What Analysts Really Expect from Your Earnings Call – Top Experts Share Their Insights

When a listed company reports its quarterly earnings, the numbers alone don’t tell the full story. In order to truly understand a company’s trajectory, professional equity analysts rely on a key event: the earnings call. But what exactly are they looking for? We put this question to a group of over 20 seasoned Inderes analysts, and their answers reveal a behind-the-scenes look at how financial experts interpret corporate performance.

The Power of Q&A

The single most common response? The question-and-answer (Q&A) session. Time and again, analysts emphasized that this portion of the call is where the real insights emerge.

“Q&A provides extra color on things covered too briefly or topics that feel like they are partly left out to interpretation based on the earnings report,” says Thomas Westerholm, who covers consumer goods.

One analyst puts it even more bluntly: “To ask all the important questions companies don’t want to write in the reports and to get more meat on what’s actually behind the numbers.”

However, not all Q&A sessions are created equal. As Antti Viljakainen, Head of Research at Inderes, points out, their usefulness “varies and depends a lot on management’s openness in answering.” And Juha Kinnunen, awarded as the best equity analyst in Europe, acknowledges that while Q&A is crucial, “some of the Q&As are a waste of time.”

Reading Between the Lines: Management Sentiment

Another recurring theme was the importance of assessing the mood and tone of the management team.

“My take as an ex-analyst: getting a better feeling of the management mood. Is the tone similar to what the numbers and the report say? It gives me more confidence in forecasting,” says Mikael Rautanen, CEO of Inderes, who worked 12 years covering IT sector.

Pauli Lohi agrees, highlighting that earnings reports are inherently backward-looking, but “seeing the management speak it through helps to put the previous quarter into context.” Rauli Juva, a seasoned senior analyst, puts it clearly: “It differs actually between companies, but overall I would say the tone and sentiment of the management.”

The ‘Hidden’ Details: What’s Behind the Figures?

Beyond sentiment, analysts are keen to decode the deeper narrative behind the reported figures.

“What is actually going on behind the numbers? Many reports are vague and don’t actually tell what has happened, so earnings calls usually add a lot of context,” explains Antti Luiro.

Similarly, Sauli Vilén, an award-winning analyst, highlights the importance of slides presented during the call: “Slides are really useful since there is often a lot of new stuff compared to the actual report.”

More Than Just Numbers

It’s clear that for analysts, earnings calls are about far more than the headline figures. They are about reading between the lines—scrutinizing management’s words and tone, asking the hard questions, and extracting context that isn’t explicitly stated in the reports.

As Roni Peuranheimo notes, sometimes the most valuable insights come from attending the event physically in case a hybrid option for the earnings event is available: “Going live to see the management and other analysts at the studio can also offer deeper understanding.”

Ultimately, what analysts seek from an earnings call is the story behind the numbers. Whether it’s through Q&A, management sentiment, or supplemental data, these professionals are constantly working to piece together a more complete and accurate picture of the companies they cover. And in a world where financial markets move on perception as much as reality, these insights can make all the difference.