How Earnings Reports Work: 8-K, 10-Q, EPS vs Consensus and Guidance

An earnings report is a public company’s announcement of its financial results for a quarter or a year. In the US it usually arrives as a press release furnished to the SEC on Form 8-K, followed by an earnings call and, within weeks, the full quarterly report on Form 10-Q or the annual report on Form 10-K.

In short: four times a year, a listed company publishes its revenue, profit and earnings per share (EPS). The market compares those numbers with the consensus estimate, the average of analysts’ forecasts, and with any guidance the company gave about future periods. Many companies also report adjusted (non-GAAP) figures alongside the official GAAP numbers. The share price often moves more on the gap between results and expectations, and on what management says about the future, than on whether the quarter was good in absolute terms.

The paperwork, in order

US companies

Document	What it is	Timing
Earnings press release	The company’s own summary: headline numbers, condensed statements, often non-GAAP reconciliations, sometimes guidance	Whenever the company chooses, usually a few weeks after quarter-end, often before the market opens or after it closes
Form 8-K, Item 2.02	”Results of Operations and Financial Condition.” The press release is attached as an exhibit, usually Exhibit 99.1	Within four business days of the public announcement. In practice, usually the same day
Form 10-Q	Quarterly report with unaudited financial statements, MD&A, risk updates, and legal proceedings. Filed for the first three fiscal quarters only	40 days after quarter-end for large accelerated and accelerated filers, 45 days for others
Form 10-K	Annual report with audited financial statements, covering the fourth quarter as part of the full year	60, 75 or 90 days after year-end depending on filer size

These deadlines come from the SEC’s own instructions for Forms 10-Q, 10-K and 8-K. Information furnished under Item 2.02 is “furnished” rather than “filed”, which has technical consequences for legal liability, but it is public and appears on EDGAR like any other filing.

A real timeline: Apple’s December 2025 quarter

Apple’s first quarter of fiscal 2026 ended on December 27, 2025. According to its filing history on EDGAR:

January 29, 2026: Apple furnished a Form 8-K under Items 2.02 and 9.01, attaching its earnings release.
January 30, 2026: Apple filed its Form 10-Q for the quarter.

The release came out first, and the full quarterly report followed the next day, well inside the 40-day limit. Many companies leave a longer gap between the two.

Canadian companies

Canadian reporting issuers file interim financial reports and interim MD&A on SEDAR+ under National Instrument 51-102. The deadlines are 45 days after the end of an interim period for non-venture issuers and 60 days for venture issuers (smaller companies, such as those on the TSX Venture Exchange). Annual statements are due within 90 days of year-end for non-venture issuers and 120 days for venture issuers. Most large Canadian companies also issue a press release with headline results on or around the filing day. Statements are prepared under IFRS. Canadian companies that are also listed in the US may file with the SEC as well.

What is in an earnings release

Headline numbers: revenue, net income, diluted EPS, often with year-over-year changes.
Segment or product results: which parts of the business grew or shrank.
Condensed financial statements: an income statement, balance sheet and cash flow statement, unaudited.
Non-GAAP measures and reconciliations: adjusted EPS, adjusted EBITDA, free cash flow, and so on.
Guidance, if the company gives it: management’s own forecast for next quarter or the full year, often as a range.
Dividend and buyback announcements.

EPS versus consensus: the “beat” or “miss”

Analysts at brokerages and research firms publish estimates for each company’s revenue and EPS. Data providers average them into a consensus. When results come in above consensus, the company “beat”; below, it “missed”.

A hypothetical example. Maple Widgets Inc. reports:

	Consensus	Reported
Revenue	$510 million	$520 million
Adjusted EPS	$1.20	$1.25
GAAP EPS	not usually the headline	$0.95
Next-quarter revenue guidance	consensus $540 million	$500 to $520 million

Maple Widgets beat on revenue (by about 2%) and on adjusted EPS (by about 4%). But its guidance midpoint of $510 million is about 5.6% below the $540 million analysts expected for next quarter. It is common for a stock to fall on a report like this, because the share price reflects expectations about the future, and the guidance just lowered them.

The point is not that beats make prices rise and misses make them fall. Prices move when new information changes what investors expect, and the reported quarter is only one piece of that information. A large share of the reaction can come from guidance, margins, or comments on the call. For how individual orders turn that into a new price, see how stock prices are set.

Why companies so often “beat”

Small beats are common. One frequently given explanation is that companies guide conservatively and analysts anchor their estimates on that guidance. A beat by a few cents can therefore be the expected outcome, already built into the price.

GAAP versus adjusted numbers

GAAP (generally accepted accounting principles) is the US rulebook; Canadian public companies use IFRS. The audited and reviewed financial statements must follow those rules.

Non-GAAP or adjusted measures start from a GAAP number and remove items management considers unusual or not reflective of ongoing performance: restructuring costs, acquisition-related amortization, legal settlements, one-time tax items, and very often stock-based compensation.

A real example of a legitimate adjustment

In its release for the quarter ended September 28, 2024, furnished on Form 8-K on October 31, 2024, Apple reported diluted EPS of $0.97 under GAAP. It also reported diluted EPS of $1.64 excluding a one-time income tax charge related to the European Union State Aid decision about its past taxes in Ireland. Apple labelled the $1.64 figure as a non-GAAP measure and reconciled it to GAAP at the end of the release. The full-year fiscal 2024 effect is covered in how to read an income statement.

That is a case where the adjustment arguably helps readers see the underlying trend. Others are more debatable. A company that labels restructuring “one-time” every year, or that excludes stock-based pay that it grants every quarter, is presenting a more flattering number than its GAAP results.

The rules on non-GAAP numbers

United States: the SEC adopted Regulation G and amendments to Item 10(e) of Regulation S-K in January 2003. When a company presents a non-GAAP measure, it must give the most directly comparable GAAP measure and a reconciliation. In filings and earnings releases furnished under Item 2.02, the GAAP measure must be presented with equal or greater prominence.
Canada: National Instrument 52-112, in force since August 25, 2021, requires similar disclosure: the most directly comparable financial statement measure, presented with no less prominence, plus an explanation and reconciliation.

Neither rule says the adjusted figure is wrong. Both make sure you can see what was removed.

Guidance

Guidance is management’s forecast. Some companies give detailed quarterly ranges for revenue, margins and EPS. Some give only annual targets, and some give none at all. Guidance is not audited and can be revised. Because it comes from the people with the most information, the market often weighs it heavily.

The earnings call

Most large companies hold a conference call or webcast after the release. Executives discuss the results and outlook, then take questions from analysts. Calls are open to the public, often replayed on the investor relations website, and transcripts are widely available.

The SEC’s Regulation FD (Fair Disclosure), effective October 23, 2000, is the reason calls are public. It prohibits companies from selectively disclosing material nonpublic information to analysts or large investors before telling everyone. Canada has comparable disclosure expectations through National Policy 51-201.

What can go wrong

Trading on the headline

The first number in a news alert is often adjusted EPS versus consensus. It may be different from the GAAP figure, and it may not be the number that moves the stock. Read the release, including the reconciliation and guidance.

Price swings around the release

Earnings releases often come outside regular trading hours, when fewer orders sit in the book and spreads are wider. Prices can gap sharply up or down from the previous close. Our explainer on market hours and after-hours trading covers the risks of trading in those sessions.

Comparing the wrong periods

Quarter-to-quarter comparisons can mislead for seasonal businesses. Year-over-year comparisons (this December quarter versus last December quarter) are usually more informative.

Relying on a single quarter

One quarter is a small sample. Trends in revenue growth, margins and cash flow over several years say more about a business than any single beat or miss.

The short version

Earnings day is when a company reports its results, usually through a press release furnished on an 8-K, followed by a call and a 10-Q or 10-K (or interim filings on SEDAR+ in Canada). The market compares results with consensus and listens closely to guidance. Adjusted numbers can help or flatter, so always look at the GAAP reconciliation. And remember that what moves the price is the gap between what was expected and what was reported. For the annual filing in depth, see how to read a 10-K.