S&P 500 Earnings Season Update: April 17, 2026

At this early stage, the first quarter earnings season for the S&P 500 is off to a strong start relative to expectations. Both the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises are above recent averages. As a result, the index is reporting higher earnings for the first quarter today relative to the end of last week but still reporting flat earnings relative to the end of the quarter. However, the index is also reporting double-digit (year-over-year) earnings growth for the 6^th straight quarter.

Overall, 10% of the companies in the S&P 500 have reported actual results for Q1 2026 to date. Of these companies, 88% have reported actual EPS above estimates, which is above the 5-year average of 78% and above the 10-year average of 76%. In aggregate, companies are reporting earnings that are 10.8% above estimates, which is above the 5-year average of 7.3% and above the 10-year average of 7.1%. Historical averages reflect actual results from all 500 companies, not the actual results from the percentage of companies that have reported through this point in time.

During the past week, positive EPS surprises reported by companies in the Financials and Communication Services sectors, partially offset by downward revisions to EPS estimates for companies in the Energy sector, were the largest contributors to the increase in the overall earnings growth rate for the index over this period. Since March 31, positive EPS surprises reported by companies in the Financials and Communication Services sectors have been offset by downward revisions to EPS estimates for companies in the Energy and Health Care sectors, resulting in no change in the overall earnings growth rate for the index over this period.

As a result, the index is reporting higher earnings for the first quarter today relative to the end of last week but still reporting flat earnings relative to the end of the quarter. The blended (combines actual results for companies that have reported and estimated results for companies that have yet to report) earnings growth rate for the first quarter is 13.2% today, compared to an earnings growth rate of 12.2% last week and an earnings growth rate of 13.2% at the end of the first quarter (March 31).

If 13.2% is the actual growth rate for the quarter, it will mark the 6^th consecutive quarter of double-digit (year-over-year) earnings growth for the index.

Eight of the eleven sectors are reporting (or are projected to report) year-over-year earnings growth, led by the Information Technology, Materials, Financials, and Utilities sectors. On the other hand, three sectors are reporting (or are predicted to report) a year-over-year decline in earnings, led by the Energy and Health Care sectors.

In terms of revenues, 84% of S&P 500 companies have reported actual revenues above estimates, which is above the 5-year average of 70% and above the 10-year average of 67%. In aggregate, companies are reporting revenues that are 2.0% above the estimates, which is equal to the 5-year average of 2.0% but above the 10-year average of 1.5%. Again, historical averages reflect actual results from all 500 companies, not the actual results from the percentage of companies that have reported through this point in time.

As a result, the blended revenue growth rate for the first quarter is 9.9% today, compared to a revenue growth rate of 9.8% last week and a revenue growth rate of 9.8% at the end of the first quarter (March 31).

During the past week, positive revenue surprises reported by companies in the Financials sector were the largest contributors to the small increase in the overall revenue growth rate for the index over this period. Since March 31, positive revenue surprises reported by companies in the Financials sector have been the largest contributors to the small increase in the overall revenue growth rate for the index over this period.

If 9.9% is the actual revenue growth rate for the quarter, it will mark the highest revenue growth rate reported by the index since Q3 2022 (11.0%).

All eleven sectors are reporting (or are projected to report) year-over-year growth in revenues, led by the Information Technology, Communication Services, and Financials sectors.

For Q2 2026 through Q4 2026, analysts are calling for earnings growth rates of 20.1%, 22.2%, and 19.9%, respectively. For CY 2026, analysts are predicting (year-over-year) earnings growth of 18.0%.

The forward 12-month P/E ratio is 20.9 (based on Wednesday’s closing price and forward EPS), which is above the 5-year average (19.9) and above the 10-year average (18.9). This P/E ratio is also above the forward P/E ratio of 19.7 recorded at the end of the first quarter (March 31).

During the upcoming week, 93 S&P 500 companies (including 7 Dow 30 components) are scheduled to report results for the first quarter.

Q1 2026: Scorecard

 Q1 2026: Growth 

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