Q3 Earnings Update: Broad-Based Growth, Key Sector Outliers, and What's Ahead for Q4

S&P 500 Q3 earnings grew 28.4% on 14.4% higher revenues, marking the 8th consecutive quarter of double-digit earnings growth. While broad-based momentum spans 15 of 16 sectors, growth is heavily concentrated in Tech, Energy, and Aerospace. However, Q4 estimate revisions have turned negative for 12 of 16 sectors since October, with only Energy, Tech, Finance, and Conglomerates showing positive revisions. Excluding outliers like Micron and Alphabet, underlying earnings growth is more modest at 21.5%.