Not exclusively, but frequently. We know, from Paul’s writings, that prophecy and teaching are not the same (1 Corinthians 12:28; 14:26). Teaching is expositing a biblical text and drawing out a lesson, while prophesying is speaking something that the Spirit spontaneously brings to mind. But what often happens during a preaching moment is an unusually powerful application of a biblical text. Perhaps the clearest New Testament example is Peter prophetically preaching in Acts 2:14–36, applying the texts of Joel 2, Psalm 16, and Psalm 110. That, of course, was an unparalleled sermon, but it demonstrates an instance. Peter preached and thousands were “cut to the heart” (Acts 2:37).
Many of us have sat under preaching that was unusually powerful and personally affecting. We often call this “anointed preaching”; it may land on us like “teaching on steroids.” Often non-Christians are born again because of someone’s preaching — which means they encountered “the spirit of prophecy,” which is “the testimony of Jesus” (Revelation 19:10). Other times Christians are brought to deep conviction of sin or encouragement under someone’s preaching. This is why many of the Puritans, like William Perkins, called preaching “prophesying.” And it is, I believe, the most frequent way most Christians experience the gift of prophesy: Spirit-empowered illumination and application of scriptural truth. In a previous article, I included two extraordinary examples of prophetic preaching. But it occurs more frequently in less specific, but personally profound, ways as well.
However, as the New Testament illustrates, prophecy is not limited to preaching as we typically think of it (prepared exegetical sermons delivered in a local church or wider event context). Ananias’s vision (Acts 9:10–16), Agabus’s foretelling (Acts 11:27–30; 21:10–11), Paul’s and Barnabas’s missionary call (Acts 13:2–3), the Ephesian disciples’ spontaneous utterances, Paul’s vision of the Macedonian man (Acts 16:9), the Spirit’s testifying to Paul in every city what awaited him in Jerusalem (Acts 20:22–23), and the personal prophecies Timothy received (1 Timothy 1:18; 4:14) would not fit into the “anointed expository preaching” category. They came outside of a preaching context — though each prophetic vision or word drew its power because it was a personally applied scriptural truth.
So I would say that the most common and most transformative way Christians experience the gift of prophecy is through Spirit-empowered preaching and application of the Scriptures. This may be one reason why, in 1 Corinthians 12:28, Paul lists “prophets” ahead of “teachers” as gifts to the church. And I would say the less common way Christians experience prophecy is through receiving revelatory dreams, visions, and what are often called “prophetic words.” This is why Paul could encourage everyone in a local church to earnestly desire to prophesy (1 Corinthians 14:1).