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 24, 2026 are MU Micron Technology COST Costco Wholesale BB BlackBerry CCL Carnival DRI Darden Restaurants

Post-Earnings Announcement Drift

Wall Street’s Oldest Anomaly Is Still Working

In 1968, Ray Ball and Philip Brown found that stocks keep moving in the direction of an earnings surprise after the news is already public. Six decades later it still happens — but the reason it is hard to see is the yardstick. Measured against the published consensus, a beat is a beat. Measured against what investors actually expected, the same report can be a disappointment, and the stock spends the next week telling you so.

+0.6% Beat the Whisper and the estimate
−0.1% Beat the estimate missed the Whisper
−0.6% Missed the Whisper five-day drift

Average cumulative return from the post-announcement open through the fifth trading day. The earnings gap is excluded.

Open Day 5 Beat the Whisper Beat consensus, missed Whisper Missed the Whisper
Every company on the middle line beat the consensus estimate.
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The Whisper Report®

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Sentiment Falls

Monday, September 21, 2026
Sentiment has turned bearish, which is bullish for stock prices, but it is the trend in sentiment that matters.
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Earnings Preview

MU Micron Technology is confirmed to report Wednesday, September 30, after the close.

Micron's Memory Supercycle Faces Its Toughest Test Yet as Stock Retreats From Highs

Micron heads into its fiscal fourth-quarter report riding one of the most dramatic guidance progressions in recent memory, yet the stock has fallen 15% since its last print even as the S&P 500 climbed nearly 5%. That divergence between operating momentum and share performance sets up an unusually pointed question for this release: has the market already priced in the good news, or is it losing confidence in a narrative that management has described in increasingly triumphant terms.

Consensus calls for $31.24 in earnings on $50.76 billion in revenue, essentially in line with management's own guidance of $30 to $32 per share and $49 billion to $51 billion issued last quarter. The Earnings Whisper of $34.14 sits meaningfully above the Street consensus, suggesting whisper-number watchers expect another beat rather than a mere in-line quarter. That said, Micron has trained investors to expect upside after three consecutive quarters of guidance that undershot actual results by wide margins, so a beat here may be viewed as table stakes rather than a fresh catalyst.

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Top Earnings News

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The recent, most closely watched, earnings results.

Costco Wholesale Beat Expectations

Thursday, September 24, 2026 at 4:15 PM
Costco Wholesale (COST) reported earnings of $6.60 per share on revenue of $95.72 billion for the fiscal fourth quarter ended August 2026. The consensus earnings estimate was $6.48 per share on revenue of $94.78 billion. The Earnings Whisper number was $6.54 per share. The company beat expectations by 0.92% while revenue grew 11.10% on a year-over-year basis.

Costco Wholesale Corp and its subsidiaries operate membership warehouses. It offers its members low prices on a limited selection of nationally branded and select private-label products in merchandise categories.

Legacy Education Inc. Reported Earnings

Thursday, September 24, 2026 at 4:05 PM
Legacy Education Inc. (LGCY) reported earnings of $0.13 per share on revenue of $20.10 million for the fiscal fourth quarter ended June 2026. The consensus revenue estimate was revenue of $19.74 million. Revenue grew 11.99% on a year-over-year basis.

egacy Education is an award-winning, nationally accredited, for-profit post-secondary education company founded in 2009.

Scholastic Missed Consensus Estimates, Reaffirms

Thursday, September 24, 2026 at 4:01 PM
Scholastic (SCHL) reported a loss of $3.63 per share on revenue of $216.80 million for the fiscal first quarter ended August 2026. The consensus estimate was a loss of $3.42 per share on revenue of $224.69 million. The company missed consensus estimates by 6.14% while revenue fell 3.90% compared to the same quarter a year ago.

The company said it continues to expect fiscal 2027 revenue of $1.614 billion to $1.645 billion. The current consensus revenue estimate is $1.63 billion for the year ending May 31, 2027.

Scholastic Corp is a children’s publishing, education and media company. The Company also provides educational technology products and related services and children’s media.

The Drift

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Upcoming Earnings

Earnings Week Ahead: Retail Giants and Sleepy Staples Take Center Stage

September 19, 2026
COST CBRL BB DRI GIS THO
This week's earnings parade is heavy on the names that hit close to home, from the warehouse aisles of Costco to the dinner tables served by Darden and General Mills. Costco remains the marquee draw, and while the crowd loves the story, the mood heading in is surprisingly cautious given how much the stock has cooled since its last report. AutoZone and cleaning-and-uniforms powerhouse Cintas round out a strong showing from the everyday-economy crowd, both riding solid operational momentum even as traders temper their enthusiasm. The wild card is Cracker Barrel, which has quietly become one of the more optimistic setups on the calendar after a rough stretch, so keep an eye on whether the old country store can serve up a surprise. History suggests these stocks tend to swing more than a percent or two when the numbers hit, so buckle up.
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Recent Positive Earnings

HIPO -7.2% since the report




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