PressReleaseAnalytics · research note

24 Years of Non-GAAP Reporting

What US firms told investors in their earnings press releases from 2003, the first year of the earnings-release 8-K, to August 2026: 375,915 releases on 416,530 firm-quarters, read one by one. Every number below is computed from the PressReleaseAnalytics modules as built; definitions and exclusions are stated with each figure.

Big number = 2025 · in brackets = the same figure in 2005, two decades earlier

13,914earnings press releases read in 2025 (2005: 18,678) · 375,915 over 2003 to Aug 2026
57%of earnings releases state an explicit non-GAAP EPS (2005: 28%)
19%median non-GAAP premium over GAAP EPS, all filers (2005: 9%) · large firms 10% (2005: 1%)
82%of reporters show non-GAAP above GAAP (2005: 70%) · below: 12% (2005: 19%)
55%of GAAP losses become a non-GAAP profit (2005: 46%)
2.8adjustment categories per reconciliation (2005: 1.6)

1. The corpus

The spine is every firm-quarter of every SEC registrant with an earnings-release 8-K; the release is read where one exists, and a GAAP EPS is taken from the 10-Q or 10-K where none does. Non-GAAP EPS is counted only when the release itself states it, under any label (adjusted, non-GAAP, pro forma, cash EPS); imputed values are kept apart and not counted here.

firm-quarters on the spinewith a press releasewith an explicit non-GAAP EPSnon-GAAP EPS as % of releases (right axis)
05,00010,00015,00020,0000%25%50%75%100%2003: 20,197 firm-quarters (5,595 firms)2003: 18,165 with a press release2003: 4,435 with an explicit non-GAAP EPS (24.4% of releases)20032004: 20,994 firm-quarters (5,674 firms)2004: 18,416 with a press release2004: 4,587 with an explicit non-GAAP EPS (24.9% of releases)2005: 21,255 firm-quarters (5,615 firms)2005: 18,678 with a press release2005: 5,194 with an explicit non-GAAP EPS (27.8% of releases)20052006: 20,930 firm-quarters (5,516 firms)2006: 18,376 with a press release2006: 6,006 with an explicit non-GAAP EPS (32.7% of releases)2007: 20,412 firm-quarters (5,464 firms)2007: 18,061 with a press release2007: 5,700 with an explicit non-GAAP EPS (31.6% of releases)20072008: 19,599 firm-quarters (5,157 firms)2008: 17,475 with a press release2008: 6,200 with an explicit non-GAAP EPS (35.5% of releases)2009: 18,683 firm-quarters (4,896 firms)2009: 16,530 with a press release2009: 6,303 with an explicit non-GAAP EPS (38.1% of releases)20092010: 18,281 firm-quarters (4,806 firms)2010: 16,221 with a press release2010: 6,593 with an explicit non-GAAP EPS (40.6% of releases)2011: 17,728 firm-quarters (4,622 firms)2011: 15,841 with a press release2011: 6,811 with an explicit non-GAAP EPS (43.0% of releases)20112012: 17,207 firm-quarters (4,508 firms)2012: 15,462 with a press release2012: 7,064 with an explicit non-GAAP EPS (45.7% of releases)2013: 16,993 firm-quarters (4,468 firms)2013: 15,325 with a press release2013: 7,482 with an explicit non-GAAP EPS (48.8% of releases)20132014: 17,317 firm-quarters (4,558 firms)2014: 15,649 with a press release2014: 8,137 with an explicit non-GAAP EPS (52.0% of releases)2015: 17,258 firm-quarters (4,539 firms)2015: 15,782 with a press release2015: 8,577 with an explicit non-GAAP EPS (54.3% of releases)20152016: 16,907 firm-quarters (4,395 firms)2016: 15,414 with a press release2016: 8,315 with an explicit non-GAAP EPS (53.9% of releases)2017: 16,434 firm-quarters (4,301 firms)2017: 15,092 with a press release2017: 8,272 with an explicit non-GAAP EPS (54.8% of releases)20172018: 16,189 firm-quarters (4,233 firms)2018: 14,862 with a press release2018: 8,277 with an explicit non-GAAP EPS (55.7% of releases)2019: 15,930 firm-quarters (4,152 firms)2019: 14,473 with a press release2019: 8,035 with an explicit non-GAAP EPS (55.5% of releases)20192020: 15,808 firm-quarters (4,183 firms)2020: 14,522 with a press release2020: 8,024 with an explicit non-GAAP EPS (55.3% of releases)2021: 16,927 firm-quarters (4,498 firms)2021: 15,559 with a press release2021: 8,445 with an explicit non-GAAP EPS (54.3% of releases)20212022: 17,190 firm-quarters (4,445 firms)2022: 15,730 with a press release2022: 8,462 with an explicit non-GAAP EPS (53.8% of releases)2023: 16,437 firm-quarters (4,298 firms)2023: 15,097 with a press release2023: 8,196 with an explicit non-GAAP EPS (54.3% of releases)20232024: 15,690 firm-quarters (4,095 firms)2024: 14,204 with a press release2024: 7,957 with an explicit non-GAAP EPS (56.0% of releases)2025: 14,919 firm-quarters (3,933 firms)2025: 13,914 with a press release2025: 7,958 with an explicit non-GAAP EPS (57.2% of releases)20252026: 7,245 firm-quarters (3,703 firms)2026: 7,067 with a press release2026: 4,020 with an explicit non-GAAP EPS (56.9% of releases)2003: 24.4% of releases state an explicit non-GAAP EPS2004: 24.9% of releases state an explicit non-GAAP EPS2005: 27.8% of releases state an explicit non-GAAP EPS2006: 32.7% of releases state an explicit non-GAAP EPS2007: 31.6% of releases state an explicit non-GAAP EPS2008: 35.5% of releases state an explicit non-GAAP EPS2009: 38.1% of releases state an explicit non-GAAP EPS2010: 40.6% of releases state an explicit non-GAAP EPS2011: 43.0% of releases state an explicit non-GAAP EPS2012: 45.7% of releases state an explicit non-GAAP EPS2013: 48.8% of releases state an explicit non-GAAP EPS2014: 52.0% of releases state an explicit non-GAAP EPS2015: 54.3% of releases state an explicit non-GAAP EPS2016: 53.9% of releases state an explicit non-GAAP EPS2017: 54.8% of releases state an explicit non-GAAP EPS2018: 55.7% of releases state an explicit non-GAAP EPS2019: 55.5% of releases state an explicit non-GAAP EPS2020: 55.3% of releases state an explicit non-GAAP EPS2021: 54.3% of releases state an explicit non-GAAP EPS2022: 53.8% of releases state an explicit non-GAAP EPS2023: 54.3% of releases state an explicit non-GAAP EPS2024: 56.0% of releases state an explicit non-GAAP EPS2025: 57.2% of releases state an explicit non-GAAP EPS2026: 56.9% of releases state an explicit non-GAAP EPSby fiscal-quarter year; 2026 to August

Firm-quarters per fiscal-quarter year: on the spine, with a press release, with an explicit non-GAAP EPS; dashed line = the non-GAAP share of releases. Over the full period, 169,050 of the 375,915 firm-quarters with a release are non-GAAP reporters (45%) and 206,865 are GAAP-only (55%).

2. Adoption: from a quarter of releases to more than half

In 2003, 24% of earnings releases stated a non-GAAP EPS. The share climbed through the financial crisis, crossed 50% in 2014 and has sat between 54% and 57% since 2015; it is 57% in 2025. Adoption is now a stable feature of the reporting landscape rather than a trend.

explicit non-GAAP EPS as % of earnings releases
0%14%28%42%56%70%2003: explicit non-GAAP EPS as % of earnings releases 24.4%2004: explicit non-GAAP EPS as % of earnings releases 24.9%2005: explicit non-GAAP EPS as % of earnings releases 27.8%2006: explicit non-GAAP EPS as % of earnings releases 32.7%2007: explicit non-GAAP EPS as % of earnings releases 31.6%2008: explicit non-GAAP EPS as % of earnings releases 35.5%2009: explicit non-GAAP EPS as % of earnings releases 38.1%2010: explicit non-GAAP EPS as % of earnings releases 40.6%2011: explicit non-GAAP EPS as % of earnings releases 43.0%2012: explicit non-GAAP EPS as % of earnings releases 45.7%2013: explicit non-GAAP EPS as % of earnings releases 48.8%2014: explicit non-GAAP EPS as % of earnings releases 52.0%2015: explicit non-GAAP EPS as % of earnings releases 54.3%2016: explicit non-GAAP EPS as % of earnings releases 53.9%2017: explicit non-GAAP EPS as % of earnings releases 54.8%2018: explicit non-GAAP EPS as % of earnings releases 55.7%2019: explicit non-GAAP EPS as % of earnings releases 55.5%2020: explicit non-GAAP EPS as % of earnings releases 55.3%2021: explicit non-GAAP EPS as % of earnings releases 54.3%2022: explicit non-GAAP EPS as % of earnings releases 53.8%2023: explicit non-GAAP EPS as % of earnings releases 54.3%2024: explicit non-GAAP EPS as % of earnings releases 56.0%2025: explicit non-GAAP EPS as % of earnings releases 57.2%2026: explicit non-GAAP EPS as % of earnings releases 56.9%200320052007200920112013201520172019202120232025

3. The reconciliation

Regulation G requires a reconciliation to the most directly comparable GAAP measure, and non-GAAP EPS reporters comply almost without exception: 97.6% reconciled in 2003 and 99.5% in 2025. What changed is the form. A release that labels its bridge with a reconciliation heading (“reconciliation of”, “GAAP to non-GAAP”) went from 57% in 2003 to 91% in 2025; the columnar, income-statement-style bridge, a GAAP column, an adjustments column and a non-GAAP column running down the lines, from 8% to 36%; and the full non-GAAP income statement, which the SEC staff treats as undue prominence, fell from 16% to 0.6%. The reconciling items are extracted whatever the form. Most reconciliations bridge net income in dollars (53% dollars only in 2025), 40% show both dollars and per share, and 6% per share only. The GAAP and non-GAAP EPS figures used throughout are always the numbers printed in the release. Only the per-share amounts of the individual reconciliation items are converted, and only where the reconciliation is in dollars: the dollar line divided by the release's diluted share count (the dollar line itself is kept as printed).

reconciliations in dollars onlyreconciliations in dollars and per sharereconciliations per share onlyall non-GAAP reporters% of reporters with a reconciliation (right axis)
02,0004,0006,0008,0000%25%50%75%100%2003: 2,350 reconciliations dollars only (56% of 4,174 reconciliations; 4,276 non-GAAP reporters)2003: 1,192 reconciliations both bases (29% of 4,174 reconciliations; 4,276 non-GAAP reporters)2003: 632 reconciliations per share only (15% of 4,174 reconciliations; 4,276 non-GAAP reporters)2003: 4,276 non-GAAP reporters (outline)20032004: 2,407 reconciliations dollars only (57% of 4,250 reconciliations; 4,332 non-GAAP reporters)2004: 1,177 reconciliations both bases (28% of 4,250 reconciliations; 4,332 non-GAAP reporters)2004: 666 reconciliations per share only (16% of 4,250 reconciliations; 4,332 non-GAAP reporters)2004: 4,332 non-GAAP reporters (outline)2005: 2,658 reconciliations dollars only (56% of 4,751 reconciliations; 4,837 non-GAAP reporters)2005: 1,499 reconciliations both bases (32% of 4,751 reconciliations; 4,837 non-GAAP reporters)2005: 594 reconciliations per share only (13% of 4,751 reconciliations; 4,837 non-GAAP reporters)2005: 4,837 non-GAAP reporters (outline)20052006: 3,026 reconciliations dollars only (54% of 5,579 reconciliations; 5,637 non-GAAP reporters)2006: 1,935 reconciliations both bases (35% of 5,579 reconciliations; 5,637 non-GAAP reporters)2006: 618 reconciliations per share only (11% of 5,579 reconciliations; 5,637 non-GAAP reporters)2006: 5,637 non-GAAP reporters (outline)2007: 2,943 reconciliations dollars only (55% of 5,382 reconciliations; 5,451 non-GAAP reporters)2007: 1,865 reconciliations both bases (35% of 5,382 reconciliations; 5,451 non-GAAP reporters)2007: 574 reconciliations per share only (11% of 5,382 reconciliations; 5,451 non-GAAP reporters)2007: 5,451 non-GAAP reporters (outline)20072008: 3,359 reconciliations dollars only (57% of 5,943 reconciliations; 5,995 non-GAAP reporters)2008: 2,122 reconciliations both bases (36% of 5,943 reconciliations; 5,995 non-GAAP reporters)2008: 462 reconciliations per share only (8% of 5,943 reconciliations; 5,995 non-GAAP reporters)2008: 5,995 non-GAAP reporters (outline)2009: 3,227 reconciliations dollars only (55% of 5,848 reconciliations; 5,892 non-GAAP reporters)2009: 2,164 reconciliations both bases (37% of 5,848 reconciliations; 5,892 non-GAAP reporters)2009: 457 reconciliations per share only (8% of 5,848 reconciliations; 5,892 non-GAAP reporters)2009: 5,892 non-GAAP reporters (outline)20092010: 3,303 reconciliations dollars only (55% of 6,002 reconciliations; 6,043 non-GAAP reporters)2010: 2,185 reconciliations both bases (36% of 6,002 reconciliations; 6,043 non-GAAP reporters)2010: 514 reconciliations per share only (9% of 6,002 reconciliations; 6,043 non-GAAP reporters)2010: 6,043 non-GAAP reporters (outline)2011: 3,513 reconciliations dollars only (56% of 6,238 reconciliations; 6,272 non-GAAP reporters)2011: 2,230 reconciliations both bases (36% of 6,238 reconciliations; 6,272 non-GAAP reporters)2011: 495 reconciliations per share only (8% of 6,238 reconciliations; 6,272 non-GAAP reporters)2011: 6,272 non-GAAP reporters (outline)20112012: 3,785 reconciliations dollars only (56% of 6,815 reconciliations; 6,851 non-GAAP reporters)2012: 2,509 reconciliations both bases (37% of 6,815 reconciliations; 6,851 non-GAAP reporters)2012: 521 reconciliations per share only (8% of 6,815 reconciliations; 6,851 non-GAAP reporters)2012: 6,851 non-GAAP reporters (outline)2013: 4,042 reconciliations dollars only (56% of 7,200 reconciliations; 7,235 non-GAAP reporters)2013: 2,618 reconciliations both bases (36% of 7,200 reconciliations; 7,235 non-GAAP reporters)2013: 540 reconciliations per share only (8% of 7,200 reconciliations; 7,235 non-GAAP reporters)2013: 7,235 non-GAAP reporters (outline)20132014: 4,496 reconciliations dollars only (58% of 7,782 reconciliations; 7,823 non-GAAP reporters)2014: 2,708 reconciliations both bases (35% of 7,782 reconciliations; 7,823 non-GAAP reporters)2014: 578 reconciliations per share only (7% of 7,782 reconciliations; 7,823 non-GAAP reporters)2014: 7,823 non-GAAP reporters (outline)2015: 4,638 reconciliations dollars only (58% of 8,039 reconciliations; 8,089 non-GAAP reporters)2015: 2,788 reconciliations both bases (35% of 8,039 reconciliations; 8,089 non-GAAP reporters)2015: 613 reconciliations per share only (8% of 8,039 reconciliations; 8,089 non-GAAP reporters)2015: 8,089 non-GAAP reporters (outline)20152016: 4,415 reconciliations dollars only (57% of 7,699 reconciliations; 7,728 non-GAAP reporters)2016: 2,764 reconciliations both bases (36% of 7,699 reconciliations; 7,728 non-GAAP reporters)2016: 520 reconciliations per share only (7% of 7,699 reconciliations; 7,728 non-GAAP reporters)2016: 7,728 non-GAAP reporters (outline)2017: 4,309 reconciliations dollars only (55% of 7,795 reconciliations; 7,821 non-GAAP reporters)2017: 3,018 reconciliations both bases (39% of 7,795 reconciliations; 7,821 non-GAAP reporters)2017: 468 reconciliations per share only (6% of 7,795 reconciliations; 7,821 non-GAAP reporters)2017: 7,821 non-GAAP reporters (outline)20172018: 4,295 reconciliations dollars only (55% of 7,868 reconciliations; 7,903 non-GAAP reporters)2018: 3,077 reconciliations both bases (39% of 7,868 reconciliations; 7,903 non-GAAP reporters)2018: 496 reconciliations per share only (6% of 7,868 reconciliations; 7,903 non-GAAP reporters)2018: 7,903 non-GAAP reporters (outline)2019: 4,270 reconciliations dollars only (55% of 7,726 reconciliations; 7,754 non-GAAP reporters)2019: 2,933 reconciliations both bases (38% of 7,726 reconciliations; 7,754 non-GAAP reporters)2019: 523 reconciliations per share only (7% of 7,726 reconciliations; 7,754 non-GAAP reporters)2019: 7,754 non-GAAP reporters (outline)20192020: 4,298 reconciliations dollars only (56% of 7,659 reconciliations; 7,691 non-GAAP reporters)2020: 2,977 reconciliations both bases (39% of 7,659 reconciliations; 7,691 non-GAAP reporters)2020: 384 reconciliations per share only (5% of 7,659 reconciliations; 7,691 non-GAAP reporters)2020: 7,691 non-GAAP reporters (outline)2021: 4,417 reconciliations dollars only (57% of 7,783 reconciliations; 7,833 non-GAAP reporters)2021: 2,855 reconciliations both bases (37% of 7,783 reconciliations; 7,833 non-GAAP reporters)2021: 511 reconciliations per share only (7% of 7,783 reconciliations; 7,833 non-GAAP reporters)2021: 7,833 non-GAAP reporters (outline)20212022: 4,473 reconciliations dollars only (57% of 7,871 reconciliations; 7,906 non-GAAP reporters)2022: 2,881 reconciliations both bases (37% of 7,871 reconciliations; 7,906 non-GAAP reporters)2022: 517 reconciliations per share only (7% of 7,871 reconciliations; 7,906 non-GAAP reporters)2022: 7,906 non-GAAP reporters (outline)2023: 4,265 reconciliations dollars only (55% of 7,728 reconciliations; 7,774 non-GAAP reporters)2023: 2,964 reconciliations both bases (38% of 7,728 reconciliations; 7,774 non-GAAP reporters)2023: 499 reconciliations per share only (6% of 7,728 reconciliations; 7,774 non-GAAP reporters)2023: 7,774 non-GAAP reporters (outline)20232024: 4,122 reconciliations dollars only (54% of 7,680 reconciliations; 7,727 non-GAAP reporters)2024: 3,091 reconciliations both bases (40% of 7,680 reconciliations; 7,727 non-GAAP reporters)2024: 467 reconciliations per share only (6% of 7,680 reconciliations; 7,727 non-GAAP reporters)2024: 7,727 non-GAAP reporters (outline)2025: 4,064 reconciliations dollars only (53% of 7,619 reconciliations; 7,660 non-GAAP reporters)2025: 3,068 reconciliations both bases (40% of 7,619 reconciliations; 7,660 non-GAAP reporters)2025: 487 reconciliations per share only (6% of 7,619 reconciliations; 7,660 non-GAAP reporters)2025: 7,660 non-GAAP reporters (outline)20252026: 2,003 reconciliations dollars only (54% of 3,708 reconciliations; 3,722 non-GAAP reporters)2026: 1,489 reconciliations both bases (40% of 3,708 reconciliations; 3,722 non-GAAP reporters)2026: 216 reconciliations per share only (6% of 3,708 reconciliations; 3,722 non-GAAP reporters)2026: 3,722 non-GAAP reporters (outline)2003: 97.6% of non-GAAP reporters reconcile (57% under a reconciliation heading, 8% columnar)2004: 98.1% of non-GAAP reporters reconcile (67% under a reconciliation heading, 9% columnar)2005: 98.2% of non-GAAP reporters reconcile (70% under a reconciliation heading, 11% columnar)2006: 99.0% of non-GAAP reporters reconcile (73% under a reconciliation heading, 13% columnar)2007: 98.7% of non-GAAP reporters reconcile (77% under a reconciliation heading, 15% columnar)2008: 99.1% of non-GAAP reporters reconcile (77% under a reconciliation heading, 16% columnar)2009: 99.3% of non-GAAP reporters reconcile (80% under a reconciliation heading, 17% columnar)2010: 99.3% of non-GAAP reporters reconcile (82% under a reconciliation heading, 17% columnar)2011: 99.5% of non-GAAP reporters reconcile (83% under a reconciliation heading, 20% columnar)2012: 99.5% of non-GAAP reporters reconcile (83% under a reconciliation heading, 21% columnar)2013: 99.5% of non-GAAP reporters reconcile (84% under a reconciliation heading, 23% columnar)2014: 99.5% of non-GAAP reporters reconcile (85% under a reconciliation heading, 25% columnar)2015: 99.4% of non-GAAP reporters reconcile (84% under a reconciliation heading, 26% columnar)2016: 99.6% of non-GAAP reporters reconcile (87% under a reconciliation heading, 28% columnar)2017: 99.7% of non-GAAP reporters reconcile (87% under a reconciliation heading, 30% columnar)2018: 99.6% of non-GAAP reporters reconcile (88% under a reconciliation heading, 31% columnar)2019: 99.6% of non-GAAP reporters reconcile (89% under a reconciliation heading, 32% columnar)2020: 99.6% of non-GAAP reporters reconcile (89% under a reconciliation heading, 35% columnar)2021: 99.4% of non-GAAP reporters reconcile (90% under a reconciliation heading, 33% columnar)2022: 99.6% of non-GAAP reporters reconcile (90% under a reconciliation heading, 33% columnar)2023: 99.4% of non-GAAP reporters reconcile (90% under a reconciliation heading, 34% columnar)2024: 99.4% of non-GAAP reporters reconcile (91% under a reconciliation heading, 35% columnar)2025: 99.5% of non-GAAP reporters reconcile (91% under a reconciliation heading, 36% columnar)2026: 99.6% of non-GAAP reporters reconcile (91% under a reconciliation heading, 36% columnar)firm-quarters with an explicit non-GAAP EPS, by fiscal-quarter year
% with a reconciliation heading phrase% columnar, income-statement style (8+ lines)% full non-GAAP income statement (C&DI 102.10(c))
0%20%40%60%80%100%2003: % with a reconciliation heading phrase 57.2%2004: % with a reconciliation heading phrase 66.6%2005: % with a reconciliation heading phrase 70.0%2006: % with a reconciliation heading phrase 73.2%2007: % with a reconciliation heading phrase 77.4%2008: % with a reconciliation heading phrase 77.3%2009: % with a reconciliation heading phrase 80.0%2010: % with a reconciliation heading phrase 81.8%2011: % with a reconciliation heading phrase 82.8%2012: % with a reconciliation heading phrase 83.2%2013: % with a reconciliation heading phrase 84.2%2014: % with a reconciliation heading phrase 84.6%2015: % with a reconciliation heading phrase 84.4%2016: % with a reconciliation heading phrase 87.0%2017: % with a reconciliation heading phrase 87.1%2018: % with a reconciliation heading phrase 88.1%2019: % with a reconciliation heading phrase 89.1%2020: % with a reconciliation heading phrase 88.8%2021: % with a reconciliation heading phrase 89.6%2022: % with a reconciliation heading phrase 89.7%2023: % with a reconciliation heading phrase 90.0%2024: % with a reconciliation heading phrase 90.7%2025: % with a reconciliation heading phrase 91.1%2026: % with a reconciliation heading phrase 90.7%2003: % columnar, income-statement style (8+ lines) 8.4%2004: % columnar, income-statement style (8+ lines) 9.0%2005: % columnar, income-statement style (8+ lines) 11.1%2006: % columnar, income-statement style (8+ lines) 13.3%2007: % columnar, income-statement style (8+ lines) 14.8%2008: % columnar, income-statement style (8+ lines) 16.0%2009: % columnar, income-statement style (8+ lines) 17.2%2010: % columnar, income-statement style (8+ lines) 17.4%2011: % columnar, income-statement style (8+ lines) 19.5%2012: % columnar, income-statement style (8+ lines) 21.0%2013: % columnar, income-statement style (8+ lines) 22.8%2014: % columnar, income-statement style (8+ lines) 24.5%2015: % columnar, income-statement style (8+ lines) 26.2%2016: % columnar, income-statement style (8+ lines) 27.6%2017: % columnar, income-statement style (8+ lines) 29.9%2018: % columnar, income-statement style (8+ lines) 31.5%2019: % columnar, income-statement style (8+ lines) 32.5%2020: % columnar, income-statement style (8+ lines) 34.6%2021: % columnar, income-statement style (8+ lines) 33.1%2022: % columnar, income-statement style (8+ lines) 33.5%2023: % columnar, income-statement style (8+ lines) 34.2%2024: % columnar, income-statement style (8+ lines) 35.2%2025: % columnar, income-statement style (8+ lines) 36.2%2026: % columnar, income-statement style (8+ lines) 36.5%2003: % full non-GAAP income statement (C&DI 102.10(c)) 16.1%2004: % full non-GAAP income statement (C&DI 102.10(c)) 15.7%2005: % full non-GAAP income statement (C&DI 102.10(c)) 12.9%2006: % full non-GAAP income statement (C&DI 102.10(c)) 11.3%2007: % full non-GAAP income statement (C&DI 102.10(c)) 7.0%2008: % full non-GAAP income statement (C&DI 102.10(c)) 5.4%2009: % full non-GAAP income statement (C&DI 102.10(c)) 4.6%2010: % full non-GAAP income statement (C&DI 102.10(c)) 3.8%2011: % full non-GAAP income statement (C&DI 102.10(c)) 3.7%2012: % full non-GAAP income statement (C&DI 102.10(c)) 3.6%2013: % full non-GAAP income statement (C&DI 102.10(c)) 2.9%2014: % full non-GAAP income statement (C&DI 102.10(c)) 3.0%2015: % full non-GAAP income statement (C&DI 102.10(c)) 3.0%2016: % full non-GAAP income statement (C&DI 102.10(c)) 1.8%2017: % full non-GAAP income statement (C&DI 102.10(c)) 1.0%2018: % full non-GAAP income statement (C&DI 102.10(c)) 1.0%2019: % full non-GAAP income statement (C&DI 102.10(c)) 1.1%2020: % full non-GAAP income statement (C&DI 102.10(c)) 1.0%2021: % full non-GAAP income statement (C&DI 102.10(c)) 1.0%2022: % full non-GAAP income statement (C&DI 102.10(c)) 0.8%2023: % full non-GAAP income statement (C&DI 102.10(c)) 0.6%2024: % full non-GAAP income statement (C&DI 102.10(c)) 0.5%2025: % full non-GAAP income statement (C&DI 102.10(c)) 0.6%2026: % full non-GAAP income statement (C&DI 102.10(c)) 1.7%200320052007200920112013201520172019202120232025

Two conventions coexist for taxes: the gross method (each adjustment pre-tax with a separate tax-effect line) and the net method (adjustments after tax, no tax line). In 2025 94% of reconciliations are gross and 6% net of tax; in 2003 the split was 78% / 22%.

% of reconciliations gross of tax% of reconciliations net of tax
0%20%40%60%80%100%2003: % of reconciliations gross of tax 78.3%2004: % of reconciliations gross of tax 79.4%2005: % of reconciliations gross of tax 79.3%2006: % of reconciliations gross of tax 80.4%2007: % of reconciliations gross of tax 80.3%2008: % of reconciliations gross of tax 78.5%2009: % of reconciliations gross of tax 79.6%2010: % of reconciliations gross of tax 80.7%2011: % of reconciliations gross of tax 81.2%2012: % of reconciliations gross of tax 80.1%2013: % of reconciliations gross of tax 80.9%2014: % of reconciliations gross of tax 81.6%2015: % of reconciliations gross of tax 81.7%2016: % of reconciliations gross of tax 87.8%2017: % of reconciliations gross of tax 90.7%2018: % of reconciliations gross of tax 90.7%2019: % of reconciliations gross of tax 91.3%2020: % of reconciliations gross of tax 91.7%2021: % of reconciliations gross of tax 93.2%2022: % of reconciliations gross of tax 92.9%2023: % of reconciliations gross of tax 93.2%2024: % of reconciliations gross of tax 93.2%2025: % of reconciliations gross of tax 93.8%2026: % of reconciliations gross of tax 93.7%2003: % of reconciliations net of tax 21.7%2004: % of reconciliations net of tax 20.6%2005: % of reconciliations net of tax 20.7%2006: % of reconciliations net of tax 19.6%2007: % of reconciliations net of tax 19.7%2008: % of reconciliations net of tax 21.5%2009: % of reconciliations net of tax 20.4%2010: % of reconciliations net of tax 19.3%2011: % of reconciliations net of tax 18.8%2012: % of reconciliations net of tax 19.9%2013: % of reconciliations net of tax 19.1%2014: % of reconciliations net of tax 18.4%2015: % of reconciliations net of tax 18.3%2016: % of reconciliations net of tax 12.2%2017: % of reconciliations net of tax 9.3%2018: % of reconciliations net of tax 9.3%2019: % of reconciliations net of tax 8.7%2020: % of reconciliations net of tax 8.3%2021: % of reconciliations net of tax 6.8%2022: % of reconciliations net of tax 7.1%2023: % of reconciliations net of tax 6.8%2024: % of reconciliations net of tax 6.8%2025: % of reconciliations net of tax 6.2%2026: % of reconciliations net of tax 6.3%200320052007200920112013201520172019202120232025

4. What gets excluded

Reconciliations name their items. The table shows the share of non-GAAP reporters whose bridge contains each category in five benchmark years; the two headline items, stock-based compensation and amortization of acquired intangibles, are charted with the size of the exclusion per share.

categorycode20052010201520202025
stock-based compensationadj_04_sbc1528303237
amortization of acquired intangiblesadj_05a_amort_acq_intang1620253136
restructuringadj_22_restructuring1619233031
acquisition costsadj_19_acquisition414232327
fair-value remeasurementsadj_18_fair_value612121312
litigationadj_17_litigation66879
impairmentsadj_14_impair_ppe_finite5710129
depreciation and amortizationadj_05b_da_other35688
realized investment gainsadj_09_realized_gains99778
adj_50_divestiture_gainadj_50_divestiture_gain54567
FXadj_15_fx24667
gains/losses on asset salesadj_20_ppe_sale65666
debt extinguishmentadj_16_debt_extinguishment67696
real-estate depreciation (FFO)adj_49_re_depreciation97776

% of firm-quarters with an explicit non-GAAP EPS whose reconciliation carries the category (a non-zero per-share amount). The tax-effect line and the residual "other" bucket are omitted.

0%10%20%30%40%50%2003: 9.5% of non-GAAP reporters exclude stock-based compensation (4,276 reporters)2004: 11.4% of non-GAAP reporters exclude stock-based compensation (4,332 reporters)2005: 15.0% of non-GAAP reporters exclude stock-based compensation (4,837 reporters)2006: 40.1% of non-GAAP reporters exclude stock-based compensation (5,637 reporters)2007: 32.8% of non-GAAP reporters exclude stock-based compensation (5,451 reporters)2008: 30.3% of non-GAAP reporters exclude stock-based compensation (5,995 reporters)2009: 28.1% of non-GAAP reporters exclude stock-based compensation (5,892 reporters)2010: 27.9% of non-GAAP reporters exclude stock-based compensation (6,043 reporters)2011: 28.7% of non-GAAP reporters exclude stock-based compensation (6,272 reporters)2012: 29.6% of non-GAAP reporters exclude stock-based compensation (6,851 reporters)2013: 30.4% of non-GAAP reporters exclude stock-based compensation (7,235 reporters)2014: 31.4% of non-GAAP reporters exclude stock-based compensation (7,823 reporters)2015: 30.3% of non-GAAP reporters exclude stock-based compensation (8,089 reporters)2016: 29.7% of non-GAAP reporters exclude stock-based compensation (7,728 reporters)2017: 28.7% of non-GAAP reporters exclude stock-based compensation (7,821 reporters)2018: 29.8% of non-GAAP reporters exclude stock-based compensation (7,903 reporters)2019: 31.0% of non-GAAP reporters exclude stock-based compensation (7,754 reporters)2020: 31.7% of non-GAAP reporters exclude stock-based compensation (7,691 reporters)2021: 34.6% of non-GAAP reporters exclude stock-based compensation (7,833 reporters)2022: 36.5% of non-GAAP reporters exclude stock-based compensation (7,906 reporters)2023: 35.2% of non-GAAP reporters exclude stock-based compensation (7,774 reporters)2024: 35.9% of non-GAAP reporters exclude stock-based compensation (7,727 reporters)2025: 36.7% of non-GAAP reporters exclude stock-based compensation (7,660 reporters)2026: 37.5% of non-GAAP reporters exclude stock-based compensation (3,722 reporters)2003: 13.4% of non-GAAP reporters exclude amortization of acquired intangibles (4,276 reporters)2004: 15.1% of non-GAAP reporters exclude amortization of acquired intangibles (4,332 reporters)2005: 15.8% of non-GAAP reporters exclude amortization of acquired intangibles (4,837 reporters)2006: 15.9% of non-GAAP reporters exclude amortization of acquired intangibles (5,637 reporters)2007: 19.0% of non-GAAP reporters exclude amortization of acquired intangibles (5,451 reporters)2008: 19.3% of non-GAAP reporters exclude amortization of acquired intangibles (5,995 reporters)2009: 18.1% of non-GAAP reporters exclude amortization of acquired intangibles (5,892 reporters)2010: 19.6% of non-GAAP reporters exclude amortization of acquired intangibles (6,043 reporters)2011: 21.4% of non-GAAP reporters exclude amortization of acquired intangibles (6,272 reporters)2012: 22.8% of non-GAAP reporters exclude amortization of acquired intangibles (6,851 reporters)2013: 23.7% of non-GAAP reporters exclude amortization of acquired intangibles (7,235 reporters)2014: 24.6% of non-GAAP reporters exclude amortization of acquired intangibles (7,823 reporters)2015: 25.2% of non-GAAP reporters exclude amortization of acquired intangibles (8,089 reporters)2016: 27.2% of non-GAAP reporters exclude amortization of acquired intangibles (7,728 reporters)2017: 26.8% of non-GAAP reporters exclude amortization of acquired intangibles (7,821 reporters)2018: 28.7% of non-GAAP reporters exclude amortization of acquired intangibles (7,903 reporters)2019: 31.0% of non-GAAP reporters exclude amortization of acquired intangibles (7,754 reporters)2020: 31.3% of non-GAAP reporters exclude amortization of acquired intangibles (7,691 reporters)2021: 31.9% of non-GAAP reporters exclude amortization of acquired intangibles (7,833 reporters)2022: 34.1% of non-GAAP reporters exclude amortization of acquired intangibles (7,906 reporters)2023: 35.1% of non-GAAP reporters exclude amortization of acquired intangibles (7,774 reporters)2024: 36.5% of non-GAAP reporters exclude amortization of acquired intangibles (7,727 reporters)2025: 35.9% of non-GAAP reporters exclude amortization of acquired intangibles (7,660 reporters)2026: 36.7% of non-GAAP reporters exclude amortization of acquired intangibles (3,722 reporters)2003: 20.0% of non-GAAP reporters exclude restructuring (4,276 reporters)2004: 17.3% of non-GAAP reporters exclude restructuring (4,332 reporters)2005: 16.5% of non-GAAP reporters exclude restructuring (4,837 reporters)2006: 16.2% of non-GAAP reporters exclude restructuring (5,637 reporters)2007: 17.8% of non-GAAP reporters exclude restructuring (5,451 reporters)2008: 21.2% of non-GAAP reporters exclude restructuring (5,995 reporters)2009: 24.7% of non-GAAP reporters exclude restructuring (5,892 reporters)2010: 19.4% of non-GAAP reporters exclude restructuring (6,043 reporters)2011: 18.8% of non-GAAP reporters exclude restructuring (6,272 reporters)2012: 21.8% of non-GAAP reporters exclude restructuring (6,851 reporters)2013: 23.3% of non-GAAP reporters exclude restructuring (7,235 reporters)2014: 22.4% of non-GAAP reporters exclude restructuring (7,823 reporters)2015: 23.1% of non-GAAP reporters exclude restructuring (8,089 reporters)2016: 24.3% of non-GAAP reporters exclude restructuring (7,728 reporters)2017: 25.1% of non-GAAP reporters exclude restructuring (7,821 reporters)2018: 26.3% of non-GAAP reporters exclude restructuring (7,903 reporters)2019: 28.8% of non-GAAP reporters exclude restructuring (7,754 reporters)2020: 30.2% of non-GAAP reporters exclude restructuring (7,691 reporters)2021: 23.3% of non-GAAP reporters exclude restructuring (7,833 reporters)2022: 23.1% of non-GAAP reporters exclude restructuring (7,906 reporters)2023: 28.5% of non-GAAP reporters exclude restructuring (7,774 reporters)2024: 30.7% of non-GAAP reporters exclude restructuring (7,727 reporters)2025: 31.4% of non-GAAP reporters exclude restructuring (7,660 reporters)2026: 30.7% of non-GAAP reporters exclude restructuring (3,722 reporters)2003: 3.3% of non-GAAP reporters exclude acquisition costs (4,276 reporters)2004: 3.5% of non-GAAP reporters exclude acquisition costs (4,332 reporters)2005: 4.3% of non-GAAP reporters exclude acquisition costs (4,837 reporters)2006: 4.4% of non-GAAP reporters exclude acquisition costs (5,637 reporters)2007: 5.1% of non-GAAP reporters exclude acquisition costs (5,451 reporters)2008: 5.3% of non-GAAP reporters exclude acquisition costs (5,995 reporters)2009: 7.4% of non-GAAP reporters exclude acquisition costs (5,892 reporters)2010: 13.6% of non-GAAP reporters exclude acquisition costs (6,043 reporters)2011: 16.9% of non-GAAP reporters exclude acquisition costs (6,272 reporters)2012: 18.5% of non-GAAP reporters exclude acquisition costs (6,851 reporters)2013: 19.5% of non-GAAP reporters exclude acquisition costs (7,235 reporters)2014: 22.1% of non-GAAP reporters exclude acquisition costs (7,823 reporters)2015: 23.3% of non-GAAP reporters exclude acquisition costs (8,089 reporters)2016: 24.5% of non-GAAP reporters exclude acquisition costs (7,728 reporters)2017: 24.5% of non-GAAP reporters exclude acquisition costs (7,821 reporters)2018: 26.0% of non-GAAP reporters exclude acquisition costs (7,903 reporters)2019: 26.4% of non-GAAP reporters exclude acquisition costs (7,754 reporters)2020: 23.5% of non-GAAP reporters exclude acquisition costs (7,691 reporters)2021: 26.0% of non-GAAP reporters exclude acquisition costs (7,833 reporters)2022: 25.5% of non-GAAP reporters exclude acquisition costs (7,906 reporters)2023: 23.4% of non-GAAP reporters exclude acquisition costs (7,774 reporters)2024: 25.6% of non-GAAP reporters exclude acquisition costs (7,727 reporters)2025: 26.8% of non-GAAP reporters exclude acquisition costs (7,660 reporters)2026: 28.0% of non-GAAP reporters exclude acquisition costs (3,722 reporters)2003: 3.5% of non-GAAP reporters exclude fair-value remeasurements (4,276 reporters)2004: 4.9% of non-GAAP reporters exclude fair-value remeasurements (4,332 reporters)2005: 6.3% of non-GAAP reporters exclude fair-value remeasurements (4,837 reporters)2006: 5.9% of non-GAAP reporters exclude fair-value remeasurements (5,637 reporters)2007: 8.1% of non-GAAP reporters exclude fair-value remeasurements (5,451 reporters)2008: 14.5% of non-GAAP reporters exclude fair-value remeasurements (5,995 reporters)2009: 12.7% of non-GAAP reporters exclude fair-value remeasurements (5,892 reporters)2010: 11.6% of non-GAAP reporters exclude fair-value remeasurements (6,043 reporters)2011: 12.0% of non-GAAP reporters exclude fair-value remeasurements (6,272 reporters)2012: 11.6% of non-GAAP reporters exclude fair-value remeasurements (6,851 reporters)2013: 11.3% of non-GAAP reporters exclude fair-value remeasurements (7,235 reporters)2014: 11.7% of non-GAAP reporters exclude fair-value remeasurements (7,823 reporters)2015: 11.9% of non-GAAP reporters exclude fair-value remeasurements (8,089 reporters)2016: 11.9% of non-GAAP reporters exclude fair-value remeasurements (7,728 reporters)2017: 11.1% of non-GAAP reporters exclude fair-value remeasurements (7,821 reporters)2018: 11.7% of non-GAAP reporters exclude fair-value remeasurements (7,903 reporters)2019: 11.8% of non-GAAP reporters exclude fair-value remeasurements (7,754 reporters)2020: 13.0% of non-GAAP reporters exclude fair-value remeasurements (7,691 reporters)2021: 12.8% of non-GAAP reporters exclude fair-value remeasurements (7,833 reporters)2022: 13.3% of non-GAAP reporters exclude fair-value remeasurements (7,906 reporters)2023: 14.0% of non-GAAP reporters exclude fair-value remeasurements (7,774 reporters)2024: 13.0% of non-GAAP reporters exclude fair-value remeasurements (7,727 reporters)2025: 12.4% of non-GAAP reporters exclude fair-value remeasurements (7,660 reporters)2026: 12.8% of non-GAAP reporters exclude fair-value remeasurements (3,722 reporters)2003: 6.0% of non-GAAP reporters exclude litigation (4,276 reporters)2004: 6.0% of non-GAAP reporters exclude litigation (4,332 reporters)2005: 5.8% of non-GAAP reporters exclude litigation (4,837 reporters)2006: 5.1% of non-GAAP reporters exclude litigation (5,637 reporters)2007: 6.1% of non-GAAP reporters exclude litigation (5,451 reporters)2008: 6.2% of non-GAAP reporters exclude litigation (5,995 reporters)2009: 6.8% of non-GAAP reporters exclude litigation (5,892 reporters)2010: 6.4% of non-GAAP reporters exclude litigation (6,043 reporters)2011: 6.8% of non-GAAP reporters exclude litigation (6,272 reporters)2012: 6.9% of non-GAAP reporters exclude litigation (6,851 reporters)2013: 7.3% of non-GAAP reporters exclude litigation (7,235 reporters)2014: 8.0% of non-GAAP reporters exclude litigation (7,823 reporters)2015: 7.6% of non-GAAP reporters exclude litigation (8,089 reporters)2016: 7.8% of non-GAAP reporters exclude litigation (7,728 reporters)2017: 7.6% of non-GAAP reporters exclude litigation (7,821 reporters)2018: 7.9% of non-GAAP reporters exclude litigation (7,903 reporters)2019: 8.5% of non-GAAP reporters exclude litigation (7,754 reporters)2020: 7.5% of non-GAAP reporters exclude litigation (7,691 reporters)2021: 8.0% of non-GAAP reporters exclude litigation (7,833 reporters)2022: 8.1% of non-GAAP reporters exclude litigation (7,906 reporters)2023: 8.5% of non-GAAP reporters exclude litigation (7,774 reporters)2024: 9.6% of non-GAAP reporters exclude litigation (7,727 reporters)2025: 9.3% of non-GAAP reporters exclude litigation (7,660 reporters)2026: 10.1% of non-GAAP reporters exclude litigation (3,722 reporters)2003: 6.1% of non-GAAP reporters exclude impairments (4,276 reporters)2004: 4.8% of non-GAAP reporters exclude impairments (4,332 reporters)2005: 4.9% of non-GAAP reporters exclude impairments (4,837 reporters)2006: 3.4% of non-GAAP reporters exclude impairments (5,637 reporters)2007: 3.9% of non-GAAP reporters exclude impairments (5,451 reporters)2008: 6.5% of non-GAAP reporters exclude impairments (5,995 reporters)2009: 8.5% of non-GAAP reporters exclude impairments (5,892 reporters)2010: 6.8% of non-GAAP reporters exclude impairments (6,043 reporters)2011: 7.3% of non-GAAP reporters exclude impairments (6,272 reporters)2012: 8.5% of non-GAAP reporters exclude impairments (6,851 reporters)2013: 7.9% of non-GAAP reporters exclude impairments (7,235 reporters)2014: 8.4% of non-GAAP reporters exclude impairments (7,823 reporters)2015: 10.2% of non-GAAP reporters exclude impairments (8,089 reporters)2016: 9.5% of non-GAAP reporters exclude impairments (7,728 reporters)2017: 8.2% of non-GAAP reporters exclude impairments (7,821 reporters)2018: 8.3% of non-GAAP reporters exclude impairments (7,903 reporters)2019: 9.0% of non-GAAP reporters exclude impairments (7,754 reporters)2020: 12.0% of non-GAAP reporters exclude impairments (7,691 reporters)2021: 7.4% of non-GAAP reporters exclude impairments (7,833 reporters)2022: 8.0% of non-GAAP reporters exclude impairments (7,906 reporters)2023: 8.2% of non-GAAP reporters exclude impairments (7,774 reporters)2024: 7.9% of non-GAAP reporters exclude impairments (7,727 reporters)2025: 9.1% of non-GAAP reporters exclude impairments (7,660 reporters)2026: 6.9% of non-GAAP reporters exclude impairments (3,722 reporters)2003: 3.3% of non-GAAP reporters exclude depreciation and amortization (4,276 reporters)2004: 3.6% of non-GAAP reporters exclude depreciation and amortization (4,332 reporters)2005: 3.3% of non-GAAP reporters exclude depreciation and amortization (4,837 reporters)2006: 3.6% of non-GAAP reporters exclude depreciation and amortization (5,637 reporters)2007: 4.3% of non-GAAP reporters exclude depreciation and amortization (5,451 reporters)2008: 4.6% of non-GAAP reporters exclude depreciation and amortization (5,995 reporters)2009: 4.5% of non-GAAP reporters exclude depreciation and amortization (5,892 reporters)2010: 4.8% of non-GAAP reporters exclude depreciation and amortization (6,043 reporters)2011: 5.3% of non-GAAP reporters exclude depreciation and amortization (6,272 reporters)2012: 5.3% of non-GAAP reporters exclude depreciation and amortization (6,851 reporters)2013: 6.2% of non-GAAP reporters exclude depreciation and amortization (7,235 reporters)2014: 5.8% of non-GAAP reporters exclude depreciation and amortization (7,823 reporters)2015: 6.3% of non-GAAP reporters exclude depreciation and amortization (8,089 reporters)2016: 6.3% of non-GAAP reporters exclude depreciation and amortization (7,728 reporters)2017: 6.5% of non-GAAP reporters exclude depreciation and amortization (7,821 reporters)2018: 6.5% of non-GAAP reporters exclude depreciation and amortization (7,903 reporters)2019: 7.7% of non-GAAP reporters exclude depreciation and amortization (7,754 reporters)2020: 8.3% of non-GAAP reporters exclude depreciation and amortization (7,691 reporters)2021: 7.7% of non-GAAP reporters exclude depreciation and amortization (7,833 reporters)2022: 7.5% of non-GAAP reporters exclude depreciation and amortization (7,906 reporters)2023: 7.2% of non-GAAP reporters exclude depreciation and amortization (7,774 reporters)2024: 7.5% of non-GAAP reporters exclude depreciation and amortization (7,727 reporters)2025: 8.3% of non-GAAP reporters exclude depreciation and amortization (7,660 reporters)2026: 7.8% of non-GAAP reporters exclude depreciation and amortization (3,722 reporters)2003: 9.9% of non-GAAP reporters exclude realized investment gains (4,276 reporters)2004: 9.7% of non-GAAP reporters exclude realized investment gains (4,332 reporters)2005: 9.3% of non-GAAP reporters exclude realized investment gains (4,837 reporters)2006: 8.0% of non-GAAP reporters exclude realized investment gains (5,637 reporters)2007: 8.2% of non-GAAP reporters exclude realized investment gains (5,451 reporters)2008: 10.1% of non-GAAP reporters exclude realized investment gains (5,995 reporters)2009: 9.1% of non-GAAP reporters exclude realized investment gains (5,892 reporters)2010: 8.5% of non-GAAP reporters exclude realized investment gains (6,043 reporters)2011: 7.8% of non-GAAP reporters exclude realized investment gains (6,272 reporters)2012: 7.4% of non-GAAP reporters exclude realized investment gains (6,851 reporters)2013: 7.5% of non-GAAP reporters exclude realized investment gains (7,235 reporters)2014: 7.4% of non-GAAP reporters exclude realized investment gains (7,823 reporters)2015: 7.2% of non-GAAP reporters exclude realized investment gains (8,089 reporters)2016: 7.4% of non-GAAP reporters exclude realized investment gains (7,728 reporters)2017: 6.9% of non-GAAP reporters exclude realized investment gains (7,821 reporters)2018: 6.8% of non-GAAP reporters exclude realized investment gains (7,903 reporters)2019: 7.2% of non-GAAP reporters exclude realized investment gains (7,754 reporters)2020: 7.4% of non-GAAP reporters exclude realized investment gains (7,691 reporters)2021: 7.0% of non-GAAP reporters exclude realized investment gains (7,833 reporters)2022: 6.5% of non-GAAP reporters exclude realized investment gains (7,906 reporters)2023: 7.7% of non-GAAP reporters exclude realized investment gains (7,774 reporters)2024: 7.9% of non-GAAP reporters exclude realized investment gains (7,727 reporters)2025: 7.7% of non-GAAP reporters exclude realized investment gains (7,660 reporters)2026: 8.1% of non-GAAP reporters exclude realized investment gains (3,722 reporters)2003: 4.5% of non-GAAP reporters exclude divestiture gains (4,276 reporters)2004: 5.0% of non-GAAP reporters exclude divestiture gains (4,332 reporters)2005: 5.3% of non-GAAP reporters exclude divestiture gains (4,837 reporters)2006: 4.4% of non-GAAP reporters exclude divestiture gains (5,637 reporters)2007: 4.8% of non-GAAP reporters exclude divestiture gains (5,451 reporters)2008: 4.1% of non-GAAP reporters exclude divestiture gains (5,995 reporters)2009: 3.8% of non-GAAP reporters exclude divestiture gains (5,892 reporters)2010: 3.7% of non-GAAP reporters exclude divestiture gains (6,043 reporters)2011: 4.0% of non-GAAP reporters exclude divestiture gains (6,272 reporters)2012: 4.2% of non-GAAP reporters exclude divestiture gains (6,851 reporters)2013: 3.9% of non-GAAP reporters exclude divestiture gains (7,235 reporters)2014: 4.8% of non-GAAP reporters exclude divestiture gains (7,823 reporters)2015: 5.3% of non-GAAP reporters exclude divestiture gains (8,089 reporters)2016: 6.2% of non-GAAP reporters exclude divestiture gains (7,728 reporters)2017: 5.8% of non-GAAP reporters exclude divestiture gains (7,821 reporters)2018: 6.7% of non-GAAP reporters exclude divestiture gains (7,903 reporters)2019: 6.7% of non-GAAP reporters exclude divestiture gains (7,754 reporters)2020: 6.3% of non-GAAP reporters exclude divestiture gains (7,691 reporters)2021: 6.2% of non-GAAP reporters exclude divestiture gains (7,833 reporters)2022: 6.6% of non-GAAP reporters exclude divestiture gains (7,906 reporters)2023: 6.2% of non-GAAP reporters exclude divestiture gains (7,774 reporters)2024: 7.0% of non-GAAP reporters exclude divestiture gains (7,727 reporters)2025: 7.1% of non-GAAP reporters exclude divestiture gains (7,660 reporters)2026: 7.8% of non-GAAP reporters exclude divestiture gains (3,722 reporters)200320052007200920112013201520172019202120232025% of firm-quarters with an explicit non-GAAP EPS whose reconciliation carries the category · click a category above to hide / show its line

The ten most frequently excluded categories (2025 ranking), as % of non-GAAP reporters; click a category to hide or show it. Stock-based compensation exclusion jumps in 2006 with FAS 123R expensing; amortization of acquired intangibles and acquisition costs rise steadily.

Bridges also got longer: the average reconciliation carried 1.5 distinct categories in 2003 and 2.8 in 2025.

adjustment categories per reconciliation
01.42.84.25.672003: adjustment categories per reconciliation 1.52004: adjustment categories per reconciliation 1.52005: adjustment categories per reconciliation 1.62006: adjustment categories per reconciliation 1.72007: adjustment categories per reconciliation 1.82008: adjustment categories per reconciliation 2.02009: adjustment categories per reconciliation 2.02010: adjustment categories per reconciliation 2.02011: adjustment categories per reconciliation 2.12012: adjustment categories per reconciliation 2.22013: adjustment categories per reconciliation 2.22014: adjustment categories per reconciliation 2.32015: adjustment categories per reconciliation 2.42016: adjustment categories per reconciliation 2.42017: adjustment categories per reconciliation 2.52018: adjustment categories per reconciliation 2.62019: adjustment categories per reconciliation 2.72020: adjustment categories per reconciliation 2.82021: adjustment categories per reconciliation 2.72022: adjustment categories per reconciliation 2.72023: adjustment categories per reconciliation 2.72024: adjustment categories per reconciliation 2.82025: adjustment categories per reconciliation 2.82026: adjustment categories per reconciliation 2.8200320052007200920112013201520172019202120232025

5. How much higher non-GAAP is

Among firm-quarters that state both figures (quarters with an absolute EPS above $10 excluded, 0.6% of the sample, Berkshire class A among them), the mean non-GAAP EPS runs well above the mean GAAP EPS in every year, and the bar is exactly the gap between the two lines. The medians, dashed, tell the same story at a lower level.

mean GAAP diluted EPSmean non-GAAP diluted EPSmean exclusion = gap between the linesmedian GAAP EPSmedian non-GAAP EPS
$-0.1$0.0$0.1$0.2$0.3$0.4$0.5$0.6$0.7$0.8$0.9$1.0$1.1$1.22003: mean exclusion = mean non-GAAP minus mean GAAP = $0.134/share (median $0.04); non-GAAP above GAAP on 70% (4,269 firm-quarters)20032004: mean exclusion = mean non-GAAP minus mean GAAP = $0.104/share (median $0.04); non-GAAP above GAAP on 68% (4,325 firm-quarters)2005: mean exclusion = mean non-GAAP minus mean GAAP = $0.120/share (median $0.04); non-GAAP above GAAP on 70% (4,823 firm-quarters)20052006: mean exclusion = mean non-GAAP minus mean GAAP = $0.098/share (median $0.04); non-GAAP above GAAP on 74% (5,630 firm-quarters)2007: mean exclusion = mean non-GAAP minus mean GAAP = $0.152/share (median $0.05); non-GAAP above GAAP on 74% (5,432 firm-quarters)20072008: mean exclusion = mean non-GAAP minus mean GAAP = $0.378/share (median $0.08); non-GAAP above GAAP on 81% (5,937 firm-quarters)2009: mean exclusion = mean non-GAAP minus mean GAAP = $0.241/share (median $0.07); non-GAAP above GAAP on 78% (5,878 firm-quarters)20092010: mean exclusion = mean non-GAAP minus mean GAAP = $0.122/share (median $0.06); non-GAAP above GAAP on 73% (6,034 firm-quarters)2011: mean exclusion = mean non-GAAP minus mean GAAP = $0.143/share (median $0.06); non-GAAP above GAAP on 74% (6,257 firm-quarters)20112012: mean exclusion = mean non-GAAP minus mean GAAP = $0.169/share (median $0.07); non-GAAP above GAAP on 77% (6,833 firm-quarters)2013: mean exclusion = mean non-GAAP minus mean GAAP = $0.152/share (median $0.07); non-GAAP above GAAP on 77% (7,217 firm-quarters)20132014: mean exclusion = mean non-GAAP minus mean GAAP = $0.171/share (median $0.09); non-GAAP above GAAP on 79% (7,796 firm-quarters)2015: mean exclusion = mean non-GAAP minus mean GAAP = $0.287/share (median $0.10); non-GAAP above GAAP on 79% (8,047 firm-quarters)20152016: mean exclusion = mean non-GAAP minus mean GAAP = $0.216/share (median $0.09); non-GAAP above GAAP on 79% (7,701 firm-quarters)2017: mean exclusion = mean non-GAAP minus mean GAAP = $0.202/share (median $0.09); non-GAAP above GAAP on 75% (7,787 firm-quarters)20172018: mean exclusion = mean non-GAAP minus mean GAAP = $0.240/share (median $0.11); non-GAAP above GAAP on 77% (7,864 firm-quarters)2019: mean exclusion = mean non-GAAP minus mean GAAP = $0.266/share (median $0.11); non-GAAP above GAAP on 78% (7,713 firm-quarters)20192020: mean exclusion = mean non-GAAP minus mean GAAP = $0.368/share (median $0.15); non-GAAP above GAAP on 80% (7,610 firm-quarters)2021: mean exclusion = mean non-GAAP minus mean GAAP = $0.204/share (median $0.11); non-GAAP above GAAP on 74% (7,778 firm-quarters)20212022: mean exclusion = mean non-GAAP minus mean GAAP = $0.307/share (median $0.13); non-GAAP above GAAP on 80% (7,810 firm-quarters)2023: mean exclusion = mean non-GAAP minus mean GAAP = $0.306/share (median $0.14); non-GAAP above GAAP on 81% (7,688 firm-quarters)20232024: mean exclusion = mean non-GAAP minus mean GAAP = $0.323/share (median $0.14); non-GAAP above GAAP on 81% (7,639 firm-quarters)2025: mean exclusion = mean non-GAAP minus mean GAAP = $0.362/share (median $0.15); non-GAAP above GAAP on 82% (7,564 firm-quarters)20252026: mean exclusion = mean non-GAAP minus mean GAAP = $0.317/share (median $0.16); non-GAAP above GAAP on 81% (3,667 firm-quarters)2003: mean GAAP EPS $0.157; median $0.152004: mean GAAP EPS $0.247; median $0.192005: mean GAAP EPS $0.243; median $0.212006: mean GAAP EPS $0.315; median $0.232007: mean GAAP EPS $0.275; median $0.222008: mean GAAP EPS $-0.037; median $0.112009: mean GAAP EPS $0.075; median $0.112010: mean GAAP EPS $0.281; median $0.192011: mean GAAP EPS $0.280; median $0.212012: mean GAAP EPS $0.285; median $0.212013: mean GAAP EPS $0.329; median $0.222014: mean GAAP EPS $0.320; median $0.222015: mean GAAP EPS $0.200; median $0.192016: mean GAAP EPS $0.290; median $0.212017: mean GAAP EPS $0.355; median $0.232018: mean GAAP EPS $0.424; median $0.312019: mean GAAP EPS $0.401; median $0.302020: mean GAAP EPS $0.191; median $0.172021: mean GAAP EPS $0.561; median $0.332022: mean GAAP EPS $0.511; median $0.272023: mean GAAP EPS $0.506; median $0.282024: mean GAAP EPS $0.541; median $0.302025: mean GAAP EPS $0.576; median $0.342026: mean GAAP EPS $0.719; median $0.382003: mean non-GAAP EPS $0.291; median $0.232004: mean non-GAAP EPS $0.351; median $0.272005: mean non-GAAP EPS $0.363; median $0.302006: mean non-GAAP EPS $0.412; median $0.312007: mean non-GAAP EPS $0.427; median $0.332008: mean non-GAAP EPS $0.340; median $0.262009: mean non-GAAP EPS $0.316; median $0.242010: mean non-GAAP EPS $0.403; median $0.292011: mean non-GAAP EPS $0.423; median $0.312012: mean non-GAAP EPS $0.454; median $0.332013: mean non-GAAP EPS $0.480; median $0.342014: mean non-GAAP EPS $0.490; median $0.352015: mean non-GAAP EPS $0.487; median $0.352016: mean non-GAAP EPS $0.506; median $0.362017: mean non-GAAP EPS $0.557; median $0.392018: mean non-GAAP EPS $0.664; median $0.472019: mean non-GAAP EPS $0.667; median $0.462020: mean non-GAAP EPS $0.559; median $0.382021: mean non-GAAP EPS $0.766; median $0.482022: mean non-GAAP EPS $0.818; median $0.472023: mean non-GAAP EPS $0.812; median $0.482024: mean non-GAAP EPS $0.864; median $0.512025: mean non-GAAP EPS $0.938; median $0.542026: mean non-GAAP EPS $1.036; median $0.60firm-quarters with both figures, |EPS| > $10 excluded; $ per diluted share

Stated as a premium and on the universes the trackers use: the median percentage gap on GAAP-positive quarters is 19% for all filers in 2025 and 10% for firms with at least $100 million of absolute GAAP net income, inside FactSet's 8 to 14% band for the Dow 30 and S&P 500. 82% of reporters show non-GAAP above GAAP and 12% below, against Calcbench's 60 to 70% and under 8%.

median % gap, all filersmedian % gap, |GAAP net income| >= $100M% with non-GAAP above GAAP, all filers% above, large firmsFactSet 8-14% median gapCalcbench 60-70% above
FactSet: typical median gap 8-14% (Dow 30 / S&P 500)Calcbench: 60-70% of companies report a non-GAAP figure above GAAP0%20%40%60%80%100%2003: median % gap, all filers = 8%2004: median % gap, all filers = 7%2005: median % gap, all filers = 9%2006: median % gap, all filers = 12%2007: median % gap, all filers = 12%2008: median % gap, all filers = 19%2009: median % gap, all filers = 18%2010: median % gap, all filers = 13%2011: median % gap, all filers = 12%2012: median % gap, all filers = 15%2013: median % gap, all filers = 14%2014: median % gap, all filers = 16%2015: median % gap, all filers = 17%2016: median % gap, all filers = 17%2017: median % gap, all filers = 13%2018: median % gap, all filers = 14%2019: median % gap, all filers = 16%2020: median % gap, all filers = 16%2021: median % gap, all filers = 11%2022: median % gap, all filers = 16%2023: median % gap, all filers = 16%2024: median % gap, all filers = 17%2025: median % gap, all filers = 19%2026: median % gap, all filers = 19%2003: median % gap, |GAAP net income| >= $100M = 0%2004: median % gap, |GAAP net income| >= $100M = 0%2005: median % gap, |GAAP net income| >= $100M = 1%2006: median % gap, |GAAP net income| >= $100M = 1%2007: median % gap, |GAAP net income| >= $100M = 2%2008: median % gap, |GAAP net income| >= $100M = 4%2009: median % gap, |GAAP net income| >= $100M = 3%2010: median % gap, |GAAP net income| >= $100M = 3%2011: median % gap, |GAAP net income| >= $100M = 3%2012: median % gap, |GAAP net income| >= $100M = 5%2013: median % gap, |GAAP net income| >= $100M = 4%2014: median % gap, |GAAP net income| >= $100M = 4%2015: median % gap, |GAAP net income| >= $100M = 5%2016: median % gap, |GAAP net income| >= $100M = 6%2017: median % gap, |GAAP net income| >= $100M = 2%2018: median % gap, |GAAP net income| >= $100M = 5%2019: median % gap, |GAAP net income| >= $100M = 6%2020: median % gap, |GAAP net income| >= $100M = 8%2021: median % gap, |GAAP net income| >= $100M = 4%2022: median % gap, |GAAP net income| >= $100M = 7%2023: median % gap, |GAAP net income| >= $100M = 9%2024: median % gap, |GAAP net income| >= $100M = 9%2025: median % gap, |GAAP net income| >= $100M = 10%2026: median % gap, |GAAP net income| >= $100M = 10%2003: % with non-GAAP above GAAP, all filers = 70%2004: % with non-GAAP above GAAP, all filers = 68%2005: % with non-GAAP above GAAP, all filers = 70%2006: % with non-GAAP above GAAP, all filers = 74%2007: % with non-GAAP above GAAP, all filers = 74%2008: % with non-GAAP above GAAP, all filers = 81%2009: % with non-GAAP above GAAP, all filers = 78%2010: % with non-GAAP above GAAP, all filers = 73%2011: % with non-GAAP above GAAP, all filers = 74%2012: % with non-GAAP above GAAP, all filers = 77%2013: % with non-GAAP above GAAP, all filers = 77%2014: % with non-GAAP above GAAP, all filers = 79%2015: % with non-GAAP above GAAP, all filers = 79%2016: % with non-GAAP above GAAP, all filers = 79%2017: % with non-GAAP above GAAP, all filers = 75%2018: % with non-GAAP above GAAP, all filers = 77%2019: % with non-GAAP above GAAP, all filers = 78%2020: % with non-GAAP above GAAP, all filers = 80%2021: % with non-GAAP above GAAP, all filers = 74%2022: % with non-GAAP above GAAP, all filers = 80%2023: % with non-GAAP above GAAP, all filers = 81%2024: % with non-GAAP above GAAP, all filers = 81%2025: % with non-GAAP above GAAP, all filers = 82%2026: % with non-GAAP above GAAP, all filers = 81%2003: % above, large firms = 56%2004: % above, large firms = 53%2005: % above, large firms = 56%2006: % above, large firms = 54%2007: % above, large firms = 58%2008: % above, large firms = 72%2009: % above, large firms = 67%2010: % above, large firms = 61%2011: % above, large firms = 63%2012: % above, large firms = 67%2013: % above, large firms = 64%2014: % above, large firms = 66%2015: % above, large firms = 72%2016: % above, large firms = 72%2017: % above, large firms = 62%2018: % above, large firms = 68%2019: % above, large firms = 71%2020: % above, large firms = 75%2021: % above, large firms = 66%2022: % above, large firms = 74%2023: % above, large firms = 75%2024: % above, large firms = 76%2025: % above, large firms = 76%2026: % above, large firms = 75%200320052007200920112013201520172019202120232025median % gap on GAAP-positive quarters; shares among all reporters

6. Losses that become profits

Roughly a third of reporters post a GAAP loss in a given year (35% in 2008, 38% in 2020, 28% in 2025). About half of those losses turn into a non-GAAP profit: 42% in 2003, 56% in 2008, 55% in 2025. The flip rate has been stable near 50% for two decades.

% of reporters with a GAAP loss% of those losses shown as a non-GAAP profit
0%14%28%42%56%70%2003: % of reporters with a GAAP loss 32.9%2004: % of reporters with a GAAP loss 25.2%2005: % of reporters with a GAAP loss 24.4%2006: % of reporters with a GAAP loss 22.5%2007: % of reporters with a GAAP loss 24.2%2008: % of reporters with a GAAP loss 35.3%2009: % of reporters with a GAAP loss 35.2%2010: % of reporters with a GAAP loss 24.9%2011: % of reporters with a GAAP loss 25.5%2012: % of reporters with a GAAP loss 26.6%2013: % of reporters with a GAAP loss 27.1%2014: % of reporters with a GAAP loss 27.7%2015: % of reporters with a GAAP loss 31.4%2016: % of reporters with a GAAP loss 29.6%2017: % of reporters with a GAAP loss 29.9%2018: % of reporters with a GAAP loss 26.6%2019: % of reporters with a GAAP loss 28.2%2020: % of reporters with a GAAP loss 38.2%2021: % of reporters with a GAAP loss 29.9%2022: % of reporters with a GAAP loss 32.2%2023: % of reporters with a GAAP loss 31.5%2024: % of reporters with a GAAP loss 29.8%2025: % of reporters with a GAAP loss 28.1%2026: % of reporters with a GAAP loss 26.9%2003: % of those losses shown as a non-GAAP profit 41.8%2004: % of those losses shown as a non-GAAP profit 48.5%2005: % of those losses shown as a non-GAAP profit 46.4%2006: % of those losses shown as a non-GAAP profit 50.8%2007: % of those losses shown as a non-GAAP profit 54.6%2008: % of those losses shown as a non-GAAP profit 56.2%2009: % of those losses shown as a non-GAAP profit 48.9%2010: % of those losses shown as a non-GAAP profit 52.9%2011: % of those losses shown as a non-GAAP profit 52.8%2012: % of those losses shown as a non-GAAP profit 54.4%2013: % of those losses shown as a non-GAAP profit 52.8%2014: % of those losses shown as a non-GAAP profit 50.1%2015: % of those losses shown as a non-GAAP profit 50.0%2016: % of those losses shown as a non-GAAP profit 44.8%2017: % of those losses shown as a non-GAAP profit 54.8%2018: % of those losses shown as a non-GAAP profit 53.3%2019: % of those losses shown as a non-GAAP profit 51.4%2020: % of those losses shown as a non-GAAP profit 49.2%2021: % of those losses shown as a non-GAAP profit 46.6%2022: % of those losses shown as a non-GAAP profit 45.8%2023: % of those losses shown as a non-GAAP profit 50.2%2024: % of those losses shown as a non-GAAP profit 53.7%2025: % of those losses shown as a non-GAAP profit 54.8%2026: % of those losses shown as a non-GAAP profit 50.7%200320052007200920112013201520172019202120232025

7. Presentation and compliance

The SEC's 2003 rules and the 2016 C&DIs are visible in the data. Releases whose headline named only the non-GAAP figure fell from 40% of reporters in 2003 to 17% in 2025; releases with no reconciliation at all fell from 43% to 9%; releases explaining why management uses the measure rose from 73% to 97%. The undue-prominence score (eleven C&DI 102.10 indicators) fell from 2.35 to 1.54.

headline names only the non-GAAP figureno reconciliation in the releaseusefulness of the measure explained
0%20%40%60%80%100%2003: headline names only the non-GAAP figure 39.9%2004: headline names only the non-GAAP figure 38.7%2005: headline names only the non-GAAP figure 38.0%2006: headline names only the non-GAAP figure 39.7%2007: headline names only the non-GAAP figure 38.7%2008: headline names only the non-GAAP figure 39.2%2009: headline names only the non-GAAP figure 39.1%2010: headline names only the non-GAAP figure 37.8%2011: headline names only the non-GAAP figure 38.5%2012: headline names only the non-GAAP figure 38.1%2013: headline names only the non-GAAP figure 34.0%2014: headline names only the non-GAAP figure 31.2%2015: headline names only the non-GAAP figure 31.2%2016: headline names only the non-GAAP figure 23.7%2017: headline names only the non-GAAP figure 21.2%2018: headline names only the non-GAAP figure 19.8%2019: headline names only the non-GAAP figure 16.7%2020: headline names only the non-GAAP figure 16.7%2021: headline names only the non-GAAP figure 17.1%2022: headline names only the non-GAAP figure 17.7%2023: headline names only the non-GAAP figure 17.7%2024: headline names only the non-GAAP figure 17.2%2025: headline names only the non-GAAP figure 17.1%2026: headline names only the non-GAAP figure 16.5%2003: no reconciliation in the release 42.8%2004: no reconciliation in the release 33.4%2005: no reconciliation in the release 29.9%2006: no reconciliation in the release 26.8%2007: no reconciliation in the release 22.5%2008: no reconciliation in the release 22.6%2009: no reconciliation in the release 20.0%2010: no reconciliation in the release 18.2%2011: no reconciliation in the release 17.2%2012: no reconciliation in the release 16.8%2013: no reconciliation in the release 15.8%2014: no reconciliation in the release 15.4%2015: no reconciliation in the release 15.6%2016: no reconciliation in the release 12.9%2017: no reconciliation in the release 12.8%2018: no reconciliation in the release 11.9%2019: no reconciliation in the release 10.8%2020: no reconciliation in the release 11.2%2021: no reconciliation in the release 10.3%2022: no reconciliation in the release 10.2%2023: no reconciliation in the release 9.9%2024: no reconciliation in the release 9.2%2025: no reconciliation in the release 8.8%2026: no reconciliation in the release 9.2%2003: usefulness of the measure explained 73.0%2004: usefulness of the measure explained 80.3%2005: usefulness of the measure explained 82.6%2006: usefulness of the measure explained 85.6%2007: usefulness of the measure explained 86.4%2008: usefulness of the measure explained 86.5%2009: usefulness of the measure explained 89.2%2010: usefulness of the measure explained 90.4%2011: usefulness of the measure explained 91.3%2012: usefulness of the measure explained 92.2%2013: usefulness of the measure explained 93.0%2014: usefulness of the measure explained 93.6%2015: usefulness of the measure explained 93.9%2016: usefulness of the measure explained 95.7%2017: usefulness of the measure explained 96.2%2018: usefulness of the measure explained 96.4%2019: usefulness of the measure explained 96.7%2020: usefulness of the measure explained 96.1%2021: usefulness of the measure explained 96.7%2022: usefulness of the measure explained 96.9%2023: usefulness of the measure explained 96.9%2024: usefulness of the measure explained 97.3%2025: usefulness of the measure explained 97.4%2026: usefulness of the measure explained 97.9%200320052007200920112013201520172019202120232025

Order of mention is the most direct prominence signal: the share of reporters whose text names the non-GAAP figure before the GAAP figure fell from 24% in 2003 to 6% in 2025, and tables leading with the non-GAAP measure from 14% to 1%.

non-GAAP before GAAP in the textheadline non-GAAP onlyfirst table leads with non-GAAPonly non-GAAP in bold
0%12%24%36%48%60%2003: non-GAAP before GAAP in the text 24.2%2004: non-GAAP before GAAP in the text 20.7%2005: non-GAAP before GAAP in the text 22.4%2006: non-GAAP before GAAP in the text 21.4%2007: non-GAAP before GAAP in the text 22.0%2008: non-GAAP before GAAP in the text 24.9%2009: non-GAAP before GAAP in the text 26.6%2010: non-GAAP before GAAP in the text 28.9%2011: non-GAAP before GAAP in the text 31.1%2012: non-GAAP before GAAP in the text 33.1%2013: non-GAAP before GAAP in the text 35.0%2014: non-GAAP before GAAP in the text 37.2%2015: non-GAAP before GAAP in the text 40.3%2016: non-GAAP before GAAP in the text 14.6%2017: non-GAAP before GAAP in the text 4.5%2018: non-GAAP before GAAP in the text 5.1%2019: non-GAAP before GAAP in the text 4.7%2020: non-GAAP before GAAP in the text 4.4%2021: non-GAAP before GAAP in the text 4.8%2022: non-GAAP before GAAP in the text 5.4%2023: non-GAAP before GAAP in the text 5.0%2024: non-GAAP before GAAP in the text 5.4%2025: non-GAAP before GAAP in the text 6.0%2026: non-GAAP before GAAP in the text 6.3%2003: headline non-GAAP only 39.9%2004: headline non-GAAP only 38.7%2005: headline non-GAAP only 37.9%2006: headline non-GAAP only 39.7%2007: headline non-GAAP only 38.7%2008: headline non-GAAP only 39.2%2009: headline non-GAAP only 39.1%2010: headline non-GAAP only 37.7%2011: headline non-GAAP only 38.5%2012: headline non-GAAP only 38.1%2013: headline non-GAAP only 33.9%2014: headline non-GAAP only 31.2%2015: headline non-GAAP only 31.3%2016: headline non-GAAP only 23.7%2017: headline non-GAAP only 21.2%2018: headline non-GAAP only 19.8%2019: headline non-GAAP only 16.8%2020: headline non-GAAP only 16.8%2021: headline non-GAAP only 17.2%2022: headline non-GAAP only 17.8%2023: headline non-GAAP only 17.7%2024: headline non-GAAP only 17.2%2025: headline non-GAAP only 17.3%2026: headline non-GAAP only 16.5%2003: first table leads with non-GAAP 14.4%2004: first table leads with non-GAAP 11.4%2005: first table leads with non-GAAP 11.4%2006: first table leads with non-GAAP 9.2%2007: first table leads with non-GAAP 8.1%2008: first table leads with non-GAAP 8.1%2009: first table leads with non-GAAP 8.3%2010: first table leads with non-GAAP 8.1%2011: first table leads with non-GAAP 8.1%2012: first table leads with non-GAAP 7.0%2013: first table leads with non-GAAP 6.3%2014: first table leads with non-GAAP 6.0%2015: first table leads with non-GAAP 5.8%2016: first table leads with non-GAAP 3.9%2017: first table leads with non-GAAP 1.5%2018: first table leads with non-GAAP 1.2%2019: first table leads with non-GAAP 1.1%2020: first table leads with non-GAAP 0.9%2021: first table leads with non-GAAP 0.8%2022: first table leads with non-GAAP 0.7%2023: first table leads with non-GAAP 0.7%2024: first table leads with non-GAAP 0.6%2025: first table leads with non-GAAP 0.5%2026: first table leads with non-GAAP 0.6%2003: only non-GAAP in bold 0.5%2004: only non-GAAP in bold 1.3%2005: only non-GAAP in bold 2.0%2006: only non-GAAP in bold 1.8%2007: only non-GAAP in bold 2.5%2008: only non-GAAP in bold 3.4%2009: only non-GAAP in bold 3.5%2010: only non-GAAP in bold 5.1%2011: only non-GAAP in bold 5.0%2012: only non-GAAP in bold 5.0%2013: only non-GAAP in bold 5.1%2014: only non-GAAP in bold 4.9%2015: only non-GAAP in bold 4.9%2016: only non-GAAP in bold 3.5%2017: only non-GAAP in bold 3.1%2018: only non-GAAP in bold 2.9%2019: only non-GAAP in bold 3.2%2020: only non-GAAP in bold 5.6%2021: only non-GAAP in bold 6.1%2022: only non-GAAP in bold 6.1%2023: only non-GAAP in bold 6.0%2024: only non-GAAP in bold 6.0%2025: only non-GAAP in bold 6.0%2026: only non-GAAP in bold 5.5%200320052007200920112013201520172019202120232025

Method

Source: the PressReleaseAnalytics database, built from SEC EDGAR 8-K Exhibit 99.1 press releases (2003 to August 2026) and 10-Q/10-K XBRL facts, read by a frozen extraction protocol and validated against Bentley et al. (2018) and Compustat GAAP EPS (96 to 99% agreement). No licensed data enters any figure. Fiscal-quarter years; 2026 covers filings to the end of August. Where a figure excludes rows, the exclusion is stated with it. The variable-level catalog, with every column's definition, fill rate and source, is the companion page.