S&P 500 Year/Year EPS Growth

S&P 500 Year/Year EPS Growth Goldman Sachs maintains the 2020 S&P 500 EPS estimate of $110 and adjusts the quarterly path of earnings growth. Image: Goldman Sachs Global Investment Research

Aggregate EPS Growth

Aggregate EPS Growth U.S. earnings are outperforming the rest of the world in Q1:2020, because the U.S. was the slowest to lock down its economy. Image: Deutsche Bank Asset Allocation

S&P 500 EPS Growth vs. Buyback Growth

S&P 500 EPS Growth vs. Buyback Growth This chart shows the historical correlation between S&P 500 EPS growth and buyback growth (R² = 0.32). Goldman Sachs expects buybacks to fall by 50% during 2020 and EPS by 33%. Image: Goldman Sachs Global Investment Research

EPS Growth and Consensus

EPS Growth and Consensus The U.S. stock market is recovering, but Goldman Sachs expects EPS to fall 33% in the United States. Image: Goldman Sachs Global Investment Research

S&P 500 YoY EPS Growth

S&P 500 YoY EPS Growth Goldman Sachs now forecasts S&P 500 EPS of $110 this year. Image: Goldman Sachs Global Investment Research

U.S. Economic Growth vs. S&P 500 EPS Growth

U.S. Economic Growth vs. S&P 500 EPS Growth This chart shows the link between economic growth and S&P 500 EPS growth, and highlights the sensitivity of S&P 500 EPS to macro variables. Image: Goldman Sachs Global Investment Research

Expected Path Quarterly S&P 500 EPS Growth

Expected Path Quarterly S&P 500 EPS Growth Goldman Sachs expects 2020 EPS estimate equals $157, corresponding to a decline of 5% vs. 2019. Image: Goldman Sachs Global Investment Research

Annual S&P 500 EPS Growth and S&P 500 Forward P/E

Annual S&P 500 EPS Growth and S&P 500 Forward P/E Goldman’s baseline scenario suggests S&P 500 EPS growth of 0% in 2020 and forward P/E multiple equals 19.4x at year-end 2020. Image: Goldman Sachs Global Investment Research

Annual S&P 500 EPS Growth

Annual S&P 500 EPS Growth Goldman Sachs expects no earnings growth this year. Image: Goldman Sachs Global Investment Research