> ## Documentation Index
> Fetch the complete documentation index at: https://docs.benzinga.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Guidance Process Explained

> Learn how company guidance works and how to use the Guidance API for forward-looking financial analysis

## Overview

* What company guidance represents
* Difference between guidance vs. analyst estimates
* Why guidance matters for forward-looking analysis
* Data source: company management disclosures

***

## What Company Guidance Represents

Company guidance represents forward-looking financial expectations issued directly by a company's management. It typically includes projected ranges or estimates for key performance metrics such as earnings per share (EPS) and revenue for a specific fiscal period. Guidance reflects management's internal forecasts, assumptions, and strategic outlook at the time it is issued.

<Note>
  Unlike historical financial results, guidance is prospective and subject to change based on market conditions, business performance, and external factors.
</Note>

***

## Difference Between Guidance vs. Analyst Estimates

| Aspect               | Company Guidance                            | Analyst Estimates                         |
| -------------------- | ------------------------------------------- | ----------------------------------------- |
| **Source**           | Company management                          | Independent financial analysts            |
| **Basis**            | Internal forecasts and operational insight  | External research models and assumptions  |
| **Perspective**      | Management's expected performance           | Market consensus expectations             |
| **Update Frequency** | Issued periodically or when outlook changes | Updated continuously                      |
| **Intent**           | Communicate outlook and set expectations    | Evaluate and forecast company performance |

***

## Why Guidance Matters for Forward-Looking Analysis

Guidance is a critical input for forward-looking analysis because it:

* **Anchors market expectations** to management's outlook
* **Signals confidence or caution** about future performance
* **Provides context** for interpreting earnings results
* **Helps assess directional changes** such as raised, lowered, or reaffirmed outlooks

<Tip>
  Investors and analysts often compare guidance against prior guidance and analyst expectations to evaluate momentum, execution risk, and strategic direction.
</Tip>

***

## Data Source: Company Management Disclosures

Guidance data is sourced directly from official company communications, including:

* Earnings calls
* Earnings press releases
* Investor presentations
* Regulatory filings

<Note>
  All guidance reflects information explicitly disclosed by company management and is structured to preserve the original ranges, estimates, and timing provided at the time of announcement.
</Note>

***

## Guidance API – Developer Guide

### Overview

The Guidance API provides structured company-issued forward-looking guidance, including EPS and revenue projections. Guidance reflects management's expectations for a specific fiscal period and is critical for forward-looking analysis, comparison, and event-driven workflows.

***

## Guidance Metrics

### EPS Guidance

Each guidance record may include:

| Field              | Description                         |
| ------------------ | ----------------------------------- |
| `eps_guidance_min` | Minimum EPS projection              |
| `eps_guidance_max` | Maximum EPS projection              |
| `eps_guidance_est` | Estimates midpoint EPS              |
| `eps_type`         | Accounting basis (GAAP or Adjusted) |

### Revenue Guidance

Each guidance record may include:

| Field                  | Description                         |
| ---------------------- | ----------------------------------- |
| `revenue_guidance_min` | Minimum revenue projection          |
| `revenue_guidance_max` | Maximum revenue projection          |
| `revenue_guidance_est` | Estimates midpoint revenue          |
| `revenue_type`         | Accounting basis (GAAP or Adjusted) |

### Prior vs Current Guidance

| Field                        | Description                      |
| ---------------------------- | -------------------------------- |
| `eps_guidance_prior_min`     | Prior minimum EPS projection     |
| `eps_guidance_prior_max`     | Prior maximum EPS projection     |
| `revenue_guidance_prior_min` | Prior minimum revenue projection |
| `revenue_guidance_prior_max` | Prior maximum revenue projection |

<Tip>
  Compare current guidance with prior projections to see if management has raised, lowered, or reaffirmed expectations.
</Tip>

***

## Timing and Period

| Field             | Description                      |
| ----------------- | -------------------------------- |
| `period`          | Fiscal scope (e.g., Q1, FY)      |
| `period_year`     | Fiscal year                      |
| `date` and `time` | Announcement date and time       |
| `updated`         | Last update timestamp (Unix UTC) |
| `prelim`          | Preliminary indicator            |

***

## Record Classification

### Primary Guidance

| Field        | Description                                                                                   |
| ------------ | --------------------------------------------------------------------------------------------- |
| `is_primary` | Y/N – Marks the default record when multiple guidance entries exist for the same company/date |

<Note>
  Adjusted guidance is prioritized over GAAP for primary selection.
</Note>

### Confirmation Status

| Field       | Description                                                                              |
| ----------- | ---------------------------------------------------------------------------------------- |
| `confirmed` | Y/N – Y indicates official company guidance; N indicates expected (unconfirmed) guidance |

**Confirmed guidance** (`Y`) represents official company disclosure.

**Unconfirmed guidance** (`N`) is automatically created for upcoming earnings, updated daily, and may include:

* Expected announcement timing
* Predicted metrics
* Primary/secondary classification

***

## Security Identification

Each record is associated with:

| Field      | Description                        |
| ---------- | ---------------------------------- |
| `ticker`   | Stock symbol                       |
| `name`     | Company name                       |
| `cusip`    | CUSIP identifier                   |
| `exchange` | Exchange where the security trades |

This ensures accurate mapping of guidance to the correct company and security.

***

## Display & Interpretation Guidelines

* Use **primary guidance** (`is_primary = Y`) for default views
* Display full ranges when available; fallback to estimates when necessary
* **Confirmed guidance** represents official disclosure; **unconfirmed guidance** is indicative only
* Guidance should be interpreted alongside analyst estimates and historical performance

***

## Error Handling

| Scenario                                | Behavior                   |
| --------------------------------------- | -------------------------- |
| No data returned                        | Empty guidance array       |
| Missing min/max values                  | Estimate-only guidance     |
| Multiple records without a primary flag | Resolve using `is_primary` |

***

## Frequently Asked Questions

<AccordionGroup>
  <Accordion title="What is unconfirmed guidance?">
    Expected guidance before official company disclosure. It is updated daily and may change.

    **Expected Guidance Records deliver several key advantages:**

    * Automatically populate as soon as upcoming earnings dates are confirmed
    * Identify the expected date and time of the guidance announcement
    * Predict the type of guidance (EPS or revenue), including GAAP versus adjusted metrics
    * Distinguish between primary and secondary guidance within a fiscal period
    * Include continuously updated estimates, refreshed daily until the official guidance announcement
  </Accordion>

  <Accordion title="Which record should I use by default?">
    The record with `is_primary = Y`.
  </Accordion>

  <Accordion title="Why are there multiple guidance records for the same date?">
    Companies may issue GAAP and adjusted guidance, or guidance for multiple metrics.
  </Accordion>

  <Accordion title="Can guidance be revised after confirmation?">
    Yes, companies may update or withdraw guidance in later announcements.
  </Accordion>

  <Accordion title="Why might guidance be missing for some companies?">
    Not all companies provide formal guidance.
  </Accordion>
</AccordionGroup>

***

## Related APIs

<CardGroup cols={2}>
  <Card title="Earnings Calendar API" icon="calendar" href="/api-reference/calendar-api/get-earnings">
    Track upcoming earnings events
  </Card>

  <Card title="Guidance Calendar API" icon="compass" href="/api-reference/calendar-api/get-guidance">
    Get company guidance data
  </Card>

  <Card title="Analyst Ratings API" icon="users" href="/api-reference/calendar-api/get-ratings">
    Compare guidance to analyst expectations
  </Card>

  <Card title="Fundamentals API" icon="building" href="/api-reference/fundamentals/overview">
    Validate guidance against historical performance
  </Card>
</CardGroup>