Global Research Highlights: Best earnings season since 2021 despite geopolitical overhang

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Global Research Highlights: Best earnings season since 2021 despite geopolitical overhang

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Global Research Highlights

Best earnings season since 2021 despite

geopolitical overhang

Investment Strategy

15 May 2026

Best earnings season since 2021 (+26% YoY growth) Global

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

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

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

Portfolio Strategist

Amazon, Google and Meta) vs. consensus forecast of just 12% on April 1. 2) Strength BofAS

isn’t confined to mega-cap Tech – the median stock is growing EPS by a solid 12% YoY. +1 646 743 0218 derek.harris@bofa.com

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

Thomas Hopkins

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

pace to rise 7% YoY. All of these metrics are the best since 2021. BofAS

thopkins2@bofa.com

AI data center TAM now ~$1.7Tn by CY30, +45% CAGR Evan Morris

In-line with our view of stronger AI infra capex outlook (see Q1 cloud capex takeaways), BofAS

we update our CY30 AI data center systems TAM outlook to ~$1.7Tn AI DC vs. ~$1.4Tn evan.morris@bofa.com

prior. Despite ongoing concerns around capex sustainability and the ability to fund

them, we believe: 1) 2026 will continue to be a year of accelerating AI sales and ROIs

Top Macro reports(OpenAI, Anthropic upcoming IPOs likely to provide improving prospects), while 2) 2027

The RIC Report 2could see improving tokenomics/efficiency as new architecture compute/memory Jared Woodard

systems ramp.