For Immediate Release
Chicago, IL – November 2, 2026 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes Nvidia NVDA, Micron MU and Alphabet GOOGL.
Strong Growth Momentum & Rising Revisions Fuel Bright Earnings Outlook
The Q3 results we have already seen from 60% of S&P 500 members through Friday, October 30th, reconfirm the broad-based growth momentum we have become used to in the last few reporting cycles. While the growth pace remains strong, it does not compare favorably with other recent periods, particularly when some of the outlier results are excluded. Most importantly, the revisions trend remains positive, with estimates for 2026 Q4 and full-year 2027 continuing to rise.
We remain in the heart of the Q3 reporting season, with this week bringing in results from more than 1400 companies, including 142 S&P 500 members. This week’s busy reporting line-up ranges from Tech bellwethers like Apple, Advanced Micro Devices, Palantir, and others to DuPont, McDonald’s, Expedia, and many others. By the end of this week, we will have seen Q3 results from 88% of S&P 500 members.
Looking at overall expectations for the quarter, combining the actual results from the 300 S&P 500 members that have reported already with estimates for the still-to-come companies, Q3 earnings are currently expected to increase by +26.6% from the same period last year on +13.7% higher revenues, the 8th straight quarter of double-digit earnings growth for the index.
The Tech sector continues to be a major growth contributor, but the momentum is broad-based, with 15 of the 16 Zacks sectors on track to enjoy positive earnings growth and 6 generating double-digit earnings growth in Q3.
As noted earlier, the revisions trend has been positive, sustaining the favorable trend in place for almost a year. Estimates for Q3 increased after the quarter got underway, and we are seeing a similar trend at play for 2026 Q4 estimates.
This positive revisions behavior is not a new development; they extend a tailwind that has been building for nearly a year. The positive revisions were at first concentrated in Technology and, more recently, Energy, following Middle East supply disruptions. However, for 2026 Q4 and also what we saw for Q3, the favorable estimate revisions have broadened significantly, rising across 6 of the 16 Zacks sectors—including Industrials, Basic Materials, Finance, and Conglomerates alongside Tech and Energy since the start of October.
On the negative side, Q4 estimates have come down since the start of October for 10 sectors, with the major declines at the Transportation, Autos, Consumer Staples, Consumer Discretionary, Construction, and Utilities sectors.
It is important to note that estimates for full-year 2027 have also been similarly trending higher, which we show a little later in this note.
Sector Focus: Broad-Based Strength
This week’s reporting line-up, comprising 172 S&P 500 members, is a representative sample of the index as a whole, ranging from the aforementioned Mag 7 members to Coca-Cola, Boeing, Caterpillar, and Visa, to Eli Lilly, and a host of Finance and other companies.
The 9 sectors expected to enjoy double-digit earnings growth in Q3 are Aerospace (up +195.8%), Energy (+142.5%), Tech (+43.4%), Basic Materials (+34.1%), Transportation (+13.5%), Industrial Products (+15.9%), Consumer Discretionary (+10.4%), Autos (+10.8%), and Business Services (+12.3%).
Q3 earnings growth for the S&P 500 index drops to +21.4% from +26.6% once the Energy sector’s contribution is excluded from the index. Excluding the Tech sector, Q3 earnings growth for the rest of the index drops to +17.7%. Excluding both the Tech and Energy sectors, Q3 earnings for the rest of the index would be up +8.8% on +6.9% higher revenues.
For the Mag 7 group, we have actual results from 5 members, with Apple as the 6th to report this week. Looking at expectations for the Mag 7 as a whole, combining the actual results from the 5 members that have reported already with estimates for Apple and Nvidia, total Q3 earnings for the Mag 7 are expected to increase by +16.7% on +23.3% revenues.
Excluding the Mag 7 group’s contribution, Q3 earnings for the rest of the index would actually improve to +30.1% (from +26.6%).
The Q3 earnings and revenue growth rate drops to +26.5% from +43.4% once the substantial contributions from Nvidia, Micron and Alphabet are excluded, as the chart below shows.
Q3 Earnings Season Scorecard
Through Friday, October 30th, we have seen Q3 results from 300 S&P 500 members, or 60% of the index’s total membership. Total earnings for these companies are up +27.1% from the same period last year on +14.5% higher revenues, with 81.7% beating EPS estimates and 72.3% beating revenue estimates.
The very strong earnings and revenue growth pace for this group of 300 S&P 500 members is mostly due to Micron, whose Q3 earnings increased +1075.7% from the year-earlier level. Excluding Micron, Q3 earnings for the remaining 299 index members that have reported would be up +19.1%.
For the Tech sector, we now have Q3 results from 46% of the sector’s market capitalization in the S&P 500 index. Total earnings for these companies are up +42.5% from the same period last year on +30.1% higher revenues, with 84.1% beating EPS estimates and 88.6% beating revenue estimates.
The Earnings Big Picture
As we noted earlier, estimates for full-year 2027 are experiencing the same positive and broad-based revisions trend that we noted earlier in the context of 2026 Q4.
For a detailed view of the evolving earnings picture, please check out our weekly Earnings Trends report here >> >> Rising Estimates and Broad Growth Underpin Strong Earnings Outlook
Free: Instant Access to Zacks' Market-Crushing Strategies
Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.
Today you can tap into those powerful strategies – and the high-potential stocks they uncover – free. No strings attached.
Join us on Facebook: https://www.facebook.com/ZacksInvestmentResearch/
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Micron Technology, Inc. (MU): Free Stock Analysis Report
NVIDIA Corporation (NVDA): Free Stock Analysis Report
Alphabet Inc. (GOOGL): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).