Market Briefing: S&P 500 Revenues, Earnings, & Dividends

Market Briefing: S&P 500 Revenues, Earnings, & Dividends

Yardeni Research, Inc.

November 6, 2020

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Debbie Johnson

480-664-1333 djohnson@

Mali Quintana

480-664-1333 aquintana@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

S&P 500 Earnings & Revenue Growth

1

Revenues & Earnings

2

S&P 500 Revenues

3

S&P 500 Operating Earnings

4-6

S&P 500 Dividend Yield

7

S&P 500 Dividends

8

S&P 500 Write-Offs

9

November 6, 2020 / Market Briefing: S&P 500 Revenues, Earnings, & Dividends

Yardeni Research, Inc.



S&P 500 Earnings & Revenue Growth

Figure 1.

120

S&P 500 EARNINGS PER SHARE GROWTH* 100 (yearly percent change)

120 Latest data thru 11/2/2020

100

80

80

Actual

60

y/y growth

60

Estimated

40

y/y growth**

40

20

20

0

0

Q4

-20

-20

-40

-40

-60

-60

-80

-80

-100

-100



-120

-120

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

* Yearly growth rates capped at +100% and -100% due to extreme values. ** Industry analysts' consensus expected earnings growth.

Source: Standard & Poor's.

Figure 2.

20

20

S&P 500 REVENUES PER SHARE

(yearly percent change)

15

15

10

10

5

5

0

0

-5

-5

-10

Latest (-10.3)

Q2

-10

-15

-15

-20

-20



-25

-25

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: Standard & Poor's.

Page 1 / November 6, 2020 / Market Briefing: S&P 500 Revenues, Earnings, & Dividends

Yardeni Research, Inc.



Revenues & Earnings

Figure 3.

1500

S&P 500 REVENUES PER SHARE: FORWARD & ACTUAL (dollars)

1400

1300

10/29 Q2

1500 1400 1300

1200

1200

1100

1100

Revenues Per Share

1000

Forward Revenues*

1000

Revenues**

(4Q sum)

900

900



800

800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Time-weighted average of consensus estimates for current and next year. ** Actual 4Q sum from Standard & Poor's.

Source: I/B/E/S data by Refinitiv and Standard & Poor's.

Figure 4.

1600

S&P 500 EARNINGS & REVENUES

Revenues

1400

(trailing 4-quarter sum)

Earnings*

1200

(trailing 4-quarter sum)

170

150 Q2

130 Q2

110

1000

90

70 800

50

600 30



400

10

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

* Operating earnings. Source: Standard & Poor's.

Page 2 / November 6, 2020 / Market Briefing: S&P 500 Revenues, Earnings, & Dividends

Yardeni Research, Inc.



S&P 500 Revenues

Figure 5.

400

400

S&P 500 REVENUES

(dollars per share)

375

375

350

350

325

325

Q2

300

300

275

275

250

250

225

225

200

200

175

175



150

150

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Census Bureau and Standard & Poor's.

Figure 6.

25

25

S&P 500 REVENUES*

(yearly percent change)

20

20

15

15

10

10

5

5

0

0

-5

-5

-10

Q2

-10

-15

-15

-20

-20



-25

-25

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Using dollars per share. Source: US Department of Commerce, Bureau of the Census and Standard & Poor's Corporation.

Page 3 / November 6, 2020 / Market Briefing: S&P 500 Revenues, Earnings, & Dividends

Yardeni Research, Inc.



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