Quant Briefing:

Earnings Surprise Monitor

Yardeni Research, Inc.

March 2, 2021

Dr. Ed Yardeni
516-972-7683
eyardeni@yardeni.com

Joe Abbott
732-497-5306
jabbott@yardeni.com

Please visit our sites at

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Table Of Contents
Table Of Contents
S&P 500 Earnings & Revenue Surprise Summary 1
S&P 500/400/600 Earnings Surprise for Current Quarter 2
S&P 500/400/600 Revenue Surprise for Current Quarter 3
S&P 500/400/600 Change in Shares Outstanding 4
S&P 500 Revenue & Earnings % Surprise 5
S&P 500 Revenue & Earnings % of Companies +/- 6
S&P 500 Revenue & Earnings Surprise ex-Energy 7
S&P 500 Revenue & Earnings Surprise ex-Financials 8
S&P 500 Revenue & Earnings Growth ex-Energy 9
S&P 500 Revenue & Earnings Growth ex-Financials 10
S&P 500 Sectors Quarterly Earnings Surprises 11-12
S&P 500 Sectors Quarterly Revenue Surprises 13-14
S&P 500 Sectors Quarterly Earnings Growth 15
S&P 500 Sectors Quarterly Revenue Growth 16

March 2, 2021 / Earnings Surprise Monitor Yardeni Research, Inc.

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 S&P 500 Earnings & Revenue Surprise Summary
S&P 500 Earnings & Revenue Surprise Summary
Table 1A: S&P 500 Earnings Surprise (as of March 2, 2021)

% Earnings % Y/Y Earnings % With Positive % With Negative % With Positive % With Negative # Companies
Surprise Growth Surprise Surprise Y/Y Growth Y/Y Growth Reported

Q4-2020 17.1 3.8 79.5 18.0 61.3 37.3 483

Q3-2020 19.7 -8.7 83.6 13.8 50.1 48.2 500
Q2-2020 23.4 -35.1 81.6 16.2 36.6 62.1 500
Q1-2020 3.9 -12.9 67.0 28.5 47.2 51.2 500
Q4-2019 5.4 4.0 70.9 21.2 66.5 31.8 500
Q3-2019 4.8 0.0 75.7 18.4 62.3 35.6 500
Q2-2019 6.1 1.7 74.0 18.8 64.9 33.7 500
Q1-2019 6.5 3.1 75.7 19.1 63.9 34.0 500
Q4-2018 3.5 14.3 70.1 24.5 71.2 26.8 500
Q3-2018 6.7 27.3 77.5 14.1 86.9 13.1 500
Q2-2018 5.2 26.5 80.6 16.4 86.0 13.0 500
Q1-2018 7.0 24.7 78.7 14.6 86.0 13.0 500
Q4-2017 5.0 16.7 76.1 16.8 77.5 20.0 500
Q3-2017 5.4 8.1 72.5 19.9 69.1 28.3 500
Q2-2017 5.6 11.7 72.7 19.3 70.1 27.3 500
Q1-2017 6.7 11.2 76.0 18.1 62.6 36.6 500
Q4-2016 3.7 10.0 68.2 22.5 68.4 28.2 500
Q3-2016 6.4 4.3 72.2 20.2 69.5 28.4 500
Q2-2016 4.6 -2.2 71.7 17.9 61.0 36.0 500
Q1-2016 4.9 -5.7 71.8 21.8 54.6 43.3 500
Q4-2015 3.8 -3.6 68.3 22.0 51.5 45.6 500
Q3-2015 5.6 -0.7 68.1 23.0 58.7 38.7 500
Q2-2015 5.3 1.5 69.7 21.7 61.6 36.5 500
Q1-2015 6.8 2.1 67.7 24.3 63.1 33.6 500
Q4-2014 4.4 6.8 68.9 20.7 70.0 27.3 500
Q3-2014 4.6 10.0 73.1 18.9 75.7 22.3 500
Q2-2014 2.8 7.9 66.6 23.4 75.7 22.4 500
Q1-2014 5.2 4.1 67.8 22.7 67.2 27.7 500
Q4-2013 3.3 9.4 64.8 23.9 68.7 28.2 500
Q3-2013 2.2 4.9 66.6 22.9 71.8 25.5 500
Q2-2013 3.0 4.1 66.0 24.5 68.5 30.1 500
Q1-2013 4.4 3.9 65.6 25.3 66.9 30.0 500
Q4-2012 5.2 6.2 68.1 22.4 64.4 33.1 500
Q3-2012 4.4 0.6 64.4 25.5 61.3 37.3 500
Q2-2012 4.2 7.0 66.7 24.5 63.6 35.0 500
Q1-2012 4.8 7.8 66.3 23.5 64.0 33.5 500
Q4-2011 4.8 9.0 62.7 27.2 67.3 30.5 500
Q3-2011 6.2 21.9 69.6 20.3 75.8 22.1 500
Q2-2011 6.0 11.8 70.5 19.4 77.3 20.9 500
Q1-2011 7.8 19.7 67.1 22.7 71.8 25.3 500
Q4-2010 6.6 211.1 69.6 21.1 76.4 21.5 500
Q3-2010 6.7 39.1 72.3 18.5 75.4 22.1 500
Q2-2010 9.9 27.9 74.5 16.1 76.7 20.8 500
Q1-2010 15.0 64.0 77.4 15.1 73.3 24.8 500
Q4-2009 6.9 -/+ 72.2 17.7 62.1 35.7 500
Q3-2009 17.1 -11.4 78.8 14.6 43.5 54.1 500
Q2-2009 17.1 -26.7 73.4 19.0 30.7 66.9 500
Q1-2009 5.5 -33.8 64.9 26.7 na na 500

Table 1B: S&P 500 Revenue Surprise

% Revenue % Y/Y Revenue % With Positive % With Negative % With Positive % With Negative # Companies
Surprise Growth Surprise Surprise Y/Y Growth Y/Y Growth Reported

Q4-2020 2.8 2.8 73.7 26.3 59.8 40.0 482

Q3-2020 3.7 -1.2 77.9 22.1 51.2 48.6 500
Q2-2020 2.9 -10.1 63.4 36.6 33.3 66.7 500
Q1-2020 -1.1 -2.3 60.1 39.9 55.2 44.8 500
Q4-2019 0.8 3.5 63.7 36.3 69.3 30.7 500
Q3-2019 0.8 3.6 58.2 41.8 67.7 32.1 500
Q2-2019 1.2 3.8 57.0 43.0 66.4 33.4 500
Q1-2019 0.2 4.9 57.1 42.9 67.5 32.3 500
Q4-2018 0.5 5.7 60.0 40.0 74.0 25.8 500
Q3-2018 1.3 8.6 60.9 39.1 83.1 16.9 500
Q2-2018 1.6 9.8 71.9 28.1 86.4 13.6 500
Q1-2018 1.1 8.2 75.7 24.3 87.6 12.4 500
Q4-2017 1.2 8.2 76.4 23.6 87.5 12.3 500
Q3-2017 1.3 5.8 67.6 32.4 78.8 21.2 500
Q2-2017 1.0 5.2 68.4 31.6 78.7 21.3 500
Q1-2017 0.7 8.0 63.1 36.9 39.4 14.2 500
Q4-2016 0.1 4.3 51.1 48.9 71.1 33.3 500
Q3-2016 0.2 2.6 54.2 45.8 66.7 33.3 500
Q2-2016 0.1 0.2 53.2 46.8 57.8 42.0 500
Q1-2016 -0.3 -1.4 52.4 47.4 55.2 44.8 500
Q4-2015 -0.5 -4.1 45.9 53.9 46.8 52.8 500
Q3-2015 -0.2 -3.9 43.1 56.7 51.4 48.6 500
Q2-2015 0.6 -3.7 48.4 51.6 52.2 47.8 500
Q1-2015 0.0 -3.9 43.2 56.8 55.2 44.8 500
Q4-2014 1.6 1.9 57.9 42.1 68.9 31.1 500
Q3-2014 0.3 4.2 59.7 40.3 72.2 27.8 500
Q2-2014 1.3 3.2 63.8 36.0 74.9 25.1 500
Q1-2014 0.0 2.7 52.2 47.8 71.0 28.7 500
Q4-2013 0.3 1.1 61.4 38.4 69.8 30.0 500
Q3-2013 1.0 3.4 54.0 46.0 71.6 28.2 500
Q2-2013 0.9 2.0 53.4 46.6 70.7 29.1 500
Q1-2013 -0.9 -0.2 45.8 54.0 64.3 35.5 500
Q4-2012 0.4 1.8 63.9 35.3 70.1 29.9 500
Q3-2012 -1.2 0.6 39.9 59.9 56.9 42.7 500
Q2-2012 -0.3 0.2 40.4 59.6 62.0 38.0 500
Q1-2012 1.1 5.4 64.9 35.1 73.2 26.8 500
Q4-2011 0.2 6.7 55.7 44.3 75.8 23.8 500
Q3-2011 1.5 10.9 60.4 39.6 81.2 18.8 500
Q2-2011 2.8 11.8 73.4 26.6 84.6 14.9 500
Q1-2011 1.1 9.5 66.3 33.7 77.8 22.2 500
Q4-2010 1.8 8.4 64.0 36.0 79.0 21.0 500
Q3-2010 0.7 8.5 60.6 39.4 80.7 19.1 500
Q2-2010 0.0 7.2 61.1 38.9 78.0 21.8 500
Q1-2010 1.2 11.4 67.9 32.1 78.2 21.8 500
Q4-2009 1.4 4.5 69.5 30.5 56.3 43.3 500
Q3-2009 0.2 -11.7 58.3 41.5 29.8 70.0 500
Q2-2009 0.1 -14.1 49.2 60.6 25.0 74.8 500
Q1-2009 -0.1 -10.6 36.5 63.5 na na 500

% surprise = difference between actual and consensus estimate at the time of the earnings report.

Page 1 / March 2, 2021 / Earnings Surprise Monitor

Source: I/B/E/S data by Refinitiv and Yardeni Research, Inc.
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 S&P 500/400/600 Earnings Surprise for Current Quarter
S&P 500/400/600 Earnings Surprise for Current Quarter
Table 2A: S&P Indexes Aggregate Earnings Surprise Q4-2020 (as of March 2, 2021)
% with
Expected Actual Y/Y % % with % with % with % with Flat
% EPS Negative % with On
Sector Y/Y EPS EPS Growth Companies Positive EPS Positive Y/Y Negative Y/Y Y/Y EPS
Surprise EPS Target EPS
Growth (%) (%) Reported Surprise EPS Growth EPS Growth Growth
Surprise
S&P 500 LargeCap 17.1 -11.3 3.8 96.6 79.5 18.0 2.5 61.3 37.3 1.4
S&P 400 MidCap 16.9 -15.3 -0.9 92.5 76.8 22.4 0.8 57.0 40.8 2.2
S&P 600 SmallCap 28.5 -28.6 -8.2 85.3 73.6 23.4 2.9 58.4 38.9 2.7
LargeCap Sectors
Communication Services 24.6 -11.5 10.3 100.0 95.5 4.5 0.0 54.5 45.5 0.0
Consumer Discretionary 35.5 -24.6 2.1 86.9 73.6 26.4 0.0 66.0 34.0 0.0
Consumer Staples 6.1 0.5 6.6 90.6 72.4 20.7 6.9 65.5 34.5 0.0
Energy 26.9 -107.5 -105.5 96.0 58.3 41.7 0.0 12.5 87.5 0.0
Financials 26.3 -7.9 16.3 98.5 85.9 10.9 3.1 67.2 29.7 3.1
Health Care 6.0 5.5 11.9 96.8 80.3 18.0 1.6 65.6 34.4 0.0
Industrials 10.7 -43.1 -37.1 100.0 80.8 16.4 2.7 64.4 34.2 1.4
Information Technology 16.5 3.3 20.3 97.3 93.0 7.0 0.0 74.6 21.1 4.2
Materials 11.9 9.2 22.2 100.0 82.1 17.9 0.0 64.3 32.1 3.6
Real Estate 47.1 -39.5 -11.1 100.0 66.7 33.3 0.0 36.7 63.3 0.0
Utilities 1.4 -3.8 -2.5 100.0 60.7 21.4 17.9 53.6 46.4 0.0
MidCap Sectors
Communication Services -29.2 -43.1 -59.7 88.9 50.0 50.0 0.0 25.0 75.0 0.0
Consumer Discretionary 5.4 -16.2 -11.6 78.8 59.6 40.4 0.0 51.9 48.1 0.0
Consumer Staples 28.2 8.1 38.6 69.2 77.8 11.1 11.1 55.6 44.4 0.0
Energy 25.7 -65.3 -56.4 88.9 50.0 50.0 0.0 25.0 75.0 0.0
Financials 26.4 -6.2 18.6 98.5 86.6 13.4 0.0 67.2 32.8 0.0
Health Care 18.6 32.4 56.9 91.9 79.4 17.6 2.9 64.7 32.4 2.9
Industrials 10.2 -23.1 -15.3 97.0 84.4 15.6 0.0 56.3 40.6 3.1
Information Technology 19.6 -12.4 4.8 94.3 86.0 12.0 2.0 70.0 26.0 4.0
Materials 26.0 22.9 54.9 96.3 84.6 15.4 0.0 73.1 26.9 0.0
Real Estate -2.5 -70.3 -71.1 100.0 59.5 40.5 0.0 18.9 73.0 8.1
Utilities 6.8 -1.2 5.5 100.0 80.0 20.0 0.0 73.3 26.7 0.0
SmallCap Sectors
Communication Services 39.3 36.1 89.5 88.2 66.7 33.3 0.0 66.7 33.3 0.0
Consumer Discretionary 34.8 -34.6 -11.9 63.0 75.9 17.2 6.9 74.1 25.9 0.0
Consumer Staples 47.0 7.5 58.1 73.9 76.5 17.6 5.9 82.4 17.6 0.0
Energy -12.5 -167.3 -175.7 87.9 48.3 48.3 3.4 31.0 65.5 3.4
Financials 16.6 5.4 23.0 97.1 83.2 16.8 0.0 60.4 33.7 5.9
Health Care 39.0 -20.3 10.8 87.3 74.2 22.6 3.2 53.2 45.2 1.6
Industrials 20.3 -34.3 -21.0 82.1 67.9 29.5 2.6 47.4 51.3 1.3
Information Technology 19.8 17.8 41.2 94.6 88.6 10.0 1.4 72.9 24.3 2.9
Materials -32.1 -46.1 -63.4 86.1 71.0 25.8 3.2 48.4 48.4 3.2
Real Estate 349.6 -119.6 -51.1 91.8 53.3 40.0 6.7 46.7 48.9 4.4
Utilities 5.9 15.0 21.9 100.0 83.3 16.7 0.0 83.3 16.7 0.0

Table 2B: Slices & Dices

% with
Expected Actual Y/Y % % with % with % with % with Flat
% EPS Negative % with On
Sector/Industries Y/Y EPS EPS Growth Companies Positive EPS Positive Y/Y Negative Y/Y Y/Y EPS
Surprise EPS Target EPS
Growth (%) (%) Reported Surprise EPS Growth EPS Growth Growth
Surprise
LargeCap
S&P 500 ex-Energy 17.0 -7.7 8.0 96.6 80.6 16.8 2.6 63.8 34.6 1.5
S&P 500 ex-Financials & Real Estat 15.1 -12.0 1.2 96.3 78.5 19.1 2.4 60.4 38.4 1.2
S&P 500 ex-Tech 17.3 -15.6 -0.9 96.5 77.2 19.9 2.9 59.0 40.0 1.0
S&P 500 Retail Composite 22.8 -2.2 20.1 75.0 79.2 20.8 0.0 79.2 20.8 0.0
S&P 500 Discretionary Retail 17.3 -15.6 -0.9 96.5 77.2 19.9 2.9 59.0 40.0 1.0
S&P 500 Staples Retail 2.4 -4.5 -2.1 80.0 50.0 50.0 0.0 50.0 50.0 0.0
S&P 500 Industrials Composite 14.6 -8.0 5.4 95.6 80.9 17.6 1.4 62.7 35.8 1.4
S&P 500 Transportation 72.8 -115.6 -104.2 100.0 80.0 20.0 0.0 66.7 33.3 0.0
S&P 500 Industrials ex-Boeing 17.3 -42.3 -32.4 - - - - - - -
S&P 500 ex-Boeing 17.5 -11.4 4.1 - - - - - - -
Information Technology ex-Apple 16.5 3.3 20.3 - - - - - - -
MidCap
S&P 400 ex-Energy 16.8 -13.8 0.7 92.6 77.3 21.8 0.8 57.7 40.1 2.2
S&P 400 ex-Financials & Real Estat 13.8 -10.4 1.9 90.2 76.7 22.2 1.1 59.8 38.3 1.9
S&P 400 ex-Tech 16.5 -15.7 -1.8 92.2 75.3 24.1 0.6 55.0 43.1 1.9
S&P 400 Retail Composite 11.3 32.0 46.8 36.8 71.4 28.6 0.0 2071.4 1357.1 71.4
S&P 400 Discretionary Retail 16.5 3.3 20.3 40.0 66.7 33.3 0.0 2400.0 1583.3 83.3
S&P 400 Staples Retail 48.4 44.7 114.8 25.0 100.0 0.0 0.0 100.0 0.0 0.0
S&P 400 Industrials Composite 13.1 -6.2 6.1 89.3 76.1 22.6 1.2 58.8 39.1 2.1
S&P 400 Transportation 64.9 -139.2 -113.8 100.0 87.5 12.5 0.0 62.5 37.5 0.0
SmallCap
S&P 600 ex-Energy 27.7 -20.7 1.2 85.2 75.2 21.9 2.9 60.0 37.3 2.7
S&P 600 ex-Financials & Real Estat 25.7 -32.9 -15.7 81.9 73.5 23.2 3.3 59.3 39.1 1.6
S&P 600 ex-Tech 30.3 -34.0 -14.0 84.0 71.3 25.6 3.2 56.1 41.2 2.7
S&P 600 Retail Composite 38.2 -57.3 -41.0 56.5 65.4 23.1 11.5 84.6 15.4 0.0
S&P 600 Discretionary Retail 40.3 -58.3 -41.5 53.7 68.2 18.2 13.6 86.4 13.6 0.0
S&P 600 Staples Retail 2.5 -27.0 -25.2 80.0 50.0 50.0 0.0 75.0 25.0 0.0
S&P 600 Industrials Composite 26.0 -31.5 -13.7 81.1 73.5 23.3 3.2 58.8 39.5 1.7
S&P 600 Transportation 58.8 -81.5 -70.6 100.0 69.2 23.1 7.7 61.5 38.5 0.0

Source: I/B/E/S data by Refinitiv and Yardeni Research.

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 S&P 500/400/600 Revenue Surprise for Current Quarter
S&P 500/400/600 Revenue Surprise for Current Quarter
Table 3A: S&P Indexes Aggregate Revenue Surprise Q4-2020 (as of March 2, 2021)
% with % with % with % with
Expected Actual Y/Y % % with Flat
% Sales Positive Negative % with On Positive Y/Y Negative Y/Y
Sector Y/Y Sales Sales Companies Y/Y Sales
Surprise Sales Sales Target Sales Sales Sales
Growth (%) Growth (%) Reported Growth
Surprise Surprise Growth Growth
S&P 500 LargeCap 2.8 -0.1 2.8 96.4 73.7 26.3 0.0 59.8 40.0 0.2
S&P 400 MidCap 3.4 -3.0 0.3 91.5 74.6 25.4 0.0 59.3 40.7 0.0
S&P 600 SmallCap 3.3 -4.9 -1.8 84.2 73.5 26.5 0.0 56.8 43.2 0.0
LargeCap Sectors
Communication Services 3.4 4.2 7.7 100.0 90.9 9.1 0.0 54.5 45.5 0.0
Consumer Discretionary 2.8 8.1 11.2 86.9 62.3 37.7 0.0 58.5 41.5 0.0
Consumer Staples 2.3 3.8 6.1 90.6 79.3 20.7 0.0 79.3 20.7 0.0
Energy 0.3 -33.6 -33.4 96.0 70.8 29.2 0.0 0.0 100.0 0.0
Financials 5.3 -2.7 2.4 96.9 79.4 20.6 0.0 63.5 36.5 0.0
Health Care 2.2 9.8 12.3 96.8 85.2 14.8 0.0 85.2 13.1 1.6
Industrials 3.5 -11.5 -8.4 100.0 75.3 24.7 0.0 49.3 50.7 0.0
Information Technology 5.0 6.2 11.5 97.3 83.1 16.9 0.0 70.4 29.6 0.0
Materials 3.7 -0.9 2.8 100.0 75.0 25.0 0.0 64.3 35.7 0.0
Real Estate 2.5 -4.9 -2.6 100.0 63.3 36.7 0.0 43.3 56.7 0.0
Utilities -8.7 6.3 -3.0 100.0 21.4 78.6 0.0 46.4 53.6 0.0
MidCap Sectors
Communication Services 1.6 -17.2 -15.9 88.9 75.0 25.0 0.0 50.0 50.0 0.0
Consumer Discretionary 1.6 0.5 2.1 78.8 73.1 26.9 0.0 57.7 42.3 0.0
Consumer Staples -0.1 -2.8 -2.9 69.2 66.7 33.3 0.0 77.8 22.2 0.0
Energy -3.3 -34.2 -36.3 88.9 62.5 37.5 0.0 25.0 75.0 0.0
Financials 9.0 1.2 10.3 95.6 83.1 16.9 0.0 75.4 24.6 0.0
Health Care 0.2 11.1 11.3 91.9 73.5 26.5 0.0 70.6 29.4 0.0
Industrials 2.8 -5.6 -2.9 97.0 73.4 26.6 0.0 40.6 59.4 0.0
Information Technology 8.9 -5.9 2.5 94.3 84.0 16.0 0.0 68.0 32.0 0.0
Materials 2.9 0.8 3.7 96.3 84.6 15.4 0.0 69.2 30.8 0.0
Real Estate 1.8 -18.3 -16.8 100.0 64.9 35.1 0.0 40.5 59.5 0.0
Utilities -10.3 22.1 9.5 86.7 30.8 69.2 0.0 61.5 38.5 0.0
SmallCap Sectors
Communication Services 2.0 4.1 6.2 82.4 92.9 7.1 0.0 78.6 21.4 0.0
Consumer Discretionary 1.9 -1.3 0.6 63.0 69.0 31.0 0.0 62.1 37.9 0.0
Consumer Staples 10.2 3.6 14.2 69.6 93.8 6.3 0.0 75.0 25.0 0.0
Energy -2.4 -33.0 -34.7 87.9 55.2 44.8 0.0 17.2 82.8 0.0
Financials 7.5 1.8 9.5 95.2 72.7 27.3 0.0 72.7 27.3 0.0
Health Care 2.8 -7.2 -4.6 85.9 72.1 27.9 0.0 55.7 44.3 0.0
Industrials 4.1 -7.4 -3.6 82.1 73.1 26.9 0.0 39.7 60.3 0.0
Information Technology 3.6 -0.4 3.2 91.9 89.7 10.3 0.0 64.7 35.3 0.0
Materials 3.7 2.9 6.6 86.1 74.2 25.8 0.0 51.6 48.4 0.0
Real Estate 4.5 -4.3 0.0 91.8 62.2 37.8 0.0 44.4 55.6 0.0
Utilities -4.8 10.6 5.4 100.0 33.3 66.7 0.0 100.0 0.0 0.0

Table 3B: Slices & Dices

% with % with % with % with
Expected Actual Y/Y % % with Flat
% Sales Positive Negative % with On Positive Y/Y Negative Y/Y
Sector/Industries Y/Y Sales Sales Companies Y/Y Sales
Surprise Sales Sales Target Sales Sales Sales
Growth (%) Growth (%) Reported Growth
Surprise Surprise Growth Growth
LargeCap
S&P 500 ex-Energy 3.0 3.1 6.1 96.4 73.8 26.2 0.0 62.9 36.9 0.2
S&P 500 ex-Financials & Real Estat 2.6 0.2 2.8 96.3 72.8 27.2 0.0 59.2 40.6 0.2
S&P 500 ex-Tech 2.5 -0.9 1.6 96.3 72.0 28.0 0.0 57.9 41.8 0.2
S&P 500 Retail Composite 2.8 11.7 14.8 75.0 70.8 29.2 0.0 75.0 25.0 0.0
S&P 500 Discretionary Retail 2.5 -0.9 1.6 96.3 72.0 28.0 0.0 57.9 41.8 0.2
S&P 500 Staples Retail 2.1 4.4 6.6 80.0 75.0 25.0 0.0 75.0 25.0 0.0
S&P 500 Industrials Composite 2.8 1.0 3.9 95.6 77.7 22.3 0.0 62.4 37.3 0.3
S&P 500 Transportation 6.3 -22.7 -17.8 100.0 73.3 26.7 0.0 40.0 60.0 0.0
S&P 500 Industrials ex-Boeing 3.6 -11.3 -8.1 - - - - - - -
S&P 500 ex-Boeing 2.8 0.0 2.9 - - - - - - -
Information Technology ex-Apple 4.9 6.3 11.6 - - - - - - -
MidCap
S&P 400 ex-Energy 3.6 -1.7 1.9 91.6 74.9 25.1 0.0 60.1 39.9 0.0
S&P 400 ex-Financials & Real Estat 2.6 -3.0 -0.5 89.5 73.9 26.1 0.0 58.0 42.0 0.0
S&P 400 ex-Tech 2.4 -2.5 -0.1 91.1 73.1 26.9 0.0 57.9 42.1 0.0
S&P 400 Retail Composite 0.6 4.4 5.1 36.8 57.1 42.9 0.0 2071.4 1471.4 0.0
S&P 400 Discretionary Retail 4.9 6.3 11.6 40.0 50.0 50.0 0.0 2400.0 1716.7 0.0
S&P 400 Staples Retail 1.3 15.9 17.4 25.0 100.0 0.0 0.0 100.0 0.0 0.0
S&P 400 Industrials Composite 3.0 -3.1 -0.2 89.3 76.5 23.5 0.0 58.8 42.4 0.0
S&P 400 Transportation 5.1 -15.0 -10.6 100.0 62.5 37.5 0.0 25.0 37.5 0.0
SmallCap
S&P 600 ex-Energy 3.7 -2.1 1.6 84.0 74.6 25.4 0.0 59.2 40.8 0.0
S&P 600 ex-Financials & Real Estat 3.0 -5.5 -2.7 81.9 73.6 26.4 0.0 53.0 47.0 0.0
S&P 600 ex-Tech 3.3 -5.5 -2.4 83.1 70.9 29.1 0.0 55.6 44.4 0.0
S&P 600 Retail Composite 2.9 -3.6 -0.8 56.5 73.1 26.9 0.0 65.4 34.6 0.0
S&P 600 Discretionary Retail 1.1 -4.7 -3.6 53.7 68.2 31.8 0.0 63.6 36.4 0.0
S&P 600 Staples Retail 13.0 2.8 16.1 80.0 100.0 0.0 0.0 75.0 25.0 0.0
S&P 600 Industrials Composite 2.9 -5.6 -2.9 79.9 75.1 24.9 0.0 52.9 47.1 0.0
S&P 600 Transportation 4.4 -6.9 -2.8 100.0 92.3 7.7 0.0 61.5 38.5 0.0

Source: I/B/E/S data by Refinitiv and Yardeni Research.

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Yardeni Research, Inc.
 S&P 500/400/600 Change in Shares Outstanding
S&P 500/400/600 Change in Shares Outstanding
Table 4: S&P Indexes Changes in Basic Shares Outstanding (as of March 2, 2021)

% cos with % cos with % cos with % cos with

# companies Y/Y % Q/Q %
falling share o/s falling share o/s
Sector with share data change in change in
shares o/s down >4% shares o/s down >4%
for Q4-2020 shares shares
y/y y/y q/q q/q

S&P 500 LargeCap 484 0.5 50.0 5.6 0.2 31.4 1.2
S&P 400 MidCap 369 2.3 42.3 9.8 0.4 27.6 1.4
S&P 600 SmallCap 504 3.7 32.9 5.2 0.7 22.0 1.8
LargeCap Sectors
Communication Services 22 0.8 31.8 9.1 -0.1 27.3 0.0
Consumer Discretionary 55 1.2 50.9 3.6 1.0 21.8 0.0
Consumer Staples 29 -0.2 37.9 0.0 -0.1 41.4 0.0
Energy 24 0.8 25.0 0.0 0.5 12.5 0.0
Financials 64 0.9 76.6 6.3 1.8 37.5 0.0
Health Care 61 1.8 49.2 4.9 -0.7 34.4 3.3
Industrials 73 3.2 56.2 6.8 0.2 34.2 1.4
Information Technology 71 -2.3 66.2 12.7 -0.5 43.7 2.8
Materials 28 -0.8 50.0 0.0 0.0 32.1 0.0
Real Estate 30 2.4 20.0 6.7 -0.3 16.7 3.3
Utilities 27 1.2 11.1 0.0 0.1 14.8 0.0
MidCap Sectors
Communication Services 8 0.5 25.0 0.0 0.3 0.0 0.0
Consumer Discretionary 51 2.9 54.9 13.7 1.4 25.5 2.0
Consumer Staples 9 -0.6 33.3 22.2 -0.1 44.4 0.0
Energy 8 18.9 50.0 25.0 2.4 37.5 0.0
Financials 67 1.9 59.7 16.4 -0.1 41.8 1.5
Health Care 33 -3.1 33.3 9.1 -3.5 21.2 0.0
Industrials 63 0.7 54.0 9.5 1.3 31.7 4.8
Information Technology 50 1.8 30.0 4.0 0.8 20.0 0.0
Materials 27 1.8 44.4 7.4 -0.3 37.0 0.0
Real Estate 37 3.1 16.2 2.7 0.6 16.2 0.0
Utilities 16 2.3 6.3 0.0 0.2 6.3 0.0
SmallCap Sectors
Communication Services 15 6.5 26.7 6.7 0.4 20.0 6.7
Consumer Discretionary 58 0.6 39.7 3.4 1.3 22.4 0.0
Consumer Staples 16 2.7 31.3 0.0 0.3 6.3 0.0
Energy 29 5.1 34.5 6.9 2.0 17.2 3.4
Financials 100 2.8 52.0 14.0 0.1 31.0 5.0
Health Care 59 4.3 5.1 1.7 1.1 10.2 1.7
Industrials 78 1.2 44.9 3.8 0.4 24.4 0.0
Information Technology 68 3.0 27.9 4.4 0.1 27.9 1.5
Materials 31 14.7 32.3 0.0 1.2 29.0 0.0
Real Estate 44 3.7 11.4 0.0 0.7 11.4 0.0
Utilities 6 4.5 0.0 0.0 0.7 0.0 0.0

Source: I/B/E/S data by Refinitiv and Yardeni Research.

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 S&P 500 Revenue & Earnings % Surprise
Figure 1.
4.0 4.0
S&P 500 NET REVENUE SURPRISE*
3.5 (percent) 3.5

3.0 3.0
Q4
2.5 2.5

2.0 2.0

1.5 1.5

1.0 1.0

.5 .5

.0 .0

-.5 -.5

-1.0 -1.0

-1.5 -1.5
yardeni.com
-2.0 -2.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Percentage that S&P 500 companies reported revenues above or below the consensus estimate at the time of the earnings report.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

Figure 2.
25 25
S&P 500 NET EARNINGS SURPRISE*
20 (percent) 20
Q4
15 15

10 10

5 5

0 0

-5 -5

-10 -10

-15 -15

-20 -20

yardeni.com
-25 -25
87 88 89 90 91 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

* Percentage that S&P 500 companies reported earnings above or below the consensus estimate at the time of the earnings report.
Earnings surprise capped at -20% during Q4-2008.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Revenue & Earnings % of Companies +/-
Figure 3.
100 100
S&P 500 POSITIVE & NEGATIVE REVENUE SURPRISES*
(percent of companies)
80 Q4 80

60 60

40 40

20 20

0 0

-20 Q4 -20

-40 -40

-60 -60

yardeni.com
-80 -80
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

* Percentage of S&P 500 companies that reported revenues above or below the consensus estimate at the time of the earnings report.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

Figure 4.
100 100
S&P 500 POSITIVE & NEGATIVE EARNINGS SURPRISES*
(percent of companies)
80 Q4 80

60 60

40 40

20 20

0 0

-20 Q4 -20

-40 -40

yardeni.com
-60 -60
87 88 89 90 91 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

* Percentage of S&P 500 companies that reported earnings above or below the consensus estimate at the time of the earnings report.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Revenue & Earnings Surprise ex-Energy
Figure 5.
10 10
8 QUARTERLY REVENUE SURPRISE* 8
6 (percent) 6
4 4
2 Q4 2
0 0
-2 -2
-4 -4
-6 -6
-8 -8
-10 S&P 500 (2.8) -10
-12 S&P 500 Energy (0.3) -12
-14 S&P 500 ex-Energy (3.0) -14
-16 -16
1.25 1.25
1.00 1.00
.75 Percent Surprise Attributable to Energy (-0.2) .75
.50 .50
.25 .25
.00 .00
-.25 Q4 -.25
-.50 -.50
-.75 -.75
-1.00 -1.00
-1.25 -1.25
yardeni.com
-1.50 -1.50
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Percentage amount that revenues were above or below the consensus estimate at the time of the earnings report.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

Figure 6.
125 125
QUARTERLY EARNINGS SURPRISE*
100 (percent) S&P 500 (17.1) 100
S&P 500 Energy (26.9)
75 S&P 500 ex-Energy (17.0) 75

50 50

25 25
Q4
0 0

-25 -25
2.0 2.0

1.5
Percent Surprise Attributable to Energy (0.1) 1.5

1.0 1.0

.5 .5

.0 Q4 .0

-.5 -.5

-1.0 -1.0
yardeni.com
-1.5 -1.5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Percentage amount that earnings were above or below the consensus estimate at the time of the earnings report.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Revenue & Earnings Surprise ex-Financials
Figure 7.
15 15
QUARTERLY REVENUE SURPRISE*
10 (percent) 10

5 5
Q4
0 0

-5 S&P 500 (2.8) -5

S&P 500 Financials (5.3)
-10 -10
S&P 500 ex-Financials (2.6)
-15 -15

-20 -20
2.5 2.5
2.0 2.0
1.5 1.5
1.0 1.0
.5 .5
Q4
.0 .0
-.5 -.5
-1.0 -1.0
-1.5 -1.5
-2.0 -2.0
Percent Surprise Attributable to Financials (0.2)
-2.5 -2.5
-3.0 yardeni.com -3.0
-3.5 -3.5
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Percentage amount that revenues were above or below the consensus estimate at the time of the earnings report.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

Figure 8.
30 30
QUARTERLY EARNINGS SURPRISE*
20 (percent) 20
Q4
10 10

0 0

-10 S&P 500 (17.1) -10

S&P 500 Financials (20.0)
-20 -20
S&P 500 ex-Financials (15.1)
Surprise capped at 20% and -20% due to extreme values.
-30 -30
15 15

10 Percent Surprise Attributable to Financials (2.0) 10

5 5
Q4
0 0

-5 -5

-10 -10

-15 -15
yardeni.com
-20 -20
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

* Percentage amount that earnings were above or below the consensus estimate at the time of the earnings report.
Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Revenue & Earnings Growth ex-Energy
Figure 9.
40 40
30
QUARTERLY REVENUE GROWTH* 30
(percent)
20 20
10 10
0 Q4 0
-10 -10
-20 -20
-30 -30
S&P 500 (2.8)
-40 -40
S&P 500 Energy (-33.4)
-50 S&P 500 ex-Energy (6.1) -50
-60 -60
4 4
Percentange Points Attributable to Energy (-3.3)
2 2

0 0

-2 -2
Q4
-4 -4

-6 -6
yardeni.com
-8 -8
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

Figure 10.
80 80
QUARTERLY EARNINGS GROWTH*
60 (percent) 60
40 40
20 20
0 Q4 0
-20 -20
S&P 500 (3.8)
-40 S&P 500 Energy (-50.0) -40
-60 S&P 500 ex-Energy (8.0) -60
Growth capped at 50% and -50% due to extreme values.
-80 -80
6 6
4 Percentange Points Attributable to Energy (-4.2) 4
2 2
0 0
-2 -2
-4 Q4 -4
-6 -6
-8 -8
yardeni.com
-10 -10
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Revenue & Earnings Growth ex-Financials
Figure 11.
20 20
QUARTERLY REVENUE GROWTH*
15 15
(percent)
10 10
5 5
Q4
0 0
-5 -5
-10 -10
S&P 500 (2.8)
-15 S&P 500 Financials (2.4) -15
-20 S&P 500 ex-Financials (2.8) -20
-25 -25
3 3

2
Percentage Points Attributable to Financials (0.0) 2

1 1

0 Q4 0

-1 -1

-2 -2

-3 -3
yardeni.com
-4 -4
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

Figure 12.
80 80
QUARTERLY EARNINGS GROWTH*
60 (percent) 60
40 40
20 20
0 Q4 0
-20 S&P 500 (3.8) -20
S&P 500 Financials (16.3)
-40 S&P 500 ex-Financials (1.2) -40
-60 Growth capped at 60% and -60% due to extreme values. -60
-80 -80
75 75
Percent Points Attributable to Financials (2.6)
50 50

25 25
Growth contribution capped at 60% and -60% due to extreme values.
0 Q4 0

-25 -25

-50 -50
yardeni.com
-75 -75
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Sectors Quarterly Earnings Surprises
Figure 13.
40 25
30
S&P 500 HEALTH CARE
earnings surprise (%) 20
20 (17.1)
Q4 15
10
(6.0)
10
0
Q4 5
-10
-20 0
Q4-2008 capped at -20%
-30 -5
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
30 80
COMMUNICATION SERVICES Q4 INDUSTRIALS 70
20
60
10 (10.7) 50
40
0
30
-10 20
(24.6) Q4 10
-20
0
-30 -10
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
100 25
75 CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY
20
50 Q4
Q4 15
25 (16.5)
0 10
-25 5
-50 (35.5)
-75 0
-100 -5
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
15 80
CONSUMER STAPLES MATERIALS
12 60
9 (6.1) (11.9) 40
6 Q4
20
3 Q4
0 0

-3 -20
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
140 100
120 ENERGY REAL ESTATE
80
100
80 (26.9) (47.1) 60
60 Q4
40
40
20 Q4 20
0
0
-20
-40 -20
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
75 15
FINANCIALS UTILITIES
50
(1.4) 10
25 Q4
(26.3)
0 5
-25 Q4
0
-50
yardeni.com
-75 -5
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Sectors Quarterly Earnings Surprises
Figure 14.
150 125
125 S&P 500 HEALTH CARE 100
100 % of companies with positive and negative earnings Q4
surprise (percent) 75
75 Q4
50
50
25
25
0 0
-25 -25
-50 -50
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
150 125
COMMUNICATION SERVICES INDUSTRIALS 100
100 Q4 Q4 75
50 50
0 25
0
-50
-25
-100 -50
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
125 125
100
CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY 100
Q4
75 Q4 75
50 50
25 25
0 0
-25 -25
-50 -50
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
125 125
100
CONSUMER STAPLES MATERIALS 100
75 Q4 75
Q4
50 50
25 25
0 0
-25 -25
-50 -50
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
100 100
ENERGY REAL ESTATE 75
75 Q4
Q4 50
50
25
25
0
0
-25
-25 -50
-50 -75
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
100 100
FINANCIALS Q4 UTILITIES
75
Q4
50 50
25
0
0
-25 -50
-50
yardeni.com
-75 -100
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Sectors Quarterly Revenue Surprises
Figure 15.
5 4
4
S&P 500 HEALTH CARE
revenue surprise (%) 3
3 (2.8) Q4
Q4 2
2
1
1
0
0
(2.2) -1
-1
-2 -2
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
5 6
4 COMMUNICATION SERVICES INDUSTRIALS
Q4 4
3 Q4
2 (3.4) (3.5) 2
1
0 0
-1
-2
-2
-3 -4
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
6 6
CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY Q4
4 4
(2.8) Q4 (5.0)
2 2

0 0

-2 -2
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
3 9
CONSUMER STAPLES Q4 MATERIALS 6
2
Q4 3
1 (2.3) 0
0
-3
-1
-6
-2 (3.7)
-9
-3 -12
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
12 8
8
ENERGY REAL ESTATE
6
4
0 Q4 (2.5) 4
-4 Q4
2
-8
(0.3) 0
-12
-16 -2
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
15 15
10
FINANCIALS UTILITIES 10
5 Q4 (-8.7) 5
0 0
-5 -5
-10 Q4 -10
(5.3)
-15 -15
yardeni.com
-20 -20
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Sectors Quarterly Revenue Surprises
Figure 16.
200 100
S&P 500 HEALTH CARE Q4
75
150 % of companies with positive and negative revenue
surprise (percent) 50
100
Q4 25
50
0
0
-25
-50 -50
-100 -75
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
125 100
100
COMMUNICATION SERVICES INDUSTRIALS Q4 75
Q4
75 50
25
50
0
25
-25
0 -50
-25 -75
-50 -100
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
125 125
100 CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY 100
75 Q4 75
Q4
50 50
25 25
0 0
-25 -25
-50 -50
-75 -75
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
100 150
75
CONSUMER STAPLES Q4 MATERIALS
100
50 Q4
25 50
0 0
-25
-50
-50
-75 -100
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
100 100
75
ENERGY REAL ESTATE 75
Q4
Q4 50
50
25
25
0
0
-25
-25 -50
-50 -75
-75 -100
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
100 100
FINANCIALS Q4 UTILITIES
75
50 50
25 Q4
0
0
-25 -50
-50
yardeni.com
-75 -100
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Sectors Quarterly Earnings Growth
Figure 17.
150 25
S&P 500 HEALTH CARE
100 y/y earnings growth (%) 20

(3.8) (11.9) 15
50 Q4
10
0 Q4
5
-50 0
capped at 60%
-100 -5
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
40 75
COMMUNICATION SERVICES INDUSTRIALS 50
20 25
Q4
0
0
-25
Q4
-20 -50
(10.3) (-37.1)
-75
-40 -100
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
150 100
CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY 80
100
60
50 (2.1) (20.3) 40
0 Q4 Q4 20
0
-50
-20
-100 -40
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
40 150
CONSUMER STAPLES MATERIALS
30 100

20 (6.6) (22.2) 50
Q4
10 0
Q4
0 -50

-10 -100
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
140 100
ENERGY REAL ESTATE
70 50
(-100.0) (-11.1)
0 0
Q4

-70 -50
Q4
Capped at 100% and -100% due to extreme values.
-140 -100
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22
150 50
FINANCIALS UTILITIES 40
100
30
50 (16.3) (-2.5) 20
Q4 10
0
Q4 0
-50
-10
yardeni.com
-100 -20
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

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 S&P 500 Sectors Quarterly Revenue Growth
Figure 18.
25 20
20 S&P 500 HEALTH CARE
15 y/y revenue growth (%) (12.3)
15
Q4
10 (2.8) 10
5
Q4 5
0
-5
0
-10
-15 -5
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
30 15
COMMUNICATION SERVICES INDUSTRIALS 10
20 (7.7) 5
0
10 -5
Q4 Q4 -10
0 (-8.4) -15
-20
-10 -25
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
20 30
15 CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY
10 Q4 20
5 (11.5) Q4
0 10
-5 (11.2) 0
-10
-15 -10
-20
-25 -20
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
15 40
CONSUMER STAPLES MATERIALS 30
10 20
(6.1) (2.8) 10
Q4 Q4
5 0
-10
0 -20
-30
-5 -40
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
60 15
ENERGY REAL ESTATE
40 10
(-33.4)
20 (-2.6) 5
0
0
-20 Q4
Q4 -5
-40
-60 -10
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22
40 20
30
FINANCIALS UTILITIES 15
20 (-3.0) 10
5
10
Q4 0
0 Q4
-5
-10 -10
(2.4)
-20 -15
yardeni.com
-30 -20
09 10 11 12 13 14 15 16 17 18 19 20 21 22 09 10 11 12 13 14 15 16 17 18 19 20 21 22

Source: I/B/E/S data by Refinitiv and Yardeni Research Inc.

Page 16 / March 2, 2021 / Earnings Surprise Monitor Yardeni Research, Inc.

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