The S&P 500 is closing a robust second-quarter earnings season, with 81–83% of constituents reporting results above Wall Street estimates, according to data compiled by FactSet. Senior Earnings Analyst John Butters said companies, in aggregate, exceeded earnings forecasts by roughly 8%, ahead of the 10-year average of 6.9%. With about 90% of firms having reported, blended year-over-year earnings growth for the index stands at 11.8%, marking a third straight quarter of double-digit gains. Revenue surprises were also widespread: 81% of companies topped sales projections, the strongest showing since 2021, helping to lift consensus earnings-per-share forecasts for the full year. The broad-based strength—led by technology, communication services and financials—comes despite the higher tariff backdrop introduced earlier this year. If current trends hold, the quarter will register the highest proportion of earnings beats since the third quarter of 2023, reinforcing optimism reflected in equity markets hovering near record highs.