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We investigate how firm CSR performance influences the overall and components of firm-specific earnings. We find a weak positive association between the overall CSR measures and the overall firm-specific earnings. Further, our analysis shows that overall CSR measures are positively associated with the level of firm-specific cash flows and are negative with firm-specific accruals. The counter-effect of CSR performance on firm-specific cash flows and accruals explain the weak association between CSR and firm-specific earnings. This result is robust to a difference-in-difference test. We also examine the effect of different CSR components on firm-specific earnings and find that CSR on the environment and product characteristics are positively associated with firm-specific earnings. In contrast, others either have no association or significant negative association with firm-specific earnings. This could also help explain the weak relation between the overall CSR measures and the overall firm-specific earnings.