The rise of sustainable investing challenges a core tenet of asset pricing: that stock prices primarily reflect discounted cash flows. Using earnings announcements as a key source of cash-flow news, we show that firms with high sustainable ownership are 45–58% less sensitive to earnings surprises. These dampened price reactions are accompanied by lower trading volume and no evidence of post-announcement convergence. The weaker response is not driven by smaller surprises, reduced informativeness, or alternative ownership structures. Within a flexible present-value framework, we attribute part of the dampening to lower persistence of earnings shocks, with the remainder explained by a 1–3% reduction in discount rates for high-sustainable-ownership firms. Overall, our findings demonstrate that sustainable investing alters the way markets incorporate fundamental cash-flow information into prices.