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 20 S&P 500 Stocks Leading This Earnings Season Rally

The latest earnings season has delivered some surprising winners. Against a backdrop of trade tensions and economic uncertainty, many S&P 500 giants have crushed analyst estimates, sending their stocks sharply higher. From Silicon Valley to Wall Street, tech titans and financial institutions alike have reported blockbuster quarters. In this post, we highlight 20 S&P 500 companies that outperformed expectations – and explore what drove their results. We also examine a cautionary case (Deere) where even a strong quarter wasn’t enough to keep investors happy. Read on to discover the earnings standouts of the season, what they achieved, and what it means for investors.

Technology & Cloud Leaders Shine

Apple (AAPL) – The iPhone maker blew past forecasts with strong June-quarter results. Apple reported $94.04 billion in revenue (up 10% YoY) and $1.57 EPS, handily above the $89.5 billion/$1.43 estimates. Robust iPhone sales (up 13.5%) and record services revenue were key drivers. Management even raised the mid-point of its guidance, projecting “mid to high single digits” growth next quarter vs. ~3.3% expected. Shares jumped 3% after hours on the beat. Apple’s performance – the fastest revenue growth since the pandemic – shows resilient consumer demand. Tip: Watch Apple’s China sales and tariff costs as potential headwinds.

Nvidia (NVDA) – The AI chipmaker delivered another monster quarter. For Q2, Nvidia reported $30.04 billion in revenue vs. $28.70 billion expected, and $0.68 EPS vs. $0.64 expected. (AI demand helped sales surge nearly 50% YoY in the prior quarter.) The beat was somewhat overshadowed by cautious guidance – Q3 revenue was guided lower than some hoped – causing shares to dip after hours. Still, Nvidia’s strong execution on both GPUs and data-center chips helped revenue and EPS beat estimates. Insight: Nvidia’s tech lead means growth may pull forward; the stock’s dip highlights how high expectations can be.

Meta Platforms (META) – The parent company of Facebook continues to deliver strong performance. In Q2 Meta posted $47.52 billion in revenue vs. $44.80 billion expected, and EPS of $7.14 vs. $5.92 est. Ad revenue was boosted by AI-driven ad formats and a rebound in digital ad spending. Its reported EPS and sales surpassed Wall Street’s estimates by over 20%, sending the stock higher. As Reuters notes, “Meta’s highest-ever quarterly profit and revenue beat forecasts, fueling a 20%-plus stock rally.”

Microsoft (MSFT) – Another tech powerhouse. In Q4 (April–June), Microsoft delivered $76.45 billion in revenue, an 18% increase YoY, ahead of the ~$73.8 billion estimate. Azure’s 39% growth easily exceeded the 34.7% expected, underscoring continued cloud momentum. A strong mix of AI and enterprise demand helped results. MSFT also announced it would spend a record $30 billion this year on cloud and AI, which helped lifts its share price 9% in after-hours trading. Investor takeaway: Microsoft’s AI-driven growth in the cloud is lifting its entire platform.

Alphabet (GOOGL) – The Google parent reported $96.43 billion in Q2 revenue, surpassing Street forecasts, driven by strong ad and cloud growth. $94.0 billion expected. Both Google Search & YouTube ads rebounded strongly. Its $2.31 EPS topped the $2.18 estimate, and ad revenue of $71.34 billion beat forecasts. Reuters notes that surging cloud and ad growth helped Alphabet “beat analysts’ estimates”. (Google Cloud continued solid growth, and its core search/search ads stayed resilient.) Lesson: Diversified tech businesses like Alphabet are benefiting from heavy corporate spending on AI and ads.

Oracle (ORCL) – The database and cloud giant was a surprise star. In its fiscal Q4, Oracle posted $15.90 billion revenue, above the ~$15.59 billion consensus. Strong demand for Oracle’s AI and cloud offerings (+14% growth) led the company to lift its fiscal 2026 revenue forecast to over $67 billion. The upbeat outlook sent shares up 14%, with the stock briefly trading above $200 (Reuters). Key stat: Cloud rev $11.7 billion (14% growth) drove total sales above expectations.

Salesforce (CRM) – This enterprise software leader impressed with rising forecasts. Salesforce topped Q1 revenue expectations and lifted its full-year guidance, signaling confidence in sustained demand. It reported $9.83 billion in Q1 sales vs. $9.75 billion expected, driven by resilient cloud and AI-related spending. Management lifted 2026 revenue guidance to ~$41.3 billion (from $40.9B prior). Shares ticked higher on the news. Investors note: Salesforce’s pivot to AI (e.g. Agent force) is paying off in bookings.

Netflix (NFLX) – The streaming pioneer also made our list. Netflix reported $7.19 EPS in Q2, above the $7.08 forecast. Revenue was $11.08 billion vs. $11.07 billion set. Crucially, Netflix raised full-year revenue guidance to $44.8–45.2 billion (from prior ~$44.5B) thanks to hits like “Squid Game” boosting global growth. Though the stock dipped slightly on the call, Netflix’s subscriber trends and sports partnerships (WWE) signal ongoing strength.

Banking & Financials Outperform

JPMorgan Chase (JPM) – Big banks have benefited from market volatility and credit resilience. JPMorgan’s Q2 profit edged out estimates. Excluding one-offs, JPM earned $4.96 EPS vs. $4.48 expected. Trading and deal-making revenue jumped, while CEO Jamie Dimon raised the bank’s net interest income forecast for 2025. Although JPMorgan’s stock edged down about 0.6%, the bank’s earnings beat and improved outlook highlighted its resilience.

Bank of America (BAC) – The lender also beat Wall Street expectations. Second-quarter profit was 89¢ per share vs. ~86¢ expected. Trading revenue surged (up 15% to a record $5.4B in Q2) benefiting from tariff-driven market swings. Net interest income was up 7% to $14.7 billion (a Q2 record) The strong results despite uneven markets highlight the benefits of diversified banking businesses. (Note: Shares slipped ~1% on the day, but over 4% higher year-to-date.)

Mastercard (MA) – All is well on Main Street. Mastercard handily beat estimates as consumer spending rose more than 9%, highlighting resilience in payments activity. In Q2 gross dollar volume grew 9%, pushing net revenue up 17% to $8.10 billion (vs. $7.97B est) Adjusted EPS was $4.15 vs. $4.03 expected. The earnings beat (+3% EPS, +2% rev surprises) showed healthy consumer spending. Shares rallied nearly 3% on the report. Analyst takeaway: As one noted, MA is the “most attractive legacy fintech” in a tight spending environment.

Visa (V) – Visa similarly beat. Q4 net revenue was $10.17 billion vs. $9.84B est. EPS was $2.98 vs. $2.85 expected. Payment's volume jumped 8% YoY, reflecting resilient consumer and cross-border spending, The beat in both revenue and profit (14% rev growth) confirms Visa’s global spending trends. Shares dipped slightly after hours, but the underlying results cement Visa’s growth outpacing peers in 2025

American Express (AXP) – The premium card company didn’t disappoint. AmEx reported $4.08 EPS vs. Earnings $3.89/share (+9% beat); revenue $17.9B vs. ~$17.3B expected. Strong spending by affluent cardholders offset any macro jitters. Management noted healthy travel and dining spend. Investor note: AXP shares fell ~2.5% on the day, but they’re still up 6.3% YTD versus S&P +7%. Analysts point to AmEx’s loyalty programs and the resilience of its premium base as competitive advantages

Walgreens Boots Alliance (WBA) – Even a retail pharmacy chain made the list. WBA beat on the top and bottom lines in Q2. Adjusted EPS was 63¢ vs. 53¢ est, and revenue grew 4.1% (enough to top forecasts). Strength in pharmacy sales and cost controls underpinned the results. This helped Walgreens accelerate its $8.5 billion take-private deal, lifting the stock 3.7% that day

Healthcare and Consumer Staples Hold Up

Johnson & Johnson (JNJ) shines with strong Q2 beat. J&J delivered $2.77 EPS vs. $2.68 expected and $23.74 billion in sales (vs. $22.84B Est). Growth was driven by its Darzalex cancer drug and cardiovascular device divisions. The beat, plus the news that J&J cut its tariff-cost outlook in half and raised its full-year sales forecast, sent shares up ~6%. Actionable insight: J&J’s mix of pharma and med-tech and its lowered tariff exposure make it a relative defensive leader this season.

Pfizer (PFE) – Pfizer also impressed. Q2 revenues of $14.65 billion came in ~$1 billion above estimates. The biotech major attributed this to strong demand for its therapies and operational improvements. It raised 2025 EPS guidance, resulting in a ~4% pop in the stock (Recall Pfizer had trimmed its COVID vaccine exposure, yet still beat thanks to cost cuts and resiliency in its other drug sales.)

Procter & Gamble (PG) – The consumer staples leader reported better-than-expected Q4 results. Net sales were $20.89 billion (est. $20.82B) and core EPS $1.48 (vs. $1.48 est). P&G’s pricing power allowed it to raise prices on brands like Charmin and Tide, offsetting a $1 billion tariff headwind. It has guided FY2026 below Wall Street, but for the quarter P&G topped estimates and the stock ticked up slightly

Consumer/Media and Industrial Resilience

Nike (NKE) – Even apparel was in demand. Nike Q4: Sales down 12% YoY to $11.1B but beats forecasts on smaller-than-expected decline. The surprise was met with an 11% post-market pop in its stock. Nike’s guidance for Q1 called for only a mid-single-digit sales decline (better than 7.3% expected). Tariff worries aside, Nike’s strong branding and shifts in sourcing helped it exceed expectations.

Disney (DIS) – The entertainment giant saw strength from parks and streaming. Q2 revenue hit $23.6 billion (7% growth) vs. $23.14B Est, and EPS was $1.45 vs. $1.20 expected Domestic Park attendance was up 13% and Disney+ gained users, boosting profits. Shares jumped ~6% in premarket trade after the beater. Disney’s CFO highlighted Disney+ and ESPN+ as key growth drivers in the quarter. Observation: Disney’s “moat” in parks and content appears to be weathering consumer fears better than many expected.

Boeing (BA) – Aerospace rebounded this quarter. Boeing’s delivery ramp-up cut its losses more than forecast. In Q2, revenue surged 35% to $22.75 billion vs. Boeing reported revenue of $21.84 billion (in line with estimates), while its core loss per share narrowed to $1.24 vs. $1.48 expected, aided by faster 737 Max deliveries and tighter cost controls (Reuters). Although Boeing’s stock fell 4% that day, analysts called the drop “unwarranted” given the progress. The key stat: 737 deliveries doubled YoY (206 jets vs. 135), a major milestone. Boeing’s beat on revenue and cash flow signals a gradual recovery in air travel and manufacturing.

Notable Mentions & Lessons

Several other S&P 500 companies deserve shout-outs. Salesforce (CRM) raised guidance on resilient cloud spending, while Netflix (NFLX) exceeded EPS forecasts and lifted full-year sales targets thanks to hits like “Squid Game” (We’ve covered both above.) Also, Deere & Co. (DE) provides a caution: despite beating Q3 estimates (EPS $4.75 vs. $4.63 Est; sales $10.36B vs $10.31B Est) the stock dived ~7% after warning of tariffs and trimming full-year profit outlook. Deere’s example shows that guidance matters as much as results – even a beat can disappoint if the outlook is weak.

Overall, these 20 high-performing stocks span the economy. Many are technology/AI leaders (Apple, Nvidia, Meta, Microsoft, Alphabet, Oracle, Salesforce, Netflix), financial powerhouses (JPM, BAC, MA, V, AXP), or resilient staples (JNJ, PFE, PG, WBA, NKE, DIS), plus industrials like Boeing. All reported big earnings surprises, or guidance lifts this season. Actionable insight: Investors should study the drivers behind each beat – e.g. AI/data-center demand for tech, fee volume for finance, or pricing power in consumer goods – as these are likely to fuel future growth.

Quick Takeaways:

• Diversification pays: Tech and financial sectors are leading, but opportunities exist in healthcare, staples, and industrials.

• Look beyond headline beats: Companies like Deere remind us to check guidance and broader context, not just quarterly EPS.

• Monitor macro impacts: Tariffs and trade policy cast a long shadow on costs (Apple, Deere, P&G) – factor these into valuations.

• Stay agile: Many of these stocks still face challenges (e.g. Nvidia’s guidance, Apple’s AI lag), so keep an eye on new developments.

External Resources: Credible outlets like Reuters and the Wall Street Journal provided much of the data above, offering authoritative confirmation of these results.

The current earnings season has surprised to the upside, with a number of S&P 500 companies emerging as unexpected leaders, underscoring the market’s resilience. By understanding why these 20 companies outperformed – from tech innovation to resilient consumer spending – investors can make more informed decisions. Keep watching these names (and others) as they execute their strategies. If you’re interested in stocks benefiting from AI, consumer trends, or bank strengths, this earnings season has given a clear roadmap. Dive into the details, stay diversified, and call to action: consider how this market leaders might fit into your portfolio or watchlist.