S&P Earnings Expectations

7/25/2025 - LSEG I/B/E/S Earnings Figures:

2Q2025 Y/Y earnings are expected to be 7.7% [vs. 6.7% & 5.7% prior weeks] on 4.5% [vs. 4.0% & 3.8% prior weeks] revenue growth. Excluding the energy sector, the Y/Y earnings estimate is 9.5% vs 8.6%, 7.5% last weeks.

Led by coms at 36.6% [vs. 32.2% & 31% prior weeks] and IT 17.9% [vs. 17.8% & 17% prior weeks]. 3Q2025 8.4% [vs. 8.4% & 8.2% prior weeks] on 4.6% [vs. 4.5% & 4.3% prior weeks],

2024 - 12.1%, 5%;

2025 - 8.4% [vs. 8.8% & 8.5% prior weeks], 4.9% [vs. 4.8% & 4.6%]

2026 - 14.0% and 6.1% [vs. 14.1%, 6.1% prior weeks].

22.6 X 4-Quarter forward P/E [vs.22.4 X 4 prior week].

24.1 X 2025 [23.9 X prior week] and

21.1 X 2026 [vs. 20.9 & 20.9 prior weeks].

7/18/2025 - LSEG I/B/E/S Earnings Figures: 2Q2025 Y/Y earnings are expected to be 6.7% [vs. 5.7% last week] on 4.0% [vs. 3.8% last week] revenue growth. Update Excluding the energy sector, the Y/Y earnings estimate is 8.6% vs 7.5% last week. Led by coms at 32.2% [31%] and IT 17.8% [17%].

3Q2025 8.4% [8.2%] on 4.5% [4.3%],

2024 - 12.1%, 5%;

2025 - 8.8% [8.5%], 4.8% [4.6%] 2026 - 14.1%, 6.1%.

22.4 X 4 quarter forward P/E. 23.9 - 2025 and 20.9 - 2026 - unchanged.

Previous periods

7/11/2025 - LSEG I/B/E/S Earnings Figures: S&P 500 2Q2025 earnings are expected to grow 5.7% year over year on 3.8% revenue growth. S&P 500 3Q2025 earnings are expected to grow 8.2% year over year on 4.3% revenue growth; S&P 500 4Q2025 earnings are expected to grow 6.4% year over year on 5.0% revenue growth. S&P 500 1Q2026 earnings are expected to grow 11.0% year over year on 5.4% revenue growth. S&P 500 2Q2026 earnings are expected to grow 16.6% year over year on 6.1% revenue growth. S&P 500 2Q2026 earnings are expected to grow 14.8% year over year on 6.4% revenue growth.

For 2025 and 2026, earnings are expected to grow 8.5%, on 4.6% revenue growth and 14.1%, on 6.1% revenue growth

S&P 500 Price to Earnings Ratios are 22.4X for the next four quarters, 23.9X for 2025 and 20.9X for 2026.

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