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Zacks Earnings Trends Highlights: Micron, Nvidia and Alphabet
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For Immediate Release
Chicago, IL – September 24, 2026– Zacks Director of Research Sheraz Mian says, "Total S&P 500 earnings in Q3 are currently expected to increase +23.9% from the same period last year on +11.4% higher revenues, with 14 of the 16 Zacks expected to enjoy positive earnings growth and 6 sectors producing double-digit growth."
Earnings Outlook Remains Upbeat: A Closer Look
Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
Total S&P 500 earnings in Q3 are currently expected to increase +23.9% from the same period last year on +11.4% higher revenues, with 14 of the 16 Zacks expected to enjoy positive earnings growth and 6 sectors producing double-digit growth. This will be the most broad-based earnings growth performance in recent times.
Sectors expected to enjoy double-digit earnings growth in Q3 are – Aerospace (+159.5%), Energy (+111.8%), Tech (+41.9%), Basic Materials (+29.8%), Transportation (+14.9%), and Industrial Products (+13.0%).
Excluding the Tech sector's substantial contribution, Q3 earnings for the rest of the S&P 500 index would be up +14.3% (vs. +23.9% otherwise). Excluding the Energy sector, the aggregate growth rate would decline to +19.9%. If we excluded both the Tech and Energy sectors, aggregate Q3 earnings growth for the rest of the S&P 500 would be +7.4%.
Micron (MU - Free Report) and Nvidia (NVDA - Free Report) remain material contributors to the Tech sector's growth picture. Excluding Nvidia, Micron and Alphabet (GOOGL - Free Report) , which enjoyed an outsized gain in the preceding period, Q3 earnings for the rest of the Tech sector would be +20.5% (vs. +41.9% otherwise).
The Earnings Big Picture
Since the start of Q3, the Energy sector has enjoyed the most pronounced upgrade to its earnings outlook, reflecting elevated oil prices as a result of the Persian Gulf situation. Other sectors enjoying positive estimate revisions since the start of Q3 include Aerospace, Industrial Products, Tech, Autos, Transportation, Finance and Utilities. It is significant to note that the aggregate revisions trend would still be positive if we excluded the positive revisions to the Energy or Tech sector.
The Tech sector remains a major contributor to aggregate earnings growth, with Q3 earnings growth dropping to +14.5% once the sector's contribution is excluded from the index. The semiconductor industry within the Tech sector has enjoyed a particularly robust demand environment lately, and that trend remains in place in Q3 as well.
The Zacks Semiconductor industry at the mezzanine level is expected to enjoy +85.4% earnings growth in 2026 Q3 on +62.8% revenue growth, following the industry's +110.1% and +96% earnings growth in each of the preceding two periods.
The Tech sector's +41.9% earnings growth in Q3 drops to +29.4% once the semiconductor's contribution is excluded. If we exclude Nvidia, Micron, and Alphabet from the sector, Q3 earnings growth for the rest of the Zacks Tech sector drops to +20.5%.
The favorable revisions trend noted earlier in the context of Q3 estimates is also at play with estimates for the last quarter of the year, with mostly the same sectors enjoying positive revisions.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
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Zacks Earnings Trends Highlights: Micron, Nvidia and Alphabet
For Immediate Release
Chicago, IL – September 24, 2026– Zacks Director of Research Sheraz Mian says, "Total S&P 500 earnings in Q3 are currently expected to increase +23.9% from the same period last year on +11.4% higher revenues, with 14 of the 16 Zacks expected to enjoy positive earnings growth and 6 sectors producing double-digit growth."
Earnings Outlook Remains Upbeat: A Closer Look
Note: The following is an excerpt from this week's Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
The Earnings Big Picture
Since the start of Q3, the Energy sector has enjoyed the most pronounced upgrade to its earnings outlook, reflecting elevated oil prices as a result of the Persian Gulf situation. Other sectors enjoying positive estimate revisions since the start of Q3 include Aerospace, Industrial Products, Tech, Autos, Transportation, Finance and Utilities. It is significant to note that the aggregate revisions trend would still be positive if we excluded the positive revisions to the Energy or Tech sector.
The Tech sector remains a major contributor to aggregate earnings growth, with Q3 earnings growth dropping to +14.5% once the sector's contribution is excluded from the index. The semiconductor industry within the Tech sector has enjoyed a particularly robust demand environment lately, and that trend remains in place in Q3 as well.
The Zacks Semiconductor industry at the mezzanine level is expected to enjoy +85.4% earnings growth in 2026 Q3 on +62.8% revenue growth, following the industry's +110.1% and +96% earnings growth in each of the preceding two periods.
The Tech sector's +41.9% earnings growth in Q3 drops to +29.4% once the semiconductor's contribution is excluded. If we exclude Nvidia, Micron, and Alphabet from the sector, Q3 earnings growth for the rest of the Zacks Tech sector drops to +20.5%.
The favorable revisions trend noted earlier in the context of Q3 estimates is also at play with estimates for the last quarter of the year, with mostly the same sectors enjoying positive revisions.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.