The combined evidence history from each company's ledger, including SEC filings, earnings calls, Helmledgers reads, updates and upcoming tests.
Tests our published analysis · Pre-tax earnings up 50%, Core FFO up 9% · SEGRO: a £3.575B bridge loan and a new $5B share-issuance programme · Strategic capital revenue up 29% on promote-sensitive fees, and G&A up 16%
Tests our published analysis · Shareholders’ equity turned negative after a $2.07B quarterly loss · Leverage at 6.1x against a 6.75x covenant that returns on 31 December · Rebates owed nearly doubled while customer prepayments almost disappeared
Tests our published analysis · Rebates owed to customers reached $632.4M · The leverage covenant is switched off until December · Q2 cash flow leaned on a $200M licence prepayment
Tests our published analysis · A $29B backstop and up to $42B of customer notes, outside the balance sheet · $126.8B of purchase commitments, 5.3 times cash · An 11.5% tax rate, with a $2,186M global minimum tax now payable
Tests our published analysis · $2.9B of one-off tariff refunds sit inside Q2 profit, and the pool is now used up · A one-off tax item cut Q2 interest by $0.5B and tax by $0.4B · Free cash flow fell 20.4% while buybacks and dividends ran 64% ahead of it
Tests our published analysis · Nine-month operating cash flow fell 36% to $11.1B · Ford Credit paid the parent $2.63B, almost exactly the $2.62B Ford paid into it · A $3.8B government loan, a $4.0B liquidity covenant and a $17.6B warranty reserve
Tests our published analysis · Free cash flow didn’t cover the dividend · The inventory build sits on a repurchase facility · Half the new term loan is due within a year
Tests our published analysis · About $1.76B a year of dividends and interest, and the reserve covering it is a board policy, not a contract · $6.75B of convertible debt can be put back, against $2.45B of cash and short-term investments · Bitcoin sales now fund dividends, and half of the Q2 sale value had not yet arrived as cash
Tests our published analysis · 42% of Q2 pre-tax income came from below the operating line · A $14.8B takeover being financed in plain sight, plus a swap off the face of the balance sheet · Cash flow helped by insurance reserves while buybacks outran cash
Tests our published analysis · Record margins came partly from customers upgrading less · The 2.3x leverage figure leaves out $30.1B of secured debt · The “1.7 million subscribers” headline does not tie to the net-additions table
3 findings on the 10-Q Q3 2026 · $4.8B due within three years against $2.1B of liquidity, with no fuel or rate hedges · Debt at 6.3 times equity, with cash still going out · Loyalty revenue grew 28%, faster than passenger revenue
3 findings on the 10-Q Q3 2026 · About $1.1B of nine-month operating income came from aircraft sale-leasebacks · Fuel costs rose 62% against revenue up 17% · Advance ticket sales up 31% since December, funding cash flow
4 findings on the 10-Q Q3 2026 · Cash Conversion Drivers: $7.33B liability contribution alongside rising payables and uninvoiced purchases · Stock-based compensation rose 78.8% as operating profit fell · Energy gross margin includes unquantified temporary supports · New $30B undrawn credit package raises capital-allocation questions
3 findings on the 10-Q Q3 2026 · $857M separates GAAP from non-GAAP operating income, including $484M of legal and regulatory charges · The Delivery Hero position is now $4.85B, about 17% of book equity · Mobility revenue fell 2% while Mobility bookings grew 18%
Results are out. Our scoring of the markers will follow shortly.
3 findings on the 10-Q Q3 2026 · Operating income of $958M, halved by estimate changes and short of interest costs · $31.2B of production costs deferred, with 777X costs up fourfold · Receivables up 39% against revenue up 8%, with a thinner reserve
Results are out. Our scoring of the markers will follow shortly.
3 findings on the 10-Q Q3 2026 · Nearly a third of pre-tax income now comes from lending and other non-rent income · 82% of receivables are straight-line rent not yet received in cash · $2.9B due in 2027, with funding leaning on partners, convertibles and forward share sales
3 findings on the 10-Q Q3 2026 · $4.3B of impairments, against $5.9B of pre-tax income, taxed at 3.2% · Receivables up 19.5% this year, against revenue up 2.3% · Free cash flow covered the dividend 0.99 times, with no buybacks
3 findings on the 10-Q Q3 2026 · Pre-tax earnings up 50%, Core FFO up 9% · SEGRO: a £3.575B bridge loan and a new $5B share-issuance programme · Strategic capital revenue up 29% on promote-sensitive fees, and G&A up 16%
3 findings on the 10-Q Q3 2026 · Profit taxed at 1.2%, with a large tax-asset release possible · Receivables up 27% in a quarter, and one customer holds 27% of them · Bookings covered revenue 1.26 times, down from 2.33, as deals got shorter
3 findings on the 10-Q Q3 FY2026 · 41% of Q3 pre-tax income came from investment and other income · Inventory up 28% and receivables up 8% while revenue fell · Handset chips fell 20%, and one customer is 24% of revenue
Results are out. Our scoring of the markers will follow shortly.
How management answered the risks in our read · $857M separates GAAP from non-GAAP operating income, including $484M of legal and regulatory charges (Not asked) · The Delivery Hero position is now $4.85B, about 17% of book equity (Partly answered) · Mobility revenue fell 2% while Mobility bookings grew 18% (Partly answered)
10-Q · Q3 2026. Original filing underlying our published read.
Uber reported Q3 2026 on 4 November, before the market opened: gross bookings rose 20% to $59.8B and operating income 30% to $1,447M, but a $476M loss on revaluing equity investments cut GAAP net income to $512M and diluted EPS to $0.25. Q4 guidance points to $63.25B–$65.25B of gross bookings and non-GAAP EPS of $0.95–$0.99.
42% of Q2 pre-tax income came from below the operating line: Confirmed (Investment marks swung GAAP earnings again: a $1.6B gain in Q2 became a $476M loss in Q3, and GAAP EPS fell to $0.25 from $1.17 while operating income kept growing) · A $14.8B takeover being financed in plain sight, plus a swap off the face of the balance sheet: Open (Uber raised $5,139M of debt and repaid $2,000M in Q3, consistent with refinancing the December term loan; equity-method investments stood at $3,498M) · Cash flow helped by insurance reserves while buybacks outran cash: Partly confirmed (Insurance reserves again lifted operating cash flow ($423M in Q3), and buybacks slowed to $750M; cash rose to $10.1B after new debt)
Results are out. Our scoring of the markers will follow shortly.
Results are out. Our scoring of the markers will follow shortly.
Results are out. Our scoring of the markers will follow shortly.
3 findings on the 10-Q Q2 2026 · Cash conversion fell as cash taxes jumped sixfold · Share-based pay rose 148%, and is now 69% of R&D · Compute costs are growing slower than revenue, with $346.5M still to pay on a cloud commitment
3 findings on the 8-K Q3 2026 · Nine-month operating cash flow fell 36% to $11.1B · Ford Credit paid the parent $2.63B, almost exactly the $2.62B Ford paid into it · A $3.8B government loan, a $4.0B liquidity covenant and a $17.6B warranty reserve
3 findings on the 10-Q Q3 2026 · Shareholders’ equity turned negative after a $2.07B quarterly loss · Leverage at 6.1x against a 6.75x covenant that returns on 31 December · Rebates owed nearly doubled while customer prepayments almost disappeared
3 findings on the 10-Q Q2 2026 · Comparable sales slowed to 1.3% from 3.8%, and US guest counts fell · EPS rose 6%, but organic growth was closer to 1.5–2% · Dividends and buybacks ran $185M ahead of free cash flow
Mosaic reported Q3 2026 on 3 November: net sales fell 10% to $3.10B, the net loss attributable was $(72.1)M, and adjusted EBITDA fell to $324M from $806M. Phosphate losses widened on higher sulfur costs, inventory fell by $444M and short-term debt by $510M, and long-term maturities were extended through 2028. The inventory-financing balance, the tax item and the 364-day loan are confirmed only in the Q3 10-Q.
Free cash flow didn’t cover the dividend: Confirmed (Free cash flow still did not cover the dividend: $(402.6)M over nine months against $211.0M of dividends, a $613.6M gap) · The inventory build sits on a repurchase facility: Open (Inventory fell to $3,224.0M from $3,668.0M in June and short-term debt fell by $509.7M, consistent with the build unwinding) · Half the new term loan is due within a year: Open (Mosaic said it refinanced and extended all long-term maturities through 2028)
3 findings on the 10-Q Q2 2026 · Cash flow was 1.79 times net income, carried by a $7.6B payables build · Receivables rose 53%, and half are matching buy/sell balances · MPLX carries $26.0B of debt against $1.0B of cash as growth spending rises
Results are out. Our scoring of the markers will follow shortly.
3 findings on the 10-Q Q2 2026 · About $1.76B a year of dividends and interest, and the reserve covering it is a board policy, not a contract · $6.75B of convertible debt can be put back, against $2.45B of cash and short-term investments · Bitcoin sales now fund dividends, and half of the Q2 sale value had not yet arrived as cash
10-Q · Q3 2026. Original filing underlying our published read.
3 findings on the 10-Q Q2 2026 · 71% of Q2 net income came from investment marks · Transaction and loan losses rose 76%, reported as one combined line · The lending book grew 22% in six months, mostly bought from partner banks
Results are out. Our scoring of the markers will follow shortly.
3 findings on the 10-Q Q2 2026 · 42% of Q2 pre-tax income came from below the operating line · A $14.8B takeover being financed in plain sight, plus a swap off the face of the balance sheet · Cash flow helped by insurance reserves while buybacks outran cash
3 findings on the 10-Q Q2 2026 · $1.1B of contingency and restructuring charges in two quarters; legal accruals up 290% · Transaction and loan losses more than doubled as lending scaled · Warehouse funding about 80% drawn as interest costs rose 166%
Results are out. Our scoring of the markers will follow shortly.
Apple reported Q4 FY2026 on 2 November: revenue up 12% to $114.5B and diluted EPS of $2.10, with gross margin of 47.9% including about 1 point of tariff refunds. It guided Q1 FY2027 gross margin to 45% to 46%, mainly on memory costs, and said manufacturing purchase obligations rose $33B in the quarter. The components, intangibles and refund markers wait for the FY2026 10-K.
Tariff refunds added about 2 points to gross margin, quantified only on the call: Confirmed (Tariff refunds again lifted gross margin, by about 1 point in Q4 and about $0.05 of EPS, and this time Apple stated it in the results release as well as on the call) · Inventory nearly doubled and intangible assets rose $12.1B: Escalated (Inventory rose to $14,541M at September, up 31% from June and 154% from a year earlier, and Apple said manufacturing purchase obligations rose $33B from June to September as it works to improve supply) · The September guide rests on rising memory costs and one more point of refunds: Confirmed (The guide for the December quarter is a gross margin of 45% to 46%, which management attributed mainly to higher memory costs, plus some Siri AI ramp costs)
3 findings on the 10-Q Q2 2026 · A $483M unrealised gain and a 9.8% tax rate lifted Q2 earnings · $17.4B of purchase commitments due in the rest of 2026, against $13.1B of cash · Accounts payable rose $2.4B, carrying Q2 operating cash flow
3 findings on the 10-Q Q2 2026 · GAAP EPS rose 65%, core earnings rose 4% · An FDA withdrawal request for TAVNEOS and a partial hold on subcutaneous BLINCYTO · $5.4B of debt due within a year as cash builds and buybacks pause
10-Q · Q3 2026. Original filing underlying our published read.
How management answered the risks in our read · Profit taxed at 1.2%, with a large tax-asset release possible (Not asked) · Receivables up 27% in a quarter, and one customer holds 27% of them (Not asked) · Bookings covered revenue 1.26 times, down from 2.33, as deals got shorter (Partly answered)
10-Q · Q3 2026. Original filing underlying our published read.
How management answered the risks in our read · Shareholders’ equity turned negative after a $2.07B quarterly loss (Partly answered) · Leverage at 6.1x against a 6.75x covenant that returns on 31 December (Partly answered) · Rebates owed nearly doubled while customer prepayments almost disappeared (Direct answer)
10-Q · Q3 2026. Original filing underlying our published read.
8-K · Q3 2026. Original filing underlying our published read.
10-Q · Q3 2026. Original filing underlying our published read.
3 findings on the 10-Q Q3 FY2026 · Tariff refunds added about 2 points to gross margin, quantified only on the call · Inventory nearly doubled and intangible assets rose $12.1B · The September guide rests on rising memory costs and one more point of refunds
3 findings on the 10-Q Q3 FY2026 · A $29B backstop and up to $42B of customer notes, outside the balance sheet · $126.8B of purchase commitments, 5.3 times cash · An 11.5% tax rate, with a $2,186M global minimum tax now payable
How management answered the risks in our read · Operating income of $958M, halved by estimate changes and short of interest costs (Partly answered) · $31.2B of production costs deferred, with 777X costs up fourfold (Direct answer) · Receivables up 39% against revenue up 8%, with a thinner reserve (Not asked)
10-Q · Q3 2026. Original filing underlying our published read.
3 findings on the 10-Q Q2 2026 · $129M of one-off gains sit inside Q2 earnings · Credit losses doubled as the Gold Card book expanded · Prediction markets grew as crypto fell, and Citadel’s share rose
Robinhood reported Q3 results on 27 October: record revenue of $1.42B, up 12%, but diluted EPS down 16% to $0.51. Each of the read’s three findings moved again in the quarter. Separately, Robinhood’s filed 8-K and its own earnings presentation disagree on its new adjusted earnings measure. Two details, the card delinquency rate and Citadel Securities’ share of revenue, wait for the Q3 10-Q.
$129M of one-off gains sit inside Q2 earnings: Confirmed (The RVI mark moved earnings again, this time the other way: Q3 included $67M of unrealised losses, $0.07 a share, mainly on Robinhood Ventures Fund I, after $129M of gains ($0.14 a share) in Q2) · Credit losses doubled as the Gold Card book expanded: Escalated (The credit loss provision rose again, to $71M from $56M in Q2 and $26M a year earlier, as the card book kept growing: the card funding trust bought $4.7B of receivables in the quarter against $4.2B collected) · Prediction markets grew as crypto fell, and Citadel’s share rose: Partly confirmed (The rotation continued: event-contract revenue rose to $173M from $156M in Q2, while crypto revenue fell 55% from a year earlier to $120M)
3 findings on the 10-Q Q2 2026 · Free cash flow didn’t cover the dividend · The inventory build sits on a repurchase facility · Half the new term loan is due within a year
3 findings on the 10-Q Q3 FY2026 · Litigation payments depleted the settlement escrow · Buybacks exceeded operating cash flow as conversion weakened · Special items move GAAP earnings in both directions
Visa reported Q4 and full-year FY2026 results: net revenue of $45.9B for the year, up 15%, and Q4 non-GAAP EPS of $3.48, up 17%. Two of the read’s three findings held. The buyback finding did not: over the full year, buybacks stayed within operating cash flow.
Litigation payments depleted the settlement escrow: Confirmed (Visa took a further $469M litigation provision for the interchange MDL in Q4) · Buybacks exceeded operating cash flow as conversion weakened: Reversed (Over the full year, buybacks of $20.5B were 86% of operating cash flow of $23.7B, so the nine-month pattern did not hold) · Special items move GAAP earnings in both directions: Confirmed (Q4 GAAP results again moved on special items in both directions: the $469M litigation provision, a $282M donation of investments to the Visa Foundation and a $37M deferred tax expense, against $155M of equity investment gains)
3 findings on the 8-K Q3 2026 · Record margins came partly from customers upgrading less · The 2.3x leverage figure leaves out $30.1B of secured debt · The “1.7 million subscribers” headline does not tie to the net-additions table
3 findings on the 10-Q Q2 FY2027 · $2.9B of one-off tariff refunds sit inside Q2 profit, and the pool is now used up · A one-off tax item cut Q2 interest by $0.5B and tax by $0.4B · Free cash flow fell 20.4% while buybacks and dividends ran 64% ahead of it
10-Q · Q3 2026. Original filing underlying our published read.
How management answered the risks in our read · Record margins came partly from customers upgrading less (Not asked) · The 2.3x leverage figure leaves out $30.1B of secured debt (Not asked) · The “1.7 million subscribers” headline does not tie to the net-additions table (Not asked)
8-K · Q3 2026. Original filing underlying our published read.
10-Q · Q3 2026. Original filing underlying our published read.
How management answered the risks in our read · About $1.1B of nine-month operating income came from aircraft sale-leasebacks (Not asked) · Fuel costs rose 62% against revenue up 17% (Direct answer) · Advance ticket sales up 31% since December, funding cash flow (Not asked)
10-Q · Q3 2026. Original filing underlying our published read.
FMC cut Q3 revenue to $65M to $125M, against $840M to $900M guided in July, and set out $625M to $675M of commercial actions: lower prices on FMC stock held by distributors in Brazil, Argentina, the US and Canada, and a move away from its US high-rebate pricing model. The shares fell 35%.
Rebates owed to customers reached $632.4M: Confirmed (FMC said its US selling model had been a “high gross-price and high-rebate structure” and is moving away from it, alongside price cuts on higher-priced FMC stock held by channel customers) · The leverage covenant is switched off until December: Escalated (FMC expects to be in compliance at September 30, but intends to seek “potential further modifications to covenants over the next year”) · Q2 cash flow leaned on a $200M licence prepayment: Open (No update on cash) · Not in our read: Missed (Not flagged as a risk in the Q2 read)
Earlier call, checked in our read · Pre-tax earnings up 50%, Core FFO up 9% (Not asked) · SEGRO: a £3.575B bridge loan and a new $5B share-issuance programme (Partly answered) · Strategic capital revenue up 29% on promote-sensitive fees, and G&A up 16% (Partly answered)
3 findings on the 10-Q Q2 2026 · Rebates owed to customers reached $632.4M · The leverage covenant is switched off until December · Q2 cash flow leaned on a $200M licence prepayment
10-Q · Q3 FY2026. Original filing underlying our published read.
Earlier call, checked in our read · A $29B backstop and up to $42B of customer notes, outside the balance sheet (Sidestepped) · $126.8B of purchase commitments, 5.3 times cash (Not asked) · An 11.5% tax rate, with a $2,186M global minimum tax now payable (Partly answered)
10-Q · Q2 FY2027. Original filing underlying our published read.
Earlier call, checked in our read · $2.9B of one-off tariff refunds sit inside Q2 profit, and the pool is now used up (Partly answered) · A one-off tax item cut Q2 interest by $0.5B and tax by $0.4B (Not asked) · Free cash flow fell 20.4% while buybacks and dividends ran 64% ahead of it (Not asked)
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
How management answered the risks in our read · Free cash flow didn’t cover the dividend (Partly answered) · The inventory build sits on a repurchase facility (Sidestepped) · Half the new term loan is due within a year (Sidestepped)
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q2 2026. Original filing underlying our published read.
10-Q · Q3 FY2026. Original filing underlying our published read.
Earlier call, checked in our read · Tariff refunds added about 2 points to gross margin, quantified only on the call (Partly answered) · Inventory nearly doubled and intangible assets rose $12.1B (Not asked) · The September guide rests on rising memory costs and one more point of refunds (Partly answered)
How management answered the risks in our read · Q2 cash flow leaned on a $200M licence prepayment (Not asked)
10-Q · Q2 2026. Original filing underlying our published read.
How management answered the risks in our read · $129M of one-off gains sit inside Q2 earnings (Not asked) · Credit losses doubled as the Gold Card book expanded (Not asked) · Prediction markets grew as crypto fell, and Citadel’s share rose (Partly answered)
10-Q · Q2 2026. Original filing underlying our published read.
How management answered the risks in our read · 41% of Q3 pre-tax income came from investment and other income (Not asked) · Inventory up 28% and receivables up 8% while revenue fell (Partly answered) · Handset chips fell 20%, and one customer is 24% of revenue (Direct answer)
10-Q · Q3 FY2026. Original filing underlying our published read.
How management answered the risks in our read · Litigation payments depleted the settlement escrow (Not asked) · Buybacks exceeded operating cash flow as conversion weakened (Not asked) · Special items move GAAP earnings in both directions (Partly answered)
10-Q · Q3 FY2026. Original filing underlying our published read.
Earlier call, checked in our read · The leverage covenant is switched off until December (Partly answered)
Covers every company with a full Helmledgers read. SEC filings link to EDGAR. An accounting read of public filings, not investment advice.