Dick's Sporting Goods grew its core business EPS 3.8% to $14.58 in FY2025 while consolidated GAAP EPS fell 29% to $9.97. The FY2025 10-K reveals a two-speed retailer: the DICK'S segment earned 11.1% margins while Foot Locker lost $52 million. At $202, the market assigns negative $1.4 billion to the FL acquisition — making this a binary bet on a $177 million turnaround pinned to one back-to-school season.
AST SpaceMobile reported a $342 million net loss — and buried in the same filing is $1.2 billion in contractual revenue commitments from AT&T, Verizon, and Vodafone. The company that consensus calls 'pre-revenue' generated $70.9 million in actual revenue, but $298 million in annual fixed costs tick regardless of launch timing.
Marriott International reported 14.2% EPS growth in FY2025, but the 10-K reveals a structural divergence beneath the headline. Co-branded credit card fees grew $105 million — exceeding the $94 million from actual hotel rooms growth — and the credit card increment accelerated 78% year-over-year. Meanwhile, the debt-funded buyback machine that delivered one-third of EPS growth is getting more expensive: average buyback price rose from $273 to $318 per share. This analysis decomposes Marriott's three growth engines and tracks where the efficiency is breaking down.
iShares Gold Trust posted $24.3 billion in FY2025 'net income' with zero revenue, zero cash flow, and zero employees. Gold rose 65%. The trust's NAV doubled. But the 10-K filing reveals four different answers to the question every gold investor should ask: what did I actually earn? We decompose IAU's record year into four components — gold price appreciation, per-share value capture, flow amplification from 229.5 million new shares, and BlackRock's $124 million in guaranteed fee extraction.
CME Group posted record revenue of $6.5 billion, record average daily volume of 28.1 million contracts, and record earnings of $11.16 EPS in FY2025. But the 10-K reveals that 62% of pretax income growth came from reinvesting $164 billion in customer collateral — not from the exchange fee business. With a 97.8% dividend payout ratio and the Fed signaling rate cuts, CME's most important profit engine is entirely outside management's control.
Grayscale Bitcoin Trust held 619,526 Bitcoin in December 2023. Two years later, it holds 165,692 — a 73.3% collapse that cost the Trust three-quarters of its assets while its sponsor still collects $281 million a year in fees. The 10-K filing reveals three compounding mechanisms hollowing out GBTC: a fee that actually costs 1.67% (not the stated 1.5%), redemptions that accelerate when Bitcoin falls, and insiders who dumped 92.3% of their own holdings. For remaining holders, GBTC isn't a Bitcoin investment — it's a subscription to a fee machine where the exit is blocked by a capital gains wall.
Medline Inc. grew revenue 11.5% to $28.4 billion — the fastest among its med-surg peers. But the 10-K reveals that $2.9 billion in new revenue produced just $67 million in incremental operating income, a 2.3% capture rate below the company's own cost of debt. With ROIC at 5.96% versus a 6.50% cost of debt, a Q4 gross margin cliff to 24.6%, and a potential $11 billion Tax Receivable Agreement owed to PE sponsors, the filing documents a capital structure that demands more than operations can deliver.
Imperial Oil reported a 32% earnings collapse in FY 2025 — its steepest since the pandemic. But the 10-K's reconciliation tables reveal $1.031 billion in one-time charges (Norman Wells end-of-life and restructuring) explain 68% of the decline. Strip those out, and you find a company producing at a 30-year high of 438,000 boe/d, returning 142% of net income to shareholders, and funding the highest total shareholder yield (10.8%) among major energy peers — all while borrowing from ExxonMobil at 2.7%.