S&P 500 EPS / Revenue Growth, And Amazon Earnings

Summary For Q2 ’26 to-date, S&P 500 EPS and revenue growth are up 51.1% and 15.2% respectively. The S&P 500 EPS growth has been inflated the last two quarters by the Anthropic mark-ups. The S&P 500 "operating" EPS growth rates the last two quarters are 19-20%, and 32.7%. Looking at longer-term revenue estimates for the S&P 500’s y-o-y revenue growth rate, Q2 ’26 was estimated at 6.9% on January 2nd, ’26, while Q2 ’26’s almost-completed revenue growth is 15.2%, or twice what was expected on January 2, ’26. Amazon’s latest earnings release was also heavily affected by the Anthropic mark-up: after removing the EPS value of the Anthropic mark-up, I have that Amazon missed on their EPS by 55%, printing operating EPS of $0.86 versus the $1.92 expected by the Street. Amazon Web Services (AWS) was the hero of the quarter, despite Anthropic. AWS grew revenue 37% y-o-y, the strongest in quite a while (since COVID, or March ’22) for the combination e-commerce retailer and cloud company.

Everyone talks about S&P 500 EPS growth, but few pay attention to S&P 500 revenue growth, which may be a better indicator of the market’s health. The last time both the S&P 500 EPS and