Earnings season is the stretch of weeks each quarter when most listed companies report their latest financial results. It clusters a wave of company updates into a few busy weeks, four times a year.
It begins a couple of weeks after a calendar quarter ends, so the main seasons fall around January, April, July, and October, with large banks often reporting first. During the season, each company releases an earnings report: a statement of its revenue, net profit, earnings per share, and usually forward guidance on what management expects next. Share prices can move sharply when results beat or miss what analysts forecast.
Earnings season is the calendar window, not a single document. An earnings report is one company's individual results release, while earnings season is the broader period when hundreds of those reports land together. Because so many companies report at once, the season can drive market-wide swings rather than just single-stock moves.
You hold a stock during earnings season, and analysts expect the company to report earnings per share of USD 1.20. The company instead reports:
USD 1.35 of earnings per share
That is a USD 0.15 beat against the forecast. A beat like this can lift the share price, while a comparable miss, say USD 1.05, often sends it lower, even though the company still made a profit.