Earnings season kicks off this week and we preview the S&P 500 2023 Q3 earnings season in granular detail, providing both aggregate and company-level insights using data from I/B/E/S, StarMine, and Datastream, which are all found in the desktop solution LSEG Workspace. Earnings Commentary The first half of the year has been far better than expected when comparing expectations at the start of the year which was a more doom and gloom narrative along with the possibility of an earnings recession. However, both Q1 and Q2 posted a stronger than expected quarter with an improvement in the final earnings growth

Earnings season kicks off this week and we preview the S&P 500 2023 Q2 earnings season in more detail, providing both aggregate and company-level insights using data from I/B/E/S, StarMine, and Datastream, which are all found in the desktop solution Refinitiv Workspace. Using data from the July 7th publication of the S&P 500 Earnings Scorecard, Q2 blended earnings (combining estimates and actuals) are forecasted at $436.9 billion (-6.4% y/y, -0.9% q/q) while revenue is forecasted at $3,661.9 billion (-0.8% y/y, +0.6% q/q).  The last time both earnings and revenue y/y growth declined in the same quarter occurred in 2020 Q3.

As we move past the halfway mark of 22Q2 earnings we look at what results have brought us so far, and what’s expected for the rest of the quarter. Growth coming in ahead of expectations Growth has remained resilient with the current 7.7% blended earnings growth rate increasing two percentage points (ppt) from the expected 5.7% at the start of the quarter. Revenues are also coming in ahead of expectations with the 12.1% blended growth rate up 1.5 ppts from the beginning of the quarter. Exhibit 1: S&P 500 YoY Growth Rates July 1 vs. August 1     Source:

There has been a great deal of discussion regarding profit margins for the S&P 500 reaching record levels recently. In Exhibit 1 below we show net margins for the 11 S&P 500 sectors and the index, showing that most sectors are at or near peaks. Exhibit 1: S&P 500 Sector and Index Net Margin Product Insight: Datastream mnemonics used in the charts are “@:USPECOD”, “@:USPECST”, “@:USPEENE”, “@:USPEFIN”, “@:USPEHCR”, “@:USPEIND”,  “@:USPEINT”, “@:USPEMAT”, “@:USPREES”, “@:USPETEL” and “@:USPEUTL” with data types “AN12TI” and “AS12TI”. Some of the improvement in margins has been driven by the shift in the underlying sectors in the index,

To download the full This Week in Earnings report click here. Please note: if you use our earnings data, please source I/B/E/S data from Refinitiv Aggregate Estimates and Revisions 22Q1 Y/Y earnings are expected to be 11.3%. Excluding the energy sector, the Y/Y earnings estimate is 5.2%. Of the 495 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.4% have reported earnings above analyst estimates. This compares to a long-term average of 66% and prior four quarter average of 83.1%. During the week of Jun. 6, 3 S&P 500 companies are expected to report quarterly earnings. Refinitiv

Click here to view the full report. Please note: if you use our earnings data, please source I/B/E/S data from Refinitiv. S&P 500 Aggregate Estimates and Revisions The 22Q1 Y/Y blended earnings growth estimate is 11.3%. If the energy sector is excluded, the growth rate for the index is 5.2%. Of the 495 companies in the S&P 500 that have reported earnings to date for 22Q1 77.4% reported above analyst expectations. This compares to a long-term average of 66%. The 22Q1 Y/Y blended revenue growth estimate is 13.9%. If the energy sector is excluded, the growth rate for the index is

To download the full This Week in Earnings report click here. Please note: if you use our earnings data, please source I/B/E/S data from Refinitiv Aggregate Estimates and Revisions 22Q1 Y/Y earnings are expected to be 11.2%. Excluding the energy sector, the Y/Y earnings estimate is 5.1%. Of the 488 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.5% have reported earnings above analyst estimates. This compares to a long-term average of 66% and prior four quarter average of 83.1%. During the week of May 30, 7 S&P 500 companies are expected to report quarterly earnings. Refinitiv

Click here to view the full report. Please note: if you use our earnings data, please source I/B/E/S data from Refinitiv. S&P 500 Aggregate Estimates and Revisions The 22Q1 Y/Y blended earnings growth estimate is 11.2%. If the energy sector is excluded, the growth rate for the index is 5.1%. Of the 488 companies in the S&P 500 that have reported earnings to date for 22Q1 77.5% reported above analyst expectations. This compares to a long-term average of 66%. The 22Q1 Y/Y blended revenue growth estimate is 13.9%. If the energy sector is excluded, the growth rate for the index is

With about 95% of the S&P 500 constituents having reported 1Q22 earnings, we look at aggregate performance and EPS estimates of the eleven S&P500 sectors during the past earnings season and look ahead to what’s expected next quarter and next year. Exhibit 1 below, reproduced from our daily/weekly S&P 500 Earnings Scorecard (available here), shows that although the earnings growth rate has slowed, it has remained positive. Since the start of earnings season (April1), the YoY growth rate has improved 4.7 percentage points to 11.1%. Source: I/B/E/S data from Refinitiv Looking at the 22Q1 results in a longer context in

To download the full This Week in Earnings report click here. Please note: if you use our earnings data, please source I/B/E/S data from Refinitiv Aggregate Estimates and Revisions 22Q1 Y/Y earnings are expected to be 11.1%. Excluding the energy sector, the Y/Y earnings estimate is 5.0%. Of the 474 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.6% have reported earnings above analyst estimates. This compares to a long-term average of 66% and prior four quarter average of 83.1%. During the week of May 23, 15 S&P 500 companies are expected to report quarterly earnings. Refinitiv

Click here to view the full report. Please note: if you use our earnings data, please source I/B/E/S data from Refinitiv.   S&P 500 Aggregate Estimates and Revisions The 22Q1 Y/Y blended earnings growth estimate is 11.1%. If the energy sector is excluded, the growth rate for the index is 5.0%. Of the 474 companies in the S&P 500 that have reported earnings to date for 22Q1 77.6% reported above analyst expectations. This compares to a long-term average of 66%. The 22Q1 Y/Y blended revenue growth estimate is 13.8%. If the energy sector is excluded, the growth rate for the index

To download the full This Week in Earnings report click here. Please note: if you use our earnings data, please source I/B/E/S data from Refinitiv Aggregate Estimates and Revisions 22Q1 Y/Y earnings are expected to be 11.1%. Excluding the energy sector, the Y/Y earnings estimate is 4.9%. Of the 458 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.9% have reported earnings above analyst estimates. This compares to a long-term average of 66.0% and prior four quarter average of 83.1%. During the week of May 16, 16 S&P 500 companies are expected to report quarterly earnings. Refinitiv