Boeing reported $2.48 in earnings per share for FY 2025 — its first profitable year since 2019 on 600 commercial deliveries. But the 10-K reveals adjusted EPS of -$9.35 after stripping a $9.6 billion divestiture gain that even Boeing's own 'core' non-GAAP metric fails to remove. The 737 recovery is generating real value at 4.8% incremental margin, but $8.4 billion in 777X losses consumed every dollar. At $216, investors are pricing in a turnaround the filing confirms is underway — but slower and more expensive than any headline metric reveals.
Amgen reported $7.7 billion in net income for FY2025 — an 88.5% surge. But operating cash flow fell 13.3%, free cash flow collapsed 22%, and accounts receivable spiked 41% against just 10% revenue growth. Meanwhile, buried in the product revenue footnote: growth products overtook legacy at-risk drugs for the first time. The patent cliff narrative is partially obsolete — but a $12.3 billion debt maturity wall and negative ROIIC complicate everything.
Canadian Pacific Kansas City reported 13% EPS growth and returned $4.7 billion to shareholders in FY2025 — the most aggressive capital return of any Class I railroad. But the 10-K reveals that $4.7 billion was 215% of free cash flow, funded by $3.1 billion in new debt and a one-time asset sale. The operating ratio improvement of 160 basis points was inflated by non-recurring tailwinds worth 80-100bps. Revenue per RTM was flat. And the Mexican concession's exclusivity expires in 2037, not 2047. This is a company betting its future earnings will prove today's cash generation was a trough.
Simon Property Group reported $14.17 in EPS for FY2025 — a 95% increase that masks a ~25% decline in normalized earnings after stripping the $2.9B Taubman consolidation gain. The filing reveals the acquired TRG portfolio operates at roughly 37% NOI margin versus 75% for the legacy portfolio, compressing segment margins by 137 basis points. Meanwhile, The Mills format delivered 8.7% rent growth at 99.2% occupancy, challenging the monolithic 'dead mall' narrative. With $5.91B in 2026 debt maturities refinancing at a 73 basis point premium, SPG's 4.7% rent growth must outrun three convergent headwinds.
IBM reported a 76% net income surge in FY2025 — its best earnings growth in over a decade. Two weeks later, the stock crashed 13%, erasing $31 billion, when Anthropic announced Claude Code could automate COBOL modernization. The 10-K reveals both reactions were wrong: two non-recurring events inflated earnings by $3.1 billion, true growth was 8-9%, and consulting — the supposed AI victim — is only 17.1% of IBM's profit. The real story is a quiet software takeover generating 61.7% of segment profit at 31.1% margins.