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Zacks Earnings Trends Highlights: Nvidia, Micron and Alphabet
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For Immediate Release
Chicago, IL – November 5, 2026– Zacks Director of Research Sheraz Mian says, "Total Q3 earnings for the 372 S&P 500 members that have reported results already are up +24.8% from the same period last year on +14.0% higher revenues."
Q3 Earnings Scorecard: Solid Beats, Upward Revisions & AI Drivers
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 has reconfirmed the broad-based strength that we have been seeing in recent reporting cycles. The earnings and revenue growth pace remains strong and broad-based. Even more notably, the revisions trend remains positive, with estimates for 2026 Q4 and full-year 2027 continuing to rise.
Total Q3 earnings for the 372 S&P 500 members that have reported results already are up +24.8% from the same period last year on +14.0% higher revenues, with 82.3% beating EPS estimates and 73.4% beating revenue estimates. The proportion of these 372 index members beating both EPS and revenue estimates (the 'blended' beats percentage) is 64.8%.
For the Tech sector, we now have Q3 results from 68.8% of the sector's market capitalization in the index. Total earnings for these companies are up +33.1% from the same period last year on +28.8% higher revenues, with 83.6% beating EPS estimates and 88.5% beating revenue estimates.
Micron and Nvidia (NVDA - Free Report) continue to be material contributors to the Tech sector's growth picture. Excluding Nvidia, Micron, and Alphabet, which enjoyed an outsized gain in the preceding period, Q3 earnings for the rest of the Tech sector would be up +27.7% (vs. +44.2% otherwise).
The Tech Sector Earnings Scorecard
The Tech sector in general and the broader AI basket in particular have been in the eye of the storm in recent weeks, with worries about data center buildout, funding, and permitting in the spotlight. These worries have been weighing on these stocks' performance lately, as the one-month performance chart below of Micron (MU - Free Report) , Alphabet (GOOGL - Free Report) and the Zacks Tech sector relative to the S&P 500 index shows.
We deliberately used Alphabet and Micron in the chart above as a proxy for the high-quality part of the AI basket. Both companies are particularly relevant from an earnings standpoint, with Micron posting blockbuster results at the start of the Q3 reporting cycle while Alphabet famously failed to impress on that score.
Alphabet is hardly alone in struggling to beat consensus estimates in Q3, as the performance of the Tech sector as a whole on this score has been at best average.
These comparison charts show Q3 EPS and revenue beat percentages for 61 of the 88 S&P 500 companies that have already reported results. As you can see in the left-hand side chart, the Q3 EPS beats percentage for this group is actually tracking a hair below the average for the preceding 20 quarters for this same group of 61 Tech companies.
Looking at Q3 as a whole, combining the actual results that have come out with estimates for the still-to-come Tech companies, total earnings are on track to increase by +44.2% from the same period last year on +35% higher revenues.
The sector's Q3 earnings growth pace drops to +27.7% from +44.2% once contributions from Micron, Alphabet, and Nvidia are excluded.
The Earnings Big Picture
We have shown how Q3 estimates have moved higher since the quarter got underway.
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 74.4% 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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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: Nvidia, Micron and Alphabet
For Immediate Release
Chicago, IL – November 5, 2026– Zacks Director of Research Sheraz Mian says, "Total Q3 earnings for the 372 S&P 500 members that have reported results already are up +24.8% from the same period last year on +14.0% higher revenues."
Q3 Earnings Scorecard: Solid Beats, Upward Revisions & AI Drivers
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 Tech Sector Earnings Scorecard
The Tech sector in general and the broader AI basket in particular have been in the eye of the storm in recent weeks, with worries about data center buildout, funding, and permitting in the spotlight. These worries have been weighing on these stocks' performance lately, as the one-month performance chart below of Micron (MU - Free Report) , Alphabet (GOOGL - Free Report) and the Zacks Tech sector relative to the S&P 500 index shows.
We deliberately used Alphabet and Micron in the chart above as a proxy for the high-quality part of the AI basket. Both companies are particularly relevant from an earnings standpoint, with Micron posting blockbuster results at the start of the Q3 reporting cycle while Alphabet famously failed to impress on that score.
Alphabet is hardly alone in struggling to beat consensus estimates in Q3, as the performance of the Tech sector as a whole on this score has been at best average.
These comparison charts show Q3 EPS and revenue beat percentages for 61 of the 88 S&P 500 companies that have already reported results. As you can see in the left-hand side chart, the Q3 EPS beats percentage for this group is actually tracking a hair below the average for the preceding 20 quarters for this same group of 61 Tech companies.
Looking at Q3 as a whole, combining the actual results that have come out with estimates for the still-to-come Tech companies, total earnings are on track to increase by +44.2% from the same period last year on +35% higher revenues.
The sector's Q3 earnings growth pace drops to +27.7% from +44.2% once contributions from Micron, Alphabet, and Nvidia are excluded.
The Earnings Big Picture
We have shown how Q3 estimates have moved higher since the quarter got underway.
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 74.4% 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.
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.