Beats and misses — and whether the beat was durable.
| Concept | Explanation | |---|---| | Positive surprise | Reported result exceeds the comparison estimate. | | Negative surprise | Reported result falls below the estimate. | | Revenue surprise | Difference between reported and expected revenue. | | Margin surprise | Profitability differs from expectations. | | Cash-flow surprise | Cash generation differs from expected earnings quality. | | Quality of beat | Whether outperformance came from durable operations or temporary adjustments. |