What is FIG's expected move for earnings?

The expected move is what the at-the-money options in the expiry containing the report imply the stock will move. This page publishes the move implied before each of FIG's past reports and the move that actually followed. The figure for an upcoming report is on the forward board.

How is front-month IV crush different from IV30 crush?

Front-month crush measures the at-the-money implied volatility of the expiry that actually contains the earnings report, from the afternoon before to the session after. A 30-day constant-maturity measure blends that expiry with expiries that hold no event, so it consistently reports a shallower collapse.

Why measure the earnings move at 10:00 instead of the close?

Close-to-close prices an exit at 16:00 the day after the report. A position is usually closed near the open, so this page shows two realized moves for each report: C2C, the move to the next close, and By 10:00, the move to 10:00 the next morning.

CompaniesFIGFigmaWatch

FIG earnings: an expected move of 13.9%, an actual move of 12.7%.Averages over its last six reports. Here they are.

Every Figma earnings report since Sep 2025: the expected move the options priced the day before, how far the stock moved by the close and by 10:00 the next morning, and the IV crush afterwards, how far implied volatility fell. We read option prices from real quotes at 15:46 ET. Definitions on the methodology page.

Expected move13.9%the day before each of the last six reports

Actual move12.7%to the next close over the last six · 10.7% by 10:00

Past the price3of 6closes further than the options priced

On record6reportsevery report since Sep 2025

Median IV crush−33%over the last six reports · 15:46 ET

Next report—no date on the calendar yet

FIG · earnings history: expected move vs actual move, all 6

CSV ↓

Every FIG earnings report: expected move, actual move and IV crush
Report	Report’s partPriced	Rank	RealizedC2C	By 10:00	CrushATM	As-sold	Open	ForecastPred.	Error
Nov 4 ’26AMC	±12.6%	—	−16.7%	−12.6%	−31%	−27%	—	−41%	+9pt
Aug 5 ’26AMC	±13.6%	—	−14.8%	−16.4%	−35%	−41%	−27%	−35%	+1pt
May 14 ’26AMC	±16.9%	—	+13.2%	+12.7%	−41%	−44%	−24%	−46%	+4pt
Feb 18 ’26AMC	±13.4%	—	+6.9%	+1.7%	−35%	−32%	−24%	−40%	+5pt
Nov 5 ’25AMC	±14.7%	—	+4.5%	−1.0%	−30%	−34%	−26%	−41%	+11pt
Sep 3 ’25AMC	±12.4%	—	−19.9%	−19.9%	−28%	−19%	−26%	−38%	+10pt
All · 6	±13.9% avg	0 ranked	12.7% avg abs	10.7% avg abs	−33% median	−33% median	−26% median	−41% median	6.7pt avg abs

What the columns mean6 groups · 10 columns

Report’s part: The report’s share of what options priced at 15:46 ET the day before, taken from two or more expiries.; ColumnsPriced
Rank: Where the report’s part sits among FIG’s own earlier reports, up to twelve, from 0 to 100. Rich and cheap mark the top and bottom of that range. It needs eight earlier reports with a 10:00 move, so the oldest rows have none.; ColumnsRank
Realized: C2C is the move to the next close; By 10:00, the move to 10:00 the next morning.; ColumnsC2CBy 10:00
Chart: The grey band is what the options priced, the dark mark where the stock closed, the bar where it stood at 10:00, on a ±25% scale.; ColumnsPriced · realized · ±25%
Crush: How far implied volatility fell in the report’s expiry, from 15:46 ET the day before to the day after: at the new strike ATM and at the old one As-sold. Open reads it from the option’s 10:00 quotes the next morning, and is blank where there was none.; ColumnsATMAs-soldOpen
Forecast: Pred. is the crush we published the day before, graded on the public record. Error is what happened minus the forecast, in points of the crush.; ColumnsPred.Error

The stock closed past the priced move on 3 of 6 and was past it at 10:00 the next morning on 2 of 6. The 5 forecasts up to Aug 2026 were rebuilt from history rather than published the day before, and all are graded on the public record. A dash is a number we do not have, not a zero.

Reports6Open crush5 of 6Measured15:46 ET · day before → day afterEvery company’s full history is public

how these numbers are measured

A day's price path that ends near where it started: a short graphite bracket for the move from close to close, beside a much taller oxblood one for how far it swung in between

to the closein between

Two ways to measure the move

Closing prices miss the open

If you hold through the report you meet the open, not the close. We publish both: the move from one close to the next, and where the stock stood at 10:00 the next morning.

FIG Feb 2026: +6.9% by the close, +1.7% at 10:00.

§1 Timing and samples

One beam enters a prism and two leave, one oxblood and one slate

the reportordinary

The report’s own share of it

Option prices cover more than the report

An expiry a week out also carries a week of ordinary movement. Comparing two expiries that both contain the report separates the two, and the report's share is the priced move.

FIG Nov 2026: 12.8% from the options → 12.6% for the report, 97% of that expiry's risk.

§3 Splitting the move

Five expiries on a line; an oxblood beam strikes only the first, while a faint bracket spans all five

the one that movedwhat 30 days average

The collapse in volatility

We measure the expiry that moved

A 30-day average mixes the expiry holding the report with expiries it never reaches, so it reads shallower than what you held. We read the expiry that holds the report, the day before and the day after, at both strikes.

FIG Nov 2026: −31% new strike, −27% old strike.

§4 The collapse, three ways

FIG · IV crush at the report’s expiry vs the 30-day average

One expiry contains the report. The 30-day figure is an average that also covers expiries the report never reaches. Every column below leans the same way, so the gap shows on each report, not only in the median.

Collapse at the report’s expiry−33%median, whole column

Seen by the 30-day number−19%median, the part it sees

Missed by the 30-day number14pton 6 of 6 reports

Nov 4 ’26Aug 5 ’26May 14 ’26Feb 18 ’26Nov 5 ’25Sep 3 ’25

FIG · the expected move, where it closed, where it stood at 10:00

Each row is one report: the band is what the options priced, the mark is where the stock closed, and the bar runs to where it stood at 10:00 the next morning. On 1 of 6 reports with both, the close and 10:00 pointed opposite ways.

Where the 10:00 number is missing, the cell stays blank instead of borrowing the close, and the data-quality grid below says why. How far apart the two run differs from company to company; this window measures it for FIG.

Median move to the next close14.0%past the price on 3 of 6

Median move by 10:00 the next morning12.6%past the price on 2 of 6

Nov 4 ’26−16.7−12.6

Aug 5 ’26−14.8−16.4

May 14 ’26+13.2+12.7

Feb 18 ’26+6.9+1.7

Nov 5 ’25+4.5−1.0

Sep 3 ’25−19.9−19.9

−25−12.50+12.5+25

FIG · the term structure the day before each report

The split reads the report out of the gap between the two lines. The small figure under each date is how many trading sessions the expiry holding the report had left. A shorter one carries the same report over fewer days, so it reads higher without the report being priced any bigger.

Drawn for the last twelve reports, like the other figures on this page. It is history; the current curve is on the board.

the expiry holding the reportthe next expirythe gap the split readsimplied vol, %

FIG · data quality, report by report

Counted over the 6 reports shown. Three markers are on every report (held to expiry, crush expiry substituted and macro event in the window), so they describe FIG rather than any one quarter. The other eight are on between one and three reports.

Every marker on the reports above is counted here, one cell per report, newest first as in the history table.

Nov 4
’26Aug 5
’26May 14
’26Feb 18
’26Nov 5
’25Sep 3
’25reports

Shown as measuredNotes on how a number was measured. Each says what it touches.

held to expiry6 of 6

crush expiry substituted6 of 6

macro event in the window6 of 6

gapped past the wings3 of 6

noisy IV rank2 of 6

next-morning price from quotes2 of 6

skew contamination1 of 6

an anchor was refused1 of 6

next-morning quote too wide1 of 6

no re-struck cover IV1 of 6

path incomplete1 of 6

What each marker means11 markers

Shown as measured

held to expiryevery reportcover_mark_settled: The straddle that was sold expired at one of these closes, so its price there is its settlement value: the distance from the stock to the strike. That exit pays no bid/ask spread, and it ignores the cost of being assigned stock on the in-the-money leg.; Lands inShort-straddle P&Lon the ticker page, not this one
crush expiry substitutedevery reportcrush_expiry_substituted: The expiry that would have been measured was not available on both sides of the print, so a neighbouring one stood in. The crush is real; it is measured on a slightly different contract than the label implies.; Lands inATM
macro event in the windowevery reportdecomp_macro_window: A scheduled macro event (a CPI print, an FOMC day) falls inside the decomposition window, so a little of the volatility attributed to the event belongs to the calendar instead.; Lands inPriced move
gapped past the wings3 of 6open_crush_gap_otm: The stock gapped far enough that the contract sold at T−1 is no longer near the money at the cover, so the as-sold crush there is partly a move along the smile rather than a collapse in volatility.; Lands inOpen
noisy IV rank2 of 6iv_rank_noisy: This name’s quote width is large against its own 52-week volatility range, so the rank carries a read error worth noting. A true property of a quiet name, not a defect — the rank itself is computed normally.; Lands inIV rankon the ticker page, not this one
next-morning price from quotes2 of 6open_crush_restruck_quoted: The option at the 10:00 strike did not trade on both sides between 09:55 and 10:05, so the next-morning volatility was read from the midpoint of its quoted bid and ask over the same ten minutes. Used only when both sides were quoted and the quote was less than 50% wide.; Lands inOpen
skew contamination1 of 6crush_skew_contaminated: The gap between the strike sold and where the stock ended up is large enough that the as-sold crush cannot stand in for the comparable one, so this print carries no scored open crush.; Lands inAccuracy recordon the public record, not this one
an anchor was refused1 of 6open_crush_anchor_unreliable: At least one observation behind the 10:00 crush was rejected: a price below intrinsic, a crossed quote, or a solve that did not converge. The number here was measured from the anchors that did invert, and is scored normally.; Lands inOpen
next-morning quote too wide1 of 6open_crush_restruck_quote_wide: The option at the 10:00 strike did not trade on both sides between 09:55 and 10:05, and its quoted bid and ask were 50% of the midpoint or wider, too wide to read a volatility from. So there is no next-morning read at that strike.; Lands inOpen
no re-struck cover IV1 of 6open_crush_restruck_unavailable: The comparable at-the-money volatility could not be read at the 10:00 anchor, so only the as-sold contract is available there.; Lands inOpen
path incomplete1 of 6path_incomplete: The T+2 or T+3 leg of the post-print path is missing, so the multi-day drift columns stop short of where a held position would.; Lands inT+2T+3on the ticker page, not this one

FIG · companies whose reports traded alike

Each company’s last twelve reports.average priced movemoved less than pricedmoved moremedian fall in implied volatilityFIG’s values

Six companies whose reports traded like FIG’s

The closest on all three numbers at the top of each company page. It compares how the reports traded, not the businesses.

Where they sit. A close-up of FIG’s part of the field; the small map in its corner shows where that sits among all 728 companies with a page and all three numbers. Grey dots are other companies here. Below the dashed line, a stock moved less than its options priced.

Figureseach company’s last twelve reportsCompared onpriced, moved, crush

the board · the last fortnight, then the next 14 days

PricedRichness · own historyRatioOutcome

Reported · the fortnight to 5 Nov · settled, free
1COPConocoPhillipsNov 5BMO3.4%1001.79inside
2EOGEOG ResourcesNov 5AMC4.2%1001.58inside
3GEOGeo GroupNov 5BMO9.8%1001.31inside
4GHGuardant HealthNov 5AMC19.1%1002.10inside
5KTOSKratos Defense & Security SolutionsNov 5AMC11.9%1001.59inside
Next 14 days · 523 names · symbol and date free
·AAONMon 9AMC—
·ABCLMon 9AMC—
·ACHRMon 9AMC—
·AIOTMon 9BMO—
11 of 523 shown · the next 14 days

The ranked columns are the board

Symbol and date are free for all 523 names. A subscription fills in the three columns held back on every locked row: the priced move, its richness against that name's own last twelve reports, and the ratio between them.

$29/mo or $290/yr Get the board two months free on the year

$29/mo or $290/yr Get the board two months free on the year

Open the board

A free account adds today’s board rows and the full 14-day calendar, without these three columns.

Today's board rows and the full forward calendar are on your board.
·ALTGMon 9AMC—
·AMCXMon 9AMC—
·AMGMon 9BMO—
·AMPYMon 9AMC—
·AMRCMon 9AMC—
·ANNXMon 9BMO—
·APEIMon 9AMC—

The board: the last fortnight’s settled reports, then the next 14 days
#	Name	Report	Priced move	Richness · own history	Ratio	Outcome
Reported · the fortnight to 5 Nov · settled, free
1	COPConocoPhillips	Nov 5BMO	3.4%	100	1.79	inside
2	EOGEOG Resources	Nov 5AMC	4.2%	100	1.58	inside
3	GEOGeo Group	Nov 5BMO	9.8%	100	1.31	inside
4	GHGuardant Health	Nov 5AMC	19.1%	100	2.10	inside
5	KTOSKratos Defense & Security Solutions	Nov 5AMC	11.9%	100	1.59	inside
Next 14 days · 523 names · symbol and date free
·	AAON	Mon 9AMC				—
·	ABCL	Mon 9AMC				—
·	ACHR	Mon 9AMC				—
·	AIOT	Mon 9BMO				—
12 of 523 shown · the next 14 days The ranked columns are the board Symbol and date are free for all 523 names. A subscription fills in the three columns held back on every locked row: the priced move, its richness against that name's own last twelve reports, and the ratio between them. $29/mo or $290/yr Get the board two months free on the year $29/mo or $290/yr Get the board two months free on the year Open the board A free account adds today’s board rows and the full 14-day calendar, without these three columns. Today's board rows and the full forward calendar are on your board.
·	ALTG	Mon 9AMC				—
·	AMCX	Mon 9AMC				—
·	AMG	Mon 9BMO				—
·	AMPY	Mon 9AMC				—
·	AMRC	Mon 9AMC				—
·	ANNX	Mon 9BMO				—
·	APEI	Mon 9AMC				—
·	APPS	Mon 9AMC				—

on the board — not known yet Ranked by richness against each name's own last twelve reports. Ratio is the priced move over that name’s typical actual move; inside: the stock stayed within the priced move.

How to read this page

History table: Its columns are explained right under it: What the columns mean ↑
Coverage: FIG’s 6 reports. The board rows are the fortnight’s five richest settled reports, then the first of the next 523 names.
Ratio: The priced move over the name’s typical actual move.
Markers: Notes on a report’s data, counted in the data-quality grid with what each one touches.

A number looks wrong? Tell us what you expected and we’ll check it.Report a data issue

History is a record, not a forecast. Derived values only; no option prices are shown. Nothing here is investment advice.