The earnings trends report shows a strong and improving picture, with 457 S&P 500 companies reporting Q2 results. Earnings are up +11.6% from last year on +5.8% higher revenues, with 80.5% beating EPS estimates and 78.8% beating revenue estimates. Expectations for Q3 also show growth in earnings and revenues.

For the current period (2025 Q3), total S&P 500 earnings are expected to increase +4.8% on +5.4% higher revenues, with estimates modestly increasing. The revisions trend remains favorable, with Finance, Tech, Energy, and Retail sectors seeing increases, while Medical, Basic Materials, and other sectors are under pressure.

Tech sector Q3 earnings are expected to be up +10.5% from the same period last year on +11.6% higher revenues. Meta Platforms and Alphabet are expected to show earnings growth in Q3, with Meta’s EPS estimate increasing by 17.4% over the past two months. Positive revisions are also seen in big banks and brokers in the Finance sector.

The positive results from more than 90% of S&P 500 members have pushed Q2 earnings growth expectations higher, with earnings for the S&P 500 index now expected to increase by +12.0% from last year on +6.0% higher revenues. The favorable revisions trend is expected to continue as the reporting cycle progresses.

Read more at Nasdaq: Earnings Outlook Remains Strong & Improving: A Closer Look