Consensus EPS Growth Estimates Consensus forecasts suggest a resilient corporate sector, with S&P 500 EPS expected to grow by 7% in 2025 and accelerate to 14% in 2026, reflecting optimism despite economic uncertainties. Image: Goldman Sachs Global Investment Research
Typical Path of S&P 500 Bottom-Up Consensus EPS Estimate While economic and policy uncertainties have led to downward revisions in 2025 EPS estimates, this trend mirrors historical patterns and may contribute to a more optimistic market outlook. Image: Goldman Sachs Global Investment Research
Bottom-Up Consensus S&P 500 EPS Estimates Bottom-up consensus estimates show S&P 500 EPS growth slowing to 4% year-over-year in Q2 2025, highlighting a cautious earnings environment amid ongoing revisions and sector challenges. Image: Goldman Sachs Global Investment Research
S&P 500 EPS Median stock EPS growth is expected to remain robust and improve in the second half of 2025, though the pace of growth may be somewhat slower than the strong gains seen earlier in the year. Image: Goldman Sachs Global Investment Research
Discretionary Equity Positioning and S&P 500 EPS Growth At current levels, discretionary investors are factoring in continued strong earnings growth for the S&P 500, with no signs of a slowdown. Image: Deutsche Bank Asset Allocation
S&P 500 Index and Blended Forward EPS The recent easing of tariffs has helped reverse the persistent negative earnings trend in U.S. equities, leading to a strong market rebound and improved short-term sentiment. Image: Bloomberg
Consensus EPS Growth Estimate Following the initial Magnificent Seven earnings report on April 22, analysts revised full-year earnings estimates upward by 1.8% for the Magnificent Seven, but downward by 0.8% for the other 493 companies in the S&P 500. Image: J.P. Morgan Asset Management
Earnings – S&P 500 Consensus EPS Revision The 2025 EPS revision trend follows historical patterns. With high initial estimates and ongoing macroeconomic uncertainty, investors should stay alert for possible further downward adjustments. Image: Goldman Sachs Global Investment Research
Magnificent 6 (ex. NVDA) vs. S&P 493 Quarterly EPS YoY Growth The gap in EPS growth between mega-cap tech and the S&P 493 widened during 1Q 2025, as strong tech earnings and upward revisions contrasted with more cautious or downward-trending guidance for the broader market. Image: Goldman Sachs Global Investment Research
S&P 500 Ratio to 1-Year MA vs. S&P 500 EPS S&P 500 market pricing broadly aligns with Deutsche Bank’s Q2 earnings growth forecast. Image: Deutsche Bank Asset Allocation
S&P 500 Quarterly YoY EPS Growth Relative to Consensus Expectations S&P 500 Q1 2025 earnings growth has substantially outpaced initial expectations, driven by robust results from key sectors and widespread positive surprises. Image: Goldman Sachs Global Investment Research