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Zacks Earnings Trends Highlights: Micron, Nvidia and Alphabet
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For Immediate Release
Chicago, IL – October 29, 2026– Zacks Director of Research Sheraz Mian says, "Total Q3 earnings for the 200 S&P 500 members that have reported results already are up +32.6% from the same period last year on +12.0% higher revenues."
Rising Estimates and Broad Growth Underpin Strong Earnings Outlook
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 Q3 earnings season reconfirms the broad-based strength we've seen in the last few reporting cycles. The earnings and revenue growth pace remains strong, but companies are finding it difficult to beat consensus revenue estimates. On the positive side, the revisions trend remains positive, with estimates for 2026 Q4 and full-year 2027 continuing to rise.
Total Q3 earnings for the 200 S&P 500 members that have reported results already are up +32.6% from the same period last year on +12.0% higher revenues, with 80.5% beating EPS estimates and 69.0% beating revenue estimates. The proportion of these 200 index members beating both EPS and revenue estimates (the 'blended' beats percentage is 61.5%).
For the Finance sector, we now have Q3 results from 68.5% of the sector's market cap in the S&P 500 index. Total earnings for these companies are up +8.5% from the same period last year on +8.1% higher revenues, with 79.6% beating EPS estimates and 50.0% beating revenue estimates. Growth rates and beat percentages for Finance sector companies are tracking below other recent periods, with the revenue-beat percentage notably on the weak side.
Micron (MU - Free Report) and Nvidia (NVDA - Free Report) continue to be 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 up +23.8% (vs. +45.7% otherwise).
For 2026 Q4, the expectation is for earnings growth of +28.4% on +12.6% higher revenues, with 15 of the 16 Zacks sectors expected to enjoy positive earnings growth and 9 sectors expected to produce double-digit earnings growth. Q4 estimates are steadily rising, with the current +28.4% earnings growth rate up from +26.6% at the start of October and +23.4% at the start of July.
The Finance Sector Earnings Scorecard
We noted here last week how the market has been less than impressed with bank results thus far. With results from 68.5% of the sector's market capitalization in the S&P 500 index, we have a fairly representative sample of results for the sector.
Total earnings for the 68.5% of the sector's market capitalization in the index that have reported results are up +8.5% from the same period last year on +8.1% higher revenues, with 79.6% beating EPS estimates and 50% beating revenue estimates. The 'blended' beats percentage for these Finance sector companies is 48.1%.
The Q3 revenue beats percentages for the sector are notably tracking lower relative to other recent periods and the lowest since 2025 Q1.
For Q3 as a whole, combining actual results with estimates for the remaining stocks, total Finance sector earnings are expected to increase +6.2% from the same period last year, on +6.2% higher revenues.
The Earnings Big Picture
We have shown how Q3 estimates have moved higher since the quarter got underway. Below, we show how estimates for the last quarter of the year have evolved in recent weeks.
Since the beginning of July, estimates for 2027 have increased for 10 of the 16 Zacks sectors, with Tech, Energy, Finance and Industrials leading the way.
With 40% of the S&P 500 results already in, the revisions trend has remained consistently positive. We will keep a close watch on this key metric through the remainder of this reporting cycle.
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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.
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Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
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 – October 29, 2026– Zacks Director of Research Sheraz Mian says, "Total Q3 earnings for the 200 S&P 500 members that have reported results already are up +32.6% from the same period last year on +12.0% higher revenues."
Rising Estimates and Broad Growth Underpin Strong Earnings Outlook
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 Finance Sector Earnings Scorecard
We noted here last week how the market has been less than impressed with bank results thus far. With results from 68.5% of the sector's market capitalization in the S&P 500 index, we have a fairly representative sample of results for the sector.
Total earnings for the 68.5% of the sector's market capitalization in the index that have reported results are up +8.5% from the same period last year on +8.1% higher revenues, with 79.6% beating EPS estimates and 50% beating revenue estimates. The 'blended' beats percentage for these Finance sector companies is 48.1%.
The Q3 revenue beats percentages for the sector are notably tracking lower relative to other recent periods and the lowest since 2025 Q1.
For Q3 as a whole, combining actual results with estimates for the remaining stocks, total Finance sector earnings are expected to increase +6.2% from the same period last year, on +6.2% higher revenues.
The Earnings Big Picture
We have shown how Q3 estimates have moved higher since the quarter got underway. Below, we show how estimates for the last quarter of the year have evolved in recent weeks.
Since the beginning of July, estimates for 2027 have increased for 10 of the 16 Zacks sectors, with Tech, Energy, Finance and Industrials leading the way.
With 40% of the S&P 500 results already in, the revisions trend has remained consistently positive. We will keep a close watch on this key metric through the remainder of this reporting cycle.
Free: Instant Access to Zacks' Market-Crushing Strategies
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 tap into those powerful strategies – and the high-potential stocks they uncover – free. No strings attached.
Get all the details here >>
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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.