A Bank of America survey shows that most analysts expect S&P 500 earnings per share (EPS) to grow 27% year-over-year in the third quarter, excluding one-time gains from Google (GOOGL) and Amazon (AMZN), a slight slowdown from 32% in the second quarte

2026-10-12

A Bank of America survey shows that most analysts expect S&P 500 earnings per share (EPS) to grow 27% year-over-year in the third quarter, excluding one-time gains from Google (GOOGL) and Amazon (AMZN), a slight slowdown from 32% in the second quarter. If the energy, technology, and "Big Seven" stocks are excluded, the median year-over-year EPS growth for the remaining stocks is expected to fall to 7% in the third quarter, down from 12% in the second quarter. This means that while overall S&P 500 earnings remain strong, the earnings growth of ordinary listed companies is slowing after removing the main growth engines. (The diamonds in the chart represent the market consensus for the third quarter of 2026.)