Bastion Memos

Income statements from SEC filings, drawn to scale.

[Bastion Memos @BastionIV]

The Week Ahead · 17-21 Aug 2026

20 of the 485 companies we cover have confirmed reports next week, each date taken from the company's own announcement.

Mon 1 · Tue 5 · Wed 7 · Thu 5 · Fri 2

$HD $LOW $TJX $TGT $WMT $DE $ADI $EL $ROST $BJ

[Bastion Memos @BastionIV]

$MA Mastercard · Q2 FY26 Income Statement

Net margin rose to 47% while revenue grew 14%.

• Revenue $9.3B · +14% Y/Y
• Payment Network $5.5B · 59% · +10% Y/Y
• Net income $4.4B · 47% · +18% Y/Y
• Income tax $1.1B · 12% · +13% Y/Y

Source: SEC 10-Q

[Bastion Memos @BastionIV]

$MNST Monster Beverage · FY21–FY25 Cash Generated & Invested

After paying for everything it built, Monster Beverage had $2.0B left in FY25, against $1.1B in FY21.

Every figure parsed from the company's SEC 10-K / 10-Q filings.

[Bastion Memos @BastionIV]

$SOFI SoFi Technologies · Total Members, FY19 to FY25 †

SoFi counted 13,651,002 members at the end of 2025 - fourteen times end-2019's 976,459.

• † from Q1 2024 members include co-borrowers, co-signers and joint holders; prior years not recast. A cumulative count.

Source: SEC 8-K Ex-99.1

[Bastion Memos @BastionIV]

$MDT Medtronic · FY17–FY26 Revenue & Net Income

Medtronic turned $36B of revenue into $4.8B in FY26, on $30B of revenue 9 years earlier.

Every figure parsed from the company's SEC 10-K / 10-Q filings.

[Bastion Memos @BastionIV]

$GOOGL Alphabet · Q2 FY26 Income Statement

Google Cloud grew 82% from a year ago to 21% of revenue.

• Revenue $119.8B · +24% Y/Y
• Google Search & other $63.3B · 53%
• Other income, net † $98.0B
• Net income $112.2B · 94% · +298% Y/Y

Source: SEC 10-Q

[Bastion Memos @BastionIV]

$TJX TJX Companies · Stores Open vs Long-Term Store Target, FY2020-FY2026, and Aug 19, 2026

On August 19 TJX raised its long-term store target to 7,500, against 5,285 stores at quarter's end.

• † that ceiling then excluded Sierra stores; the last row is as of Aug 1.

Source: SEC 10-K / 8-K

[Bastion Memos @BastionIV]

$ADBE Adobe · FY16–FY25 Margin Profile

Of every revenue dollar, Adobe kept 30¢ in FY25, against 20¢ in FY16.

Every figure parsed from the company's SEC 10-K / 10-Q filings.

[Bastion Memos @BastionIV]

@jukan05 The US filer in the same market, for reference. Micron's May quarter: revenue $41.5b, up 346% from a year ago, DRAM products $31.3b of that, and net income $28.2b - 68% of revenue. That is what this memory cycle looks like on an income statement.

[Bastion Memos @BastionIV]

@burrytracker For scale ahead of Wednesday. Nvidia's April quarter as filed: $81.6b of revenue against $7.6b of total operating expense, $6.3b of which is R&D. Cost of revenue took another $20.5b.

[Bastion Memos @BastionIV]

@QCompounding The first five, drawn on one filed statement. Walmart's July quarter: revenue $187.9b, cost of sales $138.8b, gross profit $49.1b, operating expenses $39.8b, operating income $9.4b. Every one of those words is a row you can point at.

[Bastion Memos @BastionIV]

@charliebilello Revenue crossed; the bottom lines never looked alike. Most recent quarters as filed: Amazon $200.6b of revenue, Walmart $187.9b. Net income $62.6b vs $6.4b - though $53.4b of Amazon's came from other income rather than operations.

[Bastion Memos @BastionIV]

@KobeissiLetter Whatever Wednesday says, this is the base it reports against. Nvidia's April quarter as filed: $81.6b of revenue, $20.5b of cost of revenue, $7.6b of total operating expense. Everything else on the page is what those two didn't take.

[Bastion Memos @BastionIV]

@DrewCohenMoney Same quarter, one line further down. MercadoLibre's June quarter as filed: revenue $10.2b up 50%, net income $466m - 4.6% of revenue, down 11% from a year ago. Brazil alone is $5.5b of the top line.

[Bastion Memos @BastionIV]

@ariaradnia The filed version of that hunch. Meta's June quarter: revenue up 28% to $60.8b, and net income down 14% to $15.8b - 26% of revenue. CapEx never lands on the income statement directly; what it turns into does.

[Bastion Memos @BastionIV]

@ThinkingUSD The base it reports against, as filed. Nvidia's April quarter: revenue $81.6b, and the Hyperscale line alone was $37.9b of that - 46.4%, up 115% from a year ago. Nearly half the top line sits in one category.

[Bastion Memos @BastionIV]

@Kalshi_Finance The filed scale behind that. Nvidia's most recent quarter: $81.6b of revenue, $58.3b of net income - 71% - though $16.4b of it came from other income rather than operations. Both sit on the same statement.

[Bastion Memos @BastionIV]

@unusual_whales What "too strong" looks like inside one filed statement. Analog Devices, quarter ended 1 August: revenue up 40% to $4.0b, net income up 158% to $1.3b - 33.3% of revenue. The top line and what survives it are two different curves.

[Bastion Memos @BastionIV]

@3a4_Gorilla Your last line is the question. A filed comparison from a similar build-out: Rocket Lab's June quarter, revenue $234m up 62%, gross profit $85m at 36.1%, and a $49m net loss anyway. The gross line held; the loss came from below it.

[Bastion Memos @BastionIV]

@MelvinInvests What those contract prices already did to one filer's statement: Micron's quarter ended may 28 shows DRAM products at $31.3b, 76% of revenue and up 343% from a year earlier. Gross margin 84.6% against 37.7%. That is the price move arriving in the accounts.

[Bastion Memos @BastionIV]

@ttunguz The same sequence in filed operating margins, each from that company's latest quarter: NVIDIA 65.6%, Micron 80.4%, Seagate 43.0%. Seagate's gross margin ran 41.6%, 46.5%, 52.3% across its last three quarters, which is the storage leg arriving late and steep.