---
title: "Cross-sectional PEAD leaderboard of recent BEAT/MISS earnings announcers"
method: GET
path: "/api/v1/equities/pead/leaderboard"
tags: ["Equities Indices"]
---

# Cross-sectional PEAD leaderboard of recent BEAT/MISS earnings announcers

`GET /api/v1/equities/pead/leaderboard`

Ranks RECENT S&P 500 earnings announcers (within `window_days`) by EPS surprise magnitude, split into a BEAT long side and a MISS short side. Recent announcers are seeded from the market-wide earnings calendar (rows with both an EPS actual and estimate, intersected with the S&P 500 constituent universe), bucketed by the same BEAT/MISS thresholds as the per-ticker PEAD endpoint, then CONFIRMED against each company's SEC 8-K item 2.02 filing (accepted only when a filing date matches the calendar date within +-1 day). Confirmed candidates are measured against a shared market proxy: an immediate reaction CAR over [0, +1] and a realized drift-to-date CAR over [+2, min(elapsed, +20)]. Candidates are ranked by the SURPRISE (the conditioning variable known at announcement time), NOT by realized drift, which is reported as descriptive evidence only. This is a small cross-section of one recent window - descriptive, not a backtest of the PEAD anomaly. Candidates that cannot be confirmed against SEC filings, or that lack sufficient price history, are excluded and counted in diagnostics rather than failing the request.

## Query parameters

- `window_days` integer — Recent-announcer lookback in calendar days (1-21, default 7).
- `limit` integer — Maximum entries per side (BEAT long / MISS short), 1-25, default 10.
- `market_proxy` string — Market-proxy ticker used as the OLS regressor for every candidate.

## Response `200`

Successful Response

- EnvelopePeadLeaderboardPayload
  - `data` PeadLeaderboardPayload, required — Cross-sectional PEAD leaderboard of recent BEAT/MISS announcers.
    - `window_days` integer, required — Recent-announcer lookback in calendar days (the seed calendar covers [today - window_days, today]).
    - `as_of` string, required — Calendar to-date used as the recent-window upper bound (`YYYY-MM-DD`, today UTC).
    - `universe` string — Candidate universe the recent announcers were intersected with. Always `sp500_constituents`.
    - `market_proxy` string, required — Market-proxy ticker used as the OLS regressor for every candidate (default SPY).
    - `candidates_seeded` integer, required — Recent calendar announcers (with actual+estimate, in the universe) before the candidate cap.
    - `candidates_confirmed` integer, required — Seeded candidates whose announcement date was confirmed against an SEC 8-K item 2.02 filing within +-1 day.
    - `candidates_measured` integer, required — Confirmed candidates with sufficient price history to compute a reaction CAR.
    - `excluded_unconfirmed` integer, required — Candidates dropped because no SEC 8-K item 2.02 date matched (or the SEC fetch raised). The request still succeeds.
    - `excluded_no_prices` integer, required — Confirmed candidates dropped because OHLC history was insufficient for the reaction CAR.
    - `long_candidates` PeadLeaderboardEntry[], required — BEAT announcers sorted by |surprise_pct| descending, trimmed to `limit`.
      - `symbol` string, required — Ticker, normalized to upper case.
      - `announce_date` string, nullable — SEC-confirmed announcement date from the 8-K item 2.02 filing (`YYYY-MM-DD`).
      - `surprise_pct` number, nullable — (actual - estimate) / abs(estimate). The ranking key (descending by magnitude within each side). Null when the estimate is zero or non-finite.
      - `bucket` string, required — Surprise bucket: BEAT or MISS (MEET/UNKNOWN are dropped before ranking).
      - `reaction_car_0_1` number, nullable — Immediate-reaction CAR over event days [0, +1] vs the market proxy. Null when price history is insufficient.
      - `drift_car_to_date` number, nullable — Realized post-reaction drift CAR over [+2, min(elapsed, +20)]. DESCRIPTIVE evidence, NOT the sort key. Null when fewer than 3 post-reaction trading days have elapsed.
      - `drift_days_elapsed` integer, nullable — Number of trading days elapsed since day 0 used for the drift-to-date window end (capped at 20).
    - `short_candidates` PeadLeaderboardEntry[], required — MISS announcers sorted by |surprise_pct| descending, trimmed to `limit`.
      - `symbol` string, required — Ticker, normalized to upper case.
      - `announce_date` string, nullable — SEC-confirmed announcement date from the 8-K item 2.02 filing (`YYYY-MM-DD`).
      - `surprise_pct` number, nullable — (actual - estimate) / abs(estimate). The ranking key (descending by magnitude within each side). Null when the estimate is zero or non-finite.
      - `bucket` string, required — Surprise bucket: BEAT or MISS (MEET/UNKNOWN are dropped before ranking).
      - `reaction_car_0_1` number, nullable — Immediate-reaction CAR over event days [0, +1] vs the market proxy. Null when price history is insufficient.
      - `drift_car_to_date` number, nullable — Realized post-reaction drift CAR over [+2, min(elapsed, +20)]. DESCRIPTIVE evidence, NOT the sort key. Null when fewer than 3 post-reaction trading days have elapsed.
      - `drift_days_elapsed` integer, nullable — Number of trading days elapsed since day 0 used for the drift-to-date window end (capped at 20).
    - `methodology` string, required — Static methodology note: seed -> SEC-confirm -> measure; surprise is the sort key, realized drift is descriptive.
    - `descriptive_note` string, required — Static note: a small recent-window cross-section is descriptive, not a backtest of the PEAD anomaly.
    - `source` string — OHLC data source used. Always `sugra_finance`.
  - `meta` SugraMeta, required — Metadata on a /api/v1/* response envelope built through `helpers.response.sugra_response`, which is how routes are expected to answer. A route that assembles its own `meta` dict carries only the keys it writes itself, so an optional field below can be absent because this response has nothing to report OR because that route does not build its envelope here - the two are not distinguishable from the outside (API-43).
    - `endpoint` string, required — Requested endpoint path.
    - `data_time` string, required — ISO 8601 timestamp the data on this response is stamped with. It is the source's own timestamp whenever the source supplied one this API could read; when it did not, this field falls back to the value of `response_time` and `data_age_days` is omitted, so the PRESENCE of that field is the signal to read - with the one exception named in its own description, a route that substitutes its own current time for a source timestamp it never received. Usually UTC (`Z`), but a source stating its own numeric offset keeps it (2026-04-16T14:30:00+09:00) rather than being converted a second time. For a source that publishes by period this is the period's START (see `period`) and for one that publishes by calendar day it is that day's midnight - in neither case a moment at which anything was observed or released.
    - `response_time` string, required — ISO 8601 UTC timestamp when this response was produced.
    - `provider` string, required — API name and version.
    - `data_age_days` number, nullable — Age of the data in days at the moment this response was produced, i.e. `response_time` minus `data_time`. Present ONLY when the timestamp this response is stamped with is a clock time that could be read as a real instant. It is ABSENT - never 0 - in every other case. Absent when no readable source timestamp was supplied, because `data_time` then repeats `response_time` and a zero age would assert that the data is current precisely where its true age is unknown. Absent when the source names a calendar day, a month, a quarter or a year (see `period`): the instant is then a boundary this API anchored at midnight, and time since a day or a quarter BEGAN is a different quantity from the age of the data - a daily series is out by up to a day, a quarterly one by up to a quarter. A midnight counts as such a boundary whichever zone it is stated in, and whether the source stated it or this API anchored it. The one case this field cannot see is a route that substitutes its own current time for a source timestamp it never received: the substituted value is a real, readable instant and is indistinguishable from one the source stated, so the age reads as roughly 0. The shared cache-and-fetch helper behind most routes stopped doing that (API-43), but the presence of this field is a statement about the timestamp the response carries, not a guarantee about the route that supplied it. Rounded to 0.001 day (86.4 seconds), so 0.0 is a real measured age anywhere within roughly +/-43 seconds and not a stand-in for unknown; a source stamping an instant in the future reports a negative value (-0.001 or less) rather than being clamped. Sources publish on very different cadences, so a non-zero age is normal, not an error. Preserve absence in client code: a generated client that materialises a missing optional number as its numeric default turns 'age unknown' back into 'age zero', which is the exact confusion this field exists to remove.
    - `source` string, nullable — Identifier of the primary upstream source used for this response.
    - `attribution` string, nullable — Human-readable attribution mandated by an upstream source (e.g. a securities regulator or self-regulatory organization). Present only on responses whose source requires the owner and source to be clearly identified. Do not remove or alter it when using the response.
    - `fallback_used` boolean, nullable — True when the primary source failed and a fallback produced the data.
    - `fallback_chain` string[], nullable — Ordered list of sources attempted, in the order they were tried.
    - `cached` boolean, nullable — True when this response was served from the internal cache.
    - `stale` boolean, nullable — True when the cached response was returned after the upstream rate-limited or errored. Clients can use this to detect degraded data.
    - `period` string, nullable — Unit of observation, when the source publishes by period rather than by instant. `data_time` carries the period's START instant so it stays machine-readable; this field preserves what that instant used to mean, which the conversion would otherwise erase. Present only for such sources, and only when the source hands the API the label itself - a client that converts the period to its start instant before building the envelope loses the label, though not the age exclusion, which is decided by the instant. Note that `data_age_days` is omitted whenever this is present, because an age measured from a period start is not a freshness figure.
    - `notes` string, nullable — Data-quality caveat about THIS response - how old the underlying report is, a chokepoint AIS lower-bound, or that a source-reported `data_time` could not be read and the response time is shown instead. Distinct from `attribution`, which is a licensing obligation. Multiple caveats are joined with ' | '. Present only when there is one.

## Other responses

- `401` — Missing or invalid `x-api-key` header. JSON body with a stable `code` distinguishing `missing_api_key` (no header sent) from `invalid_api_key` (header sent, key not accepted); any other 401 source carries the generic `unauthorized` with its detail as `reason`. Plus `hint`. `plan` is always null on 401 - an unauthenticated request has no plan; quota exhaustion is 429, not 401.
- `422` — Validation Error
- `429` — Daily rate limit exceeded. Check `X-RateLimit-Reset` for the next window.
- `503` — Upstream source is temporarily unavailable. Retry after a short delay.

## Changes

- **2026-09-01** `328d061c12ca` — 3 info
  - added the optional property `meta/data_age_days` to the response with the `200` status
  - added the optional property `meta/notes` to the response with the `200` status
  - added the optional property `meta/period` to the response with the `200` status
- **2026-08-08** `4c4530760ba1` — 12 info
  - added the optional property `code` to the response with the `401` status
  - added the optional property `code` to the response with the `429` status
  - added the optional property `code` to the response with the `503` status
  - added the optional property `hint` to the response with the `401` status
  - …8 more

[Change history](https://skmtc.dev/sugra/apis/sugra-api/changes/api/v1/equities/pead/leaderboard/get.md)

---

[API](https://skmtc.dev/sugra/apis/sugra-api.md) · [All operations](https://skmtc.dev/sugra/apis/sugra-api/llms.txt) · [OpenAPI document](https://skmtc-service-production.skmtc.workers.dev/v1/apis/sugra/sugra-api/revisions/cdcc60731935/schema)