Second-quarter earnings for 2025 have exceeded expectations across the S&P 500, with approximately 81% of companies reporting earnings per share (EPS) above analyst estimates, surpassing the five-year average of 78%. The blended year-over-year earnings growth rate for the index reached 11.8%, marking the tenth consecutive quarter of positive growth. Revenue growth also outpaced estimates, with a 6.3% year-over-year increase compared to the 4.2% forecast made on June 30. Technology sector companies led the earnings surprises, with a 94% beat rate and a 7.8% positive surprise margin. Earnings per share consensus rose from $62.49 to $65.67, a 5.1% increase since June 30. Capital expenditures among approximately 450 reporting S&P 500 companies grew by 25% year-over-year. Bank of America noted a 6% upward revision in EPS since July 1, with EPS growth on track for 11% year-over-year, representing the third consecutive quarter of double-digit growth. The breadth of EPS beats was strong, with 73% of companies beating estimates compared to a historical average of 59%. Overall, the earnings revision ratio for the S&P 500 is at its highest level in about three and a half years, reflecting improved top-line trends and robust corporate performance in the second quarter.