In this post, I share a Special Report that Mill Street clients received last week, and which may be of broader interest. This is one of our occasional topical reports that we publish in addition to our regular suite of client research reports.

This Special Report addresses a frequent discussion topic among clients right now: what are the drivers of the extraordinary surge in corporate profits, who benefits most and least, and what might change?

This report also has a guest co-author: Michael Ferrell, a senior at Creighton University who has done much of the work in this report as part of a summer project for Mill Street Research.

The underlying idea in this report is to discuss the macro drivers of corporate profits through the lens of the Kalecki-Levy profit equation. The Kalecki-Levy equation is an accounting identity that describes the components of corporate profits for the whole economy. We can then look at the specific trends underlying the key components that are causing the current very unusual later-cycle jump in corporate profits.

The full report is available as a PDF at the link below.

Special Report Corporate Profits September 2026

Sam Burns, CFA

Chief Strategist