As of mid-August 2025, approximately 80% of S&P 500 companies have reported their second-quarter earnings, with an earnings per share (EPS) beat rate of around 81%, surpassing the five-year average of 78% and the ten-year average of 75%. Similarly, about 81% of companies have exceeded revenue estimates, well above the five-year average of 70% and the ten-year average of 64%. The blended year-over-year earnings growth rate for the S&P 500 in Q2 2025 stands at approximately 11.8%, marking the tenth consecutive quarter of positive year-over-year growth. Operating earnings are on track to reach a record high on a trailing twelve-month basis, with an 11% increase compared to the previous year. Wolfe Research highlighted that 80% of the 452 companies that reported beat earnings forecasts by an average surprise of 8.4%, while 69% surpassed revenue estimates with a 2.8% surprise. Nearly half of these companies issued bullish guidance for the third quarter. Despite these strong earnings results, valuations of the S&P 500 have returned to historically high levels, described as "nosebleed" levels by Wolfe Research. This robust earnings performance has contributed to continued record highs in the stock market, according to JPMorgan.