A typical earnings report moved a US stock 6.8% in two sessions, and beating the estimate was no guarantee: the stock fell after 43.3% of beats. Which stocks and sectors move most, which move least, and which companies beat every quarter.
About 6.8%, up or down, over the two trading sessions around the report: that is the average move across 12,015 quarterly reports from 1,002 US companies (each company’s last 12, through Oct 20, 2026). The window runs from the close before the report to the close after it, so it catches reports released before the open and after the close.
What that means for a portfolio: a holding that is 5% of the total moves the whole portfolio by about 0.34% on a typical report, and by about 0.98% if it moves like MongoDB (MDB), the biggest mover among the largest stocks. Several holdings reporting in the same week add up, which is why earnings season can swing a concentrated portfolio more than the index.
The study uses each company’s last 12 reports; for the typical company they go back to Nov 2023. A single report can move a stock far more than the average, in either direction.
On average, yes, but not by much: after an EPS beat the stock rose 1.7% on average over the two sessions, and after a miss it fell 2.0%. In 43.3% of beats the stock fell anyway, and in 38.7% of misses it rose.
| Report | Average move | Went the other way |
|---|---|---|
| Beat the EPS estimate | +1.7% | Fell after 43.3% |
| Missed the EPS estimate | −2.0% | Rose after 38.7% |
Beats and misses moved stocks by roughly the same amount in opposite directions, on average. With most companies beating, a beat is what the market expects; the surprise is a miss. See earnings surprise.
It is common: the stock fell after 43.3% of the reports that beat the EPS estimate, in reports through Oct 20, 2026. The estimate is only one of the things the price already reflects. The usual reasons:
Among the largest US stocks, MongoDB (MDB) moved most: 19.5% per report on average, up or down, over its last 12 reports. 11 of the 15 biggest movers are Technology stocks. Fast-growing companies whose price depends on years of expected growth tend to move most, because each report changes that outlook.
| Stock | Sector | Average move per report | Reports |
|---|---|---|---|
| MongoDB (MDB) | Technology | 19.5% | 12 |
| Ubiquiti (UI) | Technology | 18.2% | 12 |
| Carvana (CVNA) | Consumer Cyclical | 17.4% | 12 |
| AppLovin (APP) | Technology | 16.9% | 12 |
| Palantir Technologies (PLTR) | Technology | 16.2% | 12 |
| Snowflake (SNOW) | Technology | 15.2% | 12 |
| Axon Enterprise (AXON) | Industrials | 15.1% | 12 |
| Dell Technologies (DELL) | Technology | 14.1% | 12 |
| Twilio (TWLO) | Technology | 13.2% | 12 |
| Datadog (DDOG) | Technology | 12.4% | 12 |
| Oracle (ORCL) | Technology | 12.3% | 12 |
| Teradyne (TER) | Technology | 12.1% | 12 |
| Bloom Energy (BE) | Industrials | 12.0% | 12 |
| Block (XYZ) | Technology | 11.7% | 12 |
| Expedia Group (EXPE) | Consumer Cyclical | 11.5% | 12 |
Realty Income (O) moved least among the largest US stocks: 1.2% per report on average over its last 12 reports. The list leans toward Energy, Utilities and Real Estate companies, businesses with steadier cash flows, where a single quarter rarely changes the long-term picture.
| Stock | Sector | Average move per report |
|---|---|---|
| Realty Income (O) | Real Estate | 1.2% |
| Consolidated Edison (ED) | Utilities | 1.5% |
| WEC Energy Group (WEC) | Utilities | 1.5% |
| Exxon Mobil (XOM) | Energy | 1.6% |
| Enterprise Products Partners (EPD) | Energy | 1.6% |
| Johnson & Johnson (JNJ) | Healthcare | 1.7% |
| Duke Energy (DUK) | Utilities | 1.7% |
| CME Group (CME) | Financial Services | 1.8% |
| Energy Transfer (ET) | Energy | 1.9% |
| MPLX (MPLX) | Energy | 1.9% |
By sector, Technology stocks moved most around earnings (9.8% per report on average) and Utilities stocks least (3.3%), data as of Oct 20, 2026. The average is taken per company, then across the sector.
| Sector | Average move per report | Companies |
|---|---|---|
| Technology | 9.8% | 183 |
| Healthcare | 7.9% | 137 |
| Industrials | 7.5% | 154 |
| Communication Services | 7.5% | 40 |
| Consumer Cyclical | 6.7% | 88 |
| Basic Materials | 6.1% | 48 |
| Consumer Defensive | 5.8% | 47 |
| Financial Services | 4.7% | 145 |
| Energy | 4.7% | 58 |
| Real Estate | 3.3% | 63 |
| Utilities | 3.3% | 39 |
At least 40 companies beat the EPS estimate in all of their last 12 reports, including NVIDIA (NVDA), Apple (AAPL) and Alphabet (GOOGL). The largest of them:
| Stock | Sector | Market value |
|---|---|---|
| NVIDIA (NVDA) | Technology | $5.27 trillion |
| Apple (AAPL) | Technology | $5.01 trillion |
| Alphabet (GOOGL) | Communication Services | $4.19 trillion |
| Microsoft (MSFT) | Technology | $3.81 trillion |
| Broadcom (AVGO) | Technology | $1.70 trillion |
| Micron Technology (MU) | Technology | $1.05 trillion |
| Mastercard (MA) | Financial Services | $522.1 billion |
| Palantir Technologies (PLTR) | Technology | $427.7 billion |
| Cisco Systems (CSCO) | Technology | $423.5 billion |
| Applied Materials (AMAT) | Technology | $402.6 billion |
| GE Aerospace (GE) | Industrials | $355.4 billion |
| Goldman Sachs Group (GS) | Financial Services | $305.0 billion |
A long streak says as much about how estimates are set as about the business: companies guide analysts, and many guide conservatively so that the number can be beaten. A streak is not a forecast of the stock’s return, and these companies still saw their shares fall after some of those beats.
US stocks moved 6.8% on average, up or down, over the two trading sessions around an earnings report, across 12,015 quarterly reports from 1,002 US companies (each company’s last 12, through Oct 20, 2026).
It is common: the stock fell after 43.3% of EPS beats in reports through Oct 20, 2026. Investors expect most companies to beat, so the reaction depends more on guidance, revenue, margins and how much good news the price already held.
Beating is the norm: companies beat the Wall Street EPS estimate in 72.4% of reports and the revenue estimate in 66.2%, in reports through Oct 20, 2026.
On average a little: after an EPS beat the stock rose 1.7% over the two sessions around the report, against a −2.0% move after a miss. The stock still fell after 43.3% of beats.
Among the largest US stocks, the biggest average moves per report were MongoDB (MDB), 19.5%; Ubiquiti (UI), 18.2%; Carvana (CVNA), 17.4%, up or down over the two sessions around each report, data as of Oct 20, 2026.
By sector, Technology stocks moved most around earnings (9.8% per report on average) and Utilities stocks least (3.3%), data as of Oct 20, 2026.
Gems lists the stocks where several top‑ranked analysts agree, with each analyst’s record measured from the call date.
Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.