Read the filings, not the headlines.
Twice-weekly breakdowns of public companies — what the filings actually say, not what their PR wants you to think.
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Most business coverage repeats what the companies’ press releases say. Footnote Brief reads the actual filings instead — the 10-Ks, the 10-Qs, the line items buried on page 34 that nobody else bothers to open. We also dig into the financial currents shaping the world that mainstream coverage skips entirely. Every Monday, a deep dive. Every Friday, a sharper, shorter take.
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Latest breakdowns
How Federal Student Loan Servicers Actually Make Money: The Three-Contract System That Doesn’t Reward Repayment
May 28, 2026
Federal student loan servicers, Maximus, and the U.S. Treasury are paid under three completely different contracts. Only one of them is structured around the borrower repaying, and that one pays the same whether the borrower thrives or barely hangs on. The July 1, 2026 overhaul cements all three for a decade. The 60-second version The
How First Brands’ $11 Billion Collapse Exposed the Disclosure Gap in Private Credit
May 26, 2026
The auto-parts bankruptcy that wiped out billions wasn’t really a fraud story. It was a story about how a $3 trillion private debt market grew up without a 10-K. The 60-second version First Brands Group, a Cleveland-based auto-parts roll-up doing $5 billion a year in sales, filed for Chapter 11 in September 2025. By January
Hyperscaler Depreciation Schedules and AI Capex Circularity: The $200 Billion Earnings Question
May 21, 2026
Two policy choices buried in the property and equipment notes of Microsoft, Google, Meta, and Oracle’s 10-Ks — combined with a circular capital flow between Nvidia, OpenAI, Oracle, and CoreWeave — explain a meaningful slice of what hyperscaler AI-era profits actually look like. This is what the filings show, what the math produces, and what
Boeing’s Spirit AeroSystems Acquisition: How a $900M Spinoff Became an $8.3B Buyback
May 18, 2026
The reacquisition isn’t a supply chain fix — it’s the most expensive financial-engineering reversal in modern aerospace, and the integration is already over budget. The 60-second version In June 2005, Boeing sold its Wichita and Tulsa fabrication operations, including the entire fuselage of every 737, to private equity firm Onex for $900M cash. On December
How GLP-1 Drugs Made the Gym Industry Richer, Not Poorer
May 14, 2026
The Wall Street thesis that Ozempic would empty gyms collapsed in plain sight. Here is what the 2025 filings actually show. The 60-second version In late 2023, gym stocks dropped on a Wall Street thesis that GLP-1 weight-loss drugs like Ozempic, Wegovy, and Mounjaro would empty fitness facilities. The thesis was that thin people do
The Hidden Bank Inside Airbnb: Why a Third of Its Profit Came From the Fed – and What Happens Next
May 11, 2026
A line-by-line read of Airbnb’s 2024 and 2025 financials reveals an interest-income business that doesn’t appear on the company’s cover slide. It also reveals why the next two years will look different from the last two. The 60-second version Airbnb earned $818 million in interest income in 2024 — equivalent to 32% of operating income.
Is Netflix Becoming a Cable Company? Inside the Quiet Pivot That’s Reshaping Streaming
May 7, 2026
Premium pricing. Live sports rights. Ad-supported tiers. Hidden subscriber metrics. The streaming giant’s recent moves don’t look like the company that promised to kill cable in 2007 — they look like the company cable used to be. The 60-second version The case in five sentences: Netflix stopped reporting subscriber numbers in Q1 2025, launched an
Why Is Temu So Cheap? (And Why It’s About to Stop Being Cheap)
May 5, 2026
The 60-second version For three years, Temu and Shein looked like a magic trick. Two-dollar earbuds. Three-dollar dresses. Free shipping from Guangzhou in under a week. Most people assumed it was just cheap Chinese factories and aggressive pricing. It wasn’t. Both companies built their U.S. businesses around the same 1930s tariff exemption — a customs
Is McDonald’s Actually a Real Estate Company? (What the 10-K Really Shows)
May 4, 2026
The 60-second version In 2024, McDonald’s collected $10.0 billion in rent from its franchisees — substantially more than the $5.6 billion it collected in royalties on Big Mac sales. That’s the headline number that has fueled a decade of “McDonald’s is secretly a real estate company” coverage, and the underlying financial reality is real: The
How Did Uber Become Profitable? (The Outlasting Story Most Coverage Misses)
April 30, 2026
The 60-second version For 14 years, Uber lost money. Cumulative operating losses from 2014 through 2022 totaled roughly $31.5 billion before the company posted its first full-year operating profit in 2023. Then in 2024, Uber reported $9.86 billion in net income, alongside $43.9 billion in revenue and $1.87 billion in operating profit. The popular explanation