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Structured intelligence from earnings calls.
Every quarter, public company executives get on earnings calls and talk to analysts about their business — results, outlook, strategy, and risks. These calls contain signals about individual companies, entire sectors, and the broader economy.
Tellvest systematically analyzes earnings call transcripts to extract management sentiment, analyst dynamics, and macro-economic signals. The result is a structured, comparable view of what corporate leadership is saying — across companies, sectors, and quarters.
Tellvest analyzes the full earnings call transcript each quarter to produce a single Sentiment Score (1–10) capturing the overall tone of the call. The score is not opinion — it's built from a transparent rubric anchored on the company's reported GAAP financials, then adjusted for what management actually said.
Every score is the sum of four components:
base score + transcript adjustment + EPS adjustment + guidance adjustment
We start from year-over-year GAAP revenue growth (sourced from SEC filings) and look up the base score in a fixed table:
| Revenue YoY | Base score |
|---|---|
| ≥ 15% | 8 |
| 8 – 14% | 7 |
| 3 – 7% | 6 |
| 0 – 2% | 5 |
| −1 to −5% | 4 |
| −5 to −15% | 3 |
| < −15% | 2 |
For most companies GAAP revenue is the right number. But for some sectors it isn't — and the rubric makes a narrow, deliberate exception. A ±1 Tier 1 adjustment can apply to any company when a single-quarter event (an impairment, an acquisition, an FX swing, a divestiture) makes GAAP revenue unrepresentative. A larger ±2 Tier 2 adjustment is reserved for sectors where GAAP revenue is structurally the wrong metric. That list is closed and only includes:
Energy and commodities (revenue moves with oil prices), mark-to-market utilities (revenue swings on derivative accounting), banks (GAAP "total revenue" differs from managed net revenue), health insurers (premiums grow mechanically; the medical cost ratio is the real signal), REITs (use FFO instead of GAAP earnings), and companies in a heavy AI/capex investment cycle where reported earnings are temporarily depressed by deliberate spending.
Outside of those sectors, no Tier 2 adjustment is applied — even when GAAP looks distorted to the eye. This prevents the rubric from being talked into a higher number on a case-by-case basis.
We compare GAAP EPS growth to revenue growth. If EPS outruns revenue by 5 percentage points or more, that's margin expansion and the score gets +1. If EPS trails revenue by 5pp or more, that's margin compression and the score gets −1. Inside ±5pp the EPS line is neutral.
When GAAP EPS is distorted by something below the operating line — an equity-method investment loss, a pension mark-to-market, a tax-rate swing, fresh acquisition interest expense — we cross-check against operating income or against management's own adjusted/core EPS figure and use that comparable instead. When this happens, the score carries an override flagso the reasoning is auditable: the GAAP spread, the adjusted spread, and the resulting adjustment all appear in the writeup.
Forward guidance is the most direct signal management gives. A raise of 3% or more at the midpoint of the guided range is +2; a smaller raise (or new annual-cycle guidance introduced for the first time) is +1; a maintain is neutral; a small cut is −1; a cut of 3% or more is −2; withdrawing guidance entirely is −3.
A few narrative conditions put a ceiling on the final score, regardless of what the waterfall adds up to. These rules exist to stop a strong transcript or guidance raise from papering over a weak underlying quarter:
| Condition | Max final score |
|---|---|
| Majority of themes are negative or mixed | 6 |
| GAAP revenue declined year-over-year | 7 |
| Forward guidance was lowered | 7 |
Caps are only shown on the score breakdown when they actually bind — that is, when the calculated waterfall total would have exceeded the cap. A quarter where revenue declined but the waterfall still landed at 5 has the cap recorded in the audit trail, but no “Hard cap” chip appears because the cap didn't change the outcome.
Travelers reported revenue +3.49% and GAAP EPS +23.44% in calendar Q4 2025. Revenue lands in the 3–7% band → base 6. The EPS spread is +19.95pp, well past the +5pp threshold, and operating income growth (+19.62%) confirms the strength is real rather than a tax or share-count artifact → EPS +1. No transcript distortion and no change to forward guidance → transcript and guidance both 0. Final score: 6 + 0 + 1 + 0 = 7.
Every earnings call contains signals about the broader economy — but they're buried in thousands of pages of transcripts. We extract macro-economic signals from each call across a standard set of categories: consumer spending, AI and technology investment, capital expenditure, supply chain conditions, trade and tariffs, inflation, employment, and more.
Each signal has a direction (improving, stable, deteriorating, or mixed). Aggregated across hundreds of companies, this creates a view of what corporate America is actually experiencing — not what economists are predicting, but what CEOs are reporting from the field.
The Economy page shows the Tellvest Economic Sentiment Index: a composite score aggregated across all analyzed companies, alongside a macro signal heatmap showing which signals are improving or deteriorating and how broadly they're being discussed.
Sentiment scores and macro signals are aggregated by sector and industry. You can see which sectors are most or least optimistic, which macro signals dominate each sector, and where cross-sector divergences are emerging — for example, technology bullish on AI capital expenditure while industrials are cautious on trade and tariffs.
Sector and industry pages surface the same earnings metrics as individual companies but rolled up across all members, making it easier to distinguish company-specific signals from broader industry-wide conditions.
The Q&A section of earnings calls is where analysts push back on management — and where the real signal often lives. We extract every analyst question from each call and categorize it by topic using a standard taxonomy. Each question links directly to the relevant moment in the full transcript, so you can read the exchange in context.
Analyst profiles aggregate their questions across all companies and quarters, showing each analyst's areas of focus and coverage breadth. Firm profiles show which companies a firm covers and the analysts on their team, making it easy to see coverage patterns across Wall Street.
Every metric on Tellvest is tracked quarter-over-quarter. Sparkline charts show how sentiment changes over time for each company. Economy and sector trend views show how macro signals shift across quarters — which signals are strengthening, which are fading, and where the turning points were.
Because public companies have different fiscal year-end dates, Tellvest normalizes all periods to calendar quarters. A company with a June fiscal year-end reports its fiscal Q2 in January — we map that to calendar Q1 based on the quarter-end date. This means when you compare companies within a calendar quarter on the dashboard, economy, or sector pages, you're comparing earnings calls that cover roughly the same real-world time period.
Earnings calls contain far more information than the headline numbers. Sentiment scores, economic signals, analyst focus areas, and key themes are all embedded in the transcript — but extracting and comparing them at scale isn't feasible manually.
Tellvest does that work systematically. Whether you want to understand what CEOs across an industry are saying about inflation or capital spending, track which topics analysts are pressing on, or compare sentiment across sectors — the data is here, structured and comparable.
Tellvest is an independent research tool and is not affiliated with any company we track. Financial data is sourced from SEC filings and public financial databases. This is not investment advice.