S&P 500 Quarterly Net Profit Margin (ex. Financials & Utilities)

Profits across corporate America are running hot, and with margins set to widen into 2026, the bullish narrative keeps gaining traction. The momentum is hard to ignore, but margins do not expand forever.

Image: Goldman Sachs Global Investment Research

S&P 500 Quarterly Net Profit Margin (ex. Financials & Utilities)