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Financial Statement Walkthroughs

Real annual reports, read line by line: Apple, Microsoft, Costco, Visa and Berkshire, plus how to spot red flags.

Theory only sticks when you see it on a real filing. In this series we read actual annual reports line by line, from Apple to Berkshire, and show where the quality shows up in the numbers and where the red flags hide.

7 articles in this module

Reading Apple's Annual Report: A 10-K Walkthrough

A guided tour of Apple's annual report: where the segment tables live, what the products vs services margin split reveals, and how to read the buyback line.8 min read

Reading Microsoft's Annual Report: A 10-K Walkthrough

A walkthrough of Microsoft's annual report: the three-segment structure, deferred revenue as the subscription tell, and the goodwill left by acquisitions.7 min read

Reading Costco's Annual Report: A 10-K Walkthrough

A walkthrough of Costco's annual report: the membership fee line that drives profit, razor-thin merchandise margins, and a balance sheet suppliers finance.7 min read

Reading Visa's Annual Report: A 10-K Walkthrough

A walkthrough of Visa's annual report: what a network business looks like on paper, from 60 percent operating margins to client incentives and litigation escrow.7 min read

Reading Berkshire Hathaway's Annual Report

A walkthrough of Berkshire Hathaway's annual report: why GAAP net income misleads, where operating earnings live, and what insurance float really means.7 min read

Finding Red Flags in Financial Statements: Three Cases

How to find red flags in financial statements, shown through real cases: Enron's uncollected profits, Wirecard's missing cash and Valeant's bought growth.7 min read

Identifying Competitive Advantages Through Financial Statements

How to identify competitive advantages through financial statements: the margin, ROIC and capex lines where a moat shows up, with real fiscal 2025 figures.7 min read
Methodology© 2026 Tenet Investing Inc. · Toronto, Canada

Data from Intrinio and Financial Modeling Prep.