Roblox — the gaming platform with 85 million daily active users — reported $6.8 billion in bookings and $4.9 billion in revenue for FY2025, with $1.36 billion in free cash flow. But the 10-K reveals a $1.07 billion GAAP loss bridged almost entirely by $1.13 billion in stock-based compensation. Meanwhile, 63% of that revenue came from prior-year bookings, recognized through a $6.5 billion deferred revenue liability controlled by a single 27-month accounting estimate. The structural cost floor consumes 66.6% of revenue before any personnel costs, $1.6 billion in new lease commitments will double infrastructure expenses, and FY2026 GAAP losses are guided to widen even as revenue grows 25%.
Shopify's gross margins have declined from 50% to 46% over six quarters. Most investors see this as a red flag. But Shopify's FY2025 10-K reveals a counter-intuitive dynamic: as lower-margin Merchant Solutions grows to dominate the revenue mix, operating margins are actually expanding — because it needs dramatically less incremental S&M and R&D. The question is whether fintech risk changes this equation.
Palantir paid $23 million in taxes on $1.66 billion in pretax income — a 1.37% effective rate. The FY2025 10-K reveals exactly why: a single line item in the tax footnote worth $720 million that rises and falls with the stock price. That mechanism boosted reported net income by 19.4%, putting the real P/E closer to 247x than the reported 199x. The filing also shows that only 37% of the $11.2 billion remaining deal value is contractually binding, and that international commercial revenue grew just 2.4% in a year the company grew 56%. The business transformation is real — but so is the amplification.
LYFT has higher gross margin (42.6%) AND better earnings quality (7/10) than UBER. So why is LYFT barely profitable? The answer: OpEx. LYFT spends 42.2% of revenue on operating expenses vs UBER's 30.6%. Our 5-pass filing intelligence reveals how scale economics beat unit economics in rideshare.
AppLovin's ROIC went from 4.5% to 75% in 2.5 years while revenue growth accelerated from +17% to +86%. Meanwhile, Unity's ironSource merger resulted in -9% ROIC and declining revenue. The data reveals one of the most dramatic capital efficiency divergences in tech history.
Companies spent $2.9 trillion on buybacks since 2019. But are they actually reducing shares? Our analysis reveals the uncomfortable truth that 95% of programs are ineffective.
Three major fintechs, three very different approaches to earnings quality. PayPal (8/10) represents conservative accounting, Block (6/10) shows aggressive tendencies with regulatory exposure, and Coinbase (4/10) raises red flags with 0.10x cash conversion. Our 5-pass filing intelligence reveals what standard screeners miss.