diff --git a/src/tui.zig b/src/tui.zig
index 8aa34ea..75c22ff 100644
--- a/src/tui.zig
+++ b/src/tui.zig
@@ -334,12 +334,14 @@ pub const App = struct {
     quote_timestamp: i64 = 0,
     // Track whether earnings tab should be disabled (ETF, no data)
     earnings_disabled: bool = false,
+    earnings_error: ?[]const u8 = null, // error message to show in content area
     // ETF profile (loaded lazily on quote tab)
     etf_profile: ?zfin.EtfProfile = null,
     etf_loaded: bool = false,
     // Analysis tab state
     analysis_result: ?zfin.analysis.AnalysisResult = null,
     analysis_loaded: bool = false,
+    analysis_disabled: bool = false, // true when no portfolio loaded (analysis requires portfolio)
     classification_map: ?zfin.classification.ClassificationMap = null,
     account_map: ?zfin.analysis.AccountMap = null,
 
@@ -400,7 +402,7 @@ pub const App = struct {
                     for (tabs) |t| {
                         const lbl_len: i16 = @intCast(t.label().len);
                         if (mouse.col >= col and mouse.col < col + lbl_len) {
-                            if (t == .earnings and self.earnings_disabled) return;
+                            if (self.isTabDisabled(t)) return;
                             self.active_tab = t;
                             self.scroll_offset = 0;
                             self.loadTabData();
@@ -614,7 +616,7 @@ pub const App = struct {
                 const idx = @intFromEnum(action) - @intFromEnum(keybinds.Action.tab_1);
                 if (idx < tabs.len) {
                     const target = tabs[idx];
-                    if (target == .earnings and self.earnings_disabled) return;
+                    if (self.isTabDisabled(target)) return;
                     self.active_tab = target;
                     self.scroll_offset = 0;
                     self.loadTabData();
@@ -973,6 +975,7 @@ pub const App = struct {
         self.perf_loaded = false;
         self.earnings_loaded = false;
         self.earnings_disabled = false;
+        self.earnings_error = null;
         self.options_loaded = false;
         self.etf_loaded = false;
         self.options_cursor = 0;
@@ -1031,6 +1034,8 @@ pub const App = struct {
             },
             .earnings => {
                 self.earnings_loaded = false;
+                self.earnings_disabled = false;
+                self.earnings_error = null;
                 self.freeEarnings();
             },
             .options => {
@@ -1081,6 +1086,7 @@ pub const App = struct {
                 if (!self.options_loaded) options_tab.loadData(self);
             },
             .analysis => {
+                if (self.analysis_disabled) return;
                 if (!self.analysis_loaded) self.loadAnalysisData();
             },
         }
@@ -1216,7 +1222,7 @@ pub const App = struct {
         for (tabs) |t| {
             const lbl = t.label();
             const is_active = t == self.active_tab;
-            const is_disabled = t == .earnings and self.earnings_disabled;
+            const is_disabled = self.isTabDisabled(t);
             const tab_style: vaxis.Style = if (is_active) th.tabActiveStyle() else if (is_disabled) th.tabDisabledStyle() else inactive_style;
 
             for (lbl) |ch| {
@@ -1247,6 +1253,11 @@ pub const App = struct {
         return .{ .size = .{ .width = width, .height = 1 }, .widget = self.widget(), .buffer = buf, .children = &.{} };
     }
 
+    fn isTabDisabled(self: *App, t: Tab) bool {
+        return (t == .earnings and self.earnings_disabled) or
+            (t == .analysis and self.analysis_disabled);
+    }
+
     fn isSymbolSelected(self: *App) bool {
         // Symbol is "selected" if it matches a portfolio/watchlist row the user explicitly selected with 's'
         if (self.active_tab != .portfolio) return false;
@@ -1476,7 +1487,9 @@ pub const App = struct {
     fn nextTab(self: *App) void {
         const idx = @intFromEnum(self.active_tab);
         var next_idx = if (idx + 1 < tabs.len) idx + 1 else 0;
-        if (tabs[next_idx] == .earnings and self.earnings_disabled)
+        // Skip disabled tabs (earnings for ETFs, analysis without portfolio)
+        var tries: usize = 0;
+        while (self.isTabDisabled(tabs[next_idx]) and tries < tabs.len) : (tries += 1)
             next_idx = if (next_idx + 1 < tabs.len) next_idx + 1 else 0;
         self.active_tab = tabs[next_idx];
     }
@@ -1484,7 +1497,9 @@ pub const App = struct {
     fn prevTab(self: *App) void {
         const idx = @intFromEnum(self.active_tab);
         var prev_idx = if (idx > 0) idx - 1 else tabs.len - 1;
-        if (tabs[prev_idx] == .earnings and self.earnings_disabled)
+        // Skip disabled tabs (earnings for ETFs, analysis without portfolio)
+        var tries: usize = 0;
+        while (self.isTabDisabled(tabs[prev_idx]) and tries < tabs.len) : (tries += 1)
             prev_idx = if (prev_idx > 0) prev_idx - 1 else tabs.len - 1;
         self.active_tab = tabs[prev_idx];
     }
@@ -1748,6 +1763,11 @@ pub fn run(allocator: std.mem.Allocator, config: zfin.Config, args: []const []co
         app_inst.active_tab = .quote;
     }
 
+    // Disable analysis tab when no portfolio is loaded (analysis requires portfolio)
+    if (app_inst.portfolio == null) {
+        app_inst.analysis_disabled = true;
+    }
+
     // Pre-fetch portfolio prices before TUI starts, with stderr progress.
     // This runs while the terminal is still in normal mode so output is visible.
     if (app_inst.portfolio) |pf| {
diff --git a/src/tui/earnings_tab.zig b/src/tui/earnings_tab.zig
index 1011c98..75650fc 100644
--- a/src/tui/earnings_tab.zig
+++ b/src/tui/earnings_tab.zig
@@ -11,16 +11,23 @@ const StyledLine = tui.StyledLine;
 
 pub fn loadData(app: *App) void {
     app.earnings_loaded = true;
+    app.earnings_error = null;
     app.freeEarnings();
 
     const result = app.svc.getEarnings(app.symbol) catch |err| {
         switch (err) {
-            zfin.DataError.NoApiKey => app.setStatus("No API key. Set FINNHUB_API_KEY"),
+            zfin.DataError.NoApiKey => {
+                app.earnings_error = "No API key. Set FINNHUB_API_KEY (free at finnhub.io)";
+                app.setStatus("No API key. Set FINNHUB_API_KEY");
+            },
             zfin.DataError.FetchFailed => {
                 app.earnings_disabled = true;
                 app.setStatus("No earnings data (ETF/index?)");
             },
-            else => app.setStatus("Error loading earnings"),
+            else => {
+                app.earnings_error = "Error loading earnings data. Press r to retry.";
+                app.setStatus("Error loading earnings");
+            },
         }
         return;
     };
@@ -47,7 +54,7 @@ pub fn loadData(app: *App) void {
 // ── Rendering ─────────────────────────────────────────────────
 
 pub fn buildStyledLines(app: *App, arena: std.mem.Allocator) ![]const StyledLine {
-    return renderEarningsLines(arena, app.theme, app.symbol, app.earnings_disabled, app.earnings_data, app.earnings_timestamp);
+    return renderEarningsLines(arena, app.theme, app.symbol, app.earnings_disabled, app.earnings_data, app.earnings_timestamp, app.earnings_error);
 }
 
 /// Render earnings tab content. Pure function — no App dependency.
@@ -58,6 +65,7 @@ pub fn renderEarningsLines(
     earnings_disabled: bool,
     earnings_data: ?[]const zfin.EarningsEvent,
     earnings_timestamp: i64,
+    earnings_error: ?[]const u8,
 ) ![]const StyledLine {
     var lines: std.ArrayList(StyledLine) = .empty;
 
@@ -82,7 +90,11 @@ pub fn renderEarningsLines(
     try lines.append(arena, .{ .text = "", .style = th.contentStyle() });
 
     const ev = earnings_data orelse {
-        try lines.append(arena, .{ .text = try std.fmt.allocPrint(arena, "  No data. Run: zfin earnings {s}", .{symbol}), .style = th.mutedStyle() });
+        if (earnings_error) |err_msg| {
+            try lines.append(arena, .{ .text = try std.fmt.allocPrint(arena, "  {s}", .{err_msg}), .style = th.warningStyle() });
+        } else {
+            try lines.append(arena, .{ .text = try std.fmt.allocPrint(arena, "  No data. Run: zfin earnings {s}", .{symbol}), .style = th.mutedStyle() });
+        }
         return lines.toOwnedSlice(arena);
     };
     if (ev.len == 0) {
@@ -127,7 +139,7 @@ test "renderEarningsLines with earnings data" {
         .estimate = 1.50,
         .actual = 1.65,
     }};
-    const lines = try renderEarningsLines(arena, th, "AAPL", false, &events, 0);
+    const lines = try renderEarningsLines(arena, th, "AAPL", false, &events, 0, null);
     // blank + header + blank + col_header + data_row + blank + count = 7
     try testing.expectEqual(@as(usize, 7), lines.len);
     try testing.expect(std.mem.indexOf(u8, lines[1].text, "AAPL") != null);
@@ -142,7 +154,7 @@ test "renderEarningsLines no symbol" {
     const arena = arena_state.allocator();
     const th = theme_mod.default_theme;
 
-    const lines = try renderEarningsLines(arena, th, "", false, null, 0);
+    const lines = try renderEarningsLines(arena, th, "", false, null, 0, null);
     try testing.expectEqual(@as(usize, 2), lines.len);
     try testing.expect(std.mem.indexOf(u8, lines[1].text, "No symbol") != null);
 }
@@ -153,7 +165,7 @@ test "renderEarningsLines disabled" {
     const arena = arena_state.allocator();
     const th = theme_mod.default_theme;
 
-    const lines = try renderEarningsLines(arena, th, "VTI", true, null, 0);
+    const lines = try renderEarningsLines(arena, th, "VTI", true, null, 0, null);
     try testing.expectEqual(@as(usize, 2), lines.len);
     try testing.expect(std.mem.indexOf(u8, lines[1].text, "ETF/index") != null);
 }
@@ -164,7 +176,18 @@ test "renderEarningsLines no data" {
     const arena = arena_state.allocator();
     const th = theme_mod.default_theme;
 
-    const lines = try renderEarningsLines(arena, th, "AAPL", false, null, 0);
+    const lines = try renderEarningsLines(arena, th, "AAPL", false, null, 0, null);
     try testing.expectEqual(@as(usize, 4), lines.len);
     try testing.expect(std.mem.indexOf(u8, lines[3].text, "No data") != null);
 }
+
+test "renderEarningsLines with error message" {
+    var arena_state = std.heap.ArenaAllocator.init(testing.allocator);
+    defer arena_state.deinit();
+    const arena = arena_state.allocator();
+    const th = theme_mod.default_theme;
+
+    const lines = try renderEarningsLines(arena, th, "AAPL", false, null, 0, "No API key. Set FINNHUB_API_KEY");
+    try testing.expectEqual(@as(usize, 4), lines.len);
+    try testing.expect(std.mem.indexOf(u8, lines[3].text, "FINNHUB_API_KEY") != null);
+}
diff --git a/src/tui/portfolio_tab.zig b/src/tui/portfolio_tab.zig
index c4cb0ca..530003a 100644
--- a/src/tui/portfolio_tab.zig
+++ b/src/tui/portfolio_tab.zig
@@ -1025,6 +1025,7 @@ pub fn reloadPortfolioFile(app: *App) void {
     if (app.analysis_result) |*ar| ar.deinit(app.allocator);
     app.analysis_result = null;
     app.analysis_loaded = false;
+    app.analysis_disabled = false; // Portfolio loaded; analysis is now possible
 
     // If currently on the analysis tab, eagerly recompute so the user
     // doesn't see an error message before switching away and back.