Factset’s report on Q3 earnings for 2026 highlights the booming economy came out on November 6th 2026 and its report for the economy is GLOWING. If I ever wished I could just copy and paste an article, it would be this. Factset walks through its analysis of the 88% of S&P companies that have reported earnings and revenue so far for Q3 and looks at who is making money and who is coming up short.

As predicted, companies that have reported to-date have reported that 84% of them have beaten earnings per share estimates and in terms of revenue, 74% of the S&P that have reported revenues above estimates. WOWZA. Again this is only the companies that have reported their Q3 results but 88% of companies have already reported. One sour note they have in their article is that the magnitude of earnings surprises is below recent averages.

Earnings

84% of reporting S&P 500 companies beat earnings per share estimates which is above the 5 year average of 78% and above the 10 year average of 77%. This shows that the economy is powering along at a healthy growth rate and producing fantastic results.

But its not all gravy. Surprises, earnings above expectations, came in at only 2.7% over actuals, which is below the 5 year average of 7.5% and the 10 year average of 8%. This is the amount by which aggregate earnings for all of the S&P 500 exceeded estimates for those companies that have reported and estimates for those that have not.

But Wall Street’s expectations were unusually high which is an indication of the confidence in the economy. Expected S&P 500 earnings were nearing 30%! Analysts were even raising expectations instead of lowering them before Q3 earnings were reported. And the S&P 500 is reporting earnings growth above 25% for the 3rd straight quarter.

The Earnings by Sector data, which comes from Factset and is visualized by ChatGPT, shows the earnings reports by sector. 95% of reporting Energy companies beat expectations with only about 5% of companies in line with estimates.

Tech, healthcare and utilities all walloped estimates. Materials and consumer discretionary struggled to beat expectations but overall earnings were great. Currently the actuals to date and estimates for the rest of the companies is an earnings growth of 31.4%. This was truly a spectacular earnings report and shows how well the economy is doing. I would have expected companies to start hiring if they could find quality candidates which helps the bottom half of population.

Revenue

The S&P 500 reported that 74% of companies beat estimates which is above the 5 year average of 70% and above the 10 year average of 68%. Companies are reporting revenues that are 2.1% above the estimates which is above the 5 year average of 1.8% and above the 10 year of 1.6%. These numbers may differ after all the S&P 500 reports earnings as its just a quarterly to-date but signs are good for Q3 when the other 12% report Q3 earnings.

Energy was doing spectacularly as oil and gas prices leapt due to wars in Iran and Ukraine. Tech was also doing exceptionally well on top of Wall Street’s lofty expectations but in the Street’s defense, Tech companies are adding massive amounts of debt that is not showing up in Revenue and earnings. Tech companies need to keep up higher earnings to counter the amount of debt and staggering amount of capital they are investing into data centers. One hiccup and their stock prices may tumble.

Healthcare and consumer staples have done well over the past quarter while financials and consumer discretionary have lagged.

To-date actuals of companies that have reported and estimates for those who have not, is currently 14.3% and is the 3rd consecutive quarter of double-digit revenue.

Who is the biggest beneficiary?

I understand that many Americans believe only people who own stocks benefit when companies report spectacular earnings and revenue growth. It’s an easy argument to make and it resonates with so many Americans that feel they live in poverty.

But the bottom 50% benefits from these numbers as well.

When companies do well, they have more opportunities to invest, expand operations, and HIRE workers. Employees earn money that they spend on services, which supports businesses throughout the economy. Strong corporate performance can create opportunities well beyond Wall Street.

And if you don’t want to be left out of the wealth being created in the stock market, consider participating. BUY stocks. CUT your expenses. Move in with friends or family. Cancel recurring expenses, like streaming services which you can watch the same shows for free.

If the stock market is one of the best long-term places to build wealth, what are you buying instead of stocks?