At this late stage of the earnings season, the (blended) revenue growth rate for the S&P 500 for Q1 is 11.4%. If 11.4% is the actual growth rate for the quarter, it will mark the highest revenue growth rate reported by the index since Q2 2022 (13.9%).
However, the Q1 revenue growth rate for the S&P 500 has been increasing over a longer period. On December 31, the estimated revenue growth rate for Q1 was 8.2%. On March 31, the estimated revenue growth rate for Q1 was 9.9%. Today, the (blended) revenue growth rate is 11.4%.
At the sector level, all eleven sectors are reporting (or have reported) year-over-year revenue growth. Five of these eleven sectors are reporting (or have reported) double-digit revenue growth: Information Technology, Communication Services, Utilities, Real Estate, and Financials.
The Information Technology sector is reporting the highest (year-over-year) revenue growth rate of all eleven sectors at 29.2%. At the industry level, all 6 industries in the sector are reporting (or have reported) year-over-year revenue growth: Semiconductors & Semiconductor Equipment (52%), Technology Hardware, Storage, & Peripherals (28%), Electronic Equipment, Instruments, & Components (24%), Software (19%), Communication Equipment (16%), and IT Services (8%).
The Information Technology sector is also the largest contributor to revenue growth for the index as a whole. If this sector were excluded, the blended revenue growth rate for the S&P 500 for Q1 would fall to 9.0% from 11.4%.
Looking ahead, analysts expect lower revenue growth for the S&P 500 for the 2nd half of 2026. For Q2 2026 through Q4 2026, the estimated revenue growth rates for the index are 11.4%, 10.1%, and 9.7%, respectively.
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