Equity Strategy Q1 Earnings Season Tracker - Key Takeaways

Research evidence excerpt

Equity Strategy Q1 Earnings Season Tracker - Key Takeaways

J P M O R G A N Global Markets Strategy

15 May 2026

Equity Strategy

Q1 Earnings Season Tracker - Key Takeaways

• The Q1 earnings season is in its final stages, with nearly 90% of companies Equity Strategy

AC having reported in both the US and in Europe. In this last edition of our Q1 Mislav Matejka, CFA

tracker, we summarize the key takeaways. (44-20) 7134-9741

• This reporting season delivered much better than the usual beats, particularly mislav.matejka@jpmorgan.comJ.P. Morgan Securities plc

in the US - see Fig 19, with EPS growth coming in at +23% y/y in the US, and

Prabhav Bhadani, CFA

+5% y/y in Europe, implying an EPS surprise factor of +18% pts and +4% pts, (44-20) 7742-4404

respectively. S&P500 Q1 blended EPS inflected higher through the quarter - prabhav.bhadani@jpmorgan.com

see Fig 3, and the proportion of companies beating EPS estimates in both the J.P. Morgan Securities plc

US and Europe moved above average - see Fig 4&6. Encouragingly, the Nitya Saldanha, CFA

proportion of companies raising their profit outlook has also increased to above (44 20) 7742 9986

the historical average - see Fig 15. Consistent with our Preview, we note that nitya.saldanha@jpmchase.com

earnings are proving to be a support for the market. J.P. Morgan Securities plc

Karishma Manpuria, CFA

• Within the US, a large share of the earnings growth is being driven by sectors (91-22) 6157-4115

associated with AI plays - Tech, Communication Services and Discretionary, karishma.manpuria@jpmchase.com

as well as by Financials. Mag-7 EPS growth is the strongest since Q1 '24 - see J.P. Morgan India Private Limited

Fig 18; at the same time, the group has de-rated meaningfully, to 10-year lows Anamil Kochar, CFA

- see our March Chartbook.