Advanced

Earnings Distillation

Turn earnings calls, transcripts, and filings into structured deltas vs your written thesis — with Skeptic verdicts (PASS / DRIFT / BREAK) feeding directly into Trailing Stop and Thesis Guard workflows.

Pipeline overview

Ingest

Live call audio + filings + prepared remarks

Distill

Deltas vs consensus + thesis reconciliation

Verdict

Skeptic returns PASS / DRIFT / BREAK to the Diary

Prerequisites

Required

✓ Complete the First Watchlist guide
✓ Each ticker covered by Earnings Distillation must have a written Investment Diary thesis
✓ Confirm the issuer is on the Telumin earnings-call coverage list (US large/mid-cap by default)

Step 1: Subscribe a watchlist to Earnings Distillation

Distillation runs per ticker in the watchlist. The workflow auto-fires on the issuer’s scheduled call time and on any 8-K that follows.

Configure the workflow

workflow: earnings_distillation
watchlist: core-long-2026
tickers: [NVDA, MSFT, GOOGL, META, AVGO]
inputs:
  - prepared_remarks
  - earnings_call_audio
  - 8K_filings
  - sell_side_consensus
output:
  format: structured_signal
  delivery: [terminal, webhook, diary]
skeptic:
  require_two_sources: true
  sources_must_include: [filing, call_transcript]

Verdict semantics

PASS

Day-1 conditions intact. Trailing stop reference may tighten.

DRIFT

One or more Day-1 conditions trending against thesis. Thesis Guard re-evaluates next cycle.

BREAK

Day-1 condition broken with two-source confirmation. Thesis-break stop fires.

Step 2: Wire it into the Diary

Every distillation result is appended to the Investment Diary entry for the ticker. The Diary holds the original thesis, every prior verdict, and the audit chain.

Inspect a distillation entry

# NVDA earnings 2026-Q1 (distilled)
verdict: PASS
day-1 status:
  - hyperscaler capex guidance unchanged: TRUE
  - GPU lead times >12 weeks: TRUE
  - no major China export-control escalation: TRUE
deltas:
  - data-center revenue +12% vs consensus
  - guidance Q2: midpoint +6% vs street
sources verified by skeptic:
  - 8-K filed 2026-04-25 14:01 UTC
  - prepared remarks transcript (Q1 call)

Sample call-out

Earnings DRIFT — SHOP

GMV growth missed thesis Day-1 by 180 bps. Take-rate trend intact. Thesis Guard re-evaluates next cycle; trailing stop tightened to post-print high.

Step 3: Coverage controls

Tune which issuers run distillation, which inputs are required, and how aggressively the Skeptic should escalate to BREAK.

Per-ticker overrides

overrides:
  - ticker: NVDA
    require_inputs: [prepared_remarks, earnings_call_audio, 8K_filings]
    skeptic_escalation: standard
  - ticker: SHOP
    require_inputs: [prepared_remarks, 8K_filings]
    skeptic_escalation: aggressive    # smaller drift triggers DRIFT
  - ticker: XYZ
    require_inputs: [10K_filings]
    skeptic_escalation: conservative

Earnings dashboard

The Earnings Distillation panel shows the most recent verdict per ticker plus the next scheduled call.

Earnings · core-long-2026 · 2026-04-25 16:00 UTC

NVDA

PASS

Day-1 intact

SHOP

DRIFT

GMV miss; guard re-eval

Coverage reference

Issuer coverageUS large & mid-cap (S&P 1500) — international in roadmap

Required inputs (default)Prepared remarks · call audio · 8-K filings · consensus

Two-source ruleFiling + call transcript (Tier 1 + Tier 2)

Verdict latency target< 5 min after call ends

Verdict typesPASS · DRIFT · BREAK

Diary append100% — every verdict, with full evidence