11 August, 2026

Strong US earnings growth broadens beyond tech as AI demand lifts sectors and quality guidance

Summary

Highlights

Earnings growth for Q2 has been strong, with a high proportion of companies beating expectations.
Although Technology and tech-adjacent sectors continue to drive earnings growth, other areas are also contributing, with AI-related demand supporting earnings more broadly.
Investors have been selective in rewarding earnings beats, suggesting a focus on data and guidance beyond the headline numbers.

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In this edition

With around 80% of S&P 500 companies having reported, the US is on track for another strong earnings season for Q2, with blended (actual earnings of companies that have reported results plus estimated earnings of those yet to report) earnings growth of about 52% YoY. As in the previous quarter, the headline figure has been boosted by “other income” items linked to investment gains from stakes in private companies held by some Big Tech names, but earnings growth remains robust even on an adjusted basis. A high rate of companies that have reported (above 80%) have beaten earnings expectations, the highest in 5 years. Technology and tech-adjacent sectors remain the main driver of earnings growth, but other sectors are contributing as well, with notable surprises in Energy, Financials, Industrials and Materials. In Europe, blended earnings growth stands at 26%. Energy is a major driver, but ex-Energy growth remains solid, with Financials still strong while Consumer Cyclicals continue to be a drag.

Key dates

12 Aug

India CPI, Italy and Germany CPI, US CPI

13 Aug

Japan PPI, UK GDP Q2, EZ Industrial production, US PPI

14 Aug

India PPI, EZ GDP Q2, US retail sales and Consumer Confidence

Read the full article on the Amundi Research center

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