Delta Revenue Rose 16%. Why Was Adjusted EPS Flat?
Delta's extra $2.39bn of quarterly revenue met $2.41bn of extra implied operating costs. Rebuild the margin squeeze behind nearly flat earnings.
2 primary sourcesMacro context
US equities & markets · primary sources
We read the filings,
then we do the math.
Most finance sites explain what a metric means. Catlytic computes it — company by company, straight out of the 10-K — and shows you the document it came from. If an AI can answer it in three lines, we don't publish it.
- 16 / 5,678filers whose capex passed operating cash flow
- −$23.7BOracle free cash flow, in its own 10-K
- $2.0BCoreWeave depreciation + interest, against $1.5B EBITDA
- 191non-financial firms tracked through the Fed’s cuts
- 01
Every figure links to its filing. Not to a database, not to another article. To the document.
- 02
Every calculation is shown. The formula sits under the table, so you can disagree with it.
- 03
Corrections stay published. When we get something wrong, the record shows what changed and when.
57 articles · 276 primary sources cited
Latest
JPMorgan EPS Rose 10%: How Much Came From Fewer Shares?
JPMorgan's $15.3bn profit grew more slowly than EPS. Rebuild the share-count effect and see why sharply lower buybacks matter for the next quarter.
2 primary sourcesAMD AI Deals Could Add 320m Shares: Who Pays?
AMD would need 19.6% more net profit to offset maximum OpenAI and Meta warrant dilution. The filings show which conditions stand between deals and shares.
7 primary sourcesTesla Q3 Deliveries Exceed Production by 22,141
Tesla's Q3 deliveries outpaced production, but Q2 left negative $1.092bn of free cash flow. A three-quarter bridge tests the inventory improvement.
2 primary sourcesConstellation Brands Shipments Rise 5.5%
Constellation Brands added $128.6m of beer sales as distributors restocked. Its Q2 filing shows why shipments and operating profit tell different stories.
2 primary sourcesCarnival Cut Debt $2.8bn. Cash Fell $718m
Carnival generated $3.16bn after capex, but debt repayments, buybacks and dividends used $3.73bn. Its Q3 filing shows where the cash went.
2 primary sources · 1 correctionBlackBerry Revenue Rose 26%. Q3 Guidance Is Lower
BlackBerry guides licensing from $22.1m to about $6m. A segment bridge explains how QNX can grow while total sales fall next quarter.
2 primary sources · 1 correctionConagra Adjusted EPS Rose 5%. Cash Flow Turned Negative
Conagra booked $50.4m of investment earnings but received $18.2m in distributions. Its Q1 cash-flow bridge shows what the EPS increase leaves out.
1 primary source · 1 correctionKroger's adjusted EPS rose 5% on 57 million fewer shares
Kroger's adjusted net earnings fell to $667m from $695m in the second quarter, and buybacks cut the diluted share count to 608m from 665m.
4 primary sources · 1 correctionDave & Buster's free cash flow turned positive on $48.9m
Dave & Buster's posted a $12.5m quarterly loss and called its six-month free cash flow positive. Operating cash less capital spending was −$29.4m.
2 primary sourcesSections
40 articles
Company Analysis
Individual companies, read from their own 10-K and 10-Q filings. Numbers pulled from the source, not from summaries.
Open →6 articlesMarket & Macro
Rates, tariffs, and cycles — compared against what actually happened in prior periods, not against forecasts.
Open →6 articlesScreens & Data
Full-universe screens run against SEC data and rebuilt on a schedule. The tables are the article.
Open →5 articlesMethod
How the numbers are calculated, where the public data is wrong, and what failed when we tested it.
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