Meta's "True" ROIC, and Some Notes from Meta and Alphabet's 10-Qs
Meta’s adjusted LTM ROIC is in the mid-50s after excluding $80 billion of construction in progress; that capacity will lower returns as AI capex enters service.
Monday, August 3, 2026
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Meta: 2Q26 Business Update
Meta's 2Q26 revenue rose 27%, but capex, depreciation and nascent cloud and AI ambitions raise margin and return risks as it maximizes…
Amazon 2Q'26: AWS Gets the Love
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Google’s AI Return on Investment
Alphabet’s $132 billion AI capex produced an estimated 49% post-tax incremental ROIC once only in-service assets are counted, versus a…
Under the Hood - Adobe Inc. ($ADBE)
Adobe generates 96% of revenue from subscriptions and converts over 40% into free cash flow, but generative AI tests whether Creative…
Under the Hood - Tractor Supply ($TSCO)
Tractor Supply’s 2,602-store rural retail network supported 30+ years of growth.
Boston Scientific Has to Keep Buying the Future
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ASML’s 2Q’26 commentary signals a shift from measured pricing toward flexing its chip-equipment pricing power.
Airbnb’s Cost of Market Creation and Regulatory Survival
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WhatsApp's New Era
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Adobe Deep Dive
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Under The Hood: Domino's Pizza - $DPZ
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Adobe Expert Insight Interview (No Paywall)
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PayPal tries again (and again)
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Meta: 1Q26 Business Update
Meta’s Q1 2026 revenue rose 33% as ad impressions gained 19%, while AI-driven ranking and targeting lifted engagement and conversion;…
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