Stock Profiles on DividendCalc.org

3M (MMM)

Wed, 07 Oct 2026 00:00:00 +0000

What 3M actually does

3M, founded in 1902, makes thousands of products: Post-it notes, Scotch tape, Command hooks, but also abrasives, adhesives, films, electronics materials and safety equipment. Much of its revenue comes from industrial customers rather than from the consumer products people know.

How the business makes money

It sells specialised materials and products around the world, and relies on research to create new ones. In 2024 it spun off its health care business as Solventum, leaving a smaller, more focused company.

Abbott Laboratories (ABT)

Wed, 07 Oct 2026 00:00:00 +0000

What Abbott actually does

Abbott is a health-care company founded in 1888 in Chicago and headquartered in Abbott Park, Illinois. It operates in four main areas: medical devices (including diabetes monitoring), diagnostics, nutrition (infant formula and adult nutrition) and established pharmaceuticals sold mainly outside the US.

Its research-based drug business was separated in 2013 as a new company, AbbVie, which is why the two names are often mentioned together.

How the business makes money

The mix of businesses matters. Devices and diagnostics are driven by technology and by testing demand, nutrition by consumer products and established pharmaceuticals by steady demand in emerging markets. Having several engines makes results less dependent on any single product.

AbbVie Inc. (ABBV)

Wed, 07 Oct 2026 00:00:00 +0000

What AbbVie actually does

AbbVie is a biopharmaceutical company headquartered in North Chicago, Illinois. It was created in 2012 as a spin-off from Abbott Laboratories and began trading as a public company in January 2013. The name combines “Abbott” with “vie”, a nod to a Latin root meaning life.

Its portfolio covers immunology, oncology, neuroscience and aesthetics. After buying Allergan in 2020, it also owns Botox and a range of cosmetic and eye-care products.

Advanced Micro Devices, Inc. (AMD)

Wed, 07 Oct 2026 00:00:00 +0000

What AMD actually does

Advanced Micro Devices was founded in 1969 and is based in Santa Clara, California. It designs processors and accelerators for a wide range of computers:

Ryzen processors for laptops and desktops.
EPYC processors for servers and data centres.
Radeon graphics cards for gaming and Instinct accelerators for AI.
Chips for game consoles and embedded systems, boosted by its acquisition of the programmable-chip company Xilinx.

How the business makes money

AMD is a “fabless” company: it designs the chips and relies on outside manufacturers to produce them. That keeps the company free of the huge cost of owning factories, and lets it use the most advanced manufacturing processes available.

Alphabet Inc. (GOOG)

Wed, 07 Oct 2026 00:00:00 +0000

Why Alphabet has two tickers

Alphabet trades under two symbols because it has several share classes. They represent ownership of the same company and share in the same profits, but the voting rights differ:

Class A (GOOGL) has one vote per share.
Class C (GOOG) has no votes.
Class B is not publicly traded. It carries ten votes per share and is held by insiders, which keeps control with the founders and long-time leaders.

For a regular investor, the voting difference rarely changes anything in practice. You are buying a share of the same business.

Alphabet Inc. (GOOGL)

Wed, 07 Oct 2026 00:00:00 +0000

What Alphabet actually does

Alphabet is the holding company created in 2015 when Google was restructured. Google is by far the largest part: Search, YouTube, Android, Chrome, Maps, Gmail and the advertising systems that connect them. Alongside it sit Google Cloud, which rents computing and AI tools to businesses, and a set of long-term projects such as Waymo’s self-driving cars.

How the business makes money

The main engine is advertising. Businesses pay to appear next to search results and in videos, and that model has funded everything else for two decades. Google Cloud has become the second major pillar, and subscriptions and devices add smaller streams.

Altria Group, Inc. (MO)

Wed, 07 Oct 2026 00:00:00 +0000

What Altria actually does

Altria is a tobacco company headquartered in Richmond, Virginia. It is the parent of Philip Morris USA, which sells Marlboro cigarettes in the United States, as well as smokeless tobacco and cigars. It also owns the e-vapour company NJOY and holds large minority stakes in other businesses.

Outside the US, the Marlboro brand is sold by a separate company, Philip Morris International.

How the business makes money

Cigarettes are very profitable. Each pack is expensive to the buyer but cheap to make, and strong brand loyalty plus high taxes keep the market stable. Even so, the number of smokers is falling, so volumes decline every year and the company relies on price increases to grow profit.

Amazon.com, Inc. (AMZN)

Wed, 07 Oct 2026 00:00:00 +0000

What Amazon actually does

Jeff Bezos started Amazon in 1994 as an online bookstore. It has since grown into what the company calls “the everything store”, and then well beyond retail. Today Amazon runs an online marketplace, its own logistics network, the Prime membership programme, a streaming service, a growing advertising business and Amazon Web Services (AWS), the world’s largest cloud platform.

How the business makes money

Amazon is really three businesses:

American Electric Power (AEP)

Wed, 07 Oct 2026 00:00:00 +0000

What AEP actually does

American Electric Power generates and delivers electricity to millions of customers across several states in the Midwest, South and Appalachia. It also owns one of the largest high-voltage transmission networks in the US.

How the business makes money

It is a regulated utility. Regulators approve rates that let it recover costs and earn a return on the assets it invests in, so profit grows as it builds and upgrades power lines, substations and generation. Demand from data centers and new factories is raising its investment plans.

American Tower (AMT)

Wed, 07 Oct 2026 00:00:00 +0000

What American Tower actually does

American Tower owns communications towers and leases space on them to mobile carriers and other companies. It operates in the United States and in many other countries, and it also owns data centers. A phone call or video stream is often carried, at some point, by equipment mounted on a tower like these.

How the business makes money

Carriers sign long-term leases with built-in annual increases, and more tenants on a tower add revenue at little extra cost. That makes the income predictable, and it is why towers are often seen as an infrastructure-style investment.

Amgen (AMGN)

Wed, 07 Oct 2026 00:00:00 +0000

What Amgen actually does

Amgen is one of the original biotechnology companies, founded in 1980 in California. It develops and sells medicines made from living cells, with products in areas such as inflammation, bone health, heart disease and cancer. Well-known brands include Enbrel, Prolia, Repatha and Otezla.

How the business makes money

Amgen sells prescription drugs through wholesalers, pharmacies and hospitals. A drug can earn a great deal while it is protected by patents, so the company spends heavily on research and buys other companies to refill its pipeline. In 2023 it bought Horizon Therapeutics, which added debt but also new products.

Apple Inc. (AAPL)

Wed, 07 Oct 2026 00:00:00 +0000

What Apple actually does

Apple designs consumer technology and sells it as a tightly connected ecosystem. The iPhone is the best-known product, but the lineup also includes the Mac, iPad, Apple Watch, AirPods and a growing set of subscription services. The company sets the hardware, the software and the store in one place, which is a large part of why customers tend to stay.

Apple does not own most of its factories. Production is handled by contract manufacturers, while Apple keeps control of design, chips, software and the brand.

AT&T Inc. (T)

Wed, 07 Oct 2026 00:00:00 +0000

What AT&T actually does

AT&T is one of the largest telecommunications companies in the United States. Its main businesses today are wireless service and fibre or broadband internet, sold to consumers and businesses. The company is headquartered in Dallas, Texas.

For several years it was also a media conglomerate after buying Time Warner. It has since refocused on connectivity, and its media assets were spun off and combined with Discovery in 2022.

Automatic Data Processing (ADP)

Wed, 07 Oct 2026 00:00:00 +0000

What ADP actually does

ADP runs payroll for a very large number of businesses, from small shops to multinationals. It also sells human resources, benefits, tax and time-tracking software and services. If you have been paid through a company paycheck, there is a fair chance ADP processed it.

The company was founded in 1949 and has grown mostly by making itself difficult to replace: once a company’s payroll runs through ADP, switching is a hassle.

Bank of America (BAC)

Wed, 07 Oct 2026 00:00:00 +0000

What Bank of America actually does

Bank of America is one of the largest banks in the United States. It serves households and small businesses through branches and apps, manages wealth through Merrill, lends to companies and runs a large trading and investment banking business.

How the business makes money

The biggest source of income is net interest income: the difference between what the bank earns on loans and securities and what it pays on deposits. Fees from cards, wealth management, advice and trading add to that. Results move with interest rates and the health of the economy.

Berkshire Hathaway Inc. (BRK.B)

Wed, 07 Oct 2026 00:00:00 +0000

What Berkshire Hathaway actually does

Berkshire Hathaway is a holding company headquartered in Omaha, Nebraska. It began as a textile manufacturer and became a conglomerate from 1965, when Warren Buffett took control. He ran it until Greg Abel took over as CEO at the start of 2026.

Berkshire is hard to describe in one line because it is a mix of businesses and investments:

Insurance, including GEICO and large reinsurance operations, which provide a pool of money called “float”.
Railways and energy, notably BNSF Railway and Berkshire Hathaway Energy.
A wide range of manufacturing, retail and service companies that it owns outright.
A large portfolio of shares in public companies, with Apple one of the most famous holdings, and a very large amount of cash.

How the business makes money

Insurance generates float that Berkshire invests, while its operating businesses generate steady profits. The company then decides where each dollar earns the best return: buying whole businesses, buying shares or repurchasing its own stock.

BlackRock (BLK)

Wed, 07 Oct 2026 00:00:00 +0000

What BlackRock actually does

BlackRock is the world’s largest asset manager. It runs index funds and active funds for pension plans, governments, companies and individuals, and it is the company behind iShares, one of the biggest ETF families. It also sells Aladdin, a risk and portfolio technology platform used by other investors.

How the business makes money

BlackRock charges a small percentage fee on the assets it manages. With such a large amount of money under management, tiny fees add up. This also means revenue goes up when markets rise and when clients add money, and goes down when markets fall.

Bristol-Myers Squibb (BMY)

Wed, 07 Oct 2026 00:00:00 +0000

What Bristol-Myers Squibb actually does

BMS develops and sells prescription medicines. Its best-known products include the blood thinner Eliquis (sold with Pfizer) and the cancer immunotherapy Opdivo. It became much larger when it bought Celgene in 2019.

How the business makes money

Like other large drug companies, it earns most of its profit from a handful of patent-protected drugs. When a patent ends, cheaper copies arrive and sales of the original can fall quickly. Staying ahead means developing new drugs or buying companies that have them.

Broadcom Inc. (AVGO)

Wed, 07 Oct 2026 00:00:00 +0000

What Broadcom actually does

Broadcom is two businesses in one. The first is a leading designer of semiconductors used in networking, data centres, broadband, wireless devices and storage. The second is infrastructure software, which it built through acquisitions, most notably VMware, whose tools help companies run applications across their own servers and the cloud.

Broadcom’s current form came from a 2016 takeover of the original Broadcom by the chip company Avago, which kept the better-known name. The company moved its headquarters to the former VMware campus in Palo Alto after the VMware deal.

Caterpillar (CAT)

Wed, 07 Oct 2026 00:00:00 +0000

What Caterpillar actually does

Caterpillar makes the yellow machines seen on building sites and mines: bulldozers, excavators and giant mining trucks. It also builds engines, turbines and power systems, including equipment for data centers and oil and gas. Independent dealers sell and service the machines around the world.

How the business makes money

Revenue comes from new machines, but the more stable part is services: parts, repairs, digital tools and financing. Machines last a long time and need parts and service throughout, which adds recurring income on top of the sales cycle.

Chevron Corporation (CVX)

Wed, 07 Oct 2026 00:00:00 +0000

What Chevron actually does

Chevron is one of the largest energy companies in the world and the second-largest direct descendant of John D. Rockefeller’s Standard Oil. It began as the Standard Oil Company of California, known as Socal, and took the Chevron name after merging with Gulf Oil in 1985. It later merged with Texaco in 2001 and is headquartered in Houston, Texas.

The business is integrated: it finds and produces oil and gas (upstream), refines it and sells fuel and chemicals (downstream).

Cisco Systems, Inc. (CSCO)

Wed, 07 Oct 2026 00:00:00 +0000

What Cisco actually does

Cisco Systems was founded in December 1984 by two Stanford University computer scientists, Leonard Bosack and Sandy Lerner, and is headquartered in San Jose, California. It built its name making the routers and switches that move data around the internet and inside company networks.

Over time the company has added cybersecurity, collaboration tools such as Webex, observability and software. It bought Splunk in 2024 to strengthen its data and security offering.

Clorox (CLX)

Wed, 07 Oct 2026 00:00:00 +0000

What Clorox actually does

Clorox makes cleaning and household products, plus food and personal care. Its brands include Clorox bleach and wipes, Pine-Sol, Glad bags, Brita filters, Burt’s Bees, Hidden Valley ranch dressing and Kingsford charcoal. It was founded in 1913 in Oakland, California.

How the business makes money

It sells branded goods that customers buy again and again, mostly through large retailers. Strong brands let it charge more than store-brand alternatives, but the company is exposed to the cost of raw materials, such as resin, chemicals and soybean oil, and to retailers who sell cheaper private-label versions.

Colgate-Palmolive Company (CL)

Wed, 07 Oct 2026 00:00:00 +0000

What Colgate-Palmolive actually does

Colgate-Palmolive is a consumer-products company founded in 1806 by William Colgate in New York City, where it is still headquartered. It is best known for oral care, such as Colgate toothpaste and toothbrushes, and also sells soap, shower gels and household cleaners under brands like Palmolive and Softsoap.

A large and profitable division is Hill’s Pet Nutrition, which makes prescription and premium pet food.

How the business makes money

Colgate sells inexpensive, frequently bought products in more than 200 countries and territories. It earns a particularly strong position in oral care, where brand trust and dentist recommendations support pricing. A big share of sales comes from emerging markets, which bring growth along with currency swings.

ConocoPhillips (COP)

Wed, 07 Oct 2026 00:00:00 +0000

What ConocoPhillips actually does

ConocoPhillips is one of the largest independent oil and gas producers. It finds and pumps oil and gas in places like the Permian Basin and Eagle Ford in Texas, Alaska, and other regions, and it sells it. Unlike the big integrated companies, it does not run gas stations or large refineries.

How the business makes money

Its income depends on the market price of oil and gas and on how cheaply it can produce them. When prices are high, profit is very large. When they fall, profit falls fast. The company focuses on lower-cost fields so it can still earn money when prices are weaker.

Consolidated Edison (ED)

Wed, 07 Oct 2026 00:00:00 +0000

What Con Edison actually does

Consolidated Edison delivers electricity, natural gas and steam to millions of customers in New York City and nearby areas, through Con Edison of New York and Orange & Rockland. It also has a smaller renewable energy business.

How the business makes money

It is a regulated utility. State regulators approve the rates it charges, which are set to cover costs and allow a fair return on the equipment it owns. The company invests billions in the grid and earns more as those investments are added to the rate base.

Costco Wholesale Corporation (COST)

Wed, 07 Oct 2026 00:00:00 +0000

What Costco actually does

Costco operates membership-only warehouse stores in which shoppers buy goods in bulk at low prices. Its worldwide headquarters are in Issaquah, Washington, near Seattle. The company’s history goes back to 1976, when the competitor Price Club was founded in San Diego, and the modern Costco came out of later mergers.

A relatively small range of products is sold in each warehouse, which lets Costco buy in large volumes, negotiate hard on price and turn over stock quickly.

Deere & Company (DE)

Wed, 07 Oct 2026 00:00:00 +0000

What Deere actually does

Deere & Company makes John Deere tractors, combines, sprayers and construction equipment. It was founded in 1837 when John Deere built a steel plow for the heavy prairie soil. Today it is also a technology company: its machines use GPS, sensors and software to plant, spray and harvest more precisely.

How the business makes money

Most revenue comes from selling machines through dealers, and a financing arm lends money to farmers and dealers to buy them. Sales follow farm incomes, crop prices, interest rates and construction activity, so profits can swing sharply from year to year.

Duke Energy Corporation (DUK)

Wed, 07 Oct 2026 00:00:00 +0000

What Duke Energy actually does

Duke Energy is an electric power and natural gas holding company headquartered in Charlotte, North Carolina. It serves more than seven million customers in the eastern United States, from the Carolinas and Florida to the Midwest.

It is a regulated utility, so state regulators approve the prices it charges and the return it can earn.

How the business makes money

Utilities earn a regulated return on the money they invest in power plants, power lines and gas pipes. The more they invest (and regulators approve), the larger the rate base and the more profit they can earn. That makes earnings predictable and growth fairly steady.

Eli Lilly and Company (LLY)

Wed, 07 Oct 2026 00:00:00 +0000

What Lilly actually does

Eli Lilly and Company was founded in 1876 in Indianapolis by Eli Lilly, a pharmaceutical chemist and Civil War veteran. It is now a global drug maker with products sold in roughly 125 countries and counts among the largest pharmaceutical companies by value.

Lilly is best known today for medicines that treat diabetes and obesity, but it also sells treatments for cancer, immune conditions, neurological diseases and other areas. It developed some of the first commercial insulin products in the 1920s.

Emerson Electric (EMR)

Wed, 07 Oct 2026 00:00:00 +0000

What Emerson actually does

Emerson makes automation technology: the valves, sensors, control systems and software that run factories, refineries, power plants and water systems. Over the last several years it sold or spun off other businesses to focus on automation, including acquiring a large stake in the software firm AspenTech.

How the business makes money

It sells equipment and software to industrial customers, then earns more from services, upgrades and software licences over many years. Customers rarely change control systems because a plant would have to stop to do it, which makes revenue sticky.

ExxonMobil (XOM)

Wed, 07 Oct 2026 00:00:00 +0000

What ExxonMobil actually does

ExxonMobil is the largest US-based oil and gas company. It was formed in 1999 through the merger of Exxon and Mobil, and its history goes back to John D. Rockefeller’s Standard Oil. It is headquartered in Spring, Texas, near Houston.

The business is vertically integrated, meaning it covers the whole chain:

Upstream. Finding and producing oil and natural gas, including in the Permian Basin and offshore Guyana.
Downstream. Refining crude oil into fuels and selling them.
Chemicals. Making plastics, synthetic rubber and other industrial materials.

How the business makes money

Profit depends heavily on oil and gas prices, which swing with global supply and demand. When prices are high, upstream profits surge. When prices fall, the refining and chemicals businesses cushion part of the damage, which is why being integrated reduces volatility compared with pure producers.

General Dynamics (GD)

Wed, 07 Oct 2026 00:00:00 +0000

What General Dynamics actually does

General Dynamics has four main businesses: Aerospace (Gulfstream business jets), Marine Systems (nuclear submarines and Navy ships), Combat Systems (armored vehicles and munitions) and Technologies (IT services and communications for governments).

How the business makes money

Most revenue comes from long government contracts, which give it a large backlog of orders and fairly predictable cash flow. Gulfstream is the exception: it sells jets to businesses and wealthy individuals, so it follows the economy more closely.

General Mills, Inc. (GIS)

Wed, 07 Oct 2026 00:00:00 +0000

What General Mills actually does

General Mills is a manufacturer and marketer of branded consumer foods, headquartered in Golden Valley, Minnesota. It began as a flour miller on the banks of the Mississippi River in Minneapolis. Its products include Cheerios, Betty Crocker, Pillsbury, Nature Valley, Häagen-Dazs and, since 2018, the pet-food brand Blue Buffalo.

How the business makes money

The company sells packaged food through supermarkets and other retailers, as well as in foodservice. It uses strong brands, efficient production and heavy marketing to protect its shelf space.

Gilead Sciences (GILD)

Wed, 07 Oct 2026 00:00:00 +0000

What Gilead actually does

Gilead develops antiviral and cancer medicines. It is best known for HIV treatment and prevention, led by Biktarvy, and it also sells hepatitis C and B drugs, cell therapies such as Yescarta, and the cancer drug Trodelvy.

How the business makes money

Gilead earns most of its profit from a small number of patent-protected drugs, with HIV treatments by far the biggest. That makes the business strongly profitable, but also dependent on a few products.

Goldman Sachs (GS)

Wed, 07 Oct 2026 00:00:00 +0000

What Goldman Sachs actually does

Goldman Sachs is a global investment bank. It advises companies on mergers and stock or bond sales, trades securities for clients, and runs a large asset and wealth management business for institutions and rich individuals. Founded in 1869, it is one of the best-known names on Wall Street.

How the business makes money

It earns fees for advice and underwriting, trading revenue from helping clients buy and sell, and fees and returns on the money it manages. Deal activity and trading profits swing with markets, so results are less steady than a traditional retail bank.

Hershey (HSY)

Wed, 07 Oct 2026 00:00:00 +0000

What Hershey actually does

Hershey is the largest chocolate maker in North America. Its brands include Hershey’s, Reese’s, Kisses, Kit Kat (in the US), Twizzlers and Jolly Rancher, and it has added salty snacks such as SkinnyPop and Dot’s Pretzels. It was founded in 1894 in Hershey, Pennsylvania.

How the business makes money

It sells candy and snacks mostly through grocery, convenience and mass retailers, with seasonal peaks around Halloween, Easter and Christmas. Its profit depends on its raw-material costs, especially cocoa and sugar, which have swung sharply in recent years.

Honeywell (HON)

Wed, 07 Oct 2026 00:00:00 +0000

What Honeywell actually does

Honeywell makes technology for aircraft, factories, buildings and energy systems: avionics and engines, sensors and control systems, thermostats and security, and materials for refining. It is a long-standing industrial conglomerate that has been reshaping its portfolio.

How the business makes money

It sells products and software, and then earns more through service contracts, spare parts and upgrades. Aerospace, in particular, earns steady money from planes already in the air. The company has also made acquisitions and announced plans to separate parts of the business to make each simpler.

Illinois Tool Works (ITW)

Wed, 07 Oct 2026 00:00:00 +0000

What ITW actually does

Illinois Tool Works makes a wide range of engineered industrial products: auto parts and fasteners, food equipment, welding gear, test equipment, construction products, polymers and specialty items. It runs dozens of small, decentralized businesses rather than one large one.

How the business makes money

ITW sells mostly to other businesses. Its management system, called 80/20, focuses effort on the 20% of customers and products that generate 80% of profit and simplifies the rest. This has helped it earn some of the highest margins among industrial companies.

Intel Corporation (INTC)

Wed, 07 Oct 2026 00:00:00 +0000

What Intel actually does

Intel was founded in 1968 by engineers Gordon Moore and Robert Noyce, together with investor Arthur Rock, and grew into the dominant maker of computer processors. Its chips power most laptops, desktops and servers, and it was one of the first companies listed on the Nasdaq. It is headquartered in Santa Clara, California.

Intel designs and manufactures its own chips, which was a major advantage for decades. More recently, it has also been building a foundry business to manufacture chips for other companies.

International Business Machines (IBM)

Wed, 07 Oct 2026 00:00:00 +0000

What IBM actually does

IBM, nicknamed Big Blue, is one of the oldest technology companies in the world. It was founded in 1911 and is headquartered in Armonk, New York. It is part of the Dow Jones Industrial Average.

Today IBM concentrates on hybrid cloud and artificial intelligence. It sells software (including Red Hat, bought in 2019), consulting services and infrastructure such as mainframes. In 2021 it spun off its managed-infrastructure business as a separate company, Kyndryl, to simplify its focus.

Johnson & Johnson (JNJ)

Wed, 07 Oct 2026 00:00:00 +0000

What Johnson & Johnson actually does

Johnson & Johnson is one of the oldest and best-known healthcare companies in the world, headquartered in New Brunswick, New Jersey. It was founded in 1886 and today focuses on two areas:

Innovative medicine. Prescription drugs for cancer, immune diseases, neuroscience and other conditions, including products from its Janssen division.
MedTech. Surgical tools, orthopaedic implants, cardiovascular devices and related technology.

The company used to include a large consumer-health business, with brands like Band-Aid and Tylenol. That was separated into the independent company Kenvue in 2023, leaving J&J as a more focused healthcare group.

JPMorgan Chase & Co. (JPM)

Wed, 07 Oct 2026 00:00:00 +0000

What JPMorgan actually does

JPMorgan Chase is the largest bank in the United States and one of the biggest in the world. It was formed in 2000 through a merger, and its roots go back to institutions founded in the 1800s, including the one set up by financier J.P. Morgan. Its headquarters are in New York City.

The bank runs four main businesses:

Consumer and community banking. Chase branches, credit cards, mortgages and everyday accounts.
Corporate and investment bank. Advising on deals, trading and payment services for large clients.
Commercial banking. Lending and services for mid-sized and large businesses.
Asset and wealth management. Investing money for individuals and institutions.

How the business makes money

Banks earn mainly from net interest income, the difference between what they pay on deposits and charge on loans, plus fees from cards, advice and trading. Because the businesses are so varied, a slowdown in one area is often offset by another.

Kimberly-Clark Corporation (KMB)

Wed, 07 Oct 2026 00:00:00 +0000

What Kimberly-Clark actually does

Kimberly-Clark is a personal-care and paper-products company founded in 1872 in Neenah, Wisconsin. It is now headquartered in Irving, Texas. Its brands include Kleenex, Huggies, Kotex, Cottonelle, Scott and Depend.

Many of its products are paper-based, so costs depend on wood pulp and other materials.

How the business makes money

Kimberly-Clark sells essential, repeat-purchase products such as tissue, diapers and feminine care, through retailers around the world. Its brands let it hold prices, but retailers and store brands push back hard.

Kinder Morgan (KMI)

Wed, 07 Oct 2026 00:00:00 +0000

What Kinder Morgan actually does

Kinder Morgan owns one of the largest networks of natural gas pipelines in North America, along with storage facilities, export terminals and fuel terminals. A large share of the natural gas used in the US moves through its pipes at some point.

How the business makes money

Most revenue comes from fees for moving and storing energy, often under long-term contracts, so profits depend more on volume than on the price of gas itself. That is why pipeline companies are often considered steadier than producers.

Kroger (KR)

Wed, 07 Oct 2026 00:00:00 +0000

What Kroger actually does

Kroger is one of the largest supermarket companies in the United States, operating under its own name and many regional banners. It also sells fuel, pharmacy services and its own brands, such as Simple Truth and Private Selection, and it has a growing online and retail media business.

How the business makes money

Groceries are a high-volume, low-margin business. Kroger earns a few cents of profit on each dollar of sales, so small changes in costs matter. Own-brand products and loyalty data help it earn more than selling other brands alone.

Lockheed Martin (LMT)

Wed, 07 Oct 2026 00:00:00 +0000

What Lockheed Martin actually does

Lockheed Martin is the largest US defense contractor. Its best-known product is the F-35 fighter jet, and it also makes missiles and missile defense systems, military helicopters through Sikorsky, and satellites and spacecraft, including parts of NASA’s Orion capsule.

How the business makes money

Almost all revenue comes from government contracts, mainly the US Department of Defense plus allied governments. Programs last for decades and include long support and upgrade work, which gives the company a large backlog and visible revenue.

Lowe's (LOW)

Wed, 07 Oct 2026 00:00:00 +0000

What Lowe’s actually does

Lowe’s runs home improvement stores across the United States, selling tools, appliances, building materials, paint and garden products. It serves do-it-yourself customers and, increasingly, professional contractors. It was founded in 1921 in North Carolina.

How the business makes money

It earns a margin on products sold in stores and online, plus installation and credit services. Sales rise with home sales, renovation activity and the age of the housing stock, and fall when people postpone big projects.

Mastercard Incorporated (MA)

Wed, 07 Oct 2026 00:00:00 +0000

What Mastercard actually does

Mastercard operates a global payment network that connects banks, merchants and cardholders. It began as the Interbank Card Association, later became Master Charge and then Mastercard, and is headquartered in Purchase, New York.

Like its main rival Visa, Mastercard does not issue cards or lend money. Banks and other financial institutions offer Mastercard-branded products, and Mastercard processes the transactions and provides the technology behind them.

How the business makes money

Mastercard earns fees on the volume of payments flowing through its network, plus fees for cross-border transactions, currency conversion and a range of services such as fraud detection, data analytics and cybersecurity. Revenue grows as more spending shifts from cash to electronic payments and as e-commerce expands.

McDonald's Corporation (MCD)

Wed, 07 Oct 2026 00:00:00 +0000

What McDonald’s actually does

McDonald’s is the world’s best-known fast-food chain, headquartered in Chicago. It began as a single restaurant in San Bernardino, California, in 1940 and grew into a global brand. The company is part of the Dow Jones Industrial Average.

How the business makes money

McDonald’s is far less a restaurant operator than a franchisor and landlord. The large majority of its restaurants are owned and run by independent franchisees. McDonald’s collects rent and royalties from them, and in many cases owns or leases the land and buildings.

Medtronic (MDT)

Wed, 07 Oct 2026 00:00:00 +0000

What Medtronic actually does

Medtronic makes medical technology: pacemakers and heart devices, spinal and brain implants, surgical tools and robotics, and diabetes devices such as insulin pumps. It was founded in 1949 in Minnesota, and its legal home is now Ireland, while a large part of its operations remains in the US.

How the business makes money

It sells devices to hospitals and clinics, often with follow-up supplies and service. Doctors who learn to use a device usually keep using it, and many products are covered by insurance, which makes demand relatively steady.

Merck & Co., Inc. (MRK)

Wed, 07 Oct 2026 00:00:00 +0000

What Merck actually does

Merck & Co. is a pharmaceutical company headquartered in Rahway, New Jersey. Outside the United States and Canada it operates as Merck Sharp & Dohme (MSD), which is why the name appears in two forms. It is not the same company as the German Merck KGaA, although the two share history.

It sells prescription medicines, vaccines and animal-health products.

How the business makes money

Like other drug makers, Merck depends on patents. While a drug is protected, the company can charge for the value it creates. The most important product by far is Keytruda, a cancer immunotherapy that has become one of the best-selling drugs in the world. Vaccines, such as those for HPV, are another large contributor.

Meta Platforms, Inc. (META)

Wed, 07 Oct 2026 00:00:00 +0000

What Meta actually does

Meta owns the largest social and messaging apps in the world: Facebook, Instagram, WhatsApp, Messenger and Threads. Billions of people use at least one of them every month. The company also builds virtual and augmented reality hardware and, increasingly, artificial intelligence models.

It began in 2004 as Facebook, a student networking site, and was renamed Meta in 2021 to reflect its focus on the next generation of computing platforms.

Micron Technology, Inc. (MU)

Wed, 07 Oct 2026 00:00:00 +0000

What Micron actually does

Micron is an American semiconductor company that makes computer memory and storage. The two main kinds are DRAM, the fast working memory in every computer, phone and server, and NAND flash, which holds data in solid-state drives and memory cards. It also makes high-bandwidth memory (HBM), which sits right next to AI chips.

It was founded in 1978 in Boise, Idaho, where it is still based, and is the only major memory maker headquartered in the United States.

Microsoft Corporation (MSFT)

Wed, 07 Oct 2026 00:00:00 +0000

What Microsoft actually does

Microsoft started in 1975 selling programming tools for early personal computers and rose to dominance with MS-DOS and Windows. Today it is best understood as three businesses in one: productivity software (Microsoft 365, Teams, LinkedIn), cloud infrastructure (Azure and server products) and personal computing (Windows, Surface, Xbox and gaming).

The shift from selling software licences to selling subscriptions changed the company. Revenue became more predictable, and the business customers who rely on its tools rarely switch.

Mondelez International (MDLZ)

Wed, 07 Oct 2026 00:00:00 +0000

What Mondelez actually does

Mondelez sells snacks around the world. Its brands include Oreo, Cadbury, Milka, Toblerone, Ritz, Trident and Sour Patch Kids. It was created in 2012 when Kraft Foods split into a global snacking company and a North American grocery company.

How the business makes money

It sells branded biscuits, chocolate and gum through retailers in more than 150 countries, with a large share of sales outside the US. Profits depend on ingredient costs, especially cocoa, sugar and wheat, and on pricing power.

Morgan Stanley (MS)

Wed, 07 Oct 2026 00:00:00 +0000

What Morgan Stanley actually does

Morgan Stanley has three main businesses: wealth management (advisers and platforms such as E*TRADE), institutional securities (investment banking and trading), and investment management. It was founded in 1935 and is one of the largest US financial firms.

How the business makes money

It earns fees for managing client assets, commissions and interest from brokerage clients, and fees for deal advice and trading. Over the last decade it has built up wealth management, which provides steadier income than deal-making and trading.

NextEra Energy, Inc. (NEE)

Wed, 07 Oct 2026 00:00:00 +0000

What NextEra Energy actually does

NextEra Energy is an American energy company headquartered in Juno Beach, Florida. It has two main parts: Florida Power & Light (FPL), a regulated utility serving millions of Florida customers, and NextEra Energy Resources, a large developer and operator of wind, solar and battery projects across the US and Canada.

Wikipedia describes it as the world’s largest electric utility holding company by market capitalisation. The company began as FPL Group in 1984 and was renamed NextEra in 2009.

Nike (NKE)

Wed, 07 Oct 2026 00:00:00 +0000

What Nike actually does

Nike designs and sells athletic footwear, apparel and equipment. Its brands include Nike, Jordan and Converse. It does not make most of its products itself; contract factories, mostly in Asia, do that, while Nike focuses on design, marketing and distribution.

How the business makes money

It sells through its own stores and apps (Nike Direct) and through retailers. Brand strength lets it charge premium prices, but its sales depend on fashion trends, new product launches and consumer spending.

Nvidia Corporation (NVDA)

Wed, 07 Oct 2026 00:00:00 +0000

What Nvidia actually does

Nvidia was founded in 1993 and built its name making graphics cards for video games. The same type of chip, the GPU, turned out to be exactly what is needed to train and run large artificial intelligence models, because it can do thousands of calculations at once.

Today Nvidia sells far more than chips. It supplies complete systems for data centres, networking equipment that connects them, and the software layer that developers use to program them.

Oracle Corporation (ORCL)

Wed, 07 Oct 2026 00:00:00 +0000

What Oracle actually does

Oracle was co-founded in 1977 in Santa Clara, California, by Bob Miner, Ed Oates and Larry Ellison. It is best known for the Oracle Database, software that large organisations use to store and manage critical data. Today the company is headquartered in Austin, Texas.

It sells three broad groups of products: database software, enterprise applications such as finance, human resources and supply-chain tools, and cloud infrastructure (Oracle Cloud), which lets customers run workloads on its data centres.

Palantir Technologies Inc. (PLTR)

Wed, 07 Oct 2026 00:00:00 +0000

What Palantir actually does

Palantir was founded in 2003 by Peter Thiel, Stephen Cohen, Joe Lonsdale, Alex Karp and Nathan Gettings. It builds software that brings together data from many sources and helps organisations make decisions from it. Its customers include government agencies, military and intelligence services, and a growing number of private companies.

It has four main platforms:

Gotham, used mainly for defence and intelligence work.
Foundry, for companies that want to integrate and analyse their data.
Apollo, which handles software deployment.
AIP, its artificial intelligence platform.

The company went public in September 2020 through a direct listing on the NYSE and moved to the Nasdaq in late 2024.

PepsiCo, Inc. (PEP)

Wed, 07 Oct 2026 00:00:00 +0000

What PepsiCo actually does

PepsiCo is a food and beverage company headquartered in Harrison, New York. It is best known for Pepsi, but a large part of its business is snacks: Lay’s, Doritos, Cheetos and the rest of the Frito-Lay range. It also owns Gatorade, Tropicana, Quaker, Mountain Dew and Aquafina.

The mix is what sets it apart from its famous rival. Drinks and snacks are often bought together, and the company can sell both through the same stores and delivery networks.

Pfizer Inc. (PFE)

Wed, 07 Oct 2026 00:00:00 +0000

What Pfizer actually does

Pfizer is a pharmaceutical and biotechnology company founded in 1849 in New York City, where it is also headquartered. It makes medicines and vaccines for a wide range of diseases. It became a household name for its COVID-19 vaccine and treatment, and it bought the cancer-drug company Seagen to strengthen its pipeline.

How the business makes money

Pfizer depends on patented products, such as vaccines for pneumonia, heart medicines and cancer drugs. It also earns revenue from products developed with partners.

Philip Morris International Inc. (PM)

Wed, 07 Oct 2026 00:00:00 +0000

What Philip Morris International actually does

Philip Morris International (PMI) sells tobacco products in more than 180 countries outside the United States. Marlboro is its best-known brand, but its biggest growth bet is smoke-free products, especially the IQOS heated-tobacco system and, since the acquisition of Swedish Match, ZYN nicotine pouches.

The company was spun off from Altria in 2008, which is why Altria sells Marlboro in the US while PMI sells it elsewhere. It is registered in Stamford, Connecticut, and operates from Lausanne, Switzerland.

Prologis (PLD)

Wed, 07 Oct 2026 00:00:00 +0000

What Prologis actually does

Prologis is the world’s largest owner of industrial real estate: warehouses and distribution centers near ports, airports and big cities. Its tenants include retailers, e-commerce companies and logistics firms that need space to store and move goods quickly.

How the business makes money

It collects rent under leases that typically include scheduled increases. When demand for space is high and little new space is available, it can raise rents on renewal. It also develops new buildings and runs funds that invest alongside outside investors.

Public Storage (PSA)

Wed, 07 Oct 2026 00:00:00 +0000

What Public Storage actually does

Public Storage is the largest operator of self-storage facilities in the United States. Customers rent units by the month to store belongings during a move, renovation, downsizing or business needs. It was founded in 1972 and owns thousands of locations.

How the business makes money

It earns monthly rent on units, plus fees and insurance. Rents can be adjusted often, which helps pass inflation to customers, and brand strength, size and online marketing help it keep units filled.

Qualcomm (QCOM)

Wed, 07 Oct 2026 00:00:00 +0000

What Qualcomm actually does

Qualcomm designs the Snapdragon chips inside many Android phones and the modems that connect phones to cellular networks. It also earns licensing fees from phone makers who use its patented wireless technology, and it is expanding into cars, PCs and connected devices.

How the business makes money

It has two main parts: selling chips (QCT) and licensing patents (QTL). Licensing is a very profitable business with high margins, while chips bring most of the sales. It does not manufacture chips itself; others do that.

Realty Income Corporation (O)

Wed, 07 Oct 2026 00:00:00 +0000

What Realty Income actually does

Realty Income is a real estate investment trust (REIT) based in San Diego, California. It owns free-standing, single-tenant commercial properties, such as convenience stores, pharmacies, dollar stores, warehouses and other buildings leased to businesses, in the United States, the United Kingdom and several other European countries.

The company has registered a trademark for the phrase “The Monthly Dividend Company”, because it is one of the few REITs that pays dividends monthly instead of quarterly.

RTX (RTX)

Wed, 07 Oct 2026 00:00:00 +0000

What RTX actually does

RTX, formerly Raytheon Technologies, makes aircraft engines and systems and defense products. It has three businesses: Collins Aerospace (aircraft parts and avionics), Pratt & Whitney (engines, including for the F-35 and many airliners) and Raytheon (missiles, radars and air defense).

How the business makes money

It sells new engines and equipment, but the biggest profits come from aftermarket parts and service for aircraft already flying, which last for decades. Defense work provides a long backlog of government contracts.

Simon Property Group (SPG)

Wed, 07 Oct 2026 00:00:00 +0000

What Simon Property Group actually does

Simon is the largest owner of shopping malls and premium outlet centers in the United States, and it also has properties in Europe and Asia. It rents space to retailers, restaurants and entertainment venues. It was started in 1960 in Indianapolis.

How the business makes money

Its tenants pay base rent plus a share of their sales at many properties. It invests in keeping its best malls busy, which gives it pricing power while weaker malls elsewhere struggle.

Starbucks (SBUX)

Wed, 07 Oct 2026 00:00:00 +0000

What Starbucks actually does

Starbucks is the world’s largest coffeehouse chain, with tens of thousands of stores. It sells drinks, food and packaged coffee, and runs a popular rewards app. Some stores are run by the company itself, and others by licensed partners.

How the business makes money

Most revenue comes from selling beverages in its own stores, plus licensing and product sales such as grocery coffee through partners. Sales depend on the number of customers and how much they spend, and on keeping stores efficient.

Sysco (SYY)

Wed, 07 Oct 2026 00:00:00 +0000

What Sysco actually does

Sysco is the world’s largest foodservice distributor. It buys food, supplies and equipment from producers and delivers them to restaurants, hotels, hospitals, schools and other kitchens. A delivery truck full of ingredients for a restaurant is often one of its trucks.

How the business makes money

Sysco earns a small margin on a very large volume of goods. Its size lets it buy at better prices and run an efficient delivery network, and many customers rely on its sales representatives, ordering tools and product range, which keeps them coming back.

Target Corporation (TGT)

Wed, 07 Oct 2026 00:00:00 +0000

What Target actually does

Target is a retail corporation and discount department-store chain headquartered in Minneapolis, Minnesota. The company dates to 1902, and its first Target store opened in 1962. It sells groceries, household goods, clothing, home products and electronics, with a strong focus on design and owned brands such as Good & Gather and Cat & Jack.

It is part of the S&P 500.

How the business makes money

Target earns a margin on a broad range of products, with owned brands carrying higher margins than national brands. It uses its stores as hubs for pickup, same-day delivery and shipping, which makes fulfilment cheaper than shipping from warehouses.

Tesla, Inc. (TSLA)

Wed, 07 Oct 2026 00:00:00 +0000

What Tesla actually does

Tesla designs and builds battery-electric vehicles and the technology around them: batteries, charging, software and driver-assistance features. Its headquarters are in Austin, Texas. The company was incorporated in 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors, and has grown into one of the world’s most valuable car makers.

How the business makes money

Most revenue comes from selling vehicles. Alongside the car business there is a growing energy division, which sells home batteries and large grid-scale storage systems, and solar products. Services, charging and software features, such as driver-assistance subscriptions, add smaller but higher-margin revenue.

Texas Instruments Incorporated (TXN)

Wed, 07 Oct 2026 00:00:00 +0000

What Texas Instruments actually does

Texas Instruments (TI) designs and manufactures semiconductors and is headquartered in Dallas, Texas. Its focus is analog chips and embedded processors, which together account for more than 80% of its revenue. Analog chips manage power, signals and sensors, and appear in cars, factories, appliances and electronics.

The company grew out of Geophysical Service Incorporated, founded in 1930, and took the Texas Instruments name in 1951. It is also known for its calculators.

The Coca-Cola Company (KO)

Wed, 07 Oct 2026 00:00:00 +0000

What Coca-Cola actually does

Coca-Cola is a global beverage company headquartered in Atlanta. Its drinks are sold in more than 200 countries and territories, and the portfolio goes far beyond the red-label cola: Sprite, Fanta, Minute Maid, Powerade, smartwater, Dasani, Costa Coffee and the dairy brand fairlife all sit under the same roof.

The brand is the real asset. People recognise it on every continent, and that recognition gives the company pricing power and a long runway for new products.

The Home Depot, Inc. (HD)

Wed, 07 Oct 2026 00:00:00 +0000

What Home Depot actually does

Home Depot is the largest home-improvement retailer in the United States. It sells tools, building materials, appliances and services through large stores and online, and it is part of the Dow Jones Industrial Average. It was founded in 1978 in Georgia and is headquartered in Atlanta.

Its customers fall into two groups: do-it-yourself homeowners and professional contractors, who buy in larger quantities and are especially valuable.

The Procter & Gamble Company (PG)

Wed, 07 Oct 2026 00:00:00 +0000

What P&G actually does

Procter & Gamble makes the everyday products found in most homes. It was founded in 1837 in Cincinnati by William Procter and James Gamble, and today its brands include Tide, Pampers, Gillette, Oral-B, Head & Shoulders, Febreze, Always, Charmin and Bounty.

The business is organised into several categories, such as beauty, grooming, health care, fabric and home care, and baby, feminine and family care.

How the business makes money

P&G sells products people buy again and again, in almost any economy: laundry detergent, diapers, razors, toothbrushes. Strong brands let it charge more than store-brand alternatives, and heavy spending on research and advertising keeps those brands ahead.

The Southern Company (SO)

Wed, 07 Oct 2026 00:00:00 +0000

What Southern Company actually does

Southern Company is a gas and electric utility holding company based in the southeastern United States. It is headquartered in Atlanta, Georgia, and has executive offices in Birmingham, Alabama. Its subsidiaries include Georgia Power, Alabama Power, Mississippi Power and Southern Company Gas, plus a competitive generation business.

How the business makes money

Like other regulated utilities, Southern earns a return on the assets it invests in, as approved by state regulators. Population and business growth in the Southeast support steady demand for electricity.

U.S. Bancorp (USB)

Wed, 07 Oct 2026 00:00:00 +0000

What U.S. Bancorp actually does

U.S. Bancorp is the parent of U.S. Bank, one of the largest banks in the country. It serves consumers and businesses with checking, loans, credit cards and wealth management, and it has a large payments business that processes card and merchant transactions.

How the business makes money

It earns net interest income from the gap between loan interest and deposit costs, plus fees from payments, cards, trust and wealth services. The payments businesses add a source of fees that is less sensitive to rates than lending.

Union Pacific (UNP)

Wed, 07 Oct 2026 00:00:00 +0000

What Union Pacific actually does

Union Pacific runs one of the largest freight railroads in the US, with tens of thousands of miles of track across the western two-thirds of the country. It moves chemicals, grain, coal, vehicles, consumer goods and intermodal containers.

How the business makes money

It charges customers for moving freight, and railroads have a natural advantage: they are hard to replicate and very efficient for long-distance heavy loads. Profit depends on volume, pricing and operating efficiency, often measured by the operating ratio.

United Parcel Service, Inc. (UPS)

Wed, 07 Oct 2026 00:00:00 +0000

What UPS actually does

UPS is one of the world’s largest package-delivery companies. It was founded in 1907 in Seattle as the American Messenger Company, and it is headquartered in Sandy Springs, Georgia. Its brown trucks and air fleet deliver parcels in more than 200 countries and territories. The company also operates The UPS Store and supply chain services.

How the business makes money

UPS charges for moving packages: ground and air shipping, domestic and international, plus logistics and freight services for businesses. Profit depends on volume, price and cost. A dense network and high-margin business customers help, while low-margin residential e-commerce volume can dilute profit.

UnitedHealth Group (UNH)

Wed, 07 Oct 2026 00:00:00 +0000

What UnitedHealth actually does

UnitedHealth Group is the largest US health insurer. Its UnitedHealthcare arm sells health plans to employers, individuals and government programs such as Medicare Advantage. Optum provides care delivery, pharmacy benefits, data and technology services.

How the business makes money

Insurance earns premiums, and the profit is whatever is left after paying medical claims. Optum earns fees and operates clinics and pharmacies, which is a source of growth that most insurers do not have.

Verizon Communications Inc. (VZ)

Wed, 07 Oct 2026 00:00:00 +0000

What Verizon actually does

Verizon is one of the largest telecommunications companies in the United States, headquartered in New York City. Its core business is its mobile network, along with home and business internet and enterprise services. Many people know it through its wireless plans.

The company took its current form through a series of mergers and has long marketed itself on network quality.

How the business makes money

Verizon sells monthly subscriptions for phones and broadband. Revenue is steady because customers do not change plans often. The challenge is cost: building and upgrading networks (5G, fibre and spectrum purchases) requires large, repeated investment.

VICI Properties (VICI)

Wed, 07 Oct 2026 00:00:00 +0000

What VICI actually does

VICI owns the buildings and land of well-known casinos and resorts, including Caesars Palace and MGM Grand in Las Vegas, and rents them to the companies that run them. It does not operate the casinos. VICI was created in 2017 when Caesars was restructured.

How the business makes money

It collects rent under long-term triple-net leases, meaning tenants pay property costs such as taxes and maintenance. Leases usually have annual rent increases, many linked to inflation, which makes income predictable.

Visa Inc. (V)

Wed, 07 Oct 2026 00:00:00 +0000

What Visa actually does

Visa runs one of the world’s largest electronic payment networks. When you tap or swipe a Visa card, Visa’s systems carry the transaction between the shop, the shop’s bank and your bank in a fraction of a second.

It is important to know what Visa is not: it does not issue cards, lend money or set the interest rates you pay. Banks do that. Visa provides the network and the brand that banks use to offer cards.

Walmart Inc. (WMT)

Wed, 07 Oct 2026 00:00:00 +0000

What Walmart actually does

Walmart was founded in 1962 by brothers Sam and Bud Walton in Rogers, Arkansas, and is headquartered in nearby Bentonville. It runs supercentres, discount stores, grocery stores, pharmacies and the Sam’s Club warehouse chain, with operations in the United States and about 19 other countries. It is among the largest companies in the world by revenue and one of the biggest private employers.

The company was listed on the New York Stock Exchange in 1972 and switched to the Nasdaq in December 2025.

Wells Fargo (WFC)

Wed, 07 Oct 2026 00:00:00 +0000

What Wells Fargo actually does

Wells Fargo is one of the largest US banks. It serves households and small businesses with checking, mortgages, credit cards and loans, and it provides commercial banking, wealth management and trading services. It dates back to 1852 and has headquarters in San Francisco.

How the business makes money

Most income is net interest income from loans minus deposit costs, plus fees from cards, advice and services. Its large branch network and consumer base are a strength.