Zacks Earnings Trends Highlights: Micron's , Alphabet's and Nvidia

For Immediate Release

Chicago, IL – August 6, 2026– Zacks Director of Research Sheraz Mian says, "For the 386 S&P 500 companies that have reported Q2 results, or 77.2% of the index’s total membership, total earnings are up +41.7% from the same period last year on +14.8% higher revenues."

Earnings Picture Remains Robust: A Closer Look

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>

Here are the key points:

• For the 386 S&P 500 companies that have reported Q2 results, or 77.2% of the index’s total membership, total earnings are up +41.7% from the same period last year on +14.8% higher revenues, with 83.7% beating EPS estimates and 77.2% beating revenue estimates.
• This is a notably better showing from these 386 index members relative to other recent periods, both in terms of the earnings and revenue growth rates as well in terms of the beats percentages. The EPS and revenue beats percentages for these companies are notably tracking above the averages for this group of companies over the preceding 20 quarters.
• The Q2 earnings and revenue growth rates have been boosted by Micron’s MU blockbuster quarterly results and Alphabet’s GOOGL unrealized gain on its SpaceX stake. However, the earnings and revenue growth rates would still compare favorably with other recent periods when we exclude Micron and Alphabet from these results. Excluding Micron and Alphabet, Q2 earnings for the remaining 384 index members that have reported Q2 results would be up +19.6% (vs. +41.7% otherwise) on +13.6% higher revenues (vs. +14.8% otherwise). 
• The Tech sector has been a critical growth pillar since 2023 Q3 and is expected to continue playing that role in 2026 Q2, with expected earnings growth of +93.6%. Excluding the Tech sector’s substantial contribution, Q2 earnings growth for the rest of the S&P 500 index would be +17.7% (vs. +42.2% otherwise).
• Nvidia NVDA, Micron and Alphabet are material contributors to the Tech sector’s growth profile in 2026 Q2 and the coming quarters. Excluding the contribution from these three Tech players, Q2 earnings growth for the rest of the Zacks Tech sector drops to +31.4% (from +93.6%).

The Earnings Big Picture

Estimates for full-year 2026 have also been steadily going up, particularly since the start of March.

Full-year 2026 earnings estimates have increased for 10 of the 16 Zacks sectors since the start of March, with the most pronounced gains at the Energy, Basic Materials, Tech, Industrials, Utilities, and Business Services sectors. On the negative side, estimates have been under pressure for the Transportation, Autos, Medical, and Consumer Discretionary sectors since the start of March.

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