As of mid-May 2025, approximately 90% of S&P 500 companies have reported their first-quarter earnings results. Earnings have generally exceeded analyst expectations, with around 78% of companies beating estimates, which is above the five-year average of 77% and the ten-year average of 75%. The median earnings beat is about 6%, while some reports indicate earnings are on average 8.5% to 13.5% above estimates. Overall, first-quarter earnings for the S&P 500 have surged by 13.4% year-over-year, marking the ninth consecutive quarter of positive year-over-year growth. Revenue growth has been modest, but companies have demonstrated effective margin management. Excluding the energy and finance sectors, Bank of America tracks earnings growth at 17.4%. Market responses have been favorable to these positive earnings surprises, with expectations of potential double-digit portfolio gains over the next 90 days.