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Looking Ahead to the Q3 Earnings Season: What to Expect
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Key Takeaways
Q2 results were very strong, reflecting the 12th consecutive period of growth for S&P 500 index members.
Q3 earnings are expected to climb 23% YoY on 11.2% higher revenues, continuing the growth trend.
ORCL and ADBE's upcoming releases will help start the Q3 earnings cycle.
S&P 500 profits have expanded for 12 straight quarters, showing powerful momentum that reaches far beyond Big Tech. That sets a strong backdrop for the start of Q3 earnings season, which begins Thursday, September 10th, with quarterly reports from Oracle (ORCL - Free Report) and Adobe (ADBE - Free Report) .
The quarterly chart below details actual results alongside Q3 2026 growth expectations and forward projections.
Image Source: Zacks Investment Research
As you can see here, 2026 Q3 earnings for the S&P 500 index are expected to increase by +23% from the same period last year on +11.2% higher revenues. This would follow the unusually strong showing in 2026 Q2.
The revisions trend has remained positive, sustaining the favorable trend in place for almost a year now. The chart below shows how 2026 Q3 earnings growth expectations have evolved lately.
Image Source: Zacks Investment Research
As noted earlier, these favorable revision patterns are not a new development; they extend a tailwind that has been building for nearly a year.
Historically, these upward adjustments were tightly concentrated in Technology and, more recently, Energy following Middle East supply disruptions. However, for Q3 2026, the constructive estimate revisions have broadened significantly, rising across 8 of the 16 Zacks sectors – including Transportation, Finance, Aerospace, Industrials, Utilities, and Construction – alongside Tech and Energy.
The Adobe and Oracle quarterly reports referenced earlier will be for the companies’ fiscal quarters ending in August, which we count as part of our September-quarter tally. In fact, we will be counting these earnings releases as effectively kick-starting this Q3 reporting cycle. That said, the Q3 earnings season will really get going when the big banks come out with their quarterly results in mid-October.
Adobe and Oracle have been major stock laggards lately, as the comparison chart below of these two stocks relative to the Zacks Tech sector and the S&P 500 index shows.
Image Source: Zacks Investment Research
Q2 Earnings Season Scorecard
Through Friday, September 4th, we have seen Q2 results from 495 S&P 500 members, or 99% of the index’s total membership. Total earnings for these companies are up +45.6% from the same period last year on +15.6% revenue gains, with 84.2% of the companies beating EPS estimates and 77.6% of them beating revenue estimates.
The comparison charts below put the Q2 earnings and revenue growth rates for these index members in a historical context.
Image Source: Zacks Investment Research
The comparison charts below put the Q2 EPS and revenue beats percentages in a historical context.
Image Source: Zacks Investment Research
The unusually strong earnings growth rate of +45.6% and revenue growth of +15.6% are benefiting from blockbuster results from Micron (MU - Free Report) and Alphabet (GOOGL - Free Report) .
The chart below shows the reported Q2 earnings growth pictures, with and without Alphabet and Micron.
Image Source: Zacks Investment Research
The Q2 reporting cycle is in its final stretch, with only 5 S&P 500 members still to report results. We have four of those remaining 5 index members on deck to report results this week, including Kroger, Casey’s General Stores, Copart, and The Cooper Companies. These four index members will report their fiscal July-quarter results, while the Adobe and Oracle reports are for those companies’ fiscal August quarters.
The Earnings Big Picture
The chart below shows the aggregate growth picture for the S&P 500 index on a calendar year basis.
Image Source: Zacks Investment Research
As with Q2 expectations, the Tech sector has an outsized impact on the annual earnings picture as well. Total Tech sector earnings are expected to increase +52.3% from the same period last year on +23% higher revenues.
Excluding the Tech sector’s substantial contribution, total S&P 500 earnings for the year would be up +14.9% (vs. +27.6% otherwise).
As we have repeatedly flagged in this space in recent weeks, contributions from Alphabet (GOOGL - Free Report) , Micron (MU - Free Report) , and Nvidia (NVDA - Free Report) are also significant here, as the chart below shows.
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Image: Bigstock
Looking Ahead to the Q3 Earnings Season: What to Expect
Key Takeaways
S&P 500 profits have expanded for 12 straight quarters, showing powerful momentum that reaches far beyond Big Tech. That sets a strong backdrop for the start of Q3 earnings season, which begins Thursday, September 10th, with quarterly reports from Oracle (ORCL - Free Report) and Adobe (ADBE - Free Report) .
The quarterly chart below details actual results alongside Q3 2026 growth expectations and forward projections.
Image Source: Zacks Investment Research
As you can see here, 2026 Q3 earnings for the S&P 500 index are expected to increase by +23% from the same period last year on +11.2% higher revenues. This would follow the unusually strong showing in 2026 Q2.
The revisions trend has remained positive, sustaining the favorable trend in place for almost a year now. The chart below shows how 2026 Q3 earnings growth expectations have evolved lately.
Image Source: Zacks Investment Research
As noted earlier, these favorable revision patterns are not a new development; they extend a tailwind that has been building for nearly a year.
Historically, these upward adjustments were tightly concentrated in Technology and, more recently, Energy following Middle East supply disruptions. However, for Q3 2026, the constructive estimate revisions have broadened significantly, rising across 8 of the 16 Zacks sectors – including Transportation, Finance, Aerospace, Industrials, Utilities, and Construction – alongside Tech and Energy.
The Adobe and Oracle quarterly reports referenced earlier will be for the companies’ fiscal quarters ending in August, which we count as part of our September-quarter tally. In fact, we will be counting these earnings releases as effectively kick-starting this Q3 reporting cycle. That said, the Q3 earnings season will really get going when the big banks come out with their quarterly results in mid-October.
Adobe and Oracle have been major stock laggards lately, as the comparison chart below of these two stocks relative to the Zacks Tech sector and the S&P 500 index shows.
Image Source: Zacks Investment Research
Q2 Earnings Season Scorecard
Through Friday, September 4th, we have seen Q2 results from 495 S&P 500 members, or 99% of the index’s total membership. Total earnings for these companies are up +45.6% from the same period last year on +15.6% revenue gains, with 84.2% of the companies beating EPS estimates and 77.6% of them beating revenue estimates.
The comparison charts below put the Q2 earnings and revenue growth rates for these index members in a historical context.
Image Source: Zacks Investment Research
The comparison charts below put the Q2 EPS and revenue beats percentages in a historical context.
Image Source: Zacks Investment Research
The unusually strong earnings growth rate of +45.6% and revenue growth of +15.6% are benefiting from blockbuster results from Micron (MU - Free Report) and Alphabet (GOOGL - Free Report) .
The chart below shows the reported Q2 earnings growth pictures, with and without Alphabet and Micron.
Image Source: Zacks Investment Research
The Q2 reporting cycle is in its final stretch, with only 5 S&P 500 members still to report results. We have four of those remaining 5 index members on deck to report results this week, including Kroger, Casey’s General Stores, Copart, and The Cooper Companies. These four index members will report their fiscal July-quarter results, while the Adobe and Oracle reports are for those companies’ fiscal August quarters.
The Earnings Big Picture
The chart below shows the aggregate growth picture for the S&P 500 index on a calendar year basis.
Image Source: Zacks Investment Research
As with Q2 expectations, the Tech sector has an outsized impact on the annual earnings picture as well. Total Tech sector earnings are expected to increase +52.3% from the same period last year on +23% higher revenues.
Excluding the Tech sector’s substantial contribution, total S&P 500 earnings for the year would be up +14.9% (vs. +27.6% otherwise).
As we have repeatedly flagged in this space in recent weeks, contributions from Alphabet (GOOGL - Free Report) , Micron (MU - Free Report) , and Nvidia (NVDA - Free Report) are also significant here, as the chart below shows.
Image Source: Zacks Investment Research
For a detailed view of the evolving earnings picture, please check out our weekly Earnings Trends report here >>>> S&P 500 Q3 Earnings Preview: Earnings & Revenue Growth Expected to Surge