# Earnings Season Explained > Earnings season is when most public companies report quarterly results. Learn the calendar, what is in a report, how consensus works and how markets react. Source: https://learn.tradelabsai.com/fundamentals/earnings-season-explained/ Track: Fundamental Analysis · Level: Intermediate · Updated: 2026-10-03 Publisher: TradeLabs AI (https://tradelabsai.com). Education, not financial advice. Cite as: TradeLabs Learn, "Earnings Season Explained", https://learn.tradelabsai.com/fundamentals/earnings-season-explained/ Four times a year, thousands of public companies report their quarterly results over a few weeks. This period is called earnings season. It brings a flood of new information about revenue, profits, margins and outlooks, and it is often when individual stocks make their biggest moves. Knowing how earnings season works, from the calendar to the structure of a report, helps traders prepare, manage risk and spot opportunities. ## The calendar US companies with calendar fiscal years report roughly: | Quarter ending | Earnings season (approximately) | |---|---| | March 31 (Q1) | Mid April to mid May | | June 30 (Q2) | Mid July to mid August | | September 30 (Q3) | Mid October to mid November | | December 31 (Q4) | Mid January to late February | Large US banks usually report first, a few weeks after quarter end, which unofficially opens each season. Many companies have fiscal years that do not match the calendar, so some reports arrive outside these windows. ## Reporting rules and timing US public companies must file quarterly reports (Form 10 Q) within 40 to 45 days of quarter end and annual reports (10 K) within 60 to 90 days, depending on their size. Most release earnings by press release first, either before the market opens or after it closes, followed by a conference call. See [Reading Financial Statements](https://learn.tradelabsai.com/fundamentals/reading-financial-statements/). ## What a typical report includes | Element | What traders look at | |---|---| | Revenue | Growth and versus consensus. See [Revenue and Gross Profit](https://learn.tradelabsai.com/fundamentals/revenue-and-gross-profit/) | | EPS (GAAP and adjusted) | Versus consensus. See [Net Income and EPS](https://learn.tradelabsai.com/fundamentals/net-income-and-eps/) | | Margins | Gross and operating margin trends. See [Revenue Growth and Margin Analysis](https://learn.tradelabsai.com/fundamentals/margin-analysis/) | | Segment results | Which businesses drive growth | | Guidance | Forecasts for next quarter or year. See [Guidance and Earnings Revisions](https://learn.tradelabsai.com/fundamentals/guidance-and-earnings-revisions/) | | Key operating metrics | Users, subscribers, same store sales, bookings | | Capital returns | Dividends and buyback announcements | | Conference call commentary | Tone and detail. See [Earnings Calls](https://learn.tradelabsai.com/fundamentals/earnings-calls/) | ## Consensus estimates Analysts at brokers and research firms publish forecasts for revenue and EPS. Data providers combine these into consensus estimates, usually the mean or median. Results are judged against consensus, not against last year. Some investors also watch "whisper numbers", unofficial expectations that may differ from published consensus. **Example: Beating the number** Consensus expects EPS of $1.50 and revenue of $5.0 billion. The company reports EPS of $1.58 and revenue of $5.1 billion, beating both. But it lowers full year revenue guidance from $21 billion to $20.5 billion. The stock falls 7% the next morning. Investors care more about the future than the quarter just ended. See [Analyst Estimates, Surprises and Whisper Numbers](https://learn.tradelabsai.com/fundamentals/earnings-surprises/). ## Market reactions - **Implied moves:** options price an expected move around each report. See [Earnings Trading](https://learn.tradelabsai.com/strategies/earnings-trading/). - **Gaps:** stocks often open far from the previous close. See [Price Gaps and How to Trade Them](https://learn.tradelabsai.com/chart-patterns/price-gaps-and-how-to-trade-them/). - **Sector read across:** one company's results can move its peers and suppliers. - **Drift:** stocks with big surprises have historically tended to keep moving in the same direction for weeks. See [Earnings Reactions and Post-Earnings Drift](https://learn.tradelabsai.com/fundamentals/post-earnings-drift/). ## What the season says about the market Aggregate data matter too. FactSet reports that, over many years, roughly three quarters of S&P 500 companies beat EPS estimates in a typical quarter, partly because companies guide conservatively and analysts lower estimates before results. A season where fewer companies beat than usual, or where guidance is widely cut, can signal a weakening economy. ## Preparing for earnings season 1. **Know the reporting dates** of companies you hold or trade. 2. **Decide whether to hold through reports,** and size for possible gaps. 3. **Review consensus, guidance and implied moves.** 4. **Watch peers that report earlier** for clues. 5. **Plan post earnings trades** based on reactions, not just headlines. ## Frequently asked questions ### When is earnings season? Roughly mid January, mid April, mid July and mid October to the following month, starting a few weeks after each calendar quarter ends. ### Why do stocks fall after beating earnings? Because markets react to expectations, especially guidance; a beat with weak guidance or a beat smaller than hoped can disappoint. ### What is a consensus estimate? The average or median of analysts' forecasts for a company's revenue and earnings, used as the benchmark for results. Next, learn what makes results surprise in [Analyst Estimates, Surprises and Whisper Numbers](https://learn.tradelabsai.com/fundamentals/earnings-surprises/). ## Sources - FactSet, [Earnings Insight](https://insight.factset.com/topic/earnings) ## Continue learning - Next lesson: [Analyst Estimates, Surprises and Whisper Numbers](https://learn.tradelabsai.com/fundamentals/earnings-surprises/) - Previous lesson: [Technical vs Fundamental Analysis](https://learn.tradelabsai.com/fundamentals/technical-vs-fundamental/) - Related: [Technical vs Fundamental Analysis](https://learn.tradelabsai.com/fundamentals/technical-vs-fundamental/): Technical analysis studies price and volume; fundamental analysis studies business value. Compare their methods, horizons and evidence, and how to combine them. - Related: [Earnings Trading](https://learn.tradelabsai.com/strategies/earnings-trading/): Earnings trading positions around quarterly company reports. Learn how expectations, guidance and implied moves drive reactions, and the main strategies. - Related: [Analyst Estimates, Surprises and Whisper Numbers](https://learn.tradelabsai.com/fundamentals/earnings-surprises/): An earnings surprise is the gap between reported results and expectations. Learn how surprises are measured, why beats are common and how stocks react. - Related: [Guidance and Earnings Revisions](https://learn.tradelabsai.com/fundamentals/guidance-and-earnings-revisions/): Company guidance and analyst estimate revisions shape expectations. Learn how guidance works, why revisions predict returns and how traders track them. - Related: [Earnings Calls](https://learn.tradelabsai.com/fundamentals/earnings-calls/): Earnings calls are where management discusses results and answers analysts. Learn the structure, the signals in tone and Q&A, and how to use transcripts. - Related: [Earnings Reactions and Post-Earnings Drift](https://learn.tradelabsai.com/fundamentals/post-earnings-drift/): Post earnings drift is the tendency for stocks to keep moving in the direction of an earnings surprise for weeks. Learn the research and how traders use it.