Research, Fundamental

Q3 2023 EPS Outlook

Sam Stovall, CFP, Chief Investment Strategist
02 October 2023


The third quarter 2023 earnings reporting period is about to get underway. S&P 500 Q3 2023 EPS are expected to have declined 1.0% year-over-year (Y/Y), according to S&P Capital IQ consensus estimates, along with five of 11 sectors, led by Energy, Health Care, Materials, and Real Estate. Communication Services, Consumer Discretionary, and Utilities are forecast to report the greatest gains. Estimates also point to an 8.2% rise in Q4 and an 11.9% increase for all of 2024 after a flat 2023. The S&P 500 Growth Index is expected to show a 7.0% rise in EPS this year and a 13.4% gain next year, while the S&P 500 Value Index is seen declining 2.6%, then recovering 10.6%, respectively.

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