The Market's True Earnings Expectations

Go beyond the consensus and become a better stock picker with Earnings Whisper numbers, investor sentiment, and proprietary research and tools to help you capture the Post-Earnings Announcement Drift (PEAD) and outperform the overall stock market. Plus, get the most accurate earnings dates, earnings news, and insights into how stocks react before and after earnings.



Most Anticipated Earnings Releases TM

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The most anticipated earnings releases for the week beginning September 9, 2026 are ORCL Oracle ADBE Adobe CHWY Chewy AVAV AeroVironment AEO American Eagle Outfitters

The Earnings Whisper® Number

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The market's true earnings expectation — and why beating the consensus estimate isn't enough.

Meme: beating the consensus estimate is not the same as beating expectations.

Analysts update their models constantly, but they rarely publish every revision. The Earnings Whisper® number captures what they actually expect — and across two decades and more than 144,000 published numbers, it has landed closer to actual reported earnings than the published consensus 69.7% of the time. Consequently, there is no statistical benefit to beating the consensus estimate.

Beat the Whisper and the estimate +1.9% Beat the Estimate but missed the Whisper −0.7%
Average day-of move, since February 1999.

Companies that beat the Whisper closed higher by an average of 1.9%. Those that cleared the published estimate but fell short of the Whisper closed lower 54.9% of the time. There is no statistical benefit to beating the consensus estimate — only the Whisper.

The Whisper Report®

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Headwinds

Tuesday, September 8, 2026
The market remains bullish for now, supported by rising earnings estimates and improving money flows, but weakening breadth and softer guidance are creating more risk beneath the surface.
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Earnings Preview

ORCL Oracle is confirmed to report Thursday, September 10, after the close.

Oracle's Stock Has Cratered Despite Booming Backlog. Which Story Wins Now?

Few large-cap names present as jarring a disconnect right now as Oracle. The company's last conference call described an AI-infrastructure business firing on every cylinder, yet the stock has fallen more than 21 percent since that report while the S&P 500 climbed nearly 5 percent. That 26-point gap between operating narrative and market reaction is the central puzzle heading into this release, and it raises a pointed question. Has the market simply repriced the cost of Oracle's ambitions, or is it starting to doubt the growth story itself.

Consensus calls for $1.75 in non-GAAP earnings per share on $19.14 billion in revenue, which would represent a slight sequential dip in EPS from last quarter's $1.79 but a massive 28 percent year-over-year jump in revenue against the $14.93 billion posted a year ago. The whisper number sits marginally above consensus at $1.80, suggesting sell-side estimates may be a touch conservative rather than stretched. Management's own guidance called for $1.72 to $1.76 per share on $18.96 billion to $19.26 billion in revenue, so consensus sits comfortably within that range rather than testing either edge, a sign expectations are calibrated rather than complacent.

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Top Earnings News

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The recent, most closely watched, earnings results.

Nano-X Imaging Reported Earnings

Wednesday, September 9, 2026 at 8:03 AM
Nano-X Imaging (NNOX) reported a loss of $0.79 per share on revenue of $4.16 million for the second quarter ended June 2026. . Revenue grew 36.71% on a year-over-year basis.

Nanox, founded by the serial entrepreneur Ran Poliakine, is an Israeli corporation that is developing a commercial-grade digital X-ray source designed to be used in real-world medical imaging applications. Nanox believes that its novel technology could significantly reduce the costs of medical imaging systems and plans to seek collaborations with world-leading healthcare organizations and companies to provide affordable, early detection imaging service for all.

Academy Sports + Outdoors Beat Expectations, Raises Guidance

Wednesday, September 9, 2026 at 8:00 AM
Academy Sports + Outdoors (ASO) reported earnings of $2.31 per share on revenue of $1.65 billion for the fiscal second quarter ended July 2026. The consensus earnings estimate was $2.09 per share on revenue of $1.66 billion. The Earnings Whisper number was $2.07 per share. The company beat expectations by 11.59% while revenue grew 2.97% on a year-over-year basis.

The company said it now expects fiscal year non-GAAP earnings of $6.50 to $6.90 per share on revenue of $6.230 billion to $6.355 billion. The company's previous guidance was non-GAAP earnings of $5.95 to $6.35 per share on revenue of $6.230 billion to $6.355 billion. The current consensus earnings estimate is $6.49 per share on revenue of $6.310 billion for the year ending January 31, 2027.

Academy is a leading full-line sporting goods and outdoor recreation retailer in the United States.

Optical Cable Beat Consensus Estimates

Wednesday, September 9, 2026 at 8:00 AM
Optical Cable (OCC) reported earnings of $0.21 per share on revenue of $24.30 million for the fiscal third quarter ended July 2026. The consensus earnings estimate was $0.20 per share on revenue of $24.50 million. The company beat consensus estimates by 5.00% while revenue grew 21.99% on a year-over-year basis.

Optical Cable Corporation ("OCC®") is a leading manufacturer of a broad range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market and various harsh environment and specialty markets (collectively, the non-carrier markets) and also the wireless carrier market, offering integrated suites of high-quality products which operate as a system solution or seamlessly integrate with other components.

The Drift

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Upcoming Earnings

Grocery Aisles and Cloud Servers: A Week Where the Everyday Economy Meets Big Tech

September 5, 2026
ORCL ADBE FLWS CASY CHWY M
This week's earnings calendar is a fascinating split screen. On one side you have the tech heavyweights, led by Oracle and Adobe, two names investors are watching like hawks. Oracle in particular walks in with a spring in its step, riding the wave of enthusiasm around cloud and artificial intelligence, and the mood around it is about as sunny as it gets. Adobe carries plenty of good vibes too, though it has a habit of swinging hard when the numbers land, so buckle up if you own it. Keep an eye on some of the smaller software names as well, because a few of them, like Navan and Braze, are quietly building momentum that suggests they could surprise to the upside. Not everyone in tech is on solid footing, though. Crypto-linked Canaan and a handful of micro-cap names look shaky heading in, a reminder that the tech story this week is far from one size fits all.
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Recent Positive Earnings

HIPO 2.1% since the report 2.4% above its post-earnings high




Trusted Earnings Research Since 1998

For more than 25 years, investors and financial professionals have used Earnings Whispers to look beyond consensus estimates and better understand the expectations driving stock prices around earnings.

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