Report published August 11, 2026
Earnings Season Pulse: Global Earnings Strength Broadens Beyond the US (Société Générale)
Source and citation context
- Issuer
- Société Générale
- Report date
- August 11, 2026
- Analysis as of
- Not stated in source
Authors / editors: Makhdoom Muteeb Raina, Roland Kaloyan, Kevin Redureau, Manish Kabra, Frank Benzimra, Charles De Boissezon, Kokou Agbo Biloua, Rajat Agarwal
Finvaulta summarizes Société Générale's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
For the week of 3–7 August 2026, global earnings growth broadened beyond the US, with strong beats in Europe and Japan. While US momentum decelerated slightly, broader AI infrastructure beneficiaries alongside European banks and Japanese exporters reported robust results.
Key Takeaways
- 1.Global earnings momentum is broadening with an uptick in Europe and Japan, while US earnings momentum decelerates though all major markets beat consensus.
- 2.The US earnings narrative broadened from hyperscalers to AI capex/infrastructure beneficiaries, evidenced by strong growth from Caterpillar and AMD.
- 3.European banks maintained solid momentum with 23% YoY earnings growth and only 8% missing consensus, aided by high net interest income and low credit risk costs.
Table of Contents
- Historic earnings surprises
- Consensus earnings expectations
- Changes in sector earnings expectations
- CROSS ASSET RESEARCH – EQUITY STRATEGY
Report data
Developed markets sector earnings growth – 2Q26
| Metric | Estimate | Context |
|---|---|---|
| S&P 500 Aggregate Net Income Growth (weekly reporting companies) | 27.0% | Aggregate net income growth for the 138 S&P 500 companies reporting during the week. |
| STOXX 600 Aggregate Net Income Growth (weekly reporting companies) | 19.0% | Aggregate net income growth for the 59 STOXX 600 companies reporting during the week. |
| TOPIX 500 Aggregate Net Income Growth (weekly reporting companies) | 71.0% | Aggregate net income growth for the 264 Topix 500 companies reporting during the week. |
| European Banking Sector YoY Earnings Growth | 23.0% | Year-on-year earnings growth for European banking sector with only 8% of financial companies missing consensus. |
| Japan Aggregate Earnings Growth YoY | 67.0% | Exceeded consensus expectations by 25 percentage points. |
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Authors / Editors
Reported Data Context
- S&P 500 Aggregate Net Income Growth (weekly reporting companies): 27.0 % (Week of 3-7 August 2026) · Source: Bloomberg, SG Cross Asset Research/Equity Strategy
- STOXX 600 Aggregate Net Income Growth (weekly reporting companies): 19.0 % (Week of 3-7 August 2026) · Source: Bloomberg, SG Cross Asset Research/Equity Strategy
- TOPIX 500 Aggregate Net Income Growth (weekly reporting companies): 71.0 % (Week of 3-7 August 2026) · Source: Bloomberg, SG Cross Asset Research/Equity Strategy
- European Banking Sector YoY Earnings Growth: 23.0 % (2Q26) · Source: Bloomberg, SG Cross Asset Research/Equity Strategy
- Japan Aggregate Earnings Growth YoY: 67.0 % (2Q26) · Source: Bloomberg, SG Cross Asset Research/Equity Strategy