Earnings review note

Equity Earnings Review

Reference Source

• Reference type: Uploaded PDF artifacts
• Reference artifact type: PDF
• Reference File Type: PDF (professionally typeset institutional equity research reports)
• Language: Primarily English (Latin script)

Supported Outputs

• PDF (default visual fidelity output)
• DOCX (editable document)
• PPTX (presentation format for management summary)

Default output selection: PDF when the user does not specify a format. DOCX when editability is requested.

Typography & Font Strategy

• Reference fonts: Inter family (clean geometric sans-serif), UniversLTStd (Light, Bold), RobotoCondensed, ArialMT
• Visual character: Clean, modern, condensed sans-serif with a strong weight hierarchy; geometric proportions typical of institutional financial research
• Substitute font strategy (when reference fonts unavailable):
  • Use a clean geometric sans-serif with light/regular/medium/bold weights
  • Primary: Inter, Noto Sans, IBM Plex Sans, or similar CJK-compatible sans-serif
  • Condensed headings: Use Inter Condensed, Noto Sans Condensed, or a narrow-width companion
  • Preserve the light-weight body impression and bold-heavy heading hierarchy
  • All document text should use one consistent font family to ensure mixed Latin and CJK content renders correctly

See references/style_contract.md for full visual style specification including logo, rating badge, Factor Profile chart, whitespace rules, and page content distribution.

Document Structure

See references/structure_contract.md for the full section hierarchy, page sequencing rules, exhibit numbering conventions, and financial table patterns.

Key structural sections:

1. Cover / Summary (page 1) -- two-column layout with executive summary, key data, forecast, Factor Profile
2. Financial Snapshot (page 2) -- ratio table, growth/margins, stock performance chart, financial statements
3. Detailed Analysis (pages 3-6) -- bullet-hierarchy commentary, segment review, strategic updates, outlook
4. Estimate & Valuation Changes -- revised estimates, price target, risks
5. Exhibits -- numbered variance summaries, guidance tables, financial models
6. Disclosure Appendix -- back-matter regulatory text

Workflow

1. Gather Inputs

Required inputs before writing:

• Company name, ticker, exchange
• Fiscal period being reviewed (e.g., 4Q25, F4Q26)
• Actual reported figures (revenue, EPS, EBIT/EBITDA, margins by segment)
• Consensus estimates (FactSet / Visible Alpha / StreetAccount)
• House (analyst) estimates (prior/new)
• Company guidance (forward quarter + full-year)
• Key management commentary themes from earnings call or release
• Current stock price, 12-month price target, rating

2. Structure the Document

Follow the section ordering from references/structure_contract.md.

Key writing rules:

• Open with the headline surprise: lead the first paragraph with whether the company beat/missed on EPS, revenue, or key metrics
• Use bold for key financial figures in the text (e.g., 4Q25 revenue of $24.9 bn)
• Apply the bullet hierarchy: filled square (primary), hollow square (secondary), filled diamond (tertiary)
• Compare every actual against house estimate, consensus, and guidance (where applicable)
• Include margin commentary with bps/qoq/yoy comparisons
• For estimate changes, show old vs. new with % delta
• End analysis section with valuation method, price target, and key risks (bulleted)

3. Build Financial Tables

Tables must be constructed for:

• Page 2 Financial Snapshot: Ratios & Valuation (P/E, EV/EBITDA, FCF yield), Growth & Margins (revenue growth, EBITDA growth, EPS growth, gross margin, EBIT margin), compact 3-statement summary
• Exhibit tables (each labeled "Exhibit N: [Title]", "$ mn, except per-share data"):
  • Variance Summary: Actual vs. House vs. Street vs. Guidance, with YoY%, column for variance commentary
  • Segment-level variance (where applicable)
  • Guidance Summary: Low-end / High-end vs. Street vs. midpoint delta
  • Estimate Changes Table: Current vs. Prior by fiscal year, showing $ delta and % delta
  • Income Statement Model: Quarterly columns (historical + projected) with YoY growth row
  • Balance Sheet & Cash Flow: Quarterly/projections
• Number formatting: one decimal place for $ mn/bn, two for per-share, one for percentages
• Use parenthetical notation for negatives: (10.5) not -10.5

4. Apply Visual Style

Apply the full style contract from references/style_contract.md.

Quick reference:

• Page size: US Letter (8.5 x 11 in)
• Margins: ~0.75 in all sides
• Body text: 10-11pt sans-serif regular
• Headings: 12-14pt bold, company name/title larger at 16-20pt
• Table body: 8-9pt, headers in bold with navy background (#003087) and white text
• Color: predominantly black text on white; navy blue for section accents; green for positive variances, red for negative
• Page header: firm name (left) + company ticker (right), separated by horizontal rule
• Page footer: date (left) + page number (right)

5. Output Generation

For each output format:

• PDF: Preserve page composition, table styling, and typography as closely as the rendering engine permits
• DOCX: Reproduce section hierarchy, tables, and formatting natively for editability
• PPTX: Convert to executive-summary slides covering key surprises, guidance, and estimate changes only

Table of Contents for Reference Files

• references/style_contract.md -- Visual style specification (colors, typography, layout, spacing, logo, rating badge, Factor Profile chart, whitespace rules, content distribution)
• references/structure_contract.md -- Document structure, section hierarchy, exhibit numbering, content patterns