Trump Revives Push to Scrap Quarterly Earnings Reports
- Sara Montes de Oca
- 3 hours ago
- 2 min read
President Donald Trump is once again challenging one of Wall Street’s longest-standing practices: the quarterly earnings report. In a Truth Social post Monday, Trump suggested that U.S. companies should no longer be required to report every three months, instead switching to a semiannual schedule.
The move, he argued, would “save money, and allow managers to focus on properly running their companies,” while helping executives take a longer-term view. Trump cited China’s 50-to-100 year corporate planning horizon as a counterpoint to America’s quarterly-driven culture.
Market Structure Implications
Current SEC rules mandate quarterly reporting, though guidance is voluntary. Changing the cadence would not require Congress, but rather a majority vote at the SEC—where Republicans now hold a 3-1 edge, with one seat vacant. Analysts say the process could take 6 to 12 months if the agency acts.
“Administrations have to varying degrees given policy steers to the SEC, and with Trump’s directive this is now something that has to be taken seriously,” wrote Evercore ISI strategist Sarah Bianchi. Still, the SEC has traditionally maintained a degree of independence, and Chair Paul Atkins has not weighed in.
The Debate Over Transparency
Supporters of quarterly filings say they are critical for transparency and investor confidence. “Having to wait six months for official results would cause more difficulties than it would add benefits,” said Art Hogan, chief market strategist at B. Riley Wealth Management.
Critics, however, argue quarterly cycles encourage short-termism. Warren Buffett and Jamie Dimon made that case in a 2018 Wall Street Journal op-ed, warning that quarterly guidance often prioritizes immediate profits over long-term growth. Norway’s sovereign wealth fund and the Long-Term Stock Exchange have also advocated for less frequent disclosures.
Global Comparisons
U.S. rules are among the strictest in the world, though not unique. Chinese companies are required to file quarterly, semiannual, and annual results. By contrast, firms listed in Hong Kong, the U.K., and the EU generally report only every six months, though many voluntarily issue quarterly updates.
Hogan dismissed comparisons to Europe, noting the unique scale of U.S. markets: “The investor is better suited to having more information than less.”
For now, Trump’s proposal is just that—a proposal. But with the SEC in Republican control, what once seemed a perennial debate about disclosure standards could become a live policy fight.
