S&P 500 Companies Reported $271 Billion More in Adjusted Earnings in 2025
A study by Calcbench and Suffolk University reveals widespread adjustments to earnings among S&P 500 companies. In 2025, adjusted net income for these firms was $271 billion higher than traditional GAAP net income.
Calcbench, an interactive financial data platform, in collaboration with Suffolk University's Sawyer Business School, has released its findings on non-GAAP earnings adjustments for S&P 500 companies. The study found that 361 companies, or 72 percent of the S&P 500 index constituents, reported adjusted net income figures for fiscal year 2025. Cumulatively, these adjustments resulted in an indicated net income $271 billion higher than net income as defined by Generally Accepted Accounting Principles (GAAP).
The research, now in its fifth year, indicates that 87 percent of companies reported adjusted net income exceeding their GAAP net income. Several companies, including AbbVie, Broadcom, Capital One, General Motors, and Pfizer, reported adjusted earnings that were multiple times their GAAP earnings, significantly contributing to the overall $271 billion difference.
A notable shift occurred in the treatment of investment gains and losses. While companies reported a net positive adjustment of $26.5 billion from investments in 2024, this figure swung to a net negative adjustment of $7.9 billion in 2025, representing a $33.5 billion change.
Pranav Ghai, Co-Founder and CEO of Calcbench, highlighted that these adjustments raise questions about the scale of corporate investment portfolios. Tracey Riley, Interim Dean at Suffolk University's Sawyer Business School, stated that analyzing non-GAAP figures remains critical for understanding management's perspective on company performance.