{ "version": 2, "standard": "full-year", "generatedAt": "2026-10-16T19:14:09.827Z", "method": "Parsed from each company's canvas.json (keyMetrics, revenueLadder, revenue-streams/cost-structure blocks, tagline). Figures are verbatim from the canvases with source snippets; null = not stated. FULL-YEAR STANDARD: the ranking revenue, growth, margin and profit are the full-year figures stated on the canvas where available; quarterly / run-rate / unstated figures are never annualized (revenue.fullYear=false). Model tags, outcome classes and USD conversion of EUR/GBP (fixed reference rate) are INFERENCE.", "refFx": { "USD": 1, "EUR": 1.08, "GBP": 1.27 }, "tags": [ "take-rate", "interchange", "subscription", "usage-based", "lending", "ads", "hardware", "marketplace", "freemium", "enterprise-contracts", "retail/DTC", "network-fees" ], "stats": { "companies": 122, "withRevenue": 96, "withFullYearRevenue": 89, "withRevenueUSD": 89, "withGrowth": 79, "withMargin": 54, "withProfitFigure": 75, "withGrowthAndMargin": 54, "autoTagged": [], "international": { "none": 38, "ranked": 51, "region": 5, "partial": 16, "qualitative": 12 }, "outcome": { "Profitable": 70, "Loss-making": 13, "Undisclosed": 39 } }, "companies": [ { "slug": "academy-sports-outdoors", "name": "Academy Sports + Outdoors", "url": "/companies/academy-sports-outdoors/", "logo": "logo.svg", "sector": "Retail / Sporting Goods", "theme": "Commerce & Consumer", "accent": "#003087", "sourceModelTags": [ "Value sporting-goods retail", "Private-label + national brands", "Regional store growth", "Omnichannel BOPIS" ], "lastUpdated": "2026-10-13", "revenue": { "value": 6050000000, "currency": "USD", "raw": "$6.05B", "period": "annual", "fullYear": true, "usd": 6050000000, "snippet": "$6.05B revenue FY25 (+2.0%)", "sourceSentence": "$6.05B revenue FY25 (+2.0%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Academy Q4 and fiscal 2025 results release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1817358/000181735826000026/exhibit991pressreleaseye25.htm" }, "growthPct": 2, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 8.5, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "Operating income was $512.2M (8.5% margin, vs 9.1%)" }, "profit": { "kind": "net income", "value": 376800000, "currency": "USD", "raw": "$376.8M", "period": "annual", "snippet": "FY2025 net income $376.8M (−9.9%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "homeOnlyStatement": "All of our sales are generated within the United States (FY2025 10-K)", "source": "Latest annual filing (SEC EDGAR)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1817358/000181735826000031/aso-20260131.htm", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Outdoors", "amount": 1831000000, "currency": "USD", "period": "FY2025 merchandise", "price": "$1,831M", "unit": "FY2025 merchandise", "note": "FACT; camping, fishing, hunting (~31% of net sales)", "shareOfRevenue": 0.303 }, { "name": "Apparel", "amount": 1646000000, "currency": "USD", "period": "FY2025 merchandise", "price": "$1,646M", "unit": "FY2025 merchandise", "note": "FACT; outdoor, athletic, licensed (~27%)", "shareOfRevenue": 0.272 }, { "name": "Sports & recreation", "amount": 1340000000, "currency": "USD", "period": "FY2025 merchandise", "price": "$1,340M", "unit": "FY2025 merchandise", "note": "FACT; fitness, team sports, recreation (~22%)", "shareOfRevenue": 0.221 }, { "name": "Footwear", "amount": 1202000000, "currency": "USD", "period": "FY2025 merchandise", "price": "$1,202M", "unit": "FY2025 merchandise", "note": "FACT; athletic, work, casual (~20%)", "shareOfRevenue": 0.199 }, { "name": "Other sales", "amount": 36000000, "currency": "USD", "period": "FY2025", "price": "$36M", "unit": "FY2025", "note": "FACT; gift-card breakage, card bounties/royalties, shipping", "shareOfRevenue": 0.006 }, { "name": "Net sales", "amount": 6053000000, "currency": "USD", "period": "FY2025, +2.0%", "price": "$6,053M", "unit": "FY2025, +2.0%", "note": "FACT; 52 weeks ended Jan 31, 2026", "shareOfRevenue": 1 } ], "streamsWithAmounts": 6, "modelTags": [ "retail/DTC" ], "modelTagEvidence": [ { "tag": "retail/DTC", "evidence": "manual review (scripts/atlas-overrides.json)" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "sells merchandise in its own stores and digital channels: merchandise sales $6.02B were 99.4% of $6.05B FY25 net sales (52 weeks ended Jan 31, 2026); other sales $35.6M (gift-card breakage, credit-card bounties/royalties, shipping) are add-ons", "sizing": { "usdFullYear": 6050000000, "inferred": false, "note": "as stated" } }, { "slug": "adyen", "name": "Adyen", "url": "/companies/adyen/", "logo": "logo.svg", "sector": "Payment Processing", "theme": "Fintech", "accent": "#0ABF53", "sourceModelTags": [ "Unified commerce PSP", "Interchange++ take rate", "Platforms + Issuing", "Public / high margin" ], "lastUpdated": "2026-10-08", "revenue": { "value": 2360000000, "currency": "EUR", "raw": "€2.36B", "period": "annual", "fullYear": true, "usd": null, "snippet": "€2.36B net revenue (FY2025)", "sourceSentence": "€2.36B net revenue (FY2025)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Adyen H2 2025 / FY results press, Feb 12, 2026 (FACT)", "sourceUrl": "https://www.adyen.com/press-and-media/adyen-publishes-h2-2025-financial-results-3pgu2" }, "growthPct": 18, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 53, "type": "ebitda", "period": "annual", "mixedPeriod": false, "snippet": "EBITDA €1,245.7M (+26%) at a 53% margin vs 50% in 2024" }, "profit": { "kind": "ebitda", "value": 1245700000, "currency": "EUR", "raw": "€1,245.7M", "period": "annual", "snippet": "EBITDA €1,245.7M (+26%) at a 53% margin vs 50% in 2024" }, "outcome": "Profitable", "outcomeBasis": "ebitda", "outcomeInferred": true, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 92.5, "basis": "country", "homeMarket": "Netherlands", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Netherlands EUR 199.1M of EUR 2,646.9M non-interest revenue (IFRS 8 note; Netherlands is the country of domicile)", "source": "Adyen Annual Report 2025, consolidated financial statements (IFRS 8 geographical breakdown)", "sourceUrl": "https://brand.adyen.com/api/asset/eyJjbGllbnRJZCI6bnVsbCwiaWQiOjEyMjMwOCwidGltZXN0YW1wIjoxNzc1NTY0MjQ0LCJ2ZXJzaW9uIjoxNzcyNjkwMjA3fQ:adyen:DEcCEo4XPo3eDfzj-fjMZ366g2pQkuoZMPARCHC5BoE/download", "basisNote": "merchant billing location", "entryMode": "owned", "entryModeNote": "Own acquiring licences and local entities on one global platform", "reviewedAt": "2026-10-14", "tier": "ranked" }, "revenueStreams": [ { "name": "Card Interchange++", "amount": null, "currency": null, "period": null, "price": "$0.13 + ~0.60%", "unit": "+ interchange & scheme (pass-through)", "note": "FACT, pricing; acquirer markup starts ~0.60% by volume", "shareOfRevenue": null }, { "name": "Other payment methods", "amount": null, "currency": null, "period": null, "price": "$0.13 + method fee", "unit": "/ transaction", "note": "FACT; e.g. some methods show blended % instead of ++", "shareOfRevenue": null }, { "name": "Company take rate", "amount": null, "currency": null, "period": null, "price": "17.0 bps", "unit": "of processed volume (FY2025)", "note": "FACT, AR 2025; net revenue / volume", "shareOfRevenue": null }, { "name": "Digital pillar", "amount": 1330000000, "currency": "EUR", "period": "FY2025", "price": "€1.33B NR", "unit": "FY2025", "note": "FACT; online-first enterprises", "shareOfRevenue": 0.564 }, { "name": "Unified Commerce", "amount": 765000000, "currency": "EUR", "period": "FY2025", "price": "€765M NR", "unit": "FY2025", "note": "FACT; online + in-store / POS", "shareOfRevenue": 0.324 }, { "name": "Platforms + embed", "amount": 264000000, "currency": "EUR", "period": "FY2025 (+50%)", "price": "€264M NR", "unit": "FY2025 (+50%)", "note": "FACT; Capital, Issuing, accounts attach", "shareOfRevenue": 0.112 }, { "name": "Embedded interest", "amount": 12600000, "currency": "EUR", "period": "net interest income FY2025", "price": "€12.6M", "unit": "net interest income FY2025", "note": "FACT, AR 2025; financial products suite", "shareOfRevenue": 0.005 } ], "streamsWithAmounts": 4, "modelTags": [ "take-rate", "interchange", "subscription", "lending", "enterprise-contracts", "network-fees" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "Interchange++" }, { "tag": "interchange", "evidence": "Interchange" }, { "tag": "subscription", "evidence": "premium" }, { "tag": "lending", "evidence": "net interest" }, { "tag": "enterprise-contracts", "evidence": "enterprise" }, { "tag": "network-fees", "evidence": "scheme fees" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 2548800000, "inferred": true, "note": "converted at fixed reference FX EUR→USD 1.08 (INFERENCE, ordering only)" } }, { "slug": "affirm", "name": "Affirm", "url": "/companies/affirm/", "logo": "logo.svg", "sector": "BNPL / Consumer Credit", "theme": "Fintech", "accent": "#4A4AF4", "sourceModelTags": [ "Two-sided BNPL fees", "Interest on installment loans", "Originate-and-sell funding", "Affirm Card direct relationship" ], "lastUpdated": "2026-10-06", "revenue": { "value": 4260000000, "currency": "USD", "raw": "$4.26B", "period": "annual", "fullYear": true, "usd": 4260000000, "snippet": "$4.26B revenue, +32%", "sourceSentence": "$4.26B revenue, +32%", "field": "keyMetrics[1].label", "approx": false, "secondary": false, "source": "Fiscal 2026 Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1820953/000162828026059279/afrm-20260630.htm" }, "growthPct": 32, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "operating income", "value": 417000000, "currency": "USD", "raw": "$417M", "period": "annual", "snippet": "Operating income +$417M" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 3.5, "basis": "country", "homeMarket": "U.S.", "period": "FY2026 (year to Jun 30, 2026)", "fullYear": true, "label": "INFERENCE", "figures": "Canada $142.8M + other $6.3M of $4,261.1M", "source": "Affirm FY2026 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1820953/000162828026059279/afrm-20260630.htm", "entryMode": "partners", "entryModeNote": "Expands with merchant partners into Canada and the U.K.", "reviewedAt": "2026-10-14", "basisNote": "location of the entity fulfilling the service (interest income by borrower billing address)", "tier": "ranked" }, "revenueStreams": [ { "name": "Pay-in-X (Pay in 4)", "amount": null, "currency": null, "period": null, "price": "0% APR", "unit": "/ consumer", "note": "FACT; 16% of GMV; merchant pays the fee", "shareOfRevenue": null }, { "name": "0% APR monthly", "amount": null, "currency": null, "period": null, "price": "0% APR", "unit": "/ consumer", "note": "FACT; 14% of GMV; Affirm generally earns larger merchant fees here", "shareOfRevenue": null }, { "name": "Interest-bearing monthly", "amount": null, "currency": null, "period": null, "price": "Up to 36% APR", "unit": "simple interest", "note": "FACT; 70% of GMV; no late fees, total cost fixed at checkout", "shareOfRevenue": null }, { "name": "Merchant fee", "amount": null, "currency": null, "period": null, "price": "% of GMV", "unit": "/ sale", "note": "FACT; $1.15B merchant network revenue (≈2.3% of GMV, INFERENCE)", "shareOfRevenue": null }, { "name": "Affirm Card", "amount": null, "currency": null, "period": null, "price": "Interchange", "unit": "/ swipe", "note": "FACT; $294M card network revenue; ~15% of transactions", "shareOfRevenue": null }, { "name": "Loan sales + servicing", "amount": null, "currency": null, "period": null, "price": "Gain on sale", "unit": "/ loan sold", "note": "FACT; $597M gain on sales + $173M servicing on $21.9B sold", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "interchange", "lending", "marketplace", "network-fees" ], "modelTagEvidence": [ { "tag": "interchange", "evidence": "Interchange" }, { "tag": "lending", "evidence": "BNPL" }, { "tag": "marketplace", "evidence": "Two-sided" }, { "tag": "network-fees", "evidence": "network revenue" } ], "modelTagsInferred": true, "primaryTag": "lending", "engine": "lend", "cluster": "Lending & credit", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "interest income $2.05B is largest line on canvas", "sizing": { "usdFullYear": 4260000000, "inferred": false, "note": "as stated" } }, { "slug": "airbnb", "name": "Airbnb", "url": "/companies/airbnb/", "logo": "logo.svg", "sector": "Travel & Lodging Marketplace (homes, experiences, services)", "theme": "Commerce & Consumer", "accent": "#FF5A5F", "sourceModelTags": [ "Two-sided marketplace", "Host service fee 15.5%", "Payments float", "Experiences + services" ], "lastUpdated": "2026-10-11", "revenue": { "value": 12200000000, "currency": "USD", "raw": "$12.2B", "period": "annual", "fullYear": true, "usd": 12200000000, "snippet": "$12.2B revenue FY25 (+10%)", "sourceSentence": "$12.2B revenue FY25 (+10%) · H1 2026 $6.3B (+17%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Airbnb Form 10-K FY2025, Results of Operations and Note on segments; Form 10-Q Q2 2026 (FACT / INFERENCE for the international share)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/abnb-20251231.htm" }, "growthPct": 10, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 21, "type": "unspecified", "period": "annual", "mixedPeriod": false, "snippet": "a 21% margin, which the company states)" }, "profit": { "kind": "operating income", "value": 2500000000, "currency": "USD", "raw": "$2.5B", "period": "annual", "snippet": "FY25 operating income $2.5B" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 60.7, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "International $7,427M of $12,241M total revenue (by listing location)", "source": "Airbnb FY2025 Form 10-K, geographic information", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/abnb-20251231.htm", "entryMode": "digital-only", "entryModeNote": "One app; hosts list in 220+ countries and regions", "countries": 220, "countriesNote": "220+ countries and regions (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "listing location", "tier": "ranked" }, "revenueStreams": [ { "name": "Host service fee", "amount": null, "currency": null, "period": null, "price": "15.5% single fee (host pays)", "unit": "percent of the booking amount, charged to the host; migration from the old split fee began in Oct 2025", "note": "FACT per Q4 2025 letter; hosts can adjust prices to keep net earnings", "shareOfRevenue": null }, { "name": "Old split fee", "amount": null, "currency": null, "period": null, "price": "3% host fee plus a separate guest service fee", "unit": "still applies to bookings that remain on the split model", "note": "FACT; guests see the full price upfront under both", "shareOfRevenue": null }, { "name": "Guest travel insurance", "amount": null, "currency": null, "period": null, "price": "revenue grew about 40% in FY25", "unit": "optional paid cover, available in 12 of Airbnb's largest countries", "note": "FACT; dollar amount not disclosed", "shareOfRevenue": null }, { "name": "Interest on funds held", "amount": 705000000, "currency": "USD", "period": "earned on Airbnb's cash and the money it holds for guests and hosts until check-in", "price": "$705M interest income in FY25", "unit": "earned on Airbnb's cash and the money it holds for guests and hosts until check-in", "note": "FACT; recorded below operating income, not as revenue", "shareOfRevenue": 0.058 } ], "streamsWithAmounts": 1, "modelTags": [ "take-rate", "lending", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "lending", "evidence": "Interest income" }, { "tag": "marketplace", "evidence": "Two-sided" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "two-sided lodging marketplace: service fees on bookings (host fee, moving to a single 15.5%); substantially all of $12.24B FY25 revenue, about 13.4% of $91.3B Gross Booking Value; interest income $705M sits below operating income", "sizing": { "usdFullYear": 12200000000, "inferred": false, "note": "as stated" } }, { "slug": "alibaba", "name": "Alibaba", "url": "/companies/alibaba/", "logo": "logo.svg", "sector": "Online Marketplaces, Commerce and Cloud (China and international)", "theme": "AI & Infra", "accent": "#FF6A00", "sourceModelTags": [ "Merchant marketing + commission fees", "Quick commerce delivery", "Cloud + AI (Qwen)", "International + wholesale commerce" ], "lastUpdated": "2026-10-11", "revenue": { "value": 148400000000, "currency": "USD", "raw": "US$148.4B", "period": "annual", "fullYear": true, "usd": 148400000000, "snippet": "RMB1,023.7B (US$148.4B) revenue FY26 (+3%)", "sourceSentence": "RMB1,023.7B (US$148.4B) revenue FY26 (+3%) · June quarter 2026 RMB269.0B (US$39.6B, +9%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Alibaba results announcements for the March quarter / fiscal year 2026 and the June quarter 2026 (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1577552/000110465926060224/tm2614494d1_ex99-1.htm" }, "growthPct": 3, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 14800000000, "currency": "USD", "raw": "$14.8B", "period": "annual", "snippet": "net income RMB102.1B (US$14.8B, -19%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "homeOnlyStatement": "Substantially all of the Company's revenue is derived within the PRC, so no geographical information is presented (FY2026 20-F) — despite a RMB144B international commerce segment", "source": "Latest annual filing (SEC EDGAR)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1577552/000119312526231755/baba-20260331.htm", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Customer management revenue (merchant marketing + fees)", "amount": null, "currency": null, "period": null, "price": "RMB343.9B in FY26 (+5%)", "unit": "charged mainly per click, per thousand impressions, by time or per sale", "note": "FACT; Taobao and Tmall merchants; a 0.6% basic software service fee on confirmed transactions from Sep 2024 was reported by Bloomberg (SECONDARY)", "shareOfRevenue": null }, { "name": "China e-commerce direct sales, logistics and others", "amount": null, "currency": null, "period": null, "price": "RMB105.5B in FY26 (+2%)", "unit": "direct sales (e.g. Tmall Supermarket, Tmall Global) booked gross, plus logistics and value-added services", "note": "FACT", "shareOfRevenue": null }, { "name": "Quick commerce", "amount": null, "currency": null, "period": null, "price": "RMB78.5B in FY26 (+47%)", "unit": "Taobao Instant Commerce and Ele.me orders, net of subsidies", "note": "FACT; rolled out Taobao Instant Commerce at the end of April 2025", "shareOfRevenue": null }, { "name": "International commerce", "amount": null, "currency": null, "period": null, "price": "RMB117.7B retail (+9%) + RMB26.4B wholesale (+11%)", "unit": "AliExpress, Lazada and other retail; Alibaba.com wholesale and cross-border services", "note": "FACT", "shareOfRevenue": null }, { "name": "Cloud Intelligence", "amount": null, "currency": null, "period": null, "price": "RMB158.1B in FY26 (+34%)", "unit": "public cloud, AI model and infrastructure services", "note": "FACT; reported as AI Cloud and Compute Services from the June quarter 2026", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "ads", "take-rate", "lending", "retail/DTC" ], "modelTagEvidence": [ { "tag": "ads", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "take-rate", "evidence": "commission" }, { "tag": "lending", "evidence": "Apr" }, { "tag": "retail/DTC", "evidence": "wholesale" } ], "modelTagsInferred": true, "primaryTag": "ads", "engine": "ads", "cluster": "Ads & attention", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "customer management revenue (pay-for-performance marketing, mostly per click/impression/time/sale, plus commissions on Taobao and Tmall) was RMB343.9B, the largest single line of RMB1,023.7B FY26 revenue (33.6%); Cloud Intelligence RMB158.1B and direct sales/logistics RMB105.5B follow", "sizing": { "usdFullYear": 148400000000, "inferred": false, "note": "as stated" } }, { "slug": "allbirds", "name": "Allbirds", "url": "/companies/allbirds/", "logo": "logo.svg", "sector": "Sustainable Footwear", "theme": "Commerce & Consumer", "accent": "#2d5a3d", "sourceModelTags": [ "DTC lifestyle brand", "Natural-materials innovation", "Public benefit corp (PBC)", "Sold → wholesale + licensing" ], "lastUpdated": "2026-10-05", "revenue": { "value": 152500000, "currency": "USD", "raw": "$152.5M", "period": "annual", "fullYear": true, "usd": 152500000, "snippet": "FY25 rev $152.5M", "sourceSentence": "FY25 rev $152.5M", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "FY2025 Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1653909/000162828026022192/bird-20251231.htm" }, "growthPct": -19.7, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 41, "type": "gross", "period": "quarter", "mixedPeriod": true, "snippet": "Gross margin 41.0%" }, "profit": { "kind": "net loss", "value": -77300000, "currency": "USD", "raw": "$77.3M", "period": "annual", "snippet": "Net loss $77.3M" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 22.2, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "International $33.8M of $152.5M net revenue", "source": "Allbirds FY2025 Form 10-K (figures as cited on the canvas)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1653909/000162828026022192/bird-20251231.htm", "entryMode": "distributors-wholesale", "entryModeNote": "Shifted abroad to distributors in 90+ countries", "countries": 90, "countriesNote": "distributors in 90+ countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "shipping address for online and third-party sales; store location for retail", "tier": "ranked" }, "revenueStreams": [ { "name": "Tree Runner", "amount": null, "currency": null, "period": null, "price": "$100", "unit": "pair", "note": "FACT allbirds.com (Oct 2026) — eucalyptus tree fiber", "shareOfRevenue": null }, { "name": "Wool Runner", "amount": null, "currency": null, "period": null, "price": "$110", "unit": "pair", "note": "FACT allbirds.com — the original merino icon", "shareOfRevenue": null }, { "name": "International", "amount": 33800000, "currency": "USD", "period": "FY25", "price": "$33.8M", "unit": "FY25", "note": "FACT — mostly distributors in 90+ countries", "shareOfRevenue": 0.222 }, { "name": "United States", "amount": 118600000, "currency": "USD", "period": "FY25", "price": "$118.6M", "unit": "FY25", "note": "FACT — site, marketplace, stores, wholesale", "shareOfRevenue": 0.778 }, { "name": "Total net revenue", "amount": 152500000, "currency": "USD", "period": "FY25", "price": "$152.5M", "unit": "FY25", "note": "FACT — peak was $297.8M in 2022", "shareOfRevenue": 1 }, { "name": "Brand + IP sale", "amount": 40700000, "currency": "USD", "period": "one-time, Jun 2026", "price": "$40.7M", "unit": "one-time, Jun 2026", "note": "FACT 8-K — not revenue; ended the DTC era", "shareOfRevenue": 0.267 } ], "streamsWithAmounts": 4, "modelTags": [ "marketplace", "retail/DTC" ], "modelTagEvidence": [ { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "retail/DTC", "evidence": "DTC" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 152500000, "inferred": false, "note": "as stated" } }, { "slug": "alphabet", "name": "Alphabet", "url": "/companies/alphabet/", "logo": "logo.svg", "sector": "Internet / Cloud", "theme": "AI & Infra", "accent": "#4285F4", "sourceModelTags": [ "Ads cash engine", "Search + YouTube", "Google Cloud growth", "AI infrastructure" ], "lastUpdated": "2026-10-15", "revenue": { "value": 402800000000, "currency": "USD", "raw": "$402.8B", "period": "annual", "fullYear": true, "usd": 402800000000, "snippet": "$402.8B revenue FY25 (+15%)", "sourceSentence": "$402.8B revenue FY25 (+15%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Alphabet FY2025 Form 10-K / Q4 earnings release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000012/googexhibit991q42025.htm" }, "growthPct": 15, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 32, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 operating income $129.039B (32% operating margin)" }, "profit": { "kind": "net income", "value": 132200000000, "currency": "USD", "raw": "$132.2B", "period": "annual", "snippet": "FY2025 net income $132.2B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 51.8, "basis": "country", "homeMarket": "U.S.", "period": "FY2025 (year ended December 31, 2025)", "fullYear": true, "basisNote": "addresses of our customers (10-K revenue geography note)", "label": "INFERENCE", "figures": "U.S. $194.229B of $402.836B total revenues (EMEA $117.152B; APAC $67.680B; Other Americas $23.902B; hedging $(0.127)B). Filing states U.S. 48%.", "source": "Alphabet FY2025 Form 10-K — revenues by geography", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/R12.htm", "entryMode": "digital-only", "entryModeNote": "Primarily digital products and cloud services delivered globally; Pixel and other devices are a small slice of subscriptions/platforms/devices. No material company-owned retail network comparable to Apple Stores.", "localization": "Products localized by market; revenue reported in U.S., EMEA, APAC, and Other Americas based on customer address. Advertising and Cloud sold worldwide via digital consoles and regional sales.", "reviewedAt": "2026-10-15", "tier": "ranked" }, "revenueStreams": [ { "name": "Google Search & other ads", "amount": 224500000000, "currency": "USD", "period": "advertising revenue", "price": "$224.5B FY25", "unit": "advertising revenue", "note": "FACT; largest single stream", "shareOfRevenue": 0.557 }, { "name": "YouTube ads", "amount": 40400000000, "currency": "USD", "period": "advertising revenue", "price": "$40.4B FY25", "unit": "advertising revenue", "note": "FACT; YouTube ads+subs >$60B company claim", "shareOfRevenue": 0.1 }, { "name": "Google Network ads", "amount": 29800000000, "currency": "USD", "period": "advertising revenue", "price": "$29.8B FY25", "unit": "advertising revenue", "note": "FACT; AdSense / AdMob / Ad Manager partners", "shareOfRevenue": 0.074 }, { "name": "Subscriptions, platforms, devices", "amount": 48000000000, "currency": "USD", "period": "Google Services non-ads", "price": "$48.0B FY25", "unit": "Google Services non-ads", "note": "FACT; YouTube Premium/TV, Google One, Play, Pixel", "shareOfRevenue": 0.119 }, { "name": "Google Cloud (GCP + Workspace)", "amount": 58700000000, "currency": "USD", "period": "consumption + subscription", "price": "$58.7B FY25", "unit": "consumption + subscription", "note": "FACT; usage-based + seat SaaS", "shareOfRevenue": 0.146 }, { "name": "Other Bets", "amount": 1500000000, "currency": "USD", "period": "segment revenue", "price": "$1.5B FY25", "unit": "segment revenue", "note": "FACT; still loss-making at segment level", "shareOfRevenue": 0.004 } ], "streamsWithAmounts": 6, "modelTags": [ "subscription", "usage-based", "ads", "hardware", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "consumption" }, { "tag": "ads", "evidence": "Ads" }, { "tag": "hardware", "evidence": "device" }, { "tag": "enterprise-contracts", "evidence": "backlog" } ], "modelTagsInferred": true, "primaryTag": "ads", "engine": "ads", "cluster": "Ads & attention", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Google advertising $294.691B = ~73.2% of FY2025 revenues $402.836B (INFERENCE). Search & other $224.5B + YouTube ads $40.4B + Network $29.8B. Cloud $58.7B is strategic/high-growth but not the company-level main engine — queue title 'Alphabet (Google Cloud)' is demand framing; canvas emphasizes ads funding Cloud + AI. Not usage-based or enterprise-contracts as primary.", "sizing": { "usdFullYear": 402800000000, "inferred": false, "note": "as stated" } }, { "slug": "amazon", "name": "Amazon", "url": "/companies/amazon/", "logo": "logo.svg", "sector": "E-commerce, Marketplace, Advertising and Cloud Computing", "theme": "AI & Infra", "accent": "#FF9900", "sourceModelTags": [ "Own-inventory retail", "Third-party seller fees", "Prime + advertising", "AWS cloud" ], "lastUpdated": "2026-10-11", "revenue": { "value": 716900000000, "currency": "USD", "raw": "$716.9B", "period": "annual", "fullYear": true, "usd": 716900000000, "snippet": "$716.9B revenue FY25 (+12%)", "sourceSentence": "$716.9B revenue FY25 (+12%) · H1 2026 $382.1B (+18%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Amazon Form 10-K FY2025, MD&A and Note 10; Form 10-Q Q2 2026, MD&A (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm" }, "growthPct": 12, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 11.2, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 operating income was $80.0B (11.2% margin) and net income was $77.7B, helped by a $15.2B gain, mainly from the Anthropic stake" }, "profit": { "kind": "operating income", "value": 80000000000, "currency": "USD", "raw": "$80.0B", "period": "annual", "snippet": "FY25 operating income $80.0B" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 31.7, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "U.S. $489,657M of $716,924M net sales", "source": "Amazon FY2025 Form 10-K, net sales by country", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000004/amzn-20251231.htm", "entryMode": "owned", "entryModeNote": "Own local stores and logistics (Germany, U.K., Japan…)", "reviewedAt": "2026-10-14", "basisNote": "country-focused store, or the selling entity for AWS", "tier": "ranked" }, "revenueStreams": [ { "name": "Online stores (Amazon sells)", "amount": 269300000000, "currency": "USD", "period": "product price + shipping fees", "price": "$269.3B in FY25 (38% of sales)", "unit": "product price + shipping fees", "note": "FACT; Amazon buys inventory, sets the price and is the seller of record; includes digital media sold per item", "shareOfRevenue": 0.376 }, { "name": "Third-party seller services", "amount": 172200000000, "currency": "USD", "period": "commissions, fulfillment and shipping fees", "price": "$172.2B in FY25 (+10%)", "unit": "commissions, fulfillment and shipping fees", "note": "FACT; Amazon is not the seller of record; fees can be fixed, a percentage of sales, per-unit, interest, or a mix", "shareOfRevenue": 0.24 }, { "name": "Advertising services", "amount": 68599999999.99999, "currency": "USD", "period": "clicks or impressions", "price": "$68.6B in FY25 (+22%)", "unit": "clicks or impressions", "note": "FACT; sponsored ads, display and video ads sold to sellers, vendors, publishers and authors", "shareOfRevenue": 0.096 }, { "name": "Subscription services (Prime)", "amount": 49600000000, "currency": "USD", "period": "annual and monthly fees", "price": "$49.6B in FY25 (+12%)", "unit": "annual and monthly fees", "note": "FACT; Prime membership fees plus digital video, audiobook, music and e-book subscriptions; revenue recognized over the subscription period", "shareOfRevenue": 0.069 }, { "name": "AWS", "amount": 128699999999.99998, "currency": "USD", "period": "usage of compute, storage, database and other services", "price": "$128.7B in FY25 (+20%)", "unit": "usage of compute, storage, database and other services", "note": "FACT; mostly recognized as customers use services; some services sold as fixed-term commitments, recognized ratably", "shareOfRevenue": 0.18 } ], "streamsWithAmounts": 5, "modelTags": [ "retail/DTC", "take-rate", "subscription", "usage-based", "ads", "marketplace", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "retail/DTC", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "take-rate", "evidence": "commission" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "usage" }, { "tag": "ads", "evidence": "advertis" }, { "tag": "marketplace", "evidence": "sellers" }, { "tag": "enterprise-contracts", "evidence": "backlog" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "largest FY25 line on canvas is online stores $269.3B (own inventory); seller services $172.2B, AWS $128.7B and ads $68.6B follow", "sizing": { "usdFullYear": 716900000000, "inferred": false, "note": "as stated" } }, { "slug": "anthropic", "name": "Anthropic", "url": "/companies/anthropic/", "logo": "logo.svg", "sector": "AI / Foundation Models", "theme": "AI & Infra", "accent": "#D97757", "sourceModelTags": [ "Freemium PLG", "Seat SaaS", "API usage", "Safety brand" ], "lastUpdated": "2026-09-20", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Free", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ user / mo", "note": "Claude on web, desktop, mobile; Artifacts, memory, connectors", "shareOfRevenue": null }, { "name": "Pro", "amount": null, "currency": null, "period": null, "price": "$17–$20", "unit": "/ user / mo", "note": "$17 annual equiv. ($200 upfront) or $20 monthly; Claude Code", "shareOfRevenue": null }, { "name": "Max", "amount": null, "currency": null, "period": null, "price": "from $100", "unit": "/ user / mo", "note": "5× or 20× Pro usage; early access; priority at peak", "shareOfRevenue": null }, { "name": "Team Standard", "amount": null, "currency": null, "period": null, "price": "$20", "unit": "/ seat / mo (annual)", "note": "$25 monthly; teams 2–150; SSO + central billing", "shareOfRevenue": null }, { "name": "Team Premium", "amount": null, "currency": null, "period": null, "price": "$100", "unit": "/ seat / mo (annual)", "note": "$125 monthly; 5× Standard usage; Claude Code", "shareOfRevenue": null }, { "name": "Enterprise", "amount": null, "currency": null, "period": null, "price": "$20 + usage", "unit": "/ seat / mo + API rates", "note": "Annual; SCIM, audit logs, HIPAA-ready; sales or self-serve", "shareOfRevenue": null }, { "name": "Claude API", "amount": null, "currency": null, "period": null, "price": "Tokens", "unit": "/ 1M tokens", "note": "Fable $10/$50 · Opus $5/$25 · Sonnet $2/$10 · Haiku $1/$5", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "API" }, { "tag": "freemium", "evidence": "Freemium" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "canvas gives no revenue split; plans + API usage; leading curated tag Freemium/Seat SaaS", "sizing": null }, { "slug": "anyscale", "name": "Anyscale", "url": "/companies/anyscale/", "logo": "logo.svg", "sector": "Distributed Computing", "theme": "Software", "accent": "#0066FF", "sourceModelTags": [ "Open-source → managed", "Hosted PAYG", "BYOC", "Committed contracts" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Open-source Ray", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ self-managed", "note": "Apache-licensed Ray; self-host on KubeRay / your cluster — demand gen for Anyscale (FACT — Ray OSS product page)", "shareOfRevenue": null }, { "name": "$100 Hosted credit", "amount": null, "currency": null, "period": null, "price": "$100", "unit": "/ signup credit", "note": "Get Started with $100 Credit CTA — trial Hosted workloads (FACT — site nav)", "shareOfRevenue": null }, { "name": "Hosted PAYG", "amount": null, "currency": null, "period": null, "price": "e.g. AC 4.9591", "unit": "/ hr (A100)", "note": "Usage-based Anyscale Credits; no monthly fixed fee on pricing page; card invoices (FACT)", "shareOfRevenue": null }, { "name": "BYOC production", "amount": null, "currency": null, "period": null, "price": "Platform + cloud", "unit": "/ your VPC", "note": "Deploy in AWS/Azure/GCP/on-prem K8s; reuse GPU reservations; marketplace billing (FACT)", "shareOfRevenue": null }, { "name": "Committed contracts", "amount": null, "currency": null, "period": null, "price": "Volume disc.", "unit": "/ commit", "note": "Committed usage unlocks discounts + enterprise benefits (FACT — pricing)", "shareOfRevenue": null }, { "name": "Enterprise support", "amount": null, "currency": null, "period": null, "price": "24×7 SLA", "unit": "/ BYOC tier", "note": "Unlimited cases vs Hosted business-hours / 5 cases (FACT — pricing table)", "shareOfRevenue": null }, { "name": "Startup Program", "amount": null, "currency": null, "period": null, "price": "Up to $20K", "unit": "/ credits", "note": "Application program + Field Engineers; stack with cloud credits (FACT — /startup)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "usage-based", "marketplace", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "PAYG" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "freemium", "evidence": "$0" }, { "tag": "enterprise-contracts", "evidence": "Committed" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "apple", "name": "Apple", "url": "/companies/apple/", "logo": "logo.svg", "sector": "Consumer Electronics", "theme": "Commerce & Consumer", "accent": "#1d1d1f", "sourceModelTags": [ "Hardware + Services flywheel", "iPhone-led ecosystem", "App Store commissions", "Direct + carrier retail" ], "lastUpdated": "2026-10-15", "revenue": { "value": 416200000000, "currency": "USD", "raw": "$416.2B", "period": "annual", "fullYear": true, "usd": 416200000000, "snippet": "$416.2B revenue FY25 (+6.4%)", "sourceSentence": "$416.2B revenue FY25 (+6.4%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Apple FY2025 Form 10-K / Q4 consolidated statements (FACT)", "sourceUrl": "https://www.apple.com/newsroom/pdfs/fy2025-q4/FY25_Q4_Consolidated_Financial_Statements.pdf" }, "growthPct": 6.4, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 112000000000, "currency": "USD", "raw": "$112.0B", "period": "annual", "snippet": "FY2025 net income $112.0B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 63.5, "basis": "country", "homeMarket": "U.S.", "period": "FY2025 (year ended September 27, 2025)", "fullYear": true, "basisNote": "location of customers and sales through the Company's retail stores located in those geographic locations (10-K segment note)", "label": "INFERENCE", "figures": "U.S. $151.790B of $416.161B net sales (China $64.377B; Other countries $199.994B)", "source": "Apple FY2025 Form 10-K — Segment Information and Geographic Data", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/R21.htm", "entryMode": "owned", "entryModeNote": "Company-owned Apple Stores and apple.com plus direct sales force (40% of FY2025 net sales) alongside carriers, wholesalers, retailers, and resellers (60%). Geographic segments: Americas, Europe, Greater China, Japan, Rest of Asia Pacific.", "localization": "Products and Services localized by market; Greater China managed as its own segment (China mainland, Hong Kong, Taiwan). Europe segment also includes India, Middle East, and Africa.", "reviewedAt": "2026-10-15", "tier": "ranked" }, "revenueStreams": [ { "name": "iPhone (device sale)", "amount": 209600000000, "currency": "USD", "period": "category net sales", "price": "$209.6B FY25", "unit": "category net sales", "note": "FACT; ~50% of company revenue", "shareOfRevenue": 0.504 }, { "name": "Mac / iPad / Wearables+", "amount": 97400000000, "currency": "USD", "period": "combined categories", "price": "$97.4B FY25", "unit": "combined categories", "note": "FACT sum: Mac $33.7B + iPad $28.0B + Wearables $35.7B", "shareOfRevenue": 0.234 }, { "name": "Services (aggregate)", "amount": 109200000000, "currency": "USD", "period": "net sales", "price": "$109.2B FY25", "unit": "net sales", "note": "FACT; App Store booked net; Care, cloud, content, ads, payments", "shareOfRevenue": 0.262 }, { "name": "App Store commission", "amount": null, "currency": null, "period": null, "price": "15% or 30%", "unit": "of digital IAP / paid apps", "note": "FACT (Apple ecosystem materials); many developers on 15%", "shareOfRevenue": null }, { "name": "Apple Music (example sub)", "amount": null, "currency": null, "period": null, "price": "From ~$10.99", "unit": "/ mo Individual (U.S.)", "note": "FACT as listed on apple.com/apple-music; plans vary by country", "shareOfRevenue": null }, { "name": "iCloud+ (example sub)", "amount": null, "currency": null, "period": null, "price": "From $0.99", "unit": "/ mo", "note": "FACT tier pricing on apple.com; storage plans vary", "shareOfRevenue": null } ], "streamsWithAmounts": 3, "modelTags": [ "take-rate", "subscription", "ads", "hardware" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "commission" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "ads" }, { "tag": "hardware", "evidence": "Hardware" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Products $307.003B = 73.8% of FY2025 net sales $416.161B (INFERENCE); iPhone alone $209.586B ≈50.4%. Services $109.158B (26.2%) is a material high-margin layer (App Store net commissions, AppleCare, cloud, content, ads, payments) but the main engine is device hardware sales — same family as Garmin/Tesla/GM. Not subscription or take-rate as primary.", "sizing": { "usdFullYear": 416200000000, "inferred": false, "note": "as stated" } }, { "slug": "beyond-meat", "name": "Beyond Meat", "url": "/companies/beyond-meat/", "logo": "logo.svg", "sector": "Plant-Based Meat (Alt Protein)", "theme": "Software", "accent": "#E8431C", "sourceModelTags": [ "Plant-based CPG", "Retail + foodservice", "Public, restructuring", "Debt-for-equity exchange" ], "lastUpdated": "2026-10-11", "revenue": { "value": 275500000, "currency": "USD", "raw": "$275.5M", "period": "annual", "fullYear": true, "usd": 275500000, "snippet": "$275.5M revenue FY25 (−15.6%)", "sourceSentence": "$275.5M revenue FY25 (−15.6%) · H1 2026 $127.0M (−11.6%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Beyond Meat 10-K FY2025 and 10-Q Q2 2026 (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1655210/000165521026000022/bynd-20251231.htm" }, "growthPct": -15.6, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 2.8, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "Gross profit was $7.6M (2.8% margin versus 12.8%)" }, "profit": { "kind": "operating loss", "value": -333600000, "currency": "USD", "raw": "$333.6M", "period": "annual", "snippet": "$333.6M operating loss in FY2025" }, "outcome": "Loss-making", "outcomeBasis": "operating loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 40.7, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "International retail $53.2M + international foodservice $58.9M of $275.5M (international includes Canada)", "source": "Beyond Meat FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1655210/000165521026000022/bynd-20251231.htm", "entryMode": "distributors-wholesale", "entryModeNote": "International retail and foodservice channels", "reviewedAt": "2026-10-14", "basisNote": "country where products are delivered", "tier": "ranked" }, "revenueStreams": [ { "name": "US retail", "amount": 124500000, "currency": "USD", "period": "FY2025 net revenue", "price": "$124.5M", "unit": "FY2025 net revenue", "note": "FACT; −17.5% vs 2024, 10-K", "shareOfRevenue": 0.452 }, { "name": "International foodservice", "amount": 58900000, "currency": "USD", "period": "FY2025 net revenue", "price": "$58.9M", "unit": "FY2025 net revenue", "note": "FACT; −13.7%, 10-K", "shareOfRevenue": 0.214 }, { "name": "International retail", "amount": 53200000, "currency": "USD", "period": "FY2025 net revenue", "price": "$53.2M", "unit": "FY2025 net revenue", "note": "FACT; −11.1%, 10-K", "shareOfRevenue": 0.193 }, { "name": "US foodservice", "amount": 39000000, "currency": "USD", "period": "FY2025 net revenue", "price": "$39.0M", "unit": "FY2025 net revenue", "note": "FACT; −18.1%, 10-K", "shareOfRevenue": 0.142 }, { "name": "Total net revenues", "amount": 275500000, "currency": "USD", "period": "FY2025", "price": "$275.5M", "unit": "FY2025", "note": "FACT; −15.6% vs $326.5M in FY2024", "shareOfRevenue": 1 }, { "name": "H1 2026 net revenues", "amount": 127000000, "currency": "USD", "period": "six months to Jun 27, 2026", "price": "$127.0M", "unit": "six months to Jun 27, 2026", "note": "FACT; −11.6% vs $143.7M, 10-Q", "shareOfRevenue": 0.461 } ], "streamsWithAmounts": 6, "modelTags": [ "retail/DTC", "lending" ], "modelTagEvidence": [ { "tag": "retail/DTC", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "lending", "evidence": "loan" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "public; sells packaged plant-based meat by the pound through distributors to grocers and restaurants (retail $177.6M incl. intl vs foodservice $97.9M in FY25); tag follows physical-product sales engine", "sizing": { "usdFullYear": 275500000, "inferred": false, "note": "as stated" } }, { "slug": "block", "name": "Block", "url": "/companies/block/", "logo": "logo.svg", "sector": "Payments / Fintech", "theme": "Fintech", "accent": "#111111", "sourceModelTags": [ "Two-sided payments network", "Payments take rate + SaaS", "Consumer lending (Borrow + BNPL)", "AI-native restructuring" ], "lastUpdated": "2026-10-05", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "shareOutsideHome": 8.3, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "International $2,007.1M of $24,193.7M", "source": "Block FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1512673/000162828026012254/xyz-20251231.htm", "reviewedAt": "2026-10-14", "basisNote": "filing does not state how the country is assigned", "tier": "ranked" }, "revenueStreams": [ { "name": "Square Free", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ mo + 2.6% + 15¢", "note": "FACT in-person card rate; online 3.3% + 30¢", "shareOfRevenue": null }, { "name": "Square Plus", "amount": null, "currency": null, "period": null, "price": "$49", "unit": "/ mo per location", "note": "FACT; in-person 2.5% + 15¢, online 2.9% + 30¢", "shareOfRevenue": null }, { "name": "Square Premium", "amount": null, "currency": null, "period": null, "price": "$149", "unit": "/ mo per location", "note": "FACT; in-person 2.4% + 15¢, 24/7 priority support", "shareOfRevenue": null }, { "name": "Afterpay (merchant)", "amount": null, "currency": null, "period": null, "price": "6% + 30¢", "unit": "/ order", "note": "FACT Square pricing; shopper pays in 4, interest-free if on time", "shareOfRevenue": null }, { "name": "Cash App instant transfer", "amount": null, "currency": null, "period": null, "price": "0.5–2.5%", "unit": "/ transfer", "note": "FACT ToS; $0.25–$1 min, max $75; standard transfer free", "shareOfRevenue": null }, { "name": "Cash App Mobile", "amount": null, "currency": null, "period": null, "price": "$40", "unit": "/ mo", "note": "FACT Q2 2026 letter; unlimited 5G plan", "shareOfRevenue": null }, { "name": "Borrow / Square Loans", "amount": null, "currency": null, "period": null, "price": "Fees", "unit": "/ loan", "note": "Pricing varies by borrower; not a single public rate", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "interchange", "subscription", "lending", "marketplace", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "payments network" }, { "tag": "interchange", "evidence": "interchange" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "lending", "evidence": "lending" }, { "tag": "marketplace", "evidence": "Two-sided" }, { "tag": "freemium", "evidence": "Free plan" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was marketplace; canvas: payments take rate + SaaS", "sizing": null }, { "slug": "bloom-energy", "name": "Bloom Energy", "url": "/companies/bloom-energy/", "logo": "logo.svg", "sector": "Fuel Cells (Solid Oxide On-Site Power)", "theme": "Energy & Climate", "accent": "#0B7A4B", "sourceModelTags": [ "Fuel cell hardware sales", "O&M service contracts", "Third-party financed (PPA)", "AI data-center power" ], "lastUpdated": "2026-10-11", "revenue": { "value": 2020000000, "currency": "USD", "raw": "$2.02B", "period": "annual", "fullYear": true, "usd": 2020000000, "snippet": "$2.02B revenue FY25 (+37%)", "sourceSentence": "$2.02B revenue FY25 (+37%) · H1 2026 $1.82B (+150%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Bloom Energy FY2025 Form 10-K (Item 7; Note 1 concentration of risk); Q2 2026 Form 10-Q (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm" }, "growthPct": 37, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 29, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "gross margin 29%" }, "profit": { "kind": "net loss", "value": -87100000, "currency": "USD", "raw": "$87.1M", "period": "annual", "snippet": "FY2025 net loss $87.1M" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "countries": 9, "countriesNote": "installed sites in 9 countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "tier": "qualitative" }, "revenueStreams": [ { "name": "Product (Energy Servers)", "amount": 1530000000, "currency": "USD", "period": "per system, recognized at customer acceptance", "price": "$1.53B FY25 revenue", "unit": "per system, recognized at customer acceptance", "note": "FACT; +41.1%; 35% gross margin", "shareOfRevenue": 0.757 }, { "name": "Installation", "amount": 204100000, "currency": "USD", "period": "per project", "price": "$204.1M FY25 revenue", "unit": "per project", "note": "FACT; +66.8%; gross margin -1% (a slight loss)", "shareOfRevenue": 0.101 }, { "name": "Service (O&M)", "amount": 228300000, "currency": "USD", "period": "annual renewable contracts, 5 to 20 year terms", "price": "$228.3M FY25 revenue", "unit": "annual renewable contracts, 5 to 20 year terms", "note": "FACT; recognized over the contract; 10% gross margin", "shareOfRevenue": 0.113 }, { "name": "Electricity", "amount": 60400000, "currency": "USD", "period": "per kWh, older Managed Services sites", "price": "$60.4M FY25 revenue", "unit": "per kWh, older Managed Services sites", "note": "FACT; 46% gross margin; included a one-time contract settlement", "shareOfRevenue": 0.03 }, { "name": "Financed purchase paths", "amount": null, "currency": null, "period": null, "price": "98% of FY25 revenue", "unit": "direct purchase incl. third-party PPAs and international channels", "note": "FACT; Managed Services program was 2% (5% in 2024)", "shareOfRevenue": null }, { "name": "Brookfield framework", "amount": 5000000000, "currency": "USD", "period": "prospective project financing", "price": "up to $5.0B over five years", "unit": "prospective project financing", "note": "FACT; Bloom holds a passive stake of up to 9.9% in funded projects", "shareOfRevenue": 2.475 } ], "streamsWithAmounts": 5, "modelTags": [ "lending", "hardware", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "lending", "evidence": "financing" }, { "tag": "hardware", "evidence": "hardware" }, { "tag": "enterprise-contracts", "evidence": "Backlog" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "revenue is Energy Server product sales ($1.53B of $2.02B FY25 revenue, about 76%, INFERENCE) plus installation and service; many buyers are financiers that own the systems", "sizing": { "usdFullYear": 2020000000, "inferred": false, "note": "as stated" } }, { "slug": "booking", "name": "Booking Holdings", "url": "/companies/booking/", "logo": "logo.svg", "sector": "Online Travel Marketplace (accommodation, flights, restaurants)", "theme": "Commerce & Consumer", "accent": "#003B95", "sourceModelTags": [ "Commission + margin on bookings", "Merchant payments", "Meta-search + advertising", "Multi-brand OTA" ], "lastUpdated": "2026-10-11", "revenue": { "value": 26900000000, "currency": "USD", "raw": "$26.9B", "period": "annual", "fullYear": true, "usd": 26900000000, "snippet": "$26.9B revenue FY25 (+13%)", "sourceSentence": "$26.9B revenue FY25 (+13%) · H1 2026 $12.9B (+11.5%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Booking Holdings Form 10-K FY2025, Results of Operations; Form 10-Q Q2 2026 (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm" }, "growthPct": 13, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 32.8, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY25 operating income $8.8B (32.8% margin)" }, "profit": { "kind": "operating income", "value": 8800000000, "currency": "USD", "raw": "$8.8B", "period": "annual", "snippet": "FY25 operating income $8.8B (32.8% margin)" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 90.4, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Outside the U.S. $24,338M of $26,917M — classified by where the business is based, not where the traveler is", "source": "Booking Holdings FY2025 Form 10-K, geographic information", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Booking.com and Agoda run online in 40+ languages", "countries": 220, "countriesNote": "over 220 countries and territories (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "domicile of the booking entity, not where the traveler is", "tier": "ranked" }, "revenueStreams": [ { "name": "Merchant revenue", "amount": 17800000000, "currency": "USD", "period": "commission or margin on bookings where Booking collects the traveler's payment, plus payment rebates, processing fees and insurance", "price": "$17.8B in FY25 (66% of revenue, +25.5%)", "unit": "commission or margin on bookings where Booking collects the traveler's payment, plus payment rebates, processing fees and insurance", "note": "FACT; recognized at check-in; the share is INFERENCE", "shareOfRevenue": 0.662 }, { "name": "Agency revenue", "amount": 8000000000, "currency": "USD", "period": "commission the hotel or other partner pays after the stay; almost all Booking.com accommodation", "price": "$8.0B in FY25 (30% of revenue, -6.5%)", "unit": "commission the hotel or other partner pays after the stay; almost all Booking.com accommodation", "note": "FACT; shrinking as bookings move to the merchant model", "shareOfRevenue": 0.297 }, { "name": "Advertising and other", "amount": 1200000000, "currency": "USD", "period": "KAYAK referrals and ads, OpenTable reservation and software fees, ads on Booking.com", "price": "$1.2B in FY25 (4% of revenue, +11.3%)", "unit": "KAYAK referrals and ads, OpenTable reservation and software fees, ads on Booking.com", "note": "FACT", "shareOfRevenue": 0.045 }, { "name": "Revenue per booking dollar", "amount": null, "currency": null, "period": null, "price": "14.5% of gross bookings in FY25", "unit": "total revenue divided by $186.1B of gross bookings", "note": "FACT; 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card, bill pay, reimbursements, travel, API", "shareOfRevenue": null }, { "name": "Premium", "amount": null, "currency": null, "period": null, "price": "$12", "unit": "/ user / month", "note": "FACT; multi-entity, custom policies, AI audit, live budgets", "shareOfRevenue": null }, { "name": "Enterprise", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "contract", "note": "FACT; unlimited entities, local cards, account manager", "shareOfRevenue": null }, { "name": "Smart Card (procurement)", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "contract", "note": "FACT; vendor cards with merchant controls", "shareOfRevenue": null }, { "name": "Every card swipe", "amount": null, "currency": null, "period": null, "price": "Share of interchange", "unit": "/ transaction", "note": "FACT; paid by the merchant's side, split with the network", "shareOfRevenue": null }, { "name": "International card spend", "amount": null, "currency": null, "period": null, "price": "Up to 3%", "unit": "FX markup", "note": "FACT; domestic card use has no extra fee", "shareOfRevenue": null }, { "name": "Wires, ACH, checks", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "Brex fee", "note": "FACT; business account money movement is free", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "interchange", "subscription", "usage-based", "lending", "freemium", "enterprise-contracts", "network-fees" ], "modelTagEvidence": [ { "tag": "interchange", "evidence": "Interchange" }, { "tag": "subscription", "evidence": "Premium" }, { "tag": "usage-based", "evidence": "API" }, { "tag": "lending", "evidence": "Capital" }, { "tag": "freemium", "evidence": "$0" }, { "tag": "enterprise-contracts", "evidence": "enterprise" }, { "tag": "network-fees", "evidence": "card network" } ], "modelTagsInferred": true, "primaryTag": "interchange", "engine": "card", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "bytedance", "name": "ByteDance", "url": "/companies/bytedance/", "logo": "logo.svg", "sector": "Social / Short Video", "theme": "Media & Social", "accent": "#000000", "sourceModelTags": [ "Attention marketplace", "Ads + Shop", "CapCut freemium", "Algorithm feed" ], "lastUpdated": "2026-09-21", "revenue": { "value": 200000000000, "currency": "USD", "raw": "$200B", "period": "annual", "fullYear": true, "usd": 200000000000, "snippet": "FY’25 ~$200B revenue / ~$42B NI and H1’26 ~$120B / ~$20B NI are SECONDARY source figures — not audited filings.", "sourceSentence": "FY’25 ~$200B revenue / ~$42B NI and H1’26 ~$120B / ~$20B NI are SECONDARY source figures — not audited filings.", "field": "revenue-streams.howItWorks", "approx": true, "secondary": true, "source": null, "sourceUrl": null }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Attention ads (Douyin / TikTok / Toutiao)", "amount": null, "currency": null, "period": null, "price": "Primary", "unit": "/ impressions", "note": "Press: advertising is the majority of ByteDance revenue; Q2’25 ~$48B total company revenue (SECONDARY Reuters) — do not invent ad ARPU", "shareOfRevenue": null }, { "name": "CapCut Pro freemium", "amount": null, "currency": null, "period": null, "price": "$19.99 / $179.99", "unit": "US list mo / yr", "note": "FACT CapCut resource list prices; regional variance — no CapCut ARR invented", "shareOfRevenue": null }, { "name": "TikTok Shop / Douyin e-commerce", "amount": null, "currency": null, "period": null, "price": "~6%", "unit": "US referral", "note": "FACT US Shop referral generally 6%; Douyin commission schedules vary and are not invented here", "shareOfRevenue": null }, { "name": "Livestream / virtual gifts", "amount": null, "currency": null, "period": null, "price": "Attach", "unit": "/ sessions", "note": "Press cites livestreaming as a growth driver in H1’26 (SECONDARY) — no invented take %", "shareOfRevenue": null }, { "name": "Intl TikTok + AI infra", "amount": null, "currency": null, "period": null, "price": "Invest", "unit": "/ multi-yr", "note": "Intl ads + Shop grow share; AI/GPU spend presses H1’26 net profit to ~$20B (SECONDARY)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "subscription", "ads", "marketplace", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "referral" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "Ads" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "freemium", "evidence": "freemium" } ], "modelTagsInferred": true, "primaryTag": "ads", "engine": "ads", "cluster": "Ads & attention", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was marketplace ('Attention marketplace'); revenue engine is ads", "sizing": { "usdFullYear": 200000000000, "inferred": false, "note": "as stated" } }, { "slug": "calm", "name": "Calm.com, Inc.", "url": "/companies/calm/", "logo": "logo.svg", "sector": "Digital Health / Wellness", "theme": "Wellness", "accent": "#6282E3", "sourceModelTags": [ "Subscription meditation", "B2C Premium", "Calm Business B2B", "Calm Health" ], "lastUpdated": "2026-10-04", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Free download (limited free content)", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ user", "note": "FACT App Store: free to download; never any ads; some programs free forever; full library behind Premium", "shareOfRevenue": null }, { "name": "Calm Premium monthly", "amount": null, "currency": null, "period": null, "price": "$14.99", "unit": "/ mo", "note": "FACT App Store US list; auto-renew; prices vary by platform/region/promo", "shareOfRevenue": null }, { "name": "Calm Premium yearly", "amount": null, "currency": null, "period": null, "price": "$69.99", "unit": "/ yr", "note": "FACT App Store US list; often 7-day trial for first-time yearly (Help). Web may show other stickers (e.g. ~$79.99)", "shareOfRevenue": null }, { "name": "Family Plan", "amount": null, "currency": null, "period": null, "price": "$99.99", "unit": "/ yr (6 seats)", "note": "FACT calm.com/family — web purchase; 1 admin + 5 members", "shareOfRevenue": null }, { "name": "Calm for Life", "amount": null, "currency": null, "period": null, "price": "$39.99", "unit": "once", "note": "FACT plans page — billed once for permanent Premium access (individual)", "shareOfRevenue": null }, { "name": "Calm Business (5–300)", "amount": null, "currency": null, "period": null, "price": "$70", "unit": "/ employee / yr", "note": "FACT health.calm.com — self-serve; upfront annual; 301+ custom sales; Calm Health quote-only", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "ads", "freemium" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Subscription" }, { "tag": "ads", "evidence": "ARPU" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "carvana", "name": "Carvana", "url": "/companies/carvana/", "logo": "logo.svg", "sector": "Online Used-Car Retail + Wholesale Marketplace", "theme": "Commerce & Consumer", "accent": "#00AEEF", "sourceModelTags": [ "Retail vehicle sales", "Loan sales + add-ons", "Wholesale marketplace", "Vertically integrated" ], "lastUpdated": "2026-10-11", "revenue": { "value": 20320000000, "currency": "USD", "raw": "$20.32B", "period": "annual", "fullYear": true, "usd": 20320000000, "snippet": "$20.32B revenue FY25 (+49%)", "sourceSentence": "$20.32B revenue FY25 (+49%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Carvana Form 10-K FY2025, Results of Operations (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1690820/000169082026000009/cvna-20251231.htm" }, "growthPct": 49, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "operating income", "value": 1880000000, "currency": "USD", "raw": "$1.88B", "period": "annual", "snippet": "FY25 operating income $1.88B" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "homeOnlyStatement": "Substantially all revenue is generated ... in the U.S. (FY2025 10-K)", "source": "Latest annual filing (SEC EDGAR)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1690820/000169082026000009/cvna-20251231.htm", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Retail vehicle sales", "amount": null, "currency": null, "period": null, "price": "$24,365 per retail unit in FY2025", "unit": "per car sold; includes delivery fees and marketplace service revenue", "note": "FACT; $14.54B, 72% of revenue", "shareOfRevenue": null }, { "name": "Retail gross profit", "amount": null, "currency": null, "period": null, "price": "$3,315 per retail unit", "unit": "vehicle price minus acquisition and reconditioning cost", "note": "FACT; $1.98B in FY2025", "shareOfRevenue": null }, { "name": "Loan-sale gains and finance income", "amount": 1200000000, "currency": "USD", "period": "gain when originated loans are sold or securitized", "price": "about $1.2B in FY2025 (gain on loan sales)", "unit": "gain when originated loans are sold or securitized", "note": "FACT; inside other sales and revenues", "shareOfRevenue": 0.059 }, { "name": "Add-on commissions", "amount": null, "currency": null, "period": null, "price": "commissions on service contracts, GAP waiver and Root insurance", "unit": "per product sold at checkout", "note": "FACT; no cost of sales attached", "shareOfRevenue": null }, { "name": "Wholesale vehicles", "amount": null, "currency": null, "period": null, "price": "$10,519 per wholesale unit", "unit": "trade-ins and cars not fit for retail", "note": "FACT; 297,643 units, $481M gross profit", "shareOfRevenue": null }, { "name": "Wholesale marketplace", "amount": 921000000, "currency": "USD", "period": "fees on 1,006,551 units transacted by other sellers", "price": "$921M revenue, $179M gross profit in FY2025", "unit": "fees on 1,006,551 units transacted by other sellers", "note": "FACT", "shareOfRevenue": 0.045 } ], "streamsWithAmounts": 2, "modelTags": [ "take-rate", "lending", "hardware", "marketplace", "retail/DTC" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "commission" }, { "tag": "lending", "evidence": "Loan" }, { "tag": "hardware", "evidence": "vehicle" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "retail/DTC", "evidence": "Wholesale" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "online used-car retailer: retail vehicle sales $14.54B (72% of $20.32B FY25 revenue) on 596,641 units, plus wholesale $4.05B (20%) and other $1.73B (9%; loan-sale gains about $1.2B and add-on commissions, 100% gross margin); other gross profit $2,905 of $7,026 per retail unit", "sizing": { "usdFullYear": 20320000000, "inferred": false, "note": "as stated" } }, { "slug": "caterpillar", "name": "Caterpillar", "url": "/companies/caterpillar/", "logo": "logo.svg", "sector": "Industrials / Construction & Mining Machinery", "theme": "Software", "accent": "#FFCD11", "sourceModelTags": [ "Heavy equipment via dealers", "Aftermarket parts & service", "Power generation", "Captive financing" ], "lastUpdated": "2026-10-16", "revenue": { "value": 67599999999.99999, "currency": "USD", "raw": "$67.6B", "period": "annual", "fullYear": true, "usd": 67599999999.99999, "snippet": "$67.6B revenue FY25 (+4%)", "sourceSentence": "$67.6B revenue FY25 (+4%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Caterpillar FY2025 Form 10-K — Statement 1, Consolidated Results of Operations (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm" }, "growthPct": 4, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 16.5, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "Operating profit $11,151M (−15%), operating margin 16.5% vs 20.2% (FACT)" }, "profit": { "kind": "net income", "value": 8900000000, "currency": "USD", "raw": "$8.9B", "period": "annual", "snippet": "FY2025 net income $8.9B (−18%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 51.4, "basis": "country", "homeMarket": "U.S.", "period": "FY2025 (calendar year ended December 31, 2025)", "fullYear": true, "basisNote": "external sales and revenues by geographic area: sales of Machinery, Power & Energy are based on dealer or customer location; revenues from services are based on where the service is rendered (Note 23)", "label": "INFERENCE", "figures": "Outside United States $34,709M of $67,589M FY2025 external sales and revenues (Inside United States $32,880M). Share outside the U.S. = 34,709 / 67,589 = 51.4%. Regions: North America $36,609M, EAME $12,793M, Asia/Pacific $11,199M, Latin America $6,988M.", "source": "Caterpillar Inc. FY2025 Form 10-K — Note 23 Segment information, Information about Geographic Areas", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm", "countries": 190, "countriesNote": "Cat dealer network serves 190 countries (as stated on the canvas)", "entryMode": "distributors-wholesale", "entryModeNote": "Sells through 150 independent dealers (109 outside the U.S.) plus Perkins and FG Wilson distributor networks; owns factories, technical centers (Wuxi, Chennai) and parts centers abroad; Cat Financial offices in Latin America, Asia/Pacific, Europe and Africa.", "localization": "SEM-brand machines designed for price-sensitive developing markets (FY2025 10-K).", "reviewedAt": "2026-10-16", "tier": "ranked" }, "revenueStreams": [ { "name": "Power & Energy", "amount": 32200000000.000004, "currency": "USD", "period": "segment sales & revenues", "price": "$32.2B FY25", "unit": "segment sales & revenues", "note": "FACT; +12%, largest segment", "shareOfRevenue": 0.476 }, { "name": "Construction Industries", "amount": 25100000000, "currency": "USD", "period": "segment sales & revenues", "price": "$25.1B FY25", "unit": "segment sales & revenues", "note": "FACT; −2%", "shareOfRevenue": 0.371 }, { "name": "Resource Industries", "amount": 12500000000, "currency": "USD", "period": "segment sales & revenues", "price": "$12.5B FY25", "unit": "segment sales & revenues", "note": "FACT; flat", "shareOfRevenue": 0.185 }, { "name": "Financial Products", "amount": 4200000000, "currency": "USD", "period": "segment revenues (Cat Financial + insurance)", "price": "$4.2B FY25", "unit": "segment revenues (Cat Financial + insurance)", "note": "FACT; +4%", "shareOfRevenue": 0.062 }, { "name": "Power Generation (within P&E)", "amount": 10300000000, "currency": "USD", "period": "external sales", "price": "$10.3B FY25", "unit": "external sales", "note": "FACT; up from $7.8B", "shareOfRevenue": 0.152 }, { "name": "Quarterly dividend", "amount": null, "currency": null, "period": null, "price": "$1.51/share", "unit": "maintained Dec 2025", "note": "FACT; $2.7B paid in 2025", "shareOfRevenue": null } ], "streamsWithAmounts": 5, "modelTags": [ "lending", "hardware", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "lending", "evidence": "financing" }, { "tag": "hardware", "evidence": "hardware" }, { "tag": "enterprise-contracts", "evidence": "Backlog" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "FY2025 (calendar year) Sales of Machinery, Power & Energy $63,980M = ~95% of $67,589M total sales and revenues: machines, engines, generator sets, turbines and locomotives (plus their parts) sold mainly to independent Cat dealers. Financial Products revenues $3,609M (~5%) are captive lending in support of equipment sales. Reviewed main engine = hardware (equipment sales via dealers), same family as Sony/Garmin/Apple in this atlas; not lending.", "sizing": { "usdFullYear": 67600000000, "inferred": false, "note": "as stated" } }, { "slug": "celsius-holdings", "name": "Celsius Holdings", "url": "/companies/celsius-holdings/", "logo": "logo.svg", "sector": "Beverages / Energy Drinks", "theme": "Energy & Climate", "accent": "#d71920", "sourceModelTags": [ "Energy-drink CPG", "PepsiCo distribution", "Multi-brand portfolio", "Co-packed, asset-light" ], "lastUpdated": "2026-10-12", "revenue": { "value": 2520000000, "currency": "USD", "raw": "$2.52B", "period": "annual", "fullYear": true, "usd": 2520000000, "snippet": "$2.52B revenue FY25 (+85.5%)", "sourceSentence": "$2.52B revenue FY25 (+85.5%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Celsius full-year 2025 results release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1341766/000134176626000017/ex9914q20251.htm" }, "growthPct": 85.5, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 50.4, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 gross profit was $1,267.3M (50.4% gross margin)" }, "profit": { "kind": "net income", "value": 108000000, "currency": "USD", "raw": "$108.0M", "period": "annual", "snippet": "FY2025 net income $108.0M (−26%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 3.7, "basis": "region", "homeMarket": "North America", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Outside North America $92.8M of $2,515.3M", "source": "Celsius FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1341766/000134176626000024/celh-20251231.htm", "entryMode": "distributors-wholesale", "entryModeNote": "Country distributors in the Nordics, U.K., France, Australia…", "reviewedAt": "2026-10-14", "basisNote": "filing does not state how the region is assigned", "tier": "region" }, "revenueStreams": [ { "name": "CELSIUS brand", "amount": 1457700000, "currency": "USD", "period": "FY2025, +7.5%", "price": "$1,457.7M", "unit": "FY2025, +7.5%", "note": "FACT; flagship fitness energy drink incl. $92.8M international (+24%)", "shareOfRevenue": 0.578 }, { "name": "Alani Nu", "amount": 1001900000, "currency": "USD", "period": "Apr–Dec 2025", "price": "$1,001.9M", "unit": "Apr–Dec 2025", "note": "FACT; acquired Apr 1, 2025; moved into PepsiCo's system Dec 1, 2025", "shareOfRevenue": 0.398 }, { "name": "Rockstar Energy", "amount": 55600000, "currency": "USD", "period": "Aug 28–Dec 2025", "price": "$55.6M", "unit": "Aug 28–Dec 2025", "note": "FACT; acquired from PepsiCo for U.S. & Canada", "shareOfRevenue": 0.022 }, { "name": "Total revenue", "amount": 2515300000, "currency": "USD", "period": "FY2025, +85.5%", "price": "$2,515.3M", "unit": "FY2025, +85.5%", "note": "FACT; net of promotional allowances and billbacks", "shareOfRevenue": 0.998 } ], "streamsWithAmounts": 4, "modelTags": [ "lending", "retail/DTC" ], "modelTagEvidence": [ { "tag": "lending", "evidence": "Apr" }, { "tag": "retail/DTC", "evidence": "wholesale" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "sells physical product wholesale: cases of CELSIUS, Alani Nu and Rockstar energy drinks to PepsiCo's distribution system (43.2% of FY25 revenue), Costco (10.8%) and other retailers, net of trade promotion; FY25 revenue $2.52B (+85.5%), no subscription, fee or ads line; same tag as Beyond Meat (wholesale CPG)", "sizing": { "usdFullYear": 2520000000, "inferred": false, "note": "as stated" } }, { "slug": "chargepoint", "name": "ChargePoint", "url": "/companies/chargepoint/", "logo": "logo.svg", "sector": "EV Charging Hardware + Software", "theme": "Commerce & Consumer", "accent": "#00A0DF", "sourceModelTags": [ "Charger hardware (sold, not owned)", "Charger software subscriptions", "Assure warranty plans", "Net losses, debt reset" ], "lastUpdated": "2026-10-11", "revenue": { "value": 411200000, "currency": "USD", "raw": "$411.2M", "period": "annual", "fullYear": true, "usd": 411200000, "snippet": "$411.2M revenue FY26 (−1%)", "sourceSentence": "$411.2M revenue FY26 (−1%) · Q2 FY27 $116.1M (+18%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "ChargePoint FY2026 Form 10-K (income statement, Note 12); Q2 FY27 Form 10-Q (FACT / INFERENCE)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1777393/000177739326000013/chpt-20260131.htm" }, "growthPct": -1, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 30.5, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "30.5% gross margin FY26" }, "profit": { "kind": "net loss", "value": -220200000, "currency": "USD", "raw": "$220.2M", "period": "annual", "snippet": "FY26 net loss $220.2M" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 25.4, "basis": "country", "homeMarket": "U.S.", "period": "FY2026 (year to Jan 31, 2026)", "fullYear": true, "label": "INFERENCE", "figures": "Rest of world $104.3M of $411.2M (by shipping address)", "source": "ChargePoint FY2026 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1777393/000177739326000013/chpt-20260131.htm", "reviewedAt": "2026-10-14", "basisNote": "shipping address", "tier": "ranked" }, "revenueStreams": [ { "name": "Sell", "amount": 216500000, "currency": "USD", "period": "FY26 (−8%)", "price": "$216.5M charger hardware", "unit": "FY26 (−8%)", "note": "FACT; AC chargers (commercial, fleet, home, multifamily) and DC fast chargers sold mostly through distributors and resellers; about 8% gross margin (INFERENCE); Q2 FY27 $62.9M (+25%)", "shareOfRevenue": 0.527 }, { "name": "Subscribe", "amount": 162400000, "currency": "USD", "period": "FY26 (+13%)", "price": "$162.4M subscriptions", "unit": "FY26 (+13%)", "note": "FACT; ChargePoint Platform software, Assure warranty plans and CPaaS bundles billed upfront and recognized over the term; about 62% gross margin (INFERENCE); Q2 FY27 $43.7M (+9.5%)", "shareOfRevenue": 0.395 }, { "name": "Protect", "amount": null, "currency": null, "period": null, "price": "Assure and Assure Pro", "unit": "extended parts-and-labor plans", "note": "FACT; the standard hardware warranty is two years, parts only; Assure adds monitoring, fast response and labor; revenue is inside Subscriptions and not broken out", "shareOfRevenue": null }, { "name": "Bundle", "amount": null, "currency": null, "period": null, "price": "CPaaS", "unit": "charger + software + warranty", "note": "FACT; one multi-year subscription for ChargePoint-owned charging systems, the software and warranty; some are accounted as leases; the amount is not broken out", "shareOfRevenue": null }, { "name": "Process", "amount": 32299999.999999996, "currency": "USD", "period": "FY26", "price": "$32.3M other revenue", "unit": "FY26", "note": "FACT; fees from drivers at ChargePoint-owned sites, net payment-processing fees at customer sites and professional services", "shareOfRevenue": 0.079 }, { "name": "Connect", "amount": null, "currency": null, "period": null, "price": "eMSP Service", "unit": "for automakers and apps", "note": "FACT; software and APIs let automakers and mobility apps run their own driver apps on ChargePoint's network; revenue is not broken out", "shareOfRevenue": null } ], "streamsWithAmounts": 3, "modelTags": [ "take-rate", "subscription", "hardware" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "processing" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "hardware", "evidence": "hardware" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "hardware is 53% of FY26 revenue ($216.5M of $411.2M, INFERENCE) at ~8% gross margin; subscriptions (39.5%) are the profit layer", "sizing": { "usdFullYear": 411200000, "inferred": false, "note": "as stated" } }, { "slug": "chime", "name": "Chime", "url": "/companies/chime/", "logo": "logo.svg", "sector": "Neobank / Consumer fintech", "theme": "Fintech", "accent": "#1EC677", "sourceModelTags": [ "Interchange-funded free banking", "Paycheck-first liquidity", "Partner-bank → owned bank", "Employer channel" ], "lastUpdated": "2026-10-07", "revenue": { "value": 2190000000, "currency": "USD", "raw": "$2.19B", "period": "annual", "fullYear": true, "usd": 2190000000, "snippet": "FY2025 revenue was $2.19B, +31% (FACT).", "sourceSentence": "FY2025 revenue was $2.19B, +31% (FACT).", "field": "keyMetrics[0].detail", "approx": false, "secondary": false, "source": "Q2 2026 earnings release + 2025 Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1795586/000179558626000046/ex991q226.htm" }, "growthPct": 31, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 88, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "How this works for Chime: Cost of revenue (processing, bank-partner, card and ATM network costs) was only $263M in 2025, giving an 88% gross margin (FACT" }, "profit": { "kind": "net loss", "value": -1010000000, "currency": "USD", "raw": "$1.01B", "period": "annual", "snippet": "The bigger lines sit below: transaction and risk losses of $407M (up 85% as MyPay scaled), sales and marketing $635M, technology $935M and member support $458M (FACT). 2025's $1.01B net loss was mostly a one-time IPO effect: stock-based compensation jumped about $1.04B when IPO-linked awards vested (FACT)" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": null, "revenueStreams": [ { "name": "Checking + debit card", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ month", "note": "FACT; no monthly fees; Chime earns interchange from merchants on each swipe", "shareOfRevenue": null }, { "name": "Chime Card / Credit Builder", "amount": null, "currency": null, "period": null, "price": "$0 fees, $0 interest", "unit": "/ member", "note": "FACT; secured cards earn higher interchange; credit is 27% of Q2'26 PV", "shareOfRevenue": null }, { "name": "SpotMe", "amount": null, "currency": null, "period": null, "price": "Free (optional tip)", "unit": "/ overdraft", "note": "FACT; fee-free overdraft; members may tip after repaying", "shareOfRevenue": null }, { "name": "MyPay", "amount": null, "currency": null, "period": null, "price": "Free in 24h, or instant fee", "unit": "/ advance", "note": "FACT; $4.5B originated in Q2'26, 0.9% loss rate; transaction profit $73M", "shareOfRevenue": null }, { "name": "Instant Loans", "amount": null, "currency": null, "period": null, "price": "Fixed interest", "unit": "/ loan", "note": "FACT; $300M originated in Q2'26; no late fees; expected >$100M revenue run rate exiting Q3", "shareOfRevenue": null }, { "name": "Outbound instant transfer · out-of-network ATM", "amount": null, "currency": null, "period": null, "price": "Fixed fee", "unit": "/ use", "note": "FACT; OIT launched 2025 ($38.0M FY25 revenue); 45,000+ fee-free ATMs otherwise", "shareOfRevenue": null }, { "name": "Chime Prime", "amount": null, "currency": null, "period": null, "price": "Free with $3,000+/mo direct deposit", "unit": "/ member", "note": "FACT; launched Q2'26; Prime members generate over 2× average ARPAM", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "interchange", "subscription", "lending", "freemium" ], "modelTagEvidence": [ { "tag": "interchange", "evidence": "Interchange" }, { "tag": "subscription", "evidence": "plus $" }, { "tag": "lending", "evidence": "loan" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "interchange", "engine": "card", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 2190000000, "inferred": false, "note": "as stated" } }, { "slug": "chipotle-mexican-grill", "name": "Chipotle Mexican Grill", "url": "/companies/chipotle-mexican-grill/", "logo": "logo.svg", "sector": "Restaurants / Fast Casual", "theme": "Software", "accent": "#451400", "sourceModelTags": [ "Company-owned fast casual", "Food with Integrity", "Digital + Chipotlane pickup", "Limited partner-operated intl" ], "lastUpdated": "2026-10-13", "revenue": { "value": 11930000000, "currency": "USD", "raw": "$11.93B", "period": "annual", "fullYear": true, "usd": 11930000000, "snippet": "$11.93B revenue FY25 (+5.4%)", "sourceSentence": "$11.93B revenue FY25 (+5.4%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Chipotle Q4 and FY2025 results release + Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1058090/000105809026000007/cmg-20260203xex991.htm" }, "growthPct": 5.4, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 16.2, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 income from operations was $1,935.8M (16.2% operating margin vs 16.9% in FY2024)" }, "profit": { "kind": "net income", "value": 1540000000, "currency": "USD", "raw": "$1.54B", "period": "annual", "snippet": "FY2025 net income $1.54B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 2.1, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "All other revenue $246.2M (company-owned restaurants in Canada and Europe, plus international partner royalties) of $11,925.6M total revenue", "source": "Chipotle FY2025 Form 10-K, segment note", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm", "basisNote": "location of the restaurant (operations location)", "entryMode": "owned", "entryModeNote": "Company-owned restaurants in Canada and Europe; partner-operated in the Middle East", "reviewedAt": "2026-10-14", "tier": "ranked" }, "revenueStreams": [ { "name": "In-restaurant / counter order", "amount": null, "currency": null, "period": null, "price": "Menu price", "unit": "per entrée", "note": "FACT; burritos, bowls, tacos, salads, quesadillas; ~99.5% of revenue is food & beverage", "shareOfRevenue": null }, { "name": "Digital pickup (app / web / Chipotlane)", "amount": null, "currency": null, "period": null, "price": "Menu price", "unit": "per order", "note": "FACT; Chipotlanes are drive-through lanes for digital pickup; part of 36.7% digital mix", "shareOfRevenue": null }, { "name": "Third-party delivery", "amount": null, "currency": null, "period": null, "price": "Menu + delivery fee", "unit": "per order", "note": "FACT; >16% of 2025 F&B revenue via aggregators; Chipotle also books small delivery-service revenue ($59.6M)", "shareOfRevenue": null }, { "name": "Chipotle Rewards", "amount": null, "currency": null, "period": null, "price": "Points / deferrals", "unit": "loyalty", "note": "FACT; Rewards deferrals reduce recognized digital sales until redeemed; program being relaunched under Recipe for Growth", "shareOfRevenue": null }, { "name": "Partner-operated (intl)", "amount": null, "currency": null, "period": null, "price": "License / JV", "unit": "14 restaurants", "note": "FACT; Middle East via Alshaya; Chipotle does not consolidate day-to-day ops; tiny vs company-owned sales", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "retail/DTC", "hardware" ], "modelTagEvidence": [ { "tag": "retail/DTC", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "hardware", "evidence": "Chip" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Company-owned fast-casual restaurants selling food directly to guests: FY2025 total revenue $11.93B = food & beverage $11.87B (99.5%) + delivery service $59.6M (0.5%) per canvas revenue-streams; owns/operates virtually all North America & Europe restaurants (4,042 company-owned vs 14 partner-operated). Main engine is retail/DTC (physical food sold DTC at company stores), same family as Starbucks/Costco retail, not marketplace/take-rate or subscription.", "sizing": { "usdFullYear": 11930000000, "inferred": false, "note": "as stated" } }, { "slug": "climeworks", "name": "Climeworks", "url": "/companies/climeworks/", "logo": "logo.svg", "sector": "Carbon Removal (Direct Air Capture)", "theme": "Software", "accent": "#0F5E4D", "sourceModelTags": [ "Carbon removal credits", "Direct air capture", "Corporate portfolios", "Private venture-backed" ], "lastUpdated": "2026-10-11", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Nature focus portfolio", "amount": null, "currency": null, "period": null, "price": "$100 per ton", "unit": "90% nature + 10% tech", "note": "FACT; self-service price on climeworks.com", "shareOfRevenue": null }, { "name": "Nature + Technology portfolio", "amount": null, "currency": null, "period": null, "price": "$250 per ton", "unit": "70% nature + 30% tech", "note": "FACT; self-service price on climeworks.com", "shareOfRevenue": null }, { "name": "Technology focus portfolio", "amount": null, "currency": null, "period": null, "price": "$500 per ton", "unit": "100% technology-based", "note": "FACT; self-service price on climeworks.com", "shareOfRevenue": null }, { "name": "Individual DAC removal", "amount": null, "currency": null, "period": null, "price": "about $1,000 per ton", "unit": "individual purchase", "note": "SECONDARY; reported by Bloomberg in May 2025", "shareOfRevenue": null }, { "name": "Microsoft offtake", "amount": null, "currency": null, "period": null, "price": "10,000 tons", "unit": "10-year agreement", "note": "FACT; price not disclosed", "shareOfRevenue": null }, { "name": "JPMorganChase agreement", "amount": null, "currency": null, "period": null, "price": "25,000 tons", "unit": "9-year agreement", "note": "FACT; price not disclosed", "shareOfRevenue": null }, { "name": "Swiss Re agreement", "amount": null, "currency": null, "period": null, "price": "USD 10M", "unit": "10-year agreement (2021)", "note": "FACT; tonnage not stated in the release", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "usage-based", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "credits" }, { "tag": "enterprise-contracts", "evidence": "rpo" } ], "modelTagsInferred": true, "primaryTag": "enterprise-contracts", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "private; no revenue published for any year; sells carbon-removal tons by contract and portfolio (Microsoft 10,000 t/10 yrs, JPMorganChase 25,000 t/9 yrs, Swiss Re USD 10M/10 yrs) plus self-service portfolios at USD 100/250/500 per ton (INFERENCE: main engine is negotiated multi-year offtake)", "sizing": null }, { "slug": "cloudflare", "name": "Cloudflare", "url": "/companies/cloudflare/", "logo": "logo.svg", "sector": "Edge / Security / AI", "theme": "AI & Infra", "accent": "#F38020", "sourceModelTags": [ "Freemium PLG", "Workers / Edge", "Zero Trust SASE", "Workers AI" ], "lastUpdated": "2026-09-21", "revenue": { "value": 2170000000, "currency": "USD", "raw": "$2.17B", "period": "annual", "fullYear": true, "usd": 2170000000, "snippet": "Q2 FY2026 revenue $696.1 million, up 36% year-over-year (quarter ended Jun 30, 2026) Full year: FY2025 (year ended Dec 31, 2025) revenue was $2.17B ($2,167.9M), +29.8% (FACT — Q4 & FY2025 press release / SEC 8-K).", "sourceSentence": "Q2 FY2026 revenue $696.1 million, up 36% year-over-year (quarter ended Jun 30, 2026) Full year: FY2025 (year ended Dec 31, 2025) revenue was $2.17B ($2,167.9M), +29.8% (FACT — Q4 & FY2025 press release / SEC 8-K).", "field": "keyMetrics[0].detail", "approx": false, "secondary": false, "source": "Cloudflare Q2 2026 PR (FACT)", "sourceUrl": "https://www.cloudflare.com/press/press-releases/2026/cloudflare-announces-second-quarter-2026-financial-results/" }, "growthPct": 29.8, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 71.8, "type": "gross", "period": "quarter", "mixedPeriod": true, "snippet": "How this works for Cloudflare: Cost of revenue covers colocation, transit, hardware, and support for traffic — including Free-tier bandwidth treated as growth investment (Q2 2026 GAAP gross margin 71.8%)" }, "profit": { "kind": "operating income", "value": 96100000, "currency": "USD", "raw": "$96.1M", "period": "quarter", "snippet": "Public filings show operating losses on a GAAP basis while non-GAAP operating income was $96.1M in Q2 2026 — illustrating stock-based comp and growth investment intensity." }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "quarter", "international": { "shareOutsideHome": 51, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "FACT", "figures": "International customers were 51% of revenue in 2025 (by billing address)", "source": "Cloudflare FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1477333/000147733326000016/cloud-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Sold online over an owned network in 125+ countries", "countries": 125, "countriesNote": "network in 125+ countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "billing address", "tier": "ranked" }, "revenueStreams": [ { "name": "Free (sites + Workers)", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ mo", "note": "CDN/DNS/SSL/DDoS free; Workers Free 100k req/day — demand gen", "shareOfRevenue": null }, { "name": "Pro", "amount": null, "currency": null, "period": null, "price": "$20", "unit": "/ mo", "note": "Professional websites — published application plan", "shareOfRevenue": null }, { "name": "Business", "amount": null, "currency": null, "period": null, "price": "$200", "unit": "/ mo annual", "note": "$250/mo if billed monthly; 100% uptime SLA", "shareOfRevenue": null }, { "name": "Workers Paid", "amount": null, "currency": null, "period": null, "price": "$5+", "unit": "/ mo + usage", "note": "10M req + 30M CPU-ms included; then $0.30/M req, $0.02/M CPU-ms; no egress", "shareOfRevenue": null }, { "name": "R2 / data plane", "amount": null, "currency": null, "period": null, "price": "Usage", "unit": "/ GB + ops", "note": "Standard storage $0.015/GB-mo; Internet egress free", "shareOfRevenue": null }, { "name": "Workers AI", "amount": null, "currency": null, "period": null, "price": "$0.011", "unit": "/ 1k neurons", "note": "After 10k neurons/day free allocation on Workers Paid", "shareOfRevenue": null }, { "name": "Zero Trust / SASE", "amount": null, "currency": null, "period": null, "price": "Free → PAYG → Contract", "unit": "/ seats+features", "note": "Free <50 users; PAYG; Contract for full SASE", "shareOfRevenue": null }, { "name": "Enterprise Contract", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "/ annual", "note": "Multi-product deals; large-customer NRR 120% (Q2 2026)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "/mo" }, { "tag": "usage-based", "evidence": "usage" }, { "tag": "freemium", "evidence": "Freemium" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 2170000000, "inferred": false, "note": "as stated" } }, { "slug": "cohere", "name": "Cohere", "url": "/companies/cohere/", "logo": "logo.png", "sector": "AI / Enterprise LLMs", "theme": "AI & Infra", "accent": "#5B4B8A", "sourceModelTags": [ "Trial → Production API", "Command + Embed + Rerank", "North + Model Vault", "Hyperscaler marketplaces" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Trial API", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ trial key", "note": "Free rate-limited keys; not for production/commercial use — demand gen", "shareOfRevenue": null }, { "name": "Production API", "amount": null, "currency": null, "period": null, "price": "PAYG", "unit": "/ tokens & searches", "note": "Command Chat + Embed + Rerank (and related endpoints); billed monthly or at $250 outstanding", "shareOfRevenue": null }, { "name": "Command / Chat", "amount": null, "currency": null, "period": null, "price": "Usage", "unit": "/ 1M tokens", "note": "Command A / R / R7B family; FAQ lists legacy & R+ 08-2024 rates; newer A+/Reasoning/Vision often sales-gated", "shareOfRevenue": null }, { "name": "Embed", "amount": null, "currency": null, "period": null, "price": "Usage", "unit": "/ tokens", "note": "Embed v4 multimodal + v3 variants via Embed / Embed Jobs", "shareOfRevenue": null }, { "name": "Rerank", "amount": null, "currency": null, "period": null, "price": "Usage", "unit": "/ search", "note": "1 search = 1 query ≤100 docs; long docs chunked (pricing FAQ)", "shareOfRevenue": null }, { "name": "Model Vault", "amount": null, "currency": null, "period": null, "price": "Instance", "unit": "/ hr or / mo", "note": "Dedicated managed inference — e.g. Embed 4 from $4/hr · $2,500/mo", "shareOfRevenue": null }, { "name": "North / Private deploy", "amount": null, "currency": null, "period": null, "price": "Contract", "unit": "/ enterprise", "note": "Agentic workspace + VPC/on-prem/Vault — contact sales / demo", "shareOfRevenue": null }, { "name": "CSP Marketplace", "amount": null, "currency": null, "period": null, "price": "Cloud bill", "unit": "/ commit", "note": "Azure Foundry, Bedrock, SageMaker, Oracle GenAI consumption", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "marketplace", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "/mo" }, { "tag": "usage-based", "evidence": "API" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "freemium", "evidence": "$0" }, { "tag": "enterprise-contracts", "evidence": "enterprise" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was marketplace (hyperscaler marketplaces are a channel); API PAYG + private deployments", "sizing": null }, { "slug": "coinbase", "name": "Coinbase", "url": "/companies/coinbase/", "logo": "logo.svg", "sector": "Crypto Exchange / Fintech", "theme": "Fintech", "accent": "#0052FF", "sourceModelTags": [ "Trading toll on volume", "Stablecoin float (USDC)", "Subscription + staking buffer", "Everything Exchange + onchain rails" ], "lastUpdated": "2026-10-06", "revenue": { "value": 7200000000, "currency": "USD", "raw": "$7.2B", "period": "annual", "fullYear": true, "usd": 7200000000, "snippet": "$7.2B revenue in 2025", "sourceSentence": "$7.2B revenue in 2025", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "2025 Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm" }, "growthPct": 9, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 1260000000, "currency": "USD", "raw": "$1.26B", "period": "annual", "snippet": "Net income $1.26B (FACT)." }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 16.3, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "International $1,170.7M of $7,181.3M", "source": "Coinbase FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm", "entryMode": "digital-only", "entryModeNote": "App-based; licences country by country", "reviewedAt": "2026-10-14", "basisNote": "domicile of the customer or counterparty", "tier": "ranked" }, "revenueStreams": [ { "name": "Store crypto & cash", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ consumer custody", "note": "FACT help center; free balances are the on-ramp", "shareOfRevenue": null }, { "name": "Simple buy / sell", "amount": null, "currency": null, "period": null, "price": "Spread + fee", "unit": "/ trade", "note": "FACT; shown at trade preview; limit orders 1% execution fee, Coinbase fee up to 1.875%", "shareOfRevenue": null }, { "name": "Coinbase One Basic", "amount": null, "currency": null, "period": null, "price": "$4.99", "unit": "/ month", "note": "FACT; zero trading fees up to $500/mo (spread still applies)", "shareOfRevenue": null }, { "name": "Coinbase One Preferred", "amount": null, "currency": null, "period": null, "price": "$29.99", "unit": "/ month", "note": "FACT; zero fees up to $10K/mo, 24/7 priority support", "shareOfRevenue": null }, { "name": "Coinbase One Premium", "amount": null, "currency": null, "period": null, "price": "$299.99", "unit": "/ month", "note": "FACT; unlimited zero-fee simple trades, concierge support", "shareOfRevenue": null }, { "name": "Staking commission", "amount": null, "currency": null, "period": null, "price": "25–35%", "unit": "/ of rewards", "note": "FACT; 35% standard, lower for Coinbase One tiers", "shareOfRevenue": null }, { "name": "USDC reserve share", "amount": null, "currency": null, "period": null, "price": "Varies", "unit": "/ with interest rates", "note": "FACT 10-K; share of interest on reserves behind USDC (Circle Agreement)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "subscription", "lending", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "toll on volume" }, { "tag": "subscription", "evidence": "Subscription" }, { "tag": "lending", "evidence": "lending" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was subscription; trading toll on volume is the core engine", "sizing": { "usdFullYear": 7200000000, "inferred": false, "note": "as stated" } }, { "slug": "coreweave", "name": "CoreWeave", "url": "/companies/coreweave/", "logo": "logo.svg", "sector": "GPU Cloud", "theme": "AI & Infra", "accent": "#7C5CFF", "sourceModelTags": [ "Spot → On-demand", "Reserved capacity", "Take-or-pay contracts", "AI hyperscaler" ], "lastUpdated": "2026-09-21", "revenue": { "value": 5100000000, "currency": "USD", "raw": "$5.1B", "period": "annual", "fullYear": true, "usd": 5100000000, "snippet": "FY2025 revenue $5.1B", "sourceSentence": "FY2025 revenue $5.1B", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "CoreWeave FY2025 results (FACT)", "sourceUrl": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/" }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "shareOutsideHome": 6.4, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "All other countries $330M of $5,131M", "source": "CoreWeave FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000104/crwv-20251231.htm", "reviewedAt": "2026-10-14", "basisNote": "customer address in the contract", "tier": "ranked" }, "revenueStreams": [ { "name": "Spot GPU", "amount": null, "currency": null, "period": null, "price": "e.g. $19.71", "unit": "/ hr (8×H100)", "note": "Interruptible capacity; deep discount vs on-demand — demand gen / burst (FACT rates)", "shareOfRevenue": null }, { "name": "On-demand GPU", "amount": null, "currency": null, "period": null, "price": "e.g. $49.24", "unit": "/ hr (8×H100)", "note": "PAYG published rate card (H100/H200/B200/GB200/A100…) — land & experiment", "shareOfRevenue": null }, { "name": "Inference single-GPU", "amount": null, "currency": null, "period": null, "price": "e.g. $6.16", "unit": "/ hr (H100)", "note": "Inference platform lane; contact AE for eligibility (FACT — pricing footnote)", "shareOfRevenue": null }, { "name": "Reserved / committed", "amount": null, "currency": null, "period": null, "price": "Up to −60%", "unit": "vs on-demand", "note": "Negotiated term capacity; primary path before mega-contracts (FACT ceiling)", "shareOfRevenue": null }, { "name": "Take-or-pay enterprise", "amount": null, "currency": null, "period": null, "price": "Multi-year", "unit": "/ contract", "note": "Committed AI-lab / enterprise / hyperscaler deals; backlog driver (IR)", "shareOfRevenue": null }, { "name": "Storage & network", "amount": null, "currency": null, "period": null, "price": "e.g. $0.06", "unit": "/ GB-mo hot", "note": "AI Object Storage tiers; file storage; free egress; Direct Connect attach", "shareOfRevenue": null }, { "name": "Managed software", "amount": null, "currency": null, "period": null, "price": "Attach", "unit": "/ platform", "note": "Mission Control, Kubernetes control plane (free listed), managed services, Federal", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "usage-based", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "PAYG" }, { "tag": "enterprise-contracts", "evidence": "Reserved" } ], "modelTagsInferred": true, "primaryTag": "enterprise-contracts", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 5100000000, "inferred": false, "note": "as stated" } }, { "slug": "costco", "name": "Costco", "url": "/companies/costco/", "logo": "logo.svg", "sector": "Retail / Warehouse Clubs", "theme": "Commerce & Consumer", "accent": "#E31837", "sourceModelTags": [ "Membership warehouse club", "Kirkland Signature private label", "Low-markup, high inventory turnover", "Executive 2% reward upgrade" ], "lastUpdated": "2026-10-13", "revenue": { "value": 303150000000, "currency": "USD", "raw": "$303.15B", "period": "annual", "fullYear": true, "usd": 303150000000, "snippet": "$303.15B revenue FY26 (+10.1%)", "sourceSentence": "$303.15B revenue FY26 (+10.1%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Costco Q4 and FY2026 results release + Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/909832/000090983226000084/costex9918-k92426.htm" }, "growthPct": 10.1, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 3.9, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2026 operating income was $11,685M (+12.5%), a 3.9% operating margin on total revenue (INFERENCE: arithmetic)" }, "profit": { "kind": "net income", "value": 9230000000, "currency": "USD", "raw": "$9.23B", "period": "annual", "snippet": "FY2026 net income $9.23B (+14%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 27.5, "basis": "country", "homeMarket": "U.S.", "period": "FY2026 (year to Aug 30, 2026)", "fullYear": true, "label": "INFERENCE", "figures": "Canada $40,561M + Other International $42,770M of $303,154M total revenue", "source": "Costco FY2026 Form 10-K, Note 11 segments", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm", "entryMode": "owned", "entryModeNote": "Company-owned warehouses in 14 countries", "countries": 14, "countriesNote": "warehouses in 14 countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "filing does not state the method (segments are by country of operation)", "tier": "ranked" }, "revenueStreams": [ { "name": "Gold Star (individual)", "amount": null, "currency": null, "period": null, "price": "$65", "unit": "/ yr (U.S. & Canada)", "note": "FACT; raised from $60 on Sep 1, 2024; includes a free household card", "shareOfRevenue": null }, { "name": "Business", "amount": null, "currency": null, "period": null, "price": "$65", "unit": "/ yr (U.S. & Canada)", "note": "FACT; same fee as Gold Star; business add-on cards also $65", "shareOfRevenue": null }, { "name": "Executive upgrade", "amount": null, "currency": null, "period": null, "price": "$130", "unit": "/ yr (U.S. & Canada)", "note": "FACT; $65 base + $65 upgrade; 2% reward up to $1,250/yr; 42.3M members", "shareOfRevenue": null }, { "name": "Membership fees", "amount": 5910000000, "currency": "USD", "period": "FY2026", "price": "$5.91B", "unit": "FY2026", "note": "FACT; +11%; recognized ratably over each membership year", "shareOfRevenue": 0.019 }, { "name": "Net sales of merchandise & services", "amount": 297250000000, "currency": "USD", "period": "FY2026", "price": "$297.25B", "unit": "FY2026", "note": "FACT; foods & sundries, non-foods, fresh, gas, pharmacy, e-commerce", "shareOfRevenue": 0.981 } ], "streamsWithAmounts": 2, "modelTags": [ "retail/DTC", "subscription" ], "modelTagEvidence": [ { "tag": "retail/DTC", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "subscription", "evidence": "plus $" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Membership warehouse club selling physical merchandise directly to members: FY2026 total revenue $303.15B = net sales $297.25B (~98%; Foods & Sundries $116.79B, Non-Foods $77.38B, Fresh $41.72B, Ancillary & Other $61.37B) + membership fees $5.91B (~1.9%) per canvas revenue-streams/revenueLadder. Fees are an access charge bundled with own-warehouse retail, not a standalone subscription product, so the main engine is retail/DTC (same family as Target), not subscription or marketplace.", "sizing": { "usdFullYear": 303150000000, "inferred": false, "note": "as stated" } }, { "slug": "craigslist", "name": "Craigslist", "url": "/companies/craigslist/", "logo": "logo.svg", "sector": "Local Classifieds", "theme": "Software", "accent": "#551A8B", "sourceModelTags": [ "Paid posting fees", "Mostly free listings", "City-site network", "Ultra-lean ops" ], "lastUpdated": "2026-10-15", "revenue": { "value": 302000000, "currency": "USD", "raw": "$302M", "period": "annual", "fullYear": true, "usd": 302000000, "snippet": "$302M estimated revenue FY2024 (−~70% vs 2018 peak)", "sourceSentence": "$302M estimated revenue FY2024 (−~70% vs 2018 peak)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "AIM Group 2025 Craigslist Report via Business Wire / ResearchAndMarkets (SECONDARY)", "sourceUrl": "https://www.businesswire.com/news/home/20250502636729/en/Craigslist-Report-2025-Craigslist-Tops-U.S.-Classified-Sites-Mercari-and-OfferUp-in-Close-Pursuit---ResearchAndMarkets.com" }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Profitable", "outcomeBasis": "stated profitability phrase (cash-flow/EBITDA positive)", "outcomeInferred": true, "outcomeEstimate": false, "outcomePeriod": "unspecified", "international": { "homeMarket": "U.S.", "countries": 70, "countriesNote": "Company factsheet: more than 700 local sites in 70 countries; live sites index lists 714 city/area sites worldwide (US, Canada, Europe, Asia/Pacific/Middle East, Oceania, Latin America, Africa).", "entryMode": "digital-only", "entryModeNote": "Company-operated local city websites (no stores or franchisees); paid posting fees are concentrated in the U.S. and parts of Canada per the live posting-fees page.", "localization": "City-level sites and category lists; posting fee schedule is market-specific (e.g. apartment fees only in Boston, Chicago, NYC areas; jobs fees vary by U.S. area).", "proxyNote": "No company disclosure of revenue by country. Wikipedia (SECONDARY, dated Alexa-era stats) has reported ~90% of visitors from the United States — traffic proxy only, not revenue. Paid categories on the official fee page are overwhelmingly U.S./Canada.", "source": "craigslist sites index; archived factsheet; posting fees help", "sourceUrl": "https://www.craigslist.org/about/sites", "reviewedAt": "2026-10-15", "tier": "partial" }, "revenueStreams": [ { "name": "Most community / for-sale / wanted posts", "amount": null, "currency": null, "period": null, "price": "Free", "unit": "per post", "note": "FACT (posting fees page)", "shareOfRevenue": null }, { "name": "Job post (US / parts of CA)", "amount": null, "currency": null, "period": null, "price": "$10–75", "unit": "per post; by area", "note": "FACT; largest fee band", "shareOfRevenue": null }, { "name": "Services (US and CA)", "amount": null, "currency": null, "period": null, "price": "$5", "unit": "per post", "note": "FACT", "shareOfRevenue": null }, { "name": "Gigs (US / selected CA)", "amount": null, "currency": null, "period": null, "price": "$3–10", "unit": "per post", "note": "FACT", "shareOfRevenue": null }, { "name": "Housing / dealer / vehicle paid cats", "amount": null, "currency": null, "period": null, "price": "$5", "unit": "selected markets", "note": "FACT; apartments only BOS/CHI/NYC; dealer & by-owner vehicles US", "shareOfRevenue": null }, { "name": "Estimated total revenue", "amount": 302000000, "currency": "USD", "period": "AIM Group estimate", "price": "~$302M FY2024", "unit": "AIM Group estimate", "note": "SECONDARY; company does not disclose", "shareOfRevenue": 1 } ], "streamsWithAmounts": 1, "modelTags": [ "subscription", "ads", "hardware" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "ads" }, { "tag": "hardware", "evidence": "vehicle" } ], "modelTagsInferred": true, "primaryTag": "ads", "engine": "ads", "cluster": "Ads & attention", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Monetization is paid classified posting fees (jobs $10–75, services $5, vehicles/dealer/selected housing $5, gigs $3–10) — placement fees for professional categories, not a take-rate on transactions and not banner display ads. Closest allowed tag: ads (same family as Zillow Premier Agent / lead advertising). FY2024 estimated revenue ~$302M (AIM Group SECONDARY); mix ~35.6% jobs / 31% services / 20.3% auto.", "sizing": { "usdFullYear": 302000000, "inferred": false, "note": "as stated" } }, { "slug": "databricks", "name": "Databricks", "url": "/companies/databricks/", "logo": "logo.svg", "sector": "Data / AI Platform", "theme": "AI & Infra", "accent": "#FF3621", "sourceModelTags": [ "Consumption DBUs", "Lakehouse", "Mosaic AI", "Multi-cloud" ], "lastUpdated": "2026-09-20", "revenue": { "value": 7000000000, "currency": "USD", "raw": "$7B", "period": "annualized", "fullYear": false, "usd": 7000000000, "snippet": "Company PR Aug 2026: >$7B revenue run-rate, >80% YoY in Q2", "sourceSentence": "Company PR Aug 2026: >$7B revenue run-rate, >80% YoY in Q2", "field": "keyMetrics[0].detail", "approx": true, "secondary": false, "source": "Databricks newsroom Aug 13, 2026 (FACT)", "sourceUrl": "https://www.databricks.com/company/newsroom/press-releases/databricks-grows-80-yoy-surpasses-7b-revenue-run-rate-scales" }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Community Edition", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ learner", "note": "Free limited Spark learning environment (Pricing FAQ)", "shareOfRevenue": null }, { "name": "Free trial", "amount": null, "currency": null, "period": null, "price": "Credits", "unit": "/ trial", "note": "Platform trial; cloud infra still billed by CSP if using your account", "shareOfRevenue": null }, { "name": "Pay as you go", "amount": null, "currency": null, "period": null, "price": "DBUs", "unit": "/ second", "note": "No up-front cost; SKU rates vary by workload, cloud, region, tier", "shareOfRevenue": null }, { "name": "Jobs / SQL / All-Purpose", "amount": null, "currency": null, "period": null, "price": "DBUs", "unit": "+ cloud infra", "note": "Classic compute: DBU to Databricks + VM/storage to AWS/Azure/GCP", "shareOfRevenue": null }, { "name": "Mosaic AI / Serving", "amount": null, "currency": null, "period": null, "price": "GPU DBUs", "unit": "/ hour", "note": "e.g. T4 10.48 → H100×8 800 DBU/h (Model Serving list)", "shareOfRevenue": null }, { "name": "Committed Use", "amount": null, "currency": null, "period": null, "price": "Discounted", "unit": "/ commit", "note": "Usage commitments unlock discounts; flexible across clouds", "shareOfRevenue": null }, { "name": "Enterprise / Azure", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "/ contract", "note": "Sales-assisted; Azure Databricks billed by Microsoft first-party", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "usage-based", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "Consumption" }, { "tag": "freemium", "evidence": "$0" }, { "tag": "enterprise-contracts", "evidence": "committed" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "depop", "name": "Depop", "url": "/companies/depop/", "logo": "logo.svg", "sector": "Fashion Resale Marketplace", "theme": "Commerce & Consumer", "accent": "#FF2300", "sourceModelTags": [ "Buyer Marketplace fee", "0% seller fees (UK/US/AUS)", "C2C fashion resale", "eBay-owned (since Jul 2026)" ], "lastUpdated": "2026-10-14", "revenue": { "value": 140800000, "currency": "GBP", "raw": "£140.8M", "period": "annual", "fullYear": true, "usd": null, "snippet": "£140.8M revenue FY2025 (+39%)", "sourceSentence": "£140.8M revenue FY2025 (+39%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Depop Limited full accounts to 31 Dec 2025, Companies House (FACT)", "sourceUrl": "https://find-and-update.company-information.service.gov.uk/company/08316342" }, "growthPct": 39, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net loss", "value": -53300000, "currency": "GBP", "raw": "£53.3M", "period": "annual", "snippet": "net loss £53.3M" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "homeMarket": "U.K.", "proxyNote": "Etsy FY2025 10-K: 74% of Depop GMS from U.S. buyers and 26% from non-U.S. buyers (buyer location). This is GMS, not Depop Limited statutory revenue; the UK accounts and Etsy 10-K do not disclose Depop revenue by country.", "entryMode": "digital-only", "entryModeNote": "App-first C2C marketplace; lead markets U.S., U.K. and Australia per Depop Limited FY2025 Strategic Report; remains a distinct brand under eBay", "localization": "Zero selling fees + buyer Marketplace fee in U.K., U.S. and Australia; 10% selling fee for sellers outside those markets (Depop Help Centre). Growth prioritized in U.S. and Australia in 2025 while U.K. marketing was streamlined (accounts).", "source": "Etsy FY2025 Form 10-K; Depop Limited FY2025 full accounts", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1370637/000137063726000019/etsy-20251231.htm", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "List an item (UK/US/AUS)", "amount": null, "currency": null, "period": null, "price": "Free", "unit": "no Depop selling fee", "note": "FACT (Help Centre); payment processing still applies", "shareOfRevenue": null }, { "name": "Marketplace fee (buyer, UK/US)", "amount": null, "currency": null, "period": null, "price": "Up to 5% + £/$1", "unit": "per purchase; ex tax & shipping", "note": "FACT; Australia similar in AUD from Jul 2026", "shareOfRevenue": null }, { "name": "Payment processing (seller)", "amount": null, "currency": null, "period": null, "price": "2.9–3.3% + fixed", "unit": "via Depop Payments / Stripe", "note": "FACT; UK 2.9%+£0.30; US 3.3%+$0.45; AUS 2.6%+A$0.30", "shareOfRevenue": null }, { "name": "Selling fee (other markets)", "amount": null, "currency": null, "period": null, "price": "10%", "unit": "item price (+ shipping if no Depop label)", "note": "FACT; sellers outside UK/US/AUS", "shareOfRevenue": null }, { "name": "Boosted listing", "amount": null, "currency": null, "period": null, "price": "8–12%", "unit": "extra on sale price when boosted", "note": "FACT; 12% UK/US from 23 Mar 2026", "shareOfRevenue": null }, { "name": "Total revenue", "amount": 140800000, "currency": "GBP", "period": "on $1.07B GMS", "price": "£140.8M FY2025", "unit": "on $1.07B GMS", "note": "FACT; ~mid-teens of GMS is INFERENCE", "shareOfRevenue": 1 } ], "streamsWithAmounts": 1, "modelTags": [ "take-rate", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "processing" }, { "tag": "marketplace", "evidence": "Marketplace" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Buyer Marketplace fee (up to 5% of item price + up to £/$1 in UK/US; similar in AUS) is the main monetization after 2024 removed selling fees in those markets; sellers still pay payment processing; sellers outside UK/US/AUS pay 10%; plus Boost fees. Same family as Vinted (buyer-paid platform fee). FY2025 Depop Limited revenue £140.8M on $1.07B GMS (~mid-teens of GMS after FX, INFERENCE).", "sizing": { "usdFullYear": 178816000, "inferred": true, "note": "converted at fixed reference FX GBP→USD 1.27 (INFERENCE, ordering only)" } }, { "slug": "discord", "name": "Discord", "url": "/companies/discord/", "logo": "logo.svg", "sector": "Social / gaming communications", "theme": "Media & Social", "accent": "#5865F2", "sourceModelTags": [ "Free servers PLG", "Nitro Basic", "Nitro + Boosts", "Quests / Orbs" ], "lastUpdated": "2026-10-04", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Free server", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "community", "note": "Voice, text, and communities — the PLG base", "shareOfRevenue": null }, { "name": "Nitro Basic", "amount": null, "currency": null, "period": null, "price": "$2.99", "unit": "/ mo US", "note": "FACT nitro page; $29.99/yr in the beginner’s guide", "shareOfRevenue": null }, { "name": "Nitro", "amount": null, "currency": null, "period": null, "price": "$9.99", "unit": "/ mo US", "note": "FACT; $99.99/yr. Includes 2 Server Boosts", "shareOfRevenue": null }, { "name": "Extra Server Boosts", "amount": null, "currency": null, "period": null, "price": "30% off", "unit": "with Nitro", "note": "FACT FAQ — discount for Nitro; Basic gets no discount. USD list not printed in the FAQ", "shareOfRevenue": null }, { "name": "Level 3 server", "amount": null, "currency": null, "period": null, "price": "14 Boosts", "unit": "pooled", "note": "FACT FAQ — community-paid, not a Discord invoice", "shareOfRevenue": null }, { "name": "Quests / Orbs", "amount": null, "currency": null, "period": null, "price": "No $ published", "unit": "engagement", "note": "FACT nitro page — monthly Orbs and a 1.2× Quest multiplier on Nitro", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "freemium" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Nitro" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "disney", "name": "Disney", "url": "/companies/disney/", "logo": "logo.svg", "sector": "Media / Entertainment / Parks", "theme": "Media & Social", "accent": "#113ccf", "sourceModelTags": [ "Subscriptions + affiliate fees", "Parks & cruises", "IP flywheel", "Ads + licensing" ], "lastUpdated": "2026-10-16", "revenue": { "value": 94400000000, "currency": "USD", "raw": "$94.4B", "period": "annual", "fullYear": true, "usd": 94400000000, "snippet": "$94.4B revenue FY25 (+3%)", "sourceSentence": "$94.4B revenue FY25 (+3%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Disney FY2025 Form 10-K — Consolidated Statements of Income (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm" }, "growthPct": 3, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 12400000000, "currency": "USD", "raw": "$12.4B", "period": "annual", "snippet": "FY2025 net income $12.4B (Disney)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 19.1, "basis": "region", "homeMarket": "Americas", "period": "FY2025 (year ended September 27, 2025)", "fullYear": true, "basisNote": "revenues by primary geographical market (Americas, Europe, Asia Pacific) as reported in Note 3; the filing does not state the attribution method or break out the U.S. alone", "label": "INFERENCE", "figures": "Americas $76,430M of $94,425M FY2025 revenues (80.9%); Europe $11,090M (11.7%); Asia Pacific $6,905M (7.3%). Share outside the Americas = (94,425 − 76,430) / 94,425 = 19.1%.", "source": "The Walt Disney Company FY2025 Form 10-K — Note 3 Revenues", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm", "entryMode": "owned", "entryModeNote": "Mixed: Disneyland Paris and Disney+ operated directly; Hong Kong Disneyland (48%) and Shanghai Disney Resort (43%) are consolidated joint ventures with local partners; Tokyo Disney Resort and the planned Abu Dhabi resort are licensed to third parties for royalties.", "localization": "Disney+ outside the U.S. carries a general-entertainment tile (Star, rebranded Hulu in Oct 2025) and an ad-supported tier in Canada and select Latin American and European markets (FY2025 10-K).", "reviewedAt": "2026-10-16", "tier": "region" }, "revenueStreams": [ { "name": "Disney+ International", "amount": null, "currency": null, "period": null, "price": "$7.59/mo", "unit": "avg revenue per paid sub, FY25", "note": "FACT; +19% on price increases", "shareOfRevenue": null }, { "name": "Disney+ Domestic (U.S. & Canada)", "amount": null, "currency": null, "period": null, "price": "$8.06/mo", "unit": "avg revenue per paid sub, FY25", "note": "FACT; ad tier + no-ad plans", "shareOfRevenue": null }, { "name": "Hulu SVOD Only", "amount": null, "currency": null, "period": null, "price": "$12.36/mo", "unit": "avg revenue per paid sub, FY25", "note": "FACT; flat YoY", "shareOfRevenue": null }, { "name": "Hulu Live TV + SVOD", "amount": null, "currency": null, "period": null, "price": "$99.85/mo", "unit": "avg revenue per paid sub, FY25", "note": "FACT; combined with Fubo Oct 2025", "shareOfRevenue": null }, { "name": "Subscription & affiliate fees", "amount": 37800000000, "currency": "USD", "period": "largest revenue type (40%)", "price": "$37.8B FY25", "unit": "largest revenue type (40%)", "note": "FACT $; % INFERENCE", "shareOfRevenue": 0.4 }, { "name": "Theme park admissions", "amount": 11700000000, "currency": "USD", "period": "Experiences", "price": "$11.7B FY25", "unit": "Experiences", "note": "FACT; +5% on higher per-capita ticket revenue", "shareOfRevenue": 0.124 }, { "name": "Advertising", "amount": 11100000000, "currency": "USD", "period": "Entertainment + Sports", "price": "$11.1B FY25", "unit": "Entertainment + Sports", "note": "FACT; ESPN domestic ads +14%", "shareOfRevenue": 0.118 } ], "streamsWithAmounts": 3, "modelTags": [ "subscription", "ads", "retail/DTC" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Subscription" }, { "tag": "ads", "evidence": "Ads" }, { "tag": "retail/DTC", "evidence": "DTC" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Largest FY2025 revenue type is subscription & affiliate fees $37,779M (~40% of $94,425M FY25 revenue, fiscal year ended Sep 27, 2025): Disney+, Hulu and ESPN DTC subscriptions plus pay-TV affiliate fees. Experiences (parks, resorts, cruises: admissions $11.7B, resorts & vacations $9.2B) is the largest profit pool (OI $9,995M of $17,551M segment OI) but no single Experiences line outranks subscription/affiliate. Reviewed main engine = subscription, same family as Netflix/Spotify.", "sizing": { "usdFullYear": 94400000000, "inferred": false, "note": "as stated" } }, { "slug": "doordash", "name": "DoorDash", "url": "/companies/doordash/", "logo": "logo.svg", "sector": "Food Delivery / Local Commerce", "theme": "Commerce & Consumer", "accent": "#FF3008", "sourceModelTags": [ "Three-sided marketplace", "Take-rate GOV", "DashPass", "Local commerce" ], "lastUpdated": "2026-09-21", "revenue": { "value": 13700000000, "currency": "USD", "raw": "$13.7B", "period": "annual", "fullYear": true, "usd": 13700000000, "snippet": "Net Revenue Margin 13.5% of Marketplace GOV (FACT — IR PR) Full year: FY2025 (year ended Dec 31, 2025) revenue was $13.7B ($13,717M) vs $10,722M in 2024 (FACT — Q4 & FY2025 press release / SEC 8-K).", "sourceSentence": "Q2’26 revenue $4.454B (+36% Y/Y; +24% ex-Deliveroo); Net Revenue Margin 13.5% of Marketplace GOV (FACT — IR PR) Full year: FY2025 (year ended Dec 31, 2025) revenue was $13.7B ($13,717M) vs $10,722M in 2024 (FACT — Q4 & FY2025 press release / SEC 8-K).", "field": "keyMetrics[1].detail", "approx": false, "secondary": false, "source": "DoorDash Q2 2026 earnings PR (FACT)", "sourceUrl": "https://ir.doordash.com/news/news-details/2026/DoorDash-Releases-Second-Quarter-2026-Financial-Results/default.aspx" }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "ebitda", "value": 914000000, "currency": "USD", "raw": "$914M", "period": "unspecified", "snippet": "Adjusted EBITDA $914M (+40% Y/Y), 2.8% of Marketplace GOV" }, "outcome": "Profitable", "outcomeBasis": "ebitda", "outcomeInferred": true, "outcomeEstimate": false, "outcomePeriod": "unspecified", "international": { "shareOutsideHome": 16.5, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "International $2,257M of $13,717M", "source": "DoorDash FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm", "entryMode": "acquisitions", "entryModeNote": "Bought Wolt (2022) and Deliveroo for Europe", "reviewedAt": "2026-10-14", "basisNote": "merchant address (member address for memberships)", "tier": "ranked" }, "revenueStreams": [ { "name": "Marketplace (restaurants)", "amount": 33100000000, "currency": "USD", "period": "Q2 GOV", "price": "$33.1B", "unit": "Q2 GOV", "note": "Marketplace GOV $33.078B includes taxes, tips, consumer fees, and DashPass/Wolt+/Deliveroo Plus membership fees (FACT IR definition)", "shareOfRevenue": 2.416 }, { "name": "DashPass membership", "amount": null, "currency": null, "period": null, "price": "$9.99 / $96", "unit": "US mo / yr", "note": "US paid DashPass adds in 12 mo thru Q2’26 exceeded prior 24 mo combined; ~75% of US grocery/retail orders from members (FACT IR) — no absolute member count invented", "shareOfRevenue": null }, { "name": "Platform take on GOV", "amount": 4450000000, "currency": "USD", "period": "Q2 revenue", "price": "$4.45B", "unit": "Q2 revenue", "note": "Net Revenue Margin 13.5% = Revenue / Marketplace GOV (FACT IR) — do not invent a single merchant commission %", "shareOfRevenue": 0.325 }, { "name": "Ads / merchant software", "amount": null, "currency": null, "period": null, "price": "Attach", "unit": "/ merchants", "note": "Digital ordering used by >150k merchants (+40% Y/Y revenue); SevenRooms new signed venues >100% Y/Y; reservations booked via marketplaces >150% Q/Q (FACT IR)", "shareOfRevenue": null }, { "name": "Grocery & retail categories", "amount": null, "currency": null, "period": null, "price": "Grow", "unit": "/ US GOV", "note": "Strong Y/Y Marketplace GOV growth with improving unit economics; DashPass members ~75% of orders in these categories (FACT IR)", "shareOfRevenue": null }, { "name": "Intl + autonomy", "amount": null, "currency": null, "period": null, "price": "Invest", "unit": "/ multi-yr", "note": "Wolt + Deliveroo intl; Dot robot & DoorDash Air Part 135 — company narrative / expectation, not invented fleet ARPU", "shareOfRevenue": null } ], "streamsWithAmounts": 2, "modelTags": [ "take-rate", "subscription", "ads", "marketplace", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "Take-rate" }, { "tag": "subscription", "evidence": "DashPass" }, { "tag": "ads", "evidence": "ads" }, { "tag": "marketplace", "evidence": "Three-sided" }, { "tag": "enterprise-contracts", "evidence": "enterprise" } ], "modelTagsInferred": true, "primaryTag": "marketplace", "engine": "take", "cluster": "Marketplace", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 13700000000, "inferred": false, "note": "as stated" } }, { "slug": "duolingo", "name": "Duolingo, Inc.", "url": "/companies/duolingo/", "logo": "logo.svg", "sector": "EdTech / Consumer Learning", "theme": "Commerce & Consumer", "accent": "#58CC02", "sourceModelTags": [ "Gamified freemium", "Super / Max", "AI tutoring", "Ads + DET" ], "lastUpdated": "2026-10-03", "revenue": { "value": 1040000000, "currency": "USD", "raw": "$1.04B", "period": "annual", "fullYear": true, "usd": 1040000000, "snippet": "$1.04B FY’25 revenue", "sourceSentence": "$1.04B FY’25 revenue", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Duolingo Q4/FY 2025 shareholder letter (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1562088/000162828026012246/q4fy25duolingo12-31x25shar.htm" }, "growthPct": 39, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 29.5, "type": "ebitda", "period": "annual", "mixedPeriod": false, "snippet": "FY’25 Adjusted EBITDA $305.9M (29.5% margin)" }, "profit": { "kind": "ebitda", "value": 305900000, "currency": "USD", "raw": "$305.9M", "period": "annual", "snippet": "FY’25 Adjusted EBITDA $305.9M (29.5% margin)" }, "outcome": "Profitable", "outcomeBasis": "ebitda", "outcomeInferred": true, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 62, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "FACT", "figures": "Customers in the U.S. were 38% of total revenues ($392.2M of $1,037.6M)", "source": "Duolingo FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1562088/000162828026012494/duol-20251231.htm", "entryMode": "digital-only", "entryModeNote": "App store distribution; 62% of revenue outside the U.S.", "reviewedAt": "2026-10-14", "basisNote": "user location; Duolingo English Test by where the test is taken", "tier": "ranked" }, "revenueStreams": [ { "name": "Free (ads + Energy limits)", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ learner", "note": "FACT 10-K: course content not paywalled; free learners see ads; ~91% of MAUs unpaid", "shareOfRevenue": null }, { "name": "Super Duolingo (+ Family)", "amount": null, "currency": null, "period": null, "price": "Regional", "unit": "/ mo or yr", "note": "FACT: ad-free, unlimited energy/hearts, Practice Hub; Family up to 6 (2021). List price varies by platform/region — do not invent a global sticker", "shareOfRevenue": null }, { "name": "Duolingo Max (AI tutoring)", "amount": null, "currency": null, "period": null, "price": "Premium", "unit": "over Super", "note": "FACT blog/10-K: Roleplay + Video Call with Lily (+ Explain My Answer). ~10× more Super than Max subscribers (CEO); Video Call expanding into Super in 2026", "shareOfRevenue": null }, { "name": "Advertising", "amount": 79700000, "currency": "USD", "period": "FY’25", "price": "$79.7M", "unit": "FY’25", "note": "FACT 10-K: ads on free tier; part of $164.1M “Other” revenue", "shareOfRevenue": 0.077 }, { "name": "DET + IAPs (+ misc)", "amount": 84400000, "currency": "USD", "period": "FY’25", "price": "$84.4M", "unit": "FY’25", "note": "FACT 10-K: Duolingo English Test $42.0M + IAPs $40.5M + other $1.9M", "shareOfRevenue": 0.081 } ], "streamsWithAmounts": 2, "modelTags": [ "subscription", "ads", "freemium" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "Ads" }, { "tag": "freemium", "evidence": "freemium" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "subscription revenue $873M of $1.04B", "sizing": { "usdFullYear": 1040000000, "inferred": false, "note": "as stated" } }, { "slug": "dycom-industries", "name": "Dycom Industries", "url": "/companies/dycom-industries/", "logo": "logo.svg", "sector": "Telecom Infrastructure Services / Specialty Contracting", "theme": "AI & Infra", "accent": "#005CB9", "sourceModelTags": [ "Specialty contracting MSAs", "Fiber & wireless build", "Utility locating", "Data-center electrical (Building Systems)" ], "lastUpdated": "2026-10-13", "revenue": { "value": 5546000000, "currency": "USD", "raw": "$5.546B", "period": "annual", "fullYear": true, "usd": 5546000000, "snippet": "$5.546B contract revenue FY26 (+17.9%)", "sourceSentence": "$5.546B contract revenue FY26 (+17.9%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Dycom FY2026 Q4 earnings release + Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/67215/000006721526000004/dyfy2026q4earningsreleasee.htm" }, "growthPct": 17.9, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 281200000, "currency": "USD", "raw": "$281.2M", "period": "annual", "snippet": "FY2026 net income $281.2M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": null, "revenueStreams": [ { "name": "Communications — fiber / construction", "amount": 5450000000, "currency": "USD", "period": "work performed under MSAs", "price": "$5.45B FY26 segment", "unit": "work performed under MSAs", "note": "FACT; aerial, underground, wireless construction; FTTH & middle-mile", "shareOfRevenue": 0.983 }, { "name": "Communications — maintenance & ops", "amount": null, "currency": null, "period": null, "price": "Part of Communications", "unit": "ongoing service programs", "note": "FACT; fulfillment, maintenance cited as organic growth driver", "shareOfRevenue": null }, { "name": "Underground facility locating", "amount": null, "currency": null, "period": null, "price": "Part of Communications", "unit": "locate tickets / utility work", "note": "FACT; locating for telecom and other utilities", "shareOfRevenue": null }, { "name": "Electric & gas utility construction", "amount": null, "currency": null, "period": null, "price": "Part of Communications", "unit": "project / MSA work", "note": "FACT; construction and maintenance for electric and gas utilities", "shareOfRevenue": null }, { "name": "Building Systems (Power Solutions)", "amount": 95800000, "currency": "USD", "period": "electrical / critical-facility work", "price": "$95.8M FY26 stub", "unit": "electrical / critical-facility work", "note": "FACT; data-center electrical, energy mgmt, security, fire safety; acquired Dec 23, 2025", "shareOfRevenue": 0.017 } ], "streamsWithAmounts": 2, "modelTags": [ "subscription", "ads", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "ARPU" }, { "tag": "enterprise-contracts", "evidence": "backlog" } ], "modelTagsInferred": true, "primaryTag": "enterprise-contracts", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Specialty contracting under master service agreements with large telecom/utility customers: FY2026 contract revenues $5.546B recognized as work is performed (Communications $5.450B; Building Systems $95.8M stub). Lead commercial form is enterprise MSAs (AT&T 25.4%, Verizon 14.0%, Lumen 10.8%), not a consumer usage meter — so enterprise-contracts over usage-based.", "sizing": { "usdFullYear": 5546000000, "inferred": false, "note": "as stated" } }, { "slug": "ebay", "name": "eBay", "url": "/companies/ebay/", "logo": "logo.svg", "sector": "Online Marketplace (consumer-to-consumer and business-to-consumer resale)", "theme": "Commerce & Consumer", "accent": "#E53238", "sourceModelTags": [ "Commission take rate on GMV", "Promoted Listings ads", "Store subscriptions + shipping", "Enthusiast focus categories" ], "lastUpdated": "2026-10-11", "revenue": { "value": 11100000000, "currency": "USD", "raw": "$11.10B", "period": "annual", "fullYear": true, "usd": 11100000000, "snippet": "$11.10B revenue FY25 (+8%)", "sourceSentence": "$11.10B revenue FY25 (+8%) · H1 2026 $6.22B (+17%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "eBay Form 10-K FY2025, Net Revenues; Form 10-Q Q2 2026, Net Revenues (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm" }, "growthPct": 8, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 20.5, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY25 operating income $2.28B (20.5% margin)" }, "profit": { "kind": "operating income", "value": 2280000000, "currency": "USD", "raw": "$2.28B", "period": "annual", "snippet": "FY25 operating income $2.28B (20.5% margin)" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 47.8, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "FACT", "figures": "U.S. $5,789M of $11,100M net revenues (by customer location)", "source": "eBay FY2025 Form 10-K, net revenues by geography", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1065088/000106508826000027/ebay-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Local country sites in 190 markets", "countries": 190, "countriesNote": "more than 190 markets (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "customer location", "tier": "ranked" }, "revenueStreams": [ { "name": "Marketplace commissions", "amount": 9107000000, "currency": "USD", "period": "final value fees, listing, feature and foreign-exchange fees", "price": "$9,107M in FY25 (82% of revenue)", "unit": "final value fees, listing, feature and foreign-exchange fees", "note": "FACT; eBay earns a take rate on each paid transaction, reduced by buyer coupons and incentives", "shareOfRevenue": 0.82 }, { "name": "Store subscriptions + shipping fees", "amount": null, "currency": null, "period": null, "price": "Included in marketplace revenue", "unit": "monthly Store plans and eBay-run shipping", "note": "FACT; the filing lists store subscription fees and shipping fees inside marketplace revenue without a separate dollar figure", "shareOfRevenue": null }, { "name": "Promoted Listings and other ads", "amount": 1993000000, "currency": "USD", "period": "seller fees to promote listings, plus third-party advertising", "price": "$1,993M in FY25 (+22%)", "unit": "seller fees to promote listings, plus third-party advertising", "note": "FACT; $1,177M in H1 2026 vs $924M in H1 2025", "shareOfRevenue": 0.18 }, { "name": "Overall take rate", "amount": null, "currency": null, "period": null, "price": "13.94% in FY25", "unit": "net revenue divided by GMV", "note": "FACT; 13.95% in H1 2026", "shareOfRevenue": null }, { "name": "Geography split", "amount": null, "currency": null, "period": null, "price": "U.S. 52% / international 48%", "unit": "share of FY25 net revenue", "note": "FACT; H1 2026 revenue was $3,490M in the U.S., $774M in the U.K. and $653M in China", "shareOfRevenue": null } ], "streamsWithAmounts": 2, "modelTags": [ "take-rate", "subscription", "ads", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "Commission" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "ads" }, { "tag": "marketplace", "evidence": "GMV" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "third-party marketplace: marketplace commissions (final value fees etc.) were $9.11B of $11.10B FY25 revenue, take rate 13.94% of GMV; advertising $1.99B follows", "sizing": { "usdFullYear": 11100000000, "inferred": false, "note": "as stated" } }, { "slug": "enphase", "name": "Enphase Energy", "url": "/companies/enphase/", "logo": "logo.svg", "sector": "Solar Microinverters + Home Batteries", "theme": "Energy & Climate", "accent": "#F37321", "sourceModelTags": [ "Hardware sold via distributors", "Microinverters + batteries", "Manufacturing tax credit (45X)", "U.S. policy swings" ], "lastUpdated": "2026-10-11", "revenue": { "value": 1470000000, "currency": "USD", "raw": "$1.47B", "period": "annual", "fullYear": true, "usd": 1470000000, "snippet": "$1.47B revenue FY25 (+11%)", "sourceSentence": "$1.47B revenue FY25 (+11%) · H1 2026 $574.8M (−20%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Enphase FY2025 Form 10-K (Item 7; revenue note); Q2 2026 Form 10-Q (FACT / INFERENCE)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1463101/000146310126000013/enph-20251231.htm" }, "growthPct": 11, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 46.6, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 gross profit was $687,004K, a 46.6% margin (47.3% in 2024)" }, "profit": { "kind": "net income", "value": 172100000, "currency": "USD", "raw": "$172.1M", "period": "annual", "snippet": "FY2025 net income $172.1M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 19.3, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "International $284.3M of $1,473.0M", "source": "Enphase FY2025 Form 10-K, disaggregated revenue", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1463101/000146310126000013/enph-20251231.htm", "entryMode": "distributors-wholesale", "entryModeNote": "Sold through distributors and installers in 160+ countries", "countries": 160, "countriesNote": "systems in 160+ countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "filing does not state how the country is assigned", "tier": "ranked" }, "revenueStreams": [ { "name": "Microinverters", "amount": null, "currency": null, "period": null, "price": "~6.4M units in FY25", "unit": "IQ8 / IQ9 series", "note": "FACT; one small inverter per panel; U.S.-made models can help projects qualify for domestic content credits; H1 2026 about 3.0M units", "shareOfRevenue": null }, { "name": "Batteries", "amount": null, "currency": null, "period": null, "price": "706.1 MWh in FY25 (+36%)", "unit": "IQ Battery 5P, 10C", "note": "FACT; the 2025 growth driver; H1 2026 shipments 216.9 MWh (−40%) after the 25D credit ended", "shareOfRevenue": null }, { "name": "EV chargers", "amount": null, "currency": null, "period": null, "price": "IQ EV Charger, CS-100", "unit": "home and fleet", "note": "FACT; revenue not broken out; IQ EV Charger 2 started shipping in U.S. in Dec 2025", "shareOfRevenue": null }, { "name": "Gateway + cloud", "amount": 123000000, "currency": "USD", "period": "products and services over time", "price": "$123.0M over time (FY25)", "unit": "products and services over time", "note": "FACT; cloud monitoring bundled with IQ Gateway and Energy Router, recognized over time", "shareOfRevenue": 0.084 }, { "name": "Care plan", "amount": null, "currency": null, "period": null, "price": "Enphase Care", "unit": "optional service plan", "note": "FACT; $0 on-site labor for covered repairs; revenue not broken out", "shareOfRevenue": null }, { "name": "Tax credit sales", "amount": 235000000, "currency": "USD", "period": "March 2026", "price": "$235.0M of 2025 AMPTC sold at 93%", "unit": "March 2026", "note": "FACT; reduces cost, not revenue; up to $150.0M of 2026 AMPTC agreed in June 2026", "shareOfRevenue": 0.16 } ], "streamsWithAmounts": 2, "modelTags": [ "usage-based", "hardware", "freemium" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "credits" }, { "tag": "hardware", "evidence": "Hardware" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "revenue is product sales (microinverters ~6.4M units, IQ Batteries 706.1 MWh) of $1.47B FY25; services over time are $123.0M (~8%, INFERENCE); the 45X credit lowers cost of revenue", "sizing": { "usdFullYear": 1470000000, "inferred": false, "note": "as stated" } }, { "slug": "epic-games", "name": "Epic Games, Inc.", "url": "/companies/epic-games/", "logo": "logo.svg", "sector": "Games, engine, and store", "theme": "Media & Social", "accent": "#1A1A1A", "sourceModelTags": [ "Fortnite live service", "Unreal royalty", "EGS 88/12", "Creator payouts" ], "lastUpdated": "2026-10-04", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Fortnite play", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "to start", "note": "Free-to-play shell; creators later earn engagement payouts", "shareOfRevenue": null }, { "name": "Unreal under $1M", "amount": null, "currency": null, "period": null, "price": "0% royalty", "unit": "lifetime gross", "note": "FACT license — royalty starts above $1M product lifetime gross", "shareOfRevenue": null }, { "name": "Unreal royalty", "amount": null, "currency": null, "period": null, "price": "5%", "unit": "above $1M", "note": "FACT — 3.5% if Launch Everywhere qualifies; $0 on EGS-processed sales", "shareOfRevenue": null }, { "name": "EGS first $1M", "amount": null, "currency": null, "period": null, "price": "12% waived", "unit": "per product / year", "note": "FACT — 88/12 applies only after $1M net; resets Jan 1", "shareOfRevenue": null }, { "name": "EGS after $1M", "amount": null, "currency": null, "period": null, "price": "88/12", "unit": "developer/Epic", "note": "FACT — PC, Mac, iOS, Android; Epic-processed payments", "shareOfRevenue": null }, { "name": "Company revenue", "amount": null, "currency": null, "period": null, "price": "Not published", "unit": "private", "note": "No audited consolidated figure in these primary pages", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "marketplace", "freemium" ], "modelTagEvidence": [ { "tag": "marketplace", "evidence": "store customers" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "marketplace", "engine": "take", "cluster": "Marketplace", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "store 88/12 + engine royalty; no public revenue split", "sizing": null }, { "slug": "etsy", "name": "Etsy", "url": "/companies/etsy/", "logo": "logo.svg", "sector": "Online Marketplace (handmade, vintage and unique goods)", "theme": "Commerce & Consumer", "accent": "#F1641E", "sourceModelTags": [ "Listing + transaction + payments fees", "Etsy Ads and Offsite Ads", "Shipping labels", "Long-tail, custom goods" ], "lastUpdated": "2026-10-11", "revenue": { "value": 2880000000, "currency": "USD", "raw": "$2.88B", "period": "annual", "fullYear": true, "usd": 2880000000, "snippet": "$2.88B revenue FY25 (+3%)", "sourceSentence": "$2.88B revenue FY25 (+3%) · H1 2026 $1.30B (+4.7%, continuing operations)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Etsy Form 10-K FY2025, Revenue; Form 10-Q Q2 2026, key operating and financial metrics (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1370637/000137063726000019/etsy-20251231.htm" }, "growthPct": 3, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 5.7, "type": "net", "period": "annual", "mixedPeriod": false, "snippet": "net income $163.0M (5.7% margin)" }, "profit": { "kind": "operating income", "value": 266200000, "currency": "USD", "raw": "$266.2M", "period": "annual", "snippet": "FY25 operating income $266.2M" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 49.2, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "U.K. $296.2M + all other $1,121.4M of $2,883.5M (by seller billing address)", "source": "Etsy FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1370637/000137063726000019/etsy-20251231.htm", "entryMode": "digital-only", "entryModeNote": "One marketplace; sellers bill from the U.K. and elsewhere", "reviewedAt": "2026-10-14", "basisNote": "seller billing address", "tier": "ranked" }, "revenueStreams": [ { "name": "Listing fee", "amount": null, "currency": null, "period": null, "price": "$0.20 per listing", "unit": "fixed fee per item listed, recognized over a four-month listing period unless the item sells", "note": "FACT; non-refundable", "shareOfRevenue": null }, { "name": "Transaction fee", "amount": null, "currency": null, "period": null, "price": "6.5% of the sale", "unit": "including shipping charged to the buyer", "note": "FACT; recognized when the sale completes, net of refunds", "shareOfRevenue": null }, { "name": "Payments processing fee", "amount": null, "currency": null, "period": null, "price": "typically 3.0% to 6.5% + flat fee per order", "unit": "depends on the country of the seller's bank account", "note": "FACT; plus an extra fee for foreign-currency payments", "shareOfRevenue": null }, { "name": "Offsite Ads fee", "amount": null, "currency": null, "period": null, "price": "12% or 15% of the sale", "unit": "only when Etsy's ads on other platforms produce the sale", "note": "FACT; the rate depends on the seller's sales volume, and the matching cost is booked in marketing", "shareOfRevenue": null }, { "name": "Etsy Ads and shipping labels (services)", "amount": 876300000, "currency": "USD", "period": "cost-per-click ads and discounted labels, shipping net of label cost", "price": "$876.3M in FY25 (30% of revenue, +11.3%)", "unit": "cost-per-click ads and discounted labels, shipping net of label cost", "note": "FACT; Etsy does not split ads from labels in dollars", "shareOfRevenue": 0.304 } ], "streamsWithAmounts": 1, "modelTags": [ "take-rate", "ads", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "take rate" }, { "tag": "ads", "evidence": "Ads" }, { "tag": "marketplace", "evidence": "marketplace" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "third-party marketplace: marketplace fees (listing, 6.5% transaction, payments processing) were $2.01B of $2.88B FY25 revenue, take rate 24.2% of GMS; services (mostly on-site ads) $876.3M follow", "sizing": { "usdFullYear": 2880000000, "inferred": false, "note": "as stated" } }, { "slug": "expedia", "name": "Expedia Group", "url": "/companies/expedia/", "logo": "logo.svg", "sector": "Online Travel Marketplace (lodging, air, advertising, B2B)", "theme": "Media & Social", "accent": "#00355F", "sourceModelTags": [ "Merchant + agency model", "B2B travel API", "Vrbo pay-per-booking", "Travel advertising" ], "lastUpdated": "2026-10-11", "revenue": { "value": 14700000000, "currency": "USD", "raw": "$14.7B", "period": "annual", "fullYear": true, "usd": 14700000000, "snippet": "$14.7B revenue FY25 (+8%)", "sourceSentence": "$14.7B revenue FY25 (+8%) · H1 2026 $7.7B (+14%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Expedia Group Form 10-K FY2025, Results of Operations; Form 10-Q Q2 2026 (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1324424/000132442426000008/expe-20251231.htm" }, "growthPct": 8, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 12.7, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY25 operating income $1.9B (12.7% margin)" }, "profit": { "kind": "operating income", "value": 1900000000, "currency": "USD", "raw": "$1.9B", "period": "annual", "snippet": "FY25 operating income $1.9B (12.7% margin)" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 40.9, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "All other countries $6,023M of $14,733M (by website/point-of-sale location)", "source": "Expedia FY2025 Form 10-K, geographic information", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1324424/000132442426000008/expe-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Localized websites and points of sale", "reviewedAt": "2026-10-14", "basisNote": "website or point-of-sale location (trivago all assigned to Germany)", "tier": "ranked" }, "revenueStreams": [ { "name": "Merchant hotel and package margin", "amount": 10256000000, "currency": "USD", "period": "Expedia collects from the traveler at booking, pays the supplier later, and keeps the difference", "price": "$10,256M in 2025 (70% of revenue)", "unit": "Expedia collects from the traveler at booking, pays the supplier later, and keeps the difference", "note": "FACT; revenue is recognized when the stay occurs", "shareOfRevenue": 0.698 }, { "name": "Agency commissions and ticketing fees", "amount": 3183000000, "currency": "USD", "period": "commission from the hotel or ticketing fee from the traveler or airline; mostly air", "price": "$3,183M in 2025 (22% of revenue)", "unit": "commission from the hotel or ticketing fee from the traveler or airline; mostly air", "note": "FACT; air revenue is recognized when booked", "shareOfRevenue": 0.217 }, { "name": "Advertising and media", "amount": 758000000, "currency": "USD", "period": "sponsored listings and media on Expedia sites, and referral fees on trivago", "price": "EG Advertising $758M (+19%); trivago $417M (+33%)", "unit": "sponsored listings and media on Expedia sites, and referral fees on trivago", "note": "FACT; advertising, media and other was $1,294M", "shareOfRevenue": 0.052 }, { "name": "Vrbo pay-per-booking", "amount": null, "currency": null, "period": null, "price": "traveler service fee plus insurance", "unit": "per booking, merchant or agency depending on the payment processor", "note": "FACT; dollar amount not separately disclosed", "shareOfRevenue": null } ], "streamsWithAmounts": 3, "modelTags": [ "take-rate", "usage-based", "ads", "hardware", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "commission" }, { "tag": "usage-based", "evidence": "API" }, { "tag": "ads", "evidence": "advertis" }, { "tag": "hardware", "evidence": "car" }, { "tag": "marketplace", "evidence": "gross bookings" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "online travel marketplace: margin on merchant bookings (merchant revenue $10.26B, 70%) plus agency commissions $3.18B (22%); FY25 revenue $14.73B was 12.3% of $119.6B gross bookings; advertising, media and other $1.29B follows", "sizing": { "usdFullYear": 14700000000, "inferred": false, "note": "as stated" } }, { "slug": "faire", "name": "Faire", "url": "/companies/faire/", "logo": "logo.svg", "sector": "B2B Wholesale Marketplace", "theme": "Commerce & Consumer", "accent": "#2d2a26", "sourceModelTags": [ "Brand commissions", "Net 60 retailer credit", "Promoted Listings ads", "Insider membership" ], "lastUpdated": "2026-10-12", "revenue": { "value": 730000000, "currency": "USD", "raw": "$730M", "period": "annualized", "fullYear": false, "usd": 730000000, "snippet": "$730M+ annualized revenue run rate (Sep 2026, +45%)", "sourceSentence": "$730M+ annualized revenue run rate (Sep 2026, +45%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "WSJ, Sep 18, 2026 (SECONDARY); co-founder Jeffrey Kolovson post (company-side, unaudited)", "sourceUrl": "https://www.wsj.com/business/retail/exclusive-faire-won-over-main-street-now-it-wants-to-woo-wall-street-524fc733" }, "growthPct": null, "growthPeriod": null, "latestGrowth": { "pct": 45, "period": "annualized" }, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "entryMode": "digital-only", "entryModeNote": "Marketplace in 30+ countries outside North America", "countries": 30, "countriesNote": "30+ countries outside North America (as stated on the canvas)", "reviewedAt": "2026-10-14", "tier": "qualitative" }, "revenueStreams": [ { "name": "Marketplace commission", "amount": null, "currency": null, "period": null, "price": "15%", "unit": "of the order subtotal, opening orders and reorders", "note": "FACT; North America", "shareOfRevenue": null }, { "name": "New customer fee", "amount": null, "currency": null, "period": null, "price": "$10", "unit": "once, on a retailer's first order with the brand", "note": "FACT; North America", "shareOfRevenue": null }, { "name": "First order outside North America", "amount": null, "currency": null, "period": null, "price": "25%", "unit": "15% commission + 10% referral fee; reorders 15%", "note": "FACT", "shareOfRevenue": null }, { "name": "Payment processing", "amount": null, "currency": null, "period": null, "price": "1.9% to 3.5% + $0.30", "unit": "per order, by payout speed (60-day, 30-day, next day)", "note": "FACT; North America", "shareOfRevenue": null }, { "name": "Faire Direct orders", "amount": null, "currency": null, "period": null, "price": "0% commission", "unit": "on retailers the brand brings itself", "note": "FACT; processing fee still applies", "shareOfRevenue": null }, { "name": "Promoted Listings", "amount": null, "currency": null, "period": null, "price": "pay per click", "unit": "brand sets a monthly budget", "note": "FACT; bids vary by predicted conversion", "shareOfRevenue": null }, { "name": "Insider membership", "amount": null, "currency": null, "period": null, "price": "$19.99", "unit": "per month, paid by US retailers", "note": "FACT; free shipping on selected brands", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "subscription", "usage-based", "ads", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "commission" }, { "tag": "subscription", "evidence": "per month" }, { "tag": "usage-based", "evidence": "pay-per" }, { "tag": "ads", "evidence": "ads" }, { "tag": "marketplace", "evidence": "marketplace" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "commission on each wholesale order: brands pay 15% of the marketplace order subtotal (plus a one-time $10 new-customer fee in North America; 25% first orders elsewhere) and 1.9%-3.5% + $0.30 payment processing, 0% on Faire Direct; ads (~9% of revenue, Sep 2026) and $19.99/month Insider are add-ons; no full-year revenue published, only a $730M+ annualized run rate (Sep 2026)", "sizing": null }, { "slug": "fireworks-ai", "name": "Fireworks AI", "url": "/companies/fireworks-ai/", "logo": "logo.svg", "sector": "AI Inference", "theme": "AI & Infra", "accent": "#082dff", "sourceModelTags": [ "Serverless → On-Demand", "Open + specialized models", "Train + serve loop", "Usage + reserved" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Serverless Standard", "amount": null, "currency": null, "period": null, "price": "PAYG", "unit": "/ 1M tokens", "note": "$1 free credits · e.g. GLM 5.2 $1.40/$0.14/$4.40; 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full/DPO higher bands; RFT = on-demand GPU rates; Serverless Training API (FACT)", "shareOfRevenue": null }, { "name": "Embeddings", "amount": null, "currency": null, "period": null, "price": "$0.008+", "unit": "/ 1M input", "note": "≤150M $0.008; 150–350M $0.016; Qwen3 8B $0.10 (FACT pricing)", "shareOfRevenue": null }, { "name": "Reserved / Enterprise", "amount": null, "currency": null, "period": null, "price": "Contact", "unit": "/ capacity", "note": "Reserved Capacity, Reserved Throughput, BYOC, higher quotas (FACT inference + docs)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "ads", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "premium" }, { "tag": "usage-based", "evidence": "Usage" }, { "tag": "ads", "evidence": "ARPU" }, { "tag": "enterprise-contracts", "evidence": "reserved" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "first-solar", "name": "First Solar", "url": "/companies/first-solar/", "logo": "logo.svg", "sector": "Solar Panel Manufacturing (Thin Film)", "theme": "Energy & Climate", "accent": "#1D4E89", "sourceModelTags": [ "Per-watt module sales", "Thin-film CdTe", "Manufacturing tax credit (45X)", "Multi-year contracts" ], "lastUpdated": "2026-10-11", "revenue": { "value": 5220000000, "currency": "USD", "raw": "$5.22B", "period": "annual", "fullYear": true, "usd": 5220000000, "snippet": "$5.22B revenue FY25 (+24%)", "sourceSentence": "$5.22B revenue FY25 (+24%) · H1 2026 $2.10B (+8%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "First Solar FY2025 Form 10-K (Item 7; geographic note); Q2 2026 Form 10-Q (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm" }, "growthPct": 24, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 40.6, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "gross margin 40.6% (44.2% in 2024)" }, "profit": { "kind": "net income", "value": 1530000000, "currency": "USD", "raw": "$1.53B", "period": "annual", "snippet": "FY2025 net income $1.53B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 4.3, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "India $195.6M + France $6.3M + other $22.8M of $5,219.4M", "source": "First Solar FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm", "reviewedAt": "2026-10-14", "basisNote": "customer country of invoicing", "tier": "ranked" }, "revenueStreams": [ { "name": "Module sales (all series)", "amount": 5220000000, "currency": "USD", "period": "per watt; 17.5 GW sold", "price": "$5.22B FY25 net sales", "unit": "per watt; 17.5 GW sold", "note": "FACT; revenue recognized when modules are delivered; about $0.30 per watt (INFERENCE)", "shareOfRevenue": 1 }, { "name": "Series 7 modules", "amount": null, "currency": null, "period": null, "price": "Larger form factor, steel back rail", "unit": "U.S. + India plants", "note": "FACT; Louisiana plant began production in 2025; some 2023-24 modules have a known power-loss issue", "shareOfRevenue": null }, { "name": "Series 6 modules", "amount": null, "currency": null, "period": null, "price": "Production reduced", "unit": "international plants", "note": "FACT; the company cut Series 6 output given low European prices and a closed Indian market for Southeast Asian products", "shareOfRevenue": null }, { "name": "Section 45X credits", "amount": 1400000000, "currency": "USD", "period": "2025 credits", "price": "$1.40B face sold for $1.34B", "unit": "2025 credits", "note": "FACT; reduces cost of sales; about 17 cents per watt for U.S.-made modules", "shareOfRevenue": 0.268 }, { "name": "Advance payments", "amount": 1820000000, "currency": "USD", "period": "customer prepayments", "price": "$1.82B deferred revenue (Dec 2025)", "unit": "customer prepayments", "note": "FACT; recognized as modules are delivered; $1.70B at Jun 30, 2026", "shareOfRevenue": 0.349 }, { "name": "Contract terminations", "amount": 61000000, "currency": "USD", "period": "BP / Lightsource", "price": "$61.0M revenue in 2025", "unit": "BP / Lightsource", "note": "FACT; $384.6M termination payments triggered; suit filed Sep 2025", "shareOfRevenue": 0.012 } ], "streamsWithAmounts": 4, "modelTags": [ "hardware", "usage-based", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "hardware", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "usage-based", "evidence": "credits" }, { "tag": "enterprise-contracts", "evidence": "backlog" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "revenue is per-watt module sales ($5.22B FY25 net sales, 17.5 GW sold); the 45X credit lowers cost of sales and is sold for cash", "sizing": { "usdFullYear": 5220000000, "inferred": false, "note": "as stated" } }, { "slug": "fiverr", "name": "Fiverr", "url": "/companies/fiverr/", "logo": "logo.svg", "sector": "Freelance Services Marketplace", "theme": "Commerce & Consumer", "accent": "#1DBF73", "sourceModelTags": [ "Two-sided take rate", "Productized services (Gigs)", "Seller ads & subscriptions", "Upmarket: Fiverr Pro" ], "lastUpdated": "2026-10-13", "revenue": { "value": 430900000, "currency": "USD", "raw": "$430.9M", "period": "annual", "fullYear": true, "usd": 430900000, "snippet": "$430.9M revenue FY25 (+10.1%)", "sourceSentence": "$430.9M revenue FY25 (+10.1%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Fiverr Q4/FY2025 earnings release + Form 20-F for 2025 (FACT)", "sourceUrl": "https://investors.fiverr.com/news-releases/news-release-details/fiverr-announces-fourth-quarter-and-full-year-2025-results/" }, "growthPct": 10.1, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 21.3, "type": "ebitda", "period": "annual", "mixedPeriod": false, "snippet": "Adjusted EBITDA (non-GAAP) was $91.6M, a 21.3% margin (+230 bps)" }, "profit": { "kind": "net income", "value": 21000000, "currency": "USD", "raw": "$21.0M", "period": "annual", "snippet": "FY2025 net income $21.0M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 98.8, "basis": "country", "homeMarket": "Israel", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Israel $5.3M of $430.9M (by buyer location); U.S. $205.4M", "source": "Fiverr 2025 Form 20-F, Note 19", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1762301/000117891326000858/zk2634486.htm", "entryMode": "digital-only", "entryModeNote": "Buyers in 160+ countries online", "countries": 160, "countriesNote": "buyers from 160+ countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "buyer location", "tier": "ranked" }, "revenueStreams": [ { "name": "Buyer service fee", "amount": null, "currency": null, "period": null, "price": "5.5% + $3.50 under $200", "unit": "per payment at checkout", "note": "FACT (help center); each extra or tip is charged separately", "shareOfRevenue": null }, { "name": "Seller commission", "amount": null, "currency": null, "period": null, "price": "~20% of order", "unit": "per completed Gig", "note": "SECONDARY; sellers keep 80% of the purchase amount", "shareOfRevenue": null }, { "name": "Marketplace revenue total", "amount": 297500000, "currency": "USD", "period": "27.7% of $1.07B GMV", "price": "$297.5M FY25", "unit": "27.7% of $1.07B GMV", "note": "FACT; −1.8% y/y", "shareOfRevenue": 0.69 }, { "name": "Seller Plus subscription", "amount": null, "currency": null, "period": null, "price": "~$25–$49 / month", "unit": "per seller", "note": "SECONDARY pricing; analytics, marketing tools, success managers", "shareOfRevenue": null }, { "name": "Fiverr Ads", "amount": null, "currency": null, "period": null, "price": "Part of services", "unit": "sellers pay to promote Gigs", "note": "FACT; key services driver", "shareOfRevenue": null }, { "name": "Services revenue total", "amount": 133400000, "currency": "USD", "period": "ads, Seller Plus, AutoDS, other tools", "price": "$133.4M FY25", "unit": "ads, Seller Plus, AutoDS, other tools", "note": "FACT; +50.9% y/y, 31% of revenue", "shareOfRevenue": 0.31 } ], "streamsWithAmounts": 2, "modelTags": [ "take-rate", "subscription", "ads", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "take rate" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "ads" }, { "tag": "marketplace", "evidence": "Two-sided" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Two-sided commission on freelance Gig orders: FY2025 marketplace revenue $297.5M was 69% of $430.9M revenue at a 27.7% take rate on $1.07B GMV (buyer 5.5% service fee + $3.50 under $200; sellers keep ~80%) per canvas keyMetrics/revenue-streams. Services ($133.4M: Fiverr Ads, Seller Plus, AutoDS) follow; same family as Upwork/Etsy (take-rate).", "sizing": { "usdFullYear": 430900000, "inferred": false, "note": "as stated" } }, { "slug": "form-energy", "name": "Form Energy", "url": "/companies/form-energy/", "logo": "logo.svg", "sector": "Long-Duration Energy Storage (Iron-Air Batteries)", "theme": "Energy & Climate", "accent": "#B45309", "sourceModelTags": [ "Iron-air batteries", "100-hour storage", "Utility + data-center projects", "Private venture-backed" ], "lastUpdated": "2026-10-11", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Pilot (Great River Energy)", "amount": null, "currency": null, "period": null, "price": "Price not disclosed", "unit": "1.5 MW / 150 MWh, Cambridge MN", "note": "FACT; 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SECONDARY: in 2023 the CEO told DTN Indigo receives 25% of the trade value and farmers 75%; today Indigo says only that it returns 'the majority' to farmers.", "shareOfRevenue": null }, { "name": "Long-term credit offtake", "amount": null, "currency": null, "period": null, "price": "2.85M credits, 12 years", "unit": "Microsoft agreement, Jan 2026", "note": "FACT: contract value not published. Earlier Microsoft purchases were 40,000 tonnes (2024) and 60,000 (2025).", "shareOfRevenue": null }, { "name": "biotrinsic seed treatments", "amount": null, "currency": null, "period": null, "price": "Per-acre price not published", "unit": "sold to farmers through retail contacts and direct", "note": "FACT: about 25 products across five crops; applied as seed coatings or with the CLIPS applicator. Share of company revenue not published.", "shareOfRevenue": null }, { "name": "Source / supply-chain programs", "amount": 10000000, "currency": "USD", "period": "companies fund practice change on farms", "price": "Brazil first cycle ~R$10M in farmer contracts", "unit": "companies fund practice change on farms", "note": "FACT: the R$10M is what farmers are contracted to receive in 2024/25 and 2025/26, not Indigo's revenue; about 16,000 hectares enrolled.", "shareOfRevenue": null }, { "name": "Equity funding (not revenue)", "amount": 250000000, "currency": "USD", "period": "led by Flagship Pioneering", "price": "$250M+ raised, Sep 2023", "unit": "led by Flagship Pioneering", "note": "FACT; SECONDARY: Boston Globe reported the valuation was below the $3.5B set in 2020.", "shareOfRevenue": null } ], "streamsWithAmounts": 2, "modelTags": [ "take-rate", "usage-based", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "usage-based", "evidence": "credits" }, { "tag": "enterprise-contracts", "evidence": "rpo" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "private; 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payroll + markup invoiced with each payroll ($45.6B for the year)", "shareOfRevenue": null }, { "name": "Less: WSEE payroll", "amount": null, "currency": null, "period": null, "price": "−$10,414", "unit": "per WSEE per month", "note": "FACT; passed through to employees, not revenue", "shareOfRevenue": null }, { "name": "Revenue (markup)", "amount": null, "currency": null, "period": null, "price": "$1,831", "unit": "per WSEE per month, +3%", "note": "FACT; ≈17.6% of payroll (INFERENCE); $6.81B for FY2025", "shareOfRevenue": null }, { "name": "Less: taxes, benefits, workers' comp", "amount": null, "currency": null, "period": null, "price": "−$1,589", "unit": "per WSEE per month", "note": "INFERENCE from FACT revenue $1,831 minus gross profit $242", "shareOfRevenue": null }, { "name": "Gross profit", "amount": null, "currency": null, "period": null, "price": "$242", "unit": "per WSEE per month, −15%", "note": "FACT; $900M for FY2025", "shareOfRevenue": null }, { "name": "Less: operating expenses", "amount": null, "currency": null, "period": null, "price": "−$245", "unit": "per WSEE per month", "note": "FACT; $910M incl. $48M Workday partnership", "shareOfRevenue": null }, { "name": "Operating income", "amount": null, "currency": null, "period": null, "price": "$(3)", "unit": "per WSEE per month", "note": "FACT; FY2025 operating loss $10M", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "usage-based", "subscription" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "subscription", "evidence": "per month" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "PEO revenue is a markup computed as a % of each worksite employee's payroll, billed with every payroll run, so it scales with WSEEs paid (310,089 avg., +1%) and their pay; only the markup is revenue (gross billings $45.6B less payroll $38.8B = FY25 revenue $6.81B, +4%); CSAs carry one-year pricing and 30-day termination, so not a fixed enterprise contract; same pay-per-use engine as NextEra (per-kWh)", "sizing": { "usdFullYear": 6810000000, "inferred": false, "note": "as stated" } }, { "slug": "klarna", "name": "Klarna", "url": "/companies/klarna/", "logo": "logo.svg", "sector": "BNPL / Shopping", "theme": "Fintech", "accent": "#E0457B", "sourceModelTags": [ "Merchant-paid BNPL", "Bank-deposit funding", "PSP default-on distribution", "Card + membership engagement" ], "lastUpdated": "2026-10-07", "revenue": { "value": 3510000000, "currency": "USD", "raw": "$3.51B", "period": "annual", "fullYear": true, "usd": 3510000000, "snippet": "Klarna still had a $230M operating loss on $3.51B revenue, with $809M processing, $794M credit losses and $667M funding costs (FACT 20-F).", "sourceSentence": "For all of 2025, though, Klarna still had a $230M operating loss on $3.51B revenue, with $809M processing, $794M credit losses and $667M funding costs (FACT 20-F).", "field": "cost-structure.howItWorks", "approx": false, "secondary": false, "source": null, "sourceUrl": null }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "operating loss", "value": -230000000, "currency": "USD", "raw": "$230M", "period": "annual", "snippet": "Klarna still had a $230M operating loss on $3.51B revenue, with $809M processing, $794M credit losses and $667M funding costs (FACT 20-F)." }, "outcome": "Loss-making", "outcomeBasis": "operating loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "proxyNote": "Home market Sweden is not broken out (it sits in \"other countries\", $976M); U.S. was the largest market at $1,243M of $3,509M (FY2025 20-F)", "source": "Latest annual filing (SEC EDGAR)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/2003292/000200329226000007/klar-20251231.htm", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Pay in Full", "amount": null, "currency": null, "period": null, "price": "$0 interest", "unit": "/ consumer", "note": "FACT; $3.6B, 10% of Q2'26 GMV; merchant pays the fee", "shareOfRevenue": null }, { "name": "Pay Later", "amount": null, "currency": null, "period": null, "price": "$0 interest", "unit": "/ consumer", "note": "FACT; 77% of Q2'26 GMV, +13%; interest-free, merchant pays the fee", "shareOfRevenue": null }, { "name": "Fair Financing", "amount": null, "currency": null, "period": null, "price": "Interest", "unit": "3+ months", "note": "FACT; $4.7B, 13% of Q2'26 GMV, +82%; the only interest-bearing product", "shareOfRevenue": null }, { "name": "Merchant fee", "amount": null, "currency": null, "period": null, "price": "% or fixed", "unit": "/ sale", "note": "FACT; 74% of 2025 transaction & service revenue (≈$1.85B, INFERENCE)", "shareOfRevenue": null }, { "name": "Advertising", "amount": null, "currency": null, "period": null, "price": "Per click / sale", "unit": "/ advertiser", "note": "FACT; $190M in 2025, 5% of revenue (up from ~$13M in 2020)", "shareOfRevenue": null }, { "name": "Klarna Membership", "amount": null, "currency": null, "period": null, "price": "Subscription", "unit": "/ member", "note": "FACT; 2M paying subscribers in Q2'26; subscription revenue +600%", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "subscription", "lending", "ads", "marketplace", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "Take rate" }, { "tag": "subscription", "evidence": "Subscription" }, { "tag": "lending", "evidence": "BNPL" }, { "tag": "ads", "evidence": "advertis" }, { "tag": "marketplace", "evidence": "GMV" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was lending; transaction & service revenue $707M of $1.042B is merchant-paid", "sizing": { "usdFullYear": 3510000000, "inferred": false, "note": "as stated" } }, { "slug": "langchain", "name": "LangChain", "url": "/companies/langchain/", "logo": "logo.svg", "sector": "AI Developer Tools", "theme": "AI & Infra", "accent": "#1C3C3C", "sourceModelTags": [ "Open-source + SaaS", "Seat + usage", "Agent platform", "Enterprise hybrid/self-host" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Open-source frameworks", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ self-host", "note": "LangChain · LangGraph · Deep Agents — free OSS; any model provider (FACT homepage)", "shareOfRevenue": null }, { "name": "LangSmith Developer", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ seat / mo", "note": "Max 1 seat · 5k base traces/mo then PAYG · community support · Cloud (FACT)", "shareOfRevenue": null }, { "name": "LangSmith Plus", "amount": null, "currency": null, "period": null, "price": "$39", "unit": "/ seat / mo", "note": "Unlimited seats · 10k base traces/mo · Deployment/Engine · 1 free Small serverless (FACT)", "shareOfRevenue": null }, { "name": "Usage meters", "amount": null, "currency": null, "period": null, "price": "$1.50", "unit": "/ LCU · $1.00/LSU", "note": "Traces PAYG after allotment · Fleet/Engine/sandboxes/deploys meter LCU/LSU (FACT FAQ)", "shareOfRevenue": null }, { "name": "Startup Plan", "amount": null, "currency": null, "period": null, "price": "Discounted", "unit": "/ apply", "note": "Early-stage discounted rates + generous free trace allotments (FACT FAQ)", "shareOfRevenue": null }, { "name": "Enterprise", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "/ annual invoice", "note": "Hybrid/self-host · custom SSO/ABAC/RBAC · Support SLA · custom seats (FACT)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "/seat" }, { "tag": "usage-based", "evidence": "usage" }, { "tag": "freemium", "evidence": "$0" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was usage-based; seat plans lead, usage add-on", "sizing": null }, { "slug": "lime", "name": "Lime", "url": "/companies/lime/", "logo": "logo.svg", "sector": "Shared Micromobility (E-scooters and E-bikes)", "theme": "Software", "accent": "#00C853", "sourceModelTags": [ "Pay-per-minute rentals", "LimePass bundles + LimePrime", "Uber app channel", "Owned fleet + city permits" ], "lastUpdated": "2026-10-11", "revenue": { "value": 886700000, "currency": "USD", "raw": "$886.7M", "period": "annual", "fullYear": true, "usd": 886700000, "snippet": "$886.7M revenue FY25 (+29%)", "sourceSentence": "$886.7M revenue FY25 (+29%) · H1 2026 $474.4M (+26%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Lime IPO prospectus (424B4), Summary and MD&A; Q2 2026 Form 10-Q (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1699963/000162828026046635/neutronholdingsinc-424b4.htm" }, "growthPct": 29, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 39, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 gross profit was $345,447K (39% margin) and operating income $70,401K (2024: $281,073K and $46,969K)" }, "profit": { "kind": "net loss", "value": -59300000, "currency": "USD", "raw": "$59.3M", "period": "annual", "snippet": "FY2025 net loss $59.3M despite $70.4M operating income" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "entryMode": "owned", "entryModeNote": "Runs its own fleets in about 29 countries", "countries": 29, "countriesNote": "about 230 cities in 29 countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "tier": "qualitative" }, "revenueStreams": [ { "name": "Pay-As-You-Go ride", "amount": null, "currency": null, "period": null, "price": "72% of FY25 revenue", "unit": "unlock fee (often about $1) + per-minute", "note": "FACT; used by first-time riders, tourists and riders who come through partner apps such as Uber", "shareOfRevenue": null }, { "name": "Minute bundles (LimePass)", "amount": null, "currency": null, "period": null, "price": "Part of the 28% LimePass share", "unit": "1 to 30-day prepaid minute packs", "note": "FACT; sold only in the Lime app; revenue is recognized as minutes are used; riders on bundles took about 6x the trips of Pay-As-You-Go riders in 2025", "shareOfRevenue": null }, { "name": "LimePrime subscription", "amount": null, "currency": null, "period": null, "price": "Recurring monthly fee", "unit": "unlimited unlocks, extended reservations", "note": "FACT; a flat-rate option for unlimited rides up to 20 minutes each was added in Q1 2026", "shareOfRevenue": null }, { "name": "Rides sold through Uber", "amount": null, "currency": null, "period": null, "price": "14.3% of FY25 revenue", "unit": "Pay-As-You-Go in the Uber app", "note": "FACT; Q2 2026 revenue earned through Uber was $39.6M and Lime paid Uber $4.9M in service fees", "shareOfRevenue": null }, { "name": "Lease vs contract revenue", "amount": 356700000, "currency": "USD", "period": "accounting split of $474.4M revenue", "price": "H1 2026: $356.7M lease / $117.6M contracts", "unit": "accounting split of $474.4M revenue", "note": "FACT; rides are accounted for as lease revenue, while LimePass bundles and subscriptions are revenue from contracts with customers", "shareOfRevenue": 0.402 } ], "streamsWithAmounts": 1, "modelTags": [ "subscription", "usage-based", "lending", "hardware" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "Pay-per" }, { "tag": "lending", "evidence": "loan" }, { "tag": "hardware", "evidence": "vehicle" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "public (IPO Jul 2026); rents scooters and bikes by the minute (Pay-As-You-Go 72% of FY25 revenue of $886.7M) plus bundles/subscription (28%); tag follows per-minute usage fees", "sizing": { "usdFullYear": 886700000, "inferred": false, "note": "as stated" } }, { "slug": "live-nation-entertainment", "name": "Live Nation Entertainment", "url": "/companies/live-nation-entertainment/", "logo": "logo.svg", "sector": "Live Events / Ticketing", "theme": "Software", "accent": "#0c2340", "sourceModelTags": [ "Concert promotion", "Ticketmaster fees", "Sponsorship & ads", "Venue Nation" ], "lastUpdated": "2026-10-12", "revenue": { "value": 25200000000, "currency": "USD", "raw": "$25.20B", "period": "annual", "fullYear": true, "usd": 25200000000, "snippet": "$25.20B revenue FY25 (+9%)", "sourceSentence": "$25.20B revenue FY25 (+9%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Live Nation Q4 and full year 2025 results release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1335258/000133525826000007/lyv-2025q4xex991er.htm" }, "growthPct": 9, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 37, "type": "unspecified", "period": "annual", "mixedPeriod": false, "snippet": "AOI was $1,134M (37% margin), the largest profit pool" }, "profit": { "kind": "operating income", "value": 1250000000, "currency": "USD", "raw": "$1.25B", "period": "annual", "snippet": "FY2025 operating income $1.25B" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 43, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "FACT", "figures": "International operations were approximately 43% of revenue", "source": "Live Nation FY2025 Form 10-K, risk factors", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231.htm", "entryMode": "acquisitions", "entryModeNote": "Buys local promoters and venues abroad", "reviewedAt": "2026-10-14", "basisNote": "location of operations (stated only as \"approximately\")", "tier": "ranked" }, "revenueStreams": [ { "name": "Concerts", "amount": 20861000000, "currency": "USD", "period": "FY2025, +10%", "price": "$20,861M", "unit": "FY2025, +10%", "note": "FACT; promotion, venues, festivals; AOI $687M at 3.3% margin", "shareOfRevenue": 0.828 }, { "name": "Ticketing (Ticketmaster)", "amount": 3081000000, "currency": "USD", "period": "FY2025, +3%", "price": "$3,081M", "unit": "FY2025, +3%", "note": "FACT; service fees only (face value excluded); AOI $1,134M at 37% margin", "shareOfRevenue": 0.122 }, { "name": "Sponsorship & Advertising", "amount": 1329000000, "currency": "USD", "period": "FY2025, +11%", "price": "$1,329M", "unit": "FY2025, +11%", "note": "FACT; online and onsite brand deals; AOI $845M at 64% margin", "shareOfRevenue": 0.053 }, { "name": "Other and Eliminations", "amount": 70000000, "currency": "USD", "period": "FY2025", "price": "−$70M", "unit": "FY2025", "note": "FACT; intersegment eliminations", "shareOfRevenue": 0.003 } ], "streamsWithAmounts": 4, "modelTags": [ "take-rate", "subscription", "ads" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "subscription", "evidence": "premium" }, { "tag": "ads", "evidence": "ads" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Ticketmaster service fees on fee-bearing tickets (ticketing revenue $3.08B excludes face value and is net of client fees; AOI $1.13B at 37% margin) plus promoter economics on Concerts ($20.86B revenue, AOI $687M); Sponsorship & Advertising $1.33B (AOI $845M) follows; FY25 revenue $25.20B", "sizing": { "usdFullYear": 25200000000, "inferred": false, "note": "as stated" } }, { "slug": "lululemon", "name": "lululemon athletica inc.", "url": "/companies/lululemon/", "logo": "logo.svg", "sector": "Apparel / Wellness", "theme": "Wellness", "accent": "#d22030", "sourceModelTags": [ "Vertical retail", "Community-led brand", "Free tiered Membership", "Premium full-price" ], "lastUpdated": "2026-10-04", "revenue": { "value": 11100000000, "currency": "USD", "raw": "$11.1B", "period": "annual", "fullYear": true, "usd": 11100000000, "snippet": "FY25 rev $11.1B", "sourceSentence": "FY25 rev $11.1B", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Q4 FY2025 earnings release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1397187/000139718726000019/lulu-20260201xex991.htm" }, "growthPct": 5, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 56.6, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "56.6% gross margin" }, "profit": { "kind": "net income", "value": 1579000000, "currency": "USD", "raw": "$1.579B", "period": "annual", "snippet": "Net income $1.579B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 43, "basis": "country", "homeMarket": "U.S.", "period": "FY2025 (year to Feb 1, 2026)", "fullYear": true, "label": "INFERENCE", "figures": "U.S. $6,328.4M of $11,102.6M net revenue", "source": "lululemon FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1397187/000139718726000020/lulu-20260201.htm", "entryMode": "owned", "entryModeNote": "Company-operated stores; China Mainland the growth market", "reviewedAt": "2026-10-14", "basisNote": "filing does not state how the country is assigned", "tier": "ranked" }, "revenueStreams": [ { "name": "lululemon Membership", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "account", "note": "FACT — free; tiers by yearly spend (Collective / Plus / Pinnacle)", "shareOfRevenue": null }, { "name": "Other channels", "amount": 1130000000, "currency": "USD", "period": "FY25", "price": "$1.13B", "unit": "FY25", "note": "FACT — outlets, pop-ups, wholesale, Like New, licensees", "shareOfRevenue": 0.102 }, { "name": "E-commerce", "amount": 4920000000, "currency": "USD", "period": "FY25", "price": "$4.92B", "unit": "FY25", "note": "FACT — site, app, WeChat, marketplaces; +8%", "shareOfRevenue": 0.443 }, { "name": "Company-operated stores", "amount": 5050000000, "currency": "USD", "period": "FY25", "price": "$5.05B", "unit": "FY25", "note": "FACT — 811 stores at year-end", "shareOfRevenue": 0.455 }, { "name": "Women's apparel", "amount": 7000000000, "currency": "USD", "period": "FY25", "price": "$7.0B", "unit": "FY25", "note": "FACT — 63% of revenue", "shareOfRevenue": 0.631 }, { "name": "Men's apparel", "amount": 2660000000, "currency": "USD", "period": "FY25", "price": "$2.66B", "unit": "FY25", "note": "FACT — 24%; growth pillar", "shareOfRevenue": 0.24 } ], "streamsWithAmounts": 5, "modelTags": [ "subscription", "marketplace", "freemium", "retail/DTC" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Premium" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "freemium", "evidence": "Free tier" }, { "tag": "retail/DTC", "evidence": "wholesale" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was freemium (free membership); sells apparel", "sizing": { "usdFullYear": 11100000000, "inferred": false, "note": "as stated" } }, { "slug": "marriott-international", "name": "Marriott International", "url": "/companies/marriott-international/", "logo": "logo.svg", "sector": "Hotels / Franchising", "theme": "Software", "accent": "#7a1f2b", "sourceModelTags": [ "Hotel franchising", "Management contracts", "Marriott Bonvoy loyalty", "Co-brand cards" ], "lastUpdated": "2026-10-12", "revenue": { "value": 26190000000, "currency": "USD", "raw": "$26.19B", "period": "annual", "fullYear": true, "usd": 26190000000, "snippet": "$26.19B revenue FY25 (+4.3%)", "sourceSentence": "$26.19B revenue FY25 (+4.3%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Marriott Q4 and full year 2025 results release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1048286/000104828626000005/mar-2025q4xex99earningsrel.htm" }, "growthPct": 4.3, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 16, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 reported operating income was $4,141M (+10%), a 16% operating margin on total revenues" }, "profit": { "kind": "net income", "value": 2600000000, "currency": "USD", "raw": "$2.60B", "period": "annual", "snippet": "FY2025 net income $2.60B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 21.7, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Revenues attributed to operations outside the U.S. $5,672M of $26,186M consolidated revenue (includes $3,077M of cost-reimbursement revenue outside the U.S.)", "source": "Marriott FY2025 Form 10-K, Note 11 segment reporting", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1048286/000104828626000007/mar-20251231.htm", "entryMode": "franchise-license", "entryModeNote": "66% of rooms franchised or licensed, 32% managed; 145 countries", "countries": 145, "countriesNote": "145 countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "operations location", "tier": "ranked" }, "revenueStreams": [ { "name": "Franchise fees", "amount": 3325000000, "currency": "USD", "period": "FY2025, +7%", "price": "$3,325M", "unit": "FY2025, +7%", "note": "FACT; royalties of 4-7% of room revenue, plus co-brand card, residential and timeshare license fees", "shareOfRevenue": 0.127 }, { "name": "Base management fees", "amount": 1322000000, "currency": "USD", "period": "FY2025, +3%", "price": "$1,322M", "unit": "FY2025, +3%", "note": "FACT; a percentage of managed hotels' revenue", "shareOfRevenue": 0.05 }, { "name": "Incentive management fees", "amount": 791000000, "currency": "USD", "period": "FY2025, +3%", "price": "$791M", "unit": "FY2025, +3%", "note": "FACT; based on managed hotels' profits, 67% from international", "shareOfRevenue": 0.03 }, { "name": "Owned, leased and other", "amount": 1679000000, "currency": "USD", "period": "FY2025, 51 hotels plus termination and other fees", "price": "$1,679M", "unit": "FY2025, 51 hotels plus termination and other fees", "note": "FACT; whole-hotel revenue", "shareOfRevenue": 0.064 }, { "name": "Cost reimbursement", "amount": 19204000000, "currency": "USD", "period": "FY2025, 73% of revenue", "price": "$19,204M", "unit": "FY2025, 73% of revenue", "note": "FACT; owners repay staff and central program costs", "shareOfRevenue": 0.733 } ], "streamsWithAmounts": 5, "modelTags": [ "take-rate", "subscription" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "subscription", "evidence": "plus $" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "fees set as a percentage of revenue and profit at hotels it does not own: franchise fees $3,325M (royalties typically 4-7% of room revenue, plus co-brand card and license fees), base management fees $1,322M and incentive fees $791M; gross fee revenues $5,438M of $26.19B FY25 revenue, which also includes $19,204M cost reimbursement pass-through and $1,679M owned, leased and other", "sizing": { "usdFullYear": 26190000000, "inferred": false, "note": "as stated" } }, { "slug": "mastercard", "name": "Mastercard", "url": "/companies/mastercard/", "logo": "logo.svg", "sector": "Payment Networks", "theme": "Fintech", "accent": "#EB001B", "sourceModelTags": [ "Four-party network (no lending)", "Volume-based assessments less rebates", "Value-added services attach", "Stablecoins + agentic commerce" ], "lastUpdated": "2026-10-09", "revenue": { "value": 32799999999.999996, "currency": "USD", "raw": "$32.8B", "period": "annual", "fullYear": true, "usd": 32799999999.999996, "snippet": "$32.8B net revenue FY25 (+16%)", "sourceSentence": "$32.8B net revenue FY25 (+16%) · $9.3B in Q2 2026 (+14%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Mastercard FY2025 Form 10-K; Q2 2026 Form 10-Q (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm" }, "growthPct": 16, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 57.6, "type": "operating", "period": "quarter", "mixedPeriod": true, "snippet": "GAAP operating margin 57.6%" }, "profit": { "kind": "net income", "value": 14968000000, "currency": "USD", "raw": "$14,968M", "period": "annual", "snippet": "net income $14,968M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 57.2, "basis": "region", "homeMarket": "Americas", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Asia Pacific, Europe, Middle East & Africa $18,747M of $32,791M", "source": "Mastercard FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm", "entryMode": "partners", "entryModeNote": "Issuing and acquiring banks in each market", "reviewedAt": "2026-10-14", "basisNote": "location of the card issuer or the merchant acquirer", "tier": "region" }, "revenueStreams": [ { "name": "Domestic assessments", "amount": 11000000000, "currency": "USD", "period": "FY25 (+8%)", "price": "$11.0B", "unit": "FY25 (+8%)", "note": "FACT, 10-K; based on domestic volume or cards issued; before rebates", "shareOfRevenue": 0.335 }, { "name": "Cross-border assessments", "amount": 12000000000, "currency": "USD", "period": "FY25 (+18%)", "price": "$12.0B", "unit": "FY25 (+18%)", "note": "FACT, 10-K; based on cross-border volume; before rebates", "shareOfRevenue": 0.366 }, { "name": "Transaction processing", "amount": 15900000000, "currency": "USD", "period": "FY25 (+17%)", "price": "$15.9B", "unit": "FY25 (+17%)", "note": "FACT, 10-K; switching: authorization, clearing, settlement; before rebates", "shareOfRevenue": 0.485 }, { "name": "Other network assessments", "amount": 1000000000, "currency": "USD", "period": "FY25 (+9%)", "price": "$1.0B", "unit": "FY25 (+9%)", "note": "FACT, 10-K; licensing, implementation and other franchise fees", "shareOfRevenue": 0.03 }, { "name": "Rebates & incentives", "amount": 20500000000, "currency": "USD", "period": "FY25 (+16%)", "price": "−$20.5B", "unit": "FY25 (+16%)", "note": "FACT, 10-K; ≈51% of the $40.0B gross (INFERENCE)", "shareOfRevenue": 0.625 }, { "name": "Payment network net revenue", "amount": 19500000000, "currency": "USD", "period": "FY25 (+12%)", "price": "$19.5B", "unit": "FY25 (+12%)", "note": "FACT, 10-K; = $40.0B gross − $20.5B rebates", "shareOfRevenue": 0.595 }, { "name": "Value-added services & solutions", "amount": 13300000000, "currency": "USD", "period": "FY25 (+23%)", "price": "$13.3B", "unit": "FY25 (+23%)", "note": "FACT, 10-K; $3.8B in Q2 2026 (+20%)", "shareOfRevenue": 0.405 } ], "streamsWithAmounts": 7, "modelTags": [ "take-rate", "subscription", "network-fees" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "processing" }, { "tag": "subscription", "evidence": "premium" }, { "tag": "network-fees", "evidence": "assessments" } ], "modelTagsInferred": true, "primaryTag": "network-fees", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "four-party network, explicitly no lending", "sizing": { "usdFullYear": 32800000000, "inferred": false, "note": "as stated" } }, { "slug": "mercadolibre", "name": "Mercado Libre", "url": "/companies/mercadolibre/", "logo": "logo.svg", "sector": "LatAm Commerce / Fintech", "theme": "Fintech", "accent": "#2D3277", "sourceModelTags": [ "Marketplace + free shipping", "Logistics network (Mercado Envios)", "Mercado Pago payments & credit", "Ads on commerce traffic" ], "lastUpdated": "2026-10-10", "revenue": { "value": 28900000000, "currency": "USD", "raw": "$28.9B", "period": "annual", "fullYear": true, "usd": 28900000000, "snippet": "$28.9B revenue FY25 (+39%)", "sourceSentence": "$28.9B revenue FY25 (+39%) · $10.2B in Q2 2026 (+50%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Mercado Libre FY2025 Form 10-K; Q2 2026 shareholder letter (FACT / INFERENCE)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1099590/000109959026000021/meli-20260805xex991.htm" }, "growthPct": 39, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 11.1, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 net revenues and financial income were $28,893M vs $20,777M (+39%), with income from operations $3,201M (11.1% margin vs 12.7%) and net income $1,997M" }, "profit": { "kind": "net income", "value": 1997000000, "currency": "USD", "raw": "$1,997M", "period": "annual", "snippet": "FY2025 net revenues and financial income were $28,893M vs $20,777M (+39%), with income from operations $3,201M (11.1% margin vs 12.7%) and net income $1,997M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "proxyNote": "Net revenues and financial income by country: Brazil 52.6%, Mexico 22.4%, Argentina 20.6%, other 4.4% (FY2025 10-K), with no single home market", "entryMode": "owned", "entryModeNote": "Runs its own marketplace and Mercado Pago in each country", "countries": 18, "countriesNote": "marketplace in 18 countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "source": "MercadoLibre FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1099590/000109959026000006/meli-20251231.htm", "tier": "partial" }, "revenueStreams": [ { "name": "List", "amount": null, "currency": null, "period": null, "price": "Free to list", "unit": "% fee when it sells", "note": "FACT (developer docs): sale fee is always a percentage of price by category and listing type, plus a per-unit fixed fee in some shipping modes under the free-shipping threshold; 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$10/mo API credits — demand gen", "shareOfRevenue": null }, { "name": "Pro", "amount": null, "currency": null, "period": null, "price": "$14.99", "unit": "/ mo", "note": "Higher limits, all-day Vibe coding, $30/mo API credits, chat+email support", "shareOfRevenue": null }, { "name": "Team", "amount": null, "currency": null, "period": null, "price": "$24.99", "unit": "/ user / mo", "note": "Collaborative workspace, 30GB/user, domain verify, higher Flash allowances", "shareOfRevenue": null }, { "name": "Studio / API tokens", "amount": null, "currency": null, "period": null, "price": "PAYG", "unit": "/ 1M tokens", "note": "e.g. Large $0.50/$1.50; batch −50%; cache −90% input; OCR/speech/tool SKUs", "shareOfRevenue": null }, { "name": "Codestral / OCR / Voxtral", "amount": null, "currency": null, "period": null, "price": "Usage", "unit": "/ tokens · pages · min", "note": "Specialist APIs: code completion, document AI, speech — metered separately", "shareOfRevenue": null }, { "name": "Enterprise / private", "amount": null, "currency": null, "period": null, "price": "Contract", "unit": "/ deploy", "note": "Self-hosted Studio, custom models, SLAs, dedicated support — contact sales", "shareOfRevenue": null }, { "name": "CSP Marketplace", "amount": null, "currency": null, "period": null, "price": "Cloud bill", "unit": "/ commit", "note": "Azure, GCP, AWS, SAP, IBM, Snowflake, NVIDIA, Outscale consumption", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "marketplace", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "/mo" }, { "tag": "usage-based", "evidence": "API" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "freemium", "evidence": "Free →" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "netflix", "name": "Netflix", "url": "/companies/netflix/", "logo": "logo.svg", "sector": "Streaming Entertainment", "theme": "Media & Social", "accent": "#E50914", "sourceModelTags": [ "SVOD + ads", "Plan ladder", "Extra members", "Originals + live" ], "lastUpdated": "2026-09-21", "revenue": { "value": 45200000000, "currency": "USD", "raw": "$45.2B", "period": "annual", "fullYear": true, "usd": 45200000000, "snippet": "+12% F/X neutral), driven by membership growth, pricing, and increased ad revenue (FACT — shareholder letter) Full year: FY2025 (year ended Dec 31, 2025) revenue was $45.2B ($45,183M), +16% (FACT — Q4’25 shareholder letter).", "sourceSentence": "Q2’26 revenue $12.560B (+13.4% Y/Y; +12% F/X neutral), driven by membership growth, pricing, and increased ad revenue (FACT — shareholder letter) Full year: FY2025 (year ended Dec 31, 2025) revenue was $45.2B ($45,183M), +16% (FACT — Q4’25 shareholder letter).", "field": "keyMetrics[0].detail", "approx": false, "secondary": false, "source": "Netflix Q2 2026 shareholder letter (FACT)", "sourceUrl": "https://s22.q4cdn.com/959853165/files/doc_financials/2026/q2/FINAL-Q2-26-Shareholder-Letter.pdf" }, "growthPct": 16, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 33.4, "type": "operating", "period": "quarter", "mixedPeriod": true, "snippet": "33.4% op. margin" }, "profit": { "kind": "operating income", "value": 4193000000, "currency": "USD", "raw": "$4.193B", "period": "quarter", "snippet": "Q2’26 operating income $4.193B" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "quarter", "international": { "shareOutsideHome": 55.8, "basis": "region", "homeMarket": "U.S. & Canada", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "UCAN $19,957M of $45,183M", "source": "Netflix FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Streaming in four regions with local content", "reviewedAt": "2026-10-14", "basisNote": "region of the membership (filing does not state the method)", "tier": "region" }, "revenueStreams": [ { "name": "Standard with ads", "amount": null, "currency": null, "period": null, "price": "$8.99", "unit": "/ mo US", "note": "Ad-supported; 1080p; 2 streams; downloads on 2; most titles (FACT help / ads-plan)", "shareOfRevenue": null }, { "name": "Standard", "amount": null, "currency": null, "period": null, "price": "$19.99", "unit": "/ mo US", "note": "Ad-free; 1080p; 2 streams; 1 extra-member slot (FACT help)", "shareOfRevenue": null }, { "name": "Premium", "amount": null, "currency": null, "period": null, "price": "$26.99", "unit": "/ mo US", "note": "Ad-free; 4K+HDR; 4 streams; downloads on 6; spatial audio; up to 2 extra members (FACT help)", "shareOfRevenue": null }, { "name": "Extra members", "amount": null, "currency": null, "period": null, "price": "$7.99–$9.99", "unit": "/ mo US", "note": "$7.99 with ads or $9.99 ad-free; paid by inviting household account (FACT help)", "shareOfRevenue": null }, { "name": "Netflix Ads", "amount": 3000000000, "currency": "USD", "period": "2026 guide", "price": "~$3B", "unit": "2026 guide", "note": "Ads Suite / programmatic; AI tools; live + entertainment inventory (FACT letter guidance — not a Q2 line breakout)", "shareOfRevenue": 0.066 }, { "name": "Live / games / partners", "amount": null, "currency": null, "period": null, "price": "Attach", "unit": "/ offering", "note": "Live sports/events, cloud games, podcasts, TF1/publisher/creator packs deepen value (FACT letter) — no invented attach ARPU", "shareOfRevenue": null } ], "streamsWithAmounts": 1, "modelTags": [ "subscription", "ads" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "SVOD" }, { "tag": "ads", "evidence": "ads" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 45200000000, "inferred": false, "note": "as stated" } }, { "slug": "nextera-energy", "name": "NextEra Energy", "url": "/companies/nextera-energy/", "logo": "logo.svg", "sector": "Renewable Utilities", "theme": "Energy & Climate", "accent": "#0072CE", "sourceModelTags": [ "Regulated Florida utility", "Contracted renewables developer", "Tax-credit financing", "Dominion merger pending" ], "lastUpdated": "2026-10-11", "revenue": { "value": 27400000000, "currency": "USD", "raw": "$27.4B", "period": "annual", "fullYear": true, "usd": 27400000000, "snippet": "$27.4B revenue FY25 (+11%)", "sourceSentence": "$27.4B revenue FY25 (+11%) · FPL $18.3B + NEER $8.8B", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "NextEra Energy FY2025 Form 10-K (income statement, Note 16); Q2 2026 Form 10-Q (FACT / INFERENCE)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/753308/000075330826000015/nee-20251231.htm" }, "growthPct": 11, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 6840000000, "currency": "USD", "raw": "$6.84B", "period": "annual", "snippet": "Net income to NEE $6.84B FY25 (FPL $5.01B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": null, "revenueStreams": [ { "name": "Utility", "amount": 18300000000, "currency": "USD", "period": "FY25 (+7%)", "price": "$18.3B FPL revenue", "unit": "FY25 (+7%)", "note": "FACT; regulated rates from 6M+ Florida customer accounts; retail electricity is about 90% of FPL's revenue, mostly residential; fuel and storm costs are largely passed through", "shareOfRevenue": 0.668 }, { "name": "Contract", "amount": 8800000000, "currency": "USD", "period": "FY25 (+16%)", "price": "$8.8B NEER revenue", "unit": "FY25 (+16%)", "note": "FACT; energy, capacity and credits sold mostly under long-term power purchase agreements averaging about 14 years remaining on contracted plants", "shareOfRevenue": 0.321 }, { "name": "Transmit", "amount": 3200000000, "currency": "USD", "period": "Dec 2025", "price": "$3.2B transmission rate base", "unit": "Dec 2025", "note": "FACT; NEER owns rate-regulated electric transmission earning regulated returns on that base, plus stakes in gas pipelines", "shareOfRevenue": 0.117 }, { "name": "Trade", "amount": null, "currency": null, "period": null, "price": "Customer supply and marketing", "unit": "no separate revenue figure", "note": "FACT; NEER sells full energy and capacity requirements to utilities and cooperatives, and markets power and fuel; Symmetry Energy Solutions (C&I natural gas) acquired in January 2026", "shareOfRevenue": null }, { "name": "Credits", "amount": null, "currency": null, "period": null, "price": "PTC/ITC tax credits", "unit": "NEER effective tax rate (343)% FY25", "note": "FACT; wind, solar and storage projects earn federal tax credits, recorded as a tax benefit or sold to others; not revenue, but they drive NEER's profit", "shareOfRevenue": null }, { "name": "Stake", "amount": 1100000000, "currency": "USD", "period": "FY25 (FY24 $2.7B)", "price": "$1.1B from asset sales", "unit": "FY25 (FY24 $2.7B)", "note": "FACT; NEER sells stakes in projects to raise cash; NEE keeps a ~52.4% interest in XPLR, which operates many of those assets", "shareOfRevenue": 0.04 } ], "streamsWithAmounts": 4, "modelTags": [ "usage-based", "lending", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "credits" }, { "tag": "lending", "evidence": "financing" }, { "tag": "enterprise-contracts", "evidence": "rpo" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "FPL is 67% of FY25 revenue, billed per kWh under a regulated tariff; NEER contracts are the second engine", "sizing": { "usdFullYear": 27400000000, "inferred": false, "note": "as stated" } }, { "slug": "nike", "name": "NIKE, Inc.", "url": "/companies/nike/", "logo": "logo.svg", "sector": "Apparel / DTC", "theme": "Commerce & Consumer", "accent": "#111111", "sourceModelTags": [ "Brand + wholesale", "NIKE Direct DTC", "Free Membership", "SNKRS / Nike App" ], "lastUpdated": "2026-10-04", "revenue": { "value": 46400000000, "currency": "USD", "raw": "$46.4B", "period": "annual", "fullYear": true, "usd": 46400000000, "snippet": "FY26 rev $46.4B", "sourceSentence": "FY26 rev $46.4B", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "NIKE FY2026 Q4 & FY results (FACT)", "sourceUrl": "https://about.nike.com/en/newsroom/releases/nike-inc-reports-fiscal-2026-fourth-quarter-and-full-year-results" }, "growthPct": 0, "growthPeriod": "annual", "latestGrowth": null, "growthNote": "canvas: FY26 revenue flat reported (−2% is currency-neutral); use reported", "margin": null, "profit": { "kind": "net income", "value": 3100000000, "currency": "USD", "raw": "$3.1B", "period": "annual", "periodNote": "net income $3.1B sits in the FY26 (year ended May 31, 2026) revenue-streams text", "snippet": "Net income $3.1B and EPS $2.10 are the bottom-line FACTS — do not invent ARR or Membership ARPU." }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 56.1, "basis": "country", "homeMarket": "U.S.", "period": "FY2026 (year to May 31, 2026)", "fullYear": true, "label": "INFERENCE", "figures": "U.S. $20,358M of $46,398M revenues", "source": "NIKE FY2026 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm", "entryMode": "owned", "entryModeNote": "Own subsidiaries plus wholesale partners", "reviewedAt": "2026-10-14", "basisNote": "where the sale originated", "tier": "ranked" }, "revenueStreams": [ { "name": "Nike Membership", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "account", "note": "FACT nike.com — free; 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teams 2–200", "shareOfRevenue": null }, { "name": "Enterprise", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": null, "note": "Security, residency, SLAs; credits/tokens options", "shareOfRevenue": null }, { "name": "API", "amount": null, "currency": null, "period": null, "price": "Tokens", "unit": "/ 1M tokens", "note": "Pay-as-you-go; e.g. GPT-6 Astra $10 in / $50 out", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "ads", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "API" }, { "tag": "ads", "evidence": "ads" }, { "tag": "freemium", "evidence": "Freemium" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "orsted", "name": "Ørsted", "url": "/companies/orsted/", "logo": "logo.svg", "sector": "Offshore Wind", "theme": "Energy & Climate", "accent": "#0F5FA6", "sourceModelTags": [ "Offshore wind developer", "CfD and PPA power sales", "Construction for partners", "Farm-down partnerships" ], "lastUpdated": "2026-10-11", "revenue": { "value": 9800000000, "currency": "EUR", "raw": "€9.8B", "period": "annual", "fullYear": true, "usd": null, "snippet": "DKK 73.2B revenue FY25 (+3%) ≈ €9.8B", "sourceSentence": "DKK 73.2B revenue FY25 (+3%) ≈ €9.8B · DKK 48.3B in H1 2026 (+28%)", "field": "keyMetrics[0].label", "approx": true, "secondary": false, "source": "Ørsted Annual Report 2025; H1 2026 interim report (FACT / INFERENCE)", "sourceUrl": "https://cdn.orsted.com/-/media/annual-2025/annual-report-2025.pdf" }, "growthPct": 3, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "profit", "value": 420000000, "currency": "EUR", "raw": "€0.42B", "period": "annual", "snippet": "FY2025 net profit DKK 3.2B ≈ €0.42B profit" }, "outcome": "Profitable", "outcomeBasis": "profit", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 75.4, "basis": "country", "homeMarket": "Denmark", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Denmark DKK 18,000M of DKK 73,244M revenue (U.K. DKK 35,810M)", "source": "Ørsted Annual Report 2025, note 2.1 geographical distribution", "sourceUrl": "https://cdn.orsted.com/-/media/annual-2025/annual-report-2025.pdf", "basisNote": "customer location (supply point); exchange or hub location for trading sales", "entryMode": "owned", "entryModeNote": "Builds and operates its own offshore wind farms abroad, often selling stakes to partners", "reviewedAt": "2026-10-14", "tier": "ranked" }, "revenueStreams": [ { "name": "Generate", "amount": null, "currency": null, "period": null, "price": "DKK 21.1B power generation", "unit": "FY25 (+8%)", "note": "FACT; power produced at Ørsted's own wind, solar and CHP plants, sold under CfDs, ROCs, PPAs and merchant prices; 35.2 TWh generated, 99% renewable", "shareOfRevenue": null }, { "name": "Subsidy", "amount": null, "currency": null, "period": null, "price": "DKK 9.6B government grants", "unit": "FY25 (FY24 DKK 12.2B)", "note": "FACT; of which DKK 9.2B in offshore; fell because subsidy contracts expired for older assets", "shareOfRevenue": null }, { "name": "Build for partners", "amount": null, "currency": null, "period": null, "price": "DKK 9.0B construction agreements", "unit": "FY25", "note": "FACT; mainly Greater Changhua 4 (DKK 4.6B) and the Hornsea 3 transmission asset (DKK 3.1B) built for partners who own shares; revenue over time as the farm is built", "shareOfRevenue": null }, { "name": "Trade & resell", "amount": null, "currency": null, "period": null, "price": "DKK 17.2B power sales", "unit": "FY25 (−4%)", "note": "FACT; power sourced from other producers and sold on; low margin and tied to power prices", "shareOfRevenue": null }, { "name": "Heat & gas", "amount": null, "currency": null, "period": null, "price": "DKK 3.5B heat + DKK 6.3B gas", "unit": "FY25", "note": "FACT; Danish CHP plants and the gas business; 'Bioenergy & Other' EBITDA was only DKK 1.4B", "shareOfRevenue": null }, { "name": "Farm-down", "amount": null, "currency": null, "period": null, "price": "~DKK 46B proceeds", "unit": "2025–early 2026 programme", "note": "FACT; sale of stakes (Hornsea 3 50%, Greater Changhua 2 55%, European onshore and others) is funding, booked mostly as divestments and gains/losses, not as revenue", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "enterprise-contracts", "evidence": "backlog" } ], "modelTagsInferred": true, "primaryTag": "enterprise-contracts", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "revenue is power sold under long-term CfD/ROC/OREC/PPA contracts plus construction agreements for partners (DKK 9.0B); no consumer billing", "sizing": { "usdFullYear": 10584000000, "inferred": true, "note": "converted at fixed reference FX EUR→USD 1.08 (INFERENCE, ordering only)" } }, { "slug": "paramount-skydance", "name": "Skydance Corporation", "url": "/companies/paramount-skydance/", "logo": "logo.svg", "sector": "Media / TV / Streaming / Film", "theme": "Media & Social", "accent": "#0064ff", "sourceModelTags": [ "Affiliate fees + subscriptions", "TV & streaming ads", "Content licensing", "Sports rights" ], "lastUpdated": "2026-10-16", "revenue": { "value": 29400000000, "currency": "USD", "raw": "$29.4B", "period": "annual", "fullYear": true, "usd": 29400000000, "snippet": "$29.4B revenue FY25 pro forma (−3%)", "sourceSentence": "$29.4B revenue FY25 pro forma (−3%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Paramount Skydance FY2025 Form 10-K — MD&A, Consolidated Results; Supplemental Pro Forma Revenues (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/2041610/000204161026000011/psky-20251231.htm" }, "growthPct": -3, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net loss", "value": -586000000, "currency": "USD", "raw": "$586M", "period": "partial", "periodNote": "canvas keyMetrics[1]: net loss $586M is for the Successor period Aug 7–Dec 31, 2025 only (Predecessor Jan 1–Aug 6, 2025 net loss $35M); the 10-K states no full-year FY2025 GAAP profit, so it is not paired with full-year growth", "snippet": "Net loss $586M Aug 7–Dec 31, 2025 (Successor period)" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "partial", "international": { "shareOutsideHome": 18.9, "basis": "country", "homeMarket": "U.S.", "period": "FY2024 (year ended December 31, 2024; Predecessor — Paramount Global)", "fullYear": true, "basisNote": "location of the customer or platform (Note: revenues by geography)", "label": "INFERENCE", "figures": "International $5,525M of $29,213M FY2024 total revenues (U.S. $23,688M). Share outside the U.S. = 5,525 / 29,213 = 18.9%.", "source": "Paramount Skydance FY2025 Form 10-K — Segment note, revenues by geography (FY2024 Predecessor column)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/2041610/000204161026000011/psky-20251231.htm", "countries": 30, "countriesNote": "employees in 30 countries (FY2025 10-K human capital); not a count of markets served", "entryMode": "owned", "entryModeNote": "Mixed: owns free-to-air networks Channel 5 (U.K.) and Network 10 (Australia) and runs Paramount+ / Pluto TV directly in many markets; uses joint ventures for SkyShowtime (50%, Europe) and United International Pictures (with Universal) for theatrical distribution, plus third-party distributors; sold Telefe (Oct 2025) and Chilevisión (Jan 2026).", "proxyNote": "FY2025 is split at the Aug 7, 2025 merger and is not stitched: International $3,246M of $16,622M for Jan 1–Aug 6, 2025 (Predecessor, 19.5%) and $2,303M of $12,269M for Aug 7–Dec 31, 2025 (Successor, 18.8%) (INFERENCE shares of FACT figures).", "localization": "International Paramount+ subscribers declined in 2026 due to non-renewed international distribution agreements (Q2 2026 10-Q).", "reviewedAt": "2026-10-16", "tier": "ranked" }, "revenueStreams": [ { "name": "Paramount+ Essential (U.S.)", "amount": null, "currency": null, "period": null, "price": "$8.99/mo", "unit": "ad-supported plan, from Jan 15, 2026", "note": "FACT; $89.99/yr; includes NFL on CBS + UFC", "shareOfRevenue": null }, { "name": "Paramount+ Premium (U.S.)", "amount": null, "currency": null, "period": null, "price": "$13.99/mo", "unit": "ad-free plan (ads on live TV), from Jan 15, 2026", "note": "FACT; $139.99/yr; SHOWTIME + live local CBS", "shareOfRevenue": null }, { "name": "Paramount+ ARPU", "amount": null, "currency": null, "period": null, "price": "$8.52/mo", "unit": "avg revenue per subscriber, Q2 2026", "note": "FACT (10-Q); +12% on price increases", "shareOfRevenue": null }, { "name": "Affiliate & subscription fees", "amount": 13700000000, "currency": "USD", "period": "largest revenue type (~47%), pro forma", "price": "$13.7B FY25", "unit": "largest revenue type (~47%), pro forma", "note": "FACT $; % INFERENCE", "shareOfRevenue": 0.466 }, { "name": "Advertising", "amount": 9100000000, "currency": "USD", "period": "CBS, cable, Paramount+, Pluto TV, pro forma", "price": "$9.1B FY25", "unit": "CBS, cable, Paramount+, Pluto TV, pro forma", "note": "FACT; −11% (no Super Bowl in 2025)", "shareOfRevenue": 0.31 }, { "name": "Licensing & other", "amount": 6000000000, "currency": "USD", "period": "content licensing, home ent., games, pro forma", "price": "$6.0B FY25", "unit": "content licensing, home ent., games, pro forma", "note": "FACT; incl. Skydance", "shareOfRevenue": 0.204 }, { "name": "Theatrical", "amount": 629000000, "currency": "USD", "period": "box office share, pro forma", "price": "$629M FY25", "unit": "box office share, pro forma", "note": "FACT; −23% on release mix", "shareOfRevenue": 0.021 } ], "streamsWithAmounts": 4, "modelTags": [ "subscription", "ads", "freemium" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "ads" }, { "tag": "freemium", "evidence": "free plan" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Largest FY2025 revenue type on the 10-K's supplemental pro forma (combined) basis is affiliate and subscription $13,671M (~46.5% of $29,394M FY2025 pro forma revenue, year ended Dec 31, 2025): pay-TV carriage/retransmission fees plus Paramount+ subscriptions (Paramount+ revenue $7,063M, +20%). Advertising $9,132M (~31%) is second and declining. Reviewed main engine = subscription, same family as Disney/Netflix.", "sizing": { "usdFullYear": 29400000000, "inferred": false, "note": "as stated" } }, { "slug": "patagonia", "name": "Patagonia", "url": "/companies/patagonia/", "logo": "logo.svg", "sector": "Apparel / Mission Brand", "theme": "Commerce & Consumer", "accent": "#1e4f7a", "sourceModelTags": [ "Purpose-owned brand", "Omnichannel apparel", "Repair + resale", "Private, self-reported" ], "lastUpdated": "2026-10-11", "revenue": { "value": 1470000000, "currency": "USD", "raw": "$1.47B", "period": "annual", "fullYear": true, "usd": 1470000000, "snippet": "$1.47B revenue FY25", "sourceSentence": "$1.47B revenue FY25 · 61% US / 39% international", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Patagonia FY2025 Climate Risk Report (FACT); Ventura County Star (SECONDARY)", "sourceUrl": "https://staging-us2.patagonia.com/on/demandware.static/-/Library-Sites-PatagoniaShared/default/dw9a3a5c3f/slots/RMA/PAT_FY25_ClimateRiskReport-122225-v2.pdf" }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "reviewedAt": "2026-10-14", "proxyNote": "Company-reported 61% U.S. / 39% international of $1.47B (FY ended Apr 30, 2025), but the only source found is a climate-risk PDF on a staging server, so it is not ranked", "tier": "partial" }, "revenueStreams": [ { "name": "Total revenue", "amount": 1470000000, "currency": "USD", "period": "FY2025 (May 2024 – Apr 2025)", "price": "$1.47B", "unit": "FY2025 (May 2024 – Apr 2025)", "note": "FACT; Patagonia report / Climate Risk Report", "shareOfRevenue": 1 }, { "name": "US sales", "amount": null, "currency": null, "period": null, "price": "61%", "unit": "of FY25 revenue", "note": "FACT; ≈ $0.9B by simple multiplication (INFERENCE)", "shareOfRevenue": null }, { "name": "International sales", "amount": null, "currency": null, "period": null, "price": "39%", "unit": "of FY25 revenue", "note": "FACT; ≈ $0.57B by simple multiplication (INFERENCE)", "shareOfRevenue": null }, { "name": "Worn Wear resale", "amount": 13000000, "currency": "USD", "period": "FY25 revenue", "price": "≈$13M", "unit": "FY25 revenue", "note": "SECONDARY; about 1% of total, Source Fashion", "shareOfRevenue": 0.009 }, { "name": "Change in revenue", "amount": null, "currency": null, "period": null, "price": "−6.3%", "unit": "total, FY2023 → FY2025", "note": "SECONDARY; Ventura County Star", "shareOfRevenue": null }, { "name": "Dividends to Holdfast", "amount": 180000000, "currency": "USD", "period": "Sept 2022 – Apr 2025", "price": "$180M", "unit": "Sept 2022 – Apr 2025", "note": "SECONDARY; Ventura County Star quoting the report", "shareOfRevenue": 0.122 } ], "streamsWithAmounts": 3, "modelTags": [ "lending", "enterprise-contracts", "retail/DTC" ], "modelTagEvidence": [ { "tag": "lending", "evidence": "Apr" }, { "tag": "enterprise-contracts", "evidence": "rpo" }, { "tag": "retail/DTC", "evidence": "wholesale" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "private; sells durable apparel and gear through owned stores, e-commerce and wholesale (FY25 revenue $1.47B); Worn Wear resale is only about $13M, so tag follows the physical-product sales engine", "sizing": { "usdFullYear": 1470000000, "inferred": false, "note": "as stated" } }, { "slug": "paypal", "name": "PayPal", "url": "/companies/paypal/", "logo": "logo.svg", "sector": "Digital Payments / Fintech", "theme": "Fintech", "accent": "#003087", "sourceModelTags": [ "Two-sided payments network", "Take rate on volume", "Unbranded processing (Braintree)", "Credit + BNPL (balance-sheet light)" ], "lastUpdated": "2026-10-06", "revenue": { "value": 33200000000.000004, "currency": "USD", "raw": "$33.2B", "period": "annual", "fullYear": true, "usd": 33200000000.000004, "snippet": "Full year: FY2025 (year ended Dec 31, 2025) net revenue was $33.2B ($33,172M), +4% (FACT — Q4 & FY2025 earnings release / SEC 8-K).", "sourceSentence": "Full year: FY2025 (year ended Dec 31, 2025) net revenue was $33.2B ($33,172M), +4% (FACT — Q4 & FY2025 earnings release / SEC 8-K).", "field": "keyMetrics[1].detail", "approx": false, "secondary": false, "source": "Q2 2026 earnings release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1633917/000163391726000080/pypl2q-26earningsrelease.htm" }, "growthPct": 4, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 44.9, "type": "transaction", "period": "quarter", "mixedPeriod": true, "snippet": "transaction margin dollars +1% to $3.9B (a 44.9% transaction margin)" }, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "shareOutsideHome": 43.1, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "Other countries $14,304M of $33,172M", "source": "PayPal FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1633917/000163391726000024/pypl-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Available in about 200 markets", "countries": 200, "countriesNote": "about 200 markets (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "where the party paying the fee is located", "tier": "ranked" }, "revenueStreams": [ { "name": "Send to friends (P2P)", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ domestic bank or balance", "note": "FACT Venmo/PayPal; the free on-ramp that brings users in", "shareOfRevenue": null }, { "name": "Venmo Instant Transfer", "amount": null, "currency": null, "period": null, "price": "1.75%", "unit": "/ transfer", "note": "FACT Venmo fees page; $0.25 min, $25 max; standard transfer free", "shareOfRevenue": null }, { "name": "Goods & services payment", "amount": null, "currency": null, "period": null, "price": "2.99%", "unit": "/ payment", "note": "FACT PayPal US merchant fees page", "shareOfRevenue": null }, { "name": "Standard card payments", "amount": null, "currency": null, "period": null, "price": "2.99% + fixed", "unit": "/ transaction", "note": "FACT; Advanced card processing 2.19% + fixed", "shareOfRevenue": null }, { "name": "PayPal Checkout / Pay with Venmo", "amount": null, "currency": null, "period": null, "price": "3.49% + fixed", "unit": "/ transaction", "note": "FACT; the branded button, PayPal’s highest-margin product", "shareOfRevenue": null }, { "name": "PayPal Pay Later", "amount": null, "currency": null, "period": null, "price": "4.99% + fixed", "unit": "/ transaction", "note": "FACT; merchant pays more, shopper can pay in installments", "shareOfRevenue": null }, { "name": "Credit revenue share & interest", "amount": null, "currency": null, "period": null, "price": "Varies", "unit": "/ loan or card", "note": "FACT 10-K; loan fees/interest plus revenue share from a partner bank", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "lending", "marketplace", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "payments network" }, { "tag": "lending", "evidence": "BNPL" }, { "tag": "marketplace", "evidence": "Two-sided" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was marketplace; transaction revenue $7.83B of $8.68B", "sizing": { "usdFullYear": 33200000000, "inferred": false, "note": "as stated" } }, { "slug": "peloton", "name": "Peloton Interactive, Inc.", "url": "/companies/peloton/", "logo": "logo.svg", "sector": "Connected Fitness / Hardware + Subscription", "theme": "Wellness", "accent": "#FF1C26", "sourceModelTags": [ "Hardware + subscription", "All-Access Membership", "App One / App+", "Commercial / Precor" ], "lastUpdated": "2026-10-04", "revenue": { "value": 2446000000, "currency": "USD", "raw": "$2.446B", "period": "annual", "fullYear": true, "usd": 2446000000, "snippet": "FY26 rev $2.446B", "sourceSentence": "FY26 rev $2.446B", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Peloton Q4 & FY2026 earnings (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1639825/000163982526000032/q4fy2026earningspressrelea.htm" }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 63000000, "currency": "USD", "raw": "$63M", "period": "annual", "snippet": "FY26 net income $63M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 13.4, "basis": "country", "homeMarket": "U.S.", "period": "FY2026 (year to Jun 30, 2026)", "fullYear": true, "label": "FACT", "figures": "U.S. $2,117.1M = 87% of $2,446.0M", "source": "Peloton FY2026 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1639825/000163982526000038/pton-20260630.htm", "entryMode": "owned", "entryModeNote": "Own subsidiaries in the U.K., Germany, Canada, Australia", "reviewedAt": "2026-10-14", "basisNote": "filing does not state how the country is assigned", "tier": "ranked" }, "revenueStreams": [ { "name": "App One (Peloton bill)", "amount": null, "currency": null, "period": null, "price": "$12.99", "unit": "/ mo", "note": "FACT Support — US direct; annual $129; iOS App Store $15.99/mo / $159.99/yr", "shareOfRevenue": null }, { "name": "App+", "amount": null, "currency": null, "period": null, "price": "$28.99", "unit": "/ mo", "note": "FACT Support — US; annual $289.99; unlimited App classes (no hardware touchscreen)", "shareOfRevenue": null }, { "name": "All-Access Membership", "amount": null, "currency": null, "period": null, "price": "$49.99", "unit": "/ mo", "note": "FACT Support — US household on hardware + App; required for full touchscreen content", "shareOfRevenue": null }, { "name": "Cross Training Bike", "amount": null, "currency": null, "period": null, "price": "$1,695", "unit": "hardware", "note": "FACT shop/bike — membership separate; financing / promos vary", "shareOfRevenue": null }, { "name": "Bike+ / Row+ / Tread Vision", "amount": null, "currency": null, "period": null, "price": "$2,695–$3,495", "unit": "hardware", "note": "FACT shop — Bike+ $2,695; Row+ & Tread Vision $3,495; Tread+ $6,695", "shareOfRevenue": null }, { "name": "Refurbished / rental / commercial", "amount": null, "currency": null, "period": null, "price": "Lower / quote", "unit": "mixed", "note": "FACT shop — refurb Bike $1,145 / Bike+ $1,395; Bike+ rental $150/mo; Commercial/Precor sales", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "lending", "hardware" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "lending", "evidence": "financing" }, { "tag": "hardware", "evidence": "Hardware" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "connected-fitness subscriptions with hardware on-ramp", "sizing": { "usdFullYear": 2446000000, "inferred": false, "note": "as stated" } }, { "slug": "perplexity", "name": "Perplexity", "url": "/companies/perplexity/", "logo": "logo.svg", "sector": "AI Search", "theme": "AI & Infra", "accent": "#20808D", "sourceModelTags": [ "Freemium answer engine", "Seat SaaS (Pro/Max/Ent)", "API PAYG (Sonar/Agent)", "Comet + publishers" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Standard (Free)", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ month", "note": "Cited answers; limited Pro Searches & uploads; basic models (FACT hub + plan help)", "shareOfRevenue": null }, { "name": "Pro", "amount": null, "currency": null, "period": null, "price": "$20", "unit": "/ month", "note": "Frontier models, Deep Research, Computer, Create; Comet Plus included path (FACT)", "shareOfRevenue": null }, { "name": "Education Pro", "amount": null, "currency": null, "period": null, "price": "~$10", "unit": "/ month", "note": "SheerID-verified students/educators; everything in Pro (FACT plan help)", "shareOfRevenue": null }, { "name": "Max", "amount": null, "currency": null, "period": null, "price": "$200", "unit": "/ month", "note": "Or $2,000/yr web; highest individual limits & frontier access (FACT Max help)", "shareOfRevenue": null }, { "name": "Enterprise Pro", "amount": null, "currency": null, "period": null, "price": "$40", "unit": "/ seat / mo", "note": "Or $400/yr; admin, privacy, Projects; API separate (FACT Ent FAQ)", "shareOfRevenue": null }, { "name": "Enterprise Max", "amount": null, "currency": null, "period": null, "price": "$325", "unit": "/ seat / mo", "note": "Or $3,250/yr; highest team Research/Create/file caps (FACT Ent FAQ)", "shareOfRevenue": null }, { "name": "API Platform", "amount": null, "currency": null, "period": null, "price": "PAYG", "unit": "/ tokens · req · tools", "note": "Sonar/Agent/Search/Embeddings; credits/AWS; never bundled in seats (FACT docs)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "ads", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Pro $" }, { "tag": "usage-based", "evidence": "API" }, { "tag": "ads", "evidence": "ARPU" }, { "tag": "freemium", "evidence": "Freemium" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "pinecone", "name": "Pinecone", "url": "/companies/pinecone/", "logo": "logo.svg", "sector": "Vector Database / AI Infra", "theme": "AI & Infra", "accent": "#1B4332", "sourceModelTags": [ "Freemium PLG", "Serverless Vector DB", "Enterprise + BYOC", "AI Knowledge Platform" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Starter", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ mo", "note": "Free On-Demand DB + Inference + Assistant; 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FY2021 revenue $326.0M on $1.8B GMV (~18% take rate, INFERENCE). 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pricing and impressions both up", "shareOfRevenue": 0.346 }, { "name": "Other revenue", "amount": 43000000, "currency": "USD", "period": "Q2 2026", "price": "$43M", "unit": "Q2 2026", "note": "FACT letter — +24%; licensing sits here; Premium/Gold not material (10-Q)", "shareOfRevenue": 0.02 } ], "streamsWithAmounts": 2, "modelTags": [ "subscription", "ads", "freemium" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Premium" }, { "tag": "ads", "evidence": "ads" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "ads", "engine": "ads", "cluster": "Ads & attention", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 2200000000, "inferred": false, "note": "as stated" } }, { "slug": "redfin", "name": "Redfin", "url": "/companies/redfin/", "logo": "logo.svg", "sector": "Real Estate Brokerage + Home Search (now a Rocket Companies subsidiary)", "theme": "Fintech", "accent": "#A02021", "sourceModelTags": [ "Commission take-rate", "Salaried agents", "Home-search audience", "Rocket subsidiary since 2025" ], "lastUpdated": "2026-10-11", "revenue": { "value": 1040000000, "currency": "USD", "raw": "$1.04B", "period": "annual", "fullYear": true, "usd": 1040000000, "snippet": "$1.04B revenue FY24 (+7%)", "sourceSentence": "$1.04B revenue FY24 (+7%) · last standalone full year", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Redfin Form 10-K FY2024, Results of Operations (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1382821/000138282125000046/rdfn-20241231.htm" }, "growthPct": 7, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 34.9, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "gross margin 34.9%" }, "profit": { "kind": "net loss", "value": -164800000, "currency": "USD", "raw": "$164.8M", "period": "annual", "snippet": "FY24 net loss $164.8M" }, "outcome": "Loss-making", "outcomeBasis": "net loss", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": null, "revenueStreams": [ { "name": "Seller listing commission", "amount": null, "currency": null, "period": null, "price": "typically 1% to 1.5% of the sale price", "unit": "per closed home sale", "note": "FACT; 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$4.56B originated", "price": "$139.8M in FY2024 (13% of revenue)", "unit": "fees and gains on loans originated and sold; $4.56B originated", "note": "FACT", "shareOfRevenue": 0.134 }, { "name": "Title, advertising, Walk Score data", "amount": 37500000, "currency": "USD", "period": "settlement fees and ad/data sales", "price": "Title $37.5M + Monetization $19.0M in FY2024", "unit": "settlement fees and ad/data sales", "note": "FACT", "shareOfRevenue": 0.036 } ], "streamsWithAmounts": 3, "modelTags": [ "take-rate", "subscription", "lending", "ads" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "Commission" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "lending", "evidence": "loan" }, { "tag": "ads", "evidence": "advertis" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "commission on closed home transactions: brokerage $607.5M (58% of $1.04B FY24 revenue) plus partner referral fees $35.3M; 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CPU from $0.09/hr (FACT)", "shareOfRevenue": null }, { "name": "Official model meters", "amount": null, "currency": null, "period": null, "price": "$0.04+", "unit": "/ image · tok · vid-s", "note": "e.g. FLUX 1.1 Pro $0.04/img; Wan 480p $0.09/s video (FACT pricing)", "shareOfRevenue": null }, { "name": "Fine-tune training", "amount": null, "currency": null, "period": null, "price": "~$1.46", "unit": "/ typical FLUX run", "note": "Billed training time; FLUX on 8×H100 $0.0122/sec ~2 min (FACT docs)", "shareOfRevenue": null }, { "name": "Private models", "amount": null, "currency": null, "period": null, "price": "Setup+idle+active", "unit": "/ instance-sec", "note": "Dedicated hardware; fast-booting fine-tunes exception = active-only (FACT billing)", "shareOfRevenue": null }, { "name": "Deployments", "amount": null, "currency": null, "period": null, "price": "Online time", "unit": "/ min–max instances", "note": "Stable endpoint + autoscale; pay while instances online (FACT billing)", "shareOfRevenue": null }, { "name": "Enterprise / commit", "amount": null, "currency": null, "period": null, "price": "Contact", "unit": "/ volume · SLA", "note": "Volume discounts, higher GPU limits, multi-GPU/H200 commits, reserved compute (FACT)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "hardware", "marketplace", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Pro $" }, { "tag": "usage-based", "evidence": "Pay-per" }, { "tag": "hardware", "evidence": "Hardware" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was marketplace; 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fair-usage fee of 1% on exchanges above £1,000 a month", "shareOfRevenue": null }, { "name": "Plus", "amount": null, "currency": null, "period": null, "price": "£3.99", "unit": "/ month", "note": "FACT; better limits and purchase insurance", "shareOfRevenue": null }, { "name": "Premium", "amount": null, "currency": null, "period": null, "price": "£7.99", "unit": "/ month", "note": "FACT; brand subscriptions, higher savings rates", "shareOfRevenue": null }, { "name": "Metal", "amount": null, "currency": null, "period": null, "price": "£14.99", "unit": "/ month", "note": "FACT; travel cover, global data, lower trading fees", "shareOfRevenue": null }, { "name": "Ultra", "amount": null, "currency": null, "period": null, "price": "£55", "unit": "/ month", "note": "FACT; unlimited lounge access, cancellation cover", "shareOfRevenue": null }, { "name": "Card swipes · FX · trading · crypto", "amount": null, "currency": null, "period": null, "price": "Interchange + spreads + fees", "unit": "/ transaction", "note": "FACT; 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includes VW JV work, remarketing (trade-ins) and repair and maintenance; 37% segment gross margin (INFERENCE)", "shareOfRevenue": 0.289 }, { "name": "Subscribe", "amount": null, "currency": null, "period": null, "price": "Connect+ and Autonomy+", "unit": "paid since 2024 / April 2026", "note": "FACT; monthly or annual Connect+; one-time or monthly Autonomy+ fee began April 2026; subscriber counts and revenue are not disclosed", "shareOfRevenue": null }, { "name": "Fleet", "amount": 900000000, "currency": "USD", "period": "FY25 (FY24 $1.04B)", "price": "$900M Amazon revenue", "unit": "FY25 (FY24 $1.04B)", "note": "FACT; primarily Electric Delivery Van sales; 40,000+ vans in Amazon's fleet; FleetOS fleet software offered with commercial vehicles", "shareOfRevenue": 0.167 } ], "streamsWithAmounts": 5, "modelTags": [ "subscription", "usage-based", "lending", "hardware", "retail/DTC" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Subscription" }, { "tag": "usage-based", "evidence": "credits" }, { "tag": "lending", "evidence": "Apr" }, { "tag": "hardware", "evidence": "vehicle" }, { "tag": "retail/DTC", "evidence": "Direct-to-consumer" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was retail/DTC; sells vehicles (hardware)", "sizing": { "usdFullYear": 5390000000, "inferred": false, "note": "as stated" } }, { "slug": "robinhood", "name": "Robinhood", "url": "/companies/robinhood/", "logo": "logo.svg", "sector": "Retail Brokerage / Fintech", "theme": "Fintech", "accent": "#00C805", "sourceModelTags": [ "Free trades paid by order flow", "Interest on customer money", "Gold membership flywheel", "Prediction markets + everything app" ], "lastUpdated": "2026-10-06", "revenue": { "value": 4470000000, "currency": "USD", "raw": "$4.47B", "period": "annual", "fullYear": true, "usd": 4470000000, "snippet": "$4.47B revenue in 2025", "sourceSentence": "$4.47B revenue in 2025", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "2025 Form 10-K (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1783879/000178387926000023/hood-20251231.htm" }, "growthPct": 52, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 1880000000, "currency": "USD", "raw": "$1.88B", "period": "annual", "snippet": "Net income $1.88B (FACT)." }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "homeOnlyStatement": "Substantially all of our revenues and assets are attributed to or located in the United States (FY2025 10-K)", "source": "Latest annual filing (SEC EDGAR)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1783879/000178387926000023/hood-20251231.htm", "entryMode": "acquisitions", "entryModeNote": "Bitstamp (acquired June 2025) to accelerate international growth; U.K. and EU entities (10-K)", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Stock & ETF trades", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ commission", "note": "FACT; market makers pay Robinhood for routing orders (PFOF)", "shareOfRevenue": null }, { "name": "Options trades", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ commission", "note": "FACT; largest revenue line, $1.12B in 2025 from order-flow rebates", "shareOfRevenue": null }, { "name": "Crypto trades", "amount": null, "currency": null, "period": null, "price": "Rebate / fee", "unit": "/ trade", "note": "FACT 10-K; transaction rebates from crypto market makers plus a new fee-based model", "shareOfRevenue": null }, { "name": "Prediction markets", "amount": null, "currency": null, "period": null, "price": "Commission", "unit": "/ contract", "note": "FACT 10-K; ≈1¢ per contract on Q2 figures (INFERENCE)", "shareOfRevenue": null }, { "name": "Robinhood Gold", "amount": null, "currency": null, "period": null, "price": "$5", "unit": "/ month", "note": "FACT pricing page; higher cash APY, 3% IRA match, margin, research", "shareOfRevenue": null }, { "name": "Margin & cash interest", "amount": null, "currency": null, "period": null, "price": "Spread", "unit": "/ on balances", "note": "FACT; margin interest $215M in Q2 2026", "shareOfRevenue": null }, { "name": "Gold Card", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ annual fee", "note": "FACT; earns interchange + card interest, Gold-only", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "interchange", "subscription", "lending", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "order flow" }, { "tag": "interchange", "evidence": "interchange" }, { "tag": "subscription", "evidence": "Gold" }, { "tag": "lending", "evidence": "loan" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was subscription; transaction-based revenue (order flow) leads", "sizing": { "usdFullYear": 4470000000, "inferred": false, "note": "as stated" } }, { "slug": "roblox", "name": "Roblox Corporation", "url": "/companies/roblox/", "logo": "logo.svg", "sector": "UGC gaming platform", "theme": "Media & Social", "accent": "#E2231A", "sourceModelTags": [ "Robux platform", "DevEx take-rate", "Bookings vs revenue", "Roblox Plus" ], "lastUpdated": "2026-10-04", "revenue": { "value": 4890000000, "currency": "USD", "raw": "$4.89B", "period": "annual", "fullYear": true, "usd": 4890000000, "snippet": "Full year: FY2025 (year ended Dec 31, 2025) revenue was $4.89B ($4,890.6M) vs $3,602.0M in 2024 (FACT — Q4 2025 shareholder letter / SEC 8-K).", "sourceSentence": "Full year: FY2025 (year ended Dec 31, 2025) revenue was $4.89B ($4,890.6M) vs $3,602.0M in 2024 (FACT — Q4 2025 shareholder letter / SEC 8-K).", "field": "keyMetrics[0].detail", "approx": false, "secondary": false, "source": "Q2 2026 shareholder letter / supplement (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1315098/000162828026051059/ex991-robloxq22026earnin.htm" }, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "shareOutsideHome": 43, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "FACT", "figures": "U.S. revenues were 57% of consolidated revenue ($4,890.6M)", "source": "Roblox FY2025 Form 10-K, Note 2", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1315098/000131509826000024/rblx-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Platform available worldwide; billing by user country", "reviewedAt": "2026-10-14", "basisNote": "billing country of the payer", "tier": "ranked" }, "revenueStreams": [ { "name": "Free to play", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "user", "note": "Join and play; Robux purchases are separate", "shareOfRevenue": null }, { "name": "Roblox Plus", "amount": null, "currency": null, "period": null, "price": "$4.99", "unit": "/ mo", "note": "FACT Apr 10, 2026 — new consumer subscription; Premium closed to new sign-ups", "shareOfRevenue": null }, { "name": "Plus + Robux bundles", "amount": null, "currency": null, "period": null, "price": "Not listed", "unit": "500–2,000", "note": "FACT — Plus 500 / 1000 / 2000 include monthly Robux; dollar price not in the launch post", "shareOfRevenue": null }, { "name": "Robux spend", "amount": null, "currency": null, "period": null, "price": "Bookings", "unit": "in-experience", "note": "Q2 bookings $1.557B — the cash players commit", "shareOfRevenue": null }, { "name": "Recognized revenue", "amount": 1469000000, "currency": "USD", "period": "Q2 2026", "price": "$1.469B", "unit": "Q2 2026", "note": "FACT — bookings adjusted for deferred revenue", "shareOfRevenue": 0.3 }, { "name": "Creator cash-out", "amount": null, "currency": null, "period": null, "price": "$0.0038", "unit": "/ Earned Robux", "note": "FACT DevEx — platform keeps the spread vs what players paid", "shareOfRevenue": null } ], "streamsWithAmounts": 1, "modelTags": [ "marketplace", "take-rate", "subscription", "lending", "freemium" ], "modelTagEvidence": [ { "tag": "marketplace", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "take-rate", "evidence": "take-rate" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "lending", "evidence": "Apr" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "marketplace", "engine": "take", "cluster": "Marketplace", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was take-rate; Robux virtual-goods economy with DevEx creator payouts", "sizing": { "usdFullYear": 4890000000, "inferred": false, "note": "as stated" } }, { "slug": "samsung", "name": "Samsung Electronics", "url": "/companies/samsung/", "logo": "logo.svg", "sector": "Consumer Electronics", "theme": "Commerce & Consumer", "accent": "#1428A0", "sourceModelTags": [ "Devices + semiconductors", "Vertical manufacturing", "Galaxy + memory", "Global OEM + retail" ], "lastUpdated": "2026-10-16", "revenue": { "value": 234600000000, "currency": "USD", "raw": "$234.6B", "period": "annual", "fullYear": true, "usd": 234600000000, "snippet": "$234.6B revenue FY25 (+10.9%)", "sourceSentence": "$234.6B revenue FY25 (+10.9%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Samsung FY2025 consolidated statements of profit or loss + Newsroom (FACT)", "sourceUrl": "https://images.samsung.com/is/content/samsung/assets/global/ir/docs/2025_con_quarter04_soi.pdf" }, "growthPct": 10.9, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "shareOutsideHome": 86, "basis": "country", "homeMarket": "Korea", "period": "FY2025 (year ended December 31, 2025)", "fullYear": true, "basisNote": "net sales by geographic region as published (Korea broken out as a country alongside Americas, Europe, Asia and Africa)", "label": "FACT", "figures": "Korea 14% of net sales (KRW 46.6T); Americas 40% (KRW 133.3T); Europe 16% (KRW 53.3T); Asia and Africa 30% (KRW 100.4T). Share outside Korea = 86%.", "source": "Samsung Electronics Facts & Figures — Sales by region (based on net sales)", "sourceUrl": "https://www.samsung.com/global/sustainability/digital-library/facts-figures/", "entryMode": "distributors-wholesale", "entryModeNote": "Finished devices sold mainly via carriers, retailers, and distributors through regional sales subsidiaries, plus samsung.com; semiconductors and displays sold direct to OEM customers. Owned manufacturing subsidiaries worldwide; not a franchise model.", "localization": "Products localized by market; nine DX regional HQs and five DS regional HQs plus country subsidiaries. Revenue geography reported as Americas / Europe / Korea / Asia and Africa.", "reviewedAt": "2026-10-16", "tier": "ranked" }, "revenueStreams": [ { "name": "DX — Mobile (MX)", "amount": null, "currency": null, "period": null, "price": "KRW 126.5T FY25", "unit": "division sales (incl. intersegment)", "note": "FACT conference; ~$89B convenience-scaled INFERENCE", "shareOfRevenue": null }, { "name": "DS — Memory", "amount": null, "currency": null, "period": null, "price": "KRW 104.1T FY25", "unit": "business sales", "note": "FACT conference; HBM / server DRAM strength", "shareOfRevenue": null }, { "name": "DX — VD / DA (TV + appliances)", "amount": null, "currency": null, "period": null, "price": "KRW 57.3T FY25", "unit": "business sales", "note": "FACT conference", "shareOfRevenue": null }, { "name": "Samsung Display (SDC)", "amount": null, "currency": null, "period": null, "price": "KRW 29.8T FY25", "unit": "division sales", "note": "FACT; OLED panels to OEMs + captive", "shareOfRevenue": null }, { "name": "Harman", "amount": null, "currency": null, "period": null, "price": "KRW 15.8T FY25", "unit": "division sales", "note": "FACT; automotive + lifestyle audio", "shareOfRevenue": null }, { "name": "Consolidated revenue (USD)", "amount": 234600000000, "currency": "USD", "period": "convenience translation", "price": "$234.6B FY25", "unit": "convenience translation", "note": "FACT Samsung SOI Note 2.18 USD column", "shareOfRevenue": 1 } ], "streamsWithAmounts": 1, "modelTags": [ "subscription", "hardware" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "hardware", "evidence": "Device" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "DX device sales KRW 188.0T + DS component sales KRW 130.1T + SDC/Harman are almost entirely hardware product revenue (phones, TVs, appliances, memory, displays). No material ads or subscription primary engine in IR. Main engine = hardware (devices + semiconductors), same family as Apple/NVIDIA/Garmin — not components-only or services.", "sizing": { "usdFullYear": 234600000000, "inferred": false, "note": "as stated" } }, { "slug": "scale-ai", "name": "Scale AI", "url": "/companies/scale-ai/", "logo": "logo.svg", "sector": "AI Data / Evaluation", "theme": "AI & Infra", "accent": "#5B4DFF", "sourceModelTags": [ "Data Engine", "GenAI Platform", "Evaluation / SEAL", "Enterprise + Gov" ], "lastUpdated": "2026-09-20", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Self-Serve Data Engine", "amount": null, "currency": null, "period": null, "price": "Free → PAYG", "unit": "/ labeling units", "note": "1,000 free BYO units + 10k free images; then card PAYG (pricing page)", "shareOfRevenue": null }, { "name": "Rapid self-label", "amount": null, "currency": null, "period": null, "price": "$0.05", "unit": "/ unit after free", "note": "Documented Rapid FAQ rate after monthly free allotment", "shareOfRevenue": null }, { "name": "Studio (BYO workforce)", "amount": null, "currency": null, "period": null, "price": "Platform", "unit": "/ project", "note": "Customer annotators on Scale tooling; sales/usage packaging", "shareOfRevenue": null }, { "name": "Managed Data Engine", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "/ volume+SLA", "note": "Scale workforce + Generative AI Data Engine for labs/enterprise", "shareOfRevenue": null }, { "name": "Evaluation / SEAL", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "/ eval program", "note": "Private benchmarks, red-teaming, preference data — typically enterprise", "shareOfRevenue": null }, { "name": "Scale GenAI Platform", "amount": null, "currency": null, "period": null, "price": "Enterprise / AWS list", "unit": "/ platform + tokens", "note": "AWS list shows $1M/mo platform + $1M/mo token units (1-mo contract)", "shareOfRevenue": null }, { "name": "Donovan (Gov)", "amount": null, "currency": null, "period": null, "price": "~$1M list", "unit": "/ mo ≤250 users", "note": "AWS Marketplace list license; FedRAMP High / IL4 deployments", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "marketplace", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "PAYG" }, { "tag": "marketplace", "evidence": "Marketplace" }, { "tag": "freemium", "evidence": "Free →" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "enterprise-contracts", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "shopify", "name": "Shopify", "url": "/companies/shopify/", "logo": "logo.svg", "sector": "Commerce Platform / Fintech", "theme": "Fintech", "accent": "#5A863E", "sourceModelTags": [ "Subscription on-ramp", "Payments take rate on GMV", "Merchant lending (Capital)", "Agentic commerce channels" ], "lastUpdated": "2026-10-10", "revenue": { "value": 11600000000, "currency": "USD", "raw": "$11.6B", "period": "annual", "fullYear": true, "usd": 11600000000, "snippet": "$11.6B revenue FY25 (+30%)", "sourceSentence": "$11.6B revenue FY25 (+30%) · $3.58B in Q2 2026 (+34%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Shopify FY2025 Form 10-K; Q4 2025 and Q2 2026 earnings releases (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1594805/000159480526000006/exhibit991pressreleaseq420.htm" }, "growthPct": 30, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 48, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "gross margin 50% → 48%" }, "profit": { "kind": "operating income", "value": 1468000000, "currency": "USD", "raw": "$1,468M", "period": "annual", "snippet": "operating income $1,468M, free cash flow $2,007M (17% margin, non-GAAP)" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 95.1, "basis": "country", "homeMarket": "Canada", "period": "FY2025", "fullYear": true, "label": "FACT", "figures": "Canada $567M of $11,556M (by merchant location); U.S. alone 63%", "source": "Shopify FY2025 Form 10-K, revenue by geography", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1594805/000159480526000007/shop-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Merchants in 175+ countries sign up online", "countries": 175, "countriesNote": "merchants in 175+ countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "merchant location", "tier": "ranked" }, "revenueStreams": [ { "name": "Basic", "amount": null, "currency": null, "period": null, "price": "$29/mo", "unit": "billed yearly ($39 monthly)", "note": "FACT, pricing page; online cards 2.9% + 30¢, in person 2.6% + 10¢", "shareOfRevenue": null }, { "name": "Grow", "amount": null, "currency": null, "period": null, "price": "$79/mo", "unit": "billed yearly ($105 monthly)", "note": "FACT; online cards 2.7% + 30¢; third-party gateway fee 1%", "shareOfRevenue": null }, { "name": "Advanced", "amount": null, "currency": null, "period": null, "price": "$299/mo", "unit": "billed yearly ($399 monthly)", "note": "FACT; online cards 2.5% + 30¢; 15 staff accounts", "shareOfRevenue": null }, { "name": "Plus", "amount": null, "currency": null, "period": null, "price": "from $2,300/mo", "unit": null, "note": "FACT; online cards 2.25% + 30¢, third-party gateway fee 0.2%, up to 200 locations", "shareOfRevenue": null }, { "name": "POS Pro", "amount": null, "currency": null, "period": null, "price": "+$89/mo", "unit": "per location", "note": "FACT; advanced in-store tools; included for 20 locations on Plus", "shareOfRevenue": null }, { "name": "Agentic plan", "amount": null, "currency": null, "period": null, "price": "No monthly fee shown", "unit": "pay on sale", "note": "FACT; list products in Shopify Catalog, online card rates from 2.9% + 30¢", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "subscription", "lending", "ads", "hardware", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "Payments take" }, { "tag": "subscription", "evidence": "Subscription" }, { "tag": "lending", "evidence": "lending" }, { "tag": "ads", "evidence": "ads" }, { "tag": "hardware", "evidence": "hardware" }, { "tag": "marketplace", "evidence": "GMV" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was subscription; merchant solutions = 76% of revenue", "sizing": { "usdFullYear": 11600000000, "inferred": false, "note": "as stated" } }, { "slug": "snap", "name": "Snap Inc.", "url": "/companies/snap/", "logo": "logo.svg", "sector": "Social / AR", "theme": "Media & Social", "accent": "#FFFC00", "sourceModelTags": [ "Camera-first social", "Ads + Snapchat+", "AR Lenses", "Specs hardware" ], "lastUpdated": "2026-09-21", "revenue": { "value": 5930000000, "currency": "USD", "raw": "$5.93B", "period": "annual", "fullYear": true, "usd": 5930000000, "snippet": "$5.93B FY’25 revenue", "sourceSentence": "$5.93B FY’25 revenue", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Snap Q4/FY 2025 SEC PR (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1564408/000156440826000011/snap-20260204xexx991pressr.htm" }, "growthPct": 11, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 59, "type": "gross", "period": "quarter", "mixedPeriod": true, "snippet": "The strategic pivot to profitable growth (CEO Q4 commentary) trades some DAU marketing for margin — Q4 gross margin 59% (FACT)" }, "profit": { "kind": "ebitda", "value": 689000000, "currency": "USD", "raw": "$689M", "period": "annual", "snippet": "FY’25 Adjusted EBITDA $689M (+36% Y/Y)" }, "outcome": "Profitable", "outcomeBasis": "ebitda", "outcomeInferred": true, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 43, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "U.S. revenue stated only as \"$3.4 billion\" (rounded to $0.1B) of $5,931.4M — about 43%, and the rounding puts the true share between 41.8% and 43.5%", "source": "Snap FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1564408/000156440826000013/snap-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Ads sold by region online", "reviewedAt": "2026-10-14", "basisNote": "billing address of the advertising customer", "tier": "ranked" }, "revenueStreams": [ { "name": "Advertising (Snap Ads + AR Ads)", "amount": 5190000000, "currency": "USD", "period": "FY’25", "price": "$5.19B", "unit": "FY’25", "note": "FACT 10-K advertising $5,186M (~87% of revenue) — do not invent CPM/ARPU schedules", "shareOfRevenue": 0.875 }, { "name": "Snapchat+ / Lens+ / Platinum", "amount": 1000000000, "currency": "USD", "period": "direct run-rate", "price": ">$1B ARR", "unit": "direct run-rate", "note": "FACT Newsroom Feb’26 $1B ARR + >25M subs; launch list was $3.99/mo (2022 Newsroom) — current price on order page (regional variance); do not invent Lens+/Platinum list prices", "shareOfRevenue": 0.169 }, { "name": "Other revenue (subs + partnerships)", "amount": 745000000, "currency": "USD", "period": "FY’25", "price": "$745M", "unit": "FY’25", "note": "FACT 10-K Other revenue $745M; Q4 Other Revenue $232M (+62% Y/Y)", "shareOfRevenue": 0.126 }, { "name": "AR Ads / Sponsored Lenses", "amount": null, "currency": null, "period": null, "price": "Attach", "unit": "/ impressions", "note": "FACT 10-K: AR Ads include Sponsored Lenses; community ~8B Lens uses/day and >350M daily AR engagers (SEC PR) — no invented Sponsored Lens take %", "shareOfRevenue": null }, { "name": "Specs / Snap OS (long bet)", "amount": null, "currency": null, "period": null, "price": "Invest", "unit": "/ multi-yr", "note": "FACT 10-K + Q4 PR: Specs wearable AR on Snap OS; developer program; public launch planned 2026 — no hardware revenue line invented", "shareOfRevenue": null } ], "streamsWithAmounts": 3, "modelTags": [ "subscription", "ads", "hardware" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "ads", "evidence": "Ads" }, { "tag": "hardware", "evidence": "hardware" } ], "modelTagsInferred": true, "primaryTag": "ads", "engine": "ads", "cluster": "Ads & attention", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "$5.19B ads of $5.93B", "sizing": { "usdFullYear": 5930000000, "inferred": false, "note": "as stated" } }, { "slug": "snowflake", "name": "Snowflake", "url": "/companies/snowflake/", "logo": "logo.svg", "sector": "Data / AI Cloud Platform", "theme": "AI & Infra", "accent": "#29B5E8", "sourceModelTags": [ "Consumption credits", "Capacity commits", "Cortex AI", "Multi-cloud" ], "lastUpdated": "2026-09-20", "revenue": { "value": 4680000000, "currency": "USD", "raw": "$4.68B", "period": "annual", "fullYear": true, "usd": 4680000000, "snippet": "32% YoY (quarter ended July 31, 2025) Full fiscal year: fiscal 2026 (year ended Jan 31, 2026) total revenue was $4.68B ($4,683.9M), +29% (FACT — Q4 & FY2026 press release / SEC 8-K).", "sourceSentence": "Q2 FY2026 product revenue; 32% YoY (quarter ended July 31, 2025) Full fiscal year: fiscal 2026 (year ended Jan 31, 2026) total revenue was $4.68B ($4,683.9M), +29% (FACT — Q4 & FY2026 press release / SEC 8-K).", "field": "keyMetrics[0].detail", "approx": false, "secondary": false, "source": "Snowflake Q2 FY2026 earnings (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1640147/000164014725000177/fy2026q2earnings.htm" }, "growthPct": 29, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "shareOutsideHome": 24.8, "basis": "country", "homeMarket": "U.S.", "period": "FY2026 (year to Jan 31, 2026)", "fullYear": true, "label": "INFERENCE", "figures": "U.S. $3,524.0M of $4,683.9M", "source": "Snowflake FY2026 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1640147/000164014726000008/snow-20260131.htm", "entryMode": "digital-only", "entryModeNote": "Runs on public-cloud regions", "reviewedAt": "2026-10-14", "basisNote": "location of the customer, or the end customer under reseller arrangements", "tier": "ranked" }, "revenueStreams": [ { "name": "Free trial / signup", "amount": null, "currency": null, "period": null, "price": "Trial", "unit": "/ account", "note": "Start on signup.snowflake.com; explore before sustained On Demand spend", "shareOfRevenue": null }, { "name": "On Demand", "amount": null, "currency": null, "period": null, "price": "Credits", "unit": "+ storage", "note": "Month-to-month; Platform Credits × edition/region + TB storage", "shareOfRevenue": null }, { "name": "Warehouses", "amount": null, "currency": null, "period": null, "price": "1–512", "unit": "cr/hr Gen1", "note": "X-Small 1 → 6X-Large 512 credits/hour; per-second after 60s min", "shareOfRevenue": null }, { "name": "Serverless / Cloud Svcs", "amount": null, "currency": null, "period": null, "price": "Credits", "unit": "/ feature", "note": "Snowpipe, Search Opt, etc.; cloud services after 10% warehouse threshold", "shareOfRevenue": null }, { "name": "Cortex AI", "amount": null, "currency": null, "period": null, "price": "AI Credits", "unit": "/ usage", "note": "Separate AI Credits; Capacity Platform discount does not apply", "shareOfRevenue": null }, { "name": "Capacity", "amount": null, "currency": null, "period": null, "price": "Discounted", "unit": "/ commit", "note": "Pre-purchase usage; Order Form discount off On Demand Platform Credits", "shareOfRevenue": null }, { "name": "Enterprise / BC / VPS", "amount": null, "currency": null, "period": null, "price": "Higher $/cr", "unit": "+ features", "note": "Edition upgrades raise credit price and unlock multi-cluster, Tri-Secret, VPS", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "usage-based", "marketplace", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "Consumption" }, { "tag": "marketplace", "evidence": "Marketplace" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 4680000000, "inferred": false, "note": "as stated" } }, { "slug": "sony", "name": "Sony", "url": "/companies/sony/", "logo": "logo.svg", "sector": "Electronics / Entertainment", "theme": "Media & Social", "accent": "#111111", "sourceModelTags": [ "PlayStation + sensors", "Devices + content", "G&NS + Music + Pictures", "Global entertainment" ], "lastUpdated": "2026-10-16", "revenue": { "value": 82800000000, "currency": "USD", "raw": "$82.8B", "period": "annual", "fullYear": true, "usd": 82800000000, "snippet": "$82.8B revenue FY25 (+4%)", "sourceSentence": "$82.8B revenue FY25 (+4%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Sony FY2025 Consolidated Financial Results (FACT) + avg FX INFERENCE", "sourceUrl": "https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/25q4_sonypre.pdf" }, "growthPct": 4, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": { "shareOutsideHome": 89.3, "basis": "country", "homeMarket": "Japan", "period": "FY2025 (year ended March 31, 2026)", "fullYear": true, "basisNote": "sales to external customers by geographic region based on customer location (Japan broken out as a country alongside United States, Europe, China, Asia-Pacific, Other Areas)", "label": "INFERENCE", "figures": "Japan ¥1,333.2B (10.7% of ¥12,479.6B continuing sales); United States ¥4,064.4B; Europe ¥2,826.8B; China ¥1,428.7B; Asia-Pacific ¥1,694.9B; Other Areas ¥1,131.6B. Share outside Japan = (12,479.6 − 1,333.2) / 12,479.6 = 89.3%.", "source": "Sony FY25.4Q Supplemental Information — Sales to customers by geographic region", "sourceUrl": "https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/25q4_supplement.pdf", "entryMode": "distributors-wholesale", "entryModeNote": "Consumer devices and consoles sold mainly via retailers, carriers, and distributors plus sony.com / PlayStation Store; music via DSPs; films via theatrical and platform partners; image sensors sold direct to OEM customers. Owned regional subsidiaries; not a franchise model.", "localization": "Products and content localized by market; revenue geography reported as Japan / United States / Europe / China / Asia-Pacific / Other Areas by customer location.", "reviewedAt": "2026-10-16", "tier": "ranked" }, "revenueStreams": [ { "name": "G&NS — Digital software & add-ons", "amount": null, "currency": null, "period": null, "price": "¥2,415B FY25", "unit": "external sales", "note": "FACT product category; largest G&NS line", "shareOfRevenue": null }, { "name": "G&NS — Hardware & others", "amount": null, "currency": null, "period": null, "price": "¥1,392B FY25", "unit": "external sales", "note": "FACT; console hardware units down YoY", "shareOfRevenue": null }, { "name": "G&NS — Network services", "amount": null, "currency": null, "period": null, "price": "¥763B FY25", "unit": "external sales", "note": "FACT; PS Plus / network growth", "shareOfRevenue": null }, { "name": "Music (external)", "amount": null, "currency": null, "period": null, "price": "¥2,091B FY25", "unit": "external sales", "note": "FACT; streaming ¥853B recorded music", "shareOfRevenue": null }, { "name": "ET&S (external)", "amount": null, "currency": null, "period": null, "price": "¥2,185B FY25", "unit": "external sales", "note": "FACT; Imaging, Sound, Displays, Other", "shareOfRevenue": null }, { "name": "I&SS (external)", "amount": null, "currency": null, "period": null, "price": "¥2,059B FY25", "unit": "external sales", "note": "FACT; image sensors to OEMs", "shareOfRevenue": null }, { "name": "Continuing sales (USD)", "amount": 82800000000, "currency": "USD", "period": "INFERENCE @ ¥150.7/USD", "price": "$82.8B FY25", "unit": "INFERENCE @ ¥150.7/USD", "note": "Yen sales FACT; USD conversion INFERENCE", "shareOfRevenue": 1 } ], "streamsWithAmounts": 1, "modelTags": [ "subscription", "hardware" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "hardware", "evidence": "Device" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "G&NS is largest segment (¥4,685.7B sales) with material console hardware (¥1,392B external) plus ET&S devices (¥2,185B external) and I&SS image sensors (¥2,059B external) — physical product sales remain a core engine alongside digital software/network and Music/Pictures content. Reviewed main engine = hardware (devices + sensors), same family as Samsung/Apple/Garmin; not subscription or ads as primary despite PS Plus / streaming layers.", "sizing": { "usdFullYear": 82800000000, "inferred": false, "note": "as stated" } }, { "slug": "spotify", "name": "Spotify", "url": "/companies/spotify/", "logo": "logo.svg", "sector": "Music Streaming", "theme": "Media & Social", "accent": "#1DB954", "sourceModelTags": [ "Freemium audio", "Ads + Premium", "Podcasts & audiobooks", "Artist marketplace" ], "lastUpdated": "2026-09-21", "revenue": { "value": 17190000000, "currency": "EUR", "raw": "€17.19B", "period": "annual", "fullYear": true, "usd": null, "snippet": "operating income €655M (FACT) Full year: FY2025 (year ended Dec 31, 2025) revenue was €17.19B (€17,186M), +10% (FACT — Q4 2025 financial statements / SEC 6-K).", "sourceSentence": "Total revenue €4.777B (+14% Y/Y; +15% CC); Premium €4.331B (+15%); Ad-Supported €446M (+1%); gross margin 33.4%; operating income €655M (FACT) Full year: FY2025 (year ended Dec 31, 2025) revenue was €17.19B (€17,186M), +10% (FACT — Q4 2025 financial statements / SEC 6-K).", "field": "keyMetrics[2].detail", "approx": false, "secondary": false, "source": "Spotify Q2 2026 earnings / deck (FACT)", "sourceUrl": "https://newsroom.spotify.com/2026-08-04/spotify-q2-2026-earnings/" }, "growthPct": 10, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 33.4, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "gross margin 33.4%" }, "profit": { "kind": "operating income", "value": 655000000, "currency": "EUR", "raw": "€655M", "period": "quarter", "snippet": "operating income €655M (FACT) Full year: FY2025 (year ended Dec 31, 2025) revenue was €17.19B (€17,186M), +10% (FACT — Q4 2025 financial statements / SEC 6-K)." }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "quarter", "international": { "proxyNote": "Home market Sweden is not broken out (legal domicile Luxembourg €13M); U.S. €6,470M of €17,186M (FY2025 20-F)", "source": "Latest annual filing (SEC EDGAR)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1639920/000162828026006874/ck0001639920-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Streams in markets worldwide; no country but the U.S. is 10%+ of revenue", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Free (Ad-Supported)", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ listener", "note": "Ads fund free music tier; 494M Ad-Supported MAUs Q2'26; Ad-Supported revenue €446M (FACT)", "shareOfRevenue": null }, { "name": "Premium Individual", "amount": null, "currency": null, "period": null, "price": "$12.99", "unit": "/ mo US", "note": "Ad-free, offline, on-demand, lossless marketing; intro offers for eligible new users (FACT US)", "shareOfRevenue": null }, { "name": "Duo / Family / Student", "amount": null, "currency": null, "period": null, "price": "$6.99–$21.99", "unit": "/ mo US", "note": "Student $6.99 (+Hulu elig.); Duo $18.99 (2); Family $21.99 (up to 6) (FACT US)", "shareOfRevenue": null }, { "name": "Audiobooks+ / add-ons", "amount": null, "currency": null, "period": null, "price": "Add-on", "unit": "/ mo", "note": "1.5M Audiobooks+ subs; expanding tiers; hours in Premium catalog vary by plan (FACT newsroom + Premium pages)", "shareOfRevenue": null }, { "name": "Spotify Ads", "amount": null, "currency": null, "period": null, "price": "Auction", "unit": "/ campaign", "note": "Ads Manager: audio/video/display for brands & music marketers (FACT ads.spotify.com)", "shareOfRevenue": null }, { "name": "Artists marketplace", "amount": null, "currency": null, "period": null, "price": "$100+", "unit": "/ campaign min", "note": "Marquee & Showcase via Spotify for Artists Campaigns; eligibility thresholds (FACT Artists help)", "shareOfRevenue": null }, { "name": "B2B / partners", "amount": null, "currency": null, "period": null, "price": "Partner", "unit": "/ deals", "note": "Label/creator deals, device OEM integrations, enterprise ad buying — public product surfaces, no invented ARPU (INFERENCE from product)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "ads", "hardware", "marketplace", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "Premium" }, { "tag": "ads", "evidence": "Ads" }, { "tag": "hardware", "evidence": "device" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "freemium", "evidence": "Freemium" }, { "tag": "enterprise-contracts", "evidence": "enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 18565200000, "inferred": true, "note": "converted at fixed reference FX EUR→USD 1.08 (INFERENCE, ordering only)" } }, { "slug": "starbucks", "name": "Starbucks", "url": "/companies/starbucks/", "logo": "logo.svg", "sector": "Coffeehouses / Restaurants", "theme": "Software", "accent": "#006241", "sourceModelTags": [ "Company-operated coffeehouses", "Licensed stores + royalties", "Stored-value card + Rewards", "Nestlé Global Coffee Alliance" ], "lastUpdated": "2026-10-12", "revenue": { "value": 37180000000, "currency": "USD", "raw": "$37.18B", "period": "annual", "fullYear": true, "usd": 37180000000, "snippet": "$37.18B revenue FY25 (+2.8%)", "sourceSentence": "$37.18B revenue FY25 (+2.8%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Starbucks Q4 FY25 release and Form 10-K FY2025 (FACT)", "sourceUrl": "https://s203.q4cdn.com/326826266/files/doc_financials/2025/q4/SBUX-09-28-2025-Exhibit-99-1.pdf" }, "growthPct": 2.8, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 7.9, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 operating income was $2,936.6M (7.9% margin, down from 15.0%) and net earnings attributable to Starbucks were $1,856.4M (-50.6% from $3,760.9M), or $1.63 per diluted share" }, "profit": { "kind": "net income", "value": 1860000000, "currency": "USD", "raw": "$1.86B", "period": "annual", "snippet": "FY2025 net income $1.86B" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 27.1, "basis": "country", "homeMarket": "U.S.", "period": "FY2025 (year to Sep 28, 2025)", "fullYear": true, "label": "INFERENCE", "figures": "U.S. $27,124.7M of $37,184.4M (China $3,160.8M)", "source": "Starbucks FY2025 Form 10-K, information by geographic area", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm", "entryMode": "franchise-license", "entryModeNote": "About half of ~41,000 stores run by licensees in 89 markets", "countries": 89, "countriesNote": "89 markets (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "location of the customer", "tier": "ranked" }, "revenueStreams": [ { "name": "Company-operated stores", "amount": 30740000000, "currency": "USD", "period": "FY2025, 82.7% of revenue", "price": "$30.74B", "unit": "FY2025, 82.7% of revenue", "note": "FACT; beverages 73%, food 23% of store sales", "shareOfRevenue": 0.827 }, { "name": "Licensed stores", "amount": 4350000000, "currency": "USD", "period": "FY2025, 11.7% of revenue", "price": "$4.35B", "unit": "FY2025, 11.7% of revenue", "note": "FACT; product margin plus royalty on licensee sales", "shareOfRevenue": 0.117 }, { "name": "Other (mostly Channel Development)", "amount": 2089999999.9999998, "currency": "USD", "period": "FY2025, 5.6% of revenue", "price": "$2.09B", "unit": "FY2025, 5.6% of revenue", "note": "FACT; packaged coffee, ready-to-drink, Nestlé royalties", "shareOfRevenue": 0.056 }, { "name": "Nestlé prepaid royalty", "amount": 176500000, "currency": "USD", "period": "per year, from a ~$7B up-front payment spread over 40 years", "price": "$176.5M", "unit": "per year, from a ~$7B up-front payment spread over 40 years", "note": "FACT; $5.6B still deferred", "shareOfRevenue": 0.005 }, { "name": "Stored-value breakage", "amount": 222400000, "currency": "USD", "period": "FY2025, card balances expected never to be spent", "price": "$222.4M", "unit": "FY2025, card balances expected never to be spent", "note": "FACT", "shareOfRevenue": 0.006 }, { "name": "Rewards: 60 Stars", "amount": null, "currency": null, "period": null, "price": "$2 off", "unit": "any purchase, new tier since Mar 10, 2026", "note": "FACT; 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six categories, ~30% owned & exclusive brands", "shareOfRevenue": 0.98 }, { "name": "Advertising (Roundel)", "amount": 915000000, "currency": "USD", "period": "FY2025, vs $649M", "price": "$915M", "unit": "FY2025, vs $649M", "note": "FACT; ads sold to vendors and marketplace sellers", "shareOfRevenue": 0.009 }, { "name": "Credit card profit sharing", "amount": 522000000, "currency": "USD", "period": "FY2025, vs $576M", "price": "$522M", "unit": "FY2025, vs $576M", "note": "FACT; share of profits on TD-owned Target Circle Card receivables", "shareOfRevenue": 0.005 }, { "name": "Other", "amount": 626000000, "currency": "USD", "period": "FY2025, vs $521M", "price": "$626M", "unit": "FY2025, vs $521M", "note": "FACT; Target Plus commissions, 360 & Shipt memberships, rent", "shareOfRevenue": 0.006 }, { "name": "Net sales", "amount": 104780000000, "currency": "USD", "period": "FY2025, −1.7%", "price": "$104,780M", "unit": "FY2025, −1.7%", "note": "FACT; 52 weeks ended Jan 31, 2026", "shareOfRevenue": 1 } ], "streamsWithAmounts": 5, "modelTags": [ "retail/DTC", "take-rate", "ads", "marketplace", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "retail/DTC", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "take-rate", "evidence": "commission" }, { "tag": "ads", "evidence": "ads" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "enterprise-contracts", "evidence": "rpo" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "sells merchandise in its own stores and digital channels: merchandise sales $102.7B were 98% of $104.8B FY25 net sales (52 weeks ended Jan 31, 2026); Roundel advertising $915M, TD credit card profit sharing $522M and other (memberships, Target Plus) $626M are add-ons", "sizing": { "usdFullYear": 104800000000, "inferred": false, "note": "as stated" } }, { "slug": "tesla", "name": "Tesla", "url": "/companies/tesla/", "logo": "logo.svg", "sector": "EV / Energy", "theme": "Commerce & Consumer", "accent": "#CC0000", "sourceModelTags": [ "Direct-to-consumer EVs", "Energy storage (Megapack / Powerwall)", "FSD software & services", "Regulatory credits" ], "lastUpdated": "2026-10-10", "revenue": { "value": 94800000000, "currency": "USD", "raw": "$94.8B", "period": "annual", "fullYear": true, "usd": 94800000000, "snippet": "$94.8B revenue FY25 (−3%)", "sourceSentence": "$94.8B revenue FY25 (−3%) · $28.2B in Q2 2026 (+26%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Tesla FY2025 Form 10-K; Q2 2026 Form 10-Q; Q2 2026 Update (FACT / INFERENCE)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1318605/000162828026003952/tsla-20251231.htm" }, "growthPct": -3, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 4.6, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 total revenues were $94,827M vs $97,690M (−3%), with income from operations $4,355M (4.6% margin vs 7.2%" }, "profit": { "kind": "operating income", "value": 4355000000, "currency": "USD", "raw": "$4,355M", "period": "annual", "snippet": "Regulatory credit sales have 'negligible incremental costs', so $1,993M of FY25 credits is about 46% of the $4,355M operating income and 11.7% of the $17,094M gross profit (INFERENCE)" }, "outcome": "Profitable", "outcomeBasis": "operating income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 49.8, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "U.S. $47,627M of $94,827M (China $20,962M)", "source": "Tesla FY2025 Form 10-K, revenues by geography", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1318605/000162828026003952/tsla-20251231.htm", "entryMode": "owned", "entryModeNote": "Direct sales; own factories in Shanghai and Berlin", "reviewedAt": "2026-10-14", "basisNote": "sales location of the product", "tier": "ranked" }, "revenueStreams": [ { "name": "Sell", "amount": 65800000000, "currency": "USD", "period": "FY25 (−9%)", "price": "$65.8B automotive sales", "unit": "FY25 (−9%)", "note": "FACT; new cars delivered, plus bundled connectivity, FSD (Supervised) access and maintenance, free-Supercharging programs and over-the-air updates recognized over time; ~14.5% gross margin (INFERENCE)", "shareOfRevenue": 0.694 }, { "name": "Credit", "amount": 2000000000, "currency": "USD", "period": "FY25 (−28%)", "price": "$2.0B regulatory credits", "unit": "FY25 (−28%)", "note": "FACT; sold to other automakers; 'negligible incremental costs'; $146M in Q2 2026 (−67%)", "shareOfRevenue": 0.021 }, { "name": "Lease", "amount": 1700000000, "currency": "USD", "period": "FY25 (−6%)", "price": "$1.7B automotive leasing", "unit": "FY25 (−6%)", "note": "FACT; direct operating and sales-type leases and lease buyouts; many leases are originated then sold to banking partners with a capped residual-value guarantee", "shareOfRevenue": 0.018 }, { "name": "Serve", "amount": 12500000000, "currency": "USD", "period": "FY25 (+19%)", "price": "$12.5B services & other", "unit": "FY25 (+19%)", "note": "FACT; used cars, non-warranty service and collision, paid Supercharging, insurance, parts and merchandise; ~7% gross margin in FY25 (INFERENCE) and 14% in Q2 2026", "shareOfRevenue": 0.132 }, { "name": "Store", "amount": 12800000000, "currency": "USD", "period": "FY25 (+27%)", "price": "$12.8B energy", "unit": "FY25 (+27%)", "note": "FACT; Megapack, Powerwall, solar, leasing and services; 29.8% gross margin; 46.7 GWh deployed in 2025", "shareOfRevenue": 0.135 }, { "name": "Subscribe", "amount": null, "currency": null, "period": null, "price": "1.48M active FSD subscriptions", "unit": "Q2 2026 (+56%)", "note": "FACT (Q2 2026 Update); revenue sits inside automotive sales; counts include upfront and monthly payers; price per month not verified here", "shareOfRevenue": null } ], "streamsWithAmounts": 5, "modelTags": [ "subscription", "usage-based", "hardware", "retail/DTC" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "credits" }, { "tag": "hardware", "evidence": "Energy storage" }, { "tag": "retail/DTC", "evidence": "Direct-to-consumer" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was retail/DTC; cars = 69% of revenue", "sizing": { "usdFullYear": 94800000000, "inferred": false, "note": "as stated" } }, { "slug": "thumbtack", "name": "Thumbtack", "url": "/companies/thumbtack/", "logo": "logo.svg", "sector": "Local Home Services Marketplace", "theme": "Commerce & Consumer", "accent": "#009FD9", "sourceModelTags": [ "Pay-per-lead marketplace", "Free for homeowners", "Pro-set lead prices", "AI & partner distribution" ], "lastUpdated": "2026-10-14", "revenue": { "value": 400000000, "currency": "USD", "raw": "$400M", "period": "annual", "fullYear": true, "usd": 400000000, "snippet": "~$400M revenue FY24 (+27%, press-reported)", "sourceSentence": "~$400M revenue FY24 (+27%, press-reported)", "field": "keyMetrics[0].label", "approx": true, "secondary": true, "source": "Fast Company (Apr 2025); Marco Zappacosta LinkedIn post (SECONDARY, company-stated)", "sourceUrl": "https://www.fastcompany.com/91311830/home-services-company-thumbtack-is-thriving-even-as-the-real-estate-market-stays-slow" }, "growthPct": 27, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Profitable", "outcomeBasis": "stated profitability phrase (cash-flow/EBITDA positive)", "outcomeInferred": true, "outcomeEstimate": false, "outcomePeriod": "unspecified", "international": null, "revenueStreams": [ { "name": "Homeowner request", "amount": null, "currency": null, "period": null, "price": "Free", "unit": "search, compare and message pros", "note": "FACT; homeowners pay the pro directly for the work", "shareOfRevenue": null }, { "name": "Joining as a pro", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "no entry, annual or membership fee", "note": "FACT (Thumbtack Pro page)", "shareOfRevenue": null }, { "name": "Direct lead", "amount": null, "currency": null, "period": null, "price": "Varies by job", "unit": "charged when a matching customer contacts the pro", "note": "FACT (Success Guide); pro sets a max price per lead", "shareOfRevenue": null }, { "name": "Opportunity (open lead)", "amount": null, "currency": null, "period": null, "price": "Shown upfront", "unit": "pro reaches out first; pays only if the customer replies", "note": "SECONDARY summary of Thumbtack help docs", "shareOfRevenue": null }, { "name": "Weekly budget", "amount": null, "currency": null, "period": null, "price": "Set by the pro", "unit": "caps lead spend each week", "note": "FACT (Success Guide)", "shareOfRevenue": null }, { "name": "Total revenue", "amount": 400000000, "currency": "USD", "period": "almost all from pros", "price": "~$400M FY24", "unit": "almost all from pros", "note": "SECONDARY, company-stated, +27%", "shareOfRevenue": 1 } ], "streamsWithAmounts": 1, "modelTags": [ "subscription", "usage-based", "marketplace", "freemium" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "pro $" }, { "tag": "usage-based", "evidence": "Pay-per" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "marketplace", "engine": "take", "cluster": "Marketplace", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Private two-sided home-services marketplace: homeowners use it free and pros pay per lead (charged when a matching customer contacts them, priced by job type/size and competition within a pro-set max price and weekly budget; no joining or subscription fee) per canvas revenue-streams/revenueLadder. Fee is per connection, not a percentage of the job value, so marketplace (matching fee) over take-rate (cut of GMV); same family as DoorDash/Uber marketplace. Revenue ~$400M FY24 is CEO-stated and unaudited.", "sizing": { "usdFullYear": 400000000, "inferred": false, "note": "as stated" } }, { "slug": "toast", "name": "Toast", "url": "/companies/toast/", "logo": "logo.svg", "sector": "Restaurant Tech & Payments", "theme": "Fintech", "accent": "#FF4C00", "sourceModelTags": [ "Hardware as loss leader", "Per-location SaaS + payments", "Attach flywheel (modules + AI)", "Embedded finance (Capital, payroll)" ], "lastUpdated": "2026-10-09", "revenue": { "value": 6150000000, "currency": "USD", "raw": "$6.15B", "period": "annual", "fullYear": true, "usd": 6150000000, "snippet": "$6.15B revenue (FY25, +24%)", "sourceSentence": "$6.15B revenue (FY25, +24%) · 82% payments", "field": "keyMetrics[1].label", "approx": false, "secondary": false, "source": "Toast FY2025 Form 10-K; Q2 2026 results (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1650164/000165016426000057/tost-20251231.htm" }, "growthPct": 24, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 342000000, "currency": "USD", "raw": "$342M", "period": "annual", "snippet": "net income $342M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "homeOnlyStatement": "The majority of our revenue is derived from customers located in the United States (FY2025 10-K)", "source": "Latest annual filing (SEC EDGAR)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1650164/000165016426000057/tost-20251231.htm", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Starter Kit", "amount": null, "currency": null, "period": null, "price": "$0/mo", "unit": "per location", "note": "FACT, Toast pricing blog; hardware kit, higher pay-as-you-go card rates (rates SECONDARY)", "shareOfRevenue": null }, { "name": "Point of Sale", "amount": null, "currency": null, "period": null, "price": "$69/mo", "unit": "per location", "note": "FACT, Toast; first terminal included, extras and add-ons priced separately", "shareOfRevenue": null }, { "name": "Build Your Own", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "quote", "note": "FACT, Toast; multi-location and high-volume setups", "shareOfRevenue": null }, { "name": "Subscription revenue", "amount": 936000000, "currency": "USD", "period": "FY25 (+33%)", "price": "$936M", "unit": "FY25 (+33%)", "note": "FACT, 10-K; rate per location varies by modules, hardware, employees", "shareOfRevenue": 0.152 }, { "name": "Payments revenue", "amount": 5037000000, "currency": "USD", "period": "FY25 (+24%)", "price": "$5,037M", "unit": "FY25 (+24%)", "note": "FACT, 10-K; % of amount + per-transaction fee, booked gross", "shareOfRevenue": 0.819 }, { "name": "Fintech gross profit / GPV", "amount": null, "currency": null, "period": null, "price": "~0.59%", "unit": "FY25 and Q2 26", "note": "INFERENCE: $1,146M ÷ $195.1B; $359M ÷ $60.7B", "shareOfRevenue": null }, { "name": "Hardware & services", "amount": 180000000, "currency": "USD", "period": "FY25 vs $400M cost", "price": "$180M", "unit": "FY25 vs $400M cost", "note": "FACT lines; gross loss ≈$220M is INFERENCE", "shareOfRevenue": 0.029 } ], "streamsWithAmounts": 3, "modelTags": [ "take-rate", "subscription", "usage-based", "lending", "hardware", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "processing" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "pay-as-you-go" }, { "tag": "lending", "evidence": "Capital" }, { "tag": "hardware", "evidence": "Hardware" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "was hardware; 82% of revenue is payments", "sizing": { "usdFullYear": 6150000000, "inferred": false, "note": "as stated" } }, { "slug": "together-ai", "name": "Together AI", "url": "/companies/together-ai/", "logo": "logo.svg", "sector": "AI Inference", "theme": "AI & Infra", "accent": "#EF2CC1", "sourceModelTags": [ "Serverless → Dedicated", "Open-model cloud", "GPU clusters", "Usage + reserved" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Serverless Inference", "amount": null, "currency": null, "period": null, "price": "PAYG", "unit": "/ 1M tokens", "note": "No minimums · chat/vision/image/audio/video/embed · e.g. Llama 3.3 70B $1.04/$1.04; gpt-oss-120B $0.15/$0.60 (FACT)", "shareOfRevenue": null }, { "name": "Batch + cache", "amount": null, "currency": null, "period": null, "price": "Up to −50%", "unit": "/ batch · cached in", "note": "Batch async discount up to 50%; select models bill cached input prefixes cheaper (FACT docs)", "shareOfRevenue": null }, { "name": "Dedicated Inference", "amount": null, "currency": null, "period": null, "price": "$5.49", "unit": "/ H100 GPU-hr", "note": "Single-tenant; promo H100 $3.99 thru 09/30/26; B200 $8.99; custom models (FACT)", "shareOfRevenue": null }, { "name": "GPU Clusters", "amount": null, "currency": null, "period": null, "price": "$3.99", "unit": "/ H100 GPU-hr", "note": "On-demand; reserved down to $3.19 (91–180d); preemptible $1.99; H200/B200 higher (FACT)", "shareOfRevenue": null }, { "name": "Fine-Tuning", "amount": null, "currency": null, "period": null, "price": "Per 1M tok", "unit": "/ SFT · DPO", "note": "Model-specific $/1M + minimum charge; LoRA and full FT (FACT pricing)", "shareOfRevenue": null }, { "name": "Sandbox + Storage", "amount": null, "currency": null, "period": null, "price": "$0.03+", "unit": "/ session · GiB", "note": "Code Interpreter $0.03/60m; Sandbox $0.0446/vCPU-hr + $0.0149/GiB RAM-hr; FS $0.16/GiB-mo (FACT)", "shareOfRevenue": null }, { "name": "PTU / Enterprise", "amount": null, "currency": null, "period": null, "price": "Contact", "unit": "/ capacity", "note": "Provisioned Throughput units + sales for steady production, residency, reserved clusters (FACT pricing)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "usage-based", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "Usage" }, { "tag": "enterprise-contracts", "evidence": "reserved" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "tyson-foods", "name": "Tyson Foods", "url": "/companies/tyson-foods/", "logo": "logo.svg", "sector": "Food Processing / Protein", "theme": "Software", "accent": "#C8102E", "sourceModelTags": [ "Multi-protein processor", "Branded prepared foods", "Retail + foodservice wholesale", "Vertically integrated chicken" ], "lastUpdated": "2026-10-13", "revenue": { "value": 54440000000, "currency": "USD", "raw": "$54.44B", "period": "annual", "fullYear": true, "usd": 54440000000, "snippet": "$54.44B sales FY25 (+2.1%)", "sourceSentence": "$54.44B sales FY25 (+2.1%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Tyson Q4 and Fiscal 2025 results release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/100493/000010049325000094/tsn2025q4exh-991.htm" }, "growthPct": 2.1, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 2, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "GAAP operating income was $1,098M (−22%, 2.0% margin) after a $343M goodwill impairment and legal contingency charges" }, "profit": { "kind": "net income", "value": 474000000, "currency": "USD", "raw": "$474M", "period": "annual", "snippet": "FY2025 net income to Tyson $474M (−41%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "proxyNote": "Products made outside the U.S. were under 10% of sales; U.S. exports were $4.8B (FY2025 10-K). The International/Other segment is not a revenue-by-geography figure", "reviewedAt": "2026-10-14", "source": "Tyson Foods FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm", "tier": "partial" }, "revenueStreams": [ { "name": "Beef", "amount": 21620000000, "currency": "USD", "period": "FY2025 sales", "price": "$21.62B", "unit": "FY2025 sales", "note": "FACT; largest segment by sales; GAAP op. loss $(1.14)B", "shareOfRevenue": 0.397 }, { "name": "Chicken", "amount": 16840000000, "currency": "USD", "period": "FY2025 sales", "price": "$16.84B", "unit": "FY2025 sales", "note": "FACT; op. income $1.43B — profit engine", "shareOfRevenue": 0.309 }, { "name": "Prepared Foods", "amount": 9930000000, "currency": "USD", "period": "FY2025 sales", "price": "$9.93B", "unit": "FY2025 sales", "note": "FACT; Jimmy Dean, Hillshire, Ball Park…; op. income $898M", "shareOfRevenue": 0.182 }, { "name": "Pork", "amount": 5780000000, "currency": "USD", "period": "FY2025 sales", "price": "$5.78B", "unit": "FY2025 sales", "note": "FACT; GAAP op. loss $(199)M; adj. op. income $181M", "shareOfRevenue": 0.106 }, { "name": "International / Other", "amount": 2290000000, "currency": "USD", "period": "FY2025 sales", "price": "$2.29B", "unit": "FY2025 sales", "note": "FACT; China, Thailand, Mexico and other; op. income $107M", "shareOfRevenue": 0.042 }, { "name": "Intersegment eliminations", "amount": null, "currency": null, "period": null, "price": "$(2.02)B", "unit": "FY2025", "note": "FACT; internal protein transfers removed from consolidated sales", "shareOfRevenue": null } ], "streamsWithAmounts": 5, "modelTags": [ "take-rate", "retail/DTC" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "take-rate" }, { "tag": "retail/DTC", "evidence": "wholesale" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Packaged protein / branded prepared foods sold through grocery and foodservice: FY2025 sales $54.44B (+2.1%) from Beef $21.62B, Chicken $16.84B, Prepared Foods $9.93B, Pork $5.78B per canvas revenue-streams; revenue recognized on product shipments to retailers (Walmart 18.7%) and distributors — same retail/DTC atlas family as Impossible Foods (physical branded goods via retail channels), not marketplace/take-rate and not hardware", "sizing": { "usdFullYear": 54440000000, "inferred": false, "note": "as stated" } }, { "slug": "uber", "name": "Uber", "url": "/companies/uber/", "logo": "logo.svg", "sector": "Mobility / Delivery", "theme": "Commerce & Consumer", "accent": "#000000", "sourceModelTags": [ "Two-sided marketplace", "Take-rate GB", "Uber One", "Mobility + Delivery" ], "lastUpdated": "2026-09-21", "revenue": { "value": 52000000000, "currency": "USD", "raw": "$52.0B", "period": "annual", "fullYear": true, "usd": 52000000000, "snippet": "underlying platform scale still in Gross Bookings (FACT) Full year: FY2025 (year ended Dec 31, 2025) revenue was $52.0B ($52,017M), +18% (FACT — Q4 & FY2025 press release).", "sourceSentence": "UK) cut reported revenue growth ~8 pts; underlying platform scale still in Gross Bookings (FACT) Full year: FY2025 (year ended Dec 31, 2025) revenue was $52.0B ($52,017M), +18% (FACT — Q4 & FY2025 press release).", "field": "keyMetrics[1].detail", "approx": false, "secondary": false, "source": "Uber Q2 2026 earnings PR (FACT)", "sourceUrl": "https://investor.uber.com/news-events/news/press-release-details/2026/Uber-Announces-Results-for-Second-Quarter-2026/default.aspx" }, "growthPct": 18, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "non-gaap op. income", "value": 2100000000, "currency": "USD", "raw": "$2.1B", "period": "unspecified", "snippet": "$2.1B Non-GAAP op. income" }, "outcome": "Profitable", "outcomeBasis": "non-gaap op. income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "unspecified", "international": { "shareOutsideHome": 54.3, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "U.S. $23,771M of $52,017M; U.K. alone $10,609M", "source": "Uber FY2025 Form 10-K, geographic information", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1543151/000154315126000015/uber-20251231.htm", "entryMode": "owned", "entryModeNote": "Licensed local operations city by city, not a pure online product; U.K. its biggest market abroad", "reviewedAt": "2026-10-14", "basisNote": "where the trip or shipment was completed, or the meal delivered", "tier": "ranked" }, "revenueStreams": [ { "name": "Mobility (pay-as-you-go)", "amount": 29000000000, "currency": "USD", "period": "Q2 GB", "price": "$29.0B", "unit": "Q2 GB", "note": "Mobility Gross Bookings $28.988B; Mobility revenue $7.363B; segment OI $2.215B (FACT IR)", "shareOfRevenue": 0.558 }, { "name": "Delivery (Eats / retail)", "amount": 27500000000, "currency": "USD", "period": "Q2 GB", "price": "$27.5B", "unit": "Q2 GB", "note": "Delivery Gross Bookings $27.463B; revenue $5.245B (+28%); segment OI $1.055B (FACT IR)", "shareOfRevenue": 0.529 }, { "name": "Uber One", "amount": null, "currency": null, "period": null, "price": "$9.99 / $96", "unit": "US mo / yr", "note": "Membership: $0 Delivery Fee + discounts on eligible stores; 5% ride credits (FACT Help) — no invented member count", "shareOfRevenue": null }, { "name": "Freight", "amount": 1570000000, "currency": "USD", "period": "Q2 GB", "price": "$1.57B", "unit": "Q2 GB", "note": "Freight Gross Bookings $1.571B; revenue $1.583B (FACT IR)", "shareOfRevenue": 0.03 }, { "name": "Platform take on GB", "amount": 14200000000, "currency": "USD", "period": "Q2 revenue", "price": "$14.2B", "unit": "Q2 revenue", "note": "Revenue is what Uber keeps after Driver/merchant flows; Revenue Margin = Revenue/GB (IR definition) — do not invent a single take %", "shareOfRevenue": 0.273 }, { "name": "AV / Super App attach", "amount": null, "currency": null, "period": null, "price": "Invest", "unit": "/ multi-yr", "note": "Prepared remarks: AV live cities expanding; Delivery Hero deal narrative — no invented fleet ARPU (SECONDARY/company narrative)", "shareOfRevenue": null } ], "streamsWithAmounts": 4, "modelTags": [ "take-rate", "subscription", "usage-based", "ads", "marketplace", "freemium" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "Take-rate" }, { "tag": "subscription", "evidence": "Uber One" }, { "tag": "usage-based", "evidence": "pay-as-you-go" }, { "tag": "ads", "evidence": "ARPU" }, { "tag": "marketplace", "evidence": "Two-sided" }, { "tag": "freemium", "evidence": "$0" } ], "modelTagsInferred": true, "primaryTag": "marketplace", "engine": "take", "cluster": "Marketplace", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 52000000000, "inferred": false, "note": "as stated" } }, { "slug": "union-pacific", "name": "Union Pacific", "url": "/companies/union-pacific/", "logo": "logo.svg", "sector": "Railroads / Freight", "theme": "Software", "accent": "#0B3D91", "sourceModelTags": [ "Per-shipment freight rates", "Fuel surcharge pass-through", "Owned rail network moat", "Bulk · Industrial · Premium" ], "lastUpdated": "2026-10-13", "revenue": { "value": 24510000000, "currency": "USD", "raw": "$24.51B", "period": "annual", "fullYear": true, "usd": 24510000000, "snippet": "$24.51B revenue FY25 (+1%)", "sourceSentence": "$24.51B revenue FY25 (+1%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Union Pacific Q4 and full year 2025 results release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/100885/000010088526000032/a2026-01x278xkex991earning.htm" }, "growthPct": 1, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": null, "profit": { "kind": "net income", "value": 7140000000, "currency": "USD", "raw": "$7.14B", "period": "annual", "snippet": "FY2025 net income $7.14B (+6%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "proxyNote": "Freight revenue from shipments to and from Mexico was $2.9B of $24,510M (FY2025 10-K). This is cross-border traffic on a U.S. railroad, not revenue earned abroad", "source": "Union Pacific FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm", "reviewedAt": "2026-10-14", "tier": "partial" }, "revenueStreams": [ { "name": "Premium: intermodal", "amount": null, "currency": null, "period": null, "price": "$1,380", "unit": "avg. revenue per container/trailer, FY2025", "note": "FACT; 3.36M units, $4.63B freight revenue (−2%)", "shareOfRevenue": null }, { "name": "Bulk (grain, coal, fertilizer, food)", "amount": null, "currency": null, "period": null, "price": "$3,690", "unit": "avg. revenue per car, FY2025", "note": "FACT; 2.06M cars, $7.59B freight revenue (+5%)", "shareOfRevenue": null }, { "name": "Industrial (chemicals, metals, rock, energy)", "amount": null, "currency": null, "period": null, "price": "$3,840", "unit": "avg. revenue per car, FY2025", "note": "FACT; 2.24M cars, $8.60B freight revenue (+2%)", "shareOfRevenue": null }, { "name": "Premium: automotive", "amount": null, "currency": null, "period": null, "price": "$3,024", "unit": "avg. revenue per car, FY2025", "note": "FACT; 793K cars, $2.40B freight revenue (−2%)", "shareOfRevenue": null }, { "name": "All freight", "amount": null, "currency": null, "period": null, "price": "$2,749", "unit": "avg. revenue per car, FY2025", "note": "FACT; 8.45M carloads → $23.22B freight revenue", "shareOfRevenue": null }, { "name": "Other revenues", "amount": 1290000000, "currency": "USD", "period": "FY2025, −10%", "price": "$1.29B", "unit": "FY2025, −10%", "note": "FACT; subsidiaries $718M (logistics, commuter rail), accessorial $475M, other $97M", "shareOfRevenue": 0.053 } ], "streamsWithAmounts": 1, "modelTags": [ "usage-based", "subscription", "hardware" ], "modelTagEvidence": [ { "tag": "usage-based", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "subscription", "evidence": "Premium" }, { "tag": "hardware", "evidence": "car" } ], "modelTagsInferred": true, "primaryTag": "usage-based", "engine": "use", "cluster": "Usage & API", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Railroad revenue is a per-shipment freight charge (rate per carload/container under private contracts, quotes or public tariffs, plus fuel surcharge), recognized as each shipment moves; FY25 freight revenue $23.22B = 8.45M carloads x $2,749 avg per car, of $24.51B total (+1%) per canvas revenue-streams; scales with volume x price like NextEra per-kWh, not network-fees (no % cut of payment flows) and not fixed enterprise contracts (contracts set rates, billing is per move)", "sizing": { "usdFullYear": 24510000000, "inferred": false, "note": "as stated" } }, { "slug": "upwork", "name": "Upwork", "url": "/companies/upwork/", "logo": "logo.svg", "sector": "Freelance Talent Marketplace", "theme": "Commerce & Consumer", "accent": "#14a800", "sourceModelTags": [ "Two-sided service fees", "Connects bidding tokens", "Freelancer Plus membership", "Lifted enterprise services" ], "lastUpdated": "2026-10-12", "revenue": { "value": 787800000, "currency": "USD", "raw": "$787.8M", "period": "annual", "fullYear": true, "usd": 787800000, "snippet": "$787.8M revenue FY25 (+2%)", "sourceSentence": "$787.8M revenue FY25 (+2%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Upwork Form 10-K FY2025, Results of Operations (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1627475/000162747526000012/upwk-20251231.htm" }, "growthPct": 2, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 29, "type": "ebitda", "period": "annual", "mixedPeriod": false, "snippet": "Adjusted EBITDA (non-GAAP) was a record $225.6M (29% margin) and free cash flow (non-GAAP) $223.1M." }, "profit": { "kind": "net income", "value": 115400000, "currency": "USD", "raw": "$115.4M", "period": "annual", "snippet": "FY2025 net income $115.4M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 54.3, "basis": "country", "homeMarket": "U.S.", "period": "FY2025", "fullYear": true, "label": "INFERENCE", "figures": "U.S. talent $114.0M + U.S. clients $246.2M of $787.8M (by billing address)", "source": "Upwork FY2025 Form 10-K", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1627475/000162747526000012/upwk-20251231.htm", "entryMode": "digital-only", "entryModeNote": "Online talent marketplace; payouts in 180+ countries", "reviewedAt": "2026-10-14", "basisNote": "billing address of talent and of clients", "tier": "ranked" }, "revenueStreams": [ { "name": "Freelancer service fee", "amount": null, "currency": null, "period": null, "price": "0% to 15%", "unit": "of freelancer earnings, fixed per contract", "note": "FACT; Enterprise contracts typically 10%", "shareOfRevenue": null }, { "name": "Client marketplace fee (Basic)", "amount": null, "currency": null, "period": null, "price": "5%", "unit": "of each payment to talent; 3% by US bank account", "note": "FACT; some clients on a flat 7.99%", "shareOfRevenue": null }, { "name": "Contract initiation fee", "amount": null, "currency": null, "period": null, "price": "$0.99 to $14.99", "unit": "once per new contract (Basic)", "note": "FACT; Business Plus up to $4.99 under $100", "shareOfRevenue": null }, { "name": "Business Plus", "amount": null, "currency": null, "period": null, "price": "10%", "unit": "of each payment to talent; 8% by US bank account", "note": "FACT; no monthly subscription", "shareOfRevenue": null }, { "name": "Connects", "amount": null, "currency": null, "period": null, "price": "$0.15", "unit": "per token, minimum 10; needed to bid and buy ads", "note": "FACT; Basic gets 10 free a month", "shareOfRevenue": null }, { "name": "Freelancer Plus / Agency Plus", "amount": null, "currency": null, "period": null, "price": "$19.99", "unit": "per month, 100 Connects, 0% on Direct Contracts", "note": "FACT", "shareOfRevenue": null }, { "name": "Lifted (Enterprise)", "amount": null, "currency": null, "period": null, "price": "custom", "unit": "subscriptions, service fees and managed-services contracts", "note": "FACT; $104.9M FY2025 Enterprise revenue", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "take-rate", "subscription", "usage-based", "ads", "marketplace", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "take rate" }, { "tag": "subscription", "evidence": "subscription" }, { "tag": "usage-based", "evidence": "per token" }, { "tag": "ads", "evidence": "ads" }, { "tag": "marketplace", "evidence": "Two-sided" }, { "tag": "enterprise-contracts", "evidence": "enterprise" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "percentage fee on both sides of each freelance contract: freelancers pay a 0%-15% service fee fixed per contract and clients pay 3%-5% (Basic) or 8%-10% (Business Plus); Marketplace revenue $682.9M was 87% of $787.8M FY25 revenue at an 18.7% take rate on Marketplace GSV, plus Connects, $19.99 memberships and ads; Lifted Enterprise $104.9M (13%)", "sizing": { "usdFullYear": 787800000, "inferred": false, "note": "as stated" } }, { "slug": "vestas", "name": "Vestas", "url": "/companies/vestas/", "logo": "logo.svg", "sector": "Wind Turbines", "theme": "Energy & Climate", "accent": "#0E5A8A", "sourceModelTags": [ "Turbine project sales", "Long-term service contracts", "Onshore + offshore wind", "Order backlog" ], "lastUpdated": "2026-10-11", "revenue": { "value": 18800000000, "currency": "EUR", "raw": "€18.8B", "period": "annual", "fullYear": true, "usd": null, "snippet": "€18.8B revenue FY25 (+9%)", "sourceSentence": "€18.8B revenue FY25 (+9%) · H1 2026 €8.69B (+20%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Vestas Annual Report 2025 (Group performance; Note 1.1); Interim Report Q2 2026 (FACT)", "sourceUrl": "https://www.vestas.com/content/dam/vestas-com/global/en/investor/reports-and-presentations/financial/2025/fy-2025/Vestas%20Annual%20Report%202025.pdf.coredownload.inline.pdf" }, "growthPct": 9, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 13.3, "type": "gross", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 gross profit was €2.50B (13.3% margin)" }, "profit": { "kind": "profit", "value": 780000000, "currency": "EUR", "raw": "€780M", "period": "annual", "snippet": "€780M profit for FY2025 (net)" }, "outcome": "Profitable", "outcomeBasis": "profit", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "entryMode": "owned", "entryModeNote": "Own service operations in 72 countries", "countries": 72, "countriesNote": "turbines in 72 countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "tier": "qualitative" }, "revenueStreams": [ { "name": "Supply-only turbines", "amount": null, "currency": null, "period": null, "price": "€1.07M per MW avg. new order", "unit": "turbines delivered at site", "note": "FACT; revenue recognized when delivered; Development project sales are also reported here", "shareOfRevenue": null }, { "name": "Supply-and-installation", "amount": null, "currency": null, "period": null, "price": "Turbines + installation", "unit": "per project", "note": "FACT; standard projects recognized at a point in time, non-standard over time", "shareOfRevenue": null }, { "name": "EPC / turnkey", "amount": null, "currency": null, "period": null, "price": "Whole wind farm", "unit": "per project", "note": "FACT; Vestas also does civil and electrical works; recognized over time as work is completed", "shareOfRevenue": null }, { "name": "Service contracts", "amount": 3770000000, "currency": "EUR", "period": "per turbine, multi-year", "price": "€3.77B FY25 Service revenue", "unit": "per turbine, multi-year", "note": "FACT; 161 GW under service; backlog €38.7B with an 11-year average duration", "shareOfRevenue": 0.201 }, { "name": "Transactional sales", "amount": null, "currency": null, "period": null, "price": "Spare parts and repairs", "unit": "per order", "note": "FACT; recognized at a point in time; fell in 2025", "shareOfRevenue": null }, { "name": "Development", "amount": 11000000, "currency": "EUR", "period": "28.2 GW pipeline", "price": "FY25 EBIT €11M", "unit": "28.2 GW pipeline", "note": "FACT; earns from project exits and earn-outs, and creates turbine orders", "shareOfRevenue": 0.001 } ], "streamsWithAmounts": 2, "modelTags": [ "hardware", "lending", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "hardware", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "lending", "evidence": "capital" }, { "tag": "enterprise-contracts", "evidence": "backlog" } ], "modelTagsInferred": true, "primaryTag": "hardware", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "about 80% of FY25 revenue is Power Solutions turbine projects (€15.05B of €18.82B); Service contracts are €3.77B (about 20%) on a €38.7B backlog", "sizing": { "usdFullYear": 20304000000, "inferred": true, "note": "converted at fixed reference FX EUR→USD 1.08 (INFERENCE, ordering only)" } }, { "slug": "vinted", "name": "Vinted", "url": "/companies/vinted/", "logo": "logo.svg", "sector": "Peer-to-Peer Second-Hand Marketplace", "theme": "Commerce & Consumer", "accent": "#007782", "sourceModelTags": [ "Buyer-paid platform fee", "0% seller fees", "C2C resale", "Own shipping + payments" ], "lastUpdated": "2026-10-14", "revenue": { "value": 1100000000, "currency": "EUR", "raw": "€1.1B", "period": "annual", "fullYear": true, "usd": null, "snippet": "€1.1B revenue FY2025 (+38%)", "sourceSentence": "€1.1B revenue FY2025 (+38%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Vinted Group 2025 annual results release, Apr 9, 2026 (FACT)", "sourceUrl": "https://company.vinted.com/newsroom/financial-results-2025" }, "growthPct": 38, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 5.6, "type": "net", "period": "annual", "mixedPeriod": false, "snippet": "Net profit ÷ revenue is about a 5.6% net margin (INFERENCE, using the rounded €1.1bn)." }, "profit": { "kind": "net income", "value": 62000000, "currency": "EUR", "raw": "€62M", "period": "annual", "snippet": "FY2025 net income €62M (−19%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "homeMarket": "Lithuania", "countries": 26, "countriesNote": "26 countries (25 in Europe plus the U.S. since January 2026), as stated on the canvas", "entryMode": "digital-only", "entryModeNote": "Same app and local country sites in each market; owns its Vinted Go carrier in Belgium, France, Netherlands, Portugal and Spain", "localization": "Vinted does not publish revenue by country; it launched Latvia, Estonia and Slovenia in 2025 and New York in January 2026 (Vinted newsroom)", "source": "Vinted Group 2025 annual results release", "sourceUrl": "https://company.vinted.com/newsroom/financial-results-2025", "reviewedAt": "2026-10-14", "tier": "qualitative" }, "revenueStreams": [ { "name": "List an item", "amount": null, "currency": null, "period": null, "price": "Free", "unit": "no listing or selling fee", "note": "FACT (Vinted help centre)", "shareOfRevenue": null }, { "name": "Vinted fee (buyer)", "amount": null, "currency": null, "period": null, "price": "5% + €0.70", "unit": "per order, typical; VAT included", "note": "FACT; formerly Buyer Protection fee; varies by item, order value, bundle", "shareOfRevenue": null }, { "name": "Shipping", "amount": null, "currency": null, "period": null, "price": "Paid by buyer", "unit": "via partner carriers or Vinted Go", "note": "FACT; 500,000+ pick-up/drop-off points", "shareOfRevenue": null }, { "name": "Bump a listing", "amount": null, "currency": null, "period": null, "price": "Varies", "unit": "3 or 7 days, local or international reach", "note": "FACT (Vinted price list)", "shareOfRevenue": null }, { "name": "Total revenue", "amount": 1100000000, "currency": "EUR", "period": "on €10.8B GMV, ~10% of GMV", "price": "€1.1B FY2025", "unit": "on €10.8B GMV, ~10% of GMV", "note": "FACT; ratio is INFERENCE", "shareOfRevenue": 1 } ], "streamsWithAmounts": 1, "modelTags": [ "take-rate", "marketplace" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "marketplace", "evidence": "sellers" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "Buyer-paid Vinted fee on every Buy now order (usually 5% of the item price + €0.70; sellers pay no selling fee) is the main stream, plus seller bumps and Vinted Go shipping services, per canvas revenue-streams/revenueLadder. FY2025 revenue €1.1B on €10.8B GMV (~10% of GMV, INFERENCE). A percentage cut of each sale's value (charged to the buyer rather than the seller), so take-rate; same family as Poshmark/Etsy.", "sizing": { "usdFullYear": 1188000000, "inferred": true, "note": "converted at fixed reference FX EUR→USD 1.08 (INFERENCE, ordering only)" } }, { "slug": "visa", "name": "Visa", "url": "/companies/visa/", "logo": "logo.svg", "sector": "Payment Networks", "theme": "Fintech", "accent": "#1A1F71", "sourceModelTags": [ "Asset-light network", "Volume-based fees (no credit risk)", "Value-added services attach", "New flows + agentic commerce" ], "lastUpdated": "2026-10-09", "revenue": { "value": 40000000000, "currency": "USD", "raw": "$40.0B", "period": "annual", "fullYear": true, "usd": 40000000000, "snippet": "$40.0B net revenue FY25 (+11%)", "sourceSentence": "$40.0B net revenue FY25 (+11%) · $11.6B in fiscal Q3 2026 (+14%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Visa FY2025 Form 10-K; fiscal Q3 2026 results (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm" }, "growthPct": 11, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 60, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2025 gross revenue of $55.8B less $15.8B of client incentives left $40.0B of net revenue (+11%) on $17T of payments and cash volume and roughly a 60% operating margin (INFERENCE)" }, "profit": null, "outcome": "Profitable", "outcomeBasis": "operating margin (canvas estimate)", "outcomeInferred": true, "outcomeEstimate": true, "outcomePeriod": "annual", "international": { "shareOutsideHome": 60.9, "basis": "country", "homeMarket": "U.S.", "period": "FY2025 (year to Sep 30, 2025)", "fullYear": true, "label": "INFERENCE", "figures": "International $24,367M of $40,000M net revenue", "source": "Visa FY2025 Form 10-K, MD&A net revenue by geography", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm", "entryMode": "partners", "entryModeNote": "Banks issue cards in 200+ countries and territories", "countries": 200, "countriesNote": "200+ countries and territories (as stated on the canvas)", "reviewedAt": "2026-10-14", "basisNote": "location of the issuing or acquiring financial institution", "tier": "ranked" }, "revenueStreams": [ { "name": "Service revenue", "amount": 17500000000, "currency": "USD", "period": "FY25 (+9%)", "price": "$17.5B", "unit": "FY25 (+9%)", "note": "FACT, 10-K; recognized on prior-quarter payments volume", "shareOfRevenue": 0.438 }, { "name": "Data processing", "amount": 20000000000, "currency": "USD", "period": "FY25 (+13%)", "price": "$20.0B", "unit": "FY25 (+13%)", "note": "FACT, 10-K; authorization, clearing, settlement + some value-added services", "shareOfRevenue": 0.5 }, { "name": "International transaction", "amount": 14200000000, "currency": "USD", "period": "FY25 (+12%)", "price": "$14.2B", "unit": "FY25 (+12%)", "note": "FACT, 10-K; cross-border processing and currency conversion", "shareOfRevenue": 0.355 }, { "name": "Other revenue", "amount": 4099999999.9999995, "currency": "USD", "period": "FY25 (+27%)", "price": "$4.1B", "unit": "FY25 (+27%)", "note": "FACT, 10-K; advisory, issuing services, licence fees", "shareOfRevenue": 0.102 }, { "name": "Client incentives", "amount": 15800000000, "currency": "USD", "period": "FY25 (+14%)", "price": "−$15.8B", "unit": "FY25 (+14%)", "note": "FACT, 10-K; contra-revenue paid to banks, sellers, partners", "shareOfRevenue": 0.395 }, { "name": "Net revenue", "amount": 40000000000, "currency": "USD", "period": "FY25 (+11%)", "price": "$40.0B", "unit": "FY25 (+11%)", "note": "FACT, 10-K; ≈0.24% of $17T volume (INFERENCE)", "shareOfRevenue": 1 }, { "name": "Value-added services", "amount": 10900000000, "currency": "USD", "period": "FY25 (+24%)", "price": "$10.9B", "unit": "FY25 (+24%)", "note": "FACT, 10-K; inside the lines above; $3.8B in Q3 FY26 (+33%)", "shareOfRevenue": 0.273 } ], "streamsWithAmounts": 7, "modelTags": [ "network-fees", "take-rate", "interchange", "marketplace" ], "modelTagEvidence": [ { "tag": "network-fees", "evidence": "manual review (scripts/atlas-overrides.json)" }, { "tag": "take-rate", "evidence": "processing" }, { "tag": "interchange", "evidence": "issuing" }, { "tag": "marketplace", "evidence": "sellers" } ], "modelTagsInferred": true, "primaryTag": "network-fees", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 40000000000, "inferred": false, "note": "as stated" } }, { "slug": "walmart", "name": "Walmart", "url": "/companies/walmart/", "logo": "logo.svg", "sector": "Retail / Mass Merchandise & Grocery", "theme": "Commerce & Consumer", "accent": "#0071CE", "sourceModelTags": [ "Everyday low price retail", "Omnichannel stores + eCommerce", "Membership (Sam's Club, Walmart+)", "Retail media & marketplace" ], "lastUpdated": "2026-10-16", "revenue": { "value": 713200000000, "currency": "USD", "raw": "$713.2B", "period": "annual", "fullYear": true, "usd": 713200000000, "snippet": "$713.2B revenue FY26 (+4.7%)", "sourceSentence": "$713.2B revenue FY26 (+4.7%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Walmart FY2026 Form 10-K — Item 7 Consolidated Results of Operations (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm" }, "growthPct": 4.7, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 4.2, "type": "operating", "period": "annual", "mixedPeriod": false, "snippet": "FY2026 total revenues were $713.2B (+4.7%), almost all from selling merchandise on thin margins (4.2% operating margin), while faster-growing extras — membership fees, a nearly $6.4B advertising business and marketplace services — add profit on top" }, "profit": { "kind": "net income", "value": 21900000000, "currency": "USD", "raw": "$21.9B", "period": "annual", "snippet": "FY2026 net income $21.9B (+12.6%)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "shareOutsideHome": 18.5, "basis": "country", "homeMarket": "U.S.", "period": "FY2026 (year ended January 31, 2026)", "fullYear": true, "basisNote": "total revenues aggregated by the Company's U.S. and non-U.S. operations (where the operating business is located); filing does not state customer location separately", "label": "INFERENCE", "figures": "Non-U.S. operations $131,988M of $713,163M FY2026 total revenues (U.S. operations $581,175M). Share outside the U.S. = 131,988 / 713,163 = 18.5%. Walmart International net sales $130,423M: Mexico and Central America $52,492M, China $24,623M, Canada $23,724M, Other $29,584M.", "source": "Walmart Inc. FY2026 Form 10-K — Note 11 Segments and Disaggregated Revenue", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm", "countries": 19, "countriesNote": "Stores in 19 countries including the U.S.; Walmart International operates in 18 countries outside the U.S. (as stated on the canvas)", "entryMode": "acquisitions", "entryModeNote": "Entered markets mainly by buying or taking control of local retailers: Mexico began as a 1991 joint venture (now majority-owned Walmex), majority stakes in Flipkart and PhonePe in India (2018), wholly owned subsidiaries in Canada, Chile, China and eight African countries.", "localization": "Market-specific private brands such as Aurrera (Mexico) and Lider (Chile), and local and regional suppliers in each market (FY2026 10-K).", "reviewedAt": "2026-10-16", "tier": "ranked" }, "revenueStreams": [ { "name": "Walmart U.S.", "amount": 483000000000, "currency": "USD", "period": "segment net sales", "price": "$483.0B FY26", "unit": "segment net sales", "note": "FACT; +4.4%, 68% of net sales", "shareOfRevenue": 0.677 }, { "name": "Walmart International", "amount": 130400000000, "currency": "USD", "period": "segment net sales", "price": "$130.4B FY26", "unit": "segment net sales", "note": "FACT; +7.0%, 19%", "shareOfRevenue": 0.183 }, { "name": "Sam's Club U.S.", "amount": 93000000000, "currency": "USD", "period": "segment net sales", "price": "$93.0B FY26", "unit": "segment net sales", "note": "FACT; +3.1%, 13%", "shareOfRevenue": 0.13 }, { "name": "Membership & other income", "amount": 6750000000, "currency": "USD", "period": "incl. $4.4B membership fees", "price": "$6.75B FY26", "unit": "incl. $4.4B membership fees", "note": "FACT", "shareOfRevenue": 0.009 }, { "name": "Sam's Club membership", "amount": null, "currency": null, "period": null, "price": "$50 / $110", "unit": "per year (Club / Plus)", "note": "FACT; add-on cards $45", "shareOfRevenue": null }, { "name": "Global advertising", "amount": 6400000000, "currency": "USD", "period": "in net sales or as cost-of-sales reduction", "price": "~$6.4B FY26", "unit": "in net sales or as cost-of-sales reduction", "note": "FACT; +46% incl. VIZIO", "shareOfRevenue": 0.009 } ], "streamsWithAmounts": 5, "modelTags": [ "ads", "marketplace", "retail/DTC" ], "modelTagEvidence": [ { "tag": "ads", "evidence": "advertis" }, { "tag": "marketplace", "evidence": "marketplace" }, { "tag": "retail/DTC", "evidence": "DTC" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "FY2026 (year ended Jan 31, 2026) net sales $706,413M = ~99% of $713,163M total revenues: own-inventory merchandise sold through Walmart U.S. ($483.0B), Walmart International ($130.4B) and Sam's Club U.S. ($93.0B) stores, clubs and websites per canvas revenue-streams/revenueLadder. Membership fees ($4.4B) and global advertising (~$6.4B, booked in net sales or as cost-of-sales reduction) are growing but small, so main engine is retail/DTC (same family as Costco, Target, Amazon), not subscription or ads.", "sizing": { "usdFullYear": 713200000000, "inferred": false, "note": "as stated" } }, { "slug": "warby-parker", "name": "Warby Parker Inc.", "url": "/companies/warby-parker/", "logo": "logo.svg", "sector": "Eyewear / Vision care", "theme": "Commerce & Consumer", "accent": "#0b6fa4", "sourceModelTags": [ "Vertical DTC eyewear", "Store-led omnichannel", "Holistic vision care", "Buy a Pair, Give a Pair" ], "lastUpdated": "2026-10-05", "revenue": { "value": 871900000, "currency": "USD", "raw": "$871.9M", "period": "annual", "fullYear": true, "usd": 871900000, "snippet": "FY25 rev $871.9M", "sourceSentence": "FY25 rev $871.9M", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Q4 & FY2025 earnings release (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1504776/000150477626000003/warbyparkerincearningsrele.htm" }, "growthPct": 13, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 10.9, "type": "ebitda", "period": "annual", "mixedPeriod": false, "snippet": "Adjusted EBITDA $95.2M (10.9% margin) (FACT)." }, "profit": { "kind": "net income", "value": 1600000, "currency": "USD", "raw": "$1.6M", "period": "annual", "snippet": "First full year of positive net income ($1.6M)" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": null, "revenueStreams": [ { "name": "Buy a Pair, Give a Pair", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "to the recipient", "note": "FACT — a pair distributed for every pair sold; 20M+ to date", "shareOfRevenue": null }, { "name": "Glasses", "amount": null, "currency": null, "period": null, "price": "from $95", "unit": "pair", "note": "FACT 10-K — includes prescription lenses; upgrades extra", "shareOfRevenue": null }, { "name": "Eye care (exams)", "amount": 55700000, "currency": "USD", "period": "FY25", "price": "$55.7M", "unit": "FY25", "note": "FACT — 6.4% of revenue; 285 exam stores", "shareOfRevenue": 0.064 }, { "name": "Contacts", "amount": 97200000, "currency": "USD", "period": "FY25", "price": "$97.2M", "unit": "FY25", "note": "FACT — 11.1% of revenue; third-party brands", "shareOfRevenue": 0.111 }, { "name": "E-commerce", "amount": 240900000, "currency": "USD", "period": "FY25", "price": "$240.9M", "unit": "FY25", "note": "FACT — site + app; +3.1%", "shareOfRevenue": 0.276 }, { "name": "Retail stores", "amount": 631000000, "currency": "USD", "period": "FY25", "price": "$631.0M", "unit": "FY25", "note": "FACT — 323 stores at year-end", "shareOfRevenue": 0.724 } ], "streamsWithAmounts": 4, "modelTags": [ "subscription", "freemium", "retail/DTC" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "premium" }, { "tag": "freemium", "evidence": "$0" }, { "tag": "retail/DTC", "evidence": "DTC" } ], "modelTagsInferred": true, "primaryTag": "retail/DTC", "engine": "hard", "cluster": "Physical products", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 871900000, "inferred": false, "note": "as stated" } }, { "slug": "weights-biases", "name": "Weights & Biases", "url": "/companies/weights-biases/", "logo": "logo.svg", "sector": "MLOps", "theme": "AI & Infra", "accent": "#FFBE00", "sourceModelTags": [ "Freemium PLG", "Seat SaaS", "Usage meters", "Enterprise + private host" ], "lastUpdated": "2026-09-21", "revenue": null, "growthPct": null, "growthPeriod": null, "latestGrowth": null, "growthNote": null, "margin": null, "profit": null, "outcome": "Undisclosed", "outcomeBasis": null, "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": null, "international": null, "revenueStreams": [ { "name": "Free Cloud", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ mo", "note": "Up to 5 model seats · 5 GB storage · 1 GB/mo Weave; tracking + registry + Weave evals (FACT)", "shareOfRevenue": null }, { "name": "Personal self-host", "amount": null, "currency": null, "period": null, "price": "$0", "unit": "/ mo", "note": "pip install wandb · wandb server start; 1 seat; corporate use not allowed (FACT)", "shareOfRevenue": null }, { "name": "Academic Pro", "amount": null, "currency": null, "period": null, "price": "Free", "unit": "/ research", "note": "Pro features · 200 GB storage · up to 100 seats · institute email; non-profit research (FACT FAQ)", "shareOfRevenue": null }, { "name": "Pro SaaS", "amount": null, "currency": null, "period": null, "price": "From $60", "unit": "/ mo", "note": "Teams <50 · 10 seats · 100 GB · 1.5 GB/mo Weave · 30-day trial (FACT)", "shareOfRevenue": null }, { "name": "Usage meters", "amount": null, "currency": null, "period": null, "price": "$0.03/GB", "unit": "storage · $0.10/MB Weave", "note": "Storage + Weave ingestion + Inference billed in arrears on Pro (FACT FAQ)", "shareOfRevenue": null }, { "name": "Enterprise", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "/ annual invoice", "note": "SSO · SCIM · audit logs · single-tenant · HIPAA option · CMEK · private connectivity (FACT)", "shareOfRevenue": null }, { "name": "Advanced Enterprise", "amount": null, "currency": null, "period": null, "price": "Custom", "unit": "/ private host", "note": "On-prem / customer infra · free enterprise trial license path (FACT)", "shareOfRevenue": null } ], "streamsWithAmounts": 0, "modelTags": [ "subscription", "usage-based", "freemium", "enterprise-contracts" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "/mo" }, { "tag": "usage-based", "evidence": "Usage" }, { "tag": "freemium", "evidence": "Freemium" }, { "tag": "enterprise-contracts", "evidence": "Enterprise" } ], "modelTagsInferred": true, "primaryTag": "subscription", "engine": "sub", "cluster": "Subscriptions", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": null }, { "slug": "wise", "name": "Wise", "url": "/companies/wise/", "logo": "logo.svg", "sector": "International Money", "theme": "Fintech", "accent": "#9FE870", "sourceModelTags": [ "Mid-market FX + upfront fee", "Falling take rate flywheel", "Multi-currency account + card", "Wise Platform for banks" ], "lastUpdated": "2026-10-09", "revenue": { "value": 2500000000, "currency": "USD", "raw": "$2.50B", "period": "annual", "fullYear": true, "usd": 2500000000, "snippet": "$2.50B net revenue", "sourceSentence": "$2.50B net revenue · 26% pre-tax margin", "field": "keyMetrics[3].label", "approx": false, "secondary": false, "source": "Wise FY2026 results, 25 Jun 2026 (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/2099039/000119312526282767/d117224dex991.htm" }, "growthPct": 19, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 26, "type": "pre-tax", "period": "annual", "mixedPeriod": false, "snippet": "26% pre-tax margin" }, "profit": { "kind": "net income", "value": 498700000, "currency": "USD", "raw": "$498.7M", "period": "annual", "snippet": "net income $498.7M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": { "entryMode": "owned", "entryModeNote": "80+ licences; card in 160 countries", "countries": 160, "countriesNote": "card usable in 160 countries (as stated on the canvas)", "reviewedAt": "2026-10-14", "tier": "qualitative" }, "revenueStreams": [ { "name": "Transparent transfer fee", "amount": null, "currency": null, "period": null, "price": "Mid-market + fee", "unit": "no FX markup", "note": "FACT, pricing pages; fee varies by currency", "shareOfRevenue": null }, { "name": "Avg cross-border take rate", "amount": null, "currency": null, "period": null, "price": "0.52%", "unit": "FY26 (0.58% FY25; 0.50% Q1 FY27)", "note": "FACT, results; cross-border revenue $1,257M", "shareOfRevenue": null }, { "name": "Wise Business", "amount": null, "currency": null, "period": null, "price": "50 GBP once; from 0.24%", "unit": "convert / send (UK page)", "note": "FACT; volume discount over 20,000 GBP", "shareOfRevenue": null }, { "name": "Card revenue", "amount": 391600000, "currency": "USD", "period": "FY26 (+40%)", "price": "$391.6M", "unit": "FY26 (+40%)", "note": "FACT, 20-F; card spend $43.6B", "shareOfRevenue": 0.157 }, { "name": "Other transaction revenue", "amount": 245000000, "currency": "USD", "period": "FY26 (+26%)", "price": "$245.0M", "unit": "FY26 (+26%)", "note": "FACT, 20-F; mostly same-currency transfers", "shareOfRevenue": 0.098 }, { "name": "Net interest on balances", "amount": 806100000, "currency": "USD", "period": "FY26 income − interest paid", "price": "$806.1M − $196.9M", "unit": "FY26 income − interest paid", "note": "FACT lines; ≈$609M net is INFERENCE", "shareOfRevenue": 0.322 }, { "name": "Wise Platform", "amount": null, "currency": null, "period": null, "price": "<10%", "unit": "of transaction revenue", "note": "FACT, 20-F; aim >50% of cross-border volume long term", "shareOfRevenue": null } ], "streamsWithAmounts": 3, "modelTags": [ "take-rate", "interchange", "lending" ], "modelTagEvidence": [ { "tag": "take-rate", "evidence": "take rate" }, { "tag": "interchange", "evidence": "card spend" }, { "tag": "lending", "evidence": "Interest income" } ], "modelTagsInferred": true, "primaryTag": "take-rate", "engine": "take", "cluster": "Payments & take-rate", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": null, "sizing": { "usdFullYear": 2500000000, "inferred": false, "note": "as stated" } }, { "slug": "zillow", "name": "Zillow Group", "url": "/companies/zillow/", "logo": "logo.svg", "sector": "Real Estate Marketplace (agent leads, rentals, mortgages)", "theme": "Commerce & Consumer", "accent": "#006AFF", "sourceModelTags": [ "Agent lead advertising", "Pay-when-you-close", "Rentals marketplace ads", "Mortgage origination" ], "lastUpdated": "2026-10-11", "revenue": { "value": 2600000000, "currency": "USD", "raw": "$2.6B", "period": "annual", "fullYear": true, "usd": 2600000000, "snippet": "$2.6B revenue FY25 (+16%)", "sourceSentence": "$2.6B revenue FY25 (+16%) · H1 2026 $1.5B (+18%)", "field": "keyMetrics[0].label", "approx": false, "secondary": false, "source": "Zillow Group Form 10-K FY2025, Results of Operations; Form 10-Q Q2 2026 (FACT)", "sourceUrl": "https://www.sec.gov/Archives/edgar/data/1617640/000161764026000015/z-20251231.htm" }, "growthPct": 16, "growthPeriod": "annual", "latestGrowth": null, "growthNote": null, "margin": { "pct": 74, "type": "gross", "period": "unspecified", "mixedPeriod": true, "snippet": "It posted an operating loss of $34M and net income of $23M because sales, marketing, technology and administrative costs consume nearly all of its 74% gross margin" }, "profit": { "kind": "net income", "value": 23000000, "currency": "USD", "raw": "$23M", "period": "annual", "snippet": "net income $23M" }, "outcome": "Profitable", "outcomeBasis": "net income", "outcomeInferred": false, "outcomeEstimate": false, "outcomePeriod": "annual", "international": null, "revenueStreams": [ { "name": "Zillow Preferred (pay at close)", "amount": null, "currency": null, "period": null, "price": "performance advertising fee when a lead closes, generally within two years", "unit": "per closed transaction; revenue estimated as variable consideration", "note": "FACT; fee amounts not disclosed", "shareOfRevenue": null }, { "name": "Premier Agent market-based pricing", "amount": null, "currency": null, "period": null, "price": "subscription by zip code share of voice", "unit": "connections distributed in proportion to share of advertising purchased", "note": "FACT; price not disclosed", "shareOfRevenue": null }, { "name": "Agent software", "amount": null, "currency": null, "period": null, "price": "Follow Up Boss, ShowingTime, dotloop, Showcase", "unit": "SaaS and listing tools", "note": "FACT; included in Residential $1,704M", "shareOfRevenue": null }, { "name": "Rentals advertising and applications", "amount": 630000000, "currency": "USD", "period": "per lead, lease, listing or impression, or fixed fee; flat fee for rental applications", "price": "$630M in 2025 (24% of revenue)", "unit": "per lead, lease, listing or impression, or fixed fee; flat fee for rental applications", "note": "FACT", "shareOfRevenue": 0.242 }, { "name": "Mortgages", "amount": 199000000, "currency": "USD", "period": "origination and loan sale gains plus lead fees from lenders", "price": "$199M in 2025 (8% of revenue)", "unit": "origination and loan sale gains plus lead fees from lenders", "note": "FACT; $4.8B originated", "shareOfRevenue": 0.077 }, { "name": "Display advertising", "amount": 50000000, "currency": "USD", "period": "CPM or CPC ads", "price": "$50M in 2025 (2% of revenue)", "unit": "CPM or CPC ads", "note": "FACT", "shareOfRevenue": 0.019 } ], "streamsWithAmounts": 3, "modelTags": [ "subscription", "lending", "ads", "marketplace" ], "modelTagEvidence": [ { "tag": "subscription", "evidence": "subscription" }, { "tag": "lending", "evidence": "loan" }, { "tag": "ads", "evidence": "advertis" }, { "tag": "marketplace", "evidence": "marketplace" } ], "modelTagsInferred": true, "primaryTag": "ads", "engine": "ads", "cluster": "Ads & attention", "clusterInferred": true, "tagReview": "reviewed", "autoTagged": false, "reviewNote": "audience monetized through advertising: Residential $1.70B (66% of $2.58B FY25 revenue; Premier Agent leads, increasingly pay-when-you-close via Zillow Preferred, plus agent software) and Rentals $630M (24%; ads by lead, lease, listing or impression), with Mortgages $199M (8%) and display $50M", "sizing": { "usdFullYear": 2600000000, "inferred": false, "note": "as stated" } } ] }