Are Earnings Calls Public? And How to Access Them

Earnings calls are teleconferences or webcasts where a company’s management discusses its financial performance with analysts, investors, and the general public. These events typically follow the release of a company’s quarterly or annual financial results. Earnings calls are generally public and accessible to anyone interested in a company’s performance. They provide a direct channel for companies to communicate their financial health and strategic direction.

Accessing Earnings Calls

The public can access earnings calls through several avenues. Most publicly traded companies make these calls available live via webcast on the investor relations section of their official website. Companies typically announce the date and time of upcoming calls several weeks in advance, providing details on how to join.

Following the live event, a replay of the audio is made available on the company’s investor relations page. Transcripts of the calls are also published, offering a written record that can be easily searched and reviewed. Financial news websites and brokerage platforms also frequently host live earnings calls or provide access to replays and transcripts.

Information Shared During Calls

During an earnings call, company executives present their financial results. This includes key metrics such as revenue, net income, and earnings per share (EPS). They also provide operational updates, discussing achievements, challenges, and strategic initiatives that impacted performance. Management offers forward-looking guidance, including projections for future financial performance like expected revenue or earnings.

A portion of the call is dedicated to a question-and-answer (Q&A) segment. Financial analysts and institutional investors pose questions directly to management regarding the company’s performance, outlook, and strategy. While the Q&A segment is primarily for analysts, the questions and management’s responses provide additional insights for all listeners. The call begins with a “safe harbor” statement, cautioning listeners that forward-looking statements involve risks and may differ from actual results.

Reasons for Public Accessibility

The primary reason earnings calls are publicly accessible is rooted in regulatory requirements aimed at fostering market fairness and transparency. The Securities and Exchange Commission (SEC) enacted Regulation Fair Disclosure (Reg FD) to prevent the selective disclosure of material non-public information. This regulation mandates that when a public company discloses material non-public information to certain individuals, such as analysts or large shareholders, it must simultaneously make that information public to all investors.

By conducting public earnings calls, companies ensure that all market participants have equal access to important financial information at the same time. This practice promotes a level playing field, preventing an unfair advantage for those who might otherwise receive information privately. While federal securities laws do not strictly require companies to hold earnings calls, doing so is considered a best practice for complying with Reg FD and maintaining investor confidence. Public accessibility demonstrates a commitment to transparency and accountability.