Calcbench Reports 72% of S&P 500 Companies Reported Adjusted Earnings in 2025

According to Calcbench's annual Non-GAAP Reconciliations Report, a substantial majority of S&P 500 companies have reported adjusted earnings for the year 2025. These adjustments have led to non-GAAP net income surpassing GAAP net income by $271 billion, highlighting the widespread use of earnings adjustments across Corporate America.

The report emphasizes that adjustments to earnings are common practice among large corporations, often used to present a more favorable view of financial performance. The extent and nature of these adjustments are critical for investors analyzing company profitability and financial health.

The findings suggest that non-GAAP earnings, which exclude certain expenses or income, are significantly higher than traditional GAAP figures, potentially influencing investor perception and valuation metrics.

While the report does not specify individual companies, the overall trend indicates a continued reliance on adjusted earnings disclosures in corporate reporting, which could impact market sentiment and investment decisions.

This data underscores the importance for investors to scrutinize earnings adjustments and understand their implications for assessing company performance and valuation.