Here at Bespoke, we have a huge database that has every US earnings report going back to 2001.  For each earnings report, we have how earnings and revenues came in versus expectations, any guidance that was issued, and in-depth price action analysis.  For those that would like to purchase this database, it is part of our Premium Plus package, which you can learn about here.

From our database, we're able to combine all of the earnings information for individual stocks to come up with macro earnings trends as well.  Below is a table showing the entire US earnings picture over the last ten years.  Since 2001, there have been more than 64,000 quarterly earnings reports.  Of those 64,000+ reports, 63% of companies have beaten consensus analyst earnings per share estimates, while 25% have missed earnings estimates.  Looking at top-line numbers, 57% of companies have beaten revenue estimates, while 33% have missed revenue estimates.  Just 9% of companies have raised guidance, which is why stocks that do raise guidance typically go up quite a bit on their report days.

The database also allows us to analyze price trends in response to earnings reports.  For all earnings reports since 2001, the average price change on the day of the report (we use the next day for companies that report after the close) has been +0.21%.  The typical stock has averaged a gap up of 0.19% at the open of trading, and a move of just 0.01% from the open to the close of trading.  Essentially what this tells us is that all of the move in response to earnings reports comes before the regular trading day begins.  Unless you own the stock before the earnings report, you haven't been able to take part in the gains.

Subscribe to our Premium Plus service to gain access to our Interactive Earnings Report Database and much more!