S&P 500 - Aggregate Net Profit Margin, 1999-2026, Against Its Long-Run Average

S&P 500 margins have moved up and stayed up, sitting around 60% above the long-term average. The question isn’t if that’s lofty, but how long today’s structural tailwinds can keep margins from sliding back toward the mean.

Image: Real Investment Advice

S&P 500 - Aggregate Net Profit Margin, 1999-2026, Against Its Long-Run Average