S&P 500: 90% reported, EPS +27%

FactSet said on May 15 that 90% of S&P 500 companies had reported first-quarter results, with the index’s blended year-over-year earnings growth rate at 27.7%. The data point helps explain why investors have kept focusing on earnings even as Treasury yields and oil prices have pressured stocks in recent sessions. It also shows how much the reporting season changed expectations: FactSet said the same quarter was expected to deliver 13.0% earnings growth as of March 31. Nvidia, one of the biggest companies still to report, is due to release results on Wednesday, May 20. ### How far along is the S&P 500 earnings season? FactSet said 90% of S&P 500 companies had reported as of its May 15 Earnings Insight update. MarketWatch, citing FactSet data, separately said 90% of the index had reported results through last week, with late reporters including Nvidia. The reporting season is therefore close to complete, but not finished. (factset.com) That matters because several closely watched companies still remain on the calendar, and late reports can still affect aggregate growth rates and sector leadership. ### What does the 27.7% earnings number actually measure? FactSet said the 27.7% figure is the blended year-over-year earnings growth rate for the S&P 500 in the first quarter of 2026. “Blended” combines actual results from companies that have reported with estimated results for those that have not yet reported. If 27.7% holds as the final number, FactSet said it would mark the highest earnings growth rate for the index since the fourth quarter of 2021, when growth was 32.0%. (morningstar.com) FactSet also said 10 sectors were showing higher earnings than expected at the end of March because of positive earnings surprises and upward revisions to estimates. (factset.com) ### Why are investors paying attention to revisions, not just reported beats? FactSet said the estimated first-quarter growth rate was 13.0% on March 31, compared with the current blended figure of 27.7%. That swing shows analysts raised expectations as companies delivered results and as estimates for remaining reporters moved higher. (factset.com) LSEG data pointed in the same direction. LSEG’s earnings scorecard for the quarter said 440 S&P 500 companies had reported by mid-May, 83% had topped earnings expectations, and analysts were estimating aggregate first-quarter earnings growth of 28.6% year over year. ### Which companies are doing the most to move the aggregate numbers? (factset.com) Alphabet, Amazon and Meta Platforms accounted for 71% of the net increase in S&P 500 earnings last week, according to Edgen, which cited FactSet data. That concentration underscores how much a small group of large technology companies can influence the index-level growth rate. (lipperalpha.refinitiv.com) Schwab said in a separate market note that only about half of stocks were above their 50-day moving average even as headline indexes stayed near record levels. That does not change the earnings tally, but it suggests the market backdrop around the reporting season has been narrower than the aggregate S&P 500 number alone might imply. (edgen.tech) ### Where does margin pressure fit into this story? Investors on social media have flagged cost inflation and margins as the next issue to watch as the season enters its final stretch. The aggregate earnings figures show companies have, so far, delivered stronger profit growth than analysts expected, but margin commentary on late-quarter conference calls can still shape estimates for the rest of 2026. (advantage.factset.com) Reuters reported on May 18 that rising oil prices and elevated Treasury yields were already adding pressure to equity sentiment. Those inputs matter because companies facing higher input, freight, labor or financing costs may address them directly in guidance even after reporting strong first-quarter numbers. (factset.com) ### Which report comes next? Nvidia is scheduled to report fiscal first-quarter 2027 results on Wednesday, May 20. Because Nvidia is one of the largest late reporters in the S&P 500, its results and outlook will be one of the final major inputs into this earnings season’s aggregate picture. (morningstar.com) (mecktimes.com)