Earnings Season Pulse Global earnings strength broadens beyond the US

EQUITY STRATEGY 11 August 2026

Equity Strategy Extract from a report

Earnings Season Pulse Global earnings strength broadens beyond the US This edition of earnings season pulse contains the highlights from the week of 3-7 August. Equity Strategist  Season momentum decelerates in the US; Uptick in Europe and Japan. 138 companies from the Makhdoom Muteeb Raina S&P 500, 59 from the STOXX 600 and 264 from the Topix 500 reported their earnings results last week (3-7 August). Aggregate net income growth for the week was 27%, 19% and 71% respectively but all Head of European Equity Strategy Roland Kaloyan markets outperformed conensus expectations.  AI buildout was the US theme of the week. Compared with the preceding week, which was largely Equity Strategist (Europe) Kevin Redureau focused on hyperscalers, last week highlighted the broader AI infrastructure buildout. Caterpillar (CAT US) and Advanced Micro Devices (AMD US), both on the SG US Capex Beneficiaries list, delivered strong earnings growth of 67% and 145%, respectively. Both companies benefited from increased data center Manish Kabra investment, with AMD reporting 107% growth in data center revenue.  Europe’s banks keep the momentum going. The European banking sector, one of the team's Head of Asia Equity strategy Frank Benzimra preferred picks, continued to deliver solid results this week, with year-on-year earnings growth reaching 23%. Performance across the sector remains broad-based, with only 8% of financial Head of Equity Strategy companies missing consensus estimates. Earnings have been supported by elevated net interest Charles-de-Boissezon income, low credit risk costs, and rising fee income, while capital and liquidity positions remain robust.  Japan earning season ending on a strong note. Nearly half of Japanese corporates reported earnings last week, bringing the reporting season close to completion. Aggregate earnings growth has reached 67% year-on-year, exceeding consensus expectations by 25 percentage points. The transportation sector continues to benefit from a low-base recovery following tariff absorption, delivering 93% earnings growth, while electric appliance manufacturers have maintained strong momentum from the ongoing technology cycle, with earnings rising 77%. Additionally, the weaker yen during the quarter has supported profitability across export-oriented sectors, including machinery, chemicals, mining, and pharmaceuticals, providing a further tailwind to overall earnings performance.

Developed markets sector earnings growth – 2Q26

Source: Bloomberg, SG Cross Asset Research/Equity Strategy

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Above consensus Below consensus

In line = -3% to +3% versus Bloomberg consensus To be reported

STOXX 600 – EPS surprises (249/336 companies) * STOXX 600 – Sales surprises (334/437 companies) * 79 companies 18% 87 companies 103 companies 26% 24% 126 companies 38%

228 companies 71 companies 52 companies 52% 21% 15%

Based on Bloomberg adjusted earnings per share. In line = -3% to +3% vs Bloomberg consensus. *Companies that have reported out of total for which consensus estimates exist. Source: Bloomberg, SG Cross Asset Research/Equity Strategy

S&P 500 – EPS surprises (441/496 companies) * S&P 500 – Sales surprises (442/497 companies) * 55 companies, 55 companies, 11% 11% 141 companies, 28% 25 companies, 26 companies, 5% 5%

290 companies, 125 companies, 59% 25%

Based on Bloomberg adjusted earnings per share. In line = -3% to +3% vs Bloomberg consensus. * Companies that have reported out of total for which consensus estimates exist. Source: Bloomberg, SG Cross Asset Research/Equity Strategy

STOXX 200 Small – EPS surprises (58/85 companies) * STOXX 200 Small – Sales…