Capstone project (optional) · Grades 9–12
How ___ makes money: a company research project
How ___ makes money is a free, optional capstone project for high school personal finance, economics and business classes. Each student studies one real company from a list of 20 and explains how it earns money, citing its Form 10-K.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
- Grade
- High school, grades 9–12
- Time
- Two 50-minute periods plus homework; a third period for sharing is optional. Days 1 and 2 each split into two 25-minute blocks.
- Formats
- Web page, student page, teacher guide (PDF), worksheet with exit ticket (PDF), answer key (PDF), slides (PowerPoint)
- Companies
- Nike, Costco, Apple, McDonald's, Chipotle, Coca-Cola, PepsiCo, Netflix, Walmart, Disney, Starbucks, Target, Home Depot, Lowe's, Procter & Gamble, Alphabet, Meta, Airbnb, DoorDash, T-Mobile
- Data
- Data from Nike's FY2026 Form 10-K, filed Jul 15, 2026; Costco's FY2026 Form 10-K, filed Oct 7, 2026; Apple's FY2026 Form 10-K, filed Nov 3, 2026; McDonald's FY2025 Form 10-K, filed Feb 24, 2026; Chipotle's FY2025 Form 10-K, filed Feb 4, 2026; Coca-Cola's FY2025 Form 10-K, filed Feb 20, 2026; PepsiCo's FY2025 Form 10-K, filed Feb 3, 2026; Netflix's FY2025 Form 10-K, filed Jan 23, 2026; Walmart's FY2026 Form 10-K, filed Mar 13, 2026; Disney's FY2025 Form 10-K, filed Nov 13, 2025; Starbucks's FY2026 earnings release (Form 8-K, Exhibit 99.1), filed Oct 29, 2026; Target's FY2025 (year ended Jan 31, 2026) Form 10-K, filed Mar 11, 2026; Home Depot's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 18, 2026; Lowe's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 23, 2026; Procter & Gamble's FY2026 Form 10-K, filed Aug 4, 2026; Alphabet's FY2025 Form 10-K, filed Feb 5, 2026; Meta's FY2025 Form 10-K, filed Jan 29, 2026; Airbnb's FY2025 Form 10-K, filed Feb 12, 2026; DoorDash's FY2025 Form 10-K, filed Feb 18, 2026; and T-Mobile's FY2025 Form 10-K, filed Feb 11, 2026. Checked Nov 7, 2026.
- Edition
- 2026–27 first edition, v1.0
- License
- Free under CC BY-NC 4.0. No student logins.
It takes two or three 50-minute periods plus homework, and it comes with a template, a rubric, slides, a worksheet and an answer key with a worked example.
What's included?
- Teacher guide (PDF)PDF · 382 KB
- Student worksheet (PDF)PDF · 116 KB
- Answer key (PDF)PDF · 326 KB
- Slides (PowerPoint)PPTX · 56 KB
Student page (no login, no answers): cityfort.co/teachers/how-companies-make-money/how-a-company-makes-money-project/student · short link for the board: cityfort.co/class/project
Share with a class or a colleague
https://cityfort.co/teachers/how-companies-make-money/how-a-company-makes-money-project
What will students learn?
Students can explain how one real company makes money. They describe what it sells and who pays it, and they read its $100 receipt. They cite one fact from its 10-K and two things to watch from the company's own filing, each with Item and page.
- Students explain how one company makes money in five short parts. They describe what it sells, who pays it, where each $100 goes and one fact from its 10-K. They finish with two things to watch, taken from the company's own filing.
- The five parts are modeled on the "5 points" summary at the top of every Cityfort stock page. Students can present them as a one-page explainer, a poster, a 3-slide talk or a 60-second video.
How long does this lesson take?
Two 50-minute periods plus homework; a third period for sharing is optional. Days 1 and 2 each split into two 25-minute blocks.
| Minutes | Step | What happens |
|---|---|---|
| 0–50 | Day 1 (50 min) | Hook, worked example, choose a company, fill in parts 1–3 from the company card and the 10-K's Item 1. Homework: finish parts 1–3. |
| 50–100 | Day 2 (50 min) | "Describe, don't judge" practice, find parts 4–5 in the 10-K, draft, peer check with the rubric. Homework: final product (two-day classes: plus the exit ticket). |
| 100–150 | Day 3 (50 min, optional) | Gallery walk or 3-slide talks, discussion, exit ticket. |
What do students need?
- Students need the student page (or the printed worksheet) and the company's 10-K on sec.gov.
- The student page carries a dated receipt card for every company on the list, so no step requires opening a stock page.
- A device that can reach sec.gov helps; the teacher guide has a printed fallback for blocked rooms.
What numbers does the lesson use?
Each receipt shows where each $100 that came in went in one fiscal year, from the company's Form 10-K.
| Line | Per $100 that came in |
|---|---|
| Products sold (cost of sales) | $57.0 |
| Advertising and athlete deals (demand creation) | $10.2 |
| Wages, rent and other overhead | $24.4 |
| Income tax | $1.7 |
| Kept as net income | $6.7 |
| Total | $100.0 |
Source: Nike's FY2026 Form 10-K, filed Jul 15, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/320187/000032018726000088/nke-20260531.htm.
| Line | Per $100 that came in |
|---|---|
| Merchandise costs | $87.0 |
| Running costs | $8.9 |
| Interest and tax | $1.0 |
| Kept as net income | $3.0 |
| Total | $99.9 |
Source: Costco's FY2026 Form 10-K, filed Oct 7, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Cost of products | $45.0 |
| Cost of services | $6.1 |
| Research and development | $9.5 |
| Selling, general and administrative | $6.2 |
| Income tax | $5.6 |
| Kept as net income | $27.5 |
| Total | $99.9 |
Source: Apple's FY2026 Form 10-K, filed Nov 3, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/320193/000032019326000026/aapl-20260926.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Company-run restaurants (food, paper, pay, occupancy) | $30.7 |
| Selling, general and admin | $11.3 |
| Franchised restaurants' occupancy | $9.7 |
| Other restaurant and operating costs | $2.1 |
| Interest | $5.9 |
| Income tax | $8.7 |
| Kept as net income | $31.7 |
| Total | $100.1 |
Source: McDonald's FY2025 Form 10-K, filed Feb 24, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/63908/000006390826000035/mcd-20251231.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Food, beverage and packaging | $29.4 |
| Restaurant labor | $24.9 |
| Rent and other restaurant costs | $19.8 |
| Admin, new-restaurant and closure costs | $6.1 |
| Depreciation and amortization | $3.0 |
| Income tax | $3.9 |
| Kept as net income | $12.8 |
| Total | $99.9 |
Source: Chipotle's FY2025 Form 10-K, filed Feb 4, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1058090/000105809026000009/cmg-20251231.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Cost of goods sold | $35.5 |
| Selling, general and administrative | $28.0 |
| Other operating charges | $2.4 |
| Interest expense | $3.2 |
| Income tax | $5.5 |
| Partners' share in subsidiaries | $0.1 |
| Kept as net income | $25.3 |
| Total | $100.0 |
Source: Coca-Cola's FY2025 Form 10-K, filed Feb 20, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/21344/000162828026010047/ko-20251231.htm.
| Line | Per $100 that came in |
|---|---|
| Cost of sales | $45.9 |
| Selling, general and administrative | $39.8 |
| Brand write-downs | $2.1 |
| Net interest, pension and other | $1.3 |
| Income tax | $2.1 |
| Minority partners' share | $0.1 |
| Kept as net income | $8.8 |
| Total | $100.1 |
Source: PepsiCo's FY2025 Form 10-K, filed Feb 3, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Content amortization (shows and films) | $36.2 |
| Other cost of revenues | $15.1 |
| Sales and marketing | $7.3 |
| Technology and development | $7.5 |
| General and administrative | $4.2 |
| Interest | $1.7 |
| Income tax | $3.8 |
| Kept as net income | $24.2 |
| Total | $100.0 |
Source: Netflix's FY2025 Form 10-K, filed Jan 23, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1065280/000106528026000034/nflx-20251231.htm.
| Line | Per $100 that came in |
|---|---|
| Goods and other cost of sales | $74.9 |
| Operating, selling and admin costs | $20.7 |
| Interest | $0.3 |
| Tax and minority holders' share | $1.1 |
| Kept as net income | $3.1 |
| Total | $100.1 |
Source: Walmart's FY2026 Form 10-K, filed Mar 13, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/104169/000010416926000055/wmt-20260131.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Cost of services and products | $62.0 |
| Selling, admin and other | $17.4 |
| Depreciation and amortization | $5.6 |
| Restructuring and impairment | $0.9 |
| Net interest | $1.4 |
| Outside owners' share of profit | $1.1 |
| Income tax benefit, from one-off items (adds) | −$1.5 |
| Kept as net income | $13.1 |
| Total | $100.0 |
Source: Disney's FY2025 Form 10-K, filed Nov 13, 2025; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm.
| Line | Per $100 that came in |
|---|---|
| Coffeehouse operating expenses | $44.2 |
| Product and distribution costs | $31.5 |
| General, administrative and other | $7.5 |
| Depreciation and amortization | $3.8 |
| Restructuring and impairments | $1.8 |
| Interest | $1.4 |
| Income tax | $3.4 |
| Kept as net income (includes the China gain) | $6.5 |
| Total | $100.1 |
Source: Starbucks's FY2026 earnings release (Form 8-K, Exhibit 99.1), filed Oct 29, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/829224/000082922426000154/sbux-09272026xearningsrele.htm. This card comes from an earnings release, not a 10-K. For your 10-K fact and things to watch, use Starbucks' Form 10-K for fiscal year 2025 (ended Sep 28, 2025), filed Nov 14, 2025: https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm. Write the fiscal year next to every fact. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Merchandise cost | $64.8 |
| Supply chain and digital fulfillment | $7.2 |
| Store and head-office costs (SG&A) | $20.5 |
| Depreciation and amortization outside cost of sales | $2.5 |
| Net interest | $0.4 |
| Income taxes | $1.0 |
| Kept as net income | $3.5 |
| Total | $99.9 |
Source: Target's FY2025 (year ended Jan 31, 2026) Form 10-K, filed Mar 11, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Cost of sales | $66.6 |
| Selling, general and administrative (SG&A) | $18.6 |
| Depreciation and amortization outside cost of sales | $2.0 |
| Interest expense | $1.5 |
| Income taxes | $2.7 |
| Kept as net income | $8.6 |
| Total | $100.0 |
Source: Home Depot's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 18, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/354950/000162828026019436/hd-20260201.htm.
| Line | Per $100 that came in |
|---|---|
| Cost of sales | $66.5 |
| Selling, general and administrative (SG&A) | $19.5 |
| Depreciation and amortization outside cost of sales | $2.2 |
| Interest, net | $1.6 |
| Income taxes | $2.4 |
| Kept as net income | $7.7 |
| Total | $99.9 |
Source: Lowe's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 23, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/60667/000006066726000029/low-20260130.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Cost of products sold | $49.0 |
| Selling, general and administrative | $27.0 |
| Interest and tax | $5.8 |
| Noncontrolling holders | $0.1 |
| Kept as net earnings | $18.1 |
| Total | $100.0 |
Source: Procter & Gamble's FY2026 Form 10-K, filed Aug 4, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/pg-20260630.htm.
| Line | Per $100 that came in |
|---|---|
| Other cost of revenues | $23.7 |
| Research and development | $14.1 |
| Payments to partners for traffic | $13.9 |
| Sales and marketing | $6.6 |
| General and administrative | $5.0 |
| Income tax | $6.2 |
| Kept as net income | $30.6 |
| Total | $100.1 |
Source: Alphabet's FY2025 Form 10-K, filed Feb 5, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Running the apps and data centers | $17.8 |
| Research and development | $28.2 |
| Marketing and sales | $5.9 |
| General and administrative | $6.0 |
| Income tax | $12.5 |
| Kept as profit | $29.7 |
| Total | $100.1 |
Source: Meta's FY2025 Form 10-K, filed Jan 29, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1326801/000162828026003942/meta-20251231.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Cost of revenue | $16.1 |
| Operations and support | $10.3 |
| Product development | $18.2 |
| Sales and marketing | $20.0 |
| General and administrative | $10.4 |
| Other expense, net | $0.9 |
| Income tax | $4.8 |
| Kept as net income | $19.4 |
| Total | $100.1 |
Source: Airbnb's FY2025 Form 10-K, filed Feb 12, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1559720/000155972026000004/abnb-20251231.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Cost of revenue | $48.4 |
| Sales and marketing | $17.8 |
| Research and development | $10.3 |
| General and administrative, and restructuring | $11.5 |
| Depreciation and amortization | $5.4 |
| Kept as net income | $6.7 |
| Total | $100.1 |
Source: DoorDash's FY2025 Form 10-K, filed Feb 18, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
| Line | Per $100 that came in |
|---|---|
| Selling, general and admin | $26.6 |
| Cost of equipment sales | $24.1 |
| Depreciation, amortization and impairment | $15.6 |
| Cost of services | $13.0 |
| Interest and other expense, net | $4.5 |
| Income tax | $3.7 |
| Kept as net income | $12.4 |
| Total | $99.9 |
Source: T-Mobile's FY2025 Form 10-K, filed Feb 11, 2026; open it on sec.gov: https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm. Lines are rounded to the nearest 10 cents, so the total may differ from $100 by a few cents.
Discussion questions
- Find two projects with very different "kept" amounts. What about each business explains the difference?
- Which company's biggest cost surprised you most, and why?
- Why do companies list risk factors in their 10-K? Why aren't those predictions?
- Why did some cards show FY2025 and others FY2026? What does a fiscal year tell you?
- Cityfort never ranks companies. What would a ranking leave out about how each business works?
How do I adapt it for ELL and IEP students?
- English language learners
- Use the word bank and sentence frames on the student page. Suggest a company with a short receipt, such as Costco, Walmart or Home Depot. Allow a labeled diagram poster in place of a written one-pager. Allow research notes in the student's home language; the final product uses English labels and numbers.
- IEP and 504 plans
- Pre-choose the company and pre-fill parts 1 and 3 from the company card. Point students to the 10-K's table of contents near the start of the filing to find each Item's page. Ask for one thing to watch instead of two, and score Sourcing on what was assigned. Allow extra time, read-aloud and a calculator.
- Advanced students
- Add a second company from the same industry and describe the differences, with no ranking. Pairs on the list with a Cityfort comparison page: Home Depot and Lowe's, Coca-Cola and PepsiCo, Costco and Walmart, Costco and Target, Target and Walmart, Disney and Netflix, Alphabet and Meta, Chipotle and McDonald's, McDonald's and Starbucks. Or rebuild one receipt line from the 10-K's income statement (Item 8): line ÷ total money in × 100. Check it against the card and explain any rounding gap.
- Extension
- Students open the company's most recent quarterly report (Form 10-Q) on sec.gov. They find one thing that changed since the 10-K and quote it with page number. They describe the change and do not judge it.
Which standards does it support?
We say a lesson supports a standard, never that it covers it fully.
- Investing 8-4 (Jump$tart / CEE National Standards): Owning stock means owning part of a business. Students study the business behind the shares.
- CCSS.ELA-Literacy.RH.11-12.1 (Common Core states): Cite specific textual evidence. Students cite Item and page for every claim.
- CCSS.ELA-Literacy.RH.11-12.7 (Common Core states): Integrate information presented in different formats. Students combine a table (the receipt) with text (the 10-K).
Teacher background in 2 minutes
The 10-K
The 10-K is the yearly report every US public company files with the SEC. It is free on sec.gov. Item 1 describes the business. Item 1A lists risk factors. Item 7 is management's discussion of results. Item 8 holds the financial statements.
The $100 receipt
The $100 receipt is a Cityfort calculation. Each line is the amount ÷ total money in × 100, so students can compare companies of very different sizes. "Total money in" is revenue plus, for some companies, interest and other income; each card says so on the Cityfort page.
"Kept" is net income
"Kept" is net income, the amount left after all costs and taxes. It can include one-off items. The heads-up notes in the teacher guide flag the ones each company's Cityfort page names.
Risk factors are not predictions
Risk factors are not predictions. They are the company's own list of things that could affect it. Students quote or closely paraphrase them, with Item and page.
Fiscal years differ
Fiscal years differ. Nike's year ends in May and Walmart's in January. Students always name the fiscal year next to a number.
If your class runs a stock-market simulation, these lessons can come before it: they explain what a company does and how it reports results. They do not suggest which companies to choose, and Cityfort does not run, rank or judge simulation picks.
Read more on Cityfort Learn: How to read a 10-K in 10 minutes, How to explain a company's business model (with real examples), Common business models: subscription, marketplace, ads, hardware, Revenue vs net income: the top line and the bottom line, Fiscal years that don't end in December: Nvidia's FY2027 explained.
Which companies can students choose?
Students choose from 20 companies that teens know. Every one has a published Cityfort page with a $100 receipt, and every one reported a profit in the year shown.
| Company | What it sells | Year on the card |
|---|---|---|
| Nike | Athletic shoes, clothing and equipment, made mostly by outside factories | FY2026 |
| Costco | Groceries, household goods and gasoline for paying members, from warehouses | FY2026 |
| Apple | iPhones, Mac computers, iPads, wearables and paid services | FY2026 |
| McDonald's | Rent and royalties from franchisees who run most of its restaurants, plus sales at the ones it runs | FY2025 |
| Chipotle | Burritos, bowls and tacos in restaurants it owns and runs | FY2025 |
| Coca-Cola | Drink concentrates, syrups and finished drinks | FY2025 |
| PepsiCo | Snacks such as Lay's and Doritos, and drinks such as Pepsi and Gatorade | FY2025 |
| Netflix | Monthly subscriptions to series, films, games and live programming, plus ads | FY2025 |
| Walmart | Groceries, general merchandise and health products, in stores and online | FY2026 |
| Disney | Streaming, TV channels, sports, films, theme park visits and cruises | FY2025 |
| Starbucks | Coffee drinks and food through coffeehouses worldwide | FY2026 |
| Target | Food, household goods, clothing and home items, in stores and online | FY2025 (year ended Jan 31, 2026) |
| Home Depot | Home improvement goods, building materials and appliances for homeowners and contractors | FY2025 (February 2025 to January 2026) |
| Lowe's | Home improvement goods, appliances and building materials for homeowners and contractors | FY2025 (February 2025 to January 2026) |
| Procter & Gamble | Household and personal care brands such as Tide, Pampers and Gillette | FY2026 |
| Alphabet | Owner of Google and YouTube; sells ads, cloud computing and subscriptions | FY2025 |
| Meta | Owner of Facebook, Instagram, Messenger and WhatsApp; sells ads to reach their users | FY2025 |
| Airbnb | An online marketplace where hosts offer stays, experiences and services to travelers | FY2025 |
| DoorDash | Delivery apps that connect consumers with local restaurants, stores and couriers | FY2025 |
| T-Mobile | Wireless plans, home internet and phones for US households and businesses | FY2025 |
You may narrow the list. You may also allow any company whose published Cityfort page has a $100 receipt; it has no card on the student page, so the teacher guide explains how to print its receipt. The default list leaves out companies that reported a loss in the year on their page, companies that hold large amounts of crypto, and companies mostly known for big share-price swings. Those need more context than a first project can give.
How is it graded?
The rubric has four criteria, each scored 1 to 4, for 16 points in all. They are Accuracy (numbers match the source), Sourcing (every number and quote names its filing, Item and page), Clarity (a classmate could explain the business after reading) and Neutrality (describes the business, with no advice, predictions or ranking words). Each slip on neutrality moves that score down one level.
How does the project support each standard?
This project supports, and does not fully cover, the standards listed above. Students study the business behind the shares, cite specific textual evidence, and use the 10-K and the receipt together.
National Standards for Personal Financial Education © 2021 Council for Economic Education and Jump$tart Coalition for Personal Financial Literacy. Codes are cited, not reproduced. Full mapping: Standards this unit supports.
How are the company cards dated?
Every number comes from the company's own annual filing (Starbucks: its fiscal 2026 earnings release), as shown on its Cityfort stock page. Each receipt card names the filing, its fiscal year and the date the page was checked against filings. Cards are pinned to the dates shown.
Each company's most recent annual filing shown on its Cityfort page as of Nov 7, 2026 was used, checked against filings between Oct 27 and Nov 7, 2026.
Fiscal years differ: Nike's ends in May, Costco's in late August and Walmart's in January. Why fiscal years don't all end in December.
Who makes this?
Cityfort for Teachers is made by Hardik Bhandare. His method: "I decide what to cover and approve every page; every number is checked against the filing it came from." About the author
Spotted an error? Tell us through the contact page; fixes follow our corrections policy.
Where does this project fit?
Where do the numbers come from?
Data from Nike's FY2026 Form 10-K, filed Jul 15, 2026; Costco's FY2026 Form 10-K, filed Oct 7, 2026; Apple's FY2026 Form 10-K, filed Nov 3, 2026; McDonald's FY2025 Form 10-K, filed Feb 24, 2026; Chipotle's FY2025 Form 10-K, filed Feb 4, 2026; Coca-Cola's FY2025 Form 10-K, filed Feb 20, 2026; PepsiCo's FY2025 Form 10-K, filed Feb 3, 2026; Netflix's FY2025 Form 10-K, filed Jan 23, 2026; Walmart's FY2026 Form 10-K, filed Mar 13, 2026; Disney's FY2025 Form 10-K, filed Nov 13, 2025; Starbucks's FY2026 earnings release (Form 8-K, Exhibit 99.1), filed Oct 29, 2026; Target's FY2025 (year ended Jan 31, 2026) Form 10-K, filed Mar 11, 2026; Home Depot's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 18, 2026; Lowe's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 23, 2026; Procter & Gamble's FY2026 Form 10-K, filed Aug 4, 2026; Alphabet's FY2025 Form 10-K, filed Feb 5, 2026; Meta's FY2025 Form 10-K, filed Jan 29, 2026; Airbnb's FY2025 Form 10-K, filed Feb 12, 2026; DoorDash's FY2025 Form 10-K, filed Feb 18, 2026; and T-Mobile's FY2025 Form 10-K, filed Feb 11, 2026. Checked Nov 7, 2026. The lesson keeps these dated numbers until the next edition.
- S1 Nike: Form 10-K for fiscal 2026 (year ended May 31, 2026) · NIKE, Inc. (SEC EDGAR) · Jul 15, 2026
- S2 Costco: Form 10-K for fiscal year 2026 (ended Aug 30, 2026) · Costco Wholesale Corporation (SEC EDGAR) · Oct 7, 2026
- S3 Apple: Form 10-K for fiscal year 2026 (year ended Sep 26, 2026) · Apple Inc. (SEC EDGAR) · Nov 3, 2026
- S4 McDonald's: Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · McDonald's Corporation (SEC EDGAR) · Feb 24, 2026
- S5 Chipotle: Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Chipotle Mexican Grill, Inc. (SEC EDGAR) · Feb 4, 2026
- S6 Coca-Cola: Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · The Coca-Cola Company (SEC EDGAR) · Feb 20, 2026
- S7 PepsiCo: Form 10-K, fiscal year 2025 (ended Dec 27, 2025) · PepsiCo, Inc. (SEC EDGAR) · Feb 3, 2026
- S8 Netflix: Form 10-K for fiscal year 2025 · Netflix, Inc. (SEC EDGAR) · Jan 23, 2026
- S9 Walmart: Form 10-K for fiscal 2026 (year ended Jan 31, 2026) · Walmart Inc. (SEC EDGAR) · Mar 13, 2026
- S10 Disney: Form 10-K for fiscal year 2025 · The Walt Disney Company (SEC EDGAR) · Nov 13, 2025
- S11 Starbucks: Q4 and fiscal 2026 earnings release (Form 8-K, Exhibit 99.1) · Starbucks Corporation (SEC EDGAR) · Oct 29, 2026
- S12 Target: Form 10-K, fiscal 2025 (year ended Jan 31, 2026) · Target Corporation (SEC EDGAR) · Mar 11, 2026
- S13 Home Depot: Form 10-K for fiscal 2025 (year ended Feb 1, 2026) · The Home Depot, Inc. (SEC EDGAR) · Mar 18, 2026
- S14 Lowe's: Form 10-K for fiscal 2025 (year ended Jan 30, 2026) · Lowe's Companies, Inc. (SEC EDGAR) · Mar 23, 2026
- S15 Procter & Gamble: Form 10-K, fiscal year 2026 (ended June 30, 2026) · The Procter & Gamble Company (SEC EDGAR) · Aug 4, 2026
- S16 Alphabet: Form 10-K for fiscal year 2025 · Alphabet Inc. (SEC EDGAR) · Feb 5, 2026
- S17 Meta: Form 10-K for fiscal year 2025 · Meta Platforms, Inc. (SEC EDGAR) · Jan 29, 2026
- S18 Airbnb: Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Airbnb, Inc. (SEC EDGAR) · Feb 12, 2026
- S19 DoorDash: Form 10-K for fiscal year 2025 · DoorDash, Inc. (SEC EDGAR) · Feb 18, 2026
- S20 T-Mobile: Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · T-Mobile US, Inc. (SEC EDGAR) · Feb 11, 2026
- S21 Starbucks: Form 10-K for fiscal year 2025 (ended Sep 28, 2025) · Starbucks Corporation (SEC EDGAR) · Nov 14, 2025
Questions teachers ask
- Is there a free company research project for high school?
Cityfort's free capstone, "How ___ makes money," has each student explain how one real company earns money, using its $100 receipt and its Form 10-K. It is part of a free unit of four 50-minute lessons for grades 9–12.
- Does this project ask students to choose shares to own?
Students choose a company to study, not shares to own. The rubric takes points off for advice, predictions or ranking words.
- How do I grade a company research project?
The included rubric scores accuracy, sourcing, clarity and neutrality from 1 to 4 each, for 16 points. The answer key has a fully worked example on Home Depot and a spot-check table for all 20 companies.
- How long does the capstone take?
The capstone takes two 50-minute periods plus homework, and a third period if students share their work. Days 1 and 2 each split into two 25-minute blocks.
- Do students need accounts?
Students never create accounts or log in. Everything they need is on the student page and in the company's 10-K on sec.gov.
- Can I copy and adapt it?
The project is licensed under CC BY-NC 4.0. You may copy and adapt it for non-commercial use if you credit Cityfort, link to the license and note your changes. If you change it, please remove the Cityfort name or mark it as modified.
Optional further reading
These pages are on the main Cityfort site, which has its own ads and sign-up options. No lesson step needs them.
- Nike: how the business works (cityfort.co stock page)
- Costco: how the business works (cityfort.co stock page)
- Apple: how the business works (cityfort.co stock page)
- McDonald's: how the business works (cityfort.co stock page)
- Chipotle: how the business works (cityfort.co stock page)
- Coca-Cola: how the business works (cityfort.co stock page)
- PepsiCo: how the business works (cityfort.co stock page)
- Netflix: how the business works (cityfort.co stock page)
- Walmart: how the business works (cityfort.co stock page)
- Disney: how the business works (cityfort.co stock page)
- Starbucks: how the business works (cityfort.co stock page)
- Target: how the business works (cityfort.co stock page)
- Home Depot: how the business works (cityfort.co stock page)
- Lowe's: how the business works (cityfort.co stock page)
- Procter & Gamble: how the business works (cityfort.co stock page)
- Alphabet: how the business works (cityfort.co stock page)
- Meta: how the business works (cityfort.co stock page)
- Airbnb: how the business works (cityfort.co stock page)
- DoorDash: how the business works (cityfort.co stock page)
- T-Mobile: how the business works (cityfort.co stock page)
- Home Depot and Lowe's side by side
- Costco and Walmart side by side
- Target and Walmart side by side
- Costco and Target side by side
- Disney and Netflix side by side
- Alphabet and Meta side by side
- Coca-Cola and PepsiCo side by side
- McDonald's and Starbucks side by side
- Chipotle and McDonald's side by side
How do I credit and share it?
Credit line to copy: "How real companies make money: Capstone – How ___ makes money" by Cityfort (cityfort.co/teachers/how-companies-make-money/how-a-company-makes-money-project), CC BY-NC 4.0. Data from Nike's FY2026 Form 10-K, filed Jul 15, 2026; Costco's FY2026 Form 10-K, filed Oct 7, 2026; Apple's FY2026 Form 10-K, filed Nov 3, 2026; McDonald's FY2025 Form 10-K, filed Feb 24, 2026; Chipotle's FY2025 Form 10-K, filed Feb 4, 2026; Coca-Cola's FY2025 Form 10-K, filed Feb 20, 2026; PepsiCo's FY2025 Form 10-K, filed Feb 3, 2026; Netflix's FY2025 Form 10-K, filed Jan 23, 2026; Walmart's FY2026 Form 10-K, filed Mar 13, 2026; Disney's FY2025 Form 10-K, filed Nov 13, 2025; Starbucks's FY2026 earnings release (Form 8-K, Exhibit 99.1), filed Oct 29, 2026; Target's FY2025 (year ended Jan 31, 2026) Form 10-K, filed Mar 11, 2026; Home Depot's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 18, 2026; Lowe's FY2025 (February 2025 to January 2026) Form 10-K, filed Mar 23, 2026; Procter & Gamble's FY2026 Form 10-K, filed Aug 4, 2026; Alphabet's FY2025 Form 10-K, filed Feb 5, 2026; Meta's FY2025 Form 10-K, filed Jan 29, 2026; Airbnb's FY2025 Form 10-K, filed Feb 12, 2026; DoorDash's FY2025 Form 10-K, filed Feb 18, 2026; and T-Mobile's FY2025 Form 10-K, filed Feb 11, 2026.
License: CC BY-NC 4.0. If you change this material, please remove the Cityfort name or mark it as modified; changed versions are not reviewed by Cityfort.
Company names are trademarks of their owners; Cityfort is not affiliated with or endorsed by them.
Questions or corrections: contact us.
What changed (1)
- v1.0, Nov 7, 2026: First edition.
Last updated Nov 7, 2026.
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
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