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

31 July 2026

Equity Strategy

Q2 Earnings Season Tracker

• We are in the busiest weeks of the Q2 reporting season, with between 50 - 60% Equity Strategy

AC of companies having reported in the US and in Europe. Earnings growth is Mislav Matejka, CFA

coming in better than consensus expected, at +20% y/y in the US, and +22% (44-20) 7134-9741

y/y in Europe, implying a positive surprise factor of 8% pts and 4% pts, mislav.matejka@jpmorgan.com

respectively. The strong delivery this quarter is broadbased, with all sectors in J.P. Morgan Securities plc

the US, and nearly all in Europe, seeing better EPS vs Q2 '25. In addition to the Prabhav Bhadani, CFA

positive EPS surprise, the breadth of beats is healthy, as well: the proportion of (44-20) 7742-4404

prabhav.bhadani@jpmorgan.com

companies beating EPS estimates is above average in both regions - see Fig J.P. Morgan Securities plc

4&6. Encouragingly, of the US companies that have provided guidance data,

Nitya Saldanha, CFA

the percentage that has revised up their profit outlook is the highest since 2021 (44 20) 7742 9986

- see Fig 1. nitya.saldanha@jpmchase.com

• US: 86% of S&P500 companies that have reported beat EPS estimates. EPS J.P. Morgan Securities plc

growth for these companies is at +20% y/y, surprising positively by 8% pts. Karishma Manpuria, CFA

Earnings delivery is robust across the board, with 8 sectors recording double- (91-22) 6157-4115

karishma.manpuria@jpmchase.com

digit EPS growth. Topline growth is at +12% y/y, ahead of projections by 3% J.P. Morgan India Private Limited

pts. Anamil Kochar, CFA

• Europe: Of the Stoxx600 companies that have reported so far, 59% beat EPS (91-22) 6157-5179

estimates.