Q1 Earnings Season Tracker Key Takeaways

The Q1 '26 earnings season is concluding with strong results, particularly in the US where EPS growth hit +23% y/y, driven by AI-related sectors and Financials. Regional performance shows the US significantly outperforming Europe, though the gap narrows when excluding the 'Magnificent 7'.

Key Takeaways

• 1.Q1 reporting season delivered significantly higher earnings surprises than average, with US EPS growth at +23% y/y and Europe at +5% y/y.
• 2.US earnings growth is largely concentrated in AI-related sectors (Tech, Comm Services, Discretionary) and Financials, with Mag-7 EPS growth reaching its strongest levels since Q1 '24.
• 3.A rising proportion of companies are beating both EPS and Sales estimates, and profit outlooks are being raised above historical averages.

Table of Contents

• Q1 Earnings Season Tracker - Key Takeaways
• Q1 '26 Results snapshot
• US Q1 '26 reporting season
• European Q1 '26 reporting season
• Eurozone Q1 '26 reporting season
• Japanese Q4 '26 reporting season
• Appendix – Key charts
• 2026e and 27e EPS evolution in different regions
• Q1 '26 Reporting season calendar
• Profit warnings so far

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