The Calendar Shift Headwind
2 filers across 1 sector are flagging lower demand. Visible since 2025Q2, recently cooling. Mixed: demand (50%), supply (33%), cost (17%). Present-tense — companies describing what is happening now. Recent filings describe "Comparative results were impacted by one less operating day in the first half of 2025."
Companies are attributing lower comparative sales and results in 2025 to structural calendar shifts—fewer weeks of peak-season demand (summer/spring for HD; fewer operating days for UPS) versus prior-year periods.
DISTINCT NEW FILERS PER QUARTER
✦ WHAT THE DIFF CAUGHT
Signal mix shifts from backward-looking (Q2 comparisons) to current-state (Q3, nine-month, year-to-date), indicating the calendar headwind is now spanning most of 2025 and persisting into current reporting periods.
REPRESENTATIVE SIGNAL FROM FILINGS
“Comparative results were impacted by one less operating day in the first half of 2025”
Comparative results were negatively impacted by one fewer operating day in the first half of 2025.
“calendar shift which resulted in the third quarter including one less week of summer”
Calendar shift reduced Q3 fiscal 2025 sales due to one fewer week of summer and one additional week of fall.
DRIVERS