Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q3 2025
- NU Q3 2025 Nu Deliberately Grew Into Lower-Yield Assets in Q3. Its Risk-Adjusted Margin Still Went Up.Nov 20
- MELI Q3 2025 A Brazilian Court Just Handed Down a $501 Million Tax Bill - Why Isn't It in the Headlines?Nov 14
- DASH Q3 2025 DoorDash Closed the Deliveroo Acquisition Two Days After the Quarter EndedNov 13
- AMRT Q3 2025 Why Did Nine-Month Profit Fall for the First Time Outside the Pandemic?Nov 11
- CHYM Q3 2025 Why Did the Stock Fall 42% the Quarter Adjusted EBITDA Finally Turned Real?Nov 10
- ARTO Q3 2025 The Sharia Book That Collapsed in Q2 Just Grew 140% in Q3 - What Changed?Nov 07
- BHARTIARTL Q3 2025 The Distortion That Shrank Last Quarter's Headline Flipped and Inflated This OneNov 07
- GOTO Q3 2025 GoTo Raised Its Guidance and Turned Cash Flow Positive. Its Real Operating Line Slipped Back Into a LossNov 06
- BFIN Q3 2025 Credit Quality Improved Every Which Way in Q3 - So Why Did Two of Three Segments' Profit Crater?Nov 06
- BBRI Q3 2025 Credit Costs Are Falling. Profit Still Isn't Recovering.Nov 05
- LYFT Q3 2025 Lyft's Founders Voluntarily Converted Their Last Class B Shares to Class A, Ending Its Dual-Class StructureNov 05
- BBCA Q3 2025 Is a 26% Stock Slide Bigger Than the Actual Slowdown?Nov 05
- CPNG Q3 2025 The Buyback Finally Executed - Right as the Record Margins Cooled OffNov 04
- UBER Q3 2025 Uber's Net Income Hits $6.6 Billion on a Second Straight Tax Valuation Release - This Time the NetherlandsNov 04
- GRAB Q3 2025 Grab Raised Guidance Twice This Year - Then Went Quiet On Capital Returns AgainNov 04
- BMRI Q3 2025 Mandiri's Profit Fell Again in Q3 - But This Time It Wasn't Promotion SpendingNov 04
- JIOFIN Q3 2025 The Quarter the Lending Book Grew 12xNov 04
- PAYTM Q3 2025 The Payment Aggregator License Is Finally Back - So Why Did Profit Crater 90%?Nov 04
- ETERNAL Q3 2025 Revenue Nearly Doubled in a Quarter — Was Any of That Growth Real?Oct 30
- SWIGGY Q3 2025 For the First Time, the Loss Shrank From Last Quarter. It's Also Asking For More Cash It Says It Isn't Needed.Oct 30
- SUPERBANK Q3 2025 Superbank's Loan-to-Deposit Ratio Finally Eased - Right As a Shareholder Quietly Reshuffled Its StakeOct 20
- BIRD Q3 2025 Revenue Rose 8.5% This Quarter - So Why Did Profit Fall 15%?Sep 30
Q2 2025
- DHER Q2 2025 Delivery Hero Finally Posted a Profitable Operating Result - So Why Is a €860 Million Spain Liability Still Unrecognized?Sep 15
- SE Q2 2025 Sea Just Posted Its Best Quarter Ever. Its $86 Million Settlement Still Hasn't Come Up on a Call.Aug 25
- SEABANK Q2 2025 SeaBank's Return on Equity Just Doubled - But Deposits Are Growing Faster Than Its Balance Sheet Can AbsorbAug 25
- NU Q2 2025 Nu's Margin Just Compressed on Funding Costs, Not Credit Risk. That's a Different Story.Aug 20
- MELI Q2 2025 MELI's Stock Doubled in Two Years - So Why Did Net Income Just Fall?Aug 20
- SUPERBANK Q2 2025 Superbank Is Profitable Again - By Lending Out Almost Every Rupiah It Takes InAug 19
- ADYEN Q2 2025 Take Rate Finally Rose — But Is It a Real Reversal or Just One Customer Shrinking?Aug 19
- BBCA Q2 2025 Q1's Deposit Rally Didn't Last - So Was the LDR Squeeze Ever Actually Easing?Aug 18
- CPNG Q2 2025 Record Margins, a Record Stock Price, and a Buyback Still Sitting UntouchedAug 11
- CHYM Q2 2025 A $923 Million Quarterly Loss That Isn't What It Looks LikeAug 08
- DASH Q2 2025 DoorDash Took On Its First-Ever Debt to Fund a $2.8 Billion Bid for DeliverooAug 07
- UBER Q2 2025 Uber's Operating Income Rises 82% to $1,450 Million - A New Quarterly HighAug 06
- GOTO Q2 2025 Why Did GoTo's Stock Crash 30% in Its Best Quarter Yet?Aug 06
- BMRI Q2 2025 Mandiri's Profit Just Fell 18% in a Single Quarter - So Why Is There No Segment Note to Explain It?Aug 06
- LYFT Q2 2025 Lyft Posted a Second Positive Quarter of GAAP Operating Income, and Doubled Its Buyback Authorization to $750 MillionAug 06
- AMRT Q2 2025 Why Did Growth Vanish the Moment Q1 Ended?Aug 05
- ARTO Q2 2025 The Strong Operating Cash Flow Quarter Didn't Last EitherAug 04
- BHARTIARTL Q2 2025 The Cleanest Quarter in Years Made the Headline Growth Number Look SmallerAug 04
- BFIN Q2 2025 A 3-Year Treasury Overhang Just Got Cancelled - Right as Credit Quality Hit a Multi-Year HighAug 04
- BBRI Q2 2025 The Cost Problem Vanished - So Why Is Profit Still Falling?Aug 04
- ETERNAL Q2 2025 Revenue Jumped 23% in a Quarter — So Why Did Net Income Fall a Fifth Straight Time?Aug 04
- SWIGGY Q2 2025 Instamart's Breakeven Guidance Finally Held Still. Everything Else Slowed Down To Get There.Jul 31
- GRAB Q2 2025 Grab Finished Its Buyback With Borrowed Money - Is That Capital Discipline?Jul 31
- PAYTM Q2 2025 Is the First-Ever Profitable Quarter Real, or Just a Weak Base Comparison?Jul 22
- JIOFIN Q2 2025 The 4% Profit 'Growth' That's Actually a Bargain-Purchase Accounting GainJul 17
- BIRD Q2 2025 Debt-to-Equity Just Crossed 0.50x - Does the Profit Growth Make Up for It?Jun 30
Q1 2025
- SUPERBANK Q1 2025 Superbank's First Profitable Quarter Came With Its Loan-to-Deposit Ratio Falling by HalfJun 06
- SE Q1 2025 Sea Had Its First Real Chance to Address an $86 Million Settlement. It Talked About a Rebrand Instead.May 27
- BHARTIARTL Q1 2025 The Investor Deck Rewrote Last Year's Numbers. Real EBITDA Was 11% Lower.May 20
- MELI Q1 2025 MELI's Credit Book Grew 75% - So Why Did Free Cash Flow Go Negative?May 19
- ETERNAL Q1 2025 The Best Fiscal Year Ever — So Why Did Free Cash Flow Turn Negative?May 14
- NU Q1 2025 Nu's Reported Revenue Growth Just Halved. The Real Number Didn't.May 13
- SWIGGY Q1 2025 Food Delivery Finally Turned Real Money. Instamart Just Moved the Goalposts Again.May 09
- GOTO Q1 2025 Who Rewrites the Formula Behind Its Own First Profitable Year?May 08
- DASH Q1 2025 DoorDash Announced a $5 Billion Buyback - 4.5x Its Last One - Then Bought Back Zero SharesMay 08
- LYFT Q1 2025 Lyft Posted Its First-Ever Profitable First Quarter, and Bought Back $50 Million of Stock Under Its New ProgramMay 08
- AMRT Q1 2025 Why Did the Stock Fall 28% in a Quarter Every Segment Grew?May 06
- UBER Q1 2025 Uber's Operating Income More Than Doubles to $1,228 Million - Net Income Swings Back to a ProfitMay 06
- BBRI Q1 2025 Profit Fell 14% While Credit Quality Improved - So What Actually Went Wrong?May 06
- ARTO Q1 2025 Profit Grew 178% This Quarter - So Why Did the Stock Just Have Its Steepest Drop Since Q4 2022?May 06
- BFIN Q1 2025 Cost of Credit Just Erased a Year of Improvement - So Why Did Profit Still Rise 12%?May 06
- PAYTM Q1 2025 Did This Quarter Just Prove the Losses Were Never the Real Problem?May 06
- BMRI Q1 2025 Every Lending Segment Shrank Again - Is the Head Office Trick Running Out?May 06
- CPNG Q1 2025 A Material Weakness Vanished - But Nobody Actually Fixed AnythingMay 05
- BBCA Q1 2025 Is the Loan-to-Deposit Squeeze Actually Easing, or Just Taking a Seasonal Breather?May 05
- BABA Q1 2025 Profit Jumped 63%, and This Time the Filing Actually Says WhyMay 04
- GRAB Q1 2025 Grab's Cash Flow Base Grew Again - So Why Did The Stock Fall?Apr 30
- SEABANK Q1 2025 SeaBank's Loan Book Grew 10.3% in a Quarter - Its Capital Buffer Is the Thing to Watch NowApr 25
- JIOFIN Q1 2025 First Debt, First Dividend: Did FY25 Finally Turn the Story Real?Apr 17
- BIRD Q1 2025 Net Income Jumped 43% This Quarter - So Why Did the Stock Keep Falling?Mar 31
Q4 2024
- DHER Q4 2024 How Did Delivery Hero Turn a €341 Million Operating Loss Into a €3.8 Billion Cash Pile?May 06
- SEABANK Q4 2024 SeaBank's Margin Is Still Enormous. Its Return on Equity Still Isn't.Apr 25
- SUPERBANK Q4 2024 Superbank's First Full-Year Report Reveals a Rp1 Trillion Asset Sale to Its Old OwnerApr 22
- MELI Q4 2024 Net Income Nearly Doubled in 2024 - So Why Did the Company's Own Auditor Flag the Credit Book?Mar 25
- SE Q4 2024 Sea Cleared the Profitability Bar This Series Set Two Quarters Ago. Its Earnings Call Skipped the $86 Million Settlement.Mar 18
- GOTO Q4 2024 FinTech Hit Breakeven By Rp14 Billion. Is That a Real Turnaround?Mar 13
- GRAB Q4 2024 Grab's Stock Rallied 24% This Quarter - Its First Full Year Of Positive Cash Flow Didn't Keep UpFeb 20
- NU Q4 2024 Nu's Margin Just Compressed for the First Time Since Its IPO. Should That Worry You?Feb 19
- PAYTM Q4 2024 Did Paytm Just Trade Its Japanese Stake for a Year of Runway?Feb 15
- BHARTIARTL Q4 2024 Profit Jumped 505%. A Joint Venture Turning Into a Subsidiary Is Why.Feb 14
- DASH Q4 2024 DoorDash Closed Its First Full Year of GAAP Net Income - Then Let the Buyback Go Dormant AgainFeb 13
- LYFT Q4 2024 Lyft Closed 2024 With Its First Full Year of GAAP Net Income - $22.8 Million - and a New $500 Million Buyback AuthorizationFeb 12
- BMRI Q4 2024 Every Banking Segment Shrank in 2024 - So Why Did Profit Still Grow?Feb 10
- CPNG Q4 2024 Adjusted EBITDA Grew 28% - Net Income Fell 95%. Which One Is the Real Story?Feb 06
- BBCA Q4 2024 Is the Bank Running Out of Cheap Deposits to Lend Against?Feb 06
- SWIGGY Q4 2024 Why Faster Growth Meant A Bigger Loss, Not A Smaller OneFeb 05
- BFIN Q4 2024 Every Credit Metric Improved in Q4 - So Why Did One Segment Just Turn Negative?Feb 05
- AMRT Q4 2024 Why Did Profit Fall for the First Time This Site Has Tracked, Even as Jabodetabek Recovered?Feb 05
- UBER Q4 2024 Uber's FY2024 - $9.9 Billion Net Income, Mostly a Tax Valuation Release, on a Genuinely Record Operating YearFeb 05
- BBRI Q4 2024 FY2024 Profit Barely Moved - So Why Did Corporate Segment Income Fall By Almost Half?Feb 04
- ADYEN Q4 2024 Take Rate Fell for a Second Straight Year — Is This the New Normal?Feb 04
- ARTO Q4 2024 Net Income Nearly Doubled This Year - So Why Did the Stock End It Lower?Feb 03
- ETERNAL Q4 2024 Net Income Has Now Fallen Three Straight Quarters - Is the Profitable Era Cracking?Jan 29
- JIOFIN Q4 2024 The Profit 'Crash' That Happens Every December, Right on ScheduleJan 17
- BIRD Q4 2024 Profit Jumped 74% This Quarter - So Why Did the Stock Fall 18%?Dec 31