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therefore none in its third quarter."}}],"yearToDateResults":[{"unit":"USD million except EPS in USD/share and shares in millions","basis":"Reported US GAAP unaudited; FCF calculated as OCF less gross PP&E purchases; company FCF non-GAAP adds sale proceeds and incentives","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm","locator":"Exhibit 99.1: Consolidated Statements of Operations, Cash Flows, Balance Sheets, Segment Information and Supplemental Financial Information; matching September 30 columns","period":"9M 2025","periodType":"yearToDate","periodStart":"2025-01-01","periodEnd":"2025-09-30","year":2025,"revenue":503538,"ocf":85055,"capex":92297,"netIncome":56478,"operatingIncome":54998,"sbc":15070,"dilutedShares":10815,"eps":5.22,"financeLeasePrincipal":1172,"assetSaleAndIncentiveProceeds":2446,"fcf":-7242,"companyFcf":-4796,"buybacksCash":0,"buybacksEvidence":{"url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm","locator":"Note6 Stock Repurchase Activity, printed p.19","basis":"No repurchases in entire nine-month period; therefore none in its third quarter."}},{"unit":"USD million except EPS in USD/share and shares in millions","basis":"Reported US GAAP unaudited; FCF calculated as OCF less gross PP&E purchases; company FCF non-GAAP adds sale proceeds and incentives","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm","locator":"Exhibit 99.1: Consolidated Statements of Operations, Cash Flows, Balance Sheets, Segment Information and Supplemental Financial Information; matching September 30 columns","period":"9M 2026","periodType":"yearToDate","periodStart":"2026-01-01","periodEnd":"2026-09-30","year":2026,"revenue":584069,"ocf":113841,"capex":175670,"netIncome":113587,"operatingIncome":79389,"sbc":15476,"dilutedShares":10903,"eps":10.42,"financeLeasePrincipal":1296,"assetSaleAndIncentiveProceeds":3482,"fcf":-61829,"companyFcf":-58347,"buybacksCash":0,"buybacksEvidence":{"url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm","locator":"Note6 Stock Repurchase Activity, printed p.19","basis":"No repurchases in entire nine-month period; therefore none in its third quarter."}}],"balanceSheetSnapshots":[{"unit":"USD million except EPS in USD/share and shares in millions","basis":"Reported US GAAP unaudited balance-sheet carrying values; calculated currentDebt, debt, netDebt and bookValuePS as documented.","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm","locator":"Form 10-Q printed pp.3–6 statements; Note 5 pp.18–19 debt; Note 6 p.19 repurchases","periodEnd":"2026-09-30","cash":55783,"marketableSecurities":58443,"equity":613601,"periodEndShares":10811,"bookValuePS":56.75709925076311,"longTermDebt":173125,"currentDebt":7207,"debt":180332,"netDebt":124549,"qualifiers":["Current debt is 6827 current portion of long-term debt plus 380 other short-term borrowings. Long-term carrying amount173125 includes discounts and issuance costs.","Debt excludes operating/finance lease liabilities and separately classified financing obligations; net debt subtracts cash55783 only, not marketable securities58443.","Outstanding common shares rounded millions; unvested awards excluded."],"currentPortionLongTermDebt":6827,"otherShortTermBorrowings":380,"fieldSources":{"currentDebt":{"url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm","locator":"Note5 pp.18–19; 6827+380","basis":"calculated"},"debt":{"url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm","locator":"Balance sheet p.6; Note5 pp.18–19; 173125+6827+380","basis":"calculated"},"netDebt":{"url":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm","locator":"Balance sheet p.6; Note5 pp.18–19; 180332−55783","basis":"calculated"}}}],"segmentResults":[{"unit":"USD million except EPS in USD/share and shares in millions","basis":"Reported US GAAP unaudited; FCF calculated as OCF less gross PP&E purchases; company FCF non-GAAP adds sale proceeds and incentives","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm","locator":"Exhibit 99.1: Consolidated Statements of Operations, Cash Flows, Balance Sheets, Segment Information and Supplemental Financial Information; matching September 30 columns","period":"Q3 2025","periodType":"quarterly","periodStart":"2025-07-01","periodEnd":"2025-09-30","northAmerica":{"revenue":106267,"operatingIncome":4789},"international":{"revenue":40896,"operatingIncome":1199},"aws":{"revenue":33006,"operatingIncome":11434}},{"unit":"USD million except EPS in USD/share and shares in millions","basis":"Reported US GAAP unaudited; FCF calculated as OCF less gross PP&E purchases; company FCF non-GAAP adds sale proceeds and incentives","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm","locator":"Exhibit 99.1: Consolidated Statements of Operations, Cash Flows, Balance Sheets, Segment Information and Supplemental Financial Information; matching September 30 columns","period":"Q3 2026","periodType":"quarterly","periodStart":"2026-07-01","periodEnd":"2026-09-30","northAmerica":{"revenue":112852,"operatingIncome":8723},"international":{"revenue":43108,"operatingIncome":1580},"aws":{"revenue":45984,"operatingIncome":17773}},{"unit":"USD million except EPS in USD/share and shares in millions","basis":"Reported US GAAP unaudited; FCF calculated as OCF less gross PP&E purchases; company FCF non-GAAP adds sale proceeds and incentives","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm","locator":"Exhibit 99.1: Consolidated Statements of Operations, Cash Flows, Balance Sheets, Segment Information and Supplemental Financial Information; matching September 30 columns","period":"9M 2025","periodType":"yearToDate","periodStart":"2025-01-01","periodEnd":"2025-09-30","northAmerica":{"revenue":299222,"operatingIncome":18147},"international":{"revenue":111170,"operatingIncome":3710},"aws":{"revenue":93146,"operatingIncome":33141}},{"unit":"USD million except EPS in USD/share and shares in millions","basis":"Reported US GAAP unaudited; FCF calculated as OCF less gross PP&E purchases; company FCF non-GAAP adds sale proceeds and incentives","source":"https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm","locator":"Exhibit 99.1: Consolidated Statements of Operations, Cash Flows, Balance Sheets, Segment Information and Supplemental Financial Information; matching September 30 columns","period":"9M 2026","periodType":"yearToDate","periodStart":"2026-01-01","periodEnd":"2026-09-30","northAmerica":{"revenue":333172,"operatingIncome":26113},"international":{"revenue":125094,"operatingIncome":4721},"aws":{"revenue":125803,"operatingIncome":48555}}]},{"name":"Meta Platforms","ticker":"META","category":"Advertising platforms","type":"operating","yearEnd":"31 December 2025","revenue":200966,"priorRevenue":164501,"ocf":115800,"priorOcf":91328,"capex":69691,"priorCapex":37256,"eps":23.49,"equity":217243,"shares":2530,"operatingIncome":83276,"da":18616,"source":"C3","companyFcf":43585,"priorCompanyFcf":52103,"economics":"Free social apps attract attention that advertisers pay to reach. User scale and measurement help monetisation. Better recommendations can lift engagement while compute spending absorbs gains. Watch ad volume, pricing, Family of Apps margins and Reality Labs losses.","note":"Our FCF proxy excludes financing-lease principal. Meta's company FCF additionally deducts $2.524bn of such payments in 2025. Do not treat either measure as cash after all future infrastructure commitments.","capitalEvents":[{"id":"meta-20261029-capital-offerings","periodEnd":"2026-10-29","eventDate":"2026-10-29","agreementDate":"2026-10-26","published":"2026-10-29","periodType":"capitalEvent","unit":"USD and actual share counts; percentage explicitly labelled","basis":"Reported transaction terms; calculated underlying preferred shares and aggregate liquidation preference; not accounting-period earnings or subsequent-quarter balance-sheet estimates","source":"https://www.sec.gov/Archives/edgar/data/1326801/000119312526438017/d183592d8k.htm","locator":"8-K Items1.01 (offering closing and forward-sale agreements),3.03 (preferred terms),5.03 and9.01","depositaryShares":250000000,"preferredSharesPerDepositaryShare":0.05,"underlyingPreferredShares":12500000,"liquidationPreferencePerPreferredShare":1000,"aggregatePreferredLiquidationPreference":12500000000,"preferredDividendRatePct":6.5,"additionalDepositaryShareOption":37500000,"commonSharesUnderlyingForwards":40000000,"additionalCommonForwardShareOption":6000000,"initialForwardSalePricePerCommonShare":622.91875,"initialCommonForwardCashProceeds":0,"preferredNetCashProceeds":null,"depositaryOfferingStatus":"closed 29 October 2026","commonForwardStatus":"Forward sellers sold borrowed shares; Meta receives no initial proceeds; future settlement subject to agreement","commonForwardSettlementDeadline":"2027-11-19","mandatoryConversionDate":"2029-08-15","qualifiers":["250,000,000 depositary shares each represent1/20 of a preferred share; underlying preferred shares=250,000,000/20; liquidation preference=12,500,000*USD1,000, not net cash proceeds.","Underwriters' options are not assumed exercised. Initial forward price is subject to contractual adjustment, not a market quote or forecast.","Preferred rights include restrictions on junior dividends/repurchases if accumulated preferred dividends are unpaid; detailed exhibit reconciliation pending.","Existing September financial statements, annual rows, dated quotes and portfolio weights retained."],"underwritingTerms":{"documentId":"0001193125-26-438017-ex11","agreementDate":"2026-10-26","publicationDate":"2026-10-29","periodEnd":"2026-10-29","periodType":"capitalEvent","unit":"USD and actual depositary-share counts","source":"https://www.sec.gov/Archives/edgar/data/1326801/000119312526438017/d183592dex11.htm","locator":"Opening terms; Sections2–4, printed pp.16–17; Section6(k),p.23; ScheduleI,p.I-1","basis":"Reported prices and firm-share count; calculated contractual totals before issuer expenses. Not GAAP revenue or actual net cash proceeds.","firmDepositaryShares":250000000,"publicOfferingPricePerDepositaryShare":50,"underwriterPurchasePricePerDepositaryShare":49.8335,"underwritingDiscountPerDepositaryShare":0.1665,"grossPublicOfferingAmount":12500000000,"aggregateUnderwritingDiscount":41625000,"contractualProceedsBeforeIssuerExpenses":12458375000,"actualNetCashProceeds":null,"additionalDepositaryShareOption":37500000,"optionExerciseWindowDays":30,"optionExercisedShares":null,"methods":{"underwritingDiscountPerDepositaryShare":"50.00 - 49.8335","grossPublicOfferingAmount":"250000000 * 50.00","aggregateUnderwritingDiscount":"250000000 * (50.00 - 49.8335)","contractualProceedsBeforeIssuerExpenses":"250000000 * 49.8335"},"qualifiers":["Agreement dated26October2026; filed29October2026. Transaction-date observation, not a quarter/YTD/annual result.","Option to buy up to37500000 additional depositary shares may be exercised within30days of agreement; no exercise inferred.","Section6(k) obligates issuer to pay offering expenses; contractual proceeds before those expenses are not actual net cash proceeds.","Retain September financial statements and the previously sourced 29October8-K closing status. Five other offering exhibits remain pending detailed review."],"retrievalEvidence":{"retrievedAt":"2026-10-29T21:19:07.005644Z","sha256":"a769b38d99ff784effefadbc64c39a39b5c1ab9b08869d3bcbfdd9172a607208","httpStatus":200}},"commonUnderwritingTerms":{"documentId":"0001193125-26-438017-ex12","agreementDate":"2026-10-26","publicationDate":"2026-10-29","periodEnd":"2026-10-29","periodType":"capitalEvent","unit":"USD and actual common-share counts","source":"https://www.sec.gov/Archives/edgar/data/1326801/000119312526438017/d183592dex12.htm","locator":"Opening terms; Section3(a)–(g),pp.17–19; Section5,p.20; SchedulesI–II","basis":"Reported contractual share counts and prices; calculated offering totals. Borrowed-share sale proceeds belong to forward sellers, not initial issuer cash proceeds.","firmCommonShares":40000000,"publicOfferingPricePerShare":625,"underwriterPurchasePricePerShare":622.91875,"underwritingDiscountPerShare":2.08125,"grossPublicOfferingAmount":25000000000,"aggregateUnderwritingDiscount":83250000,"contractualPurchaseAmountToForwardSellers":24916750000,"additionalCommonShareOption":6000000,"optionExerciseWindowDays":30,"optionExercisedShares":null,"companyTopUpShares":null,"actualFutureForwardSettlementProceeds":null,"methods":{"underwritingDiscountPerShare":"625 - 622.91875","grossPublicOfferingAmount":"40000000 * 625","aggregateUnderwritingDiscount":"40000000 * (625 - 622.91875)","contractualPurchaseAmountToForwardSellers":"40000000 * 622.91875"},"qualifiers":["40million borrowed firm shares split equally between Morgan Stanley and Goldman Sachs as forward sellers; up to6million additional shares under30-calendar-day option; option exercise not assumed.","Section3(d)–(f) provides conditional issuer top-up obligations if borrowing/delivery fails; no top-up issuance inferred.","Contractual purchase amount to forward sellers is not cash received by Meta or future settlement proceeds. Preserve prior8-K observation of zero initial issuer proceeds.","Numerical terms reconciled; four other offering exhibits3.1,4.2,10.1,10.2 remain pending detailed review. September financial statements and separately dated quotes/weights retained."],"retrievalEvidence":{"retrievedAt":"2026-10-29T21:19:10.444113Z","sha256":"b50090f7daf02075c7682be46b520fee834a33651de33a6285ad3d052cf9ae6a","httpStatus":200}},"certificateBasicTerms":{"documentId":"0001193125-26-438017-ex31","publicationDate":"2026-10-29","signedDate":"2026-10-28","periodEnd":"2026-10-29","periodType":"capitalEvent","unit":"USD per preferred share; actual authorized share count; percentage explicitly labelled","basis":"Reported certificate terms; calculated full-quarter dividend amount. Authorized shares are not issued or outstanding shares; contractual dividends are not paid cash.","source":"https://www.sec.gov/Archives/edgar/data/1326801/000119312526438017/d183592dex31.htm","locator":"Part1 p.1; signature page; AnnexA Section2 pp.3,8; Section3(a) pp.12–13","authorizedSeriesShares":14375000,"liquidationPreferencePerPreferredShare":1000,"annualDividendRatePct":6.5,"annualDividendPerPreferredShare":65,"fullQuarterDividendPerPreferredShare":16.25,"initialIssueDate":"2026-10-29","firstScheduledDividendPaymentDate":"2027-02-15","scheduledDividendMonths":[2,5,8,11],"scheduledDividendDay":15,"lastScheduledDividendPaymentDate":"2029-08-15","actualDividendsPaid":null,"methods":{"fullQuarterDividendPerPreferredShare":"65 / 4; only a full Dividend Period after the initial period"},"qualifiers":["Cumulative dividends payable when, as and if declared from legally available funds; cash, Class A shares or a combination, subject to certificate conditions.","Initial and partial periods use the certificate's 360-day/twelve 30-day month convention, not the full-quarter amount.","Authorization of 14,375,000 preferred shares does not establish option exercise or increase the previously reported 12,500,000 underlying issued preferred shares.","Payment dates falling on a non-business day move to the next business day. Initial dividend amount not calculated.","Review limited to authorization and basic dividend terms; conversion, adjustment and other detailed provisions remain pending. Existing financial periods and dated quotes/weights retained."],"retrievalEvidence":{"retrievedAt":"2026-10-29T21:19:14.255456+00:00","sha256":"41c853b3bcf0dd7eb5cf36dc01b2d660a610037c76d5bc1988ebbded95bd0740","httpStatus":200}}}]},{"name":"Uber Technologies","ticker":"UBER","category":"Mobility & delivery","type":"operating","yearEnd":"31 December 2025","revenue":52017,"priorRevenue":43978,"ocf":10099,"priorOcf":7137,"capex":336,"priorCapex":242,"eps":4.73,"equity":27041,"shares":2067.905,"operatingIncome":5565,"da":719,"source":"C4","economics":"Uber reports Mobility, Delivery and Freight segments. Its platforms connect consumers with drivers, couriers and merchants, and shippers with carriers. Gross Bookings measures transaction value and differs from recognised revenue. Reported net income also includes investment gains or losses and income taxes.","note":"GAAP EPS includes an approximately $5bn tax-valuation benefit, which flatters mechanical P/E. Calculated operating EBITDA differs from company adjusted EBITDA."},{"name":"Netflix","ticker":"NFLX","category":"Streaming & advertising","type":"operating","yearEnd":"31 December 2025","revenue":45183.036,"priorRevenue":39000.966,"ocf":10149.273,"priorOcf":7361.364,"capex":688.22,"priorCapex":439.538,"eps":2.53,"equity":26615.488,"shares":4222.16215,"operatingIncome":13326.603,"source":"C5","economics":"Subscriptions and advertising fund content distributed globally. More customers spread content costs further. Price increases help only while engagement and retention hold. Watch revenue, operating margin, content cash spending, engagement and FCF.","note":"EPS and shares reflect the November 2025 ten-for-one split. Content cash spending is already inside operating cash flow. EBITDA adding back recurring content amortisation can obscure the economics, so operating income is shown."},{"name":"Visa","ticker":"V","category":"Payment network","type":"operating","yearEnd":"30 September 2026","revenue":45903,"priorRevenue":40000,"ocf":23728,"priorOcf":23059,"capex":1671,"priorCapex":1482,"capexLabel":"Property, equipment and technology purchases","eps":12.32,"operatingIncome":28110,"da":1403,"source":"VFY26","economics":"Visa provides payment authorisation, clearing and settlement services and other payment-related services. It does not issue cards or extend consumer credit. Revenue includes service, data-processing, international-transaction and other revenue, reduced by client incentives."},{"name":"Mastercard","ticker":"MA","category":"Payment network","type":"operating","yearEnd":"31 December 2025","revenue":32791,"priorRevenue":28167,"ocf":17648,"priorOcf":14780,"capex":489,"priorCapex":474,"software":726,"priorSoftware":720,"eps":16.52,"operatingIncome":18897,"da":1143,"equity":7737,"shares":893.9,"source":"C7","economics":"Mastercard earns payment-network revenue from volume-based fees, switching and other network services, and revenue from value-added services and solutions. It does not issue cards or extend credit to cardholders. Rebates and incentives reduce reported revenue.","note":"FCF deducts both cash PP&E and separately reported capitalised software. Year-end shares include Classes A and B and are rounded filing values.","reportedQuarterly":[{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited; FCF calculated as operating cash flow less cash PP&E purchases and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1141391/000114139126000124/ma-20260930.htm","locator":"Form10-Q pp.6 and11, operations and cash-flow statements","revenue":8602,"ocf":null,"capex":null,"software":null,"netIncome":3927,"operatingIncome":5061,"sbc":null,"dilutedShares":905,"eps":4.34,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":null,"debt":null,"netDebt":null,"fcf":null,"period":"Q3 2025","periodStart":"2025-07-01","periodEnd":"2025-09-30"},{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited; FCF calculated as operating cash flow less cash PP&E purchases and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1141391/000114139126000124/ma-20260930.htm","locator":"Form10-Q pp.6 and11, operations and cash-flow statements","revenue":9807,"ocf":null,"capex":null,"software":null,"netIncome":4628,"operatingIncome":5862,"sbc":null,"dilutedShares":876,"eps":5.28,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":null,"debt":null,"netDebt":null,"fcf":null,"period":"Q3 2026","periodStart":"2026-07-01","periodEnd":"2026-09-30"}],"reportedYearToDate":[{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited; FCF calculated as operating cash flow less cash PP&E purchases and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1141391/000114139126000124/ma-20260930.htm","locator":"Form10-Q pp.6 and11, operations and cash-flow statements","revenue":23985,"ocf":12646,"capex":377,"software":548,"netIncome":10908,"operatingIncome":13987,"sbc":485,"dilutedShares":909,"eps":12,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":8169,"debt":null,"netDebt":null,"fcf":11721,"period":"9M 2025","periodStart":"2025-01-01","periodEnd":"2025-09-30"},{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited; FCF calculated as operating cash flow less cash PP&E purchases and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1141391/000114139126000124/ma-20260930.htm","locator":"Form10-Q pp.6 and11, operations and cash-flow statements","revenue":27482,"ocf":11859,"capex":667,"software":474,"netIncome":12898,"operatingIncome":16356,"sbc":525,"dilutedShares":884,"eps":14.59,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":11893,"debt":null,"netDebt":null,"fcf":10718,"period":"9M 2026","periodStart":"2026-01-01","periodEnd":"2026-09-30"}]},{"name":"Intercontinental Exchange","ticker":"ICE","category":"Exchanges & financial data","type":"operating","yearEnd":"31 December 2025","revenue":9931,"priorRevenue":9279,"revenueLabel":"Revenue less transaction-based expenses","ocf":4662,"priorOcf":4609,"capex":373,"priorCapex":406,"software":418,"priorSoftware":346,"eps":5.77,"operatingIncome":4929,"da":1560,"equity":28915,"shares":567,"source":"C8","companyFcf":4187,"priorCompanyFcf":3620,"economics":"ICE operates Exchanges, Fixed Income and Data Services, and Mortgage Technology segments. Revenue includes transaction fees, recurring data and connectivity services, listings and mortgage software. This comparison uses revenue less transaction-based expenses and shows software development spending separately from physical capital expenditure.","note":"FCF deducts physical capex and software development. Company adjusted FCF also adjusts Section 31 fees. Book value uses a rounded year-end share count.","reportedQuarterly":[{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited. Revenue less transaction-based expenses; netIncome attributable to ICE. FCF calculated as OCF less capital expenditure and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1571949/000157194926000015/ice-20260930.htm","locator":"Form10-Q pp.4 and8, income and cash-flow statements","revenue":2411,"ocf":null,"capex":null,"software":null,"netIncome":816,"operatingIncome":1174,"sbc":null,"dilutedShares":574,"eps":1.42,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":null,"debt":null,"netDebt":null,"fcf":null,"period":"Q3 2025","periodStart":"2025-07-01","periodEnd":"2025-09-30","note":"Standalone-quarter cash flows not supplied in this10-Q; nulls retained."},{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited. Revenue less transaction-based expenses; netIncome attributable to ICE. FCF calculated as OCF less capital expenditure and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1571949/000157194926000015/ice-20260930.htm","locator":"Form10-Q pp.4 and8, income and cash-flow statements","revenue":2765,"ocf":null,"capex":null,"software":null,"netIncome":940,"operatingIncome":1410,"sbc":null,"dilutedShares":563,"eps":1.67,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":null,"debt":null,"netDebt":null,"fcf":null,"period":"Q3 2026","periodStart":"2026-07-01","periodEnd":"2026-09-30","note":"Standalone-quarter cash flows not supplied in this10-Q; nulls retained."}],"reportedYearToDate":[{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited. Revenue less transaction-based expenses; netIncome attributable to ICE. FCF calculated as OCF less capital expenditure and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1571949/000157194926000015/ice-20260930.htm","locator":"Form10-Q pp.4 and8, income and cash-flow statements","revenue":7427,"ocf":3387,"capex":207,"software":318,"netIncome":2464,"operatingIncome":3692,"sbc":169,"dilutedShares":576,"eps":4.28,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":894,"debt":null,"netDebt":null,"fcf":2862,"period":"9M 2025","periodStart":"2025-01-01","periodEnd":"2025-09-30"},{"unit":"USD million except EPS USD/share and shares million","basis":"Reported US GAAP, unaudited. Revenue less transaction-based expenses; netIncome attributable to ICE. FCF calculated as OCF less capital expenditure and capitalized software.","source":"https://www.sec.gov/Archives/edgar/data/1571949/000157194926000015/ice-20260930.htm","locator":"Form10-Q pp.4 and8, income and cash-flow statements","revenue":8408,"ocf":4486,"capex":318,"software":346,"netIncome":3311,"operatingIncome":4466,"sbc":216,"dilutedShares":566,"eps":5.85,"equity":null,"cash":null,"periodEndShares":null,"buybacksCash":1602,"debt":null,"netDebt":null,"fcf":3822,"period":"9M 2026","periodStart":"2026-01-01","periodEnd":"2026-09-30"}]},{"name":"Alcon","ticker":"ALC","category":"Eye-care equipment & consumables","type":"operating","yearEnd":"31 December 2025","revenue":10319,"priorRevenue":9836,"ocf":2271,"priorOcf":2077,"capex":543,"priorCapex":473,"eps":1.98,"companyEbitda":2677,"companyFcf":1733,"priorCompanyFcf":1604,"source":"C9","economics":"Sells surgical equipment, lenses, consumables and contact lenses. Surgeon familiarity and installed machines support repeat purchases. Equipment placements lead to consumable sales, but launch costs and competition can absorb growth. Watch procedures, product mix, margins and cash conversion.","note":"Company non-IFRS EBITDA includes impairment and right-of-use adjustments. Company FCF adds $5m of PP&E-sale proceeds. P/FCF is unfilled because a verified market-cap snapshot was unavailable."},{"name":"S&P Global","ticker":"SPGI","category":"Ratings, indices & data","type":"legacy","yearEnd":"31 December 2025 · original group","revenue":15336,"priorRevenue":14208,"ocf":5651,"priorOcf":5689,"capex":195,"priorCapex":124,"eps":14.66,"operatingIncome":6478,"da":1179,"source":"C10","extraSources":["C11","SPGIEX99261023"],"recastRevenue":13589,"economics":"Sells ratings, data subscriptions, index licences and commodity benchmarks. Trusted benchmarks and embedded workflows support repeat demand. Debt issuance and market levels affect revenue. Watch ratings issuance, index assets, subscription growth and margins.","note":"Mobility Global separated on 1 July 2026. Original FY2025 figures include that business; recast revenue excluding Mobility is $13.589bn. Current P/E and P/FCF are withheld until comparable continuing-company EPS and cash flow are verified. The PSH estimate below also predates the separation.","latestSource":"https://www.sec.gov/Archives/edgar/data/64040/000006404026000053/spgi3q2026-earningsrelease.htm","latestLabel":"Q3 2026 reported continuing operations; separate from historical pro forma"},{"name":"Brookfield Corporation","ticker":"BN","category":"Asset management, insurance & real assets","type":"allocator","yearEnd":"31 December 2025","revenue":75100,"priorRevenue":86006,"de":6008,"dePerShare":2.54,"deBefore":5386,"deBeforePerShare":2.27,"source":"C12","economics":"Earns management fees, carried interest, insurance investment spreads and distributions from operating assets. Fundraising scale and operating expertise help. Refinancing conditions and asset sales affect cash generation. Watch distributable earnings per share, fee-bearing capital, carry realisations and corporate debt.","note":"DE is company-defined and is not GAAP earnings or FCF. Consolidated revenue includes businesses and non-controlling interests; it is not a parent-only earnings measure. Share figures reflect the October 2025 three-for-two split."},{"name":"Restaurant Brands International","ticker":"QSR","category":"Restaurant franchising","type":"operating","yearEnd":"31 December 2025","revenue":9434,"priorRevenue":8406,"ocf":1714,"priorOcf":1503,"capex":265,"priorCapex":201,"eps":2.63,"epsLabel":"Diluted EPS · continuing operations","companyEbitda":2970,"equity":3634,"shares":346.323165,"economicShares":455.67971,"source":"C13","extraSources":["C14"],"economics":"Collects franchise royalties and rents, plus supply-chain revenue, across Burger King, Tim Hortons, Popeyes and Firehouse Subs. Franchisees fund most restaurants. Brand scale helps expansion, but weak franchisee profits eventually hurt the parent. Watch traffic, store economics, openings and debt.","note":"FCF uses continuing-operation cash flows. P/FCF uses current price × FY2025 common shares plus exchangeable units, rather than an unverified listed-only market cap. Book value uses parent common equity and actual common shares. EBITDA is company adjusted EBITDA.","quarterlyResults":[{"source":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000051/qsr_2026930xpressrelease.htm","locator":"Exhibit99 pp.1,11–13,18–20: operational highlights, financial statements and non-GAAP reconciliations","unit":"USD million; EPS USD/share; shares million; percentages and counts as labelled","basis":"Reported unaudited US GAAP continuing operations; adjusted EBITDA/EPS non-GAAP kept separate; FCF calculated OCF less cash PP&E; TTM FY2025 + 9M2026 - 9M2025.","published":"2026-10-29","period":"Q3 2025","periodStart":"2025-07-01","periodEnd":"2025-09-30","ocf":null,"fcf":null,"revenue":2449,"operatingIncome":663,"netIncome":440,"capex":61,"sbc":32,"dilutedShares":457,"eps":0.96,"adjustedEbitda":794,"adjustedEps":1.03,"qualifiers":["Quarterly cash-flow operating amount not separately presented in this release; left null. Net income and EPS use continuing operations; prior-year total net income differs. Diluted shares include exchangeable-unit conversion."]},{"source":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000051/qsr_2026930xpressrelease.htm","locator":"Exhibit99 pp.1,11–13,18–20: operational highlights, financial statements and non-GAAP reconciliations","unit":"USD million; EPS USD/share; shares million; percentages and counts as labelled","basis":"Reported unaudited US GAAP continuing operations; adjusted EBITDA/EPS non-GAAP kept separate; FCF calculated OCF less cash PP&E; TTM FY2025 + 9M2026 - 9M2025.","published":"2026-10-29","period":"Q3 2026","periodStart":"2026-07-01","periodEnd":"2026-09-30","ocf":null,"fcf":null,"revenue":2525,"operatingIncome":696,"netIncome":704,"capex":72,"sbc":34,"dilutedShares":457,"eps":1.54,"adjustedEbitda":829,"adjustedEps":1.1,"qualifiers":["Quarterly cash-flow operating amount not separately presented in this release; left null. Net income and EPS use continuing operations; prior-year total net income differs. Diluted shares include exchangeable-unit conversion."]}],"yearToDateResults":[{"source":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000051/qsr_2026930xpressrelease.htm","locator":"Exhibit99 pp.1,11–13,18–20: operational highlights, financial statements and non-GAAP reconciliations","unit":"USD million; EPS USD/share; shares million; percentages and counts as labelled","basis":"Reported unaudited US GAAP continuing operations; adjusted EBITDA/EPS non-GAAP kept separate; FCF calculated OCF less cash PP&E; TTM FY2025 + 9M2026 - 9M2025.","published":"2026-10-29","period":"9M 2025","periodStart":"2025-01-01","periodEnd":"2025-09-30","revenue":6968,"operatingIncome":1581,"netIncome":927,"ocf":1159,"capex":163,"sbc":113,"fcf":996,"dilutedShares":456,"eps":2.03,"adjustedEbitda":2198,"adjustedEps":2.73},{"source":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000051/qsr_2026930xpressrelease.htm","locator":"Exhibit99 pp.1,11–13,18–20: operational highlights, financial statements and non-GAAP reconciliations","unit":"USD million; EPS USD/share; shares million; percentages and counts as labelled","basis":"Reported unaudited US GAAP continuing operations; adjusted EBITDA/EPS non-GAAP kept separate; FCF calculated OCF less cash PP&E; TTM FY2025 + 9M2026 - 9M2025.","published":"2026-10-29","period":"9M 2026","periodStart":"2026-01-01","periodEnd":"2026-09-30","revenue":7309,"operatingIncome":2018,"netIncome":1814,"ocf":1308,"capex":181,"sbc":104,"fcf":1127,"dilutedShares":459,"eps":3.95,"adjustedEbitda":2345,"adjustedEps":3.03}],"balanceSheetSnapshots":[{"source":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000051/qsr_2026930xpressrelease.htm","locator":"Exhibit99 pp.1,11–13,18–20: operational highlights, financial statements and non-GAAP reconciliations","unit":"USD million; EPS USD/share; shares million; percentages and counts as labelled","basis":"Reported unaudited US GAAP continuing operations; adjusted EBITDA/EPS non-GAAP kept separate; FCF calculated OCF less cash PP&E; TTM FY2025 + 9M2026 - 9M2025.","published":"2026-10-29","periodEnd":"2026-09-30","commonShares":348.600694,"exchangeableUnits":null,"valuationShares":null,"commonEquity":3940,"totalEquity":5528,"cash":974,"totalDebt":13588,"netDebt":12614,"qualifiers":["Issuer net debt adds unamortized financing costs and includes finance leases; common equity excludes NCI. Exact exchangeable-unit count not disclosed here; June valuation-share snapshot remains separately dated pending subsequent 10-Q."]}],"shareCapitalSnapshots":[{"source":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000056/qsr-20260930.htm","locator":"Form 10-Q cover and pp.4–5,9,25 (Note11 Shareholders’ Equity); Outstanding Security Data","unit":"million shares; balance amounts USD million","basis":"Reported exact common shares and exchangeable partnership units, divided by one million; economic share-equivalents calculated as sum, excluding special voting share","published":"2026-10-29","periodEnd":"2026-09-30","commonShares":348.600694,"exchangeableUnits":102.926279,"valuationShares":451.526973},{"source":"https://www.sec.gov/Archives/edgar/data/1618756/000161875626000056/qsr-20260930.htm","locator":"Form 10-Q cover and pp.4–5,9,25 (Note11 Shareholders’ Equity); Outstanding Security Data","unit":"million shares; balance amounts USD million","basis":"Reported exact common shares and exchangeable partnership units, divided by one million; economic share-equivalents calculated as sum, excluding special voting share","published":"2026-10-29","periodEnd":"2026-10-23","commonShares":348.350731,"exchangeableUnits":102.926279,"valuationShares":451.27701}]},{"name":"Howard Hughes Holdings","ticker":"HHH","category":"Land development & insurance","type":"developer","yearEnd":"31 December 2025 · before Vantage","revenue":1474.892,"priorRevenue":1750.689,"equity":3775.456,"shares":59.370353,"eps":2.21,"source":"C15","extraSources":["C16"],"economics":"Develops communities, sells land to builders and rents retained properties. Contiguous land and planning control support long-term development. Vantage adds insurance underwriting and invested float from June 2026. Watch land sales, property NOI, development returns, debt and insurance reserves.","note":"FY2025 predates Vantage and PSH's $1bn exchangeable perpetual preferred investment. Ordinary industrial FCF and a historical P/E would obscure this change. Common and preferred interests are distinct claims on the same issuer."},{"name":"Fannie Mae","ticker":"FNMA","category":"Mortgage guarantees · conservatorship","type":"gse","yearEnd":"31 December 2025","revenue":28964,"priorRevenue":29069,"revenueLabel":"Net revenue","netIncome":14364,"netWorth":109012,"treasuryClaim":227000,"source":"C17","extraSources":["C18"],"economics":"Buys and securitises mortgages and earns fees for guaranteeing mortgage securities. Scale supports housing-market liquidity. Credit losses and policy decisions affect value. Watch delinquencies, capital, Treasury claims, release terms and potential common-share dilution.","note":"Company net income is not freely available to common holders. Treasury's senior preferred liquidation claim exceeds reported net worth. Conventional common P/E, industrial FCF and total-net-worth-per-common-share comparisons are withheld.","monthlyOperatingHistory":[{"period":"September 2026","periodType":"monthly","periodStart":"2026-09-01","periodEnd":"2026-09-30","published":"2026-10-29","unit":"USD million except delinquency in percent and duration in years","basis":"Reported monthly operating portfolio statistics, not GAAP earnings or common-equity claims","source":"https://www.fanniemae.com/media/document/pdf/093026.pdf","locator":"September 2026 Monthly Summary, PDF pp.1–3 tables 1–8; September 2026 rows; definitions pp.4–6","guarantyBook":4126598,"mbsAndOtherGuarantees":4056177,"mortgageLoans":70421,"newBusinessAcquisitions":33474,"mbsIssuances":36400,"mbsLiquidations":-35925,"retainedMortgagePortfolio":180228,"retainedPortfolioPurchases":29048,"retainedPortfolioSales":-19860,"retainedPortfolioLiquidations":-1556,"agencySecurities":109717,"nonAgencySecurities":90,"corporateLiquidityPortfolio":109165,"totalDebtOutstanding":171722,"singleFamilySeriousDelinquencyPct":0.62,"multifamilySeriousDelinquencyPct":0.62,"rateLevelShock50bp":-1536,"rateSlopeShock25bp":-140,"effectiveDurationGapYears":1.27,"qualifiers":["Monthly debt scope follows Table 6 definitions and excludes MBS debt; not consolidated balance sheet total debt.","Monthly balances are point-in-time; nine-month flow totals remain separately dated.","Interest-rate risk values are reported historical model estimates/daily monthly averages, not precise market values; exclude guaranty business."]}]},{"name":"Freddie Mac","ticker":"FMCC","category":"Mortgage guarantees · conservatorship","type":"gse","yearEnd":"31 December 2025","revenue":23271,"priorRevenue":23912,"revenueLabel":"Net revenue","netIncome":10731,"netWorth":70384,"treasuryClaim":140248,"source":"C19","extraSources":["C20"],"economics":"Finances mortgages through purchases, securitisation and guarantees, earning fees while retaining credit risk. Its scale supports mortgage liquidity. Common-holder outcomes depend heavily on conservatorship and recapitalisation terms. Watch credit losses, capital, Treasury claims and dilution.","note":"Treasury's senior preferred liquidation claim exceeds total net worth. Company earnings are not a clean common-share earnings denominator. Common P/E, industrial FCF and book value per common share are withheld."},{"name":"Seaport Entertainment","ticker":"SEG","category":"Smaller disclosed holding","type":"small","yearEnd":"31 December 2025","revenue":130.408,"priorRevenue":110.223,"eps":-9.18,"commonIncome":-116.742,"source":"C21","economics":"Venues, restaurants, attractions and property rents monetise visitor spending. Scarce locations can support demand, but losses and development spending consume liquidity. Watch attendance, tenant sales, operating losses and financing needs.","note":"Below the September fact sheet's main-holding threshold. Revenue growth is affected by Tin Building consolidation and should not be read as organic growth. P/E is not meaningful with losses."},{"name":"Pershing Square SPARC","ticker":"SPARC","category":"Smaller disclosed holding","type":"rights","source":"C22","economics":"Holds rights linked to a potential future business combination. It has no operating-business earnings engine yet. Value depends on transaction terms, execution, funding and dilution. Monitor a definitive deal and the capital required to participate.","note":"Below the September fact sheet's main-holding threshold. The UMG proposal was declined in May 2026. Ordinary revenue, FCF, EBITDA and P/E are not applicable to this pre-operating rights vehicle."}]}