S&P 500 Earnings: Watching The Q2 '25 EPS Revisions; Harsh Cuts Already

  • Watching the annual EPS estimate revisions for the S&P 500, the expected, full-year, EPS growth for 2025 is now looking for 9% growth, versus the 14% growth rate as of October '24. The forward 4-quarter estimate (FFQE) fell again this week to $269.93 versus last week's $270.96, and the quarter's starting FFQE of $278.96. When looking back at the period during Covid (2020) and then the Fed rate hikes in 2022, what struck me, at least during Covid and the healthy stock market in 2021, was how far off the analysts were in predicting quarterly EPS growth rates.