What is earnings season and how do you read an earnings report?

Updated November 15, 2026 · examples use today’s data

US companies report results every quarter. Most large companies publish in the weeks after each quarter ends, so January, April, July and October are packed with reports. That stretch is earnings season.

What to look at

Start with earnings per share and revenue against the analysts' consensus, then look at growth versus the same quarter last year, margins, cash flow and, above all, guidance for the coming quarters.

Why stocks move

The price already reflects expectations. A company can beat estimates and still fall if its guidance disappoints, or miss and rise if the outlook improves. Large companies beat EPS estimates most of the time, so a small beat is not news.

Adjusted vs. GAAP

Headline beats usually use adjusted EPS. The GAAP figure in the filing can be quite different, and that is the one in the P/E.

Frequently asked questions

When do companies report?

Usually two to six weeks after the quarter ends, either before the market opens or after it closes. Our earnings calendar lists the dates.

What is an earnings surprise?

The difference between actual EPS and the analyst consensus, usually shown as a percentage.

Tools for this

Earnings calendar Watchlist & price alerts

Keep learning

What is the P/E ratio and how do you use it?What is earnings per share (EPS)?What does TTM (trailing twelve months) mean?What is an ETF and how is it different from a stock?What is a dividend and what is dividend yield?What is compound interest and why does it matter so much?

Educational content, not investment advice. Figures in the examples come from company filings and market prices and update automatically.