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For the 386 S&P 500 companies that have reported Q2 results, or 77.2% of the index’s total membership, total earnings are up +41.7% from the same period last year on +14.8% higher revenues, with 83.7% beating EPS estimates and 77.2% beating revenue estimates.
This is a notably better showing from these 386 index members relative to other recent periods, both in terms of the earnings and revenue growth rates as well in terms of the beats percentages. The EPS and revenue beats percentages for these companies are notably tracking above the averages for this group of companies over the preceding 20 quarters.
The Q2 earnings and revenue growth rates have been boosted by Micron's (MU - Free Report) blockbuster quarterly results and Alphabet's (GOOGL - Free Report) unrealized gain on its SpaceX stake. However, the earnings and revenue growth rates would still compare favorably with other recent periods when we exclude Micron and Alphabet from these results. Excluding Micron and Alphabet, Q2 earnings for the remaining 384 index members that have reported Q2 results would be up +19.6% (vs. +41.7% otherwise) on +13.6% higher revenues (vs. +14.8% otherwise).
The Tech sector has been a critical growth pillar since 2023 Q3 and is expected to continue playing that role in 2026 Q2, with expected earnings growth of +93.6%. Excluding the Tech sector’s substantial contribution, Q2 earnings growth for the rest of the S&P 500 index would be +17.7% (vs. +42.2% otherwise).
Nvidia (NVDA - Free Report), Micron and Alphabet are material contributors to the Tech sector’s growth profile in 2026 Q2 and the coming quarters. Excluding the contribution from these three Tech players, Q2 earnings growth for the rest of the Zacks Tech sector drops to +31.4% (from +93.6%).
The Earnings Big Picture
The chart below shows S&P 500 expectations for 2026 Q2 in terms of what was achieved in the preceding four periods and what is currently expected for the following three quarters.
Image Source: Zacks Investment Research
The chart below shows the overall earnings picture for the S&P 500 index on an annual basis.
Image Source: Zacks Investment Research
The chart below shows the significant contribution of the Tech sector to the aggregate growth picture. The chart also shows how critical Nvidia, Micron, and Alphabet are to the 2026 aggregate growth tally.
Image Source: Zacks Investment Research
Estimates for full-year 2026 have also been steadily going up, particularly since the start of March. The chart below shows the evolution of aggregate S&P 500 earnings estimates since last July.
Image Source: Zacks Investment Research
Full-year 2026 earnings estimates have increased for 10 of the 16 Zacks sectors since the start of March, with the most pronounced gains at the Energy, Basic Materials, Tech, Industrials, Utilities, and Business Services sectors. On the negative side, estimates have been under pressure for the Transportation, Autos, Medical, and Consumer Discretionary sectors since the start of March.
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