
A poorly delivered earnings call can destroy an executive’s credibility and prove equally disastrous for the firm.
During these pivotal discussions, emotions can run high: Enron CEO Jeffrey Skilling once called an analyst an “asshole” during the firm’s earnings call. Even minor mistakes can be catastrophic, such as when Lyft issued a press release with a typo that briefly increased its share price by more than 60%. The error only came to light when an analyst questioned CFO Erin Brewer 20 minutes into the quarterly earnings call.
“These calls are the ultimate test of a CFO’s mettle and they can strike fear into the heart of even the most experienced finance professional,” says Alistair Roman, the former group finance director at the Post Office. “Yes, they require you to be completely on top of your brief, able to think on your feet and have all the relevant financial figures and projections at your fingertips. But they’re also a moment where how you speak matters as much as what you say.”
Earnings calls are as much about projecting authority, transparency and confidence to the audience as they are about conveying financial information. So, what do CFOs typically get wrong?
Being overly optimistic
CFOs are relied upon to tackle the hard truths, but occasionally it can be easy to paint too rosy a picture, says Steve Vintz, CFO at Tenable, a cybersecurity firm. Sugar-coating problems can make it seem like the CFO lacks sufficient insight, he says, while trying to side-step discussion of, or responsibility for, a bad quarter will only draw scepticism from investors and analysts. This is an earnings call – not a pitch.
Famously, Erin Callan, the former CFO at Lehman Brothers, made several misstatements regarding the firm’s finances, prior to its imminent collapse in 2008. Her attempts to reassure investors during quarterly calls did not work and led to her resignation. Months later, Lehman filed for bankruptcy.
“Always acknowledge shortcomings and highlight areas that are ripe for improvement,” Vintz says. “An earnings call is an opportunity to build credibility with the investment community so don’t be defensive – tackle issues head-on. Communicate next steps and detail what measures will be taken to address the issues.”
He cautions, however, that an overly pessimistic tone is equally damaging. “Investors want to see a CFO who is pragmatic and balanced, but they also want to be inspired.”
Being boring
Earnings calls should never feel stale, stresses Pete Fendall, chief finance and operating officer at Dow Schofield Watts, a financial advisory firm. Look to industry best practices and evolving investor expectations to keep your content relevant, he says, especially around ESG and social responsibility.
“The most effective CFOs are continuously looking at ways to improve their messaging. Nothing derails an earnings call faster than a presentation that fails to address investors’ key interests,” says Fendall.
Companies that effectively use technology to provide real-time data insights stand out, he adds: “Your ability to handle, interpret and analyse data quickly and accurately is one of your biggest assets in these meetings.”
People don’t have the patience for rambling or overly technical explanations. Stick to the main point and avoid jargon. Investors and analysts appreciate clarity over complexity so consider your tone and avoid sounding robotic, says Roman of The Post Office. This will make all the difference in how your message is received. “Remember,” he adds, “speaking to investors and journalists is not like speaking to the board. Your audience for an earnings call is unlikely to know all the intricacies of the business, so communicate information clearly and without patronising them.”
Lastly, never drag out a call for longer than is absolutely necessary.
Focusing too much on the past
The CFO needs to detail the results of the company’s quarter accurately. But this does not mean rehashing the press release, which should already contain most of the important facts and figures. Vintz believes the best approach is to highlight key points, then pivot to focus on the firm’s future.
“Finance execs have a reputation for constantly looking in the rear-view mirror, focusing on historical results and trying to tell the narrative around that,” he warns. “Try to avoid staying too long in the past. Connect the quarter’s results to broader future market opportunities. Talk about your foothold in a core market but follow that up with a vision of the bigger opportunity that the company is addressing.”
This is where collaboration with the rest of business comes in, he says: “You’ll need to communicate with sales and product leadership and evaluate customer feedback and market dynamics. Behind the scenes, it is a huge team effort.”
Thinking you are only the numbers person
A CFO with limited communication skills regarding areas outside of finance, such as their company’s products or services, is a major red flag for investors and analysts during an earnings call. It is not enough for CFOs to be great with the numbers, Vintz says, they need to be ready to answer any questions related to the business and the wider market it operates in – and to do so with confidence.
At the same time, the CFO needs to have excellent storytelling skills. So says Paul Harrison, the finance chief at AutoStore, an automated storage company: “A traditional view of finance is that we deliver the numbers. But we need to be able to summarise them clearly and bring them to life. It’s the story behind the numbers that our stakeholders want to hear and we should not forget that people remember stories much more readily than they recall numbers on a spreadsheet.”
Insufficient preparation
Finance executives who launch into the earnings call without a clear idea of what lies ahead risk being blindsided by difficult questions. Most mistakes, such as getting the numbers wrong or failing to spot a glaring inconsistency in the materials presented, are the result of insufficient preparation and planning ahead of the call.
“Have a clear schedule in place in the run-up to the call. This should include everything from a timetable of when deliverables need to be completed, to a buffer of at least three days to allow for the unexpected,” says Roman. Finalising numbers at least 48 hours before the call gives the team time to focus on delivery, instead of scrambling over last-minute changes.
Use past earnings calls, analyst reports and competitor performance to anticipate likely questions. “It’s a good idea to ask the investor relations officer or comms team to gather intelligence on your behalf,” Roman adds. “If analysts or journalists will be attending the earnings call, find out what questions or concerns they have beforehand. This can help you to identify and prepare for potential curveballs.”
Not rehearsing the call
Every earnings call is a chance to build credibility and deepen that relationship with investors. A chaotic and badly managed discussion without a clear agenda or structure to the proceedings could damage potential investment opportunities.
Run through the call several times and pay attention to how it sounds. If something feels stiff or awkward, tweak it. Practice runs create confidence and keep leadership aligned on messaging, Fendall says: “If presenting as a team, decide in advance who will respond to specific topics to ensure a smooth and confident delivery.”
Ahead of a call, Roman says he likes to create notes in the form of bullet points rather than a full script. “This will make it easier to rehearse and remember them,” he says. “It will also make your answers sound more fluent and natural.”
Think about the structure of the call. This way, the themes set out at the start of the call are further developed and explained. “This will help you start off on the right foot and stay in control,” adds Fendall.
Forgetting to follow up
A CFO’s work does not end once a call is over. Make sure a recording is easily accessible for those who couldn’t attend live and think about any follow-up meetings that might be required.
It is important not to limit investor engagement to earnings calls alone, says Fendall. Regular communication throughout the year ensures that investors and analysts stay engaged and familiar with the firm’s financial reporting cadence, he explains. This reduces uncertainty and prevents surprises during earnings calls.
Regular dialogue with analysts and investors also helps gauge sentiment, uncover concerns and refine messaging ahead of time, he adds. By limiting communication to those brief windows during quarterly earnings calls, CFOs will miss out on crucial nuggets of information.
Finally, always look at what can be done to improve the process. Gathering feedback from the team and external stakeholders about what resonated and what could’ve been clearer can make each earnings call better than the last.

A poorly delivered earnings call can destroy an executive’s credibility and prove equally disastrous for the firm.
During these pivotal discussions, emotions can run high: Enron CEO Jeffrey Skilling once called an analyst an "asshole" during the firm’s earnings call. Even minor mistakes can be catastrophic, such as when Lyft issued a press release with a typo that briefly increased its share price by more than 60%. The error only came to light when an analyst questioned CFO Erin Brewer 20 minutes into the quarterly earnings call.
“These calls are the ultimate test of a CFO’s mettle and they can strike fear into the heart of even the most experienced finance professional,” says Alistair Roman, the former group finance director at the Post Office. “Yes, they require you to be completely on top of your brief, able to think on your feet and have all the relevant financial figures and projections at your fingertips. But they’re also a moment where how you speak matters as much as what you say.”