See also: Earnings Overview: 2023 Q4 | S&P 500 Earnings Overview |
Forum: https://forum.investmentwiki.org/t/q1-2024-earnings-overview/331
Estimates
S&P Global
[1]
| Operating earnings:
|
Income from product (goods and services), excludes corporate (M&A, financing, layoffs ), and unusual items
|
| As Reported earnings:
|
Income from continuing operations, also known GAAP (Generally Accepted Accounting Principles) and As Reported
|
| Bottom up estimate:
|
Capital IQ consensus estimate for specific issue, building from the bottom up to the index level estimate
|
EPS
| QUARTER
|
|
OPERATING
|
|
AS REPORTED
|
|
|
OPERATING
|
AS REPORTED
|
|
12 MONTH EARNINGS PER SHARE
|
|
| END
|
|
EARNINGS
|
|
EARNINGS
|
|
|
EARNINGS
|
EARNINGS
|
|
OPERATING
|
|
AS REPORTED
|
|
|
|
PRICE
|
PER SHR
|
|
PER SHR
|
|
|
P/E
|
P/E
|
|
EARNINGS
|
|
EARNINGS
|
|
|
|
|
(ests are
|
|
(ests are
|
|
|
(ests are
|
(ests are
|
|
(ests are
|
|
(ests are
|
|
|
|
|
bottom up)
|
Y/Y
|
bottom up
|
Y/Y
|
|
bottom up)
|
bottom up
|
|
bottom up)
|
Y/Y
|
bottom up)
|
Y/Y
|
| ESTIMATES
|
| 12/31/2025
|
|
$72.60
|
12.07%
|
$66.68
|
12.66%
|
|
19.02
|
20.87
|
|
$273.98
|
13.72%
|
$249.60
|
14.83%
|
| 9/30/2025
|
|
$71.13
|
13.03%
|
$65.34
|
14.21%
|
|
19.57
|
21.52
|
|
$266.16
|
15.70%
|
$242.10
|
17.55%
|
| 6/30/2025
|
|
$67.21
|
14.36%
|
$61.24
|
14.87%
|
|
20.20
|
22.27
|
|
$257.96
|
17.59%
|
$233.98
|
19.13%
|
| 3/31/2025
|
|
$63.04
|
15.78%
|
$56.34
|
18.25%
|
|
20.88
|
23.05
|
|
$249.52
|
15.82%
|
$226.05
|
17.94%
|
| 12/31/2024
|
|
$64.78
|
20.19%
|
$59.19
|
23.84%
|
|
21.62
|
23.97
|
|
$240.93
|
12.83%
|
$217.36
|
12.95%
|
| 9/30/2024
|
|
$62.93
|
20.44%
|
$57.21
|
20.06%
|
|
22.65
|
25.30
|
|
$230.05
|
9.55%
|
$205.96
|
11.78%
|
| 6/30/2024
|
|
$58.77
|
7.17%
|
$53.31
|
9.74%
|
|
23.75
|
26.53
|
|
$219.37
|
5.42%
|
$196.40
|
8.50%
|
| 3/31/2024 (4.0%)
|
5254.35
|
$54.45
|
3.64%
|
$47.65
|
-1.57%
|
|
24.18
|
27.18
|
|
$215.44
|
7.65%
|
$191.67
|
9.42%
|
| ACTUALS
|
| 12/31/2023
|
4769.83
|
$53.90
|
7.01%
|
$47.79
|
20.65%
|
|
22.34
|
24.79
|
|
$213.53
|
8.42%
|
$192.43
|
11.39%
|
| 09/30/2023
|
4288.05
|
$52.25
|
3.77%
|
$47.65
|
7.30%
|
|
20.42
|
23.27
|
|
$210.00
|
3.29%
|
$184.25
|
-1.51%
|
| 6/30/2023
|
4450.38
|
$54.84
|
17.00%
|
$48.58
|
13.66%
|
|
21.39
|
24.59
|
|
$208.10
|
1.52%
|
$181.01
|
-5.85%
|
| 3/31/2023
|
4109.31
|
$52.54
|
6.44%
|
$48.41
|
5.26%
|
|
20.53
|
23.46
|
|
$200.13
|
-4.77%
|
$175.17
|
-11.49%
|
By Sector
|
|
|
|
|
|
|
Estimates
|
| INDEX NAME
|
2023 Q1
|
2023 Q2
|
2023 Q3
|
2023 Q4
|
|
2024E Q1
|
2024E Q2
|
2024E Q3
|
2024E Q4
|
2025E Q1
|
2025E Q2
|
2025E Q3
|
2025E Q4
|
|
2023 EPS
|
2024 EPS
|
2025EPS
|
| Operating Earnings Per Share by Economic Sector
|
EPS
|
EPS
|
EPS
|
EPS
|
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
EPS
|
Y/Y
|
| S&P 500
|
$52.54
|
$54.84
|
$52.25
|
$53.90
|
|
$54.45
|
3.64%
|
$58.77
|
7.17%
|
$62.93
|
20.44%
|
$64.78
|
20.19%
|
$63.04
|
15.78%
|
$67.21
|
14.36%
|
$71.13
|
13.03%
|
$72.60
|
12.07%
|
|
$213.52
|
8.41%
|
240.93
|
12.84%
|
273.98
|
13.72%
|
| S&P 500 Consumer Discretionary
|
$9.92
|
$13.57
|
$15.47
|
$11.77
|
|
$11.26
|
13.51%
|
$14.28
|
5.23%
|
$15.94
|
3.04%
|
$14.67
|
24.64%
|
$13.19
|
17.14%
|
$16.60
|
16.25%
|
$18.57
|
16.50%
|
$17.33
|
18.13%
|
|
$50.73
|
41.39%
|
56.14
|
10.66%
|
65.69
|
17.01%
|
| S&P 500 Consumer Staples
|
$8.76
|
$9.92
|
$9.72
|
$9.36
|
|
$9.82
|
12.10%
|
$9.74
|
-1.81%
|
$10.60
|
9.05%
|
$10.27
|
9.72%
|
$9.65
|
-1.73%
|
$10.55
|
8.32%
|
$11.41
|
7.64%
|
$11.03
|
7.40%
|
|
$37.77
|
12.98%
|
40.43
|
7.04%
|
42.63
|
5.44%
|
| S&P 500 Energy
|
$16.64
|
$12.59
|
$15.40
|
$12.48
|
|
$12.22
|
-26.56%
|
$14.00
|
11.20%
|
$14.41
|
-6.43%
|
$13.98
|
12.02%
|
$14.43
|
18.09%
|
$15.37
|
9.79%
|
$16.10
|
11.73%
|
$15.60
|
11.59%
|
|
$57.11
|
-31.17%
|
54.62
|
-4.36%
|
61.50
|
12.60%
|
| S&P 500 Financials
|
$12.08
|
$12.07
|
$7.86
|
$11.02
|
|
$10.56
|
-12.58%
|
$10.60
|
-12.18%
|
$10.81
|
37.53%
|
$11.13
|
1.00%
|
$11.60
|
9.85%
|
$11.67
|
10.09%
|
$12.03
|
11.29%
|
$12.43
|
11.68%
|
|
$43.03
|
26.93%
|
43.11
|
0.19%
|
47.73
|
10.72%
|
| S&P 500 Health Care
|
$17.97
|
$16.63
|
$15.64
|
$15.73
|
|
$20.07
|
11.69%
|
$21.55
|
29.59%
|
$23.00
|
47.06%
|
$23.05
|
46.54%
|
$23.84
|
18.78%
|
$24.35
|
12.99%
|
$25.26
|
9.83%
|
$25.21
|
9.37%
|
|
$65.97
|
-15.52%
|
87.66
|
32.88%
|
98.66
|
12.55%
|
| S&P 500 Industrials
|
$11.53
|
$12.98
|
$10.82
|
$11.37
|
|
$9.77
|
-15.26%
|
$12.49
|
-3.78%
|
$12.90
|
19.22%
|
$12.84
|
12.93%
|
$11.87
|
21.49%
|
$14.56
|
16.57%
|
$14.87
|
15.27%
|
$14.62
|
13.86%
|
|
$46.70
|
15.28%
|
48.00
|
2.78%
|
55.92
|
16.50%
|
| S&P 500 Information Technology
|
$20.96
|
$23.09
|
$25.73
|
$30.03
|
|
$28.80
|
37.40%
|
$29.31
|
26.94%
|
$32.61
|
26.74%
|
$38.44
|
28.01%
|
$35.05
|
21.70%
|
$35.67
|
21.70%
|
$38.37
|
17.66%
|
$43.34
|
12.75%
|
|
$99.81
|
10.84%
|
129.16
|
29.41%
|
152.43
|
18.02%
|
| S&P 500 Materials
|
$6.93
|
$7.60
|
$5.85
|
$3.72
|
|
$5.51
|
-20.49%
|
$7.44
|
-2.11%
|
$7.00
|
19.66%
|
$6.76
|
81.72%
|
$6.95
|
26.13%
|
$8.58
|
15.32%
|
$7.89
|
12.71%
|
$7.49
|
10.80%
|
|
$24.11
|
-25.05%
|
26.71
|
10.78%
|
30.90
|
15.69%
|
| S&P 500 Communication Services
|
$2.68
|
$3.11
|
$3.35
|
$3.30
|
|
$3.25
|
21.27%
|
$3.59
|
15.43%
|
$3.74
|
11.64%
|
$3.98
|
20.61%
|
$3.77
|
16.00%
|
$4.10
|
14.21%
|
$4.22
|
12.83%
|
$4.52
|
13.57%
|
|
$12.45
|
24.62%
|
14.56
|
16.95%
|
16.62
|
14.15%
|
| S&P 500 Utilities
|
$4.79
|
$4.37
|
$5.55
|
$3.98
|
|
$5.12
|
6.89%
|
$4.33
|
-0.92%
|
$6.15
|
10.81%
|
$4.68
|
17.59%
|
$5.67
|
10.74%
|
$4.72
|
9.01%
|
$6.77
|
10.08%
|
$5.01
|
7.05%
|
|
$18.70
|
21.43%
|
20.27
|
8.40%
|
22.17
|
9.37%
|
| S&P 500 Real Estate (proforma pre-9/19/16)
|
$1.52
|
$1.92
|
$1.73
|
$1.57
|
|
$1.54
|
1.32%
|
$1.65
|
-14.06%
|
$1.71
|
-1.16%
|
$1.83
|
16.56%
|
$1.65
|
7.14%
|
$1.76
|
6.67%
|
$1.78
|
4.09%
|
$1.90
|
3.83%
|
|
$6.74
|
-8.42%
|
6.72
|
-0.30%
|
7.08
|
5.36%
|
Revenue per Share
| QUARTERLY SALES PER SHARE
|
% CHG Q1/Q4
|
% CHG Q1/Q1
|
Mar-24
|
Dec-23
|
Sep-23
|
Jun-23
|
Mar-23
|
| ENERGY
|
-3.54%
|
0.88%
|
$127.35
|
$132.02
|
$137.24
|
$123.43
|
$126.24
|
| MATERIALS
|
-0.38%
|
-6.35%
|
$61.05
|
$61.28
|
$63.65
|
$67.01
|
$65.19
|
| INDUSTRIALS
|
-4.58%
|
1.40%
|
$107.91
|
$113.09
|
$112.44
|
$112.87
|
$106.42
|
| CONSUMER DISCRETIONARY
|
-10.61%
|
1.22%
|
$148.47
|
$166.09
|
$158.97
|
$160.99
|
$146.69
|
| CONSUMER STAPLES
|
-4.67%
|
1.58%
|
$138.23
|
$145.00
|
$143.78
|
$137.08
|
$136.09
|
| HEALTH CARE
|
-1.52%
|
7.25%
|
$243.82
|
$247.58
|
$237.53
|
$233.51
|
$227.34
|
| FINANCIALS
|
-25.82%
|
-18.66%
|
$57.64
|
$77.70
|
$68.95
|
$74.31
|
$70.86
|
| INFORMATION TECHNOLOGY
|
-7.44%
|
8.41%
|
$116.73
|
$126.12
|
$111.97
|
$107.47
|
$107.68
|
| COMMUNICATION SERVICES
|
-6.13%
|
8.94%
|
$19.62
|
$20.90
|
$19.21
|
$18.59
|
$18.01
|
| UTILITIES
|
13.52%
|
-2.67%
|
$39.52
|
$34.81
|
$37.15
|
$32.51
|
$40.60
|
| REAL ESTATE*
|
-4.62%
|
-1.30%
|
$9.56
|
$10.02
|
$9.59
|
$9.86
|
$9.68
|
| S&P 500
|
-7.94%
|
-0.03%
|
$451.29
|
$490.20
|
$468.52
|
$462.13
|
$451.44
|
| QUARTERLY OPERATING MARGINS
|
% CHG Q1/Q4
|
% CHG Q1/Q1
|
Mar-24
|
Dec-23
|
Sep-23
|
Jun-23
|
Mar-23
|
Dec-22
|
| ENERGY
|
1.63%
|
-27.11%
|
9.61%
|
9.45%
|
11.22%
|
10.20%
|
13.18%
|
13.32%
|
| MATERIALS
|
49.11%
|
-14.86%
|
9.05%
|
6.07%
|
9.19%
|
11.34%
|
10.63%
|
9.26%
|
| INDUSTRIALS
|
-9.64%
|
-16.16%
|
9.08%
|
10.05%
|
9.62%
|
11.50%
|
10.83%
|
10.46%
|
| CONSUMER DISCRETIONARY
|
7.46%
|
12.60%
|
7.61%
|
7.09%
|
9.73%
|
8.43%
|
6.76%
|
5.94%
|
| CONSUMER STAPLES
|
10.23%
|
10.54%
|
7.12%
|
6.46%
|
6.76%
|
7.24%
|
6.44%
|
7.26%
|
| HEALTH CARE
|
29.67%
|
4.23%
|
8.24%
|
6.35%
|
6.58%
|
7.12%
|
7.90%
|
8.14%
|
| FINANCIALS
|
29.76%
|
7.95%
|
18.40%
|
14.18%
|
11.40%
|
16.24%
|
17.05%
|
14.57%
|
| INFORMATION TECHNOLOGY
|
3.75%
|
26.92%
|
24.70%
|
23.81%
|
22.98%
|
21.48%
|
19.47%
|
20.18%
|
| COMMUNICATION SERVICES
|
4.91%
|
11.31%
|
16.56%
|
15.79%
|
17.44%
|
16.73%
|
14.88%
|
11.15%
|
| UTILITIES
|
13.19%
|
9.70%
|
12.94%
|
11.43%
|
14.94%
|
13.44%
|
11.80%
|
7.06%
|
| REAL ESTATE*
|
2.65%
|
2.47%
|
16.08%
|
15.67%
|
18.04%
|
19.47%
|
15.70%
|
12.48%
|
| S&P 500
|
9.94%
|
3.87%
|
12.09%
|
11.00%
|
11.15%
|
11.87%
|
11.64%
|
10.92%
|
Revisions
| OBSERVATION
|
Q1 2024
|
Q2 2024
|
Q3 2024
|
Q4 2024
|
2024E
|
2025E
|
| 3/31/2023
|
$56.90
|
$60.08
|
$63.03
|
$65.34
|
$245.35
|
|
| 6/30/2023
|
$56.93
|
$59.21
|
$62.17
|
$64.74
|
$243.05
|
|
| 9/29/2023
|
$57.31
|
$60.55
|
$62.74
|
$65.18
|
$245.78
|
|
| 12/29/2023
|
$55.92
|
$59.55
|
$63.18
|
$63.79
|
$242.44
|
|
| 3/31/2024
|
$54.25
|
$58.67
|
$62.83
|
$64.55
|
$240.30
|
$273.79
|
| Current
|
$54.45
|
$58.77
|
$62.93
|
$64.78
|
$240.93
|
$273.98
|
| Change QTR
|
0.37%
|
0.17%
|
0.16%
|
0.36%
|
0.26%
|
0.07%
|
| Change fr Q1,'23
|
-4.31%
|
-2.18%
|
-0.16%
|
-0.86%
|
-1.80%
|
|
Refinitiv
Industry Analyst Estimates - S&P 500 Bottom Up ($/share)
| Year
|
1Q
|
2Q
|
3Q
|
4Q
|
CY
|
| 2010
|
19.71
|
21.48
|
21.75
|
22.55
|
85.28
|
| 2011
|
23.50
|
24.14
|
25.65
|
24.55
|
97.82
|
| 2012
|
25.60
|
25.84
|
26.00
|
26.32
|
103.80
|
| 2013
|
26.74
|
27.40
|
27.63
|
28.62
|
109.68
|
| 2014
|
28.18
|
30.07
|
30.04
|
30.54
|
118.78
|
| 2015
|
28.60
|
30.09
|
29.99
|
29.52
|
117.46
|
| 2016
|
26.96
|
29.61
|
31.21
|
31.30
|
118.10
|
| 2017
|
30.90
|
32.58
|
33.45
|
36.02
|
132.00
|
| 2018
|
38.07
|
41.00
|
42.66
|
41.18
|
161.93
|
| 2019
|
39.15
|
41.31
|
42.14
|
41.98
|
162.93
|
| 2020
|
33.13
|
27.98
|
38.69
|
42.58
|
139.72
|
| 2021
|
49.13
|
52.58
|
53.72
|
53.95
|
208.12
|
| 2022
|
54.80
|
57.62
|
56.02
|
53.15
|
218.09
|
| 2023
|
53.08
|
54.29
|
58.41
|
57.16
|
222.94
|
| 2024
|
54.76
|
59.34
|
63.62
|
65.38
|
243.04
|
| Y/Y
|
3.17%
|
9.30%
|
8.92%
|
14.38%
|
9.02%
|
| 2025
|
63.47
|
67.74
|
71.81
|
73.35
|
276.13
|
| Y/Y
|
15.91%
|
14.16%
|
12.87%
|
12.19%
|
13.62%
|
| 2026
|
|
|
|
|
308.86
|
| Y/Y
|
|
|
|
|
11.85%
|
2.7% Y/Y earnings increase for the index. And a 3.3% increase in Revenue.
References
