Earnings Tracker: Week 4: Earnings boom, consumer gloom

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Earnings Tracker: Week 4: Earnings boom, consumer gloom

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Earnings Tracker

Week 4: Earnings boom, consumer gloom

Best earnings season since 2021 (+26% YoY growth) 11 May 2026

With results from 445 S&P 500 companies (86% of index earnings) now in, 1Q26 Equity and Quant Strategy

earnings season has blown past expectations. Four stats to know: 1) The S&P 500 is on United States

pace to deliver 26% EPS growth YoY (18% excluding large one-time gains recognized by

Savita Subramanian

Amazon, Google and Meta) vs. consensus forecast of just 12% on April 1. 2) Strength Equity & Quant Strategist

isn’t confined to mega-cap Tech – the median stock is growing EPS by a solid 12% YoY. BofASsavita.subramanian@bofa.com

3) 64% of companies beat both EPS and sales expectations, nearly 20ppt ahead of the

Victoria Roloff

historical average of 42% since 2001. 4) Sales growth adjusted for FX and inflation is on Equity & Quant Strategist

pace to rise 7% YoY. All of these metrics are the best since 2021. BofAS victoria.roloff@bofa.com

Jill Carey Hall, CFA2026E +4% since Apr. 1; 1.5x up vs. down guides Equity & Quant Strategist

2026 estimates have been revised 4% higher since April 1, led by Energy, Materials and BofAS

TMT (see Exhibit 7). EPS growth is now expected to exceed 20% YoY. 2Q EPS estimates jill.carey@bofa.com

have also been revised higher (+3%), bucking the usual cut ahead of reporting (see See Team Page for List of Analysts

Exhibit 26). While corporates struck a slightly more cautious tone on earnings calls this

quarter (see our Corporate Sentiment Indicator; Exhibit 36), guidance did not deteriorate Exhibit 1: 1Q EPS revised up 12% since

as feared amid elevated geopolitical uncertainty – there have been 50% more above- 4/1, largely boosted by one-time gains in