S&P 500 Earnings: Expected 2027 EPS Growth Might Make For A Tougher Year

Brian Gilmartin, CFA 11.36K Followers Follow Summary Q2 ’26 S&P 500 EPS growth is currently estimated to be 53%, until the Anthropic non-operating mark-ups are removed from Alphabet and Amazon, which reduces the growth to a still-quite robust 34.9% for Q2 ’26. The forward P/E is still 20x down from 23x in early January ’26. Remarkably, the S&P 500 “earnings yield” ended last week at 4.97%, still hovering around 5% - a yield level which drove a strong S&P 500 rally in early March ’26. The rising 10-year Treasury yield is still below the 4.80% recent high and the 4.998% peak in late ’23, after the FOMC rate hikes. A trade above 5% for the 10-year Treasury yield will likely have a marked impact on stocks. Wait to see the core CPI data Friday morning, before drawing a conclusion about what the FOMC will do on September 15th, 16th. champpixs/iStock via Getty Images It’s been a few weeks since readers have been updated only because the Q2 ’26 earnings reports are mostly done, and as we roll into September ’26, we’ll start to see companies with August quarter ends - some of the most This article was written by Brian Gilmartin, CFA 11.36K Followers Follow Brian Gilmartin, is a portfolio manager at Trinity Asset Management, a firm he founded in May, 1995, catering to individual investors and institutions that werent getting the attention and service deserved, from larger firms. Brian started in the business as a fixed-income / credit analyst, with a Chicago broker-dealer, and then worked at Stein Roe & Farnham in Chicago, from 1992 - 1995, before striking out on his own and managing equity and balanced accounts for clients. Brian has a BSBA (Finance) from Xavier University, Cincinnati, Ohio, (1982) and an MBA (Finance) from Loyola University, Chicago, January, 1985. The CFA was awarded in 1994. Brian has been fortunate enough to write for the TheStreet.com from 2000 to 2012, and then the WallStreet AllStars from August 2011, to Spring, 2012. Brian also wrote for Minyanville.com, and has been quoted in numerous publications including the Wall Street Journal.