Equity Strategy: Q2 Earnings Season Tracker

Research evidence excerpt

Equity Strategy: Q2 Earnings Season Tracker

J P M O R G A N Global Markets Strategy

24 July 2026

Equity Strategy

Q2 Earnings Season Tracker

• It is still early in the Q2 reporting season, with ~25% of companies having Equity Strategy

AC reported in both the US and in Europe. Earnings growth is coming in better than Mislav Matejka, CFA

consensus expected, at +23% y/y in the US, and +22% y/y in Europe, implying (44-20) 7134-9741

a positive surprise factor of 13% and 2%, respectively. This is despite the mislav.matejka@jpmorgan.com

already elevated projections - see Fig 1. Unlike typically, the hurdle rate moved J.P. Morgan Securities plc

higher ahead of the reporting season. We note that blended Q2 EPS in both the Prabhav Bhadani, CFA

US and Europe has ticked up. Initial results are consistent with our Q2 Preview, (44-20) 7742-4404

prabhav.bhadani@jpmorgan.com

where we outlined our bullish earnings outlook for the quarter and for 2H of J.P. Morgan Securities plc

this year.

Nitya Saldanha, CFA

• US: 87% of S&P500 companies that have reported beat EPS estimates. EPS (44 20) 7742 9986

growth for these companies is at +23% y/y, surprising positively by 13% pts. nitya.saldanha@jpmchase.com

Earnings delivery is robust across the board so far, with 9 sectors recording J.P. Morgan Securities plc

double-digit EPS growth. Topline growth is at +11% y/y, ahead of projections Karishma Manpuria, CFA

by 3% pts. (91-22) 6157-4115

karishma.manpuria@jpmchase.com

• Europe: Of the Stoxx600 companies that have reported so far, 55% beat EPS J.P. Morgan India Private Limited

estimates. Q2 EPS growth is at +22% y/y, which is a positive surprise of 2%. Anamil Kochar, CFA

Energy sector, which was helped by the conflict-driven rise in energy prices, (91-22) 6157-5179