S&P 500 EPS Estimates for 2020 and 2021

S&P 500 EPS Estimates for 2020 and 2021 In a downside scenario, S&P 500 EPS could fall to $70 in 2020 and reach $115 in 2021. Image: Goldman Sachs Global Investment Research

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

S&P 500 Earnings and Dividend Growth (S&P 500 EPS and DPS)

S&P 500 Earnings and Dividend Growth (S&P 500 EPS and DPS) This chart suggests estimates for earnings and dividend growth this year, highlighting the financial crisis and the Great Depression. 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