Are “Magnificent 7” Companies Still Top Contributors to Earnings Growth for the S&P 500 for Q4?

A number of the companies in the “Magnificent 7” have been top contributors to year-over-year earnings growth for the S&P 500 in recent quarters. How many companies in the “Magnificent 7” are expected to be among the top five contributors to earnings growth for the S&P 500 for the fourth quarter?

Overall, the blended earnings growth rate for the S&P 500 for Q4 2025 is 8.2%. The top five contributors to year-over-year earnings growth for the S&P 500 for Q4 (in order of contribution) are NVIDIA, Boeing, Alphabet, Micron Technology, and Microsoft. Thus, three of the top five contributors to year-over-year earnings growth for the index for the fourth quarter are “Magnificent 7” companies. Outside of the “Magnificent 7” companies, Boeing is benefitting from an easy comparison to a large loss reported in the year-ago quarter due to charges and other expenses that were included in the year-ago (non-GAAP) EPS.

In aggregate, the “Magnificent 7” companies are expected to report year-over-year earnings growth of 20.3% for the fourth quarter. Excluding these seven companies, the blended (combines actual and estimated results) earnings growth rate for the fourth quarter for the remaining 493 companies in the S&P 500 would be 4.1%.

Four of the “Magnificent 7” companies are scheduled to report earnings for Q4 during the week of January 26: Apple, Meta Platforms, Microsoft, and Tesla.

Looking ahead, analysts expect both the “Magnificent 7” companies and the other 493 S&P 500 companies to report double-digit earnings growth in CY 2026. The estimated earnings growth rate for the “Magnificent 7” companies for CY 2026 is 22.8%, while the estimated earnings growth rate for the other 493 S&P 500 companies for CY 2026 is 12.1%.

 *Not in order of contribution 

This blog post is for informational purposes only. The information contained in this blog post is not legal, tax, or investment advice. FactSet does not endorse or recommend any investments and assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this article.