Market Briefing: S&P 500 Revenues, Earnings, & Dividends
Market Briefing: S&P 500 Revenues, Earnings, & Dividends
Yardeni Research, Inc.
May 15, 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
May 15, 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 5/11/2020
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
Q4
5
5
0
0
-5
-5
-10
Latest (6.6)
-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 / May 15, 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
Q4 5/7
1500 1400 1300
1200
1200
1100
1100
Revenues Per Share
1000
Forward Revenues*
1000
Revenues**
(4Q sum)
900
900
800 2006 2007 2008 2009 2010 2011 2012 2013
* 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.
2014
2015
2016
2017
2018
2019
800
2020 2021
Figure 4.
1600
S&P 500 EARNINGS & REVENUES
Revenues
1400
(trailing 4-quarter sum)
Earnings*
1200
(trailing 4-quarter sum)
170 Q4
150 Q4
130
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
* Operating earnings. Source: Standard & Poor's.
Page 2 / May 15, 2020 / Market Briefing: S&P 500 Revenues, Earnings, & Dividends
Yardeni Research, Inc.
Figure 5.
400
S&P 500 REVENUES (dollars per share)
375
350
S&P 500 Revenues
400
Q4
375
350
325
325
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
Source: Census Bureau and Standard & Poor's.
Figure 6.
25
25
S&P 500 REVENUES*
(yearly percent change)
20
20
15
15
10
10
Q4
5
5
0
0
-5
-5
-10
-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
* Using dollars per share. Source: US Department of Commerce, Bureau of the Census and Standard & Poor's Corporation.
Page 3 / May 15, 2020 / Market Briefing: S&P 500 Revenues, Earnings, & Dividends
Yardeni Research, Inc.
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