Credit almost always leads to people spending more. From Airbnb's Q4 earnings: "Reserve Now, Pay Later saw significant adoption among eligible guests in Q4. It's also led to longer booking lead times and a mix shift towards larger entire homes, especially those with four or more bedrooms." When the pain of payment is delayed, purchase size goes up.

$TOST Q4: Operating income +140% YoY, net income +216% YoY. Margins expanding across the board. Revenue came in at $1.63B, up 22% YoY. Growth moderated vs +25% last quarter, but profitability stepped up meaningfully. Gross profit grew 27% YoY with gross margin...
Alphabet Q4 2025: Search reaccelerated to 17%. Cloud hit 48% at 30% margins. Full breakdown live for SCIS members: https://steadycompounding.com/investing/alphabet-q4-2025/

"While $SHOP gross profit compounded at ~26% CAGR since 2022, its operating expenses (S&M, R&D, and G&A) grew by only ~2% CAGR during this period." Shopify's Miraculous Momentum: https://t.co/ezGEIE1lOG https://t.co/WDbrMgAx78

Nebius, an AI infrastructure business, just released their Q4 2025 earnings. Here’s everything you need to know at a glance: