Based on the text information of management discussion and analysis (MD&A), the Managerial Macro-Cognition (MMC) index of executives is constructed to empirically test the impact of executives' macro-cognition ability on management’s earnings forecast. The study finds that MMC can significantly improve the accuracy of management’s earnings forecast and reduce management’s forecast error. Relative to the backward-looking of the MD&A, the MMC in the forward-looking has a stronger impact on management’s forecast. The heterogeneity test finds that the relationship is more significant when firms are in cyclical industries, have a low competitive market position, and voluntarily disclose earnings forecasts. Further analysis finds that firms with higher MMC have stronger capital market responses to earnings information, better corporate performance, lower volatility, and more macro-information content in performance forecasts. This paper internalizes the impact of macro-micro to the firm level, it has important implications for improving the quality of information disclosure of listed companies.