Quarterly earnings calls are the most consequential recurring IR events — they move markets, set analyst models, and define the narrative that shapes investor perception for the next 90 days. For IR teams, the two weeks before an earnings call represent an intensive preparation period that encompasses financial disclosure review, analyst consensus management, logistics coordination, executive preparation, and post-call meeting planning. This checklist organizes the key tasks by timeline and responsible party.
Two Weeks Before: Intelligence and Alignment
- Pull analyst consensus estimates. Compile current consensus for all key metrics — revenue, EPS, key operating metrics specific to your sector. Identify which analysts are outliers high and low. Flag consensus estimates that appear to be based on stale assumptions that the quarter’s results will contradict.
- Identify likely questions. Based on the quarter’s results (which IR typically knows approximately at this point), identify the five to ten questions analysts and investors are most likely to ask. These are usually: areas where results deviate from consensus, topics mentioned in competitor earnings calls, macro concerns specific to your sector, and any company-specific items (guidance revision risk, operational issues, management changes) that have been in the public record during the quarter.
- Align with legal and accounting on disclosure. Confirm with legal counsel and external auditors what can and cannot be said on the call. Identify any non-GAAP metrics and confirm they are properly reconciled and disclosed per SEC requirements. Review any material items — impairments, restructuring charges, litigation developments — that require specific disclosure treatment.
- Confirm logistics: Dial-in information, webcast platform, operator briefing, replay availability, and transcript turnaround.
One Week Before: Materials and Rehearsal
- Draft press release. Circulate first draft to legal, CFO, and CEO. Begin SEC filing preparation for the 8-K. Confirm release timing relative to market open/close (after-market releases are standard for most U.S. companies).
- Draft prepared remarks. CEO and CFO scripts for the prepared remarks portion of the call. These should be reviewed for Regulation FD compliance — nothing material that hasn’t been in prior public disclosure should appear here for the first time without being in the press release.
- Prepare Q&A messaging. For each anticipated question, draft a concise, accurate, and carefully reviewed answer. These are not scripts that will be read verbatim — they are messaging frameworks that prepare executives to respond accurately and consistently.
- First rehearsal. Executives read through prepared remarks. IR leads a mock Q&A session with anticipated questions. Identify areas where answers are unclear, too long, or potentially problematic from a disclosure perspective.
Two to Three Days Before: Finalization
- Final press release review. Legal sign-off, CFO sign-off, filing preparation complete.
- Final rehearsal. Full run-through with all presenting executives and IR. Test the webcast platform, dial-in, and backup protocols.
- Investor notification. Send earnings call invitation to your investor contact list. If you use WeConvene for post-earnings meeting scheduling, open the scheduling window so analysts and investors can book 1:1 meetings for the post-call NDR.
- Press embargo coordination. If providing advance press release access to specific journalists (common for some companies), confirm embargo timing and distribution list.
Day Of: Execution
- Press release filed on 8-K and distributed via newswire simultaneously
- Operator dial-in test 30 minutes before call start
- Confirm all presenting executives are in place 15 minutes before call
- Moderate the Q&A portion to ensure equitable access and time management
- Monitor webcast for technical issues
After the Call: Post-Earnings Engagement
The 48–72 hours immediately following an earnings call are among the highest-demand periods for investor access — analysts updating models want clarification, portfolio managers reacting to the results want management time, and new investors attracted by the results want introductions. WeConvene’s post-earnings meeting scheduling workflow opens immediately after the call, allowing IR to efficiently manage the surge in meeting requests without manual coordination overhead.
Frequently Asked Questions
How long should prepared remarks be on an earnings call?
Best practice is 10–15 minutes of prepared remarks, leaving the majority of the call time for Q&A. Investors and analysts consistently report that they value Q&A over scripted remarks — they can read the press release; they can’t read what’s in the executive’s head. Brevity in prepared remarks and openness in Q&A is the formula that generates the most positive investor feedback.
Should we allow unlimited Q&A or limit questions per analyst?
For calls with many participants, limiting each caller to one question plus one follow-up is standard practice and ensures equitable access across the analyst community. Operators can manage this technically. For calls with smaller analyst communities, more open Q&A is appropriate and appreciated.