Established ✥ MMXXII
The Lombard Review

Business

Companies, earnings, deals and capital allocation: how corporate balance sheets are responding to rates and tariffs.

Business

Rising costs threaten company profits

PPI signals margin squeeze

Special Report

Anniversary: Four years, 500 pieces

Four-year cost-of-capital shift

Business

What company filings say about tariff risk

10-Q disclosure of 301 exposure

Business

Which companies can pass on higher costs

Pricing power under oil shock

Business

The peace deal collapses, and oil jumps

Oil shock re-priced into swaps

Business

The tariff refund boost to earnings

Earnings quality of refunds

Business

Proving your supply chain is clean will cost you

Forced-labour compliance costs

Business

A peace deal nobody has signed

Execution risk in peace pricing

Business

Oil tankers stuck at sea

Closure strands fleet capacity

Markets & Finance

$35bn of refunds, and where it goes

Cash windfall allocation

Special Report

Tax Day: Refunds from the IRS — and from Customs

IRS and CBP refunds hit cash

Business

Refiners are winning the war

Product tightness lifts margins

Business

Saudi Arabia's pipeline around the war

Red Sea bypass capacity

Business

Which airlines are protected from $100 oil

Airline fuel-hedge coverage

Markets & Finance

Who gets the $166bn tariff refund?

Importer balance sheets gain claim

Tech

AI is coming for software companies

Agentic tools threaten seat pricing

Tech

Big Tech's AI spending passes $600bn

Capex outruns operating cash

Business

Companies brace for a tariff refund

Refund contingency accounting

Special Report

New Year: 2026 hinges on one court case

Refund contingency drives guidance

Markets & Finance

Paramount goes hostile

Debt-funded cash vs stock offer

Business

Netflix bets big on Warner Bros

Stock vs cash offers

Tech

Nvidia's $57bn quarter doesn't end the bubble debate

Beat fails to calm capex fears

Tech

Meta borrows $30bn for AI

Debt funds AI capex

Tech

The AI money loop

Vendor equity funds customer capex

Business

First Brands and the debt nobody saw

Factoring hides leverage

Business

Oracle's $455bn order book

RPO requires debt-funded capex

World

Japan's deal: 15% and $550bn

Investment pledges as tariff price

Business

Stablecoins get their rulebook

Reserve rules mirror 2a-7

Personal Finance

The tax break that could spark a factory boom

100% expensing pulls investment forward

Business

Walmart warns prices are going up

Retailer absorption vs price hikes

World

Britain gets the first trade deal

Quota-based auto relief

Tech

Tariffs haven't dented Big Tech's AI spending

AI capex insensitive to trade shock

Business

Companies stop giving forecasts

Uncertainty forces guidance suspension

Business

Carmakers face 25% tariffs

OEM margins vs parts origin

Business

Nvidia's margins slip

Ramp costs compress gross margin

Politics

Steel tariffs squeeze American manufacturers

Input tariffs compress downstream margins

Tech

Big Tech keeps spending after DeepSeek

Jevons logic in capex guides

Business

Wall Street banks bet on deregulation

Fee pool recovery vs capital relief

Business

Biden blocks the US Steel deal

Blocked deal triggers termination payment

Business

Honda and Nissan: merging to survive

Consolidation to fund EV transition

Business

US Steel's deal is in limbo

Political veto as deal variable

Special Report

Cyber Monday: The hidden debt of buy now, pay later

Unreported consumer leverage

Business

Companies are stockpiling before the tariffs hit

Inventory pull-forward ties up cash

Special Report

Diwali: India's record IPO rush

Primary supply absorbs liquidity

Business

Tesla's profits: look closer

Non-core credits flatter auto margins

Business

Banks' interest income bottoms out

Rate cuts compress bank margins

Business

Microsoft reopens Three Mile Island

Long-dated PPAs as capex substitutes

Business

Boeing's strike and its shrinking cash pile

Strike burns cash near junk threshold

Business

Buffett is sitting on $277bn of cash

Cash as valuation signal

Business

Intel stops paying its dividend

Foundry capex exhausts free cash flow