In the second quarter of 2023, 451 S&P 500 companies reported earnings, showing an aggregate growth of 41.6% year-over-year with revenues up 14.7%. This data represents 90.2% of the index membership, with 83.4% of companies exceeding EPS estimates and 76.5% beating revenue forecasts.
Key sectors such as Finance, Energy, and Basic Materials have largely concluded their earnings reports, while Retail and Tech still have many results pending. Notably, earnings growth was significantly influenced by Micron Technology and an unrealized gain from Alphabet’s SpaceX stake. Excluding these, the earnings growth for the remaining 449 companies was 21.5%, with revenues up 13.6%.
The Tech sector’s earnings growth is primarily driven by Nvidia, Micron, and Alphabet, with overall growth dropping to 33.2% when excluding these companies. Estimates for full-year 2026 earnings have risen for 10 of the 16 Zacks sectors since March, particularly in Energy, Basic Materials, and Tech.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
