Earnings — Records No Longer Get Paid

Five companies report after tonight's US close — Tesla, Meta, IBM, SAP and Lam Research, the heaviest reporting night of the quarter so far. They report into a market with a strange habit: companies beat their forecasts and the stocks do not move. We have scored every earnings reaction on our list since late September — eighteen of them. Sixteen beat the profit forecast. Six got paid.

Eighteen reports, measured the same way

Our Print Record measures every report identically: from the stock's closing price on the day of the report, we track three trading sessions. A close 3% or more above that entry counts as paid — the market rewarded the report. A close 3% or more below counts as sold. Anything in between is flat: the report changed nothing. Here is the season so far.

Table as text

Report	Company	EPS	Revenue	3 sessions	Verdict
23 Sep	Cintas	beat	beat	+4.5%	paid
24 Sep	BlackBerry	beat	beat	−0.1%	flat
24 Sep	Costco	beat	miss	+3.1%	paid
30 Sep	Micron	beat	beat	−0.1%	flat
30 Sep	Jabil	beat	beat	+4.9%	paid
1 Oct	Accenture	beat	beat	−8.9%	sold
1 Oct	Nike	beat	miss	−1.5%	flat
6 Oct	Penguin Solutions	beat	beat	+18.8%	paid
8 Oct	PepsiCo	beat	beat	−0.8%	flat
9 Oct	Delta Air Lines	miss	miss	−6.7%	sold
13 Oct	JPMorgan	miss	miss	+2.5%	flat
13 Oct	Goldman Sachs	beat	beat	−1.2%	flat
13 Oct	UnitedHealth	beat	beat	+6.3%	paid
13 Oct	Citigroup	beat	beat	−0.2%	flat
13 Oct	Wells Fargo	beat	miss	+3.9%	paid
13 Oct	Johnson & Johnson	beat	beat	+2.8%	flat
14 Oct	ASML	beat	miss	−0.2%	flat
15 Oct	TSMC	beat	beat	+0.7%	flat

Beat/miss against the consensus estimate on each card at entry; reaction measured over three sessions from the report-day close. Windows graded through 20 October; source: the site's own Print Record cards.

Read the two ends of the table against each other. The worst reaction of the season, Accenture at −8.9%, came after a beat on both lines. One of the friendliest non-payments, JPMorgan at +2.5%, came after a miss on both. Beats are not being rewarded and misses are not automatically punished — what moves the stock is where expectations stood when the number landed.