Earnings Tracker: 2Q preview: more than just a mega cap Tech story

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Earnings Tracker: 2Q preview: more than just a mega cap Tech story

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Earnings Tracker

2Q preview: more than just a mega cap

Tech story

The bar is high, momentum is strong, broadening afoot 13 July 2026

After a blowout 1Q (S&P 500 EPS +27% YoY), consensus expects S&P 500 EPS to grow Equity and Quant Strategy

22% YoY in 2Q. Expectations are elevated, but we see no signs of earnings momentum United States

rolling over: Tech and Energy continued to drive estimates higher ahead of reporting, Savita Subramanian

guidance and revision trends are near post-COVID highs, both ISM PMI surveys are in Equity & Quant Strategist

expansionary territory and early reporters started strong (see Exhibit 13). We forecast BofASsavita.subramanian@bofa.com

2Q EPS of $85.50 (+28% YoY), 5% above consensus ($81.81), and raise our 2026 EPS Victoria Roloff

estimate from $335 to $345 (+26% YoY). Equity & Quant Strategist

BofAS

Energy joins Tech in the driver’s seat victoria.roloff@bofa.com John Chapman

Tech is still forecast to contribute the most earnings growth in 2Q, with Semis expected Equity & Quant Strategist

to grow >130% YoY, accounting for nearly half of total S&P 500 EPS growth. But BofASjohn.chapman3@bofa.com

strength is also evident elsewhere, with higher commodity prices and solid GDP See Team Page for List of Analysts

bolstering growth in Energy (+121% YoY) and Materials (+30% YoY); 10/11 sectors have

positive YoY growth forecasts. Health Care is the only sector expected to decline, but

would also be positive after excluding Gilead’s large acquisition-related charge. Median Exhibit 1: 2Q EPS rose 3% from Mar 31-

EPS growth is forecast to be 8% YoY, below 1Q’s 13% – but 1Q ultimately surprised Jun 30

6ppt above expectations at the start of the quarter.