Trump calls for earnings reports every 6 months so execs can 'focus on properly running their companies'

Actualizado Mon, Sep 15, 2025, 9:13 AM 3 min read

President Trump on Monday floated what to many in corporate America would be a welcome surprise — an end to the onerous cycle of preparing quarterly earnings.

In a post on Truth Social, Trump's social media platform, the president said companies should only be required to report financial results every six months, moving away from the quarterly reporting rhythm that defines the corporate calendar.

"Subject to SEC Approval, Companies and Corporations should no longer be forced to 'Report' on a quarterly basis (Quarterly Reporting!), but rather to Report on a 'Six (6) Month Basis,'" Trump wrote.

"This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, 'China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis???' Not good!!!"

Financial reporting standards vary across international markets. US stock exchanges require public companies to report financials each quarter, while most exchanges in Europe require these reports only twice a year.

The Securities Exchange Act of 1934 is the law that empowers the SEC to require quarterly financial reports from US-listed companies.

Trump himself has plenty of experience dealing with the SEC's reporting requirements. In 2002, his company Trump Hotels & Casino Resorts settled with the SEC over a report from 1999 in which its "adjusted" earnings included a $17.2 million one-time gain, but excluded an $81.2 million charge.

Trump's settlement with the SEC surfaced during his first run for president in the context of what was then a hearty debate in the investment community over the value of GAAP vs. non-GAAP (or "adjusted") financial results. The former standard is how US companies are required to report their financials, according to the Governmental Accounting Standards Board; the latter standard empowers companies to include or exclude certain items to offer investors what managements often deems a more accurate picture of the underlying business.

Warren Buffett, the departing CEO of Berkshire Hathaway (BRK-B) who has never hosted a quarterly earnings call, has over the years railed against the use of adjusted financials and the broader song and dance of these regular reports.

In his 2022 letter to shareholders, Buffett warned that, "Even the operating earnings figure that we favor can easily be manipulated by managers who wish to do so. Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well."