Companies talking tariffs? 40 in 100 at the peak.
Each column: of every 100 calls companies held on a quarter's results, how many talked about tariffs (taxes on imports). 4,798 calls, 844 companies.
What the chart shows
After each quarter's results, many companies hold a call with investors. On the calls about Jan-Mar 2024 results, 1 in 100 talked about trade tariffs (taxes countries put on imports). At the peak, on Jan-Mar 2025 results, it was 40 in 100. On Apr-Jun 2026 results, it is 15 in 100.
Tariff talk on results calls, by the quarter the results cover
| Jan-Mar 2024 | 1 in 100 (4 of 421 calls) |
|---|---|
| Apr-Jun 2024 | 2 in 100 (9 of 413 calls) |
| Jul-Sep 2024 | 4 in 100 (17 of 431 calls) |
| Oct-Dec 2024 | 19 in 100 (83 of 446 calls) |
| Jan-Mar 2025 | 40 in 100 (191 of 476 calls) |
| Apr-Jun 2025 | 39 in 100 (182 of 469 calls) |
| Jul-Sep 2025 | 33 in 100 (164 of 499 calls) |
| Oct-Dec 2025 | 30 in 100 (148 of 490 calls) |
| Jan-Mar 2026 | 17 in 100 (87 of 516 calls) |
| Apr-Jun 2026 | 15 in 100 (94 of 637 calls) |
The two highest quarters were close: Jan-Mar 2025 (40) and Apr-Jun 2025 (39).
The same shape holds for the 237 companies that held a call in all ten quarters (peak 45 in 100, Jan-Mar 2025; now 14), and without machinery and equipment makers, the biggest group at the peak (peak 37 in 100).
What counts: a call counts when its transcript uses the word "tariff" in the trade sense, next to words like US, America, Trump, reciprocal, trade deal or import duty, or with no sign of another meaning. "Tariff" is also the price of electricity, a phone plan, a hospital or hotel room, a pipeline or a port; those uses are set aside. What it is not: a count of what anyone said, or whether tariffs were good or bad for any company. It is word counting, not a judgement.
How it is measured
We read the transcripts of the calls companies hold with investors after their quarterly results (earnings calls), as filed with the exchanges, for results covering Jan-Mar 2024 to Apr-Jun 2026: 4,798 calls from 844 companies, one call per company per quarter. A call is placed in the quarter its results cover (a call in May about January to March results counts in Jan-Mar). A call counts as talking about trade tariffs (taxes countries put on imports) when a page of its transcript uses the word "tariff" and the words around it are about trade: US, America, Trump, reciprocal, a trade war, deal or talks, import or customs duty, anti-dumping; or, for most companies, when nothing around it points to another meaning. "Tariff" is also the word for the price of electricity, a phone plan, a hospital or hotel room, a pipeline, a port or an airport, a toll road or an insurance policy: a mention next to those words is set aside.
For companies whose own prices are called tariffs (power, gas, oil, telephone, hospitals, power exchanges, builders of power lines and roads, freight, ports and airports, hotels, insurance, TV), only a clear trade mention counts. When this chart was built (29 Sep 2026) we read 47 randomly drawn pages by hand: 30 of the 32 counted pages were about trade tariffs (the two mistakes, both electricity prices, were in 2024, when the share was small), and 14 of the 15 pages set aside were rightly set aside. The companies we hold calls for grow over time, so the series was also worked out for the 237 companies with a call in all ten quarters: peak 45 in 100 in Jan-Mar 2025.
Without machinery and equipment makers, the biggest group at the peak, the peak is 37 in 100 in Jan-Mar 2025. This counts whether tariffs came up, not what was said about them. No company is named.
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MarketPing. (2026, October 7). Companies talking tariffs? 40 in 100 at the peak. [Chart]. https://marketping.in/charts/tariff-talk
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