By the time 88 percent of the S&P 500 has reported, an earnings season is mostly decided. Here is the scorecard for the second quarter of 2026, in one place.
- As of August 7, 2026, 88 percent of S&P 500 companies had reported Q2 results; 86 percent beat EPS estimates [1].
- Blended earnings growth was 50.4 percent, up from 47.4 percent the week before and 23.1 percent at quarter-end [1].
- Excluding Alphabet and Amazon, growth would be 32.0 percent [1].
- Revenue grew 15.0 percent; 76 percent of companies beat revenue estimates by 3.2 percent in aggregate [1].
| Measure (as of Aug 7, 2026) | Result |
|---|---|
| Companies reported | 88% |
| Beat EPS estimates | 86% (5-year avg 78%, 10-year avg 76%) |
| Aggregate EPS surprise | 29.2%, highest since FactSet began tracking in 2008 |
| Blended earnings growth | 50.4% (32.0% excluding Alphabet and Amazon) |
| Revenue growth | 15.0% |
| Beat revenue estimates | 76% (aggregate surprise 3.2%) |
Source: FactSet [1].
The trend through the season
Blended growth moved from 23.1 percent at the end of the quarter to 47.4 percent a week earlier and 50.4 percent by August 7 [1]. That is a huge upward revision, and it came mostly from two companies reporting large investment gains. Alphabet reported EPS of $9.11 against a $2.88 estimate and Amazon $5.75 against $1.82 [1].
What is solid
Strip out the two and the quarter is still strong: 32.0 percent growth is the second consecutive quarter above 25 percent and the seventh straight with double-digit growth. Ten of eleven sectors grew, led by Energy, Communication Services and Consumer Discretionary [1].
How the numbers moved during the season
The July 24 snapshot shows how much the picture changed. On that date 27 percent of companies had reported, blended earnings growth was 37.9 percent (25.9 percent excluding Alphabet), blended revenue growth was 13.2 percent, 86 percent had beaten EPS estimates and the aggregate EPS surprise was 39.3 percent (12.6 percent without Alphabet) [2]. By August 7, with 88 percent reporting, growth was 50.4 percent (32.0 percent excluding Alphabet and Amazon), revenue growth was 15.0 percent, 86 percent beat EPS estimates and the surprise was 29.2 percent (10.9 percent without the two) [1].
Notice what moved and what did not. The beat rate stayed at 86 percent while the headline growth rate rose by more than 12 points as Amazon joined Alphabet in the tally and more companies reported. The aggregate surprise fell from 39.3 to 29.2 percent because a larger denominator diluted the same outliers [2][1]. Any one weekly snapshot is therefore a stage in a moving calculation, which is why this scorecard is dated.
What to watch next
- Whether Q3 estimates of 27.4 percent growth hold [1].
- Whether energy-sector earnings stay elevated as oil prices stay above $100.
- Whether investment gains reverse in future quarters.
This is analysis, not investment advice.
Questions readers ask
How did the S&P 500 do in Q2 2026 earnings season?
As of August 7, 86 percent of reporting companies beat EPS estimates and blended earnings growth was 50.4 percent [1].
Which sectors grew earnings?
Ten of eleven; Energy, Communication Services and Consumer Discretionary led [1].
References
- S&P 500 Earnings Season Update, August 7, 2026 — FactSet — https://insight.factset.com/sp-500-earnings-season-update-august-7-2026
- S&P 500 Earnings Season Update, July 24, 2026, FactSet — https://insight.factset.com/sp-500-earnings-season-update-july-24-2026