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What are 2Q corporate earnings telling us about tariffs?

July 30, 2025

Halfway through 2Q 2025 earnings season, it appears US companies are adjusting to tariffs – as corporate earnings are following a typical trajectory. “Of course, it’s early to draw a full conclusion and we’ll be watching for more signs of impact, but Corporate America remains dynamic and flexible. It’s doing its best to navigate the tariff uncertainty,” said Jack Janasiewicz, Multi-asset Portfolio Manager and Lead Strategist, Natixis Investment Managers Solutions. He believes the ability for US corporates to absorb higher costs remains strong given that margins are at all-time highs, as shown in the chart below. 


S&P 500® net margins (12/31/99 to 7/25/25)
S&P 500® Net Margins (12/31/99–7/25/25) * Source: Bloomberg

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.

  • “Evidence thus far points to the idea that Corporate America is bearing the bulk of tariff costs. Some firms are opting to absorb the costs rather than pass them along to preserve market share,” said Janasiewicz.  

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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