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Discover the signals that matter. At Recursive Gains, we break down businesses from first principles, track red flags, and compound clarity — not confusion.

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Q3 2026 · NYSE · Nov 14, 2026

NU Nu's Net Income Grew Nearly as Fast as Revenue. Pretax Profit Didn't.

Nu Holdings' third quarter of 2026 delivered a record $1,091.6 million net income, up 39.5% year-over-year - almost exactly matching revenue's own 39.5% growth - but pretax profit grew only 21.0%. Every cost line in between grew faster than revenue (credit losses +70.7% year-over-year, operating expenses +54.7%), and the gap to net income was closed only by a tax bill that fell 22.4% in dollar terms even as pretax profit rose; elsewhere in the filing, a counterparty's liquidation forced a $132.8 million impairment the press release never mentions, and the CEO received a new $200 million restricted-share award days after the quarter closed.

Q3 2026 · PSE · Nov 14, 2026

GCASH In Q3, Lending's Gross Profit Exceeded the Whole Company's Operating Profit

GCash's Q3 2026 operating profit rose 31.4% and net profit 43.3%, but lending's gross profit of P5,716.2 million now exceeds the whole company's operating profit, because in the quarter the payments business fell short of operating costs. Over nine months three-quarters of the rise in net profit came from below the operating line, and the loan book took P33.1 billion out of operating cash flow.

Q3 2026 · IDX · Nov 13, 2026

BBRI Profit Rose 16% on Cost Cuts and Lower Provisions, Not Revenue Growth

BRI's standalone Q3 2026 net interest and insurance income fell 1.17% YoY to Rp37,814,138 million, yet net income attributable to owners still grew 16.01% YoY to Rp16,823,595 million, because operating costs and loan-loss provisions fell faster than revenue did. Bank-only capital adequacy rose to 20.62% from Q2 2026's 19.35% - its first quarterly increase after three straight declines - because no further 2026 dividend was deducted between June and September, even though it remains below a year earlier.

Q3 2026 · IDX · Nov 8, 2026

AMRT Why Won't the Filing Explain the Family's Sudden 11-Point Stake Drop?

PT Sumber Alfaria Trijaya Tbk's 9M 2026 financial statements show net revenue up 7.21%, but the quarter standing alone tells a different story: revenue grew while operating income fell 13.52% and net income fell 12.40%, as costs outgrew the business. The bigger surprise sits in the share-ownership table: the controlling shareholder's stake fell to 38.90% from 50.19% as a newly-appeared holder took 14.04%, with no explanation anywhere in the filing.

Q3 2026 · NASDAQ · Nov 8, 2026

MELI The Credit Card Book Isn't the Problem. The Consumer Loans Are.

MercadoLibre's Q3 2026 10-Q shows net revenue crossing $10.75 billion (+45.1% reported, +40.8% FX-neutral) but operating margin falling for a third straight quarter to 6.3%, with credit-quality deterioration concentrated in Consumer loans, not the faster-growing credit-card book. Two loan-quality ratios "roughly flat" as recently as FY2025 have now moved for two quarters running, and the Brazil-Argentina tax dispute's new legal strategy already lost its first ruling, with tax exposure growing to $768 million from $622 million.

Q3 2026 · IDX · Nov 8, 2026

DNET Net Income Fell 22%. FiberStar's Own Profit Turned Negative.

PT Indoritel Makmur Internasional's nine-month 2026 net income fell 22.2% year-over-year as associate profit fell 12.5% and MAP, its consolidated fiber-optic subsidiary (FiberStar), swung from a pre-tax profit to a pre-tax loss - not shown in the headline operating-income line. The Company also fully drew a new Rp2 trillion unsecured loan and, within days, placed nearly all of it into a new private fund, while the market's implied Indomaret valuation stayed close to the high the H1 2026 post found.

Q3 2026 · NASDAQ · Nov 8, 2026

LYFT A Six-Year-Old Lawsuit Settlement Just Erased the Quarter's Profit

Lyft's Q3 2026 10-Q reports record Active Riders, Rides and Gross Bookings, with Adjusted EBITDA up 46.8% to $203.9 million. But GAAP operating income and net income both swung to losses, almost entirely because of a $117.9 million charge tied to a newly disclosed $272.5 million settlement of a six-year-old California driver-misclassification lawsuit that is still awaiting court approval.

Q3 2026 · NSE · Nov 6, 2026

BHARTIARTL Africa's Growth Rate Fell 8 Points. In Constant Currency, It Didn't Move.

Bharti Airtel's Mobile Services Africa segment revenue growth cooled from 45.4% YoY to 37.6% YoY in rupees this quarter, but in constant currency growth barely moved (21.1% to 20.6%) - the rupee figure is mostly a currency effect, not a business slowdown. Airtel Money's teased London listing completed October 14, India mobile revenue crossed back above 10% YoY growth for the first time in four quarters, and founder Sunil Bharti Mittal stepped down as Board chair.