Wall Street’s favorite time of year isn’t spring, fall or Christmas—it’s earnings season. Just like the holidays, all that built-up anticipation may lead to outsized emotional reactions—stocks can soar or tumble depending on what companies report. But do quarterly earnings mean much over the long term?

Deputy Director of Research Brian Mackey and Equity Research Analyst Kate Austin break down what information goes into earnings reports—and what doesn’t—and help you understand the key facts to look for and others to tune out.