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S&P 500 Aggregate Estimates and Revisions

• The 24Q1 Y/Y adjusted blended earnings growth estimate is 8.7%. If the energy sector is excluded, the growth rate for the index is 8.5%. Please note that the 24Q1 year-over-year growth rate for Bristol Myers Squibb reflects an approximate $12 billion one-time charge related to its acquisition of Karuna Therapeutics. When including this one-time item, the S&P 500 24Q1 earnings growth rate declines to 5.6%.
• Of the 229 companies in the S&P 500 that have reported earnings to date for 24Q1, 77.7% reported above analyst expectations. This compares to a long-term average of 66%.
• The 24Q1 Y/Y blended revenue growth estimate is 3.8%. If the energy sector is excluded, the growth rate for the index is 4.4%.

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