How we check an earnings-call summary

These summaries are generated by an AI model reading the transcript the company filed with the exchange. Everything below is what we do to make sure the model cannot put words in management's mouth.

Every quote is checked against the filed transcript

Each statement carries the sentence it came from. Before a summary is published, every one of those sentences is searched for in the transcript as filed. The match is exact — not a similar phrase, not a paraphrase, the characters themselves, allowing only for the ways a PDF mangles text when it is converted (a hyphen at a line break, a running header falling into the middle of a sentence).

If a quote cannot be found in the document, the summary is not published at all. No summary on this site contains a statement whose quote we could not locate in the filed transcript.

Who was speaking

A quote being genuine does not make it management's. An earnings call is a conversation, and analysts talk on it too — sometimes reciting the company's own figures back to it, sometimes proposing a number and inviting agreement. A summary that records an analyst's suggestion as company guidance is wrong even though every word of the quote is real.

So for each statement we work out who held the floor when it was said, by reading the transcript's own speaker turns.

Where the transcript's moderator introduces someone as an analyst, and that person's words appear under the figures, the outlook, or the risks, the statement is removed. Those three sections are meant to record what the company said about itself. This check has run on 1,444 of the 1,614 published summaries; across those it removed 1,020 statements (1.73% of published statements), affecting 410 summaries.

Analyst quotes in the Q&A section are not removed, because they belong there. That section exists to show what analysts asked and how management answered; removing the questions would empty it.

Statements by the moderator are not removed. We tried a rule that did, and it was wrong: operators and moderators are named inconsistently through these documents, and one transcript in which almost the whole call was attributed to a single “Moderator” turn caused the rule to delete 637 genuine management statements — about 1.1% of everything published today. The rule was removed and those statements restored. We would rather carry an occasional line of operator housekeeping than delete real management speech.

Two separate things are worth stating, because they are easy to read as one.

The first is whether we can locate a statement inside a speaker turn at all. We can for 38,734 of the 54,478 statements this check has examined (71.1%). For the remaining 28.9% the document's formatting defeats our reading of it — an unmarked heading, a name printed one way in the participant list and another in the body — and those statements are kept and shown as they stand.

The second is a check on the rule itself. After it has run, 261 statements by a confirmed analyst remained in published summaries when this was last counted by hand, on 18 August 2026, and every one was in the Q&A section, where they belong.

The rule's reach is narrower than its aim: it sees only analysts the moderator introduces by name. An analyst who speaks without being introduced, or whose introduction our reading of the document misses, is not caught. It removes analyst speech we can confirm, not all of it.

Pages that were only partly readable

Some filed PDFs are scans, or carry pages our text extraction cannot read. Where that costs us a statement — the quote is genuine, but a page break or our own length rules make it uncheckable — we drop that statement and publish the rest. This affected 538 statements (0.91% of published statements) across 418 summaries. The summary is complete for the pages we could read, and no more than that.

Summaries we do not publish

146 documents produced a summary that is not shown. A summary is withheld when a quote could not be located in the transcript, or when the model's own wording strayed into advice — a recommendation, a target price, a rating. Withholding is per document, not per statement: one unlocatable quote withholds the whole summary, because a document that produced one is not a document whose other statements we are willing to vouch for.

A withheld summary is declared, not hidden. That quarter's own page says a transcript was filed and summarised and that the summary did not pass our checks, and the quarter is marked as withheld in the company's list of calls — so an absence a reader can see is one we have explained.

Withheld summaries are kept in full internally, so a change to these checks can be applied to them again rather than starting from nothing.

What this does not tell you

These checks establish that a statement was made, that it is quoted accurately, and — where the transcript lets us tell — that management made it. They do not establish that what management said was true, that it will happen, or that it was material. We remove what we can prove wrong; we do not certify what is right.