Asset Allocation

Deutsche Bank analysts expect S&P 500 earnings growth to hit 29.3% in Q2 2026, outperforming the 26.2% consensus. Growth is led by semiconductor and AI-related stocks alongside a supportive macroeconomic backdrop.

Key Takeaways

• 1.Consensus S&P 500 earnings growth expectations for Q2 have reached a near-record 26.2%.
• 2.Deutsche Bank forecasts a 29.3% earnings growth for Q2, implying a ~3% beat over consensus.
• 3.Semiconductors are a primary driver of S&P 500 growth, contributing 11pp to the overall Q2 consensus.

Table of Contents

• Q2 2026 earnings: Looking For Growth In The High 20s
• The bar for Q2 has been rising rapidly
• Firing on (nearly) all cylinders
• Can Q2 earnings leap over such a high bar?
• Will it be enough to drive a typical earnings season rally?
• Appendix 1
• Important Disclosures
• Analyst Certification
• Additional Information

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