TechCorp reported strong revenue growth in 2025 driven by cloud services and AI products.

Operating expenses increased due to heavy R&D investment.

The company maintained a healthy cash position despite share buybacks.

Question: What was the year-over-year operating margin improvement from 2024 to 2025 in percentage points? Also calculate the 2025 EPS.

Answer: 1.8; 3.93


PharmaGen faced patent cliff pressure but launched two new drugs in late 2024.

Gross margin improved due to higher-margin specialty drugs.

Question: Calculate the Gross Margin % for 2025 and determine by what percentage Net Profit grew faster than Revenue YoY.

Answer: 67.0; 48.2


GlobalBank benefited from higher interest rates in 2025 but saw deposit outflows in Q4.

Loan loss provisions decreased significantly due to improved credit quality.

Question: What was the contribution of reduced provisions to the YoY Net Income growth in percentage points?

Answer: 12.6


ValueMart same-store sales grew modestly while new store openings drove overall growth.

Inflation negatively impacted gross margin.

The company repurchased $450M worth of shares during the year.

Question: If operating margin declined, calculate the 2025 EPS and the implied total revenue from new stores.

Answer: 8.73; 1470


Crude prices averaged $78/barrel in 2025 versus $92 in 2024.

Question: What was the percentage change in Revenue per BOE from 2024 to 2025?

Answer: -14.8


NextGen Tech reported record free cash flow despite increased capital expenditure on new fabs.

Deferred revenue increased by $680M due to strong multi-year contracts.

Question: Calculate FCF margin assuming Revenue was $21.4B in 2025. Also, what portion of FCF growth came from operating cash flow improvement?

Answer: 17.4; 89.1


EV sales represented 38% of total units sold in 2025.

Question: What was the average revenue per vehicle in 2025 (in thousands)?

Answer: 69.81


Asset management fees grew strongly while investment banking fees declined due to slower M&A market.

The firm returned 68% of earnings to shareholders via dividends and buybacks.

Division
2025 Revenue ($M)
2024 Revenue ($M)

Question: Calculate the overall revenue growth rate and the Net Margin expansion in percentage points.

Answer: 7.3; 2.1


Price increases and volume growth both contributed to top-line performance.

Question: What was the Operating Margin in 2025 and the improvement from 2024?

Answer: 19.2; 1.3


Acquisitions contributed $920M in revenue while organic growth was 4.2%.

Currency headwinds reduced reported revenue by $380M.

Effective tax rate decreased to 21.4% from 24.8% due to R&D tax credits.

Question: Calculate organic revenue growth including currency impact, and the tax savings benefit to Net Income.

Answer: 5.9; 98


TechVision Inc. reported strong top-line growth driven by AI solutions while facing higher R&D and marketing spend to support expansion.

The company completed a major acquisition contributing to inorganic growth.

Question: Calculate overall revenue growth %, organic growth %, gross margin for 2025, and the contribution of the acquisition to total revenue growth in percentage points.

Answer: 26.7; 10.2; 65.1; 13.1


PharmaCore faced patent expiry on its flagship drug but launched two new high-margin specialty products.

R&D tax credits reduced effective tax rate.

Question: Calculate Gross Margin % and Net Margin % for 2025. Did Net Margin expand despite revenue decline? By how many percentage points?

Answer: 70.0; 19.2; Yes, 2.1


Global Retail Bank benefited from higher interest rates but saw increased deposit competition.

Loan loss provisions decreased due to improved credit quality.

Question: What percentage of Net Income growth came from reduced provisions? Calculate the YoY growth rate of Net Income.

Answer: 35.7; 23.7


EV Dynamics scaled production aggressively while average selling price declined due to market competition.

Battery cost reduction initiatives delivered savings.

Question: Calculate 2025 revenue per vehicle ($000) and the gross margin contraction in percentage points. Estimate the implied cost savings needed to offset ASP decline.

Answer: 36.47; 4.2; ~920


SaaS Dynamics maintained high growth with improving profitability metrics.

Net revenue retention rate reached 122%.

Question: Calculate revenue growth %, Operating Margin for 2025, Operating Margin expansion, and Deferred Revenue as % of revenue.

Answer: 35.4; 23.1; 6.1; 42.2


Consumer Staples Co successfully passed through commodity inflation via pricing while volumes were mixed.

Advertising expense increased to support new product launches.

Question: Calculate Gross Margin %, Operating Margin % for 2025, and the gross margin expansion in percentage points.

Answer: 44.1; 22.4; 1.1


SemiconAI benefited from surging AI demand while consumer electronics segment declined.

Inventory correction was completed by Q3.

Question: Calculate Gross Margin and Operating Margin for both years. What was the operating leverage (incremental margin) on revenue growth?

Answer: 50.1 vs 47.4; 26.3 vs 22.8; 68.5


Industrial REIT achieved high occupancy with strong rent escalations and successful acquisitions.

Question: Calculate NOI Margin and FFO Margin for 2025. What was the implied acquisition contribution assuming organic NOI growth of 6.2%?

Answer: 74.4; 58.9; ~280


Insurance Holdings faced elevated catastrophe losses but benefited from higher investment yields.

Question: Calculate the Combined Ratio for 2025 and the percentage contribution of investment income to pre-tax income.

Answer: 78.9; 38.2


Luxury Brands Group reported strong Asia demand but faced currency headwinds in Europe.

Acquired a high-end watch brand during the year.

Question: Calculate total reported revenue growth % and the acquisition contribution in percentage points. Also compute EBIT Margin for 2025.

Answer: 13.0; 5.2; 28.5


Payment Processor expanded merchant network and BNPL offerings.

Take rate held steady despite regulatory changes.

Question: Calculate take rate in basis points for 2025, revenue growth %, and Net Margin.

Answer: 34.5; 25.1; 39.3


Heavy Machinery Inc. saw strong mining segment demand but weakness in agriculture.

Aftermarket parts revenue grew double digits.

Question: Calculate Operating Margin and Net Margin for 2025. What was the YoY improvement in Operating Margin?

Answer: 17.9; 12.3; 1.8 pp


SolarTech added significant capacity but faced lower realized power prices.

Long-term PPAs provided some protection.

Question: Calculate revenue per GW for both years and the YoY percentage change. Also compute EBITDA margin for 2025.

Answer: 147.6 vs 160.7; -8.1; 54.8


Fashion Retail Group shifted mix toward premium private labels.

Inventory turnover improved due to better analytics.

Question: Calculate Gross Margin % and Operating Margin % for 2025. Did Operating Margin expand or contract?

Answer: 46.1; 11.0; contracted by 0.8 pp


DataCenter REIT reported record occupancy driven by AI workload demand.

Question: Calculate NOI Margin, FFO Margin, and implied organic NOI growth assuming acquisitions added $180M revenue.

Answer: 78.5; 57.9; 8.4


Consumer Electronics Co faced component cost inflation from tariffs.

Services revenue mix continued to increase.

Question: Calculate Operating Income for both years and total margin compression (Gross + Operating) in percentage points.

Answer: 2788 vs 2932; 3.8


Software-as-a-Service company showed strong Rule of 40 performance.

Question: Calculate Operating Margin expansion and check Rule of 40 score (Revenue Growth % + Op Margin %).

Answer: 6.1; 64.5


Luxury Auto Manufacturer reported record deliveries with favorable product mix shift toward EVs.

Average selling price increased due to higher trim levels.

Question: Calculate revenue per vehicle in $000 and EBIT Margin for 2025.

Answer: 571.1; 13.5


Telecom Operator faced legacy revenue decline but strong 5G subscriber growth.

Question: Calculate total revenue growth (assuming equipment revenue flat at $3120M) and EBITDA Margin for 2025.

Answer: 3.1; 31.9


Asset Manager benefited from market rally and strong inflows.

Performance fees were exceptionally high.

Question: Calculate revenue yield on AUM (%) and Net Margin expansion.

Answer: 1.29; 3.2


Logistics Company normalized freight rates after previous volatility while fuel costs declined.

Question: Calculate Operating Margin for both years and the expansion in percentage points.

Answer: 13.5 vs 6.6; 6.9


Biotech firm turned profitable after successful drug launch.

R&D spending remained elevated for pipeline.

Question: Calculate revenue growth rate (%) and the total profitability swing from loss to profit.

Answer: 100; 620


Department Store Chain optimized store footprint while growing e-commerce.

Question: Calculate Operating Margin for 2025 and the YoY improvement in percentage points.

Answer: 7.8; 2.8


Semiconductor Equipment maker reported record bookings from AI customers.

Book-to-bill ratio stayed above 1.2 throughout the year.

Question: Calculate backlog coverage in months based on 2025 revenue.

Answer: 21.7


Utility company benefited from rate base growth and favorable regulatory decisions.

Question: Calculate EBITDA Margin and Net Margin for 2025.

Answer: 39.8; 15.8


Gaming Company launched two major titles with strong pre-orders and monetization.

Question: Calculate Operating Margin for both years and the expansion in percentage points.

Answer: 31.0 vs 26.5; 4.5


AeroDynamics Inc. reported higher deliveries but faced significant supply chain cost inflation and increased R&D for next-gen programs.

The company maintained a strong backlog position.

Question: 1. Calculate 2025 Gross Margin. 2. Calculate Operating Margin. 3. Determine backlog coverage in months of 2025 revenue. 4. Calculate how much backlog growth contributes as a multiple of 2025 revenue.

Answer: 24.1; 7.4; 43.8 months; 3.65x


BioVita Pharma launched two new oncology drugs while legacy products faced generic competition.

Royalty income increased significantly from licensing agreements.

Question: Calculate: 1) Gross Margin % for 2025. 2) R&D as % of revenue in both years. 3) Net Margin expansion in percentage points. 4) YoY Net Income growth rate.

Answer: 66.6; 19.7 vs 18.7; 2.1; 35.5


Global Retail Corp faced heavy promotional activity and rising logistics costs due to e-commerce shift.

Same-store sales turned positive in the second half.

Question: Calculate: 1) 2025 Operating Income. 2) Operating margin compression in pp. 3) Implied gross profit dollars for 2025. 4) The drag from gross margin contraction on operating income.

Answer: 2206.6; 1.1; 9215.8; ~455


FinCore Bank enjoyed higher net interest margins but increased provisions in Q4 due to one large exposure.

Wealth management fee income grew strongly.

Question: Calculate: 1) Percentage of Net Income growth from NII expansion. 2) Percentage from lower provisions. 3) Overall Net Income growth rate.

Answer: 68.4; 31.6; 24.6


GreenEnergy Solutions added new renewable capacity but realized lower power prices per MWh.

Production efficiency improved due to better technology.

Question: Calculate: 1) Revenue per GW for both years. 2) YoY % change in revenue per GW. 3) EBITDA Margin for 2025.

Answer: 289.2 vs 352.7; -18.0; 39.3


Luxury Brands completed the acquisition of a premium watchmaker contributing $420M revenue.

Organic growth slowed due to currency headwinds.

Question: Calculate: 1) Total reported growth %. 2) Acquisition contribution in percentage points. 3) EBIT Margin for 2025.

Answer: 15.0; 3.9; 26.0


CloudSoft Inc. reported robust subscription growth with improving retention.

Deferred revenue increased due to multi-year contracts.

Question: Calculate: 1) Subscription revenue growth %. 2) Deferred revenue growth %. 3) Deferred revenue as % of total revenue in 2025.

Answer: 26.4; 37.6; 25.3


AutoParts Ltd. saw strong EV component demand while traditional ICE parts declined.

Raw material costs stabilized in H2 after hedging.

Question: Calculate: 1) 2025 Operating Margin. 2) YoY change in Operating Margin (pp). 3) Implied gross profit dollars for 2025.

Answer: 12.5; -2.4; 1465.0


Consumer Staples Co maintained pricing power despite volume pressure in emerging markets.

Cost optimization programs delivered savings.

Question: Calculate Operating Margin for both years and the expansion in percentage points.

Answer: 20.2 vs 19.5; 0.7


Semicon Dynamics faced inventory correction in consumer electronics but grew strongly in AI and automotive.

Question: Calculate: 1) Gross Margin % for both years. 2) FCF margin for 2025. 3) YoY FCF growth rate.

Answer: 45.1 vs 46.4; 14.9; 12.1


Heavy Machinery Inc. announced a large share repurchase program while investing in new product lines.

Mining segment drove majority of growth.

Question: Calculate: 1) 2025 Operating Margin. 2) EPS for 2025. 3) YoY EPS growth rate.

Answer: 17.9; 7.86; 24.1


MediTech Solutions reported strong hospital equipment sales while consumables grew steadily.

Currency translation negatively impacted European revenue by an estimated $180M.

Question: Perform the following steps: 1) Calculate Gross Margin % for 2025. 2) Calculate EBITDA Margin for 2025. 3) Estimate the currency-adjusted revenue growth rate. 4) Compute EBITDA margin expansion in percentage points.

Answer: 61.3; 25.0; 15.1; 1.4


Regional Bank Corp benefited from higher loan yields but deposit costs rose sharply in H2.

Non-performing loans ratio improved to 0.8% from 1.4%.

Question: Step-by-step: 1) Calculate total revenue growth %. 2) Determine the contribution of reduced provisions to YoY Net Income growth in percentage points. 3) Compute overall Net Income growth rate. 4) Estimate the impact of lower provisions as % of total growth.

Answer: 15.8; 8.7; 40.8; 31.7


SolarTech Power added significant new capacity but faced lower power purchase agreement prices.

Operational efficiency improved due to newer assets.

Question: Multi-step calculation: 1) Revenue per GW for both years. 2) YoY % decline in revenue per GW. 3) EBITDA Margin for 2025. 4) Implied EBITDA per GW improvement.

Answer: 147.6 vs 160.7; -8.1; 54.8; +12.4


Fashion Retail Group saw strong performance in premium segment while fast fashion slowed.

Inventory turnover ratio improved from 4.2x to 5.1x.

Question: Calculate step-by-step: 1) Gross Margin % for 2025. 2) Operating Margin % for 2025. 3) Operating margin change in pp. 4) Implied gross profit increase needed to offset operating deleverage.

Answer: 46.1; 11.0; -0.8; 165


DataCenter REIT reported higher occupancy and successful rent escalations across portfolio.

Acquired three new facilities contributing $180M annualized revenue.

Question: Multi-step: 1) NOI Margin for 2025. 2) Implied organic revenue growth %. 3) FFO Margin. 4) Acquisition contribution to total revenue growth in percentage points.

Answer: 78.5; 8.4; 57.9; 10.1


Consumer Electronics Co. faced intense competition and higher component costs from new tariffs.

Services revenue mix increased to 28% of total revenue.

Question: Step-by-step: 1) Operating Income for both years. 2) Total gross + operating margin compression in pp. 3) Implied services revenue in 2025. 4) Estimated impact of services mix on gross margin.

Answer: 2788 vs 2932; 3.8; 7966; positive


Insurance Holdings saw premium growth but higher claims from natural catastrophes.

Investment income benefited from higher yields.

Question: Calculate: 1) Combined Ratio for 2025. 2) Investment income contribution to Net Income (%). 3) Net Income growth rate. 4) Underwriting result before investment income.

Answer: 84.3; 38.2; 6.5; -250


Software-as-a-Service leader maintained high growth with improving rule-of-40 score.

Net revenue retention rate reached 118%.

Question: Multi-step reasoning: 1) Revenue growth %. 2) Operating Margin for 2025. 3) Operating Margin expansion. 4) Rule of 40 score for 2025.

Answer: 35.4; 23.1; 6.1; 58.5


Food & Beverage Corp implemented price increases to offset raw material inflation.

Volume growth was negative in North America but strong in Asia.

Question: Calculate step-by-step: 1) Gross Margin % for 2025. 2) Operating Margin % for 2025. 3) Implied price vs volume contribution to growth. 4) Operating leverage on incremental revenue.

Answer: 41.0; 17.1; price-driven; 68%


Industrial Chemicals experienced strong pricing in specialty segment while volumes declined in commodities.

Question: Step-by-step: 1) EBITDA Margin for both years. 2) EBITDA margin expansion. 3) Net Income growth rate. 4) Implied conversion rate from EBITDA to Net Income in 2025.

Answer: 18.5 vs 15.1; 3.4; 30.8; 54.8


Luxury Auto Manufacturer reported record deliveries of electric models.

Average selling price increased due to higher mix of premium trims.

Question: Multi-step: 1) Revenue per vehicle ($k). 2) EBIT Margin for 2025. 3) Implied volume growth contribution. 4) Price/mix contribution to revenue growth.

Answer: 57.11; 13.5; 15.3%; 9.7%


Telecom Operator faced declining legacy voice revenue but grew 5G subscriptions strongly.

CapEx remained elevated for network expansion.

Question: Calculate: 1) Total revenue growth %. 2) EBITDA Margin for 2025. 3) EBITDA-Capex margin (proxy for FCF margin) assuming CapEx of $4250M.

Answer: 3.1; 31.9; 12.0


Asset Manager benefited from higher assets under management due to strong market performance.

Performance fees were exceptionally high in 2025.

Question: Step-by-step: 1) Percentage of revenue growth from performance fees. 2) Overall revenue growth %. 3) Net Margin for 2025. 4) Net Margin expansion.

Answer: 58.3; 32.1; 40.8; 3.2


Logistics and Shipping company benefited from normalized freight rates after 2024 volatility.

Fuel costs declined due to hedging and efficiency gains.

Question: Calculate: 1) Operating Margin for both years. 2) Margin expansion in pp. 3) Implied operating leverage on revenue decline.

Answer: 13.5 vs 6.6; 6.9; very high


Biotech startup turned profitable for the first time after successful drug launch.

R&D expenses remained high for pipeline development.

Question: Multi-step: 1) Revenue growth rate. 2) R&D as % of revenue in 2025. 3) Profitability swing amount. 4) Breakeven revenue level assuming fixed R&D.

Answer: 100; 37.0; 620; ~920


Department Store Chain continued store optimization program while growing e-commerce.

Comparable sales growth turned positive after three years.

Question: Calculate: 1) Operating Margin for 2025. 2) YoY Operating Margin improvement. 3) Gross profit dollars increase. 4) Operating leverage ratio.

Answer: 7.8; 2.8; 280; 3.1x


Semiconductor Equipment maker saw record orders from AI chip manufacturers.

Book-to-bill ratio remained above 1.2 throughout the year.

Question: Step-by-step: 1) Backlog coverage in months of 2025 revenue. 2) Gross Margin expansion. 3) Implied future revenue visibility from backlog.

Answer: 21.7; 1.4; very strong


Utilities company benefited from rate base growth and favorable regulatory decisions.

Question: Calculate: 1) EBITDA Margin. 2) Net Margin. 3) Implied tax and interest burden as % of EBITDA.

Answer: 39.8; 15.8; 60.3


Gaming and Entertainment company launched two major titles with strong pre-orders.

User engagement metrics improved significantly.

Question: Calculate Operating Margin for both years, the expansion in pp, and implied incremental margin on revenue growth.

Answer: 31.0 vs 26.5; 4.5; 68.8


PharmaCorp faced patent expiration but launched two new high-margin therapies.

R&D spend as % of revenue declined due to cost optimization.

Question: Multi-step: 1) Gross Margin %. 2) Net Margin %. 3) R&D intensity change. 4) Net Margin expansion despite revenue decline.

Answer: 68.9; 21.8; -2.1 pp; +2.1


Commercial Bank saw robust loan growth in corporate segment.

Net Interest Margin expanded 28 basis points.

Question: Calculate: 1) Loan growth %. 2) Contribution of NIM expansion to NII growth. 3) Overall Net Income growth.

Answer: 15.1; 41; 23.7


EV Manufacturer scaled production significantly but faced raw material volatility.

Average selling price declined due to increased competition.

Question: Calculate: 1) Revenue per vehicle ($k). 2) Gross margin contraction (pp). 3) Implied total cost increase offset by volume.

Answer: 36.47; 4.2; ~3120


Tech Hardware leader benefited from AI server demand while PC segment declined.

Inventory levels normalized by year end.

Question: Step-by-step: 1) Gross Margin %. 2) Operating Margin %. 3) Operating leverage on incremental revenue.

Answer: 26.9; 12.3; 78%


Real Estate Investment Trust achieved higher occupancy and positive rent spreads.

Question: Calculate: 1) NOI Margin. 2) Implied annualized revenue contribution from acquisitions. 3) FFO Margin.

Answer: 67.4; 650; 50.0


Consumer Goods Co. successfully passed through commodity inflation via pricing actions.

Advertising spend increased to support new product launches.

Question: Calculate: 1) Operating Income growth %. 2) Margin expansion (Gross + Operating). 3) Implied operating leverage.

Answer: 19.8; 2.9 pp; strong


Airline operator recovered strongly post-pandemic with record load factors.

Fuel hedging program saved $280M in 2025.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin for 2025. 3) Implied hedging benefit on margin.

Answer: 26.7; 13.5; 2.2 pp


Specialty Chemical company benefited from demand in semiconductor and EV markets.

Volume growth offset pricing pressure in base chemicals.

Question: Calculate: 1) EBITDA Margin expansion. 2) Net Income growth rate. 3) EBITDA to Net conversion ratio.

Answer: 3.1 pp; 35.3; 54.8


Payment Processor saw strong volume growth in e-commerce and cross-border.

Take-rate remained stable despite competitive pressure.

Question: Calculate: 1) Take-rate in basis points. 2) Revenue growth %. 3) Net Margin. 4) Implied operating leverage.

Answer: 34.5; 25.1; 39.3; high


Industrial Conglomerate divested non-core assets while growing core aerospace segment.

Question: Calculate: 1) Reported revenue growth %. 2) EBIT Margin for 2025. 3) Implied divestiture impact.

Answer: 7.6; 17.0; -1.2 pp drag


Hotel Chain operator reported strong RevPAR growth in major markets.

Occupancy rate reached pre-pandemic levels.

Question: Calculate: 1) Revenue growth %. 2) EBITDA Margin expansion. 3) Implied RevPAR contribution to growth.

Answer: 15.5; 3.6; 80%


Cloud Infrastructure Provider added major hyperscale customers.

Utilization rates improved across data centers.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin for 2025. 3) Operating Margin expansion. 4) Incremental margin.

Answer: 32.7; 28.8; 6.1; 48.5


Retail Bank focused on digital transformation while managing branch optimization.

Question: Calculate: 1) Cost-to-Income ratio for 2025. 2) Net Income growth %. 3) Total revenue growth.

Answer: 53.4; 20.3; 9.8


Medical Device company launched next-gen implant with strong adoption.

Pricing pressure increased in developed markets.

Question: Calculate: 1) Gross Profit growth %. 2) R&D intensity change. 3) Implied gross margin benefit from new product.

Answer: 18.4; -1.6 pp; positive


Steel Producer benefited from higher prices in early 2025 but volumes declined in H2.

Energy efficiency initiatives reduced costs.

Question: Calculate: 1) EBITDA Margin both years. 2) Margin contraction. 3) Net Income decline %.

Answer: 19.9 vs 22.5; 2.6 pp; -25.8


Online Marketplace expanded into new categories and geographies.

Take rate improved slightly due to premium services.

Question: Calculate: 1) Take rate % for 2025. 2) Revenue growth %. 3) Net Margin for 2025.

Answer: 11.9; 32.1; 21.6


Railway operator benefited from higher freight volumes and successful pricing negotiations.

Question: Calculate: 1) Operating Margin. 2) EBITDA Margin. 3) EBITDA to Operating conversion ratio.

Answer: 25.8; 36.9; 69.9


Cybersecurity firm reported strong subscription bookings and high renewal rates.

Question: Calculate: 1) Subscription growth %. 2) Deferred revenue / annual subscription revenue ratio. 3) Revenue growth.

Answer: 43.7; 0.44; 37.2


Automotive Supplier saw strong demand for EV powertrain components.

Raw material costs stabilized after 2024 spikes.

Question: Calculate: 1) Operating Margin improvement. 2) Gross Margin expansion. 3) Implied operating leverage.

Answer: 2.1 pp; 1.4 pp; strong


Beverage Company expanded zero-sugar portfolio successfully.

Emerging markets contributed 58% of revenue growth.

Question: Calculate: 1) Operating Margin for 2025. 2) Margin expansion. 3) Implied emerging market contribution to profit growth.

Answer: 22.4; 0.8; 65%


Chip Design company licensed new AI accelerator IP to multiple foundries.

Question: Calculate: 1) Royalty contribution % in 2025. 2) Total revenue growth %. 3) Implied royalty growth rate.

Answer: 26.5; 33.0; 82.4


Regional Airport Operator saw passenger traffic recover fully with new international routes.

Non-aeronautical revenue per passenger increased.

Question: Calculate: 1) Revenue per passenger. 2) EBITDA Margin. 3) Passenger growth contribution to revenue growth.

Answer: 25.73; 54.8; 62%


Logistics REIT achieved high occupancy with new warehouse deliveries.

Question: Calculate: 1) NOI Margin. 2) Implied same-store rental growth. 3) Occupancy impact.

Answer: 73.8; 4.8; positive


Media Conglomerate benefited from streaming subscriber growth but faced linear TV decline.

Question: Calculate: 1) Streaming contribution %. 2) EBITDA Margin. 3) Implied linear TV decline drag.

Answer: 54.9; 25.0; moderate


Construction Equipment maker saw strong replacement demand in North America.

Question: Calculate: 1) Operating Income for 2025. 2) Backlog coverage in months. 3) Margin expansion.

Answer: 1457.8; 7.8; 2.2 pp


Generic Pharma company launched several new products after successful ANDA approvals.

Pricing erosion continued on older molecules.

Question: Calculate: 1) Gross Margin expansion. 2) Net Income growth rate. 3) Implied new product contribution.

Answer: 4.2 pp; 61.9; dominant


Renewable Energy Developer completed several large wind and solar projects.

Power Purchase Agreements secured at attractive rates.

Question: Calculate: 1) Revenue per GW. 2) EBITDA Margin. 3) Implied capacity utilization improvement.

Answer: 221.9; 59.2; strong


Financial Technology company expanded into banking-as-a-service partnerships.

Question: Calculate: 1) Gross Margin. 2) Net Margin. 3) Revenue growth rate.

Answer: 73.4; 23.1; 36.2


Packaging Company benefited from e-commerce demand and sustainable packaging shift.

Question: Calculate: 1) Operating Margin both years. 2) Margin change. 3) Net Income growth.

Answer: 14.3 vs 14.3; flat; 6.3


AI Software company reported accelerating enterprise adoption and multi-year contracts.

Sales and marketing efficiency improved significantly.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin for 2025. 3) Margin improvement. 4) Deferred revenue coverage.

Answer: 69.6; 21.8; 15.3 pp; 0.54x


NextGen AI Infrastructure company signed several large multi-year hyperscaler contracts.

Utilization rate of existing data centers improved to 82%.

Question: Calculate: 1) Gross Margin. 2) Operating Margin. 3) Deferred revenue growth %. 4) Revenue growth.

Answer: 75.9; 25.6; 69.6; 55.4


Mid-sized Commercial Bank expanded its wealth management division while facing margin pressure on deposits.

Loan loss provisions remained low due to strong credit quality.

Question: Calculate: 1) Contribution of lower provisions to Net Income growth (pp). 2) Total Net Income growth %. 3) Non-Interest Income contribution.

Answer: 8.7; 28.0; 22%


Specialty Retailer shifted focus toward private label brands with higher margins.

Same-store sales growth accelerated in Q4.

Question: Calculate: 1) Gross Margin expansion. 2) Operating Income both years. 3) Operating leverage on revenue growth.

Answer: 4.2; 1547.5 vs 1226.3; high


Offshore Wind Developer commissioned several new projects in the North Sea.

Government subsidies contributed to revenue recognition.

Question: Calculate: 1) Revenue per GW both years. 2) EBITDA Margin for 2025. 3) Implied capacity utilization / efficiency gain.

Answer: 270.6 vs 233.3; 60.9; strong


Advanced Semiconductor Co. benefited from AI accelerator demand while facing inventory correction in consumer electronics.

The company increased CapEx significantly for new fab capacity.

Question: Multi-step analysis: 1) Calculate Gross Margin % for both years and expansion. 2) Operating Margin for 2025. 3) Free Cash Flow proxy (Op Income - CapEx) for 2025. 4) Operating leverage on revenue growth. 5) Implied gross margin benefit from product mix shift.

Answer: 52.9 vs 48.6 (+4.3 pp); 33.7; 3900; 65%; strong


Premium Consumer Goods Corp faced currency headwinds but delivered strong organic growth in emerging markets.

Pricing actions successfully offset input cost inflation.

Question: Step-by-step: 1) Reported revenue growth %. 2) Currency impact in percentage points. 3) Gross Margin expansion. 4) EBIT Margin for 2025. 5) Implied pricing vs volume contribution.

Answer: 13.0; -3.2; 2.6 pp; 28.5; mostly price


Global Payment Network expanded cross-border solutions and merchant services.

Take rate faced mild pressure from large enterprise deals.

Question: Calculate: 1) Take rate (bps) for 2025. 2) Revenue growth %. 3) Operating Margin both years. 4) Incremental operating margin on revenue growth.

Answer: 34.5 bps; 25.1; 39.3 vs 36.3; 52.6


Industrial Automation Leader secured large EV battery plant contracts.

Book-to-bill ratio reached 1.35x with strong visibility.

Question: Multi-step: 1) Backlog coverage in months. 2) Gross Margin expansion. 3) Operating Margin for 2025. 4) Implied future revenue visibility from backlog.

Answer: 15.2 months; 2.2 pp; 18.1; 15.2 months


Life Insurance Group grew premiums but faced higher mortality claims from aging portfolio.

Investment portfolio performed well in rising rate environment.

Question: Calculate: 1) Investment income as % of total revenue. 2) Net Margin for 2025. 3) Implied underwriting result. 4) Overall Net Income growth.

Answer: 20.0; 10.8; -420; 18.3


Fast Fashion Retailer expanded aggressively in Southeast Asia while optimizing European footprint.

Inventory turnover improved significantly due to data analytics.

Question: Step-by-step: 1) Total margin compression (Gross + Op). 2) Operating Income both years. 3) Revenue growth %. 4) Implied negative operating leverage.

Answer: 4.5 pp; 965.3 vs 969.3; 17.0; evident


Cloud Security Leader expanded platform with new threat intelligence modules.

Net revenue retention remained above 120%.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin expansion. 3) Deferred revenue coverage ratio. 4) Implied sales efficiency improvement.

Answer: 37.2; 10.7 pp; 0.39x; strong


Steel Manufacturer benefited from infrastructure spending but faced higher energy costs.

Export volumes grew significantly in H2.

Question: Multi-step: 1) EBITDA Margin both years. 2) Margin contraction. 3) Net Income decline %. 4) Implied operating deleverage impact.

Answer: 19.9 vs 28.8; -8.9 pp; -25.8; severe


Luxury Goods Conglomerate reported strong demand in China and Middle East.

Currency fluctuations negatively impacted reported numbers.

Question: Calculate: 1) Reported growth %. 2) FX impact in pp. 3) EBIT Margin. 4) Organic EBIT growth estimate.

Answer: 13.0; -3.2; 28.5; ~12%


Electric Utility completed major renewable transition projects.

Regulatory rate base increased significantly.

Question: Calculate: 1) EBITDA Margin. 2) Net Margin. 3) Implied interest & tax burden as % of EBITDA. 4) Return on rate base proxy assuming $45B rate base.

Answer: 41.8; 17.1; 59.2; 3.73%


Memory Chip Manufacturer faced a severe inventory correction in smartphones but saw early AI-driven recovery in data center segment.

Pricing stabilized in H2 after aggressive destocking.

Question: Multi-step reasoning: 1) Gross Margin % for both years and contraction. 2) Operating Margin for 2025. 3) Revenue decline %. 4) Implied operating deleverage impact. 5) Inventory reduction as % of revenue improvement.

Answer: 21.8 vs 28.4 (-6.6 pp); 5.5; -21.5; severe; 7.4


Mortgage Lender benefited from declining interest rates in late 2025 leading to refinancing surge.

Gain on sale margins improved due to better hedging.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin for 2025. 3) Implied revenue per $B originated. 4) Operating leverage demonstrated.

Answer: 69.6; 32.3; 41.9; very high


Sustainable Packaging Company won several major brand conversions to eco-friendly solutions.

Recycled content usage increased, helping raw material costs.

Question: Step-by-step: 1) Gross Margin expansion. 2) Operating Margin for 2025. 3) Operating leverage on revenue growth. 4) Implied contribution of cost initiatives.

Answer: 3.6 pp; 18.1; 65%; significant


Video Streaming Platform continued subscriber growth while optimizing content spend.

Password sharing crackdown and price increases contributed to revenue.

Question: Calculate: 1) Operating Margin both years. 2) Margin expansion in pp. 3) Implied content cost as % of revenue in 2025. 4) Incremental margin on revenue growth.

Answer: 18.6 vs 13.5; 5.1; 50.3; 68.4


Heavy Equipment Dealer reported strong aftermarket parts and service revenue.

New machine sales slowed due to high financing costs.

Question: Calculate: 1) Aftermarket revenue contribution %. 2) Operating Margin for 2025. 3) Implied operating leverage from mix shift.

Answer: 45.5; 18.1; positive


Generic Drug Manufacturer faced continued pricing erosion on older molecules but launched high-value complex generics.

Vertical integration helped improve supply chain margins.

Question: Step-by-step: 1) Gross Margin expansion. 2) Net Income growth despite revenue decline. 3) Implied new product contribution to offset pricing pressure.

Answer: 3.8 pp; 35.3; dominant


Airport Services Company benefited from record international passenger traffic.

Duty-free and retail concessions performed exceptionally well.

Question: Calculate: 1) Revenue per passenger. 2) EBITDA Margin. 3) Passenger growth contribution vs spend per passenger.

Answer: 41.67; 43.5; 55% volume, 45% spend


Enterprise Software Vendor migrated more legacy customers to cloud platform.

Maintenance revenue declined as percentage of total.

Question: Calculate: 1) Cloud revenue mix %. 2) Overall revenue growth. 3) Operating Margin expansion. 4) Implied cloud transition impact.

Answer: 67.9; 15.8; 4.2 pp; positive


Commodity Chemical Producer benefited from tight supply conditions in key markets.

Energy hedging program delivered $320M in savings.

Question: Calculate: 1) EBITDA Margin both years. 2) Net Margin for 2025. 3) Implied hedging benefit on margin.

Answer: 25.2 vs 19.9; 12.6; 3.2 pp


Fitness and Wellness Company expanded digital subscription offerings rapidly.

Churn rate improved due to personalized AI coaching.

Question: Calculate: 1) Subscription revenue mix %. 2) Operating Margin for 2025. 3) Revenue growth. 4) Implied subscription margin contribution.

Answer: 78.5; 21.8; 16.4; high


Defense Contractor secured several multi-year government contracts.

R&D investment focused on next-generation systems.

Question: Calculate: 1) Backlog coverage in years of 2025 revenue. 2) Operating Margin. 3) Implied revenue visibility.

Answer: 2.28 years; 13.5; very high


Real Estate Brokerage benefited from lower mortgage rates and increased transaction volume.

Commission rates remained stable amid competition.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin for 2025. 3) Operating leverage on volume recovery.

Answer: 62.7; 18.1; exceptional


Solar Panel Manufacturer expanded production capacity amid strong demand.

ASP declined due to industry oversupply in China.

Question: Calculate: 1) Revenue per GW. 2) Gross margin contraction. 3) Implied volume growth needed to offset ASP decline.

Answer: 198.9; -6.2 pp; 42%


Asset Management Firm saw strong inflows into ESG and fixed income funds.

Performance fees contributed meaningfully.

Question: Calculate: 1) Revenue yield on AUM (%). 2) Net Margin. 3) Implied fee rate compression or expansion.

Answer: 1.29; 45.7; stable


Trucking Company benefited from improved freight rates and fleet optimization.

Driver retention improved due to better compensation.

Question: Calculate: 1) Operating Income for 2025. 2) Margin expansion in pp. 3) Implied efficiency gains contribution.

Answer: 876.8; 3.4; strong


Luxury Watch Manufacturer maintained strong pricing power.

Direct-to-consumer channel grew rapidly.

Question: Calculate: 1) Operating Margin. 2) Gross Margin expansion. 3) Implied DTC channel benefit.

Answer: 31.0; 1.2 pp; positive


Food Delivery Platform achieved positive EBITDA through cost discipline.

Average order value increased with grocery delivery mix.

Question: Calculate: 1) Gross Margin. 2) EBITDA swing from prior year. 3) Implied breakeven improvement.

Answer: 31.7; +1100; major


Industrial Gas Company benefited from semiconductor and healthcare demand.

Energy pass-through mechanisms protected margins.

Question: Calculate: 1) EBITDA Margin. 2) Net Margin. 3) EBITDA to Net conversion ratio.

Answer: 29.5; 13.5; 45.7


Pet Care Company saw strong growth in premium and veterinary products.

Acquisitions contributed to top-line growth.

Question: Calculate: 1) Reported growth %. 2) Acquisition contribution in pp. 3) Operating Margin for 2025.

Answer: 26.4; 18.0; 24.5


Telecom Tower Company benefited from 5G densification and new tenant additions.

Question: Calculate: 1) Revenue per site ($k). 2) EBITDA for 2025. 3) Margin expansion in bps.

Answer: 53.72; 2517; 160 bps


Apparel Company successfully executed direct-to-consumer transformation.

Inventory levels were well managed heading into 2026.

Question: Calculate: 1) Operating Margin. 2) Gross Margin expansion. 3) Implied operating deleverage despite gross margin improvement.

Answer: 12.5; 2.7 pp; present


Battery Technology Company scaled gigafactory production.

Major automotive OEM contracts secured at improving economics.

Question: Calculate: 1) Revenue per GWh. 2) Gross Margin expansion. 3) Implied learning curve / scale benefit.

Answer: 163.1; 12.4 pp; strong


Regional Bank focused on commercial lending and treasury management services.

Question: Calculate: 1) Fee income contribution %. 2) Net Income growth %. 3) Implied NIM expansion benefit.

Answer: 24.4; 44.9; 28%


Gaming Hardware Company launched next-generation console successfully.

Software and services attach rate improved significantly.

Question: Calculate: 1) Services revenue mix %. 2) Operating Margin for 2025. 3) Implied mix shift benefit.

Answer: 44.2; 25.4; positive


Water Utility Company benefited from approved rate increases.

Infrastructure investment recovery was favorable.

Question: Calculate: 1) EBITDA Margin. 2) Net Margin. 3) Implied regulated return improvement.

Answer: 53.8; 29.5; positive


HR Technology Platform expanded into payroll and benefits administration.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin. 3) Operating leverage.

Answer: 37.2; 29.0; high


Aluminum Producer benefited from automotive lightweighting trend.

Energy efficiency programs reduced production costs.

Question: Calculate EBITDA Margin for 2025 and the expansion vs previous year.

Answer: 25.2; +5.3 pp


Digital Advertising Company shifted toward performance-based and privacy-safe solutions.

Question: Calculate: 1) Operating Margin both years. 2) Margin expansion. 3) Revenue growth.

Answer: 24.5 vs 20.7; 3.8 pp; 14.5


Marine Transportation Company benefited from nearshoring trends.

Question: Calculate Operating Margin improvement and implied operating leverage.

Answer: 12.1 pp; very high


Medical Imaging Equipment Company launched AI-powered diagnostic tools.

Service revenue grew steadily providing recurring income.

Question: Calculate: 1) Service revenue mix %. 2) Overall Operating Margin. 3) Implied stability benefit.

Answer: 39.7; 20.3; high


Discount Retailer continued aggressive store expansion in underserved markets.

Private label penetration increased to 42%.

Question: Calculate: 1) Operating Margin. 2) Gross Margin expansion. 3) Revenue growth.

Answer: 7.7; 1.2 pp; 13.4


Quantum Computing Software Startup achieved first commercial revenue.

Question: Calculate: 1) Revenue growth multiple. 2) Operating loss reduction. 3) Implied path to breakeven.

Answer: 4.94x; 240; improving


Paper and Packaging Company benefited from e-commerce demand for corrugated boxes.

Recycled content usage increased to 68%.

Question: Calculate EBITDA Margin for 2025 and expansion.

Answer: 21.4; +1.7 pp


Vertical SaaS Company serving restaurants expanded into supply chain management.

Question: Calculate: 1) Revenue growth %. 2) Operating Margin. 3) Operating leverage.

Answer: 43.1; 29.5; excellent


Cement Manufacturer benefited from infrastructure spending in emerging markets.

Energy efficiency programs reduced production costs.

Question: Calculate: 1) EBITDA Margin. 2) Net Margin. 3) Conversion ratio.

Answer: 24.5; 13.4; 54.8


Online Education Platform saw strong demand for professional certification courses.

Completion rates improved with new AI tutoring features.

Question: Calculate: 1) Operating Margin. 2) Gross Margin expansion. 3) Revenue growth.

Answer: 32.3; 4.2 pp; 30.7


Shipbuilding Company secured large orders for LNG carriers.

Production efficiency improved with new automation.

Question: Calculate: 1) Backlog coverage in years. 2) Operating Margin. 3) Revenue growth.

Answer: 2.95; 13.5; 26.7


Beauty and Personal Care Company launched several successful new skincare lines.

China market recovery contributed significantly.

Question: Calculate Operating Margin for 2025 and the improvement.

Answer: 25.2; +1.8 pp


Freight Forwarder benefited from resilient global trade volumes.

Ocean and air freight margins normalized.

Question: Calculate Operating Margin improvement assuming 2024 margin was 6.5%.

Answer: 7.0 pp


Diagnostic Lab Company expanded at-home testing capabilities.

Reimbursement rates stabilized after previous pressure.

Question: Calculate: 1) Gross Margin expansion. 2) Operating Margin. 3) Revenue growth.

Answer: 4.4 pp; 18.1; 14.5


Renewable Natural Gas Producer scaled production from landfill and agricultural waste.

Carbon credit revenue became meaningful.

Question: Calculate: 1) Revenue per MMBTU. 2) EBITDA Margin. 3) Production growth impact.

Answer: 43.51; 54.8; strong


Enterprise CRM Provider continued cloud migration of legacy customers.

AI features drove higher average selling price.

Question: Calculate: 1) Operating Margin both years. 2) Margin expansion. 3) Revenue growth.

Answer: 31.7 vs 26.8; 4.9 pp; 21.3


Casual Dining Restaurant Chain optimized menu and supply chain efficiency.

Same-store sales turned positive after two challenging years.

Question: Calculate: 1) Operating Income. 2) Margin expansion. 3) Implied SSS contribution.

Answer: 360.6; 3.4 pp; 65%


Nuclear Energy Technology Company advanced small modular reactor projects.

Government funding supported development costs.

Question: Calculate: 1) Revenue growth %. 2) Operating loss reduction. 3) Path to breakeven revenue.

Answer: 119; 240; ~1600


Luxury Automotive Brand maintained strong pricing and mix.

EV transition accelerated with new model launches.

Question: Calculate: 1) Revenue per vehicle ($k). 2) EBIT Margin expansion. 3) Volume vs price/mix contribution.

Answer: 240.35; 1.2 pp; balanced


Logistics Property REIT achieved record occupancy with new build-to-suit facilities.

Question: Calculate NOI Margin and implied organic rental growth contribution.

Answer: 74.4; strong


Digital Payment Infrastructure Company expanded cross-border solutions.

Regulatory approvals secured in new markets.

Question: Calculate: 1) Revenue growth %. 2) Gross Margin expansion. 3) Net Margin.

Answer: 47.3; 3.2 pp; 31.0


Specialty Materials Company supplied advanced composites for aerospace and EV.

Technical barriers supported strong pricing power.

Question: Calculate EBITDA Margin for 2025.

Answer: 30.9


Movie Theater Chain benefited from strong blockbuster releases.

Concession revenue per patron reached record high.

Question: Calculate: 1) Revenue per admission. 2) EBITDA Margin.

Answer: 12.91; 33.7


Industrial Software Company focused on digital twin and predictive maintenance.

Recurring revenue percentage increased significantly.

Question: Calculate Operating Margin improvement and recurring revenue benefit.

Answer: 10.2 pp; high


Frozen Food Manufacturer expanded plant-based offerings successfully.

Both retail and foodservice channels grew.

Question: Calculate Operating Margin both years and gross margin expansion.

Answer: 17.0 vs 15.4; 1.4 pp


Satellite Communications Company launched new low-earth orbit constellation.

Enterprise and government contracts drove growth.

Question: Calculate revenue growth % and EBITDA Margin for 2025.

Answer: 68.8; 33.7


Toy Manufacturer benefited from successful movie tie-in products.

Inventory management improved significantly.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 3.2 pp; 29.5


Regional Airline benefited from capacity discipline and higher fares.

Question: Calculate Operating Income and margin expansion in pp.

Answer: 1013.8; 5.2


Precision Farming Technology Company saw strong adoption of autonomous equipment.

Question: Calculate subscription mix % and Operating Margin for 2025.

Answer: 43.5; 23.9


Textile Manufacturer shifted toward technical fabrics and sustainable materials.

European and North American demand remained strong.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 3.2 pp; 15.9


Music Streaming Service continued to grow subscribers while improving royalty economics.

Podcast and audiobook segments expanded.

Question: Calculate Operating Margin for 2025.

Answer: 19.9


Warehouse Automation Company secured large contracts with e-commerce giants.

Question: Calculate backlog coverage in months of 2025 revenue.

Answer: 21.8


Vitamin and Supplement Company benefited from increased health consciousness.

E-commerce and direct sales channels grew strongly.

Question: Calculate Operating Margin both years and improvement.

Answer: 29.5 vs 25.4; 4.1 pp


Advanced Robotics Company expanded into new industrial and service applications.

Software and recurring revenue became larger portion of total.

Question: Calculate revenue growth rate and Operating Margin for 2025.

Answer: 50.2; 22.9


Aerospace Components Supplier benefited from commercial aircraft recovery.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 2.6 pp; 17.1


Online Marketplace continued category and geographic expansion.

Advertising and seller services revenue grew faster.

Question: Calculate take rate (%) and Net Margin for 2025.

Answer: 11.9; 21.6


Mortgage Finance Company navigated rate volatility with strong hedging.

Servicing portfolio provided stable fee income.

Question: Calculate revenue growth and Operating Margin improvement.

Answer: 69.6; +20.8 pp


Sustainable Packaging Converter won major brand conversions.

Recycled content initiatives helped cost structure.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 3.6 pp; 18.1


Video Streaming Platform optimized content ROI while growing subscribers.

Price increases and advertising revenue contributed.

Question: Calculate Operating Margin expansion and implied incremental margin.

Answer: 5.1 pp; 68.4


Heavy Equipment Aftermarket Specialist grew parts and service revenue strongly.

New equipment sales faced headwinds from interest rates.

Question: Calculate aftermarket contribution % and Operating Margin.

Answer: 45.5; 18.1


Generic Pharma Company executed successful product launches.

Pricing pressure continued on base portfolio.

Question: Calculate gross margin expansion and Net Income growth despite lower revenue.

Answer: 3.8 pp; 35.3


Airport Retail Operator benefited from strong international travel recovery.

Duty-free sales per passenger increased significantly.

Question: Calculate revenue per passenger and EBITDA margin.

Answer: 41.67; 43.5


Enterprise Software Firm accelerated cloud migration.

Recurring revenue mix continued to rise.

Question: Calculate Operating Margin for 2025.

Answer: 31.0


Memory Semiconductor Company faced inventory correction but AI demand emerged strongly.

Pricing began to stabilize toward year end.

Question: Calculate gross margin contraction and revenue decline percentage.

Answer: 6.6 pp; 21.5


Hotel REIT achieved record RevPAR with strong group and leisure demand.

Portfolio repositioning program was completed.

Question: Calculate revenue growth rate and EBITDA Margin expansion.

Answer: 16.4; 4.4 pp


Cloud Infrastructure Provider added major hyperscale customers.

Utilization rates across data centers improved.

Question: Calculate Operating Margin for 2025 and YoY improvement.

Answer: 28.8; 6.1 pp


Retail Bank continued digital transformation and branch optimization.

Question: Calculate Cost-to-Income ratio for 2025 and Net Income growth.

Answer: 53.4; 20.3


Medical Device Company launched next-gen implant with strong adoption.

Pricing pressure increased in developed markets.

Question: Calculate Gross Profit growth and R&D intensity change.

Answer: 18.4; decreased by 1.6 pp


Steel Producer navigated volatile raw material and energy prices.

Export markets provided additional growth opportunities.

Question: Calculate EBITDA Margin both years and the contraction.

Answer: 19.9 vs 22.5; -2.6 pp


Online Marketplace expanded into new high-margin categories.

Seller services and advertising revenue grew faster than GMV.

Question: Calculate take rate (%) and Net Margin for 2025.

Answer: 11.9; 21.6


Railway Operator benefited from higher freight volumes and successful pricing.

Maintenance spending was well controlled.

Question: Calculate Operating Margin and EBITDA Margin for 2025.

Answer: 25.8; 36.9


Cybersecurity Firm reported strong subscription bookings.

Deferred revenue balance increased substantially.

Question: Calculate subscription growth rate and deferred revenue to subscription revenue ratio.

Answer: 43.7; 0.44


Automotive Supplier ramped up EV powertrain component production.

Raw material costs stabilized after previous spikes.

Question: Calculate Operating Margin improvement in percentage points.

Answer: 2.1


Beverage Company successfully executed premiumization strategy.

Emerging markets drove majority of incremental revenue.

Question: Calculate Operating Margin for 2025 and the YoY improvement.

Answer: 22.4; 0.8 pp


Chip IP Licensing Company benefited from AI accelerator demand.

Question: Calculate royalty contribution % and total revenue growth rate.

Answer: 26.5; 33.0


Airport Operator benefited from full recovery in passenger traffic.

Non-aeronautical revenue per passenger increased.

Question: Calculate revenue per passenger and EBITDA margin for 2025.

Answer: 25.73; 54.8


Logistics REIT delivered strong operational performance.

Question: Calculate NOI Margin for 2025.

Answer: 73.8


Media Conglomerate grew streaming business while managing linear TV decline.

Content cost discipline improved margins.

Question: Calculate streaming contribution % and EBITDA margin.

Answer: 54.9; 25.0


Construction Equipment Manufacturer saw strong replacement demand.

Question: Calculate Operating Income for 2025 and backlog coverage in months.

Answer: 1457.8; 7.8


Generic Drug Manufacturer executed successful product launches.

Pricing erosion continued on older molecules.

Question: Calculate gross margin expansion and Net Income growth rate.

Answer: 4.2 pp; 61.9


Renewable Energy Developer completed several large wind and solar projects.

Question: Calculate revenue per GW and EBITDA margin for 2025.

Answer: 221.9; 59.2


Financial Technology Firm expanded banking-as-a-service partnerships.

Question: Calculate Gross Margin and Net Margin for 2025.

Answer: 73.4; 23.1


Packaging Company benefited from e-commerce tailwinds and sustainable packaging demand.

Raw material costs moderated in the second half.

Question: Calculate Operating Margin for both years and the change.

Answer: 14.3 vs 14.3; flat


Global Manufacturing Inc. reported improved operational efficiency due to automation initiatives while facing raw material cost inflation.

The company maintained a conservative balance sheet with strong liquidity.

Question: Calculate Gross Margin, Operating Margin, and Net Margin for 2025. Also compute Return on Equity (ROE) for 2025.

Answer: 27.8%; 13.4%; 9.1%; 11.8%


Pharma Innovations faced generic competition but launched two new patented drugs with high margins.

R&D as a percentage of sales remained elevated to support pipeline.

Question: Calculate Gross Margin % and R&D intensity (% of revenue) for 2025. Did Net Margin expand or contract?

Answer: 69.3%; 19.9%; expanded


Regional Bank maintained solid loan growth while deposit costs increased due to rate environment.

Asset quality remained strong with low non-performing loans.

Question: Calculate the contribution of lower provisions to Net Income growth (%). Compute overall Net Interest Margin improvement assuming average interest-earning assets of $142B.

Answer: 28.4; 0.19 pp


EV Manufacturer scaled production significantly but faced pricing pressure from competition.

Battery cost per kWh continued to decline.

Question: Calculate revenue per vehicle ($000) for 2025 and the gross margin contraction in percentage points.

Answer: 51.13; 3.6


SaaS Leader reported strong net revenue retention and expanding enterprise deals.

Deferred revenue grew as customers signed longer contracts.

Question: Calculate revenue growth rate, Operating Margin for 2025, and Deferred Revenue as % of annual revenue.

Answer: 31.5%; 24.5%; 45.5%


Consumer Staples company successfully implemented price increases to offset commodity inflation.

Volume growth was modest in developed markets but strong in emerging markets.

Question: Calculate Gross Margin and Operating Margin for 2025. Compute gross margin expansion.

Answer: 44.1%; 22.4%; 1.1 pp


Semiconductor company benefited from AI demand while consumer segment remained weak.

Inventory levels normalized by year-end.

Question: Calculate Gross Margin and Operating Margin for both years. What was the operating leverage demonstrated?

Answer: 50.1% vs 47.4%; 26.3% vs 22.8%; strong


REIT focused on industrial warehouses achieved high occupancy with strong rent growth.

Acquisitions contributed to portfolio expansion.

Question: Calculate NOI Margin for 2025 and Funds From Operations (FFO) Margin.

Answer: 74.4%; 58.9%


Insurance company faced higher claims from weather events but benefited from higher investment yields.

Question: Calculate Combined Ratio for 2025 and the contribution of investment income to Net Income.

Answer: 78.9%; 32.1%


Retail Chain optimized store portfolio while growing e-commerce channel rapidly.

Inventory turnover improved due to better demand forecasting.

Question: Calculate Operating Income for 2025 and the operating margin contraction in percentage points.

Answer: 2219.1; 1.1


Biotech firm achieved profitability after successful drug commercialization.

R&D expenses remained high to support future pipeline.

Question: Calculate revenue growth rate (%) and the swing in bottom-line profitability.

Answer: 218.4; 1360


Utility company benefited from rate base expansion and favorable regulatory outcomes.

Question: Calculate EBITDA Margin and Net Margin for 2025.

Answer: 41.8%; 17.1%


Luxury Goods group reported strong organic growth in Asia-Pacific despite currency headwinds.

Acquisitions added new brands to the portfolio.

Question: Calculate total reported revenue growth rate and EBIT Margin for 2025.

Answer: 13.0%; 28.5%


Payment Processor expanded merchant network and introduced new value-added services.

Take rate remained stable amid competitive pressure.

Question: Calculate take rate (in basis points) for 2025 and Net Margin (%).

Answer: 34.5 bps; 39.3%


Industrial Conglomerate divested low-margin businesses while investing in high-growth segments.

Organic growth was supported by aftermarket services.

Question: Calculate EBIT Margin for 2025 and overall Net Income growth rate.

Answer: 17.0%; 12.0%


Telecom Operator invested heavily in 5G infrastructure while legacy revenue declined.

ARPU increased due to higher data consumption.

Question: Calculate EBITDA Margin for 2025. What was the EBITDA-Capex (Free Cash Flow proxy) margin?

Answer: 31.9%; 12.0%


Asset Manager saw strong inflows and market appreciation driving higher AUM.

Performance fees were elevated due to outperformance.

Question: Calculate revenue yield on AUM (in %) and Net Profit Margin for 2025.

Answer: 1.29%; 45.7%


Airline recovered strongly with higher load factors and yield improvement.

Fuel hedging program delivered positive impact.

Question: Calculate revenue growth rate (%) and operating margin expansion in percentage points.

Answer: 26.7%; 4.2


Specialty Chemical firm benefited from pricing power in niche segments.

Volume growth was mixed across product lines.

Question: Calculate EBITDA Margin for both years and Net Income growth rate.

Answer: 25.0% vs 20.7%; 35.3%


Gaming Company launched two major titles with strong pre-order performance.

Live services and DLC contributed significantly to revenue.

Question: Calculate Operating Margin for both years and the expansion in percentage points.

Answer: 31.0% vs 26.5%; 4.5


Logistics Company benefited from e-commerce growth and supply chain optimization.

Fuel costs declined due to efficiency gains and hedging.

Question: Calculate Operating Margin for both years and the improvement in percentage points.

Answer: 13.5% vs 6.6%; 6.9


Food & Beverage leader continued premiumization strategy across portfolio.

Emerging markets contributed over 60% of incremental revenue.

Question: Calculate gross margin expansion and operating margin improvement.

Answer: 2.6 pp; 1.3 pp


Cybersecurity firm achieved high net revenue retention with platform expansion.

Sales efficiency improved as measured by magic number.

Question: Calculate revenue growth rate and Operating Margin for 2025.

Answer: 37.2%; 22.9%


Heavy Machinery manufacturer saw strong aftermarket revenue growth.

New equipment orders remained healthy due to infrastructure spending.

Question: Calculate Operating Margin and Net Margin for 2025.

Answer: 17.9%; 12.3%


Solar Energy developer added substantial new capacity under long-term PPAs.

Project financing costs remained favorable.

Question: Calculate revenue per GW installed and EBITDA margin for 2025.

Answer: 147.6; 54.8%


Fashion Retailer improved inventory management and shifted toward higher margin categories.

E-commerce penetration increased to 38% of total sales.

Question: Calculate gross margin expansion and Operating Margin for 2025.

Answer: 3.3 pp; 11.0%


Data Center REIT benefited from AI-driven demand for higher power density facilities.

Lease escalations averaged 5.2% annually.

Question: Calculate NOI Margin and FFO Margin for 2025.

Answer: 78.5%; 57.9%


Consumer Electronics firm faced margin pressure from component cost increases.

Services and software revenue mix continued to rise.

Question: Calculate total margin compression (Gross + Operating) in percentage points.

Answer: 3.8 pp


Software company maintained high gross margins typical of SaaS business model.

Question: Calculate Operating Margin and the improvement. Does it meet Rule of 40 (Revenue Growth + Op Margin)?

Answer: 23.1%; 6.1 pp; Yes


Industrial Chemical producer hedged energy costs effectively while passing through raw material prices.

Specialty chemicals segment grew faster than base chemicals.

Question: Calculate EBITDA Margin expansion and Net Income growth rate.

Answer: 3.4 pp; 30.8%


Luxury Auto brand reported record deliveries with favorable product mix.

EV sales contribution increased significantly.

Question: Calculate revenue per vehicle ($000) and EBIT Margin for 2025.

Answer: 571.1; 13.5%


Telecom tower operator added new tenants while renewing contracts at higher rates.

Churn rate remained industry-leading low.

Question: Calculate EBITDA for 2025 and the margin expansion in basis points.

Answer: 2517; 160 bps


Payment Solutions provider benefited from higher transaction volumes in e-commerce.

Cross-border payments grew faster than domestic.

Question: Calculate Net Margin for 2025 and gross margin expansion.

Answer: 30.9%; 3.2 pp


Department Store chain continued portfolio optimization and e-commerce investments.

Question: Calculate Operating Margin for 2025 and YoY improvement in percentage points.

Answer: 7.8%; 2.8


Semiconductor Equipment maker reported record bookings driven by AI infrastructure.

Question: Calculate backlog coverage (in months of revenue) for 2025.

Answer: 21.7 months


Utilities firm benefited from approved rate increases and renewable investments.

Regulatory environment remained constructive.

Question: Calculate EBITDA Margin and Net Margin for 2025.

Answer: 39.8%; 15.8%


Gaming and Entertainment firm launched successful new titles with strong monetization.

User engagement and monetization metrics improved.

Question: Calculate Operating Margin improvement in percentage points.

Answer: 4.5


Generic Pharmaceutical company launched several complex generics with limited competition.

Pricing pressure continued on mature portfolio.

Question: Calculate gross margin expansion and Net Income growth rate.

Answer: 4.2 pp; 61.9%


Renewable Energy developer secured attractive long-term power purchase agreements.

Question: Calculate revenue per GW and EBITDA margin for 2025.

Answer: 221.9; 59.2%


FinTech company expanded banking-as-a-service partnerships and user base.

Regulatory capital requirements remained well managed.

Question: Calculate Gross Margin and Net Margin for 2025.

Answer: 73.4%; 23.1%


Packaging solutions provider benefited from e-commerce and sustainable packaging trends.

Raw material costs moderated in second half.

Question: Calculate Operating Margin for 2025.

Answer: 14.3%


AI Software company reported accelerating adoption across enterprise customers.

Question: Calculate revenue growth (%), Operating Margin, and improvement in margin.

Answer: 69.6%; 21.8%; 15.3 pp


Next-generation infrastructure provider signed large hyperscale contracts.

Data center utilization improved steadily.

Question: Calculate Gross Margin expansion and Operating Margin for 2025.

Answer: 6.1 pp; 25.6%


Specialty retailer focused on private label expansion to improve profitability.

Same-store sales momentum improved in second half.

Question: Calculate gross margin expansion and Operating Income growth rate.

Answer: 4.2 pp; 26.2%


Offshore wind developer commissioned new projects with long-term fixed price contracts.

Government support schemes contributed to economics.

Question: Calculate revenue per GW and EBITDA margin.

Answer: 270.6; 60.9%


Global consumer electronics leader grew services revenue faster than hardware.

Question: Calculate services revenue as percentage of total and overall Operating Margin.

Answer: 23.0%; 26.3%


Healthcare provider group benefited from higher reimbursement rates and volume recovery.

Bad debt expense improved due to better patient financial screening.

Question: Calculate Operating Margin and EBITDA Margin for 2025.

Answer: 18.1%; 24.5%


Industrial automation firm reported strong orders from electric vehicle battery plants.

Question: Calculate backlog in months of trailing revenue.

Answer: 15.2 months


Life insurance company grew premiums while investment portfolio performed well.

Mortality experience was slightly elevated.

Question: Calculate investment income as % of total revenue and Net Margin.

Answer: 20.0%; 10.8%


Fast fashion retailer expanded footprint in high-growth markets while optimizing costs.

Question: Calculate total margin compression (Gross + Operating) in percentage points.

Answer: 4.5 pp


Cloud security leader expanded platform capabilities and customer base.

Net revenue retention rate remained strong.

Question: Calculate revenue growth (%) and Operating Margin improvement.

Answer: 37.2%; 10.7 pp


Steel manufacturer faced lower volumes but benefited from higher realized prices earlier in the year.

Cost control measures helped mitigate energy inflation.

Question: Calculate EBITDA Margin for both years and the contraction.

Answer: 19.9% vs 28.8%; 8.9 pp


Luxury goods conglomerate reported strong demand in key markets.

Currency translation effects impacted reported numbers.

Question: Calculate reported growth rate and currency impact in percentage points.

Answer: 13.0%; -3.2


Electric utility completed major renewable energy projects.

Question: Calculate EBITDA Margin and Net Margin for 2025.

Answer: 41.8%; 17.1%


Semiconductor foundry benefited from strong demand for advanced process nodes.

Capacity utilization was near record levels.

Question: Calculate Operating Margin and gross margin expansion.

Answer: 33.7%; 4.2 pp


Online grocery platform reached positive contribution margin milestone.

Fulfillment and delivery efficiency improved.

Question: Calculate Gross Margin for 2025 and the reduction in operating loss.

Answer: 24.5%; 440


Rail freight operator benefited from modal shift and pricing discipline.

Fuel surcharge mechanisms helped protect margins.

Question: Calculate Operating Margin and EBITDA Margin for 2025.

Answer: 22.9%; 31.0%


Biopharma company successfully commercialized its lead oncology asset.

Question: Calculate revenue multiple and profitability swing.

Answer: 3.18x; +1100


Department store chain accelerated digital transformation and store rationalization.

Question: Calculate Operating Margin and gross margin expansion.

Answer: 5.4%; 2.6 pp


Cybersecurity SaaS provider continued to expand its platform offering.

Customer retention and expansion remained robust.

Question: Calculate Operating Margin and Deferred Revenue / Revenue ratio.

Answer: 22.9%; 39.3%


Automotive supplier ramped up EV and ADAS component production.

Raw material costs stabilized after hedging.

Question: Calculate Operating Margin improvement in percentage points.

Answer: 2.1


Beverage company expanded zero-sugar and functional drink categories.

Emerging market volume growth was strong.

Question: Calculate Operating Margin for 2025 and YoY change.

Answer: 22.4%; +0.8 pp


Chip design company licensed new AI IP to multiple partners.

Question: Calculate royalty contribution % and total revenue growth rate.

Answer: 26.5%; 33.0%


Airport services company benefited from recovery in international travel.

Non-aeronautical revenue per passenger increased.

Question: Calculate revenue per passenger and EBITDA margin.

Answer: 25.73; 54.8%


Enterprise software vendor accelerated cloud migration of customer base.

Question: Calculate cloud revenue as % of total and Operating Margin improvement.

Answer: 67.9%; 4.2 pp


Commodity chemical company benefited from favorable supply-demand balance.

Question: Calculate EBITDA Margin and Net Margin for 2025.

Answer: 25.2%; 12.6%


Fitness company expanded digital subscription offerings successfully.

Churn rate declined due to improved engagement.

Question: Calculate subscription revenue mix % and Operating Margin.

Answer: 78.5%; 21.8%


Defense contractor secured multi-year government programs.

Question: Calculate backlog coverage in years of 2025 revenue.

Answer: 2.28 years


Real estate brokerage benefited from lower interest rates and higher transaction volumes.

Question: Calculate revenue growth rate (%) and Operating Margin.

Answer: 62.7%; 18.1%


Solar manufacturer faced industry-wide pricing pressure despite capacity expansion.

Technology improvements helped partially offset ASP decline.

Question: Calculate revenue per GW and gross margin contraction.

Answer: 198.9; 6.2 pp


Asset management firm saw strong AUM growth from market performance and inflows.

Question: Calculate revenue yield (%) on AUM and Net Margin.

Answer: 1.29%; 45.7%


Trucking firm optimized fleet and benefited from improved freight rates.

Question: Calculate Operating Income and margin expansion.

Answer: 876.8; 3.4 pp


Luxury watchmaker maintained strong brand pricing power.

Direct-to-consumer sales channel expanded.

Question: Calculate Operating Margin for 2025.

Answer: 31.0%


Food delivery platform achieved positive EBITDA through operating leverage.

Question: Calculate Gross Margin and EBITDA swing from prior year.

Answer: 31.7%; +1100


Industrial gas supplier benefited from semiconductor and healthcare demand.

Energy cost pass-through protected margins.

Question: Calculate EBITDA Margin and Net Margin.

Answer: 29.5%; 13.5%


Pet care company grew through organic expansion and strategic acquisitions.

Question: Calculate total reported growth rate and implied acquisition contribution.

Answer: 26.4%; ~18.0 pp


Telecom tower company continued 5G densification program.

Question: Calculate revenue per site ($000) and EBITDA margin expansion.

Answer: 53.72; 1.6 pp


Apparel brand successfully executed DTC transformation strategy.

Inventory discipline improved significantly.

Question: Calculate Operating Margin and gross margin expansion.

Answer: 12.5%; 2.7 pp


Battery technology company scaled gigafactory output.

Question: Calculate revenue per GWh and gross margin improvement.

Answer: 163.1; 12.4 pp


Regional bank focused on commercial lending and fee-based services.

Question: Calculate fee income contribution % and Net Income growth rate.

Answer: 24.4%; 44.9%


Gaming hardware company launched successful next-gen console.

Software attach rates and services revenue grew.

Question: Calculate services revenue as percentage of total revenue.

Answer: 44.2%


Water utility benefited from approved rate cases and infrastructure spending.

Question: Calculate EBITDA Margin and Net Margin.

Answer: 53.8%; 29.5%


HR technology platform expanded into adjacent payroll and benefits services.

Question: Calculate revenue growth rate and Operating Margin.

Answer: 37.2%; 29.0%


Aluminum producer benefited from automotive and aerospace demand.

Energy efficiency initiatives helped margins.

Question: Calculate EBITDA Margin.

Answer: 25.2%


Digital advertising company adapted to privacy changes and shifted toward performance marketing.

Question: Calculate Operating Margin for both years and expansion.

Answer: 24.5% vs 20.7%; 3.8 pp


Marine transportation company benefited from nearshoring trends.

Question: Calculate Operating Margin improvement.

Answer: 12.1 pp


Medical imaging company launched AI-enhanced diagnostic systems.

Service and consumables revenue provided stability.

Question: Calculate service revenue mix % and overall Operating Margin.

Answer: 39.7%; 20.3%


Discount retailer continued aggressive expansion into new territories.

Private label sales penetration increased.

Question: Calculate Operating Margin for 2025.

Answer: 7.7%


Quantum computing software firm achieved initial commercial traction.

Question: Calculate revenue growth multiple and improvement in operating loss.

Answer: 4.94x; 240


Packaging company benefited from e-commerce demand for protective packaging.

Sustainability initiatives supported customer wins.

Question: Calculate EBITDA Margin.

Answer: 21.4%


Vertical SaaS provider for restaurants expanded into supply chain tools.

Question: Calculate revenue growth and Operating Margin.

Answer: 43.1%; 29.5%


Cement producer benefited from infrastructure boom in key markets.

Energy efficiency programs delivered cost savings.

Question: Calculate EBITDA Margin and Net Margin.

Answer: 24.5%; 13.4%


Online education platform focused on professional upskilling courses.

AI-powered learning features improved outcomes.

Question: Calculate Operating Margin for 2025.

Answer: 32.3%


Shipbuilder secured large orders for LNG and offshore vessels.

Question: Calculate backlog coverage in years of revenue.

Answer: 2.95 years


Beauty company launched successful new skincare and cosmetic lines.

Question: Calculate Operating Margin.

Answer: 25.2%


Freight forwarder managed resilient global trade volumes effectively.

Question: Calculate Operating Margin improvement assuming 2024 margin was 6.5%.

Answer: 7.0 pp


Diagnostic laboratory expanded at-home and direct-to-consumer testing.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 4.4 pp; 18.1%


Renewable natural gas producer scaled operations from multiple feedstocks.

Carbon credit monetization added revenue stream.

Question: Calculate revenue per MMBTU and EBITDA margin.

Answer: 43.51; 54.8%


Enterprise CRM provider continued successful cloud transition.

AI capabilities drove higher deal sizes.

Question: Calculate Operating Margin for both years and expansion.

Answer: 31.7% vs 26.8%; 4.9 pp


Casual dining chain optimized menu engineering and supply chain.

Question: Calculate Operating Income and margin expansion.

Answer: 360.6; 3.4 pp


Nuclear technology developer advanced SMR projects with government support.

Question: Calculate revenue growth rate and improvement in operating performance.

Answer: 119%; 240


Luxury automotive OEM maintained strong pricing discipline.

EV transition progressed with new model launches.

Question: Calculate revenue per vehicle ($000) and EBIT margin expansion.

Answer: 240.35; 1.2 pp


Logistics REIT achieved record occupancy with build-to-suit developments.

Lease escalations provided organic growth.

Question: Calculate NOI Margin.

Answer: 74.4%


Digital payment infrastructure firm expanded into new geographies.

Question: Calculate revenue growth, gross margin expansion, and Net Margin.

Answer: 47.3%; 3.2 pp; 31.0%


Specialty materials supplier served aerospace and EV sectors.

Technical differentiation supported pricing power.

Question: Calculate EBITDA Margin.

Answer: 30.9%


Movie theater chain benefited from strong Hollywood releases.

Concession spend per patron reached record levels.

Question: Calculate revenue per admission and EBITDA margin.

Answer: 12.91; 33.7%


Industrial software company expanded digital twin and predictive maintenance offerings.

Question: Calculate Operating Margin improvement.

Answer: 10.2 pp


Frozen food manufacturer expanded plant-based product lines.

Both retail and foodservice channels performed well.

Question: Calculate Operating Margin for both years.

Answer: 17.0% vs 15.4%


Satellite communications company expanded LEO constellation coverage.

Enterprise and government segments drove growth.

Question: Calculate revenue growth rate and EBITDA margin.

Answer: 68.8%; 33.7%


Toy manufacturer benefited from strong licensed movie tie-ins.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 3.2 pp; 29.5%


Regional airline maintained capacity discipline in competitive market.

Question: Calculate Operating Income and margin expansion.

Answer: 1013.8; 5.2 pp


Precision agriculture technology company expanded autonomous solutions.

Question: Calculate subscription mix % and Operating Margin.

Answer: 43.5%; 23.9%


Textile manufacturer shifted portfolio toward technical and sustainable fabrics.

Demand from industrial clients remained robust.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 3.2 pp; 15.9%


Music streaming service improved royalty economics through direct deals.

Question: Calculate Operating Margin.

Answer: 19.9%


Warehouse automation provider secured large contracts with major retailers.

Question: Calculate backlog coverage in months.

Answer: 21.8 months


Vitamin and supplement company benefited from rising health awareness.

Direct and e-commerce channels performed strongly.

Question: Calculate Operating Margin for both years and improvement.

Answer: 29.5% vs 25.4%; 4.1 pp


Advanced robotics company expanded applications into new industrial segments.

Software and recurring revenue mix increased.

Question: Calculate revenue growth rate and Operating Margin.

Answer: 50.2%; 22.9%


Aerospace components supplier benefited from commercial aircraft recovery.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 2.6 pp; 17.1%


Online marketplace expanded into new categories and geographies.

Take rate improved slightly with value-added services.

Question: Calculate take rate (%) and Net Margin for 2025.

Answer: 11.9%; 21.6%


Mortgage lender benefited from rate environment shift in late 2025.

Question: Calculate revenue growth (%) and Operating Margin.

Answer: 69.6%; 32.3%


Sustainable packaging converter won major brand conversions.

Recycled content usage helped cost structure.

Question: Calculate gross margin expansion and Operating Margin.

Answer: 3.6 pp; 18.1%


Video streaming platform continued subscriber growth while optimizing content spend.

Password sharing reduction contributed positively.

Question: Calculate Operating Margin for both years and expansion.

Answer: 18.6% vs 13.5%; 5.1 pp


Heavy equipment dealer grew aftermarket parts and service revenue strongly.

New machine sales slowed due to financing costs.

Question: Calculate aftermarket revenue contribution % and Operating Margin.

Answer: 45.5%; 18.1%


Generic pharma firm navigated pricing pressure through new product launches.

Vertical integration initiatives supported margins.

Question: Calculate gross margin expansion and Net Income growth despite lower revenue.

Answer: 3.8 pp; 35.3%


Airport retail and services operator benefited from strong passenger recovery.

Duty-free sales per passenger increased.

Question: Calculate revenue per passenger and EBITDA margin.

Answer: 41.67; 43.5%


Enterprise software firm migrated more customers to SaaS model.

Maintenance revenue declined as percentage of total.

Question: Calculate Operating Margin for 2025.

Answer: 31.0%


Memory semiconductor company faced inventory correction but AI demand emerged.

Pricing began stabilizing toward year end.

Question: Calculate gross margin contraction and revenue decline percentage.

Answer: 6.6 pp; 21.5%


Hotel REIT achieved strong RevPAR growth across portfolio.

Question: Calculate revenue growth rate and EBITDA Margin expansion.

Answer: 16.4%; 4.4 pp


Cloud infrastructure provider added major hyperscale clients.

Utilization rates across data centers improved.

Question: Calculate Operating Margin for 2025 and YoY improvement.

Answer: 28.8%; 6.1 pp


Retail bank continued digital transformation and branch optimization.

Question: Calculate Cost-to-Income ratio and Net Income growth.

Answer: 53.4%; 20.3%


Medical device company launched innovative new implant technology.

Pricing pressure increased in developed markets.

Question: Calculate Gross Profit growth and whether R&D intensity decreased.

Answer: 18.4%; Yes


Steel producer navigated volatile raw material and energy prices.

Export markets provided growth opportunities.

Question: Calculate EBITDA Margin for both years and the change.

Answer: 19.9% vs 22.5%; -2.6 pp


Online marketplace continued category expansion.

Seller services and advertising revenue grew.

Question: Calculate take rate (%) and Net Margin.

Answer: 11.9%; 21.6%


Railway operator benefited from higher freight volumes and successful pricing.

Maintenance spending remained disciplined.

Question: Calculate Operating Margin and EBITDA Margin.

Answer: 25.8%; 36.9%


Cybersecurity firm reported strong subscription bookings.

Deferred revenue balance increased substantially.

Question: Calculate subscription growth rate and deferred revenue coverage ratio.

Answer: 43.7%; 0.44x


Automotive supplier ramped up EV powertrain component production.

Question: Calculate Operating Margin improvement.

Answer: 2.1 pp


Beverage company successfully executed premiumization strategy.

Emerging markets drove majority of growth.

Question: Calculate Operating Margin and improvement.

Answer: 22.4%; 0.8 pp


Chip IP licensing company benefited from AI accelerator demand.

Question: Calculate royalty contribution percentage and total growth rate.

Answer: 26.5%; 33.0%


Airport operator benefited from full recovery in passenger traffic.

Non-aeronautical revenue per passenger increased.

Question: Calculate revenue per passenger and EBITDA margin.

Answer: 25.73; 54.8%


Logistics REIT delivered strong operational performance.

Question: Calculate NOI Margin.

Answer: 73.8%


Media conglomerate grew streaming while managing linear TV decline.

Question: Calculate streaming contribution % and EBITDA margin.

Answer: 54.9%; 25.0%


Construction equipment manufacturer saw strong replacement demand.

Question: Calculate Operating Income and backlog months.

Answer: 1457.8; 7.8 months


Generic drug manufacturer executed successful product launches.

Pricing erosion continued on base portfolio.

Question: Calculate gross margin expansion and Net Income growth.

Answer: 4.2 pp; 61.9%


Renewable developer completed several large wind and solar projects.

Question: Calculate revenue per GW and EBITDA margin.

Answer: 221.9; 59.2%


Financial technology firm expanded BaaS partnerships.

Question: Calculate Gross Margin and Net Margin.

Answer: 73.4%; 23.1%


Packaging company benefited from e-commerce tailwinds.

Sustainable packaging demand supported pricing.

Question: Calculate Operating Margin for both years.

Answer: 14.3% (flat)


AI software firm reported strong enterprise adoption.

Question: Calculate revenue growth, Operating Margin, and margin improvement.

Answer: 69.6%; 21.8%; 15.3 pp


Hyperscale data center developer signed several large contracts.

Question: Calculate Gross Margin, Operating Margin, and deferred revenue growth.

Answer: 75.9%; 25.6%; 69.6%


Mid-sized bank expanded wealth management while managing deposit costs.

Question: Calculate contribution of lower provisions to Net Income growth.

Answer: 8.7 pp


Specialty retailer improved private label penetration.

Question: Calculate gross margin expansion and Operating Income growth.

Answer: 4.2 pp; 26.2%


Offshore wind developer brought new capacity online.

Long-term contracts provided revenue visibility.

Question: Calculate revenue per GW and EBITDA margin.

Answer: 270.6; 60.9%


Global electronics leader grew services and software revenue mix.

Hardware margins faced competitive pressure.

Question: Calculate services mix % and overall Operating Margin.

Answer: 23.0%; 26.3%


Healthcare services provider benefited from volume recovery and rate increases.

Question: Calculate Operating Margin and EBITDA Margin.

Answer: 18.1%; 24.5%


Industrial automation supplier saw strong AI and EV related demand.

Question: Calculate backlog coverage in months.

Answer: 15.2 months


Insurance firm managed elevated claims while investment income performed well.

Question: Calculate investment income contribution % and Net Margin.

Answer: 20.0%; 10.8%


Fast fashion brand optimized inventory and expanded in high-growth regions.

Margin pressure from promotional activity.

Question: Calculate total margin compression.

Answer: 4.5 pp


Cloud security leader maintained strong customer retention and expansion.

Question: Calculate revenue growth rate and Operating Margin improvement in percentage points.

Answer: 37.2%; 10.7


AeroDynamics Inc. benefited from strong commercial aircraft deliveries but faced supply chain cost pressures.

The company increased R&D spending on next-generation propulsion systems.

Question: Calculate the 2025 gross margin and determine how much the backlog growth contributed to implied future revenue visibility as a percentage of 2025 revenue.

Answer: 24.1; 365


BioVita Pharmaceuticals saw rapid adoption of its oncology portfolio while legacy drugs declined.

Royalty income from licensing deals reached a record high.

Question: What was the YoY Net Income growth rate? If R&D intensity increased, by how many percentage points did the Net Margin expand?

Answer: 35.5; 2.1


Global Retail Corp. faced intense promotional activity and rising logistics costs due to e-commerce shift.

Same-store sales turned positive in H2 after a weak start.

Question: Calculate the operating income for 2025 and the margin compression in percentage points.

Answer: 2206.6; 1.1


FinCore Bank enjoyed higher net interest margins from rate hikes but increased provisions in Q4.

Fee income grew strongly in wealth management.

Question: What percentage of 2025 Net Income growth came from Net Interest Income expansion? Also compute overall NIM improvement assuming average assets of $285B in 2025.

Answer: 68.4; 0.31


GreenEnergy Solutions reported higher renewable capacity additions but lower realized prices per MWh.

Question: Calculate revenue per GW and the YoY change.

Answer: 289.2; -12.4


Luxury Brands Group saw strong demand in Asia but faced currency headwinds in Europe.

The company completed the acquisition of a premium watchmaker contributing $420M revenue.

Question: Calculate total reported revenue growth rate and the contribution of acquisition to growth in percentage points.

Answer: 15.0; 3.9


CloudSoft Inc. reported robust subscription growth with improving retention rates.

Deferred revenue balance increased significantly.

Question: What was the subscription revenue growth rate and the implied remaining performance obligation growth?

Answer: 26.4; 37.6


AutoParts Ltd. benefited from EV component demand while traditional ICE parts declined.

Question: Calculate 2025 operating margin and the YoY change in percentage points.

Answer: 12.5; -2.4


Consumer Staples Co. maintained pricing power despite volume pressure in emerging markets.

Question: What was the operating margin in 2025 and the improvement from 2024?

Answer: 20.2; 0.7


Semicon Dynamics faced inventory correction in consumer electronics but grew in automotive and AI.

CapEx remained elevated for new wafer fab.

Question: Calculate gross margin for both years and FCF as percentage of revenue in 2025.

Answer: 45.1 vs 46.4; 14.9


Heavy Machinery Inc. saw strong mining equipment demand but agricultural segment weakened due to lower commodity prices.

The company announced a $1.2B share repurchase program.

Question: Calculate 2025 Operating Margin and EPS. What was the YoY EPS growth rate?

Answer: 17.9; 7.86; 24.1


MediTech Solutions reported strong hospital equipment sales while consumables grew steadily.

Currency translation negatively impacted European revenue.

Question: Calculate Gross Margin % for 2025 and the EBITDA margin improvement in percentage points.

Answer: 61.3; 1.4


Regional Bank Corp benefited from higher loan yields but deposit costs rose sharply in H2.

Non-performing loans ratio improved to 0.8%.

Question: What percentage of Net Income growth came from reduced provisions? Calculate overall growth rate.

Answer: 31.7; 40.8


SolarTech Power added significant new capacity but faced lower power purchase agreement prices.

Question: Calculate revenue per GW for both years and the percentage decline.

Answer: 147.6 vs 160.7; -8.1


Fashion Retail Group saw strong performance in premium segment while fast fashion slowed.

Inventory turnover improved due to better demand forecasting.

Question: Calculate Gross Margin and Operating Margin for 2025. Did operating margin expand or contract?

Answer: 46.1; 11.0; contracted by 0.8 pp


DataCenter REIT reported higher occupancy and successful rent escalations across portfolio.

Acquired three new facilities contributing $180M annualized revenue.

Question: Calculate NOI Margin for 2025 and the contribution of acquisitions to revenue growth in percentage points.

Answer: 78.5; 10.1


Consumer Electronics Co. faced intense competition and higher component costs from new tariffs.

Question: Calculate Operating Income for both years and the total margin compression.

Answer: 2788 vs 2932; 2.4 pp


Insurance Holdings saw premium growth but higher claims from natural catastrophes.

Investment income benefited from higher yields.

Question: Calculate Combined Ratio for 2025 and the impact of investment income on bottom line.

Answer: 84.3; 260


Software-as-a-Service leader maintained high growth with improving rule-of-40 score.

Net revenue retention rate reached 118%.

Question: Calculate YoY Revenue growth and Operating Margin improvement in percentage points.

Answer: 35.4; 6.1


Food & Beverage Corp implemented price increases to offset raw material inflation.

Volume growth was negative in North America but strong in Asia.

Question: Calculate Gross Margin % and Operating Margin % for 2025.

Answer: 41.0; 17.1


Industrial Chemicals experienced strong pricing in specialty segment while volumes declined in commodities.

Question: Calculate EBITDA Margin for both years and the Net Income growth rate.

Answer: 18.5 vs 15.1; 30.8


Luxury Auto Manufacturer reported record deliveries of electric models.

Average selling price increased due to higher mix of premium trims.

Question: Calculate revenue per vehicle ($k) for 2025 and EBIT Margin.

Answer: 57.11; 13.5


Telecom Operator faced declining legacy voice revenue but grew 5G subscriptions strongly.

Question: Calculate total revenue growth and EBITDA margin for 2025.

Answer: 3.1; 31.9


Asset Manager benefited from higher assets under management due to strong market performance.

Performance fees were exceptionally high in 2025.

Question: What percentage of revenue growth came from performance fees? Calculate Net Margin expansion.

Answer: 58.3; 3.2


Logistics and Shipping company benefited from normalized freight rates after 2024 volatility.

Fuel costs declined due to hedging and efficiency gains.

Question: Calculate Operating Margin for both years and the improvement.

Answer: 13.5 vs 6.6; 6.9 pp


Biotech startup turned profitable for the first time after successful drug launch.

R&D expenses remained high for pipeline development.

Question: Calculate the revenue growth rate and the swing in profitability.

Answer: 100; 620


Department Store Chain continued store optimization program while growing e-commerce.

Comparable sales growth turned positive after three years.

Question: Calculate 2025 Operating Margin and the YoY improvement.

Answer: 7.8; 2.8


Semiconductor Equipment maker saw record orders from AI chip manufacturers.

Book-to-bill ratio remained above 1.2 throughout the year.

Question: Calculate backlog coverage in months of 2025 revenue.

Answer: 21.7


Utilities company benefited from rate base growth and favorable regulatory decisions.

Question: Calculate EBITDA Margin and Net Margin for 2025.

Answer: 39.8; 15.8


Gaming and Entertainment company launched two major titles with strong pre-orders.

User engagement metrics improved significantly.

Question: Calculate Operating Margin for both years and the expansion.

Answer: 31.0 vs 26.5; 4.5 pp


PharmaCorp faced patent expiration on its blockbuster drug but launched two new high-margin therapies.

R&D spend as % of revenue declined due to cost optimization.

Question: Calculate Gross Margin % and Net Margin % for 2025. Did Net Margin expand despite revenue decline?

Answer: 68.9; 21.8; Yes, expanded by 2.1 pp


Commercial Bank saw robust loan growth in corporate segment while retail deposits remained stable.

Net Interest Margin expanded 28 basis points.

Question: Calculate loan growth rate and contribution of NIM expansion to Net Interest Income growth.

Answer: 15.1; 41


EV Manufacturer scaled production significantly but faced raw material volatility.

Average selling price declined due to increased competition.

Question: Calculate revenue per vehicle in 2025 ($k) and the gross margin contraction in percentage points.

Answer: 36.47; 4.2


Tech Hardware leader benefited from AI server demand while PC segment declined.

Inventory levels normalized by year end.

Question: Calculate Gross Margin and Operating Margin for 2025.

Answer: 26.9; 12.3


Real Estate Investment Trust achieved higher occupancy and positive rent spreads.

Question: Calculate NOI Margin and the implied annualized revenue contribution from acquisitions.

Answer: 67.4; 650


Consumer Goods Co. successfully passed through commodity inflation via pricing actions.

Advertising spend increased to support new product launches.

Question: Calculate Operating Income growth rate and margin expansion.

Answer: 19.8; 1.3 pp


Airline operator recovered strongly post-pandemic with record load factors.

Fuel hedging program saved $280M in 2025.

Question: Calculate revenue growth rate and operating margin for 2025.

Answer: 26.7; 13.5


Specialty Chemical company benefited from demand in semiconductor and EV markets.

Volume growth offset pricing pressure in base chemicals.

Question: Calculate EBITDA Margin improvement and Net Income growth rate.

Answer: 3.1 pp; 35.3


Payment Processor saw strong volume growth in e-commerce and cross-border transactions.

Take-rate remained stable despite competitive pressure.

Question: Calculate revenue take-rate for 2025 (in bps) and Net Income growth.

Answer: 34.5 bps; 35.5


Industrial Conglomerate divested non-core assets while growing core aerospace and defense segments.

Question: Calculate reported revenue growth and EBIT Margin for 2025.

Answer: 7.6; 17.0


Hotel Chain operator reported strong RevPAR growth in major markets.

Occupancy rate reached pre-pandemic levels.

Question: Calculate revenue growth rate and EBITDA Margin expansion.

Answer: 15.5; 3.6 pp


Cloud Infrastructure Provider added major hyperscale customers.

Utilization rates improved across data centers.

Question: Calculate Operating Margin for 2025 and YoY improvement.

Answer: 28.8; 6.1 pp


Retail Bank focused on digital transformation while managing branch optimization.

Question: Calculate Cost-to-Income ratio for 2025 and Net Income growth.

Answer: 53.4; 20.3


Medical Device company launched next-gen implant with strong adoption.

Pricing pressure increased in developed markets.

Question: Calculate Gross Profit growth and whether R&D intensity decreased.

Answer: 18.4; Yes


Steel Producer benefited from higher prices in early 2025 but volumes declined in H2.

Energy efficiency initiatives reduced costs.

Question: Calculate EBITDA Margin for both years and the decline.

Answer: 19.9 vs 22.5; 2.6 pp


Online Marketplace expanded into new categories and geographies.

Take rate improved slightly due to premium services.

Question: Calculate take rate (%) for 2025 and Net Margin.

Answer: 11.9; 21.6


Railway operator benefited from higher freight volumes and successful pricing negotiations.

Question: Calculate Operating Margin and EBITDA Margin for 2025.

Answer: 25.8; 36.9


Cybersecurity firm reported strong subscription bookings and high renewal rates.

Question: Calculate subscription growth rate and current ratio of deferred revenue to annual subscription revenue.

Answer: 43.7; 0.44


Automotive Supplier saw strong demand for EV powertrain components.

Raw material costs stabilized after 2024 spikes.

Question: Calculate Operating Margin improvement and overall operating leverage.

Answer: 2.1 pp; strong


Beverage Company expanded zero-sugar portfolio successfully.

Emerging markets contributed 58% of revenue growth.

Question: Calculate Operating Margin for 2025 and the YoY improvement.

Answer: 22.4; 0.8 pp


Chip Design company licensed new AI accelerator IP to multiple foundries.

Question: What percentage of 2025 revenue came from royalties? Calculate total growth rate.

Answer: 26.5; 33.0


Regional Airport Operator saw passenger traffic recover fully with new international routes.

Non-aeronautical revenue per passenger increased.

Question: Calculate revenue per passenger ($) and EBITDA margin for 2025.

Answer: 25.73; 54.8


Logistics REIT achieved high occupancy with new warehouse deliveries.

Question: Calculate NOI Margin and implied rental growth contribution.

Answer: 73.8; strong


Media Conglomerate benefited from streaming subscriber growth but faced linear TV decline.

Question: Calculate streaming contribution to total revenue (%) and EBITDA margin.

Answer: 54.9; 25.0


Construction Equipment maker saw strong replacement demand in North America.

Question: Calculate Operating Income for 2025 and backlog in months of revenue.

Answer: 1457.8; 7.8


Generic Pharma company launched several new products after successful ANDA approvals.

Pricing erosion continued on older molecules.

Question: Calculate Gross Margin expansion and Net Income growth rate.

Answer: 4.2 pp; 61.9


Renewable Energy Developer completed several large wind and solar projects.

Power Purchase Agreements secured at attractive rates.

Question: Calculate revenue per GW and EBITDA margin for 2025.

Answer: 221.9; 59.2


Financial Technology company expanded into banking-as-a-service partnerships.

Question: Calculate Gross Margin and Net Margin for 2025.

Answer: 73.4; 23.1


Packaging Company benefited from e-commerce demand and sustainable packaging shift.

Question: Calculate Operating Margin for both years and the improvement.

Answer: 14.3 vs 14.3; flat


AI Software company reported accelerating enterprise adoption and multi-year contracts.

Sales and marketing efficiency improved significantly.

Question: Calculate revenue growth rate, Operating Margin for 2025, and the improvement.

Answer: 69.6; 21.8; 15.3 pp


NextGen AI Infrastructure company signed several large multi-year hyperscaler contracts.

Utilization rate of existing data centers improved to 82%.

Question: Calculate 2025 Gross Margin, Operating Margin, and the growth rate of deferred revenue.

Answer: 75.9; 25.6; 69.6


Mid-sized Commercial Bank expanded its wealth management division while facing margin pressure on deposits.

Loan loss provisions remained low due to strong credit quality.

Question: Calculate the contribution of lower provisions to YoY Net Income growth in percentage points.

Answer: 8.7


Specialty Retailer shifted focus toward private label brands with higher margins.

Same-store sales growth accelerated in Q4.

Question: Calculate Operating Income for both years and the gross margin expansion in percentage points.

Answer: 1547.5 vs 1226.3; 4.2


Offshore Wind Developer commissioned several new projects in the North Sea.

Government subsidies contributed to revenue recognition.

Question: Calculate revenue per GW and EBITDA margin for 2025.

Answer: 270.6; 60.9


Global Consumer Electronics leader faced intense competition in smartphones but grew in wearables.

Services revenue continued its strong double-digit growth.

Question: Calculate services revenue as % of total and overall operating margin for 2025.

Answer: 23.0; 26.3


Regional Healthcare Provider benefited from higher reimbursement rates and outpatient volume growth.

Bad debt expense decreased due to improved collection processes.

Question: Calculate Operating Margin and EBITDA Margin for 2025.

Answer: 18.1; 24.5