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Corporate America is feeling all right

November 19, 2025

With over 90% of 3Q 2025 earnings reports from S&P 500® companies now in, it appears Corporate America is doing quite well. “Despite the tariffs, inflation, and policy uncertainty of 2025, this marks the fourth-straight quarter of double-digit earnings growth for the S&P 500®. And earnings and margin estimates are up and to the right,” said Jack Janasiewicz, Portfolio Manager, Natixis Investment Managers Solutions. 

S&P 500® Quarterly EPS % YoY  (as of 11/16/25)
S&P 500® Quarterly EPS% YoY (11/16/25) *Source: FactSet.

3Q 2025 stats* summarizing the strong earnings season for S&P 500® companies, include:

  • 61% of companies beat estimates on both earnings per share (EPS) and sales. That’s in line with last quarter and well above the long-term trend of 41%.
  • Ex Meta’s one-time non-cash tax charge, EPS is tracking to 15% year-over-year (YoY) growth.
  • Net margins expanded by 70 basis points to 13% ex financials, posting a new record high.
  • Tech led the way with the strongest margin expansion of all the sectors.

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization. 

Net margin is a profitability ratio showing the percentage of revenue remaining as profit after all expenses, including taxes and interest, have been paid.

Trough represents the lowest point of decline in corporate earnings growth rate during a contraction phase. 

This material is provided for informational purposes only and should not be construed as investment advice. The views and opinions contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of Natixis Investment Managers, or any of its affiliates. The views and opinions expressed may change based on market and other conditions. There can be no assurance that developments will transpire as forecasted, and actual results may vary.

All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided. Investors should fully understand the risks associated with any investment prior to investing.

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