S&P 500 earnings per share (EPS) for the first quarter is tracking to a 12.9% year-over-year increase, with about 80% of that EPS growth expected to be driven by the technology sector.

So far with 49 S&P 500 companies having reported results, the average upside earnings surprise (+11.4%), earnings beat rate (85.7%), and revenue beat rate (81.6%) are all nicely above recent averages. Capital markets firms and banks helped get earnings season off to a strong start.

Since April 1, the S&P 500 consensus next 12 months estimate has risen 1.1%, lifting consensus estimates for 2026 EPS growth to 18%. Corporate America has demonstrated resilience in the face of higher oil prices.

Source: LPL Research, FactSet 04/17/26