Whisper number
Definition · Level 9 · Valuation
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The unofficial, usually higher, expectation circulating among buy-side investors; beating published consensus but falling short of it can still sink a stock.
Example
“Consensus $1.25, but the buy side wants $1.35.”
Where Tradecraft teaches it
Level 9 · Valuation, in the lesson “Earnings season language”: Consensus, beats and misses, guidance, whispers, filings and adjusted numbers.
Related terms
- 10-K / 10-Q / 8-KSEC filings: the audited annual report, the unaudited quarterly report, and the current report for material events such as earnings releases, deals…
- Beat / missReporting results above / below analysts’ expectations; quoted separately for revenue and EPS, often with the size of the surprise.
- ConsensusThe average or median of sell-side analysts’ published estimates — the bar a reported quarter is judged against.
- Earnings seasonThe roughly six-week stretch after each quarter ends when most listed companies report results.
- GuidanceManagement’s own forecast for coming periods (revenue, EPS, margins, capex).
- Margin expansion / compressionA rise or fall in profit as a share of revenue (gross, operating or net), usually quoted in basis points year over year.