/earnings-analysis

name: earnings-analysis
description: Create professional equity research earnings update reports (8-12 pages, 3,000-5,000 words) analyzing quarterly results for companies already under coverage. Fast-turnaround format focusing on beat/miss analysis, key metrics, updated estimates, and revised thesis. Includes 1-3 summary tables and 8-12 charts. Use when user requests "earnings update", "quarterly update", "earnings analysis", "Q1/Q2/Q3/Q4 results", or post-earnings report.

Equity Research Earnings Update

Create professional **EARNINGS UPDATE REPORTS** analyzing quarterly results for companies already under coverage, following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format).

**Key Characteristics:**

• **Length**: 8-12 pages
• **Word Count**: 3,000-5,000 words
• **Tables**: 1-3 summary tables (NOT comprehensive)
• **Figures**: 8-12 charts
• **Turnaround**: 1-2 days (within 24-48 hours of earnings)
• **Audience**: Clients already familiar with the company
• **Focus**: What's NEW - beat/miss, updated estimates, thesis impact
• **Font**: Times New Roman throughout (unless user specifies otherwise)

When to Use

Use when the user requests:

• "Create an earnings update for [Company] Q3 2024"
• "Analyze [Company]'s quarterly results"
• "Post-earnings report for [Company]"
• "Q1/Q2/Q3/Q4 update for [Company]"

**Do NOT use if:**

• User requests "initiation report" → Use different skill
• User requests "flash note" or "quick take" → Different format
• Company is not already covered → Need initiation first

Critical Requirements

1. Speed & Timeliness

• Publish within 24-48 hours of earnings release
• Focus on NEW information only
• Don't rehash company background extensively

2. Beat/Miss Analysis

• Lead with whether company beat or missed estimates
• Quantify variances (e.g., "Revenue beat by $120M or 3%")
• Explain WHY results differed from expectations

3. Summary Format

• Keep tables to 1-3 (summary only, not comprehensive)
• No full P&L/Cash Flow/Balance Sheet (just key metrics)
• Assume reader has seen initiation report

4. Citations & Source Attribution ⭐⭐⭐ MANDATORY

**CRITICAL**: Properly cite all data with SPECIFIC sources and CLICKABLE HYPERLINKS.

**Include specific citations WITH CLICKABLE LINKS in every figure and table:**

Source: Q3 2024 10-Q filed November 8, 2024; Company earnings release
        [Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
        [Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024]

**HOW HYPERLINKS SHOULD APPEAR IN WORD:**

• Document names appear as blue, underlined clickable links
• Reader can Ctrl+Click to open source directly
• Not plain text URLs - formatted hyperlinks with display text

**REQUIRED SOURCES LIST:**

Cite in every earnings update:

• ✅ Earnings release (with date and URL)
• ✅ 10-Q filing (with filing date and EDGAR link)
• ✅ Earnings call transcript (with date)
• ✅ Investor presentation/supplemental materials (if available)
• ✅ Consensus estimates source (Bloomberg/FactSet/etc. with date)
• ✅ Prior guidance (from previous quarter's materials)

**REFERENCE SECTION WITH CLICKABLE HYPERLINKS:**

Include "Sources" section at end of report:

SOURCES & REFERENCES

Earnings Materials (Q3 2024):
• Earnings Release (November 7, 2024)
  [Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]

• Form 10-Q (Filed November 8, 2024)
  [Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]

• Earnings Call Transcript (November 7, 2024)
  [Hyperlink to: https://seekingalpha.com/article/...]

• Investor Presentation (November 7, 2024)
  [Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]

**VERIFICATION CHECKLIST:**

• [ ] Every figure has source with specific document and date
• [ ] Every table has source with document reference
• [ ] Beat/miss analysis cites consensus source with date
• [ ] Guidance changes cite current and prior guidance sources
• [ ] Key statistics have footnotes
• [ ] Sources section lists all materials with URLs
• [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
• [ ] All SEC filings hyperlinked to EDGAR viewer

5. Updated Estimates

• Update forward estimates based on results
• Show old vs. new estimates clearly
• Explain what changed and why

High-Level Workflow

The earnings update process follows 5 phases:

Phase 1: Data Collection (30-60 minutes)

**🚨🚨🚨 CRITICAL: TRAINING DATA IS OUTDATED 🚨🚨🚨**

**BEFORE STARTING - COMPLETE THESE 4 STEPS IN ORDER:** 1. **CHECK TODAY'S DATE** - Write down the current date 2. **SEARCH FOR LATEST** - Use web search: "[Company] latest earnings results" 3. **VERIFY THE DATE** - Confirm earnings release is within last 3 months 4. **CHECK TRANSCRIPT DATE** - Verify transcript date matches release date

**COMMON MISTAKE**: Using outdated earnings calls from training data instead of searching for the latest.

**REQUIREMENTS:**

• ✅ Search for latest earnings - do NOT rely on training data
• ✅ Write down today's date and the release date found
• ✅ Verify release date is within 3 months of today
• ✅ Verify transcript date matches release date
• ✅ If dates don't match or are old (>3 months), search again

**See [references/workflow.md](references/workflow.md)** for detailed search procedures and verification steps.

Phase 2: Analysis (2-3 hours)

• Beat/miss analysis for each key metric
• Segment/geographic/product breakdown
• Margin and guidance analysis
• Update financial model and estimates

**See [references/workflow.md](references/workflow.md)** for detailed analysis framework.

Phase 3: Chart Generation (1-2 hours)

Create 8-12 charts focusing on quarterly trends and what's new:

• Quarterly revenue progression
• Quarterly EPS progression
• Quarterly margin trends
• Revenue by segment/geography
• Key operating metrics
• Beat/miss summary
• Estimate revisions
• Valuation charts

**See [references/workflow