US Weekly Kickstart: Q3 2026 earnings season preview

The Q3 2026 earnings season will kick off during the week of October 12. By the end of October, roughly 70% of S&P 500 market cap will have reported. Most of the hyperscalers are scheduled to report during the last week of October. Consensus expects S&P 500 year/year EPS growth of 27% in Q3, versus realized growth of 33% in Q2 excluding some accounting distortions. Analyst estimates show the beneficiaries of AI infrastructure spending accounting for over 50% of S&P 500 EPS growth this quarter alongside hyperscaler capex growth of 116%. For the median S&P 500 stock, consensus estimates show year/year EPS growth slowing from 14% in Q2 to 9% in Q3. We expect most companies will once again surpass consensus earnings estimates. AI monetization and productivity remain key themes;