Hot Mics and Hard Truths: Inside the Chaos of Earnings Season

It’s an endlessly patient operator saying, “Ladies and gentlemen, thank you for standing by,” followed by a chief financial officer reading numbers with the emotional temperature of a toaster manual, until an analyst pokes the bear and suddenly the quarterly ritual turns into live improv.

Welcome to earnings call season. It’s the one time each quarter when corporate America gathers on a phone line and tries to sound calm while the market judges its vibe.

Why Earnings Calls Matter

Earnings calls sit in the narrow gap between what companies must disclose (formal filings, press releases) and what investors desperately want to know (what’s actually happening, what management really believes, and whether anyone in the C-suite is quietly panicking).

Analysts use them to test a thesis in real time. Are margins structurally improving or temporarily flattering? Is AI efficiency a strategy or a spell?

Because these calls are widely listened to and transcribed, a single phrase can move markets—or at least move a thousand finance bros to clip it for social platform X. Regulation and custom have turned them into a recurring, semi-scripted performance with real consequences for valuation, credibility and access to capital.

The Evolution of the Earnings Call

The earnings call, as we know it, is a surprisingly recent invention. Quarterly reporting itself has deep roots in United States securities regulation and stock exchange norms, but the call—a scheduled, repeatable, broadly accessible Q&A ritual—arrived later, powered by communications technology and investor relations muscle memory.

Quarterly earnings conference calls began in the 1980s, when they started to appear as a regular feature of public company life, according to SFGATE. In those early years, calls often skewed semi-private, aimed at Wall Street institutions that had the time, access and phone bridges.

Then came the great equalizer, the Regulation Fair Disclosure (Reg FD), which took effect in October 2000. In plain English, Reg FD was designed to reduce selective disclosure—no more casually handing material nuggets to a favored analyst or a friendly fund manager while everyone else got the leftovers. The Securities and Exchange Commission’s guidance explicitly discusses using conference calls for public disclosure, emphasizing advance notice, like date, time and call-in info, and encouraging transcripts or replays to keep the information broadly available.

With the internet turning every company website into a broadcast tower, earnings calls became more open, more standardized, and more like a quarterly civic ceremony for shareholders. By one analysis, about 80% of firms in the S&P 500 held earnings conference calls in 1996. By 2016, it was about 97%, not because they’re legally required, but because markets came to expect them.

The format also calcified into its now-familiar choreography, including safe-harbor statements, prepared remarks and the main event, which is the Q&A, where the tension lives. And tension, like gravity, eventually finds a way.

Six Unforgettable Earnings Calls

• Enron (April 2001): The “Did he just say that?” prototype
  Under pressure about Enron’s financial transparency, CEO Jeff Skilling lost patience and insulted an analyst on a conference call, an infamous moment later framed as a cultural tell before the collapse.
• Tesla (May 2018): “Boring, bonehead questions” meets peak CEO-as-celebrity
  On a post-earnings call, Elon Musk dismissed analysts’ questions as “boring, bonehead,” refused to engage on capital needs, and turned the Q&A into an object lesson in what happens when a company’s biggest asset and biggest volatility source share a name.
• Cleveland-Cliffs (October 2018): The earnings call is a cage match
  CEO Lourenco Goncalves delivered an aggressive, highly personal tirade aimed at analysts, one of the clearest examples of the earnings call drifting from financial accountability into pure, uncut grievance theater.
• Snap (August 2017): The hot-mic heckle heard round the Street
  During Snap’s Q2 earnings call, a classic open mic moment let listeners hear an analyst’s colleague laugh and blurt, “I didn’t even understand his response!”—a rare instance where the audience review arrived before the credits rolled.
• Disney (November 2024): Bob Iger’s accidental reveal
  In a hot-mic moment on an earnings call, CEO Bob Iger shared unusually specific numbers about Disney+’s ad-supported tier, then was heard questioning whether he was supposed to disclose them. (Spoiler: The market heard them anyway.)
• Cal-Maine Foods (October 2025): The most notable call is sometimes the one that finally happens
  After decades of skipping quarterly calls, egg producer Cal-Maine had its first earnings call, proof that even in a world drowning in transcripts, opting out can become its own kind of statement until the day you can’t.

Why Are Earnings Calls Becoming More Volatile?

Earnings calls were built to reduce information asymmetry, but they’ve also become a quarterly personality test for leadership teams. The numbers may land in the press release, but the story—confidence, coherence, credibility—lands in the Q&A. Every so often, the script breaks: a hot mic, a flare-up, an overshare, a small human moment that reminds everyone listening that “management” isn’t a concept. It’s a group of people on a line, trying to sound confident.

That’s why, in the digital economy, where everything is content and every utterance is clip-able, the earnings call might be the purest genre of all: a live show where the reviews are priced in by morning.