Earnings Pulse: Q4 2024

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Earnings Pulse — Q4 2024

As of Q4 2024, the Tellvest economy-wide earnings-call sentiment across 547 U.S. public companies is 6.8/10 — up 0.2 from 6.6/10 in Q3 2024. A score of 10 is most positive; the reading is built from what management and analysts said on the quarter’s earnings calls.

Where sentiment is strongest and weakest

Most optimistic sectors

Least optimistic sectors

Consumer Defensive5.3/10(35)
Basic Materials5.4/10(21)
Energy6.2/10(24)

Sectors moving most vs. last quarter

Average sentiment shift across the companies that reported in both quarters (same-panel), so a move is not just a different mix of reporters.

Improving most

Communication Services7.3 → 8(+0.8)
Consumer Cyclical6.4 → 7(+0.6)
Industrials6.5 → 6.7(+0.2)

Declining most

Consumer Defensive5.8 → 4(-1.8)
Healthcare7.3 → 6.7(-0.6)
Technology6.3 → 6(-0.2)

What management teams are flagging

The macro themes that came up most on this quarter’s calls, and how companies characterized each — improving versus deteriorating.

Trade & tariffs230 mentions · 2 improving, 46 deteriorating
Consumer spending219 mentions · 62 improving, 35 deteriorating
Enterprise spending190 mentions · 104 improving, 12 deteriorating
Capital expenditure185 mentions · 146 improving, 2 deteriorating
AI & technology172 mentions · 164 improving, 0 deteriorating
Inflation119 mentions · 21 improving, 34 deteriorating

Themes gaining and losing attention

The biggest quarter-over-quarter change in how many companies flagged each theme (same-panel, so it is not just more or fewer companies reporting).

Gaining attention

Trade & tariffs12 → 29(+17)
Foreign exchange6 → 15(+9)
Labor market6 → 8(+2)

Losing attention

Capital expenditure15 → 7(-8)
Supply chain17 → 10(-7)
Credit7 → 4(-3)
AI & technology17 → 15(-2)

Analysts who pushed hardest

Highest share of questions scored as challenging this quarter (minimum 5 questions).

Steve Scala · TD Cowen71%(5/7)
Jeff Zekauskas · JPMorgan54%(7/13)
Noah Poponak · Goldman Sachs50%(5/10)
Josh Spector · UBS50%(5/10)
Scot Ciccarelli · Truist Securities50%(4/8)

Built from SEC filings and public earnings transcripts. Descriptive analysis, not investment advice. Explore any company at tellvest.com/companies.