S&P 500 Analysts' Consensus Revenues, Earnings, & Margins

S&P 500 Analysts' Consensus Revenues, Earnings, & Margins (levels & growth weekly)

Yardeni Research, Inc.

October 10, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

jabbott@

Mali Quintana

480-664-1333 aquintana@

Please visit our sites at blog.

thinking outside the box

Table Of Contents Table Of Contents

S&P 500 Revenues

1-2

S&P 500 Earnings

3-4

S&P 500 Profit Margin

5

Quarterly Earnings

6

Forward Revenues and Earnings

7

Forward Earnings

8

Revenues & Earnings

9

S&P 500 Earnings, Revenues, Margins

10

S&P 500 Earnings and Valuation

11

Analyst's Consensus Estimates

12

October 10, 2022 / S&P 500 Analysts' Consensus Revenues, Earnings, & Margins

Yardeni Research, Inc.



S&P 500 Revenues

Figure 1.

1950

S&P 500 REVENUES PER SHARE

1800

(analysts' consensus estimates, dollars, weekly, ratio scale)

24 9/29

1950 1800

1650

23 1650

1500

Consensus Forecasts Annual

22

1500

Forward*

1350 1200

Lehman Collapse

Covid

1350 1200

1050

1050



900

900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of consensus revenue estimates for current and next year. Note: Lehman collapsed 9/15/2008. WHO declared global COVID-19 pandemic on 3/11/2020. Note: Shaded areas are recessions according to the National Bureau of Economic Research. Source: I/B/E/S data by Refinitiv.

Figure 2.

1900

S&P 500 REVENUES PER SHARE FORECASTS 1800 (analysts' consensus estimates, dollars, weekly, ratio scale)

1700

1900

1800

23

1700

1600 1500 1400 1300 1200 1100

21

22

20

19 18 16 17 15 14 13

12

1600 1500 1400 1300 1200 1100

1000 11

1000

Latest data thru 09/29/22 900

2009 2010 2011 2012

Source: I/B/E/S data by Refinitiv.

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

900

2023 2024

Page 1 / October 10, 2022 / S&P 500 Analysts' Consensus Revenues, Earnings, & Margins

Yardeni Research, Inc.



S&P 500 Revenues

Figure 3.

20

S&P 500 REVENUES ANNUAL GROWTH FORECASTS* (based on analysts' consensus estimates, percent, weekly)

15

20

21 15

10

11

22

10 18

17

5

5

19

23

14

12 13

16

0

2017 (6.4)

0

2018 (8.9)

2019 (4.1)

-5

2020 (-2.8) 2021 (16.2)

20 15

-5

2022 (11.9)

2023 (4.1)

Latest data thru 09/29/22



-10

-10

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: I/B/E/S data by Refinitiv.

Figure 4.

2050

1850

S&P 500 REVENUES PER SHARE: ACTUAL (S&P quarterly data) & FORWARD (I/B/E/S weekly data)

1650

(dollars, ratio scale)

1450

1250

1050

850

Revenues Per Share

Forward* (1803.2)

Actual (x4) (1725.6)

650

9/29 Q2

2050 1850 1650 1450

1250

1050

850

650



450

450

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 23 24

* Time-weighted average of analysts' consensus estimates for S&P 500 revenues per share for current year and next year. Monthly through December 2005, then weekly. Note: Shaded areas are recessions according to the National Bureau of Economic Research. Source: Standard & Poor's (for actual revenues) and I/B/E/S data by Refinitiv (for forward revenues).

Page 2 / October 10, 2022 / S&P 500 Analysts' Consensus Revenues, Earnings, & Margins

Yardeni Research, Inc.



S&P 500 Earnings

Figure 5.

275

250

S&P 500 OPERATING EARNINGS PER SHARE

(analysts' consensus estimates, dollars, weekly, ratio scale)

225

200

175

Consensus Forecasts

Annual

150

Lehman

Forward*

Collapse

125

100

275

24

250

23

10/6

225

200 22

175

150

125 Covid

100

75

75

2022 2023 2024 Frwd

Sep 29 223.72 241.83 260.93 237.30 Oct 6 223.34 240.97 260.52 236.90



50

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Time-weighted average of analysts' consensus estimates for S&P 500 operating earnings for current year and next year. Note: Shaded areas are recessions according to the National Bureau of Economic Research. Note: Lehman collapsed 9/15/2008. COVID-19 = WHO declares global pandemic on 3/11/2020. Source: I/B/E/S data by Refinitiv.

Figure 6.

275

S&P 500 EARNINGS PER SHARE FORECASTS 250 (analysts' consensus estimates, dollars, weekly, ratio scale)

225

275

250 23

225

200

20

21

22

200

175

175

19

150

16

17

18

150

15

125

13

14

125

12

100

100

11

Latest data thru 09/29/22 75

2009 2010 2011 2012

Source: I/B/E/S data by Refinitiv.

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

75

2023 2024

Page 3 / October 10, 2022 / S&P 500 Analysts' Consensus Revenues, Earnings, & Margins

Yardeni Research, Inc.



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