2Q25 earnings season: strong results, underlying risks
The second-quarter earnings season closed with results better than expected. 81% of S&P 500 companies beat estimates, with aggregate annual earnings growth of 12%. Nvidia stood out with a +45% increase in earnings, while Technology, Financials, and Industrials led the way, driven by artificial intelligence and energy demand.
Key data from the quarter:
- 81% of companies beat expectations
- +12% annual earnings growth
- Nvidia: +45% earnings growth
- Consumer Staples, Energy, and Materials faced headwinds from tariffs and FX
Consumers remain resilient, though spending is becoming more selective. With elevated valuations, the market is now watching whether corporate earnings can sustain current prices in an increasingly uncertain global environment.
Source: Raymond James – FacSet.
