U.S. companies delivered one of their strongest reporting seasons in years, with aggregate second-quarter earnings per share for the S&P 500 rising about 11%, far above the 4% increase analysts had expected, Goldman Sachs data show. With roughly 92% of index members now reporting, some 60% beat earnings estimates by more than one standard deviation, the highest rate in about four years, Goldman’s chief U.S. equity strategist David Kostin wrote. Wolfe Research calculated that 69% of reporters exceeded revenue forecasts and 80% topped profit projections, posting an average earnings surprise of 8.4%. Goldman attributed the outperformance to steps companies took to blunt the new 145% U.S. tariff on Chinese goods—renegotiating supplier contracts, shifting supply chains, cutting costs and passing along higher prices—as well as the tailwind from a weaker dollar. The wave of upside surprises has prompted analysts to raise third-quarter profit estimates at the fastest clip since late 2021 and has helped push the S&P 500 to successive record highs this month.