US corporate earnings growth is booming:
S&P 500 quarterly earnings growth is up to +18% YoY in Q3 2025, the highest since Q3 2021. Excluding the post-pandemic recovery, this marks the strongest growth since 2018. This comes as 6 of the 11 S&P 500 sectors reported positive average EPS growth in Q3, a material improvement from just 2 sectors in Q2. Additionally, median profit growth in the Russell 3000 index hit +11% YoY, the highest since Q3 2021 and up from +6% in Q2. Overall, the frequency of earnings beats is now among the highest on record. Earnings momentum is incredibly strong. Source: FT, Global Markets Investor
A week ago, S&P 500 Q3 earnings were up 10.7% YoY.
Today is it 13.0%. Earnings continue to drive this bull market. Source: Ryan Detrick, CMT @RyanDetrick Carson
Bespoke on US earnings season thus far:
--Stocks that beat EPS estimates have risen 1.55% while stocks that have missed EPS have fallen 1.33%. --Stocks that have raised guidance (62) have risen 6.1%, while stocks that have lowered (29) have fallen 7.4%. Source: Bespoke
This is pretty crazy...
Robinhood $HOOD's revenue has jumped $300M in 2022 to $1.27B in 2025 📈 Source: Stocktwits
Advanced Micro Devices $AMD fell after beating earnings expectations and guiding above expectations.
Tough market! Source. Barchart
Great chart from @FactSet that shows the vertical move in Q3 earnings.
Source: Ryan Detrick, CMT @RyanDetrick
APPLE $AAPL JUST REPORTED EARNINGS EPS of $1.85 beating expectations of $1.75
Revenue of $102.5B beating expectations of $101.8B🟢 Stock is up 5% in after hours 🚀 The company's chief financial officer said Apple expects total company revenue to grow 10 to 12% year over year in the three months to December, with iPhone revenue growing double digits $AAPL Apple Q4 FY25 (Sept. quarter): 💳 Services +15% Y/Y to $28.8B. 📱 Products +5% Y/Y to $73.7B. • Revenue +8% Y/Y to $102.5B ($0.2B beat). • Operating margin 32% (+0.5pp Y/Y). • EPS $1.85 ($0.08 beat). Source: App Economy Insights @EconomyApp
In Q1 2026, Microsoft $MSFT's CapEx totaled $35B, up 44% QoQ
That brings Last Twelve Months (LTM) CapEx to over $100B. Source: Quartr
