Expectations intersect with many areas of public relations, yet conceptual and theoretical understandings of expectations have not been strong in public relations research. In fact, expectations are often discussed at a cursory level, expectation theories are seldom applied, and the concept of expectations is not problematized. In this article, therefore, we explore the role of expectations in public relations and illustrate how expectations shape organizational relationships, particularly by enabling or destroying the creation of organizational intangible assets. We identify gaps in how expectations are addressed in public relations, present the results from a literature review of 159 academic articles, and move forward conceptually by elaborating expectations as normative, predictive, and destructive assessments. The predictive and destructive dimensions that recognize negative expectations, in particular, can help public relations scholars understand the flipside of the much more often discussed positive expectations. Fulfillment of negative expectations, for example, can explain the active maintenance of unfavorable reputations and reputational stigmas.