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Including the flood of Q3 earnings results from the morning of October 22nd, we now have quarterly results from 112 S&P 500 members or 22.4% of the index’s total membership. Total earnings for these companies are up +30.9% from the same period last year on +11.8% higher revenues, with 80.4% beating EPS estimates and 68.8% beating revenue estimates.
The Q3 earnings and revenue growth pace is tracking modestly below other recent periods, particularly when the reported Q3 growth rates are adjusted for Micron’s (MU - Free Report) blockbuster results. The reported Q3 earnings and revenue growth rates decline to +13.1% (from +30.9%) and +8.5% (from +11.8%) when Micron is excluded from the reported results.
The comparison charts below show the Q3 earnings and revenue growth excluding Micron’s substantial contribution
Image Source: Zacks Investment Research
The Q3 EPS and revenue beats percentages are tracking below what we had seen from this same group of companies in other recent periods, but otherwise in-line with historical averages.
Given the positive revisions trend in place ahead of the start of the Q3 reporting cycle that had pushed estimates higher, companies will not only need to beat elevated consensus estimates, but also provide positive guidance and outlook for the coming periods. We are off to a good start on those fronts at this stage, as estimates for 2026 Q4 and full-year 2026 are maintaining the favorable revisions momentum that was in place before this earnings season got underway. We will see if this positive trend will remain in place as we move into the heart into the Q3 earnings season in the coming days.
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What Would Blowout Q3 Earnings Results Look Like?
Including the flood of Q3 earnings results from the morning of October 22nd, we now have quarterly results from 112 S&P 500 members or 22.4% of the index’s total membership. Total earnings for these companies are up +30.9% from the same period last year on +11.8% higher revenues, with 80.4% beating EPS estimates and 68.8% beating revenue estimates.
The Q3 earnings and revenue growth pace is tracking modestly below other recent periods, particularly when the reported Q3 growth rates are adjusted for Micron’s (MU - Free Report) blockbuster results. The reported Q3 earnings and revenue growth rates decline to +13.1% (from +30.9%) and +8.5% (from +11.8%) when Micron is excluded from the reported results.
The comparison charts below show the Q3 earnings and revenue growth excluding Micron’s substantial contribution
Image Source: Zacks Investment Research
The Q3 EPS and revenue beats percentages are tracking below what we had seen from this same group of companies in other recent periods, but otherwise in-line with historical averages.
Given the positive revisions trend in place ahead of the start of the Q3 reporting cycle that had pushed estimates higher, companies will not only need to beat elevated consensus estimates, but also provide positive guidance and outlook for the coming periods. We are off to a good start on those fronts at this stage, as estimates for 2026 Q4 and full-year 2026 are maintaining the favorable revisions momentum that was in place before this earnings season got underway. We will see if this positive trend will remain in place as we move into the heart into the Q3 earnings season in the coming days.
For more details about the Q3 earnings season and evolving expectations for the coming periods, please check out our weekly Earnings Trends report here >>> Q3 Earnings Season Ramps Up, Outlook for Q4 and Full-Year 2027 Improve