Earnings Whispers: The Market's True Earnings Expectation

This Week's Confirmed Earnings

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Earnings Expectation Life Cycle

Where Is This Stock in the Cycle?

A stock does not go from cheap to expensive at random. It moves through four recurring phases, set by two things: which way earnings estimates are heading, and whether investors have noticed yet. Get the pair right and a falling stock that keeps falling looks entirely different from one that is about to turn.

Value Trap

Bearish sentiment, falling estimates. Looks inexpensive, keeps underperforming. Declined in 59% of quarters.

Positive Surprise

Estimates turn up while sentiment is still bearish. The inflection, and the best risk-reward in the cycle.

Earnings Momentum

Bullish sentiment, rising estimates. The established trend, and historically the strongest of the four.

Negative Surprise

Estimates roll over while sentiment stays bullish. Bernstein called it the Torpedo, and the decline is abrupt.

Worked through with Amedisys, Callon Petroleum, NVIDIA, and SolarEdge.

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The Whisper Report^®

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Earnings vs Jobs

Monday, August 10, 2026

The jobs numbers disappointed once again, but the market doesn’t seem to be buying it.

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Top Earnings News

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The recent, most closely watched, earnings results.

Franco-Nevada Missed Consensus Estimates

Tuesday, August 11, 2026 at 5:30 PM

Franco-Nevada (FNV) reported earnings of $1.81 per share on revenue of $580.90 million for the second quarter ended June 2026. The consensus earnings estimate was $1.95 per share on revenue of $2.16 billion. The company missed consensus estimates by 7.18% while revenue grew 57.26% on a year-over-year basis.

Franco-Nevada Corp is a gold-focused royalty and stream company with additional interests in platinum group metals, oil & gas and other resource assets.

American Integrity Insurance Group Beat Consensus Estimates

Tuesday, August 11, 2026 at 4:15 PM

American Integrity Insurance Group (AII) reported earnings of $1.78 per share on revenue of $115.17 million for the second quarter ended June 2026. The consensus earnings estimate was $0.81 per share on revenue of $93.50 million. The company beat consensus estimates by 119.75% while revenue grew 54.59% on a year-over-year basis.

American Integrity Insurance Group is one of Florida’s leading providers of residential property insurance, proudly serving more than 383,000 policyholders.

CoreWeave Missed Expectations, Raises Guidance, but Remains In-line with Estimates

Tuesday, August 11, 2026 at 4:10 PM

CoreWeave (CRWV) reported a loss of $1.14 per share on revenue of $2.58 billion for the second quarter ended June 2026. The consensus estimate was a loss of $1.48 per share on revenue of $2.54 billion. The Earnings Whisper number was a loss of $0.99 per share. The company missed expectations by 15.15% while revenue grew 112.32% on a year-over-year basis.

The company said during its conference call it expects third quarter revenue of $3.45 billion to $3.60 billion and 2026 revenue of $12.40 billion to $13.20 billion. The company's previous guidance was 2026 revenue of $12.00 billion to $13.00 billion. The current consensus revenue estimate is $3.30 billion for the quarter ending September 30, 2026 and revenue of $12.43 billion for the year ending December 31, 2026.

"CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform," said Michael Intrator, co-founder, chairman, and chief executive officer of CoreWeave. "CoreWeave is built on the conviction that AI is foundational to every industry and that realizing its full potential requires a purpose-built platform. This quarter reinforced that conviction."

CoreWeave is The Essential Cloud for AI™.