Glossary
Earnings Season
The weeks after each quarter ends when most public companies report results, peaking roughly three to six weeks into the quarter.
On this page
Earnings season is the stretch of several weeks, four times a year, when most US public companies publish their quarterly results. Because nearly all large companies close their books on the same calendar quarters, their reports bunch together in the weeks after March, June, September and December end, and market attention shifts from economic data to company results.
The rhythm of a season
Large banks traditionally go first, around two weeks after the quarter closes. The busiest stretch usually comes in the third and fourth weeks, when hundreds of S&P 500 companies report, including most of the biggest technology names. Retailers, many of which use fiscal quarters ending a month later, report toward the end, overlapping with the next season's early weeks.
The timing is anchored by SEC deadlines for the quarterly Form 10-Q: 40 days after quarter end for the largest filers and 45 days for others. The annual Form 10-K is due 60, 75 or 90 days after the fiscal year ends, depending on the company's size, which is why fourth-quarter reports run a little later.
Why it matters
Earnings season is when expectations meet reality. Individual stocks can gap 5% to 15% on a report, and the aggregate tells investors whether profits are growing for the market as a whole. Commentators track the share of companies beating estimates, but because estimates tend to drift down ahead of reports, a majority usually beat; the size of the surprises and changes in Earnings guidance carry more information. Implied volatility on options often rises before a company's date and drops after it.