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 25, 2026 are MU Micron Technology NKE NIKE CCL Carnival ACN Accenture KMX CarMax

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 55.0% of the time. There is no statistical benefit to beating the consensus estimate — only the Whisper.

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. 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. . 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. 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 -5.5% since the report




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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