Wolfe Research sees strong S&P 500 earnings momentum

Investing.com -- Wolfe Research reported that 465 S&P 500 companies have released second-quarter 2026 results through Wednesday, with 69% beating consensus revenue estimates by a dollar-weighted surprise of 3.8%.

The research firm noted that 86 companies provided third-quarter 2026 guidance, with 64% offering a midpoint above consensus estimates. This marks the highest percentage since the COVID period.

S&P 500 operating earnings per share are expected to grow 31% in 2026, while Wolfe Research estimates approximately 27% growth on an adjusted basis after excluding large one-time gains from mega cap technology companies.

The firm stated this represents the strongest fundamental outlook outside of a post-recession recovery in over 50 years.

Wolfe Research identified the sustainability of this growth into 2027 as a key question, particularly in relation to increased artificial intelligence capital spending.

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