FactSet

S&P 500

2026-08-04 10:10:34

S&P 500 earnings rise 14% above long-term trend, giving valuations firmer support

A market earnings revision report compiling data from several institutions says S&P 500 earnings per share are running about 14% above a trend channel built from more than 90 years of history, the first such deviation since 1955. The report argues that unusually strong profit growth, a high share of earnings beats, stronger-than-expected sales, and continued upward analyst revisions are helping justify elevated U.S. equity valuations. Public data points cited in the article show some variation in second-quarter growth estimates. FactSet on July 2 projected S&P 500 earnings growth of 23.3% year over year, Axios cited a FactSet figure of 22.5%, and Bloomberg put the number at about 25%. The article says the most accurate public-range description is therefore roughly 23% to 25%, while the report’s 33.2% figure may reflect a different cut of the data. The piece also says earnings strength is no longer confined entirely to mega-cap technology names. FactSet data dated July 20 showed Q2 blended earnings growth of 24.7% for the S&P 500 and 22.8% for the 493 companies outside the “Magnificent Seven.” Even so, large tech and semiconductor names remain major drivers. The report concludes that stronger earnings can support valuations, but they also raise the bar for companies heading into earnings season.

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SpaceX

2026-08-03 14:03:18

SpaceX heads into first post-IPO earnings report as analysts warn of expectation gap

SpaceX (SPCX) is set to report its 2026 second-quarter results after the U.S. stock market closes on Tuesday, marking the company’s first earnings release since completing its IPO in June. The report is expected to serve as an early test of how its three core businesses — rocket launches, satellite internet and artificial intelligence — are performing as a public company. According to TheStreet, investors are also watching whether SpaceX’s current valuation can be justified by revenue growth and returns on its AI spending. Colin Canfield, an analyst at Cantor Fitzgerald, previously said the company’s first quarterly report could carry an “extreme expectation bias,” suggesting that actual results may diverge sharply from market forecasts. FactSet data cited in the report shows Wall Street expects SpaceX to post about $6.88 billion in second-quarter revenue and a loss of $0.23 per share. Consensus estimates also put quarterly EBITDA at roughly $2.1 billion, with full-year revenue projected at about $39 billion and EBITDA at around $17.3 billion. Ahead of the release, SpaceX shares have remained under pressure after once reaching a record closing high of $201.80 following the listing before falling back to nearly half that level. Its market capitalization, which at one point approached $3 trillion after the IPO, has since dropped to about $1.4 trillion.

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