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Owner earnings

Cash the owner could take out without shrinking the business.

In plain English

What an owner could take home this year without letting the place run down.

Try it with pocket-money numbers. $100 of profit, plus a $20 wear-and-tear charge that was never actually cash leaving, minus $30 spent keeping the equipment good: 100 + 20 − 30 = $90.

That is the whole calculation. The tables below run it on what 514 companies actually filed.

FormulaNet income + depreciation & amortisation − capital expenditure
Companies reporting it514 of 573
Median$632.00m
Middle half$11.63m – $2.14bn
Range$-30.95bn – $116.87bn

When it lies. Buffett’s definition subtracts only the capex needed to hold position, and no filer reports that split. Total capex stands in, so a company investing heavily to grow looks worse than it is.

By sector

Sectorn Median25th75th
Banks & insurers22$2.44bn$1.26bn$10.19bn
Industrials78$1.77bn$810.00m$3.55bn
Health care40$1.34bn$128.49m$5.79bn
Consumer discretionary45$1.11bn$269.58m$2.11bn
Technology45$959.51m$43.02m$5.17bn
Consumer staples43$610.00m$37.20m$1.70bn
Financial services27$546.82m$236.78m$3.55bn
Real estate48$505.14m$43.65m$977.09m
Energy34$447.00m$35.02m$2.06bn
Investment company1$339.99m$339.99m$339.99m
Communications31$53.50m$-43.11m$432.00m
Materials47$51.20m$-170.00m$651.38m
not classified2$-3.18m$-3.18m$-329.00k
Utilities51$-244.40m$-1.36bn$105.00m

Highest owner earnings

#TickerCompany SectorOwner earnings
1NVDANvidiaTechnology$116.87bn
2AAPLAppleTechnology$110.99bn
3GOOGLAlphabetTechnology$61.86bn
4MSFTMicrosoftTechnology$52.10bn
5JNJJohnson & JohnsonHealth care$29.48bn
6XOMExxon MobilEnergy$26.48bn
7CMCSAComcastCommunications$24.46bn
8AVGOBroadcomTechnology$23.08bn
9TAT&TCommunications$22.00bn
10MSMorgan StanleyBanks & insurers$18.62bn
11VZVerizon CommunicationsCommunications$18.51bn
12GSGoldman Sachs GroupBanks & insurers$17.29bn
13MRKMerckHealth care$17.19bn
14MAMastercardFinancial services$15.62bn
15CVXChevronEnergy$15.08bn
16PGProcter & GambleConsumer staples$14.80bn
17LLYEli LillyHealth care$14.80bn
18TMUST-Mobile USCommunications$14.54bn
19HDHome DepotConsumer discretionary$13.99bn
20UNHUnitedhealth GroupHealth care$12.79bn

Lowest

#TickerCompany SectorOwner earnings
514ORCLOracleTechnology$-30.95bn
513DDominion EnergyUtilities$-7.27bn
512SRESempraUtilities$-6.21bn
511PSKYParamount SkydanceCommunications$-6.06bn
510XELXcel EnergyUtilities$-5.92bn
509APDAir Products & ChemicalsMaterials$-5.85bn
508KHCKraft HeinzConsumer staples$-5.68bn
507ETREntergyUtilities$-3.61bn
506AESAESUtilities$-3.56bn
505IPInternational PaperMaterials$-2.63bn

The other metrics

All metrics, and which ones to ignore