This paper examines the value relevance of earnings by testing their ability to predict two future benefits of equity investment: earnings and cash flow from operations. Previous research (discussed below) has given an incomplete view of earnings' predictive ability, as it has typically focused on short horizons while ignoring the longer-term benefits that are also valued, as in Ohlson [1990]. I test earnings' ability to predict future earnings and future cash flow from operations1 one through eight years ahead using annual data from