,060,514.1
Less: Cost of Sales	($304,739.0)	($326,288.0)	($356,414.0)	($406,915.8)	($457,139.2)	($511,167.8)
Less: Fulfillment	(90,619.0)	(98,505.0)	(109,074.0)	(123,830.5)	(138,238.2)	(152,714.0)
Less: Technology and Infrastructure	(85,622.0)	(88,544.0)	(108,521.0)	(132,770.9)	(150,395.2)	(163,319.2)
Less: Marketing	(44,370.0)	(43,907.0)	(47,129.0)	(52,020.0)	(57,121.7)	(62,570.3)
Less: General and Administrative	(11,816.0)	(11,359.0)	(11,172.0)	(11,816.0)	(13,115.6)	(14,316.9)
Other Operating Income (Expense), Net	(767.0)	(763.0)	(4,639.0)	(1,797.0)	(1,800.0)	(1,800.0)
Total Operating Expenses	($537,933.0)	($569,366.0)	($636,949.0)	($729,150.2)	($817,809.9)	($905,888.2)
Operating Income	$36,852.0	$68,593.0	$79,975.0	$103,666.1	$127,959.0	$154,625.8
Interest Income	$2,949.0	$4,677.0	$4,381.0	$4,660.0	$5,050.0	$5,600.0
Less: Interest Expense	(3,182.0)	(2,406.0)	(2,274.0)	(4,250.0)	(5,000.0)	(5,200.0)
Other Income (Expense), Net	938.0	(2,250.0)	15,229.0	16,547.0	1,200.0	1,200.0
Total Non-Operating Income (Expense)	$705.0	$21.0	$17,336.0	$16,957.0	$1,250.0	$1,600.0
Income Before Income Taxes	$37,557.0	$68,614.0	$97,311.0	$120,623.1	$129,209.0	$156,225.8
Less: Provision for (Benefit from) Income Taxes	($7,120.0)	($9,265.0)	($19,087.0)	($23,698.1)	($22,611.6)	($28,120.6)
Equity-Method Investment Activity, Net of Tax	(12.0)	(101.0)	(554.0)	(94.0)	(100.0)	(100.0)
Net Income (Loss)	$30,425.0	$59,248.0	$77,670.0	$96,831.0	$106,497.5	$128,005.2
EPS — Basic	$2.95	$5.66	$7.29	$8.99	$9.83	$11.75
EPS — Diluted	$2.90	$5.53	$7.17	$8.88	$9.71	$11.61
Shares — Basic	10,304.0	10,473.0	10,656.0	10,767.2	10,831.9	10,896.9
Shares — Diluted	10,492.0	10,721.0	10,827.0	10,898.5	10,964.0	11,029.8
Ratios & Assumptions
YoY Total Net Sales Growth	11.8%	11.0%	12.4%	16.2%	13.6%	12.1%
Operating Margin	6.4%	10.8%	11.2%	12.4%	13.5%	14.6%
North America Segment Operating Margin	4.2%	6.4%	6.9%	8.1%	8.5%	9.3%
International Segment Operating Margin	(2.0%)	2.7%	2.9%	3.2%	3.8%	3.1%
AWS Segment Operating Margin	27.1%	37.0%	35.4%	35.6%	36.3%	37.0%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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ASML ASML Holding N.V.

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: Litho units x ASP-change + IBM (service) growth; EUR currency of record
Thesis: EUV monopoly, supply-constrained: FY26E +35% (EUR 44B guide); Q4-26E EUR 14.4B execution + 2027 CMD reset are the swings
Updated: 2026-09-27 · 123 KB

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Income statement preview for ASML. EUR in millions, except per share (EPS in EUR). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Net System Sales	€21,938.6	€21,768.7	€24,474.3	€32,793.0	€41,272.8	€50,614.0
Net Service and Field Option Sales (Installed Base Mgmt)	5,619.9	6,494.2	8,193.0	11,199.6	12,846.2	13,888.2
Total Net Sales	€27,558.5	€28,262.9	€32,667.3	€43,992.5	€54,119.0	€64,502.2
Less: Total Cost of Sales	(€13,422.4)	(€13,770.9)	(€15,409.3)	(€19,794.2)	(€23,874.3)	(€28,087.8)
Gross Profit	€14,136.1	€14,492.0	€17,258.0	€24,198.3	€30,244.6	€36,414.4
Other Income (4Q21 divestiture gain)	€0.0	€0.0	€0.0	€0.0	€0.0	€0.0
Less: Research and Development Costs	(3,980.6)	(4,303.7)	(4,698.8)	(4,897.5)	(5,286.5)	(5,820.1)
Less: Selling, General and Administrative Costs	(1,113.2)	(1,165.7)	(1,257.8)	(1,412.1)	(1,713.4)	(1,854.6)
Income from Operations	€9,042.3	€9,022.6	€11,301.4	€17,888.7	€23,244.7	€28,739.7
Interest and Other, Net	€41.2	€19.8	€104.7	€140.9	€140.0	€140.0
Income Before Income Taxes	€9,083.5	€9,042.4	€11,406.1	€18,029.6	€23,384.7	€28,879.7
Less: Benefit from (Provision for) Income Taxes	(€1,435.8)	(€1,680.6)	(€2,013.4)	(€3,107.5)	(€4,022.2)	(€4,967.3)
Income After Income Taxes	€7,647.7	€7,361.8	€9,392.7	€14,922.1	€19,362.6	€23,912.4
Profit Related to Equity Method Investments	€191.3	€209.8	€216.7	€285.7	€280.0	€280.0
Net Income	€7,839.0	€7,571.6	€9,609.4	€15,207.8	€19,642.6	€24,192.4
Shares — Weighted Avg Basic (M)	393.8	393.3	388.5	384.4	382.2	380.2
Shares — Weighted Avg Diluted (M)	394.1	393.6	388.9	384.7	382.6	380.6
EPS — Basic	€19.91	€19.25	€24.73	€39.57	€51.39	€63.62
EPS — Diluted	€19.89	€19.24	€24.71	€39.53	€51.33	€63.56
Ratios & Assumptions
YoY Total Net Sales Growth	30.2%	2.6%	15.6%	34.7%	23.0%	19.2%
YoY Net System Sales Growth	42.2%	(0.8%)	12.4%	34.0%	25.9%	22.6%
YoY Installed Base Mgmt Sales Growth	(2.1%)	15.6%	26.2%	36.7%	14.7%	8.1%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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AVGO Broadcom

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 6Q + 5A projection
Segments: 2
KPI: YoY growth x segment (Semiconductor Solutions / Infrastructure Software) + COGS-mix + AOA-runoff drivers
Thesis: XPU custom-AI ramp: FY26E AI ~$55B, FY27E ~$103B at the >$100B floor; revenue $105B to $161B FY27E
Updated: 2026-09-27 · 112 KB

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Income statement preview for AVGO. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Net Revenue — Semiconductor Solutions	$28,182.0	$30,096.0	$36,858.0	$75,911.9	$128,812.3	$175,184.7
Net Revenue — Infrastructure Software (VMware from Q1'24)	7,637.0	21,478.0	27,029.0	29,282.6	32,201.1	35,099.2
Total Net Revenue	$35,819.0	$51,574.0	$63,887.0	$105,194.5	$161,013.4	$210,283.9
Check: Products + Subs − Total (must = 0)	0.000	0.000	0.000
Less: Cost of Products Sold	($8,636.0)	($9,797.0)	($12,115.0)	($22,503.8)	($35,947.3)	($48,365.3)
Less: Cost of Subscriptions & Services	(636.0)	(2,991.0)	(2,371.0)	(3,057.5)	(4,258.0)	(5,257.1)
Less: Amortization of Acquisition-Related Intangibles (COGS)	(1,853.0)	(6,023.0)	(6,031.0)	(5,779.6)	(5,460.5)	(4,914.5)
Less: Restructuring Charges (COGS)	(4.0)	(254.0)	(76.0)	(23.0)	0.0	0.0
Total Cost of Revenue	($11,129.0)	($19,065.0)	($20,593.0)	($31,363.9)	($45,665.8)	($58,536.9)
Gross Margin	$24,690.0	$32,509.0	$43,294.0	$73,830.6	$115,347.6	$151,747.0
Less: Research & Development	($5,253.0)	($9,310.0)	($10,977.0)	($12,794.9)	($15,688.0)	($18,505.0)
Less: Selling, General & Administrative	(1,592.0)	(4,959.0)	(4,211.0)	(4,807.9)	(6,284.4)	(7,359.9)
Less: Amortization of Acquisition-Related Intangibles (OpEx)	(1,394.0)	(3,244.0)	(2,031.0)	(2,017.4)	(1,978.9)	(1,879.9)
Less: Restructuring & Other Charges	(244.0)	(1,533.0)	(591.0)	(174.0)	0.0	0.0
Total Operating Expenses	($8,483.0)	($19,046.0)	($17,810.0)	($19,794.2)	($23,951.3)	($27,744.9)
Operating Income	$16,207.0	$13,463.0	$25,484.0	$54,036.4	$91,396.3	$124,002.2
Less: Interest Expense	($1,622.0)	($3,953.0)	($3,210.0)	($3,137.0)	($3,120.0)	($3,120.0)
Other Income (Expense), Net	512.0	406.0	455.0	791.0	480.0	480.0
Income Before Income Taxes	$15,097.0	$9,916.0	$22,729.0	$51,690.4	$88,756.3	$121,362.2
Less: Provision for (Benefit from) Income Taxes	($1,015.0)	($3,748.0)	$397.0	($5,336.2)	($10,650.8)	($15,777.1)
Income from Continuing Operations	$14,082.0	$6,168.0	$23,126.0	$46,354.2	$78,105.6	$105,585.1
Income (Loss) from Discontinued Operations, Net	0.0	(273.0)	0.0	0.0	0.0	0.0
Net Income	$14,082.0	$5,895.0	$23,126.0	$46,354.2	$78,105.6	$105,585.1
Less: Dividends on Preferred Stock	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
Net Income Attributable to Common Stock	$14,082.0	$5,895.0	$23,126.0	$46,354.2	$78,105.6	$105,585.1
EPS — Basic	$3.39	$1.27	$4.91	$9.76	$16.34	$21.96
EPS — Diluted	$3.30	$1.23	$4.77	$9.49	$15.91	$21.38
Shares — Basic	4,150.0	4,624.0	4,712.0	4,750.8	4,779.1	4,807.8
Shares — Diluted	4,270.0	4,778.0	4,853.0	4,884.5	4,909.0	4,938.5
Ratios & Assumptions
YoY Total Net Revenue Growth	7.9%	44.0%	23.9%	64.7%	53.1%	30.6%
Gross Margin %	68.9%	63.0%	67.8%	70.2%	71.6%	72.2%
Operating Margin	45.2%	26.1%	39.9%	51.4%	56.8%	59.0%
Net Margin	39.3%	11.4%	36.2%	44.1%	48.5%	50.2%
Effective Tax Rate	6.7%	37.8%	(1.7%)	10.3%	12.0%	13.0%

The full workbook adds 22 historical and 6 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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BRK-B Berkshire Hathaway

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 7
KPI: Seven segment engines: premiums × per-unit growth (GEICO / Primary / Reinsurance), portfolio × yield, equity book × normalised return
Thesis: Operating earnings separated from the mark: investment gains are equity book × a 7% normalised return, not a forecast
Updated: 2026-09-27 · 188 KB

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Income statement preview for BRK-B. Dollars in millions, except per share amounts. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Insurance Premiums Earned	83,403	88,257	88,902	90,223	92,060	94,091
Sales and Service Revenues	155,687	202,334	199,524	211,810	215,516	219,827
Leasing Revenues	8,416	9,227	10,034	11,009	11,724	12,428
Interest, Dividend and Other Investment Income	15,561	21,825	23,261	23,199	24,792	26,540
Insurance and Other Revenues	$263,067	$321,643	$321,721	$336,241	$344,093	$352,885
Railroad Transportation Revenues	23,791	23,355	23,330	24,673	25,166	25,670
Utility and Energy Operating Revenues	72,693	21,518	21,856	22,909	23,825	24,778
Service Revenues and Other Income	4,931	4,917	4,537	4,519	4,451	4,407
Railroad, Utilities and Energy Revenues	$101,415	$49,790	$49,723	$52,101	$53,443	$54,855
Total Revenues	$364,482	$371,433	$371,444	$388,342	$397,536	$407,740
Investment Gains (Losses)	$74,855	$52,799	$39,078	$25,998	$24,095	$25,899
Less: Insurance Losses and Loss Adjustment Expenses	(57,187)	(56,186)	(57,307)	(57,680)	(58,909)	(60,350)
Less: Life, Annuity and Health Insurance Benefits	(4,029)	(3,858)	(4,379)	(4,521)	(4,566)	(4,667)
Less: Insurance Underwriting Expenses	(15,270)	(16,808)	(17,756)	(18,637)	(18,826)	(19,289)
Less: Cost of Sales and Services	(122,569)	(163,642)	(160,062)	(170,423)	(173,254)	(176,719)
Less: Cost of Leasing	(6,037)	(7,069)	(7,685)	(8,302)	(8,892)	(9,425)
Less: Selling, General and Administrative Expenses	(22,605)	(25,642)	(29,735)	(27,012)	(28,305)	(29,031)
Less: Interest Expense - Insurance and Other	(1,258)	(1,594)	(1,329)	(1,315)	(1,362)	(1,393)
Insurance and Other Costs and Expenses	($228,955)	($274,799)	($278,253)	($287,889)	($294,113)	($300,873)
Less: Freight Rail Transportation Expenses	(16,464)	(15,965)	(15,366)	(16,204)	(16,411)	(16,675)
Less: Utilities and Energy Cost of Sales and Other Expenses	(67,964)	(16,984)	(16,959)	(17,387)	(18,207)	(18,935)
Less: Other Expenses	(4,016)	(4,343)	(4,155)	(4,178)	(4,361)	(4,476)
Less: Interest Expense - Railroad, Utilities and Energy	(3,745)	(3,606)	(3,740)	(4,001)	(4,037)	(4,129)
Railroad, Utilities and Energy Costs and Expenses	($92,189)	($40,898)	($40,220)	($41,770)	($43,016)	($44,216)
Total Costs and Expenses	($321,144)	($315,697)	($318,473)	($329,659)	($337,129)	($345,089)
Earnings Before Income Taxes and Equity Method Earnings	$118,193	$108,535	$92,049	$84,681	$84,501	$88,550
Equity Method Earnings (Losses)	$1,973	$1,841	($9,590)	$1,081	$1,342	$1,399
Earnings Before Income Taxes	$120,166	$110,376	$82,459	$85,762	$85,843	$89,949
Less: Income Tax Expense	($23,019)	($20,815)	($15,199)	($16,504)	($16,748)	($17,549)
Net Income	$97,147	$89,561	$67,260	$69,257	$69,095	$72,400
Less: Earnings Attributable to Noncontrolling Interests	(924)	(566)	(292)	(298)	(249)	(261)
Net Income Attributable to Berkshire Shareholders	$96,223	$88,995	$66,968	$68,960	$68,846	$72,139
Pre-Tax Operating Earnings (ex Investment Gains)	$43,338	$55,736	$52,971	$58,683	$60,406	$62,651
Depreciation and Amortization (per Cash Flow Statement)	12,486	12,855	13,476	14,671	15,341	15,864
EBITDA	$60,827	$73,791	$71,516	$78,669	$81,146	$84,037
Weighted-Average Equivalent Class A Shares	1,448,880	1,437,720	1,438,223	1,436,863	1,436,443	1,436,443
Weighted-Average Equivalent Class B Shares (millions)	2,173.3	2,156.6	2,157.3	2,155.3	2,154.7	2,154.7
Net Earnings per Equivalent Class A Share	$66,412	$61,900	$46,563	$47,993	$47,928	$50,221
Net Earnings per Equivalent Class B Share	$44.27	$41.27	$31.04	$32.00	$31.95	$33.48
Ratios & Assumptions
Pre-Tax Operating Margin (ex Investment Gains)	11.9%	15.0%	14.3%	15.1%	15.2%	15.4%
Effective Tax Rate	19.2%	18.9%	18.4%	19.2%	19.5%	19.5%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Memo - Pilot Reclassification — every subtotal a live formula, every projection traced to a driver.

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CHYM Chime Financial

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 8Q + 3A history · 8Q + 5A projection
Segments: 1
KPI: Members × PV per Active Member × Take Rate (intensive: count × $/unit); MyPay ARR informational
Thesis: Consumer fintech compounding: Members 8.6M → 13M+; PV/Member rising; MyPay attach driving ARPU; FY26 +22% → FY30 +18%
Updated: 2026-09-27 · 74 KB

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Income statement preview for CHYM. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Revenue	$1,278.5	$1,673.3	$2,186.8	$2,666.1	$3,162.2	$3,713.6
Less: Cost of Revenue	($219.7)	($207.5)	($263.0)	($281.0)	($325.6)	($371.4)
Gross Profit	$1,058.7	$1,465.8	$1,923.7	$2,385.2	$2,836.6	$3,342.3
Less: Transaction & Risk Losses	($152.4)	($219.7)	($407.3)	($365.1)	($393.8)	($427.1)
Less: Member Support & Operations	(272.8)	(286.9)	(458.0)	(393.9)	(433.5)	(475.3)
Less: Sales & Marketing	(443.8)	(519.8)	(635.4)	(703.2)	(817.9)	(909.8)
Less: Technology & Development	(259.0)	(309.6)	(934.9)	(452.6)	(492.0)	(545.9)
Less: General & Administrative	(154.9)	(177.2)	(512.1)	(282.1)	(277.7)	(297.1)
Less: Depreciation & Amortization	(11.6)	(14.8)	(16.0)	(17.3)	(20.6)	(24.1)
Total Operating Expenses	($1,294.5)	($1,528.0)	($2,963.7)	($2,214.2)	($2,435.4)	($2,679.4)
Operating Income (Loss)	($235.8)	($62.2)	($1,040.0)	$171.0	$401.2	$662.9
EBITDA	($222.8)	($36.8)	($1,010.0)	$191.8	$421.7	$687.0
Other Income, Net	$32.8	$39.5	$30.9	$35.7	$43.0	$50.0
Income (Loss) Before Income Taxes	($203.0)	($22.7)	($1,009.1)	$206.8	$444.2	$712.9
Less: Provision for Income Taxes	($0.2)	($2.6)	($0.8)	($9.4)	($72.8)	($149.7)
Net Income (Loss)	($203.2)	($25.3)	($1,009.9)	$197.4	$371.4	$563.2
EPS, Basic	($3.22)	($0.39)	($4.27)	$0.53	$0.99	$1.50
EPS, Diluted	($3.22)	($0.39)	($4.27)	$0.53	$0.99	$1.50
Weighted Avg Shares — Basic (M)	63.1	64.9	236.3	375.9	375.9	375.9
Weighted Avg Shares — Diluted (M)	63.1	64.9	236.3	375.9	375.9	375.9
Ratios & Assumptions
YoY Revenue Growth		30.9%	30.7%	21.9%	18.6%	17.4%
Gross Margin	82.8%	87.6%	88.0%	89.5%	89.7%	90.0%
Operating Margin	(18.4%)	(3.7%)	(47.6%)	6.4%	12.7%	17.8%
Net Margin	(15.9%)	(1.5%)	(46.2%)	7.4%	11.7%	15.2%
Effective Tax Rate [DRIVER]	(0.1%)	(11.5%)	(0.1%)	4.5%	16.4%	21.0%

The full workbook adds 8 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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CPRT Copart

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 2
KPI: YoY growth x segment (Service/Vehicle x US/International)
Thesis: US service stall (FY26 flat) vs Intl DD growth; cash-pile buybacks at 52-wk lows carry EPS $1.59→$2.19 by FY30
Updated: 2026-09-27 · 128 KB

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Income statement preview for CPRT. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Service Revenues	$3,198.1	$3,561.0	$3,968.7	$3,977.6	$4,137.6	$4,342.5
Vehicle Sales	671.4	675.8	678.3	683.4	699.1	720.9
Total Revenue	$3,869.5	$4,236.8	$4,647.0	$4,660.9	$4,836.7	$5,063.4
Less: Facility Operations (Yard Operations pre-FY26)	($1,518.0)	($1,710.1)	($1,944.3)	($1,933.2)	($1,993.7)	($2,081.5)
Less: Cost of Vehicle Sales	(614.5)	(619.5)	(603.0)	(601.5)	(615.2)	(634.4)
Less: General and Administrative	(250.4)	(335.2)	(402.9)	(422.0)	(435.3)	(455.7)
Total Operating Expenses	($2,382.9)	($2,664.8)	($2,950.2)	($2,956.7)	($3,044.1)	($3,171.6)
Operating Income	$1,486.6	$1,572.0	$1,696.7	$1,704.3	$1,792.6	$1,891.8
Interest Income (Expense), Net	$65.9	$145.7	$178.9	$173.8	$113.2	$105.2
Other Income (Expense), Net	1.8	(3.1)	20.0	6.6	9.7	10.1
Loss on Extinguishment of Debt (4Q22 notes redemption)				$0.0	$0.0	$0.0
Total Other Income (Expense)	$67.8	$142.6	$198.9	$180.4	$122.8	$115.4
Income Before Income Taxes	$1,554.3	$1,714.6	$1,895.6	$1,884.6	$1,915.4	$2,007.2
Less: Income Tax Expense	($316.6)	($352.3)	($347.2)	($365.3)	($373.5)	($391.4)
Net Income (Consolidated)	$1,237.7	$1,362.3	$1,548.4	$1,519.3	$1,541.9	$1,615.8
Less: Net Loss (Income) Attributable to Redeemable NCI		($0.7)	($4.1)	($4.3)	($4.0)	($4.0)
Net Income Attributable to Copart, Inc.	$1,237.7	$1,363.0	$1,552.4	$1,523.6	$1,545.9	$1,619.8
Weighted Avg Shares — Basic (M)	953.574	960.739	965.306	949.053	899.660	867.679
Weighted Avg Shares — Diluted (M)	966.647	974.798	977.563	956.604	905.884	873.681
EPS — Basic	$1.30	$1.42	$1.61	$1.61	$1.72	$1.87
EPS — Diluted	$1.28	$1.40	$1.59	$1.59	$1.71	$1.85
Ratios & Assumptions
YoY Service Revenues Growth	12.1%	11.3%	11.4%	0.2%	4.0%	5.0%
YoY Vehicle Sales Growth	3.6%	0.7%	0.4%	0.7%	2.3%	3.1%
YoY Total Revenue Growth	10.5%	9.5%	9.7%	0.3%	3.8%	4.7%
Implied Vehicle Sales Gross Margin	8.5%	8.3%	11.1%	12.0%	12.0%	12.0%
Operating Margin	38.4%	37.1%	36.5%	36.6%	37.1%	37.4%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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CSCO Cisco Systems

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 20Q + 5A history · 8Q + 5A projection
Segments: 5
KPI: YoY growth % × product category (Networking / Security / Collaboration / Observability) plus Services; the four categories and a disclosed rounding residual sum to IS Product revenue
Thesis: FY27 guided +15% includes a 53rd week nobody mentioned, worth 1.9pts; AI infra $4B to $7.5B carries 5.5 more
Updated: 2026-09-27 · 175 KB

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Income statement preview for CSCO. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Product	$39,253	$41,608	$48,295	$57,698	$60,933	$65,059
Services	14,550	15,046	15,030	15,505	15,610	16,000
Total Revenue	$53,803	$56,654	$63,325	$73,203	$76,543	$81,058
Less: Cost of Sales - Product	(14,339)	(15,121)	(17,781)	(22,053)	(23,002)	(24,137)
Less: Cost of Sales - Services	(4,636)	(4,743)	(4,684)	(4,725)	(4,722)	(4,800)
Total Cost of Sales	($18,975)	($19,864)	($22,465)	($26,779)	($27,723)	($28,937)
Gross Margin	$34,828	$36,790	$40,860	$46,424	$48,819	$52,122
Less: Research and Development	(7,983)	(9,300)	(9,563)	(10,506)	(10,931)	(11,587)
Less: Sales and Marketing	(10,364)	(10,966)	(11,559)	(12,409)	(12,725)	(13,298)
Less: General and Administrative	(2,813)	(2,992)	(2,761)	(2,949)	(3,011)	(3,131)
Less: Amortization of Purchased Intangible Assets	(698)	(1,028)	(916)	(769)	(592)	(488)
Less: Restructuring and Other Charges	(789)	(744)	(693)	(401)	(268)	(243)
Total Operating Expenses	($22,647)	($25,030)	($25,492)	($27,034)	($27,526)	($28,747)
Operating Income	$12,181	$11,760	$15,368	$19,390	$21,293	$23,375
Interest Income	$1,365	$1,001	$866	$825	$948	$1,094
Interest Expense	(1,006)	(1,593)	(1,470)	(1,456)	(1,392)	(1,384)
Other Income/(Loss), net	(306)	(68)	1,245	73	77	81
Interest and Other Income/(Loss), net	$53	($660)	$641	($558)	($367)	($209)
Income Before Provision for Income Taxes	$12,234	$11,100	$16,009	$18,832	$20,926	$23,166
Less: Provision for Income Taxes	($1,914)	($920)	($2,742)	($2,729)	($3,139)	($3,591)
Net Income	$10,320	$10,180	$13,267	$16,103	$17,787	$19,575
Ratios & Assumptions
YoY Product Revenue Growth	(9.0%)	6.0%	16.1%	19.5%	5.6%	6.8%
YoY Services Revenue Growth	5.0%	3.4%	(0.1%)	3.2%	0.7%	2.5%
YoY Total Revenue Growth	(5.6%)	5.3%	11.8%	15.6%	4.6%	5.9%
Product Gross Margin	63.5%	63.7%	63.2%	61.8%	62.3%	62.9%
Services Gross Margin	68.1%	68.5%	68.8%	69.5%	69.8%	70.0%

The full workbook adds 20 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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DIS The Walt Disney Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 6Q + 5A projection
Segments: 3
KPI: YoY growth x segment (Entertainment / Sports / Experiences) + segment-OI-margin + services-mix drivers
Thesis: Streaming margin inflection: Ent OI margin 11% FY25 to ~14.5% FY30E; parks/cruise capex cycle; FY26 = 53 wks
Updated: 2026-09-27 · 120 KB

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Income statement preview for DIS. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Revenues — Services	$79,562.0	$81,841.0	$84,588.0	$91,541.3	$95,542.2	$101,004.8
Revenues — Products	9,336.0	9,520.0	9,837.0	10,530.1	11,030.5	11,598.1
Total Revenues	$88,898.0	$91,361.0	$94,425.0	$102,071.4	$106,572.7	$112,602.9
Less: Cost of Services (exclusive of D&A)	($53,139.0)	($52,509.0)	($52,677.0)	($56,786.3)	($58,741.4)	($61,612.9)
Less: Cost of Products (exclusive of D&A)	(6,062.0)	(6,189.0)	(6,089.0)	(6,312.7)	(6,618.3)	(6,935.7)
Less: Selling, General, Administrative and Other	(15,336.0)	(15,759.0)	(16,501.0)	(17,236.3)	(17,918.2)	(19,255.1)
Less: Depreciation and Amortization	(5,369.0)	(4,990.0)	(5,326.0)	(5,594.8)	(6,041.4)	(6,159.4)
Total Costs and Expenses	($79,906.0)	($79,447.0)	($80,593.0)	($85,930.0)	($89,319.3)	($93,963.1)
Less: Restructuring and Impairment Charges	($3,892.0)	($3,595.0)	($819.0)	($239.0)	$0.0	$0.0
Other Income (Expense), Net	96.0	(65.0)	0.0	0.0	0.0	0.0
Interest Expense, Net	(1,209.0)	(1,260.0)	(1,305.0)	(1,035.0)	(1,040.0)	(1,020.0)
Equity in the Income of Investees	782.0	575.0	295.0	305.0	330.0	340.0
Income Before Income Taxes	$4,769.0	$7,569.0	$12,003.0	$15,172.3	$16,543.4	$17,959.8
Less: Income Taxes	($1,379.0)	($1,796.0)	$1,428.0	($4,098.5)	($4,053.1)	($4,400.1)
Net Income from Continuing Operations	$3,390.0	$5,773.0	$13,431.0	$11,073.8	$12,490.3	$13,559.6
Income (Loss) from Discontinued Operations, Net	0.0	0.0	0.0	0.0	0.0	0.0
Net Income (consolidated)	$3,390.0	$5,773.0	$13,431.0	$11,073.8	$12,490.3	$13,559.6
Less: NI Attributable to Noncontrolling Interests	(1,036.0)	(801.0)	(1,027.0)	(790.0)	(999.2)	(1,084.8)
Net Income Attributable to Disney	$2,354.0	$4,972.0	$12,404.0	$10,283.8	$11,491.1	$12,474.9
EPS — Basic	$1.29	$2.72	$6.88	$5.82	$6.64	$7.36
EPS — Diluted	$1.29	$2.72	$6.85	$5.80	$6.62	$7.33
Shares — Basic (M, weighted avg)	1,828.0	1,825.0	1,804.0	1,765.7	1,730.1	1,695.5
Shares — Diluted (M, weighted avg)	1,830.0	1,831.0	1,811.0	1,771.9	1,736.0	1,701.3
Ratios & Assumptions
YoY Services Revenue Growth	7.2%	2.9%	3.4%	8.2%	4.4%	5.7%
YoY Products Revenue Growth	9.6%	2.0%	3.3%	7.0%	4.8%	5.1%
YoY Total Revenue Growth	7.5%	2.8%	3.4%	8.1%	4.4%	5.7%
YoY Entertainment Revenue Growth (recast basis from FY24)	2.7%	1.4%	3.1%	10.3%	5.0%	6.0%
YoY Sports Revenue Growth (Star India JV drag FY25)	(0.9%)	3.0%	0.3%	3.5%	1.1%	3.5%

The full workbook adds 22 historical and 6 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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GE GE Aerospace (General Electric Company)

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 10Q + 2A history · 10Q + 5A projection
Segments: 3
KPI: Consolidated product lines (equipment, services, insurance), each on its own rate; segments sourced but not projected because the FY2026 re-cut breaks their basis
Thesis: Services margin and the recurring other-income line carry FY26E adjusted operating profit to $10.61bn, inside the raised $10.55-10.75bn guide
Updated: 2026-09-27 · 129 KB

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Income statement preview for GE. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual		Estimate
	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Sales of Equipment	$10,274.0	$12,159.0	$14,262.6	$15,757.5	$17,175.7
Sales of Services	24,847.0	30,163.0	35,863.6	39,982.4	43,980.6
Insurance Revenue	3,581.0	3,533.0	3,038.6	2,765.1	2,543.9
Total Revenue	$38,702.0	$45,855.0	$53,164.7	$58,505.0	$63,700.2
Less: Cost of Equipment Sold	($10,341.0)	($12,382.0)	($15,013.7)	($16,523.0)	($17,924.1)
Less: Cost of Services Sold	(13,967.0)	(16,586.0)	(19,330.9)	(21,415.8)	(23,425.4)
Gross Profit	$14,394.0	$16,887.0	$18,820.1	$20,566.2	$22,350.6
Less: Selling, General and Administrative Expenses	($4,437.0)	($4,088.0)	($4,600.5)	($4,942.9)	($5,190.7)
Less: Separation Costs	(492.0)	(202.0)	(171.3)	(102.0)	0.0
Less: Research and Development	(1,286.0)	(1,580.0)	(1,859.8)	(2,047.7)	(2,229.5)
Less: Interest and Other Financial Charges	(986.0)	(843.0)	(910.2)	(906.0)	(859.1)
Less: Insurance Losses, Annuity Benefits and Other Costs	(2,429.0)	(2,449.0)	(2,260.8)	(1,977.0)	(1,806.2)
Less: Goodwill Impairments	(251.0)	0.0	0.0	0.0	0.0
Add: Non-Operating Benefit Income (Cost)	842.0	788.0	713.2	716.3	703.4
Total Costs and Expenses	($33,347.0)	($37,342.0)	($43,433.9)	($47,198.0)	($50,731.5)
Other Income (Loss)	$2,264.0	$1,487.0	$811.1	$1,052.3	$1,090.3
Income (Loss) from Continuing Operations Before Income Taxes	$7,619.0	$10,000.0	$10,541.9	$12,359.3	$14,059.0
Less: Benefit (Provision) for Income Taxes	($962.0)	($1,405.0)	($1,433.9)	($1,792.1)	($2,108.9)
Net Income (Loss) from Continuing Operations	$6,657.0	$8,595.0	$9,108.0	$10,567.2	$11,950.2
Income (Loss) from Discontinued Operations, Net of Taxes	($91.0)	$103.0	($65.0)	$0.0	$0.0
Net Income (Loss)	$6,566.0	$8,698.0	$9,043.0	$10,567.2	$11,950.2
Less: Net Income (Loss) Attributable to Noncontrolling Interests	(11.0)	6.0	(3.0)	0.0	0.0
Net Income (Loss) Attributable to the Company	$6,555.0	$8,704.0	$9,040.0	$10,567.2	$11,950.2
Preferred Stock Dividends and Other	0.0	0.0	0.0	0.0	0.0
Net Income (Loss) Attributable to Common Shareholders	$6,555.0	$8,704.0	$9,040.0	$10,567.2	$11,950.2
Depreciation and Amortization (add-back, per Cash Flow)	1,184.0	1,220.0	1,254.6	1,291.0	1,342.4
EBIT	$6,341.0	$9,356.0	$10,641.0	$12,213.0	$13,827.7
EBITDA	$7,525.0	$10,576.0	$11,895.5	$13,504.0	$15,170.2
NOPAT (EBIT after tax)	$5,540.4	$8,041.5	$9,193.6	$10,442.1	$11,753.6
Net Income (Loss) to Common Shareholders, Basic (EPS numerator)	$6,556.0	$8,704.0	$9,040.0	$10,567.2	$11,950.2
Net Income (Loss) to Common Shareholders, Diluted (EPS numerator)	$6,556.0	$8,701.0	$9,037.0	$10,567.2	$11,950.2
Ratios & Assumptions
YoY Total Revenue Growth		18.5%	15.9%	10.0%	8.9%
Equipment Gross Margin	(0.7%)	(1.8%)	(5.3%)	(4.9%)	(4.4%)
Services Gross Margin	43.8%	45.0%	46.1%	46.4%	46.7%
Total Gross Margin	37.2%	36.8%	35.4%	35.2%	35.1%

The full workbook adds 10 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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HOOD Robinhood Markets

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 3
KPI: QoQ growth x revenue component (5 transaction products + 8 NII lines + Gold/Proxy/Other split)
Thesis: Crypto is the binding constraint; event contracts + NII compound: FY26E $5.0B (+11%), EPS ~$1.88 mid-Street
Updated: 2026-09-27 · 148 KB

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Income statement preview for HOOD. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Options	$505.0	$760.0	$1,123.0	$1,230.4	$1,412.9	$1,610.7
Cryptocurrencies	135.0	626.0	901.0	574.7	645.9	775.1
Equities	104.0	177.0	302.0	403.0	468.0	538.2
Event Contracts				$625.2	$955.6	$1,290.1
Other Transaction-Based	41.0	84.0	302.0	203.5	254.2	292.4
Transaction-Based Revenues	$785.0	$1,647.0	$2,628.0	$3,036.9	$3,736.6	$4,506.3
Margin Interest	$243.0	$319.0	$573.0	$854.4	$1,024.6	$1,209.0
Securities Lending, Net	79.0	94.0	190.0	21.1	28.6	32.9
Interest on Segregated Cash, Securities and Deposits	210.0	261.0	319.0	224.5	223.9	230.6
Interest on Corporate Cash and Investments (from Q2'22)	$288.0	$256.0	$167.0	$141.2	$153.2	$160.8
Cash Sweep	$123.0	$179.0	$229.0	$177.7	$185.4	$196.5
Credit Card, Net	$9.0	$24.0	$64.0	$150.6	$209.5	$272.3
Other Interest Income			4.0	4.0	4.0	4.0
Less: Interest Expense on Corporate Credit Facilities	(23.0)	(24.0)	(32.0)	(33.9)	(37.1)	(39.3)
Net Interest Revenues	$929.0	$1,109.0	$1,514.0	$1,539.7	$1,792.0	$2,066.8
Other Revenues	$151.0	$195.0	$331.0	$404.3	$468.9	$532.7
Total Net Revenues	$1,865.0	$2,951.0	$4,473.0	$4,980.8	$5,997.4	$7,105.9
Less: Brokerage and Transaction	($146.0)	($164.0)	($211.0)	($271.2)	($320.5)	($362.4)
Less: Technology and Development	(805.0)	(818.0)	(897.0)	(1,016.5)	(1,143.8)	(1,243.5)
Less: Operations	(116.0)	(112.0)	(130.0)	(159.2)	(182.5)	(206.1)
Less: Provision for Credit Losses	(43.0)	(76.0)	(114.0)	(162.5)	(194.5)	(220.3)
Less: Marketing	(122.0)	(272.0)	(399.0)	(550.6)	(620.9)	(696.4)
Less: General and Administrative	(1,169.0)	(455.0)	(628.0)	(767.2)	(852.7)	(945.1)
Total Operating Expenses	($2,401.0)	($1,897.0)	($2,379.0)	($2,927.2)	($3,315.0)	($3,673.7)
Less: Change in FV of Convertible Notes and Warrant Liability (2021 only)	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
Other Income, Net	3.0	10.0	14.0	0.0	0.0	0.0
Income (Loss) Before Income Taxes	($533.0)	$1,064.0	$2,108.0	$2,053.6	$2,682.4	$3,432.1
Less: Provision for (Benefit from) Income Taxes	($8.0)	$347.0	($225.0)	($327.8)	($456.0)	($617.8)
Net Income (Loss), incl. NCI	($541.0)	$1,411.0	$1,883.0	$1,725.8	$2,226.4	$2,814.3
Less: NI Attributable to NCI	0.0	0.0	0.0	4.0	0.0	0.0
Net Income (Loss) Attributable to Robinhood	($541.0)	$1,411.0	$1,883.0	$1,729.8	$2,226.4	$2,814.3
EPS — Basic (Q4s from year-end 8-K)	($0.61)	$1.60	$2.12	$1.92	$2.44	$3.04
EPS — Diluted	($0.61)	$1.56	$2.05	$1.88	$2.39	$2.99
Shares — Basic (M, weighted avg)	890.9	881.1	888.5	903.2	914.1	925.1
Shares — Diluted (M, weighted avg)	890.9	906.2	918.8	919.2	930.2	941.4
Ratios & Assumptions
YoY Transaction-Based Revenue Growth	(3.6%)	109.8%	59.6%	15.6%	23.0%	20.6%
YoY Net Interest Revenue Growth	119.1%	19.4%	36.5%	1.7%	16.4%	15.3%
YoY Other Revenue Growth	25.8%	29.1%	69.7%	22.1%	16.0%	13.6%
YoY Total Net Revenue Growth	37.3%	58.2%	51.6%	11.4%	20.4%	18.5%
Net Margin	(29.0%)	47.8%	42.1%	34.7%	37.1%	39.6%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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HSBC HSBC Holdings plc

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 14Q + 3A history · 10Q + 5A projection
Segments: 5
KPI: NII = average interest-earning assets x net interest margin x days/365; fee, trading and insurance revenue each on their own driver
Thesis: Margin x earning assets, so the rate path and the balance sheet compete: FY26E RoTE holds the mid-teens target while the 2027 cost line runs above the Street
Updated: 2026-09-27 · 120 KB

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Income statement preview for HSBC. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Net Interest Income	$35,796.0	$32,733.0	$34,794.0	$37,194.7	$38,832.0	$40,099.5
Net Fee Income	11,845.0	12,301.0	13,343.0	14,607.9	15,512.1	16,609.8
Net Income from Financial Instruments Held for Trading or Managed on a Fair Value Basis	16,661.0	21,116.0	19,682.0	20,557.8	20,336.3	20,521.7
Net Income/(Expense) from Assets and Liabilities of Insurance Businesses at FVTPL	7,887.0	5,901.0	11,175.0	10,398.4	8,908.1	9,480.1
Insurance Finance Income/(Expense)	(7,809.0)	(5,978.0)	(11,197.0)	(10,088.5)	(8,819.1)	(9,385.3)
Insurance Service Result	1,078.0	1,310.0	1,825.0	2,149.7	2,370.6	2,566.1
Other Operating Income	600.0	(1,529.0)	(1,348.0)	601.6	383.9	398.3
Revenue	$66,058.0	$65,854.0	$68,274.0	$75,421.8	$77,524.1	$80,290.1
Less: Change in Expected Credit Losses and Other Credit Impairment Charges	($3,447.0)	($3,414.0)	($3,850.0)	($4,625.1)	($4,367.4)	($4,319.4)
Net Operating Income	$62,611.0	$62,440.0	$64,424.0	$70,796.7	$73,156.8	$75,970.7
Less: Total Operating Expenses	($32,070.0)	($33,043.0)	($36,428.0)	($35,008.8)	($36,514.9)	($38,350.0)
Operating Profit	$30,541.0	$29,397.0	$27,996.0	$35,787.9	$36,641.9	$37,620.7
Share of Profit in Associates and Joint Ventures	$2,807.0	$2,912.0	$2,911.0	$3,152.6	$3,284.0	$3,417.3
Less: Impairment of Interest in Associate	(3,000.0)	0.0	(1,000.0)	0.0	0.0	0.0
Profit Before Tax	$30,348.0	$32,309.0	$29,907.0	$38,940.5	$39,925.9	$41,038.0
Less: Tax Expense	($5,789.0)	($7,310.0)	($6,776.0)	($8,473.1)	($8,783.7)	($9,028.4)
Profit After Tax	$24,559.0	$24,999.0	$23,131.0	$30,467.4	$31,142.2	$32,009.7
Less: Attributable to Other Equity Holders (AT1 Coupons)	($1,101.0)	($1,062.0)	($1,183.0)	($1,350.1)	($1,397.7)	($1,402.7)
Less: Attributable to Non-Controlling Interests	(1,026.0)	(1,020.0)	(846.0)	(152.9)	(186.9)	(192.1)
Profit Attributable to Ordinary Shareholders	$22,432.0	$22,917.0	$21,102.0	$28,964.5	$29,557.7	$30,414.9
Weighted Average Basic Ordinary Shares (m)	19,478.0	18,357.0	17,427.0	17,105.2	16,849.0	16,514.5
Basic EPS (calculated)	$1.15	$1.25	$1.21	$1.69	$1.75	$1.84
Diluted EPS (as filed)	$1.14	$1.24	$1.20	$1.68	$1.74	$1.83
Dividend per Ordinary Share, Declared ($)	$0.61	$0.87	$0.75	$0.75	$0.77	$0.79
Ratios & Assumptions - Income Statement
YoY Revenue Growth		(0.3%)	3.7%	10.5%	2.8%	3.6%
Net Margin	37.2%	38.0%	33.9%	40.4%	40.2%	39.9%
Cost Efficiency Ratio	48.5%	50.2%	53.4%	46.4%	47.1%	47.8%
Effective Tax Rate	19.1%	22.6%	22.7%	21.8%	22.0%	22.0%

The full workbook adds 14 historical and 10 projected quarters, plus Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance (four businesses + Corporate Centre) · Projection Drivers — every subtotal a live formula, every projection traced to a driver.

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INTU Intuit

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 2
KPI: YoY-by-quarter growth × sub-offering (GBS: Online/Desktop Eco; Consumer: TurboTax/Credit Karma/ProTax); tax-season seasonality preserved
Thesis: Online Eco +16% + IES mid-market; DIY value-based pricing pivot; 2026 Plan +250bp FY27 OM; FY26 +13.5% → FY30 +7.4%
Updated: 2026-09-27 · 131 KB

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Income statement preview for INTU. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Service Revenue	$12,398	$13,861	$16,400	$18,828	$20,964	$23,041
Product and Other Revenue (FY21-23: Product)	1,970	2,424	2,431	2,543	2,717	2,903
Total Net Revenue	$14,368	$16,285	$18,831	$21,371	$23,681	$25,944
Less: Cost of Service Revenue	($2,909)	($3,250)	($3,624)	($4,065)	($4,532)	($4,931)
Less: Cost of Product and Other Revenue	(71)	(69)	(68)	(64)	(82)	(87)
Less: Amortization of Acquired Technology	(163)	(146)	(156)	(174)	(159)	(138)
Total Cost of Revenue	($3,143)	($3,465)	($3,848)	($4,304)	($4,773)	($5,156)
Gross Profit	$11,225	$12,820	$14,983	$17,067	$18,908	$20,788
Less: Selling and Marketing	($3,762)	($4,312)	($5,035)	($5,639)	($6,182)	($6,716)
Less: Research and Development	(2,539)	(2,754)	(2,928)	(3,396)	(3,704)	(4,030)
Less: General and Administrative	(1,300)	(1,418)	(1,601)	(1,694)	(1,841)	(1,988)
Less: Amortization of Other Acquired Intangible Assets	(483)	(483)	(481)	(484)	(441)	(384)
Less: Restructuring	0	(223)	(15)	(320)	0	0
Total Operating Expenses (excl. COGS; derived)	($8,084)	($9,190)	($10,060)	($11,532)	($12,168)	($13,118)
Total Costs and Expenses (as filed)	($11,227)	($12,655)	($13,908)	($15,836)	($16,941)	($18,274)
Operating Income	$3,141	$3,630	$4,923	$5,534	$6,740	$7,670
Less: Interest Expense	($248)	($242)	($247)	($245)	($245)	($245)
Interest and Other Income, Net	96	162	158	340	340	340
Income Before Income Taxes	$2,989	$3,550	$4,834	$5,629	$6,835	$7,765
Less: Income Tax Provision	($605)	($587)	($965)	($1,310)	($1,606)	($1,825)
Net Income	$2,384	$2,963	$3,869	$4,320	$5,229	$5,940
EPS — Basic	$8.49	$10.58	$13.82	$15.60	$19.35	$22.51
EPS — Diluted	$8.42	$10.43	$13.67	$15.55	$19.35	$22.51
Shares — Basic (M)	281	280	280	277	270	264
Shares — Diluted (M)	283	284	283	278	270	264
Ratios & Assumptions
YoY Service Revenue Growth	12.9%	11.8%	18.3%	14.8%	11.3%	9.9%
YoY Product and Other Revenue Growth	12.8%	23.0%	0.3%	4.6%	6.8%	6.8%
YoY Total Revenue Growth	12.9%	13.3%	15.6%	13.5%	10.8%	9.6%
Service Gross Margin (direct cost only)	76.5%	76.6%	77.9%	78.4%	78.4%	78.6%
Product and Other Gross Margin (direct cost only)	96.4%	97.2%	97.2%	97.5%	97.0%	97.0%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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JPM JPMorgan Chase & Co.

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 9
KPI: NII = average earning assets × yield less interest-bearing liabilities × rate paid, plus eight noninterest-revenue lines on their own growth rates
Thesis: Both sides of the balance sheet priced separately so spread compression shows; FY26E lands on the $105.5B NII and $107.5B expense guides
Updated: 2026-09-27 · 211 KB

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Income statement preview for JPM. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Investment Banking Fees	$6,519.0	$8,910.0	$9,615.0	$11,943.4	$12,147.9	$13,010.6
Principal Transactions	24,460.0	24,787.0	27,212.0	32,509.5	31,862.8	33,584.3
Lending- and Deposit-Related Fees	7,413.0	7,606.0	9,093.0	10,045.6	10,717.3	11,260.3
Asset Management, Administration and Commissions	22,056.0	25,331.0	28,866.0	33,354.5	36,260.0	38,978.5
Investment Securities Gains/(Losses)	(3,180.0)	(1,021.0)	(57.0)	(455.0)	(248.0)	(248.0)
Mortgage Fees and Related Income	1,176.0	1,401.0	1,381.0	1,327.1	1,405.6	1,462.7
Card Income	4,784.0	5,497.0	4,720.0	5,295.0	5,747.8	6,045.0
Other Income	5,609.0	12,462.0	6,174.0	12,456.1	6,703.5	6,999.8
Noninterest Revenue	$68,837.0	$84,973.0	$87,004.0	$106,476.1	$104,597.0	$111,093.2
Interest Income	$170,588.0	$193,933.0	$193,341.0	$206,146.3	$215,515.7	$222,174.5
Less: Interest Expense	(81,321.0)	(101,350.0)	(97,898.0)	(100,674.9)	(102,754.9)	(104,387.5)
Net Interest Income	$89,267.0	$92,583.0	$95,443.0	$105,471.5	$112,760.8	$117,787.0
Total Net Revenue	$158,104.0	$177,556.0	$182,447.0	$211,947.6	$217,357.8	$228,880.2
Less: Provision for Credit Losses	($9,320.0)	($10,678.0)	($14,212.0)	($10,483.6)	($12,093.3)	($13,244.8)
Less: Compensation Expense	($46,465.0)	($51,357.0)	($54,487.0)	($59,411.9)	($60,192.2)	($63,241.8)
Less: Occupancy Expense	(4,590.0)	(5,026.0)	(5,461.0)	(5,919.7)	(6,178.4)	(6,438.7)
Less: Technology, Communications and Equipment Expense	(9,246.0)	(9,831.0)	(11,029.0)	(12,423.0)	(13,183.0)	(13,974.4)
Less: Professional and Outside Services	(10,235.0)	(11,057.0)	(12,356.0)	(15,016.7)	(15,985.3)	(16,811.8)
Less: Marketing	(4,591.0)	(4,974.0)	(5,531.0)	(6,613.9)	(6,916.9)	(7,236.9)
Less: Other Expense	(12,045.0)	(9,552.0)	(6,776.0)	(8,109.5)	(8,535.9)	(8,948.5)
Total Noninterest Expense	($87,172.0)	($91,797.0)	($95,640.0)	($107,494.8)	($110,991.7)	($116,652.1)
Income Before Income Tax Expense	$61,612.0	$75,081.0	$72,595.0	$93,969.2	$94,272.8	$98,983.3
Less: Income Tax Expense	($12,060.0)	($16,610.0)	($15,547.0)	($20,920.1)	($21,682.7)	($22,766.2)
Net Income	$49,552.0	$58,471.0	$57,048.0	$73,049.2	$72,590.1	$76,217.1
Less: Preferred Stock Dividends	($1,501.0)	($1,259.0)	($1,099.0)	($1,205.5)	($1,232.9)	($1,236.3)
Net Income Applicable to Common Equity	$48,051.0	$57,212.0	$55,949.0	$71,843.6	$71,357.1	$74,980.8
Less: Earnings Allocated to Participating Securities	(291.0)	(344.0)	(268.0)	(325.0)	(328.2)	(344.9)
Net Income Applicable to Common Stockholders	$47,760.0	$56,868.0	$55,681.0	$71,518.6	$71,028.9	$74,635.9
Ratios & Assumptions
YoY Noninterest Revenue Growth	11.1%	23.4%	2.4%	22.4%	(1.8%)	6.2%
YoY Total Net Revenue Growth	22.9%	12.3%	2.8%	16.2%	2.6%	5.3%
Net Margin	31.3%	32.9%	31.3%	34.5%	33.4%	33.3%
Effective Tax Rate	19.6%	22.1%	21.4%	22.3%	23.0%	23.0%

The full workbook adds 22 historical and 10 projected quarters, plus Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance (Managed Basis) · Projection Drivers — every subtotal a live formula, every projection traced to a driver.

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MSFT Microsoft

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 20Q + 5A history · 8Q + 5A projection
Segments: 10
KPI: YoY growth % × product-and-service offering (ten filed offerings summing exactly to total revenue); the three segments are carried as a mix layer for segment margins
Thesis: The FY27 guide only closes with 215bps of gross-margin compression; FCF falls $67.0B to $52.5B, a third straight decline, while CFO still grows
Updated: 2026-09-27 · 173 KB

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Income statement preview for MSFT. Dollars in millions, except per share amounts. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Product	$64,773	$63,946	$64,696	$63,725	$63,725	$63,725
Service and Other	180,349	217,778	267,143	326,258	390,928	465,071
Total Revenue	$245,122	$281,724	$331,839	$389,983	$454,653	$528,796
Less: Cost of Revenue - Product	(15,272)	(13,501)	(12,098)	(12,102)	(12,229)	(12,108)
Less: Cost of Revenue - Service and Other	(58,842)	(74,330)	(94,276)	(121,362)	(149,780)	(183,703)
Total Cost of Revenue	($74,114)	($87,831)	($106,374)	($133,464)	($162,009)	($195,811)
Gross Margin	$171,008	$193,893	$225,465	$256,518	$292,644	$332,986
Less: Research and Development	(29,510)	(32,488)	(35,562)	(38,037)	(40,546)	(48,649)
Less: Sales and Marketing	(24,456)	(25,654)	(26,710)	(28,560)	(30,455)	(34,901)
Less: General and Administrative	(7,609)	(7,223)	(7,956)	(8,504)	(9,072)	(10,047)
Total Operating Expenses	($61,575)	($65,365)	($70,228)	($75,101)	($80,073)	($93,597)
Operating Income	$109,433	$128,528	$155,237	$181,417	$212,571	$239,389
Other Income (Expense), net	($1,646)	($4,901)	$10,697	($600)	($1,100)	($1,400)
Income Before Income Taxes	$107,787	$123,627	$165,934	$180,817	$211,471	$237,989
Less: Provision for Income Taxes	($19,651)	($21,795)	($32,185)	($36,163)	($42,294)	($47,598)
Net Income	$88,136	$101,832	$133,749	$144,654	$169,177	$190,391
Ratios & Assumptions
YoY Total Revenue Growth	15.7%	14.9%	17.8%	17.5%	16.6%	16.3%
QoQ Total Revenue Growth	15.7%	14.9%	17.8%	17.5%	16.6%	16.3%
Product Gross Margin	76.4%	78.9%	81.3%	81.0%	80.8%	81.0%
Service and Other Gross Margin	67.4%	65.9%	64.7%	62.8%	61.7%	60.5%

The full workbook adds 20 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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MU Micron Technology

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 3
KPI: bit growth × ASP change × technology (DRAM / NAND / Other)
Thesis: $50B FQ4'26 guide-anchored; 2027-28 supply response normalizes GM 86%→52% by FY29; SCA floor holds trough above prior-cycle peaks
Updated: 2026-09-27 · 101 KB

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Income statement preview for MU. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Revenue	$15,540	$25,111	$37,378	$129,016	$217,842	$190,006
Less: Cost of Goods Sold	($16,956)	($19,498)	($22,505)	($25,510)	($48,107)	($81,015)
Gross Margin	($1,416)	$5,613	$14,873	$103,506	$169,735	$108,991
Less: Research and Development	($3,114)	($3,430)	($3,798)	($5,139)	($6,258)	($7,494)
Less: Selling, General, and Administrative	(920)	(1,129)	(1,205)	(1,513)	(1,960)	(1,993)
Less: Restructure and Asset Impairments	($171)	($1)	($39)	$0	$0	$0
Less: Other Operating (Income) Expense, Net	(124)	251	(61)	(43)	0	0
Operating Income (Loss)	($5,745)	$1,304	$9,770	$96,811	$161,517	$99,504
Interest Income	$468	$529	$496	$759	$1,089	$1,233
Interest Expense	(388)	(562)	(477)	(106)	0	0
Other Non-Operating Income (Expense), Net	7	(31)	(135)	(859)	(1,307)	(1,140)
Pretax Income (Loss)	($5,658)	$1,240	$9,654	$96,605	$161,299	$99,597
Less: Income Tax (Provision) / Benefit	($177)	($451)	($1,124)	($14,354)	($25,001)	($15,437)
Equity in Net Income (Loss) of Equity Method Investees	2	(11)	9	13	0	0
Net Income (Loss)	($5,833)	$778	$8,539	$82,264	$136,298	$84,159
EPS — Basic	($5.34)	$0.70	$7.65	$72.94	$121.35	$77.22
EPS — Diluted	($5.34)	$0.70	$7.59	$71.93	$119.55	$76.07
Shares — Basic (M)	1,093	1,105	1,116	1,128	1,123	1,090
Shares — Diluted (M)	1,093	1,118	1,125	1,144	1,140	1,106
Ratios & Assumptions
YoY Revenue Growth	(49.5%)	61.6%	48.9%	245.2%	68.8%	(12.8%)
Gross Margin %	(9.1%)	22.4%	39.8%	80.2%	77.9%	57.4%
Operating Margin	(37.0%)	5.2%	26.1%	75.0%	74.1%	52.4%
Net Margin	(37.5%)	3.1%	22.8%	63.8%	62.6%	44.3%
Effective Tax Rate	(3.1%)	36.4%	11.6%	14.9%	15.5%	15.5%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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NFLX Netflix

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 4
KPI: YoY growth x regional streaming revenue (UCAN / EMEA / LATAM / APAC) + content amort/spend-ratio drivers
Thesis: Ads scaling + pricing carry low-teens growth post-members disclosure; OM 31.5% guided FY26E stepping to 38% FY30E
Updated: 2026-09-27 · 112 KB

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Income statement preview for NFLX. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Streaming Revenue — UCAN (US & Canada)	$14,873.8	$17,359.4	$19,957.2	$22,117.3	$23,937.1	$25,612.7
Streaming Revenue — EMEA	10,556.5	12,387.0	14,514.6	16,753.8	18,802.7	20,870.9
Streaming Revenue — LATAM	4,446.5	4,839.8	5,357.5	6,226.9	7,019.7	7,791.8
Streaming Revenue — APAC	3,763.7	4,414.7	5,353.7	6,278.6	7,172.1	8,104.5
DVD Revenue (wound down Sep 2023)	82.8	0.0	0.0	0.0	0.0	0.0
Total Revenues	$33,723.3	$39,001.0	$45,183.0	$51,376.7	$56,931.6	$62,380.0
Less: Cost of Revenues	($19,715.4)	($21,038.5)	($23,275.3)	($25,412.1)	($27,280.5)	($29,006.7)
Less: Marketing	(2,657.9)	(2,917.6)	(3,301.3)	(3,735.1)	(4,027.2)	(4,553.7)
Less: Technology and Development	(2,675.8)	(2,925.3)	(3,391.4)	(3,774.5)	(4,122.9)	(4,491.4)
Less: General and Administrative	(1,720.3)	(1,702.0)	(1,888.4)	(2,243.1)	(2,384.9)	(2,495.2)
Operating Income	$6,954.0	$10,417.6	$13,326.6	$16,211.9	$19,116.1	$21,833.0
Less: Interest Expense	($699.8)	($718.7)	($776.5)	($1,027.1)	($1,020.0)	($1,020.0)
Interest and Other Income (Expense)	(48.8)	266.8	172.5	3,002.2	200.0	200.0
Income Before Income Taxes	$6,205.4	$9,965.7	$12,722.6	$18,187.0	$18,296.1	$21,013.0
Less: Provision for (Benefit from) Income Taxes	($797.4)	($1,254.0)	($1,741.4)	($3,068.5)	($2,835.9)	($3,257.0)
Net Income	$5,408.0	$8,711.6	$10,981.2	$15,118.5	$15,460.2	$17,756.0
EPS — Basic	$1.23	$2.03	$2.58	$3.60	$3.72	$4.33
EPS — Diluted	$1.20	$1.98	$2.53	$3.53	$3.66	$4.25
Shares — Basic	4,415.7	4,295.2	4,249.5	4,203.8	4,153.6	4,099.6
Shares — Diluted	4,495.0	4,392.6	4,343.9	4,279.1	4,228.0	4,173.0
Ratios & Assumptions
YoY Total Revenue Growth	6.7%	15.6%	15.9%	13.7%	10.8%	9.6%
Operating Margin	20.6%	26.7%	29.5%	31.6%	33.6%	35.0%
Net Margin	16.0%	22.3%	24.3%	29.4%	27.2%	28.5%
Effective Tax Rate	12.9%	12.6%	13.7%	16.9%	15.5%	15.5%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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PG The Procter & Gamble Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 20Q + 5A history · 8Q + 5A projection
Segments: 5
KPI: Five global business units + Corporate, each = year-ago quarter x (1 + organic growth + currency and acquisitions); every margin driver set per fiscal quarter
Thesis: Organic growth by business unit with a front-loaded margin path: FY27E core EPS $6.95 inside the guide, FY28E-FY30E EPS 2.7-5.1% below the Street
Updated: 2026-09-27 · 183 KB

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Income statement preview for PG. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Total Net Sales	$84,039.0	$84,284.0	$87,032.0	$88,723.9	$90,655.2	$92,633.4
Less: Cost of Products Sold	($40,848.0)	($41,164.0)	($43,362.0)	($44,525.0)	($45,222.3)	($46,038.8)
Gross Profit	$43,191.0	$43,120.0	$43,670.0	$44,198.9	$45,433.0	$46,594.6
Less: Selling, General and Administrative Expense	(23,305.0)	(22,669.0)	(23,922.0)	(23,695.9)	(24,121.0)	(24,733.1)
Less: Indefinite-Lived Intangible Asset Impairment	(1,341.0)	0.0	0.0	0.0	0.0	0.0
Total Operating Expenses	($24,646.0)	($22,669.0)	($23,922.0)	($23,695.9)	($24,121.0)	($24,733.1)
Operating Income	$18,545.0	$20,451.0	$19,748.0	$20,503.0	$21,312.0	$21,861.5
Less: Interest Expense	(925.0)	(907.0)	(877.0)	(1,050.1)	(1,050.1)	(1,051.5)
Interest Income	473.0	469.0	430.0	398.4	458.6	520.4
Other Non-Operating Income/(Expense), Net	668.0	154.0	1,076.0	876.4	895.5	917.1
Rounding Residual	0.0	0.0	0.0	0.0	0.0	0.0
Earnings Before Income Taxes	$18,761.0	$20,167.0	$20,377.0	$20,727.7	$21,616.0	$22,247.5
Less: Income Taxes	($3,787.0)	($4,102.0)	($4,233.0)	($4,311.4)	($4,496.1)	($4,627.5)
Net Earnings	$14,974.0	$16,065.0	$16,144.0	$16,416.3	$17,119.9	$17,620.0
Less: Net Earnings Attributable to Noncontrolling Interests	(95.0)	(91.0)	(98.0)	(98.5)	(102.7)	(105.7)
Net Earnings Attributable to Procter & Gamble	$14,879.0	$15,974.0	$16,046.0	$16,317.8	$17,017.2	$17,514.3
Less: Preferred Dividends	(284.0)	(291.0)	(292.0)	(281.1)	(273.3)	(268.3)
Net Earnings Available to Common Shareholders	$14,595.0	$15,683.0	$15,754.0	$16,036.7	$16,743.9	$17,246.0
Ratios & Assumptions
YoY Total Net Sales Growth	2.5%	0.3%	3.3%	1.9%	2.2%	2.2%
Gross Margin	51.4%	51.2%	50.2%	49.8%	50.1%	50.3%
Operating Margin	22.1%	24.3%	22.7%	23.1%	23.5%	23.6%
Net Margin (consolidated)	17.8%	19.1%	18.5%	18.5%	18.9%	19.0%
Net Margin (attributable to P&G)	17.7%	19.0%	18.4%	18.4%	18.8%	18.9%

The full workbook adds 20 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Operating Segments · Pro-Forma / Non-GAAP Reconciliation — every subtotal a live formula, every projection traced to a driver.

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PLTR Palantir Technologies

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 2
KPI: YoY growth x segment (Government / Commercial) + contribution-bridge margins (SBC = tying residual) + US-geo driver
Thesis: US-led AIP compounding: NDR 150 + Gov +84%; FY26E $7.9B (+76%) decel to +21% FY30E at ~55% GAAP OM
Updated: 2026-09-27 · 130 KB

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Income statement preview for PLTR. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Government Segment Revenue	$1,222.2	$1,569.6	$2,402.3	$4,000.0	$5,724.3	$7,441.6
Commercial Segment Revenue	1,002.8	1,295.9	2,073.2	3,864.9	5,820.2	7,915.4
Total Revenue	$2,225.0	$2,865.5	$4,475.4	$7,864.9	$11,544.5	$15,357.0
Less: Cost of Revenue	($431.1)	($566.0)	($789.2)	($1,038.0)	($1,482.3)	($1,935.0)
Gross Profit	$1,793.9	$2,299.5	$3,686.3	$6,826.9	$10,062.1	$13,422.1
Less: Sales and Marketing	($745.0)	($887.8)	($1,056.9)	($1,500.9)	($2,057.3)	($2,580.0)
Less: Research and Development	(404.6)	(507.9)	(557.7)	(775.2)	(1,101.4)	(1,428.2)
Less: General and Administrative	(524.3)	(593.5)	(657.7)	(848.0)	(1,133.8)	(1,351.4)
Total Operating Expenses	($1,673.9)	($1,989.1)	($2,272.3)	($3,124.0)	($4,292.5)	($5,359.6)
Income (Loss) from Operations	$120.0	$310.4	$1,414.0	$3,702.8	$5,769.7	$8,062.4
Interest Income	$132.6	$196.8	$229.2	$301.4	$432.4	$540.9
Less: Interest Expense	(3.5)			0.0	0.0	0.0
Other Income (Expense), Net	(12.0)	(18.0)	14.2	68.2	0.0	0.0
Income (Loss) Before Provision for Income Taxes	$237.1	$489.2	$1,657.4	$4,072.4	$6,202.1	$8,603.4
Less: Provision for Income Taxes	($19.7)	($21.3)	($22.7)	($75.9)	($124.0)	($344.1)
Net Income (Loss)	$217.4	$467.9	$1,634.6	$3,996.5	$6,078.1	$8,259.2
Less: Net Income Attributable to NCI (Japan JV, from Q4'22)	($7.5)	($5.7)	($9.6)	($21.8)	($31.0)	($43.0)
Net Income (Loss) Attributable to Common Stockholders	$209.8	$462.2	$1,625.0	$3,974.7	$6,047.1	$8,216.2
EPS — Basic (Q4s from year-end 8-K)	$0.10	$0.21	$0.69	$1.65	$2.47	$3.31
EPS — Diluted	$0.09	$0.19	$0.63	$1.54	$2.30	$3.08
Shares — Basic (M, weighted avg)	2,147.4	2,250.2	2,369.6	2,408.3	2,447.0	2,483.7
Shares — Diluted (M, weighted avg)	2,297.9	2,450.8	2,565.2	2,586.4	2,628.0	2,667.4
Ratios & Assumptions
YoY Government Revenue Growth	14.0%	28.4%	53.1%	66.5%	43.1%	30.0%
YoY Commercial Revenue Growth	20.2%	29.2%	60.0%	86.4%	50.6%	36.0%
YoY US Revenue Growth	18.7%	37.9%	74.7%	88.8%	51.8%	35.0%
YoY International Revenue Growth	13.7%	14.0%	19.7%	38.2%	27.0%	23.8%
YoY Total Revenue Growth	16.7%	28.8%	56.2%	75.7%	46.8%	33.0%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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PYPL PayPal Holdings

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: TPV YoY growth × transaction take rate + OVAS growth; expense/loss rates on TPV; composite customer-money cash bridge
Thesis: TPV +9%→+5.5% vs take-rate erosion −4bp/yr; Lores $1.5B+ cost program holds margin; buybacks drive EPS — Hold, stabilization not re-rating
Updated: 2026-09-27 · 134 KB

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Income statement preview for PYPL. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Transaction Revenues (revenue note)	$26,857	$28,842	$29,798	$31,408	$32,708	$33,940
Revenues from Other Value Added Services (revenue note)	2,914	2,955	3,374	3,485	3,579	3,686
Total Net Revenues	$29,771	$31,797	$33,172	$34,893	$36,287	$37,626
Less: Transaction Expense	($14,385)	($15,697)	($15,987)	($17,734)	($19,300)	($20,817)
Less: Transaction and Credit Losses	(1,682)	(1,442)	(1,720)	(1,638)	(1,798)	(1,918)
Less: Customer Support and Operations	(1,919)	(1,768)	(1,704)	(1,848)	(1,875)	(1,893)
Less: Sales and Marketing	(1,809)	(2,001)	(2,283)	(2,279)	(2,418)	(2,488)
Less: Technology and Development	(2,973)	(2,979)	(3,103)	(3,379)	(3,474)	(3,527)
Less: General and Administrative	(2,059)	(2,147)	(1,979)	(2,028)	(2,073)	(2,112)
Less: Restructuring and Other	84	(438)	(331)	(367)	(160)	(60)
Total Operating Expenses	($24,743)	($26,472)	($27,107)	($29,272)	($31,096)	($32,815)
Operating Income	$5,028	$5,325	$6,065	$5,620	$5,190	$4,811
Transaction Margin Dollars	13,704	14,658	15,465	15,521	15,189	14,891
Other Income (Expense), Net	$383	$4	$227	($432)	($400)	($360)
Income Before Income Taxes	$5,411	$5,329	$6,292	$5,188	$4,790	$4,451
Less: Income Tax Expense (FY21 = +70 benefit)	($1,165)	($1,182)	($1,059)	($946)	($886)	($824)
Net Income (Loss)	$4,246	$4,147	$5,233	$4,243	$3,904	$3,628
EPS — Basic	$3.85	$4.03	$5.46	$4.87	$4.89	$4.91
EPS — Diluted	$3.84	$3.99	$5.41	$4.84	$4.87	$4.88
Shares — Basic (M)	1,103	1,029	959	872	798	740
Shares — Diluted (M)	1,107	1,039	968	877	802	744
Ratios & Assumptions
YoY Transaction Revenues Growth	6.6%	7.4%	3.3%	5.4%	4.1%	3.8%
YoY Total Revenue Growth	8.2%	6.8%	4.3%	5.2%	4.0%	3.7%
Operating Margin	16.9%	16.7%	18.3%	16.1%	14.3%	12.8%
Net Margin	14.3%	13.0%	15.8%	12.2%	10.8%	9.6%
Effective Tax Rate	21.5%	22.2%	16.8%	18.2%	18.5%	18.5%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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RBLX Roblox

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 1
KPI: DAU YoY growth × ABPDAU growth → bookings; GAAP revenue via deferred-recognition ratio
Thesis: Age-check funnel cut FY26 bookings guide 14pp; DAU 132M + ABPDAU drive +10% FY26E / +14% FY27E bookings, FCF ~$1.2B — Hold
Updated: 2026-09-27 · 115 KB

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Income statement preview for RBLX. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Total Revenue (as filed: Revenue)	$2,799.3	$3,602.0	$4,890.6	$5,991.2	$6,557.1	$7,422.9
Less: Cost of Revenue	($649.1)	($801.2)	($1,072.3)	($1,226.6)	($1,337.6)	($1,514.3)
Less: Developer Exchange Fees	(740.8)	(922.8)	(1,503.1)	(1,772.9)	(1,979.4)	(2,278.8)
Less: Infrastructure and Trust & Safety	(878.4)	(915.4)	(1,153.5)	(1,338.3)	(1,445.5)	(1,610.8)
Less: Research and Development	(1,253.6)	(1,444.2)	(1,567.7)	(1,731.8)	(1,841.9)	(2,019.0)
Less: General and Administrative	(390.1)	(407.5)	(580.1)	(800.1)	(824.3)	(898.2)
Less: Sales and Marketing	(146.5)	(174.2)	(246.2)	(268.7)	(295.1)	(326.6)
Total Cost and Expenses	($4,058.3)	($4,665.3)	($6,122.9)	($7,138.4)	($7,723.8)	($8,647.7)
Income (Loss) from Operations	($1,259.1)	($1,063.3)	($1,232.3)	($1,147.2)	($1,166.7)	($1,224.8)
Interest Income	$141.8	$179.5	$201.6	$231.2	$260.9	$293.7
Interest Expense (2030 0% converts)	($40.7)	($41.2)	($41.5)	($40.0)	($40.0)	($40.0)
Other Income (Expense), Net	(0.5)	(11.5)	4.2	2.0	0.0	0.0
Income (Loss) Before Income Taxes	($1,158.5)	($936.5)	($1,068.0)	($954.0)	($945.8)	($971.1)
Less: Provision for (Benefit from) Income Taxes	($0.5)	($4.1)	($3.6)	($5.5)	($6.6)	($8.9)
Consolidated Net Income (Loss)	($1,158.9)	($940.6)	($1,071.6)	($959.6)	($952.3)	($980.0)
Less: Net Loss Attributable to NCI (Luobu JV)	(7.0)	(5.2)	(6.6)	(8.0)	(8.0)	(8.0)
Net Income (Loss) Attributable to Common Stockholders	($1,151.9)	($935.4)	($1,065.1)	($951.6)	($944.3)	($972.0)
Weighted Avg Shares — Basic (M)	616.445	647.482	689.612	722.444	750.653	779.178
Weighted Avg Shares — Diluted (M; = basic, net losses)	616.445	647.482	689.612	722.444	750.653	779.178
EPS — Basic	($1.87)	($1.44)	($1.54)	($1.32)	($1.26)	($1.25)
EPS — Diluted	($1.87)	($1.44)	($1.54)	($1.32)	($1.26)	($1.25)
Ratios & Assumptions
YoY Total Revenue Growth	25.8%	28.7%	35.8%	22.5%	9.4%	13.2%
Operating Margin	(45.0%)	(29.5%)	(25.2%)	(19.1%)	(17.8%)	(16.5%)
Net Margin	(41.2%)	(26.0%)	(21.8%)	(15.9%)	(14.4%)	(13.1%)
Effective Tax Rate	(0.0%)	(0.4%)	(0.3%)	(0.6%)	(0.7%)	(0.9%)

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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SKHY SK hynix

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 8Q + 5A projection
Segments: 3
KPI: QoQ bit-shipment growth × blended ASP change per product (DRAM / NAND Flash / Other); KRW currency of record
Thesis: HBM-led supercycle at a 72%-OM blow-off: sold-out 2026 (+216% rev), 2027 ASP correction modeled vs Street's uninterrupted ramp
Updated: 2026-09-27 · 128 KB

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Income statement preview for SKHY. KRW in billions, except per share (EPS in KRW). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
DRAM Revenue	₩20,768.7	₩44,731.7	₩74,904.1	₩237,610.9	₩252,600.8	₩202,080.7
NAND Flash Revenue	9,653.1	19,274.1	20,690.1	68,370.4	68,393.7	53,347.1
Other Revenue (modules/services)	2,344.0	2,187.2	1,552.5	1,415.4	1,428.6	1,428.6
Total Revenue	₩32,765.7	₩66,193.0	₩97,146.7	₩307,396.7	₩322,423.1	₩256,856.4
Less: Cost of Sales	(₩33,299.2)	(₩34,364.8)	(₩38,455.9)	(₩65,508.4)	(₩92,084.3)	(₩89,899.7)
Gross Profit	(₩533.4)	₩31,828.1	₩58,690.8	₩241,888.3	₩230,338.9	₩166,956.6
Less: Selling & Administrative Expenses	(₩7,196.9)	(₩8,360.8)	(₩11,484.5)	(₩22,262.6)	(₩27,711.9)	(₩25,685.6)
Operating Profit	(₩7,730.3)	₩23,467.3	₩47,206.3	₩219,625.7	₩202,626.9	₩141,271.0
Finance Income	₩2,261.8	₩4,855.1	₩16,373.5	₩18,330.5	₩1,612.1	₩1,284.3
Less: Finance Expenses	(6,093.2)	(5,708.0)	(12,505.0)	(3,023.5)	0.0	0.0
Share of Profit (Loss) of Equity-Accounted Investees	15.1	(38.2)	(564.6)	(26.8)	0.0	0.0
Other Income	623.9	1,476.6	333.3	15.0	0.0	0.0
Less: Other Expenses	(735.1)	(167.4)	(378.0)	(14.5)	0.0	0.0
Profit Before Income Tax	(₩11,657.8)	₩23,885.4	₩50,465.6	₩234,906.3	₩204,239.1	₩142,555.3
Less: Income Tax Expense/(Benefit)	₩2,520.3	(₩4,088.4)	(₩7,517.6)	(₩51,594.6)	(₩44,932.6)	(₩31,362.2)
Profit for the Period (Net Income)	(₩9,137.5)	₩19,796.9	₩42,947.9	₩183,311.7	₩159,306.5	₩111,193.1
Less: Profit Attributable to Non-Controlling Interests	(₩25.1)	₩8.2	₩28.6	₩15.7	₩0.0	₩0.0
Profit Attributable to Owners of the Parent	(₩9,112.4)	₩19,788.7	₩42,919.3	₩183,296.0	₩159,306.5	₩111,193.1
EPS — Basic (KRW; Q4s derived)	(₩13,244)	₩28,732	₩62,044	₩257,919	₩222,506	₩155,305
EPS — Diluted (KRW; Q4s derived)	(₩13,244)	₩28,419	₩60,378	₩255,668	₩220,565	₩153,950
Shares — Weighted Avg Basic (M)	688.1	688.7	691.8	710.7	716.0	716.0
Shares — Weighted Avg Diluted (M)	688.1	709.8	711.3	716.9	722.3	722.3
Ratios & Assumptions
YoY Total Revenue Growth	(26.6%)	102.0%	46.8%	216.4%	4.9%	(20.3%)
YoY DRAM Revenue Growth	(26.3%)	115.4%	67.5%	217.2%	6.3%	(20.0%)
YoY NAND Flash Revenue Growth	(31.9%)	99.7%	7.3%	230.5%	0.0%	(22.0%)

The full workbook adds 21 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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TSM Taiwan Semiconductor Manufacturing Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 8Q + 5A projection
Segments: 6
KPI: QoQ growth x platform (HPC / Smartphone / IoT / Automotive / DCE / Others); NT$ currency of record
Thesis: AI-foundry monopoly: FY26E +37.5% NT$ on HPC; GM glides 66% to 59% by FY30E on overseas-fab dilution
Updated: 2026-09-27 · 128 KB

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Income statement preview for TSM. NT$ in billions, except per share (EPS in NT$). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
High Performance Computing Revenue	929.5	1,476.1	2,209.2	3,312.7	4,062.1	4,712.1
Smartphone Revenue	821.5	1,013.0	1,104.6	1,274.2	1,361.6	1,416.0
Internet of Things Revenue	172.9	173.7	190.5	304.0	336.4	370.1
Automotive Revenue	129.7	144.7	190.5	197.8	222.3	244.5
Digital Consumer Electronics Revenue	43.2	28.9	38.1	50.0	52.9	54.0
Others Revenue	64.9	57.9	76.2	99.4	108.3	113.8
Net Revenue	NT$2,161.7	NT$2,894.3	NT$3,809.1	NT$5,238.1	NT$6,143.7	NT$6,910.5
Less: Cost of Revenue	(NT$986.6)	(NT$1,270.0)	(NT$1,527.8)	(NT$1,779.1)	(NT$2,260.0)	(NT$2,729.6)
Gross Profit	NT$1,175.1	NT$1,624.4	NT$2,281.3	NT$3,459.0	NT$3,883.7	NT$4,180.8
Less: Research and Development Expenses	(NT$182.4)	(NT$204.2)	(NT$246.4)	(NT$322.1)	(NT$385.2)	(NT$449.2)
Less: Sales, General and Administrative Expenses	(71.5)	(96.9)	(99.2)	(119.1)	(135.2)	(152.0)
Total Operating Expenses	(NT$253.8)	(NT$301.1)	(NT$345.6)	(NT$441.2)	(NT$520.4)	(NT$601.2)
Other Operating Income and Expenses, Net	NT$0.2	(NT$1.2)	NT$0.4	NT$1.7	NT$0.0	NT$0.0
Income from Operations	NT$921.5	NT$1,322.1	NT$1,936.1	NT$3,019.5	NT$3,363.3	NT$3,579.6
Share of Profits of Associates	NT$4.7	NT$4.9	NT$5.5	NT$1.7	NT$0.0	NT$0.0
Net Interest Income (Expenses)	48.3	76.7	93.4	116.4	135.2	138.2
Other Gains and Losses	4.8	2.2	6.7	1.0	0.0	0.0
Total Non-operating Income and Expenses	NT$57.7	NT$83.8	NT$105.6	NT$119.1	NT$135.2	NT$138.2
Income Before Income Tax	NT$979.2	NT$1,405.8	NT$2,041.7	NT$3,138.6	NT$3,498.5	NT$3,717.8
Less: Income Tax Expenses	(NT$141.4)	(NT$233.4)	(NT$326.3)	(NT$531.6)	(NT$594.7)	(NT$632.0)
Net Income	NT$837.8	NT$1,172.4	NT$1,715.4	NT$2,607.0	NT$2,903.8	NT$3,085.8
Less: Net Income Attributable to Noncontrolling Interests	(NT$0.7)	(NT$0.8)	(NT$2.5)	NT$0.3	NT$0.0	NT$0.0
Net Income Attributable to Shareholders of the Parent	NT$838.5	NT$1,173.3	NT$1,717.9	NT$2,606.7	NT$2,903.8	NT$3,085.8
Ratios & Assumptions
YoY Net Revenue Growth	(4.5%)	33.9%	31.6%	37.5%	17.3%	12.5%
YoY HPC Revenue Growth	0.1%	58.8%	49.7%	49.9%	22.6%	16.0%
YoY Smartphone Revenue Growth	(7.0%)	23.3%	9.0%	15.4%	6.9%	4.0%

The full workbook adds 21 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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U Unity Software

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 2
KPI: YoY growth x filed segment (Create / Grow); cross-regime 2021 basis preserved; Strategic/Non-Strategic overlay calibrates the path
Thesis: Vector ad inflection (strategic Grow +49%) + ironSource sunset; GAAP-profit Q4'26E; FY26 +13.5% -> FY30 +10.1%
Updated: 2026-09-27 · 109 KB

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Income statement preview for U. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Create Solutions Revenue	$859.2	$614.0	$621.4	$654.2	$714.7	$779.0
Grow Solutions Revenue	$1,328.1	$1,199.3	$1,228.2	$1,445.0	$1,635.7	$1,881.1
Total Revenue	$2,187.3	$1,813.3	$1,849.6	$2,099.2	$2,350.4	$2,660.1
Less: Cost of Revenue	($733.7)	($480.9)	($477.7)	($604.5)	($367.2)	($412.3)
Gross Profit	$1,453.6	$1,332.4	$1,371.9	$1,494.6	$1,983.3	$2,247.8
Less: Research and Development	($1,053.6)	($924.8)	($929.5)	($966.3)	($953.9)	($1,024.1)
Less: Sales and Marketing	(834.6)	(752.6)	(652.9)	(702.9)	(684.4)	(731.5)
Less: General and Administrative	(398.2)	(410.1)	(268.5)	(199.5)	(194.9)	(207.5)
Total Operating Expenses	($2,286.4)	($2,087.6)	($1,851.0)	($1,868.7)	($1,833.2)	($1,963.2)
Loss from Operations	($832.8)	($755.1)	($479.1)	($374.1)	$150.1	$284.6
Less: Interest Expense	($24.6)	($23.5)	($24.0)	($24.0)	($14.0)	($14.0)
Interest Income and Other Income (Expense), Net	59.5	111.6	107.9	47.5	66.0	70.0
Loss Before Income Taxes	($797.8)	($667.1)	($395.2)	($350.6)	$202.1	$340.6
Less: Provision for (Benefit from) Income Taxes	($28.5)	$2.8	($6.3)	($7.3)	($21.2)	($53.2)
Net Loss (incl. NCI)	($826.3)	($664.3)	($401.5)	($357.9)	$180.9	$287.4
Less: NI Attributable to NCI and Redeemable NCI	(4.3)	(0.2)	1.3	0.7	0.0	0.0
Net Loss Attributable to Unity Software Inc.	($822.0)	($664.1)	($402.8)	($358.6)	$180.9	$287.4
EPS — Basic and Diluted (as filed)	($2.16)	($1.68)	($0.96)	($0.82)	$0.40	$0.62
EPS — Diluted	($2.16)	($1.68)	($0.96)	($0.82)	$0.40	$0.62
Shares — Basic (M, weighted avg)	380.5	396.0	420.9	439.5	453.7	466.4
Shares — Diluted (M, weighted avg)	380.5	396.0	420.9	439.5	453.7	466.4
Ratios & Assumptions
YoY Total Revenue Growth	57.2%	(17.1%)	2.0%	13.5%	12.0%	13.2%
Gross Margin %	66.5%	73.5%	74.2%	71.2%	84.4%	84.5%
Operating Margin	(38.1%)	(41.6%)	(25.9%)	(17.8%)	6.4%	10.7%
Net Margin (incl. NCI)	(37.8%)	(36.6%)	(21.7%)	(17.0%)	7.7%	10.8%
Effective Tax Rate	(3.6%)	0.4%	(1.6%)	(2.1%)	10.5%	15.6%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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UNH UnitedHealth Group

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 4
KPI: Risk member-months x premium yield (UnitedHealthcare) + consumers x premium per consumer (Optum Health); scripts x revenue per script; fee-based member-months x administrative fee
Thesis: Guided MCR of 88.1% forces H2'26 to ~90.9%, so the operating cost ratio carries the growth: FY27E adjusted $22.72, inside the 13-16% algorithm
Updated: 2026-09-27 · 242 KB

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Income statement preview for UNH. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Premiums	290,827.0	308,810.0	352,229.0	348,601.3	357,672.3	377,147.4
Products	42,583.0	50,226.0	53,380.0	56,014.5	62,389.2	67,864.0
Services	34,123.0	36,040.0	38,038.0	40,129.0	42,058.6	44,041.5
Investment and Other Income	4,089.0	5,202.0	3,920.0	4,689.8	4,476.1	4,782.2
Total Revenues	$371,622.0	$400,278.0	$447,567.0	$449,434.5	$466,596.3	$493,835.0
Medical Costs	241,894.0	264,185.0	313,995.0	307,091.2	315,137.6	331,556.4
Operating Costs	54,628.0	53,013.0	59,592.0	58,559.2	58,549.8	60,732.9
Cost of Products Sold	38,770.0	46,694.0	50,655.0	54,259.6	60,517.6	65,828.1
Depreciation and Amortization	3,972.0	4,099.0	4,361.0	4,165.6	4,378.5	4,588.4
Total Operating Costs	$339,264.0	$367,991.0	$428,603.0	$424,075.6	$438,583.5	$462,705.8
Less: Total Operating Costs	($339,264.0)	($367,991.0)	($428,603.0)	($424,075.6)	($438,583.5)	($462,705.8)
Earnings from Operations	$32,358.0	$32,287.0	$18,964.0	$25,358.9	$28,012.8	$31,129.3
Add back: Depreciation and Amortization	$3,972.0	$4,099.0	$4,361.0	$4,165.6	$4,378.5	$4,588.4
EBITDA	$36,330.0	$36,386.0	$23,325.0	$29,524.5	$32,391.4	$35,717.7
Less: Interest Expense	($3,246.0)	($3,906.0)	($4,002.0)	($3,735.7)	($3,607.7)	($3,617.6)
Loss on Sale of Subsidiary and Subsidiaries Held for Sale		($8,310.0)	($265.0)	($133.0)	$0.0	$0.0
Earnings Before Income Taxes	$29,112.0	$20,071.0	$14,697.0	$21,490.2	$24,405.1	$27,511.6
Less: Provision for Income Taxes	($5,968.0)	($4,829.0)	($1,890.0)	($3,993.5)	($4,514.9)	($5,227.2)
Net Earnings	$23,144.0	$15,242.0	$12,807.0	$17,496.7	$19,890.1	$22,284.4
Less: Earnings Attributable to Noncontrolling Interests	(763.0)	(837.0)	(751.0)	(563.4)	(656.4)	(735.4)
Net Earnings Attributable to UNH Shareholders	$22,381.0	$14,405.0	$12,056.0	$16,933.3	$19,233.8	$21,549.0
Ratios & Assumptions
Product Gross Margin	8.95%	7.03%	5.10%	3.13%	3.00%	3.00%
Operating Margin	8.71%	8.07%	4.24%	5.64%	6.00%	6.30%
Effective Tax Rate	20.50%	24.06%	12.86%	18.58%	18.50%	19.00%

The full workbook adds 22 historical and 10 projected quarters, plus Segment Detail · KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation · Segment Earnings Mix (drivers) — every subtotal a live formula, every projection traced to a driver.

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WMT Walmart

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 3
KPI: Three reportable segments' net sales grown off the same quarter a year earlier, plus membership income; segments tie to net sales in all 27 periods
Thesis: Segment growth rates held to the August guide: FY27E EPS $2.85 inside $2.80–2.87, with 3Q27E at the top of its $0.62–0.64 range
Updated: 2026-09-27 · 172 KB

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Income statement preview for WMT. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2024	2025	2026	FY27E	FY28E	FY29E
Walmart U.S.	$441,817.0	$462,415.0	$482,975.0	$501,910.1	$521,099.8	$540,111.1
Walmart International	114,641.0	121,885.0	130,423.0	144,147.6	153,042.4	161,418.8
Sam's Club	86,179.0	90,238.0	93,015.0	98,915.5	103,585.6	108,012.2
Net Sales	$642,637.0	$674,538.0	$706,413.0	$744,973.1	$777,727.8	$809,542.2
Membership and Other Income	$5,488.0	$6,447.0	$6,750.0	$7,790.4	$8,647.9	$9,491.2
Total Revenues	$648,125.0	$680,985.0	$713,163.0	$752,763.5	$786,375.7	$819,033.4
Less: Cost of Sales	($490,142.0)	($511,753.0)	($535,395.0)	($561,808.6)	($587,561.6)	($611,143.2)
Gross Profit	$157,983.0	$169,232.0	$177,768.0	$190,954.9	$198,814.1	$207,890.2
Less: Operating, Selling, General and Administrative Expenses	($130,971.0)	($139,884.0)	($147,943.0)	($157,857.5)	($164,286.0)	($170,699.6)
Operating Income	$27,012.0	$29,348.0	$29,825.0	$33,097.4	$34,528.1	$37,190.6
Depreciation and Amortization (from Cash Flow)	$11,853.0	$12,973.0	$14,203.0	$16,249.3	$18,161.1	$19,552.7
EBITDA	$38,865.0	$42,321.0	$44,028.0	$49,346.7	$52,689.2	$56,743.2
Less: Interest on Debt	($2,259.0)	($2,249.0)	($2,318.0)	($2,073.4)	($2,724.8)	($2,724.8)
Less: Interest on Finance Lease Obligations	(424.0)	(479.0)	(481.0)	(494.2)	(486.4)	(486.4)
Interest Income	546.0	483.0	368.0	366.8	259.2	187.1
Less: Interest, Net	($2,137.0)	($2,245.0)	($2,431.0)	($2,200.8)	($2,952.0)	($3,024.1)
Less: Loss on Extinguishment of Debt	0.0	0.0	0.0	0.0	0.0	0.0
Other Gains and (Losses)	(3,027.0)	(794.0)	2,075.0	(925.0)	0.0	0.0
Income Before Income Taxes	$21,848.0	$26,309.0	$29,469.0	$29,971.6	$31,576.0	$34,166.5
Less: Provision for Income Taxes	($5,578.0)	($6,152.0)	($7,199.0)	($6,695.8)	($7,578.3)	($8,200.0)
Consolidated Net Income	$16,270.0	$20,157.0	$22,270.0	$23,275.8	$23,997.8	$25,966.5
Less: Net Income Attributable to Noncontrolling Interest	(759.0)	(721.0)	(377.0)	(548.1)	(480.0)	(519.3)
Net Income Attributable to Walmart	$15,511.0	$19,436.0	$21,893.0	$22,727.7	$23,517.8	$25,447.2
Ratios & Assumptions
YoY Walmart U.S. Net Sales Growth	5.1%	4.7%	4.4%	3.9%	3.8%	3.6%
YoY Walmart International Net Sales Growth	13.5%	6.3%	7.0%	10.5%	6.2%	5.5%
YoY Sam's Club Net Sales Growth	2.2%	4.7%	3.1%	6.3%	4.7%	4.3%
YoY Net Sales Growth	6.1%	5.0%	4.7%	5.5%	4.4%	4.1%
YoY Total Revenues Growth	6.0%	5.1%	4.7%	5.6%	4.5%	4.2%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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CAT Caterpillar

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 5
KPI: End-user applications, not reported segments: Construction Industries, Resource Industries ex-Rail, Power Generation, Oil and Gas and Industrial-and-Rail each on a year-over-year growth rate, plus Financial Products as average finance receivables x revenue yield. The application split is what survives the 1Q26 segment re-cut
Thesis: Power Generation compounds to 3.0x 2024 by FY2030E on the data-centre pull; the near-term bar is whether H2 2026 margin holds without the tariff recoveries that flattered H1
Updated: 2026-09-26 · 207 KB

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Income statement preview for CAT. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Sales of Machinery, Power & Energy	$63,869.0	$61,363.0	$63,980.0	$75,053.9	$81,886.9	$87,907.0
Financial Products Revenues	3,191.0	3,446.0	3,609.0	3,864.6	4,027.5	4,229.2
Total Revenues	$67,060.0	$64,809.0	$67,589.0	$78,918.6	$85,914.4	$92,136.2
Less: Cost of Goods Sold	(42,767.0)	(40,199.0)	(44,752.0)	(50,661.3)	(55,262.0)	(58,797.3)
Less: Selling, General and Administrative Expenses	(6,371.0)	(6,667.0)	(6,985.0)	(7,930.1)	(8,591.4)	(9,121.5)
Less: Research and Development Expenses	(2,108.0)	(2,107.0)	(2,148.0)	(2,381.8)	(2,577.4)	(2,764.1)
Less: Goodwill Impairment Charge	0.0	0.0	0.0	0.0	0.0	0.0
Less: Interest Expense of Financial Products	(1,030.0)	(1,286.0)	(1,359.0)	(1,442.2)	(1,498.2)	(1,556.3)
Less: Other Operating (Income) Expenses	(1,818.0)	(1,478.0)	(1,194.0)	(1,616.2)	(1,718.3)	(1,842.7)
Total Operating Expenses	($54,094.0)	($51,737.0)	($56,438.0)	($64,031.6)	($69,647.4)	($74,081.8)
Operating Income	$12,966.0	$13,072.0	$11,151.0	$14,887.0	$16,267.1	$18,054.4
Other Income (Expense)	595.0	813.0	892.0	1,308.0	1,150.0	1,150.0
Less: Interest Expense excluding Financial Products	(511.0)	(512.0)	(502.0)	(540.0)	(550.0)	(558.0)
Consolidated Profit Before Taxes	$13,050.0	$13,373.0	$11,541.0	$15,655.0	$16,867.1	$18,646.4
Less: Provision (Benefit) for Income Taxes	($2,781.0)	($2,629.0)	($2,768.0)	($3,578.2)	($3,963.8)	($4,381.9)
Profit of Consolidated Companies	$10,269.0	$10,744.0	$8,773.0	$12,076.8	$12,903.3	$14,264.5
Equity in Profit (Loss) of Unconsolidated Affiliated Companies	63.0	44.0	109.0	157.0	120.0	120.0
Consolidated Net Income	$10,332.0	$10,788.0	$8,882.0	$12,233.8	$13,023.3	$14,384.5
Less: Profit (Loss) Attributable to Noncontrolling Interests	3.0	4.0	2.0	1.0	0.0	0.0
Net Income Attributable to Common Shareholders	$10,335.0	$10,792.0	$8,884.0	$12,234.8	$13,023.3	$14,384.5
Ratios & Assumptions
YoY Total Revenues Growth	12.8%	(3.4%)	4.3%	16.8%	8.9%	7.2%
YoY Machinery, Power & Energy Sales Growth	12.9%	(3.9%)	4.3%	17.3%	9.1%	7.4%
YoY Financial Products Revenues Growth	11.8%	8.0%	4.7%	7.1%	4.2%	5.0%
Operating Margin	19.3%	20.2%	16.5%	18.9%	18.9%	19.6%
Incremental Operating Margin	66.3%	(4.7%)	(69.1%)	33.0%	19.7%	28.7%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Operating Segments · Pro-Forma / Non-GAAP Reconciliation — every subtotal a live formula, every projection traced to a driver.

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COST Costco Wholesale

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 20Q + 5A history · 8Q + 5A projection
Segments: 2
KPI: Average warehouses x weeks x net sales per warehouse-week, plus membership fee income; per-week drivers carry the 16-week fourth quarter and the 53-week FY2028
Thesis: Warehouse-weeks make FY2028's 53rd week explicit; on a 52-week basis FY2028 revenue sits within 0.02% of consensus, so the extra week is the whole gap
Updated: 2026-09-26 · 135 KB

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Income statement preview for COST. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Net Sales	$249,625	$269,912	$297,247	$321,794	$353,679	$373,699
Membership Fees	4,828	5,323	5,907	6,250	6,718	6,946
Total Revenue	$254,453	$275,235	$303,154	$328,045	$360,398	$380,645
Less: Merchandise Costs	(222,358)	(239,886)	(264,279)	(285,998)	(314,164)	(331,845)
Merchandise Gross Profit	$27,267	$30,026	$32,968	$35,796	$39,515	$41,854
Less: Selling, General and Administrative	($22,810)	($24,966)	($27,190)	($29,362)	($32,135)	($33,877)
Total Operating Expenses	($245,168)	($264,852)	($291,469)	($315,360)	($346,300)	($365,722)
Operating Income	$9,285	$10,383	$11,685	$12,685	$14,098	$14,923
Depreciation and Amortization (add-back)	$2,237	$2,426	$2,674	$3,105	$3,516	$3,683
EBITDA	$11,522	$12,809	$14,359	$15,790	$17,614	$18,606
Interest Expense	($169)	($154)	($145)	($133)	($95)	($91)
Interest Income and Other, net	624	589	711	901	935	996
Income Before Income Taxes	$9,740	$10,818	$12,251	$13,453	$14,938	$15,828
Less: Provision for Income Taxes	($2,373)	($2,719)	($3,025)	($3,324)	($3,692)	($3,957)
Net Income Including Noncontrolling Interests	$7,367	$8,099	$9,226	$10,129	$11,246	$11,871
Less: Net Income Attributable to Noncontrolling Interests	$0	$0	$0	$0	$0	$0
Net Income Attributable to Costco	$7,367	$8,099	$9,226	$10,129	$11,246	$11,871
Ratios & Assumptions
Merchandise Gross Margin (as % of Net Sales)	10.92%	11.12%	11.09%	11.12%	11.17%	11.20%
Operating Margin	3.65%	3.77%	3.85%	3.87%	3.91%	3.92%
Net Margin	2.9%	2.9%	3.0%	3.1%	3.1%	3.1%
Effective Tax Rate	24.4%	25.1%	24.7%	24.7%	24.7%	25.0%

The full workbook adds 20 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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INTC Intel

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 16Q + 5A history · 8Q + 5A projection
Segments: 7
KPI: QoQ growth × segment (CCG / DCAI / NEX / Intel Foundry / Mobileye / All Other / Eliminations)
Thesis: Intel Foundry external customer ramp + DCAI AI server share recovery; FY26 +6.5% → FY30 +8.1%
Updated: 2026-09-26 · 68 KB

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Income statement preview for INTC. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY26E	FY27E	FY28E
Revenue	$54,228	$53,101	$52,853	$56,276	$61,537	$67,137
Less: Cost of Sales	($32,517)	($35,756)	($34,478)	($33,124)	($32,899)	($34,911)
Gross Profit	$21,711	$17,345	$18,375	$23,153	$28,638	$32,226
Less: Research and Development	($16,046)	($16,546)	($13,774)	($14,040)	($14,300)	($14,770)
Less: Marketing, General and Administrative	($5,634)	($5,507)	($4,624)	($4,667)	($4,996)	($5,237)
Less: Restructuring and Other Charges	$62	($6,970)	($2,191)	($4,320)	$0	$0
Total Operating Expenses	($21,618)	($29,023)	($20,589)	($23,028)	($19,297)	($20,007)
Operating Income (Loss)	$93	($11,678)	($2,214)	$125	$9,341	$12,219
Gains (Losses) on Equity Investments, Net	$40	$242	$514	$78	$200	$200
Interest and Other, Net	$629	$226	$3,257	($588)	$200	$200
Income (Loss) Before Taxes	$762	($11,210)	$1,557	($385)	$9,741	$12,619
Less: Provision for (Benefit from) Taxes	$913	($8,023)	($1,531)	($1,083)	($2,046)	($2,650)
Net Income (Loss)	$1,675	($19,233)	$26	($1,468)	$7,696	$9,969
Less: Net Income (Loss) Attributable to NCI	($14)	($477)	$293	($703)	($200)	($200)
Net Income (Loss) Attributable to Intel	$1,689	($18,756)	($267)	($765)	$7,896	$10,169
EPS, Basic	$0.00	$0.00	$0.00	($0.15)	$1.52	$1.93
EPS, Diluted	$0.40	($4.38)	($0.06)	($0.15)	$1.52	$1.93
Weighted Avg Shares — Basic (M)	0.0	0.0	0.0	5,128.0	5,200.0	5,275.0
Weighted Avg Shares — Diluted (M)	0.0	0.0	0.0	5,128.0	5,200.0	5,275.0

The full workbook adds 16 historical and 8 projected quarters, plus Balance Sheet · Cash Flow Statement · KPI Drivers — Segment Revenue — every subtotal a live formula, every projection traced to a driver.

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KO The Coca-Cola Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 5
KPI: Coca-Cola's own filed bridge: each of five operating segments is the same quarter a year earlier x (1 + organic + currency + acquisitions/divestitures), with organic = concentrate volume + price/mix
Thesis: The reporting calendar is the 2026 story: 1Q26 ran 93 days and 4Q26E runs 90, which lands the ~5% organic guide on an unchanged run-rate
Updated: 2026-09-26 · 242 KB

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Income statement preview for KO. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Net Revenues	$45,754.0	$47,061.0	$47,941.0	$50,673.3	$52,810.9	$55,223.4
Less: Cost of Goods Sold	($18,520.0)	($18,324.0)	($18,397.0)	($19,170.4)	($19,679.3)	($20,250.5)
Gross Profit	$27,234.0	$28,737.0	$29,544.0	$31,502.9	$33,131.6	$34,972.9
Less: Selling, General and Administrative Expenses	(13,972.0)	(14,582.0)	(14,521.0)	(15,309.9)	(16,068.0)	(16,875.1)
Less: Other Operating Charges	(1,951.0)	(4,163.0)	(1,261.0)	(44.0)	0.0	0.0
Total Operating Expenses	($15,923.0)	($18,745.0)	($15,782.0)	($15,353.9)	($16,068.0)	($16,875.1)
Operating Income	$11,311.0	$9,992.0	$13,762.0	$16,149.0	$17,063.6	$18,097.8
Interest Income	907.0	988.0	786.0	895.1	1,064.5	1,307.9
Less: Interest Expense	(1,527.0)	(1,656.0)	(1,654.0)	(1,488.9)	(1,502.2)	(1,506.3)
Equity Income (Loss) - net	1,691.0	1,770.0	2,031.0	2,077.1	2,283.8	2,412.8
Other Income (Loss) - net	570.0	1,992.0	1,073.0	465.5	158.4	165.7
Income Before Income Taxes	$12,952.0	$13,086.0	$15,998.0	$18,097.8	$19,068.1	$20,477.8
Less: Income Taxes	($2,249.0)	($2,437.0)	($2,861.0)	($3,284.4)	($3,813.6)	($4,095.6)
Consolidated Net Income	$10,703.0	$10,649.0	$13,137.0	$14,813.4	$15,254.5	$16,382.2
Less: Net Income (Loss) Attributable to Noncontrolling Interests	11.0	(18.0)	(30.0)	(106.3)	(122.0)	(131.1)
Net Income Attributable to Shareowners	$10,714.0	$10,631.0	$13,107.0	$14,707.2	$15,132.4	$16,251.2
Ratios & Assumptions
YoY Net Revenue Growth	6.4%	2.9%	1.9%	5.7%	4.2%	4.6%
YoY Revenue-per-Day Growth (day-count neutral)	6.4%	2.6%	2.1%	5.7%	4.2%	4.3%
Gross Margin	59.5%	61.1%	61.6%	62.2%	62.7%	63.3%
Incremental Gross Margin	81.1%	115.0%	91.7%	71.7%	76.2%	76.3%
Operating Margin	24.7%	21.2%	28.7%	31.9%	32.3%	32.8%

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LRCX Lam Research

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 20Q + 5A history · 8Q + 5A projection
Segments: 3
KPI: Systems revenue by primary market (memory / foundry / logic-IDM), each on its own sequential growth rate, plus customer-support revenue off the installed base; industry WFE spend and Lam's served market sit outside the chain as a governor, not a driver
Thesis: Memory went 60% of systems to 39% while foundry went 26% to 54%: the mix is the argument, and FY28 is where a conceded NAND-oversupply case starts to bite
Updated: 2026-09-26 · 197 KB

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Income statement preview for LRCX. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Systems Revenue	$8,921.6	$11,491.3	$14,885.5	$24,283.7	$27,055.3	$28,553.8
Customer Support-Related Revenue and Other	5,983.7	6,944.3	8,347.2	10,693.2	11,914.7	12,867.9
Total Revenue	$14,905.4	$18,435.6	$23,232.7	$34,976.9	$38,969.9	$41,421.6
Less: Cost of Goods Sold	(7,809.2)	(9,456.5)	(11,507.4)	(16,839.3)	(18,666.4)	(19,758.1)
Less: Restructuring Charges, Net - Cost of Goods Sold	(43.4)	0.0	0.0	0.0	0.0	0.0
Total Cost of Goods Sold	($7,852.6)	($9,456.5)	($11,507.4)	($16,839.3)	($18,666.4)	($19,758.1)
Gross Margin	$7,052.8	$8,979.1	$11,725.3	$18,137.5	$20,303.6	$21,663.5
Less: Research and Development	(1,902.4)	(2,096.4)	(2,375.9)	(3,118.7)	(3,609.9)	(3,893.6)
Less: Selling, General and Administrative	(868.2)	(981.7)	(1,149.6)	(1,549.9)	(1,779.1)	(1,913.7)
Less: Restructuring Charges, Net - Operating Expenses	(18.2)	0.0	0.0	0.0	0.0	0.0
Total Operating Expenses	($2,788.9)	($3,078.1)	($3,525.5)	($4,668.5)	($5,389.0)	($5,807.3)
Operating Income	$4,263.9	$5,901.0	$8,199.8	$13,469.0	$14,914.6	$15,856.2
Other Income (Expense), net	$96.3	$57.2	$62.7	$70.0	$77.9	$82.8
Income Before Income Taxes	$4,360.2	$5,958.1	$8,262.5	$13,539.0	$14,992.6	$15,939.0
Less: Income Tax Expense	($532.5)	($599.9)	($997.1)	($2,045.0)	($2,338.9)	($2,518.4)
Net Income	$3,827.8	$5,358.2	$7,265.4	$11,493.9	$12,653.6	$13,420.7
Ratios & Assumptions
Gross Margin	47.3%	48.7%	50.5%	51.9%	52.1%	52.3%
Incremental Gross Margin	28.7%	54.6%	57.2%	54.6%	54.2%	55.5%
Operating Margin	28.6%	32.0%	35.3%	38.5%	38.3%	38.3%
Net Margin	25.7%	29.1%	31.3%	32.9%	32.5%	32.4%
Effective Tax Rate	12.2%	10.1%	12.1%	15.1%	15.6%	15.8%

The full workbook adds 20 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation — every subtotal a live formula, every projection traced to a driver.

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MRK Merck & Co.

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: Keytruda franchise on a year-over-year growth rate, split into subcutaneous QLEX by a conversion rate with IV as the residual, plus eleven other product buckets and Animal Health each on their own growth rate
Thesis: Subcutaneous conversion is the whole bridge: base IV Keytruda turned negative in 2Q26, and FY2029E revenue sits 8.8% under a Street that models no cliff at all through the December 2028 US patent expiry
Updated: 2026-09-26 · 200 KB

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Income statement preview for MRK. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Total Revenue	$60,115.0	$64,168.0	$65,011.0	$66,781.8	$69,486.9	$72,710.1
Less: Cost of Sales	($16,126.0)	($15,193.0)	($16,382.0)	($17,485.3)	($18,363.2)	($19,433.3)
Gross Profit	$43,989.0	$48,975.0	$48,629.0	$49,296.5	$51,123.7	$53,276.8
Less: Selling, General and Administrative	(10,504.0)	(10,816.0)	(10,733.0)	(11,398.8)	(11,883.3)	(12,580.1)
Less: Research and Development - Core	(19,122.0)	(14,482.0)	(15,789.0)	(17,163.6)	(17,371.7)	(17,814.0)
Less: Research and Development - Acquired IPR&D	(11,409.0)	(3,456.0)	0.0	(13,811.0)	(2,000.0)	(2,000.0)
Less: Research and Development	($30,531.0)	($17,938.0)	($15,789.0)	($30,974.6)	($19,371.7)	($19,814.0)
Less: Restructuring Costs	(599.0)	(309.0)	(889.0)	(896.0)	(600.0)	(400.0)
Total Operating Expenses	($41,634.0)	($29,063.0)	($27,411.0)	($43,269.4)	($31,855.1)	($32,794.1)
Operating Income	$2,355.0	$19,912.0	$21,218.0	$6,027.0	$19,268.6	$20,482.7
Interest Income	365.0	415.0	343.0	167.7	308.0	443.3
Less: Interest Expense	(1,146.0)	(1,271.0)	(1,357.0)	(2,091.0)	(2,156.2)	(2,162.1)
Less: Exchange Losses	(370.0)	(227.0)	(323.0)	(155.0)	(160.0)	(160.0)
Income from Investments in Equity Securities, net	340.0	14.0	368.0	411.0	0.0	0.0
Net Periodic Defined Benefit Plan Credit	498.0	633.0	615.0	522.0	520.0	520.0
Other Non-Operating Income (Expense), net	(153.0)	460.0	203.0	199.0	200.0	200.0
Less: Other (Income) Expense, net	($466.0)	$24.0	($151.0)	($946.2)	($1,288.2)	($1,158.9)
Total Costs, Expenses and Other	($58,226.0)	($44,232.0)	($43,944.0)	($61,701.0)	($51,506.5)	($53,386.2)
Income Before Taxes	$1,889.0	$19,936.0	$21,067.0	$5,080.8	$17,980.4	$19,323.8
Less: Taxes on Income	($1,512.0)	($2,803.0)	($2,804.0)	($2,618.2)	($2,697.4)	($2,878.7)
Net Income from Continuing Operations	$377.0	$17,133.0	$18,263.0	$2,462.6	$15,283.1	$16,445.1
Less: Net Income Attributable to Noncontrolling Interests	(12.0)	(16.0)	(9.0)	5.0	0.0	0.0
Income from Discontinued Operations, Net of Tax	0.0	0.0	0.0	0.0	0.0	0.0
Net Income Attributable to Merck & Co., Inc.	$365.0	$17,117.0	$18,254.0	$2,467.6	$15,283.1	$16,445.1
Ratios & Assumptions
YoY Total Revenue Growth	1.4%	6.7%	1.3%	2.7%	4.1%	4.6%
Gross Margin	73.2%	76.3%	74.8%	73.8%	73.6%	73.3%
Operating Margin	3.9%	31.0%	32.6%	9.0%	27.7%	28.2%
Net Margin (continuing operations)	0.6%	26.7%	28.1%	3.7%	22.0%	22.6%
Effective Tax Rate	80.0%	14.1%	13.3%	51.5%	15.0%	14.9%

The full workbook adds 22 historical and 10 projected quarters, plus Revenue by Product and Segment · KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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SE Sea

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 16Q + 5A history · 8Q + 5A projection
Segments: 4
KPI: QoQ growth × segment (Garena / Shopee / Monee / Other)
Thesis: Shopee ROW expansion (Brazil/Latam) + Monee consumer credit compounding; FY26 +32% → FY30 +13%
Updated: 2026-09-26 · 86 KB

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Income statement preview for SE. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY26E	FY27E	FY28E
Service Revenue	$11,942.4	$15,261.3	$20,913.1	$27,673.3	$30,746.1	$36,261.0
Sales of Goods	$1,121.2	$1,558.6	$2,025.4	$2,707.9	$2,856.2	$3,239.0
Total Revenue	$13,063.6	$16,819.9	$22,938.5	$30,381.2	$33,602.3	$39,500.0
Less: Cost of Service	($6,202.5)	($8,164.4)	($10,812.0)	($14,261.9)	($15,623.7)	($18,311.8)
Less: Cost of Goods Sold	($1,027.4)	($1,450.4)	($1,882.7)	($2,563.6)	($2,659.3)	($2,996.1)
Total Cost of Revenue	($7,229.9)	($9,614.8)	($12,694.7)	($16,825.6)	($18,282.9)	($21,307.9)
Gross Profit	$5,833.6	$7,205.1	$10,243.7	$13,555.6	$15,319.3	$18,192.1
Less: Sales and Marketing	($2,779.2)	($3,472.7)	($4,492.2)	($5,838.1)	($6,128.6)	($6,912.5)
Less: General and Administrative	($1,134.7)	($1,267.7)	($1,357.8)	($1,684.4)	($1,770.8)	($1,975.0)
Less: Research and Development	($1,164.1)	($1,206.0)	($1,157.1)	($1,196.2)	($1,199.6)	($1,303.5)
Less: Provision for Credit Losses	($633.9)	($776.9)	($1,372.6)	($2,079.0)	($2,189.7)	($2,488.5)
Other Operating Income/(Expense), Net	$103.1	$180.4	$121.3	$120.7	$134.4	$158.0
Total Operating Expenses	($5,608.9)	($6,542.9)	($8,258.4)	($10,677.1)	($11,154.3)	($12,521.5)
Operating Income (Loss)	$224.8	$662.2	$1,985.3	$2,878.5	$4,165.1	$5,670.6
Interest Income	$331.3	$365.8	$331.1	$338.4	$327.0	$395.0
Interest Expense	($41.1)	($38.3)	($33.6)	($11.0)	($13.4)	($15.8)
Other Income/(Expense), Net (incl. equity investees)	($89.7)	($220.6)	($20.8)	($29.6)	($33.6)	($39.5)
Pretax Income (Loss)	$425.4	$769.0	$2,262.0	$3,176.4	$4,445.1	$6,010.3
Less: Income Tax (Expense)/Benefit	($262.7)	($321.2)	($651.1)	($1,047.0)	($1,431.9)	($1,863.2)
Net Income (Loss)	$162.7	$447.8	$1,610.9	$2,129.4	$3,013.2	$4,147.1
Less: NI Attributable to Non-controlling Interest	$12.0	$3.5	$32.7	$44.1	$60.3	$82.9
Net Income to Sea Limited	$150.7	$444.3	$1,578.1	$2,085.3	$2,952.9	$4,064.2
EPS — Basic	$0.27	$0.77	$2.65	$3.50	$4.96	$6.70
EPS — Diluted	$0.25	$0.74	$2.52	$3.27	$4.63	$6.24
Shares — Basic (M)	566.6	575.0	595.0	595.0	595.0	606.9
Shares — Diluted (M)	594.4	604.7	638.2	638.2	638.2	651.0
IS Ratios & Projection Drivers
Effective Tax Rate						31.0%

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SPCX Space Exploration Technologies

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 4Q + 3A (1Q25, 2Q25, 1Q26, 2Q26; 3Q25/4Q25 never filed separately) history · 10Q + 5A projection
Segments: 3
KPI: GW × $/W (AI Solutions & Infra), subs × revenue/sub (Consumer), launches × $/launch (Launch Services), growth % × 3 lines
Thesis: Contracted AI cloud (Anthropic $1.25B/mo) on 2→4 GW at ~$20/W: FY26E $40.7B, FY27E $91B vs Street $105B
Updated: 2026-09-26 · 93 KB

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Income statement preview for SPCX. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Space Revenue	$3,557.0	$3,796.0	$4,086.0	$3,516.9	$4,187.8	$4,680.0
Connectivity Revenue (Starlink)	3,869.0	7,599.0	11,387.0	17,722.1	25,699.0	32,774.7
AI Revenue (xAI + X)	2,961.0	2,620.0	3,201.0	19,461.8	61,086.3	93,036.7
Total Revenue	$10,387.0	$14,015.0	$18,674.0	$40,700.8	$90,973.1	$130,491.4
Less: Cost of Revenue	($6,110.0)	($7,996.0)	($9,451.0)	($18,626.4)	($40,483.0)	($58,068.7)
Gross Profit	$4,277.0	$6,019.0	$9,223.0	$22,074.3	$50,490.1	$72,422.7
Less: Research & Development	($2,105.0)	($3,464.0)	($8,643.0)	($16,932.6)	($27,939.0)	($37,686.8)
Less: Selling, General & Administrative	(1,665.0)	(1,813.0)	(2,644.0)	(3,915.0)	(5,784.8)	(7,260.8)
Less: Restructuring Charges (Credits)	(237.0)	(213.0)	(487.0)	9.0	0.0	0.0
Less: Impairment	(3,775.0)	(63.0)	(38.0)	0.0	0.0	0.0
Total Costs and Expenses	($13,892.0)	($13,549.0)	($21,263.0)	($39,465.0)	($74,206.8)	($103,016.3)
Income (Loss) from Operations	($3,505.0)	$466.0	($2,589.0)	$1,235.7	$16,766.3	$27,475.1
EBITDA	($870.0)	$4,290.0	$4,112.0	$14,615.8	$42,444.7	$65,342.7
Interest Income	$249.0	$371.0	$492.0	$2,321.7	$2,411.2	$2,008.3
Interest Expense	(1,693.0)	(1,580.0)	(1,945.0)	(2,916.3)	(3,756.3)	(5,963.8)
Other Income (Expense), Net	(42.0)	985.0	(177.0)	(1,962.0)	0.0	0.0
Income (Loss) Before Income Taxes	($4,991.0)	$242.0	($4,219.0)	($1,320.9)	$15,421.2	$23,519.5
Less: Provision for (Benefit from) Income Taxes	$363.0	$549.0	($718.0)	($192.9)	($925.3)	($2,139.8)
Net Income (Loss)	($4,628.0)	$791.0	($4,937.0)	($1,513.8)	$14,495.9	$21,379.7
Ratios & Assumptions
YoY Total Revenue Growth		34.9%	33.2%	118.0%	123.5%	43.4%
YoY Space Revenue Growth		6.7%	7.6%	(13.9%)	19.1%	11.8%
YoY Connectivity Revenue Growth		96.4%	49.8%	55.6%	45.0%	27.5%
YoY AI Revenue Growth		(11.5%)	22.2%	508.0%	213.9%	52.3%
Gross Margin (memo)	41.2%	42.9%	49.4%	54.2%	55.5%	55.5%

The full workbook adds 4 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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V Visa

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 4
KPI: Payments volume × yield, processed transactions × revenue per 1,000, cross-border volume × yield, less client incentives as a % of gross revenue
Thesis: Visa's own volume and yield metrics run 0.2–1.4% under consensus through FY28E, the gap widening each year
Updated: 2026-09-26 · 166 KB

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Income statement preview for V. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Service Revenue	$14,826.0	$16,114.0	$17,539.0	$19,851.4	$22,107.9	$24,379.9
Data Processing Revenue	16,007.0	17,714.0	19,993.0	23,411.1	26,292.7	29,177.5
International Transaction Revenue	11,638.0	12,665.0	14,166.0	15,139.3	16,217.2	17,433.8
Other Revenue	2,479.0	3,197.0	4,053.0	5,594.1	6,750.3	7,759.8
Gross Revenue	$44,950.0	$49,690.0	$55,751.0	$63,995.8	$71,368.1	$78,750.9
Less: Client Incentives	(12,297.0)	(13,764.0)	(15,751.0)	(18,237.2)	(20,905.1)	(23,361.4)
Net Revenue	$32,653.0	$35,926.0	$40,000.0	$45,758.6	$50,463.0	$55,389.6
Less: Personnel	($5,831.0)	($6,264.0)	($6,961.0)	($8,018.1)	($8,237.3)	($9,041.5)
Less: Marketing	(1,341.0)	(1,560.0)	(1,684.0)	(2,251.7)	(2,405.1)	(2,639.4)
Less: Network and Processing	(736.0)	(778.0)	(894.0)	(1,048.9)	(1,160.6)	(1,274.0)
Less: Professional Fees	(545.0)	(635.0)	(759.0)	(937.9)	(1,034.5)	(1,135.5)
Less: Depreciation and Amortization	(943.0)	(1,034.0)	(1,220.0)	(1,400.1)	(1,538.3)	(1,626.7)
Less: General and Administrative	(1,330.0)	(1,598.0)	(1,926.0)	(1,995.8)	(2,220.4)	(2,437.1)
Less: Litigation Provision	(927.0)	(462.0)	(2,562.0)	(1,290.0)	0.0	0.0
Total Operating Expenses	($11,653.0)	($12,331.0)	($16,006.0)	($16,942.4)	($16,596.3)	($18,154.2)
Operating Income	$21,000.0	$23,595.0	$23,994.0	$28,816.2	$33,866.8	$37,235.3
Add Back: Depreciation and Amortization	$943.0	$1,034.0	$1,220.0	$1,400.1	$1,538.3	$1,626.7
EBITDA	$21,943.0	$24,629.0	$25,214.0	$30,216.3	$35,405.1	$38,862.0
Less: Interest Expense	($644.0)	($641.0)	($589.0)	($731.0)	($672.0)	($688.0)
Investment Income (Expense) and Other	681.0	962.0	789.0	536.0	492.0	508.0
Total Non-Operating Income (Expense)	$37.0	$321.0	$200.0	($195.0)	($180.0)	($180.0)
Income Before Income Taxes	$21,037.0	$23,916.0	$24,194.0	$28,621.2	$33,686.8	$37,055.3
Less: Income Tax Provision	($3,764.0)	($4,173.0)	($4,136.0)	($4,650.9)	($6,063.6)	($6,670.0)
Net Income	$17,273.0	$19,743.0	$20,058.0	$23,970.3	$27,623.1	$30,385.4
Ratios & Assumptions
YoY Net Revenue Growth	11.4%	10.0%	11.3%	14.4%	10.3%	9.8%
Operating Margin	64.3%	65.7%	60.0%	63.0%	67.1%	67.2%
Incremental Operating Margin	65.4%	79.3%	9.8%	83.7%	107.4%	68.4%
Net Margin	52.9%	55.0%	50.1%	52.4%	54.7%	54.9%
Effective Tax Rate	17.9%	17.4%	17.1%	16.2%	18.0%	18.0%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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ABBV AbbVie

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 8
KPI: YoY growth % x therapeutic area, with Skyrizi / Rinvoq / Humira broken out (8 buckets, exact to filed revenue)
Thesis: Amortisation roll-off, not operations, drives GAAP margin; adj EPS $13.90 FY26E on guide, 12% under Street by FY28E
Updated: 2026-09-23 · 130 KB

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Income statement preview for ABBV. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY26E	FY27E	FY28E
Skyrizi	7,763.0	11,718.0	17,562.0	21,641.8	24,756.8	27,282.5
Rinvoq	3,969.0	5,971.0	8,304.0	10,202.9	11,772.2	13,090.2
Humira	14,404.0	8,993.0	4,540.0	2,991.4	2,427.8	2,136.5
Immunology	$26,136.0	$26,682.0	$30,406.0	$34,836.1	$38,956.8	$42,509.1
Neuroscience	$7,717.0	$8,999.0	$10,767.0	$12,803.7	$14,368.0	$15,804.8
Oncology	5,943.0	6,673.0	6,655.0	6,593.4	6,824.6	7,234.1
Aesthetics	5,294.0	5,176.0	4,860.0	4,971.8	5,071.2	5,223.4
Other Key Products	3,806.0	3,648.0	3,736.0	3,724.3	3,575.3	3,432.3
Eye Care and All Other	5,422.0	5,156.0	4,736.0	4,452.7	4,274.6	4,146.3
Total Revenue	$54,318.0	$56,334.0	$61,160.0	$67,381.9	$73,070.5	$78,350.1
Less: Cost of Products Sold	($20,415.0)	($16,904.0)	($18,204.0)	($16,941.9)	($16,731.8)	($16,743.2)
Gross Profit	$33,903.0	$39,430.0	$42,956.0	$50,440.0	$56,338.8	$61,606.8
Less: Selling, General and Administrative	($12,872.0)	($14,752.0)	($14,010.0)	($14,556.2)	($15,382.3)	($16,337.3)
Less: Research and Development	(7,675.0)	(12,791.0)	(9,096.0)	(9,774.6)	(10,227.8)	(10,888.3)
Less: Acquired IPR&D and Milestones	(778.0)	(2,757.0)	(5,016.0)	(1,035.0)	(1,826.8)	(1,958.8)
Other Operating Income / (Expense), Net	179.0	7.0	241.0	0.0	0.0	0.0
Less: Total Operating Costs and Expenses	($41,561.0)	($47,197.0)	($46,085.0)	($42,307.7)	($44,168.6)	($45,927.5)
Operating Earnings	$12,757.0	$9,137.0	$15,075.0	$25,074.3	$28,901.9	$32,422.5
Depreciation and Amortization (from cash flow)	$8,698.0	$8,386.0	$8,139.0	$7,240.7	$6,363.8	$5,799.1
EBITDA	$21,455.0	$17,523.0	$23,214.0	$32,314.9	$35,265.8	$38,221.7
Less: Interest Expense, Net	($1,684.0)	($2,160.0)	($2,627.0)	($3,113.3)	($3,485.3)	($3,394.6)
Less: Net Foreign Exchange Loss	(146.0)	(21.0)	(58.0)	0.0	0.0	0.0
Less: Other Expense, Net	(4,677.0)	(3,240.0)	(5,793.0)	(6,612.2)	(5,480.3)	(5,876.3)
Earnings Before Income Tax Expense	$6,250.0	$3,716.0	$6,597.0	$15,348.7	$19,936.3	$23,151.6
Less: Income Tax Expense / (Benefit)	($1,377.0)	$570.0	($2,364.0)	($2,910.0)	($3,787.9)	($4,398.8)
Net Earnings	$4,873.0	$4,286.0	$4,233.0	$12,438.7	$16,148.4	$18,752.8
Less: Net Earnings Attributable to Noncontrolling Interest	(10.0)	(8.0)	(7.0)	(9.0)	(8.0)	(8.0)
Net Earnings Attributable to AbbVie Inc.	$4,863.0	$4,278.0	$4,226.0	$12,429.7	$16,140.4	$18,744.8
Ratios & Assumptions
Gross Margin	62.4%	70.0%	70.2%	74.9%	77.1%	78.6%
Incremental Gross Margin	180.3%	274.2%	73.1%	120.3%	103.7%	99.8%
Operating Margin	23.5%	16.2%	24.6%	37.2%	39.6%	41.4%
Net Margin	9.0%	7.6%	6.9%	18.4%	22.1%	23.9%

The full workbook adds 22 historical and 10 projected quarters, plus Adjusted (Non-GAAP) Reconciliation · KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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CVX Chevron

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 5
KPI: Volume x realization per operating area (U.S./Int'l Upstream, U.S./Int'l Downstream) x revenue capture; costs driven per barrel of oil equivalent, not as a share of revenue
Thesis: Brent normalising from $104 to $75 is the whole model: at $95 flat it prints consensus, at $80 it prints $8.71
Updated: 2026-09-23 · 201 KB

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Income statement preview for CVX. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Sales and Other Operating Revenues	$196,913.0	$193,414.0	$184,432.0	$228,707.0	$202,483.7	$193,023.5
Income (Loss) from Equity Affiliates	5,131.0	4,596.0	3,000.0	6,149.2	6,025.5	5,914.4
Other Income (Loss)	(1,095.0)	4,782.0	1,599.0	1,948.6	1,619.9	1,544.2
Total Revenues and Other Income	$200,949.0	$202,792.0	$189,031.0	$236,804.8	$210,129.1	$200,482.1
Less: Purchased Crude Oil and Products	(119,196.0)	(119,206.0)	(108,214.0)	(130,964.2)	(117,440.5)	(111,953.6)
Less: Operating Expenses	(24,887.0)	(27,464.0)	(28,005.0)	(30,383.8)	(30,581.2)	(30,684.1)
Less: Selling, General and Administrative Expenses	(4,141.0)	(4,834.0)	(5,126.0)	(5,108.6)	(5,435.7)	(5,469.5)
Less: Exploration Expenses	(914.0)	(995.0)	(1,051.0)	(999.0)	(1,095.1)	(1,126.1)
Less: Depreciation, Depletion and Amortization	(17,326.0)	(17,282.0)	(20,132.0)	(23,848.8)	(23,448.4)	(22,847.7)
Less: Taxes Other Than on Income	(4,220.0)	(4,716.0)	(5,230.0)	(5,063.4)	(5,162.5)	(5,308.6)
Less: Interest and Debt Expense	(469.0)	(594.0)	(1,217.0)	(1,401.4)	(1,408.8)	(1,408.8)
Less: Other Components of Net Periodic Benefit Costs	(212.0)	(195.0)	(313.0)	(193.3)	(234.7)	(241.3)
Total Costs and Other Deductions	($171,365.0)	($175,286.0)	($169,288.0)	($197,962.5)	($184,807.1)	($179,039.8)
Income (Loss) Before Income Tax Expense	$29,584.0	$27,506.0	$19,743.0	$38,842.4	$25,322.0	$21,442.3
Less: Income Tax Expense	($8,173.0)	($9,757.0)	($7,258.0)	($12,033.9)	($8,542.4)	($7,290.4)
Net Income (Loss)	$21,411.0	$17,749.0	$12,485.0	$26,808.4	$16,779.6	$14,151.9
Less: Net Income Attributable to Noncontrolling Interests	(42.0)	(88.0)	(186.0)	(409.5)	(251.7)	(212.3)
Net Income Attributable to Chevron Corporation	$21,369.0	$17,661.0	$12,299.0	$26,398.9	$16,527.9	$13,939.7
Ratios & Assumptions
YoY Total Revenues and Other Income Growth	(18.4%)	0.9%	(6.8%)	25.3%	(11.3%)	(4.6%)
Operating Margin	15.0%	13.9%	11.1%	17.0%	12.7%	11.4%
Net Margin (attributable to Chevron)	10.6%	8.7%	6.5%	11.1%	7.9%	7.0%
Effective Tax Rate	27.6%	35.5%	36.8%	31.0%	33.7%	34.0%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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MA Mastercard

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 18Q + 4A history · 10Q + 5A projection
Segments: 2
KPI: Gross dollar volume x payment-network net yield, each against the same quarter a year earlier because the yield is seasonal, plus value-added services on its own growth rate
Thesis: Four years, because the FY2022 net-revenue re-cut stops at 1Q22; FY2026E net revenue $37.3B (+13.9%), on consensus through FY2028 and below it after
Updated: 2026-09-23 · 151 KB

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Income statement preview for MA. Dollars in millions, except per share data. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Payment Network Net Revenue	$15,824.0	$17,335.0	$19,476.0	$21,409.4	$23,311.1	$25,261.4
Value-Added Services and Solutions Net Revenue	9,274.0	10,832.0	13,315.0	15,934.8	18,803.1	21,811.6
Net Revenue	$25,098.0	$28,167.0	$32,791.0	$37,344.3	$42,114.3	$47,073.0
Less: General and Administrative	($8,927.0)	($10,193.0)	($11,318.0)	($12,883.9)	($14,414.4)	($15,994.2)
Less: Advertising and Marketing	(825.0)	(815.0)	(929.0)	(980.7)	(1,109.1)	(1,227.6)
Less: Depreciation and Amortization	(799.0)	(897.0)	(1,143.0)	(1,253.6)	(1,383.3)	(1,521.7)
Less: Provision for Litigation	(539.0)	(680.0)	(504.0)	(318.5)	(456.7)	(510.7)
Total Operating Expenses	($11,090.0)	($12,585.0)	($13,894.0)	($15,436.7)	($17,363.5)	($19,254.1)
Operating Income	$14,008.0	$15,582.0	$18,897.0	$21,907.5	$24,750.8	$27,818.9
EBITDA	$14,807.0	$16,479.0	$20,040.0	$23,161.1	$26,134.1	$29,340.6
Investment Income	$274.0	$327.0	$325.0	$355.9	$400.1	$447.2
Gains (Losses) on Equity Investments, Net	(61.0)	(29.0)	(88.0)	(68.0)	0.0	0.0
Interest Expense	(575.0)	(646.0)	(722.0)	(895.9)	(985.7)	(985.7)
Other Income (Expense), Net	(7.0)	20.0	166.0	165.0	126.3	141.2
Total Other Income (Expense)	($369.0)	($328.0)	($319.0)	($443.0)	($459.3)	($397.3)
Income Before Income Taxes	$13,639.0	$15,254.0	$18,578.0	$21,464.6	$24,291.5	$27,421.6
Less: Income Tax Expense	($2,444.0)	($2,380.0)	($3,610.0)	($4,317.1)	($4,979.8)	($5,690.0)
Net Income	$11,195.0	$12,874.0	$14,968.0	$17,147.4	$19,311.7	$21,731.6
Ratios & Assumptions
YoY Net Revenue Growth	12.9%	12.2%	16.4%	13.9%	12.8%	11.8%
Operating Margin	55.8%	55.3%	57.6%	58.7%	58.8%	59.1%
Incremental Operating Margin	61.0%	51.3%	71.7%	66.1%	59.6%	61.9%
Net Margin	44.6%	45.7%	45.6%	45.9%	45.9%	46.2%
Effective Tax Rate	17.9%	15.6%	19.4%	20.1%	20.5%	20.8%

The full workbook adds 18 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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JNJ Johnson & Johnson

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 18Q + 4A history · 10Q + 5A projection
Segments: 2
KPI: Ten filed franchises grown off the same quarter a year earlier; segment totals sum them, and fiscal 2026's 53rd week sits in the 4Q rates
Thesis: Four years, not five: continuing-ops quarters stop at 1Q22, so the window starts where the Kenvue restatement does rather than opening a 16% basis seam
Updated: 2026-09-22 · 166 KB

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Income statement preview for JNJ. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY26E	FY27E	FY28E
Immunology	$18,052.0	$17,828.0	$15,728.0	$15,467.4	$16,476.8	$17,630.2
Infectious Diseases	4,418.0	3,396.0	3,241.0	3,214.3	3,117.8	3,024.3
Neuroscience	7,140.0	7,115.0	7,837.0	9,158.7	10,093.7	10,901.1
Oncology	17,661.0	20,781.0	25,380.0	29,646.9	33,266.9	36,926.2
Pulmonary Hypertension	3,815.0	4,282.0	4,437.0	4,629.2	4,680.4	4,680.4
Cardiovascular / Metabolism / Other	3,671.0	3,562.0	3,778.0	3,517.6	3,376.9	3,241.8
Franchise Rounding (Innovative Medicine)	2.0	0.0	0.0	0.0	0.0	0.0
Innovative Medicine	$54,759.0	$56,964.0	$60,401.0	$65,634.1	$71,012.5	$76,404.1
Cardiovascular	6,350.0	7,707.0	8,928.0	9,485.8	10,136.7	10,947.7
Orthopaedics	8,942.0	9,158.0	9,258.0	9,750.2	10,101.5	10,455.0
Surgery	10,037.0	9,845.0	10,137.0	10,558.5	10,886.4	11,267.4
Vision	5,072.0	5,146.0	5,468.0	5,805.4	6,087.0	6,391.3
Franchise Rounding (MedTech)	(1.0)	1.0	1.0	0.0	0.0	0.0
MedTech	$30,400.0	$31,857.0	$33,792.0	$35,599.9	$37,211.5	$39,061.4
Total Revenue	$85,159.0	$88,821.0	$94,193.0	$101,234.1	$108,224.1	$115,465.5
Less: Cost of Products Sold	($26,553.0)	($27,471.0)	($30,256.0)	($32,451.0)	($34,314.7)	($36,263.9)
Gross Profit	$58,606.0	$61,350.0	$63,937.0	$68,783.1	$73,909.4	$79,201.6
Less: Selling, Marketing and Administrative Expenses	($21,512.0)	($22,869.0)	($23,676.0)	($25,965.2)	($27,562.9)	($29,176.4)
Less: Research and Development Expense	(15,085.0)	(17,232.0)	(14,665.0)	(15,489.5)	(16,525.5)	(17,516.0)
Less: In-Process Research and Development Impairments	(313.0)	(211.0)	(81.0)	(87.9)	(108.2)	(115.5)
Less: Restructuring	(489.0)	(234.0)	(228.0)	(169.7)	(216.4)	(230.9)
Total Operating Expenses	($37,399.0)	($40,546.0)	($38,650.0)	($41,712.4)	($44,413.1)	($47,038.8)
Operating Income	$21,207.0	$20,804.0	$25,287.0	$27,070.7	$29,496.3	$32,162.8
Interest Income	$1,261.0	$1,332.0	$1,056.0	$888.8	$919.9	$981.5
Less: Interest Expense, Net of Portion Capitalized	(772.0)	(755.0)	(971.0)	(1,123.5)	(1,190.5)	(1,270.1)
Other Income / (Expense), Net	(6,634.0)	(4,694.0)	7,209.0	(1,247.3)	(1,298.7)	(1,385.6)
Earnings Before Provision for Taxes on Income	$15,062.0	$16,687.0	$32,581.0	$25,588.7	$27,927.0	$30,488.6
Less: Provision for Taxes on Income	($1,736.0)	($2,621.0)	($5,777.0)	($4,217.0)	($4,887.2)	($5,335.5)
Net Earnings from Continuing Operations	$13,326.0	$14,066.0	$26,804.0	$21,371.7	$23,039.8	$25,153.1
Net Earnings from Discontinued Operations, Net of Tax	21,827.0	0.0	0.0	0.0	0.0	0.0
Net Income	$35,153.0	$14,066.0	$26,804.0	$21,371.7	$23,039.8	$25,153.1
Ratios & Assumptions
Gross Margin	68.8%	69.1%	67.9%	67.9%	68.3%	68.6%
Incremental Gross Margin	62.1%	74.9%	48.2%	68.8%	73.3%	73.1%
Operating Margin	24.9%	23.4%	26.8%	26.7%	27.3%	27.9%
Continuing Operations Net Margin	15.6%	15.8%	28.5%	21.1%	21.3%	21.8%
Net Margin	41.3%	15.8%	28.5%	21.1%	21.3%	21.8%

The full workbook adds 18 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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LLY Eli Lilly and Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 11
KPI: Eleven filed products across five therapeutic areas, each grown off the same quarter a year earlier; area subtotals and revenue are sums
Thesis: Takes the guided H2 step-down that consensus looks past: FY26E revenue $86.3B vs $88.3B Street, and EPS carries the IPR&D the guide excludes
Updated: 2026-09-22 · 105 KB

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Income statement preview for LLY. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	FY26E	FY27E	FY28E
Mounjaro	$5,163.1	$11,540.1	$22,966.0	$36,746.2	$46,279.5	$52,607.0
Zepbound	175.8	4,925.7	13,542.0	18,336.0	21,793.3	24,103.9
Trulicity	7,132.5	5,253.5	4,276.0	4,038.8	3,554.1	3,127.6
Jardiance	2,744.7	3,340.9	3,432.0	4,162.0	4,351.9	4,439.0
Other Cardiometabolic Health	4,451.6	4,460.7	4,006.0	4,389.3	6,124.1	7,731.8
Cardiometabolic Health	$19,667.7	$29,520.9	$48,222.0	$67,672.3	$82,103.0	$92,009.3
Verzenio	$3,863.3	$5,306.6	$5,723.0	$5,912.3	$5,971.4	$5,852.0
Other Oncology	2,795.0	3,445.8	3,653.0	4,292.5	4,869.3	5,391.6
Oncology	$6,658.3	$8,752.4	$9,376.0	$10,204.8	$10,840.8	$11,243.6
Taltz	$2,759.6	$3,260.4	$3,563.0	$3,550.5	$3,456.7	$3,283.9
Other Immunology	1,037.8	1,132.5	1,684.0	2,233.2	2,724.7	3,144.9
Immunology	$3,797.4	$4,392.9	$5,247.0	$5,783.7	$6,181.4	$6,428.7
Neuroscience	$2,878.5	$1,473.4	$1,391.0	$1,716.2	$1,997.4	$2,245.0
Other	1,122.2	903.0	943.0	920.6	920.6	920.6
Disaggregation Rounding	0.0	0.1	0.0	(1.0)	0.0	0.0
Revenue	$34,124.1	$45,042.7	$65,179.0	$86,296.6	$102,043.1	$112,847.2
Less: Cost of Sales	($7,082.2)	($8,418.3)	($11,052.0)	($14,416.6)	($17,089.5)	($18,170.1)
Gross Profit	$27,041.9	$36,624.4	$54,127.0	$71,879.9	$84,953.6	$94,677.1
Less: Research and Development	($9,313.4)	($10,990.6)	($13,337.0)	($15,553.5)	($18,927.9)	($20,482.2)
Less: Marketing, Selling and Administrative	(7,403.1)	(8,593.8)	(11,094.0)	(13,913.1)	(16,834.9)	(17,886.7)
Less: Acquired In-Process Research and Development	(3,799.8)	(3,280.4)	(2,910.0)	(4,448.1)	(2,551.1)	(2,821.2)
Less: Asset Impairment, Restructuring and Other Special Charges	(67.7)	(860.6)	(484.0)	(1,330.2)	(816.3)	(902.8)
Total Operating Expenses	($20,584.0)	($23,725.4)	($27,825.0)	($35,244.9)	($39,130.3)	($42,092.9)
Operating Income	$6,457.9	$12,899.0	$26,302.0	$36,635.0	$45,823.4	$52,584.2
Less: Other-Net, (Income) Expense	$96.7	($218.6)	($571.0)	($57.1)	($612.3)	($677.1)
Income Before Income Taxes	$6,554.6	$12,680.4	$25,731.0	$36,577.9	$45,211.1	$51,907.1
Less: Income Taxes	($1,314.2)	($2,090.4)	($5,091.0)	($7,025.0)	($8,364.1)	($9,602.8)
Net Income	$5,240.4	$10,590.0	$20,640.0	$29,552.9	$36,847.1	$42,304.3
Ratios & Assumptions
Gross Margin	79.2%	81.3%	83.0%	83.3%	83.3%	83.9%
Incremental Gross Margin	91.9%	87.8%	86.9%	84.1%	83.0%	90.0%
Operating Margin	18.9%	28.6%	40.4%	42.5%	44.9%	46.6%
Net Margin	15.4%	23.5%	31.7%	34.2%	36.1%	37.5%
Effective Tax Rate	20.1%	16.5%	19.8%	19.2%	18.5%	18.5%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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TSLA Tesla

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 5
KPI: Deliveries × ASP and GWh × revenue/GWh across the five filed revenue lines; regulatory credits modelled per delivery, not as a margin
Thesis: Priced on what Tesla actually discloses: no Robotaxi or Optimus line and zero other income, so the gap to consensus EPS is the autonomy option
Updated: 2026-09-21 · 181 KB

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Income statement preview for TSLA. USD. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Automotive Sales	$78,509	$72,480	$65,821	$76,710	$81,911	$88,477
Automotive Regulatory Credits	1,790	2,763	1,993	760	302	215
Automotive Leasing	2,120	1,827	1,712	1,475	1,342	1,282
Total Automotive Revenues	$82,419	$77,070	$69,526	$78,945	$83,556	$89,975
Energy Generation and Storage	6,035	10,086	12,771	12,906	17,477	20,852
Services and Other	8,319	10,534	12,530	17,672	21,831	25,253
Total Revenues	$96,773	$97,690	$94,827	$109,524	$122,864	$136,079
Less: Automotive Sales	(65,121)	(61,870)	(56,267)	(64,157)	(68,629)	(73,799)
Less: Automotive Leasing	(1,268)	(1,003)	(898)	(763)	(698)	(667)
Total Automotive Cost of Revenues	($66,389)	($62,873)	($57,165)	($64,919)	($69,327)	($74,466)
Less: Energy Generation and Storage	(4,894)	(7,446)	(8,969)	(9,657)	(13,277)	(15,662)
Less: Services and Other	(7,830)	(9,921)	(11,599)	(15,300)	(18,317)	(20,926)
Total Cost of Revenues	($79,113)	($80,240)	($77,733)	($89,876)	($100,921)	($111,054)
Gross Profit	$17,660	$17,450	$17,094	$19,647	$21,943	$25,025
Less: Research and Development	(3,969)	(4,540)	(6,411)	(9,294)	(9,977)	(10,281)
Less: Selling, General and Administrative	(4,800)	(5,150)	(5,834)	(7,908)	(8,298)	(8,656)
Less: Restructuring and Other	0	(684)	(494)	0	0	0
Total Operating Expenses	($8,769)	($10,374)	($12,739)	($17,202)	($18,275)	($18,937)
Income from Operations	$8,891	$7,076	$4,355	$2,445	$3,668	$6,088
Interest Income	1,066	1,569	1,680	1,674	1,637	1,637
Interest Expense	(156)	(350)	(338)	(370)	(759)	(1,074)
Other Income (Expense), net	172	695	(419)	55	0	0
Income Before Income Taxes	$9,973	$8,990	$5,278	$3,804	$4,545	$6,650
Less: Provision for (Benefit from) Income Taxes	$5,001	($1,837)	($1,423)	($803)	($909)	($1,330)
Net Income	$14,974	$7,153	$3,855	$3,001	$3,636	$5,320
Less: Net Income Attributable to Noncontrolling Interests	$23	($62)	($61)	($56)	($56)	($56)
Net Income Attributable to Common Stockholders	$14,997	$7,091	$3,794	$2,945	$3,580	$5,264
Buy-Out of Noncontrolling Interest (EPS adjustment)	$2	$39	$0	$0	$0	$0
Net Income Used in Computing EPS - Basic	$14,999	$7,130	$3,794	$2,945	$3,580	$5,264
Net Income Used in Computing EPS - Diluted	14,999	7,130	3,794	2,947	3,580	5,264
Ratios & Assumptions
YoY Automotive Sales Growth	16.8%	(7.7%)	(9.2%)	16.5%	6.8%	8.0%
YoY Total Automotive Revenues Growth	15.3%	(6.5%)	(9.8%)	13.5%	5.8%	7.7%
YoY Total Revenues Growth	18.8%	0.9%	(2.9%)	15.5%	12.2%	10.8%
Automotive Gross Margin	19.4%	18.4%	17.8%	17.8%	17.0%	17.2%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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GOOGL Alphabet

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 6
KPI: YoY growth % × filed revenue line (Search & other / YouTube ads / Network / Subscriptions, platforms & devices / Cloud / Other Bets); the six leaf lines sum to Total Revenues as filed
Thesis: Cloud decelerates +72% 3Q26E to +15% FY30E; equity marks are zero in every projected period, so projected EPS is operating EPS
Updated: 2026-09-19 · 190 KB

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Income statement preview for GOOGL. Dollars in millions, except per share amounts. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Google Search & other	$175,033	$198,084	$224,532	$258,548	$287,554	$314,463
YouTube ads	31,510	36,147	40,367	45,231	50,192	55,076
Google Network	31,312	30,359	29,792	29,189	28,348	27,498
Google Advertising	$237,855	$264,590	$294,691	$332,968	$366,094	$397,037
Google Subscriptions, Platforms, and Devices	34,688	40,340	48,030	55,642	62,986	70,129
Google Services	$272,543	$304,930	$342,721	$388,610	$429,080	$467,166
Google Cloud	33,088	43,229	58,705	99,482	143,113	186,071
Other Bets	1,527	1,648	1,537	1,543	1,620	1,701
Hedging Gains (Losses)	236	211	(127)	(74)	0	0
Total Revenues	$307,394	$350,018	$402,836	$489,560	$573,813	$654,938
Less: Cost of Revenues	(133,332)	(146,306)	(162,535)	(190,542)	(233,224)	(271,187)
Gross Profit	$174,062	$203,712	$240,301	$299,019	$340,589	$383,751
Less: Research and Development	($45,427)	($49,326)	($61,087)	($74,875)	($86,619)	($98,241)
Less: Sales and Marketing	(27,917)	(27,808)	(28,693)	(34,200)	(39,019)	(43,881)
Less: General and Administrative	(16,425)	(14,188)	(21,482)	(22,706)	(25,822)	(29,472)
Total Operating Expenses	($89,769)	($91,322)	($111,262)	($131,781)	($151,460)	($171,594)
Total Costs and Expenses	($223,101)	($237,628)	($273,797)	($322,322)	($384,684)	($442,781)
Income from Operations	$84,293	$112,390	$129,039	$167,238	$189,129	$212,157
Interest Income	3,865	4,482	4,337	6,323	7,075	7,289
Interest Expense	(308)	(268)	(736)	(4,131)	(6,422)	(8,371)
Foreign Currency Exchange Gain (Loss), net	(1,238)	(409)	(382)	(14)	0	0
Gain (Loss) on Debt Securities, net	(1,215)	(1,043)	540	(143)	0	0
Gain (Loss) on Equity Securities, net	392	3,714	24,080	135,946	0	0
Income (Loss) from Equity Method Investments, net	(628)	(188)	281	25	0	0
Other	556	1,137	1,667	(1,115)	0	0
Other Income (Expense), net	$1,424	$7,425	$29,787	$136,891	$653	($1,083)
Income Before Income Taxes	$85,717	$119,815	$158,826	$304,129	$189,782	$211,075
Less: Provision for Income Taxes	($11,922)	($19,697)	($26,656)	($58,107)	($36,059)	($40,104)
Net Income	$73,795	$100,118	$132,170	$246,022	$153,724	$170,971
Less: Preferred Stock Dividends	$0	$0	$0	($649)	($1,126)	($1,126)
Net Income Available to Common Stockholders	$73,795	$100,118	$132,170	$245,373	$152,597	$169,844
Ratios & Assumptions
YoY Total Revenues Growth	8.7%	13.9%	15.1%	21.5%	17.2%	14.1%
Gross Margin	56.6%	58.2%	59.7%	61.1%	59.4%	58.6%
Incremental Gross Margin	71.0%	69.6%	69.3%	67.7%	49.3%	53.2%
Operating Margin	27.4%	32.1%	32.0%	34.2%	33.0%	32.4%
Net Margin	24.0%	28.6%	32.8%	50.3%	26.8%	26.1%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement · Segment KPIs (annual, reference only) — every subtotal a live formula, every projection traced to a driver.

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COIN Coinbase Global

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 8Q + 5A projection
Segments: 9
KPI: Volume x blended take rate x mix (transaction) + QoQ-growth S&S components (stablecoin / rewards / interest & finance / other)
Thesis: Volume x take-rate cycle trough (FY26E -18%) + stablecoin/staking S&S compounding; buybacks fund the wait
Updated: 2026-07-13 · 109 KB

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Income statement preview for COIN. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Consumer transaction revenue, net	$1,334.0	$3,430.3	$3,322.8	$2,224.5	$2,805.0	$3,139.0
Institutional transaction revenue, net	90.2	345.6	479.7	533.6	673.2	753.4
Other transaction revenue, net (2023+)	95.5	210.2	252.9	207.9	261.8	293.0
Total Transaction Revenue	$1,519.7	$3,986.1	$4,055.4	$2,966.0	$3,740.0	$4,185.3
Stablecoin revenue (2023+ presentation)	$694.2	$910.5	$1,348.8	$1,287.5	$1,502.7	$1,728.1
Blockchain rewards	330.9	705.8	677.4	428.1	484.1	542.2
Custodial fee revenue	69.5			0.0	0.0
Earn campaign revenue (2021 only; folded 2022)				0.0	0.0
Interest income				0.0	0.0
Interest and finance fee income (2023+)	186.7	265.8	247.0	281.5	305.5	329.9
Other subscription and services revenue	125.6	425.1	554.8	468.1	548.9	631.2
Total Subscription & Services Revenue	$1,406.9	$2,307.1	$2,828.0	$2,465.3	$2,841.2	$3,231.4
Net Revenue	$2,926.5	$6,293.2	$6,883.4	$5,431.3	$6,581.1	$7,416.8
Crypto asset sales revenue (2021-2022)				$0.0	$0.0
Corporate interest and other income	181.8	270.8	297.9	285.8	263.6	276.8
Total Other Revenue	$181.8	$270.8	$297.9	$285.8	$263.6	$276.8
Total Revenue	$3,108.4	$6,564.0	$7,181.3	$5,717.1	$6,844.8	$7,693.6
Less: Transaction expense	($420.7)	($897.7)	($1,020.2)	($798.4)	($958.3)	($1,077.1)
Less: Technology and development	(1,324.5)	(1,468.3)	(1,670.6)	(2,071.6)	(2,342.6)	(2,461.9)
Less: Sales and marketing	(332.3)	(654.4)	(1,058.6)	(1,084.5)	(1,300.5)	(1,461.8)
Less: General and administrative	(1,074.3)	(1,300.3)	(1,619.6)	(1,484.7)	(1,703.4)	(1,846.5)
Less: Losses (gains) on crypto held for operations (2024+)	0.0	71.7	(20.7)	(35.2)	0.0	0.0
Less: Crypto asset impairment, net (2023 presentation)	34.7	0.0	0.0	0.0	0.0
Less: Restructuring	(142.6)	0.0	0.0	(55.0)	0.0	0.0
Less: Other operating expense, net	(10.3)	(7.9)	(356.1)	(34.9)	0.0	0.0
Total Operating Expenses	($3,270.0)	($4,256.9)	($5,745.9)	($5,564.3)	($6,304.8)	($6,847.3)
Operating Income (Loss)	($161.7)	$2,307.2	$1,435.4	$152.8	$540.0	$846.3
EBITDA (OpInc + D&A)	($22.0)	$2,434.7	$1,623.9	$356.7	$715.8	$1,005.8
Interest expense	($82.8)	($80.6)	($85.4)	($90.3)	($90.3)	($90.3)
Gains (losses) on crypto held for investment (2024+)	0.0	687.1	(528.9)	(482.4)	0.0	0.0
Other income (expense), net	167.6	29.1	700.9	61.6	0.0	0.0
Income (Loss) Before Income Taxes	($76.8)	$2,942.6	$1,522.1	($358.2)	$449.7	$756.0
Less: Provision for (Benefit from) Income Taxes	171.7	(363.6)	(261.7)	49.3	(89.9)	(151.2)
Net Income (Loss)	$94.9	$2,579.1	$1,260.3	($308.9)	$359.7	$604.8
NI Attributable to Common — Basic (numerator)	$94.8	$2,577.8	$1,260.3	($308.9)	$359.7	$604.8
NI Attributable to Common — Diluted (numerator)	94.8	2,591.2	1,277.3	(308.9)	359.7	604.8
Weighted Avg Shares — Basic (M)	235.8	247.4	260.1	264.8	264.8	264.8
Weighted Avg Shares — Diluted (M)	254.4	273.4	287.2	264.8	264.8	264.8
EPS — Basic	$0.40	$10.42	$4.85	($1.17)	$1.36	$2.28
EPS — Diluted	$0.37	$9.48	$4.45	($1.17)	$1.36	$2.28
Ratios & Assumptions
Operating Margin	(5.2%)	35.1%	20.0%	2.7%	7.9%	11.0%
Net Margin	3.1%	39.3%	17.6%	(5.4%)	5.3%	7.9%
Effective Tax Rate [DRIVER]	223.5%	12.4%	17.2%	13.8%	20.0%	20.0%

The full workbook adds 21 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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BSP Bending Spoons S.p.A.

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 2Q + 3A (424B4 disclosure depth; deepens with post-IPO 10-Qs) history · 8Q + 5A projection
Segments: 1
KPI: Monthly Paying Customers × ARPU (units × ASP, single consolidated segment)
Thesis: Post-IPO ($29, Jul '26): acquisition annualization FY26 +100% → +15% FY30; $933M raise banked for M&A; net-cash ~FY29E
Updated: 2026-07-04 · 31 KB

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Income statement preview for BSP. Dollars in millions, except per share (IFRS; USD presentation). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Revenue	$387.1	$671.1	$1,306.4	$2,609.8	$3,434.1	$4,224.0
Less: Cost of Revenue	($150.6)	($242.2)	($449.1)	($874.5)	($1,153.5)	($1,410.8)
Gross Profit	$236.5	$428.9	$857.3	$1,735.3	$2,280.6	$2,813.2
Less: Research & Development	($51.8)	($92.6)	($120.7)	($297.1)	($338.0)	($409.7)
Less: Sales & Marketing	(42.6)	(79.2)	(131.7)	(253.3)	(324.3)	(392.8)
Less: General & Administrative	(57.8)	(129.8)	(327.0)	(594.3)	(730.2)	(844.8)
Total Operating Expenses	($152.3)	($301.5)	($579.4)	($1,144.7)	($1,392.4)	($1,647.4)
Operating Income (Loss)	$84.3	$127.4	$277.9	$590.6	$888.2	$1,165.8
EBITDA	$119.2	$216.5	$434.9	$870.8	$1,141.3	$1,396.8
Less: Interest Expense	($17.2)	($32.6)	($142.6)	($354.6)	($334.5)	($315.2)
Other (Expense) Income, Net	(9.6)	10.1	(24.1)	49.3	0.0	0.0
Income (Loss) Before Income Taxes	$57.5	$104.8	$111.2	$285.4	$553.7	$850.6
Less: Income Tax (Expense) Benefit	$103.1	($15.8)	($111.4)	($103.2)	($144.0)	($221.2)
Net Income (Loss)	$160.6	$89.0	($0.2)	$182.2	$409.7	$629.5
Net Income Attributable to NCI	($0.1)	($0.5)	($0.1)	$0.0	$0.0	$0.0
Net Income to BSP Shareholders	$160.8	$89.5	($0.1)	$182.2	$409.7	$629.5
EPS, Basic	$0.32	$0.16	$0.00	$0.30	$0.65	$0.99
EPS, Diluted	$0.31	$0.15	$0.00	$0.28	$0.61	$0.94
Weighted Avg Shares — Basic (M)	502.4	559.5	581.0	617.2	635.2	635.2
Weighted Avg Shares — Diluted (M)	518.6	596.8	621.2	654.1	672.1	672.1
Ratios & Assumptions
YoY Revenue Growth		73.4%	94.7%	99.8%	31.6%	23.0%
Gross Margin	61.1%	63.9%	65.6%	66.5%	66.4%	66.6%
Operating Margin	21.8%	19.0%	21.3%	22.6%	25.9%	27.6%
Net Margin	41.5%	13.3%	(0.0%)	7.0%	11.9%	14.9%
Effective Tax Rate [DRIVER]	(179.3%)	15.1%	100.2%	26.0%	26.0%	26.0%

The full workbook adds 2 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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ORCL Oracle

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 16Q + 5A history · 8Q + 5A projection
Segments: 4
KPI: YoY growth × segment (Cloud / Software / Hardware / Services), FY26-recast regime
Thesis: $638B RPO converts: Cloud +65% FY27 on the DC build; GM troughs at the $90B capex/depreciation wave, FY30E rev ~$200B (10% haircut to mgmt path)
Updated: 2026-06-12 · 59 KB

Preview the model

Income statement preview for ORCL. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Cloud Revenue (SaaS + IaaS)	$19,774	$24,506	$33,989	$56,218	$85,442	$121,328
Software Revenue	24,690	24,724	24,541	24,296	24,053	23,812
Hardware Revenue	3,066	2,936	3,084	3,207	3,304	3,403
Services Revenue	5,431	5,233	5,743	6,317	6,823	7,232
Total Revenues	$52,961	$57,399	$67,357	$90,039	$119,621	$155,775
Less: Cloud and Software Expenses	($9,427)	($11,569)	($17,597)	($33,234)	($44,948)	($55,153)
Less: Hardware Expenses	(891)	(782)	(868)	(898)	(925)	(953)
Less: Services Expenses	(4,825)	(4,576)	(4,556)	(4,991)	(5,390)	(5,713)
Less: Sales and Marketing	(8,274)	(8,651)	(8,331)	(8,103)	(9,057)	(10,904)
Less: Research and Development	(8,915)	(9,860)	(10,272)	(10,001)	(10,812)	(12,774)
Less: General and Administrative	(1,548)	(1,602)	(1,618)	(1,602)	(1,914)	(2,337)
Less: Amortization of Intangible Assets	(3,010)	(2,307)	(1,671)	(1,024)	(814)	(779)
Less: Restructuring and Other	(718)	(374)	(1,838)	(377)	(359)	(389)
Total Operating Expenses	($37,608)	($39,721)	($46,751)	($60,229)	($74,219)	($89,002)
Operating Income	$15,353	$17,678	$20,606	$29,810	$45,402	$66,773
Less: Interest Expense	($3,514)	($3,578)	($4,599)	($5,867)	($6,793)	($7,431)
Non-Operating Income (Expenses), Net	(98)	60	3,547	600	600	600
Income Before Income Taxes	$11,741	$14,160	$19,554	$24,543	$39,209	$59,942
Less: Provision for Income Taxes	($1,274)	($1,717)	($2,467)	($4,663)	($7,450)	($11,689)
Net Income	$10,467	$12,443	$17,087	$19,880	$31,759	$48,253
Less: Preferred Stock Dividends (6.50% Series D)	$0	$0	($103)	($325)	($325)	($325)
Net Income Available to Common Shareholders	$10,467	$12,443	$16,984	$19,555	$31,434	$47,928
EPS — Basic	$3.82	$4.46	$5.94	$6.64	$10.48	$15.91
EPS — Diluted	$3.71	$4.34	$5.83	$6.55	$10.35	$15.71
Ratios & Assumptions
YoY Cloud Revenue Growth	24.5%	23.9%	38.7%	65.4%	52.0%	42.0%
YoY Software Revenue Growth	(2.0%)	0.1%	(0.7%)	(1.0%)	(1.0%)	(1.0%)
YoY Hardware Revenue Growth	(6.4%)	(4.2%)	5.0%	4.0%	3.0%	3.0%
YoY Services Revenue Growth	(2.9%)	(3.6%)	9.7%	10.0%	8.0%	6.0%
YoY Total Revenue Growth	6.0%	8.4%	17.3%	33.7%	32.9%	30.2%

The full workbook adds 16 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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Methodology

Every projected revenue cell traces to a KPI/driver row (C14). Terminal driver cells are rates, counts, or historical anchors — never typed-in projected dollar levels (C15). Every subtotal-vs-reported reconciliation row ties to $0 (C13). Each model is written per-ticker against its actual schema — no cloning, no level-input shortcuts.