In the lead-up to Q4 2024 earnings reports, a record 259 companies in the S&P 500 have mentioned 'tariffs' during their earnings calls, marking the highest number in the past decade. The Industrials sector leads with 55 companies citing the term, while the Materials sector has the highest percentage, with 82% of its companies addressing tariffs. Analysts have also noted that 64 S&P 500 companies have issued negative earnings per share (EPS) guidance for Q1 2025, surpassing the five-year average of 56 and the ten-year average of 62. Furthermore, Q1 EPS estimates for S&P 500 companies have been decreased by 3.7% since December 31, exceeding the ten-year average decline of 3.2%. Year-over-year earnings growth for Q1 2025 is projected at 7.3%, down from an earlier estimate of 11.6%, while revenue growth is expected to be 4.3%, below the previous estimate of 5.1%.