The S&P 500’s blended earnings growth rate for Q2 2026 stands at 51%, the highest since Q2 2021, according to FactSet senior earnings analyst John Butters. Alphabet and Amazon are largely responsible for this surge, with earnings per share far exceeding estimates at $9.11 versus $2.88 and $5.75 versus $1.82 respectively. Without these two companies, the growth rate would fall to 32.6%, which would still represent the seventh consecutive quarter of double-digit earnings growth. Ten of 11 sectors reported year-over-year earnings growth, with energy surging 146.3% and communication services jumping 116.9%, while health care was the only detractor with a decline of approximately 6.5%.
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