Is the market rewarding earnings beats?
How the market treats good news says a lot about expectations. When even beats are sold, the good news was already in the price; when misses are forgiven, investors are looking past the quarter.
Updated Oct 6, 2026
Stingy
Last season, companies that beat estimates were flat against the S&P 500 over the two days around their report, and those that missed moved −2.6%. That reward for a beat is smaller than in 85% of seasons since 2015.
Season by season
Select any measure. Score compares the season with every season since 2015; Value is the reading itself.
Last season’s biggest reactions
The 60 largest moves against the S&P 500 around an earnings report last season. The line runs from two weeks before to a month after. Select a column to sort.
| Company | Result | Surprise | Move vs S&P | Reported | Around the report |
|---|---|---|---|---|---|
| PLTR Palantir Technologies | Beat | +19% | +28.9% | 2026-08-03 | |
| TTD Trade Desk (The) | Miss | −21% | −27.7% | 2026-08-06 | |
| ZBRA Zebra Technologies | Beat | +46% | +24.9% | 2026-08-04 | |
| GDDY GoDaddy | Beat | +8% | −23.7% | 2026-07-30 | |
| LII Lennox International | Beat | +1% | −23.4% | 2026-07-29 | |
| CRWD CrowdStrike | Beat | +6% | +22.3% | 2026-08-26 | |
| CRM Salesforce | Beat | +80% | +21.9% | 2026-08-26 | |
| IT Gartner | Beat | +16% | +21.4% | 2026-08-04 | |
| DVA DaVita | Beat | +4% | −20.9% | 2026-08-04 | |
| APP AppLovin | Miss | 0% | −19.7% | 2026-08-05 | |
| SMCI Supermicro | Beat | +84% | +19.6% | 2026-08-11 | |
| APTV Aptiv | Beat | +15% | −19.5% | 2026-08-04 | |
| COO Cooper Companies (The) | Beat | +3% | −18.9% | 2026-09-09 | |
| DDOG Datadog | Beat | +11% | −17.8% | 2026-08-06 | |
| AMZN Amazon | Beat | +200% | +17.4% | 2026-07-30 | |
| IQV IQVIA | Beat | +4% | +17.4% | 2026-07-28 | |
| WDC Western Digital | Beat | +8% | −17.3% | 2026-08-05 | |
| GRMN Garmin | Beat | +22% | +17.2% | 2026-07-29 | |
| LULU Lululemon Athletica | Beat | +63% | −16.9% | 2026-09-03 | |
| TPR Tapestry, Inc. | Beat | +3% | −16.6% | 2026-08-13 | |
| PWR Quanta Services | Beat | +28% | +16.5% | 2026-07-30 | |
| ABNB Airbnb | Beat | +9% | +16.3% | 2026-08-06 | |
| EME Emcor | Beat | +25% | +16.2% | 2026-07-30 | |
| PODD Insulet Corporation | Beat | +13% | −16.1% | 2026-08-05 | |
| CASY Casey's | Beat | +9% | −15.8% | 2026-09-08 | |
| VRT Vertiv | Beat | +6% | −15.7% | 2026-07-29 | |
| KLAC KLA Corporation | Beat | +5% | −15.0% | 2026-07-28 | |
| CMG Chipotle Mexican Grill | Beat | +4% | +14.8% | 2026-07-29 | |
| FICO Fair Isaac | Beat | +4% | −14.8% | 2026-07-29 | |
| EL Estée Lauder Companies (The) | Beat | +22% | +14.7% | 2026-08-19 | |
| LITE Lumentum | Beat | +9% | +14.7% | 2026-08-11 | |
| MSFT Microsoft | Beat | +12% | +14.6% | 2026-07-29 | |
| WAB Wabtec | Beat | +6% | +14.4% | 2026-07-22 | |
| NRG NRG Energy | Miss | −12% | −14.4% | 2026-08-04 | |
| LMT Lockheed Martin | Beat | +10% | +14.4% | 2026-07-23 | |
| ABT Abbott Laboratories | Beat | +2% | +14.3% | 2026-07-16 | |
| TSLA Tesla, Inc. | Miss | −34% | −14.3% | 2026-07-22 | |
| HII Huntington Ingalls Industries | Beat | +39% | +14.0% | 2026-07-30 | |
| URI United Rentals | Beat | +11% | +13.8% | 2026-07-22 | |
| PANW Palo Alto Networks | Beat | +4% | −13.8% | 2026-09-01 | |
| CRL Charles River Laboratories | Beat | +10% | +13.8% | 2026-08-05 | |
| VEEV Veeva Systems | Beat | +5% | +13.6% | 2026-08-26 | |
| AXON Axon Enterprise | Beat | +2% | −13.6% | 2026-08-05 | |
| CHRW C.H. Robinson | Beat | +5% | −13.4% | 2026-07-29 | |
| NCLH Norwegian Cruise Line Holdings | Beat | +17% | −13.1% | 2026-07-30 | |
| SNPS Synopsys | Beat | +7% | +13.0% | 2026-08-26 | |
| DLR Digital Realty | Beat | +151% | +12.7% | 2026-07-23 | |
| ELV Elevance Health | Beat | +20% | −12.5% | 2026-07-15 | |
| CARR Carrier Global | Beat | +5% | −12.3% | 2026-07-28 | |
| GLW Corning Inc. | Beat | +3% | −12.2% | 2026-07-28 | |
| CTAS Cintas | Beat | +4% | +12.0% | 2026-07-15 | |
| DE Deere & Company | Beat | +9% | +11.9% | 2026-08-20 | |
| MPWR Monolithic Power Systems | Beat | +11% | +11.8% | 2026-07-30 | |
| MAS Masco | Beat | +24% | −11.8% | 2026-07-29 | |
| DHR Danaher Corporation | Beat | +5% | −11.6% | 2026-07-21 | |
| SNDK Sandisk | Beat | +12% | −11.5% | 2026-08-05 | |
| CCL Carnival Corporation | Beat | +6% | +11.2% | 2026-09-29 | |
| MO Altria | Miss | −1% | −11.2% | 2026-07-30 | |
| ETN Eaton Corporation | Beat | +3% | +11.1% | 2026-07-31 | |
| KEYS Keysight Technologies | Beat | +24% | −11.1% | 2026-08-18 |
How to read this page
How it’s measured. Every S&P 500 earnings report since 2015 against the consensus estimate, with the stock’s move against the S&P 500 from the close before the report to the close after it. Seasons are calendar quarters of reporting.
Sources. Daily prices and analysts’ estimates and ratings from Financial Modeling Prep.
The move is measured from the close before the report to the close after it, so it captures reports released before the open and after the close alike, and it subtracts the S&P 500’s move over the same days.
A small reward for beats often means expectations were already high. These are descriptions of how reports were received, not forecasts.
This page is information, not investment advice. About our data and methods ›